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2021-08-20

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CITIC Securities: How will the world's top 20 funds allocate to China in Q2?

2021-04-08

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Trip.com Group-S begins its IPO today, with an entry fee of approximately HK$16,817.

2021-03-30

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BaiRong Cloud-W has a 10% success rate in one lot; subscribing to 30 lots guarantees one lot.

2021-05-16

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2021-03-11

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Oracle's Q3 revenue reached $10.1 billion, with net profit up 95% year-over-year.

2021-06-18

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Nayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.

2021-05-10

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Opening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.

2021-04-18

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Apple Spring Event Preview: What New Products Will Be Showcased at This Year's "Tech Spring Festival Gala"?

2021-04-10

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2021-03-25

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Well-known hedge fund: Bitcoin can prosper without becoming a mainstream currency

Go to Tiger App to see more news

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Travel with Tiger, Join the Memorabilia Adventure Now!!!","htmlText":"\n \n \n  Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi\n \n","listText":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","text":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022524674","isVote":1,"tweetType":2,"object":{"id":"97af7069aa6440eab7c85601f72b41b1","tweetId":"9022524674","videoUrl":"https://1254107296.vod2.myqcloud.com/73ba5544vodgzp1254107296/5836ee3f387702302012189230/1IRQdazMc4YA.mp4","poster":"https://community-static.tradeup.com/news/f2462b20b2a9a2483ae56cbb54dcb2a7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9017198385,"gmtCreate":1649753199815,"gmtModify":1676534565100,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/9017198385","repostId":"9016476123","repostType":1,"repost":{"id":9016476123,"gmtCreate":1649229403658,"gmtModify":1676534474180,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"🏆【GAME】Hunting Eggs for Extra Saving!","htmlText":"Tiger has prepared some Easter gifts for you, please&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/easter/\" target=\"_blank\">click&nbsp;here</a>&nbsp;to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","listText":"Tiger has prepared some Easter gifts for you, please&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/easter/\" target=\"_blank\">click&nbsp;here</a>&nbsp;to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","text":"Tiger has prepared some Easter gifts for you, please click here to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","images":[{"img":"https://community-static.tradeup.com/news/15b435c0d10e0e89ad3e06b7bbd04830","width":"2251","height":"1334"},{"img":"https://community-static.tradeup.com/news/ff9640a9df2f24446e07b7a9b658cb4b","width":"1200","height":"630"},{"img":"https://community-static.tradeup.com/news/795038848b7c7b1d7dda27d92b580946","width":"1656","height":"948"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016476123","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095635040,"gmtCreate":1644892151432,"gmtModify":1676533972916,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/9095635040","repostId":"9004448317","repostType":1,"repost":{"id":9004448317,"gmtCreate":1642676525258,"gmtModify":1676533734534,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"Join Tiger Ski Championship, Win a Bonus of Up to USD 2022","htmlText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","listText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","text":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: Click to Join the Game","images":[{"img":"https://static.tigerbbs.com/a7b44fa056439fb4010fa55e163d27c3","width":"750","height":"1726"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004448317","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000243250,"gmtCreate":1640220046153,"gmtModify":1676533508400,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/9000243250","repostId":"2193116621","repostType":4,"isVote":1,"tweetType":1,"viewCount":4853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838736185,"gmtCreate":1629428504547,"gmtModify":1676530038106,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/838736185","repostId":"1183587301","repostType":4,"repost":{"id":"1183587301","kind":"news","pubTimestamp":1629428130,"share":"https://ttm.financial/m/news/1183587301?lang=en_US&edition=fundamental","pubTime":"2021-08-20 10:55","market":"sh","language":"zh","title":"CITIC Securities: How will the world's top 20 funds allocate to China in Q2?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183587301","media":"中信证券研究","summary":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大。","content":"<p>By mid-to-late August, overseas fund companies had basically completed the disclosure of their second-quarter holdings data. According to our statistical analysis of the TOP 20 holdings of 20 TOP fund companies holding Chinese stocks, major overseas funds' holdings in Chinese stocks increased slightly by 0.1% month-on-month to US$621.4 billion in Q2 2021, with Hong Kong stock holdings showing the largest month-on-month increase (+12.6%). Major overseas funds showed significant divergence in their allocation preferences for Chinese stocks in the second quarter, with pharmaceuticals (+41.0%, mainly due to...) among the growth sectors.<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (+34.3%), and traditional economic sectors such as industrial (+98.5%) and utilities (+63.0%), saw a significant increase in the amount of heavily invested shares compared to the previous period. At the individual stock level, excluding the impact of stock prices, leading internet companies such as Meituan and Alibaba (H)<a href=\"https://laohu8.com/S/00700\">Tencent</a>Institutional holdings increased; Benefiting from the rise of the national trend<a href=\"https://laohu8.com/S/02331\">Li Ning</a>Anta, a leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD Group</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The group and other targets also received a significant actual increase in allocation.</p><p><b>In Q2 2021, major overseas funds increased their holdings of Hong Kong stocks by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies in China by stock size, the total holdings of the top 20 fund companies in China in Q2 2021 amounted to US$621.4 billion, basically the same as in Q1 2021 (+0.1%).</p><p>In terms of market distribution of stock holdings, the major overseas mutual fund companies' heavy holdings in US stocks, Hong Kong stocks, and A-shares in the second quarter were US$182.35 billion, US$391.6 billion, and US$44.62 billion, respectively, representing changes of US$51.0 billion, US$43.84 billion, and US$6.41 billion compared to the previous quarter. The increase mainly came from the Hong Kong stock market. The passage of the final amendment to the Foreign Company Liability Act, tightening domestic regulatory policies, and the default of Archegos Capital were the main reasons why major overseas funds reduced their allocations to Chinese concept stocks in the US stock market in the second quarter. In Q2, the proportion of Chinese concept stocks held in the US stock market fell sharply by 8.3 percentage points to 29.3%; Meanwhile, the amount of major holdings in the Hong Kong and A-share markets increased by 7.0 and 1.0 percentage points month-on-month to 63.0% and 7.2%, respectively.</p><p><b>Overseas fund sector allocation preferences diverged, with pharmaceuticals, technology, and industry receiving increased allocations.</b></p><p>At the primary industry level, allocation preferences for growth sectors diverged significantly in the second quarter. The main allocation directions of newly added funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), with the amount of major holdings increasing to US$57.44 billion and US$16.47 billion, respectively. Meanwhile, the changes in the market value of heavily held stocks in the consumer discretionary (-2.6%) and communications services (-3.5%) sectors remained relatively stable. Among traditional economic sectors, the market value of heavily held shares in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. Meanwhile, the amount of heavy holdings in the financial and cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, down 15.1%, 10.1%, and 16.5% respectively compared to the previous period.</p><p><b>At the individual stock level, after excluding stock price factors, the allocation preferences of leading internet company funds diverge significantly, with pharmaceuticals, sportswear, and new energy vehicles being favored by overseas funds.</b></p><p>The anti-monopoly incident continued to escalate in the second quarter, and the implementation of the \"Foreign Company Liability Law\" led to a significant divergence in the allocation of overseas institutions to leading internet companies. Excluding factors affecting stock prices, for example, Tencent, Alibaba (H), and Meituan actually increased their allocations by US$3.04 billion, US$13.98 billion, and US$14.22 billion, respectively. And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual reductions were $1.45 billion, $1.79 billion, and $3.75 billion, respectively. In addition, Li-Ning, Anta, and leading companies in the new energy vehicle industry chain have benefited from the rise of the \"Guochao\" (national trend).<a href=\"https://laohu8.com/S/002594\">BYD</a>Both CATL and CATL were favored by overseas funds, with the actual increased allocations in Q2 2021, excluding factors affecting stock prices, reaching US$2.57 billion, US$630 million, US$3.47 billion, and US$2.07 billion, respectively. Full Truck Alliance (Manbang), which went public in the second quarter, also received an actual increase of US$2.9 billion from overseas funds. The pharmaceutical sector has also attracted the attention of overseas funds, including WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Biotechnology</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Eye Hospital</a>The actual increased allocations amounted to approximately US$660 million, US$930 million, US$720 million, and US$800 million, respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and internet finance stocks received increased allocations from mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that are of particular interest to the market were selected to explore the changes in their holdings of Chinese companies listed on the US stock exchange in the second quarter. Stocks in the new energy and internet finance sectors generally saw increased institutional holdings, with Greenwoods increasing its holdings in Q2.<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1,594,000 and 162,000 shares, respectively; Bridgewater increased its holdings.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>、<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>1,023,000/875,000/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>The travel industry received increased allocations from three institutions: Jinglin, Hillhouse Capital, and Fidelity.<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>It also received significant purchases from Greenwoods and Hillhouse Capital. Meanwhile, institutional allocation in the internet and education sectors, which continue to face regulatory policy risks, showed significant divergence in the second quarter. Jinglin increased its holdings in Q2.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group shares 708,000 and 149,000 respectively; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>They then reduced their holdings in the two companies by 3.087 million and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huojinglin, Gao Yi<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company increased its holdings, but was reduced by Casebo and SOROS FUND. Leading e-commerce companies such as Pinduoduo, JD.com, and Alibaba (BABA.N) have mostly seen institutional reductions in their holdings.</p><p><b>Risk Factors:</b></p><p>The global COVID-19 pandemic has spread beyond expectations; The macroeconomic recovery fell short of expectations; The deterioration of Sino-US relations; Foreign capital continues to flow out.</p>","source":"zxzqyj","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>CITIC Securities: How will the world's top 20 funds allocate to China in Q2?</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\">\nCITIC Securities: How will the world's top 20 funds allocate to China in Q2?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中信证券研究</strong><span class=\"h-time small\">2021-08-20 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By mid-to-late August, overseas fund companies had basically completed the disclosure of their second-quarter holdings data. According to our statistical analysis of the TOP 20 holdings of 20 TOP fund companies holding Chinese stocks, major overseas funds' holdings in Chinese stocks increased slightly by 0.1% month-on-month to US$621.4 billion in Q2 2021, with Hong Kong stock holdings showing the largest month-on-month increase (+12.6%). Major overseas funds showed significant divergence in their allocation preferences for Chinese stocks in the second quarter, with pharmaceuticals (+41.0%, mainly due to...) among the growth sectors.<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (+34.3%), and traditional economic sectors such as industrial (+98.5%) and utilities (+63.0%), saw a significant increase in the amount of heavily invested shares compared to the previous period. At the individual stock level, excluding the impact of stock prices, leading internet companies such as Meituan and Alibaba (H)<a href=\"https://laohu8.com/S/00700\">Tencent</a>Institutional holdings increased; Benefiting from the rise of the national trend<a href=\"https://laohu8.com/S/02331\">Li Ning</a>Anta, a leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD Group</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The group and other targets also received a significant actual increase in allocation.</p><p><b>In Q2 2021, major overseas funds increased their holdings of Hong Kong stocks by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies in China by stock size, the total holdings of the top 20 fund companies in China in Q2 2021 amounted to US$621.4 billion, basically the same as in Q1 2021 (+0.1%).</p><p>In terms of market distribution of stock holdings, the major overseas mutual fund companies' heavy holdings in US stocks, Hong Kong stocks, and A-shares in the second quarter were US$182.35 billion, US$391.6 billion, and US$44.62 billion, respectively, representing changes of US$51.0 billion, US$43.84 billion, and US$6.41 billion compared to the previous quarter. The increase mainly came from the Hong Kong stock market. The passage of the final amendment to the Foreign Company Liability Act, tightening domestic regulatory policies, and the default of Archegos Capital were the main reasons why major overseas funds reduced their allocations to Chinese concept stocks in the US stock market in the second quarter. In Q2, the proportion of Chinese concept stocks held in the US stock market fell sharply by 8.3 percentage points to 29.3%; Meanwhile, the amount of major holdings in the Hong Kong and A-share markets increased by 7.0 and 1.0 percentage points month-on-month to 63.0% and 7.2%, respectively.</p><p><b>Overseas fund sector allocation preferences diverged, with pharmaceuticals, technology, and industry receiving increased allocations.</b></p><p>At the primary industry level, allocation preferences for growth sectors diverged significantly in the second quarter. The main allocation directions of newly added funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), with the amount of major holdings increasing to US$57.44 billion and US$16.47 billion, respectively. Meanwhile, the changes in the market value of heavily held stocks in the consumer discretionary (-2.6%) and communications services (-3.5%) sectors remained relatively stable. Among traditional economic sectors, the market value of heavily held shares in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. Meanwhile, the amount of heavy holdings in the financial and cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, down 15.1%, 10.1%, and 16.5% respectively compared to the previous period.</p><p><b>At the individual stock level, after excluding stock price factors, the allocation preferences of leading internet company funds diverge significantly, with pharmaceuticals, sportswear, and new energy vehicles being favored by overseas funds.</b></p><p>The anti-monopoly incident continued to escalate in the second quarter, and the implementation of the \"Foreign Company Liability Law\" led to a significant divergence in the allocation of overseas institutions to leading internet companies. Excluding factors affecting stock prices, for example, Tencent, Alibaba (H), and Meituan actually increased their allocations by US$3.04 billion, US$13.98 billion, and US$14.22 billion, respectively. And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual reductions were $1.45 billion, $1.79 billion, and $3.75 billion, respectively. In addition, Li-Ning, Anta, and leading companies in the new energy vehicle industry chain have benefited from the rise of the \"Guochao\" (national trend).<a href=\"https://laohu8.com/S/002594\">BYD</a>Both CATL and CATL were favored by overseas funds, with the actual increased allocations in Q2 2021, excluding factors affecting stock prices, reaching US$2.57 billion, US$630 million, US$3.47 billion, and US$2.07 billion, respectively. Full Truck Alliance (Manbang), which went public in the second quarter, also received an actual increase of US$2.9 billion from overseas funds. The pharmaceutical sector has also attracted the attention of overseas funds, including WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Biotechnology</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Eye Hospital</a>The actual increased allocations amounted to approximately US$660 million, US$930 million, US$720 million, and US$800 million, respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and internet finance stocks received increased allocations from mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that are of particular interest to the market were selected to explore the changes in their holdings of Chinese companies listed on the US stock exchange in the second quarter. Stocks in the new energy and internet finance sectors generally saw increased institutional holdings, with Greenwoods increasing its holdings in Q2.<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1,594,000 and 162,000 shares, respectively; Bridgewater increased its holdings.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>、<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>1,023,000/875,000/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>The travel industry received increased allocations from three institutions: Jinglin, Hillhouse Capital, and Fidelity.<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>It also received significant purchases from Greenwoods and Hillhouse Capital. Meanwhile, institutional allocation in the internet and education sectors, which continue to face regulatory policy risks, showed significant divergence in the second quarter. Jinglin increased its holdings in Q2.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group shares 708,000 and 149,000 respectively; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>They then reduced their holdings in the two companies by 3.087 million and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huojinglin, Gao Yi<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company increased its holdings, but was reduced by Casebo and SOROS FUND. Leading e-commerce companies such as Pinduoduo, JD.com, and Alibaba (BABA.N) have mostly seen institutional reductions in their holdings.</p><p><b>Risk Factors:</b></p><p>The global COVID-19 pandemic has spread beyond expectations; The macroeconomic recovery fell short of expectations; The deterioration of Sino-US relations; Foreign capital continues to flow out.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd\">中信证券研究</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":{"600030":"中信证券","06030":"中信证券","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183587301","content_text":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大（+12.6%）。海外主要基金二季度对中国股票的配置偏好显著分化，成长板块中的医药（+41.0%，主要是药明生物）、科技（+34.3%）以及传统经济板块中的工业（+98.5%）、公用事业（+63.0%），重仓持股金额环比提升显著。个股层面上，剔除股价影响，互联网龙头如美团、阿里（H）、腾讯获机构增持；受益国潮崛起的李宁、安踏，新能源车产业链龙头比亚迪股份、宁德时代以及新上市的满帮集团等标的亦获较大幅度的实际增配。\n21Q2海外主要基金对港股持仓环比提升达12.6%。\n根据我们对持有中国股票规模20大基金公司的前20大重仓股的统计分析，21Q2样本基金公司对中国股票前20大重仓持股规模合计为6214亿美元，环比21Q1基本持平（+0.1%）。\n从股票持仓的市场分布来看，二季度海外主要共同基金公司在美股/港股/A股的重仓持仓金额分别为1823.5/3916.0/446.2亿美元，环比分别变化-510.0/438.4/64.1亿美元，增量主要来源于港股市场。《外国公司担责法案》最终修正案的通过，国内监管政策的收紧以及Archegos Capital的违约事件是海外主要基金二季度降低美股中概股配置仓位的主要原因。Q2美股中概股重仓持股占比大幅下滑8.3PCTs至29.3%；而港股及A股市场的重仓持股金额环比分别提升7.0/1.0PCTs至63.0%/7.2%。\n海外基金行业配置偏好分化，医药、科技、工业获增配。\n从一级行业层面上，二季度成长板块配置偏好显著分化，其中新增资金的主要配置方向为医药（+41.0%，主要是药明生物）和科技（+34.3%），重仓持股金额分别提升至574.4和164.7亿美元。而可选消费（-2.6%）和通信服务（-3.5%）板块重仓持股市值变化则相对平稳。传统经济板块中，二季度工业（98.5%）和公用事业（63.0%）板块重仓持股市值显著提升。而此前受海外基金青睐的金融及顺周期的能源、原材料板块重仓持股金额则下滑明显，环比分别下降15.1%/10.1%/16.5%。\n个股层面，剔除股价因素后，互联网龙头基金配置偏好分化明显，医药、运动服饰、新能源汽车受海外基金青睐。\n二季度反垄断事件仍持续发酵，叠加《外国公司担责法》的落地，致使海外机构对互联网龙头的配置出现明显分化。剔除股价影响因素，如腾讯、阿里（H）、美团实际增配金额分别达到30.4/139.8/142.2亿美元；而拼多多、京东、百度实际减配金额分别为14.5/17.9/37.5亿美元。另外，受益国潮崛起的李宁、安踏以及新能源车产业链龙头比亚迪股份、宁德时代均受海外基金青睐，21Q2剔除股价影响因素的实际增配金额分别达到25.7/6.3/34.7/20.7亿美元。二季度新上市的满帮集团亦获海外基金实际增配达29.0亿美元。医药板块亦获海外基金关注，药明生物、信达生物、迈瑞医疗、爱尔眼科实际增配金额分别约达6.6/9.3/7.2/8.0亿美元，而银行板块则普遍遭海外基金减持。\n二季度新能源、互联网金融获主流投资机构增配，新上市个股引发海外基金关注。\n另外选取十家市场较为关注的主动管理型基金，探究其二季度对美股中概企业的持仓变化，新能源及互联网金融板块个股普遍获机构增持，景林Q2增持360数科、富途控股159.4、16.2万股；桥水则增持理想汽车、老虎证券、大全新能源102.3/87.5/23.6万股。\n另外，Q2新上市个股亦引发海外基金关注，如滴滴出行获景林、高瓴、富达三家机构增配；BOSS直聘亦得到景林、高瓴的大幅买入。而持续在监管政策风险下的互联网及教育板块二季度机构配置分化明显。景林Q2分别增持新东方、高途集团70.8、14.9万股；而瑞银则分别减持二者308.7、504.4万股。互联网娱乐板块的哔哩哔哩获景林、高毅、摩根大通增持，但被凯思博、SOROS FUND减持。互联网电商龙头如拼多多、京东、阿里（BABA.N）则多遭机构减持。\n风险因素：\n全球新冠疫情蔓延超预期；宏观经济修复不及预期；中美关系恶化；外资持续流出。","news_type":1,"symbols_score_info":{"600030":0.9,"06030":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":5521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123390492,"gmtCreate":1624408248416,"gmtModify":1703835674789,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123390492","repostId":"1109081443","repostType":4,"repost":{"id":"1109081443","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":1624407786,"share":"https://ttm.financial/m/news/1109081443?lang=en_US&edition=fundamental","pubTime":"2021-06-23 08:23","market":"sh","language":"zh","title":"Missfresh submitted its prospectus for Red Herring, which has been oversubscribed.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109081443","media":"老虎资讯综合","summary":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金","content":"<p>June 23 - According to market sources close to the IPO, since updating its prospectus, Missfresh...<a href=\"https://laohu8.com/S/MF\">$(MF)$</a>The IPO in the US has been oversubscribed. According to Missfresh's updated prospectus, its IPO price is $13-16 per ADS, and existing shareholders CICC, Tencent, US long-term fund Davis, Yuansheng, and Yuanjing have all subscribed.</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>Missfresh submitted its prospectus for Red Herring, which has been oversubscribed.</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\">\nMissfresh submitted its prospectus for Red Herring, which has been oversubscribed.\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\">2021-06-23 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 23 - According to market sources close to the IPO, since updating its prospectus, Missfresh...<a href=\"https://laohu8.com/S/MF\">$(MF)$</a>The IPO in the US has been oversubscribed. According to Missfresh's updated prospectus, its IPO price is $13-16 per ADS, and existing shareholders CICC, Tencent, US long-term fund Davis, Yuansheng, and Yuanjing have all subscribed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26d35a88c8d9d9d46abd395d2bd24396","relate_stocks":{"MF":"MindForge Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109081443","content_text":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金Davis、元生、元璟均已认购。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":4891,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123390052,"gmtCreate":1624408233076,"gmtModify":1703835673802,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123390052","repostId":"1109081443","repostType":4,"repost":{"id":"1109081443","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624407786,"share":"https://ttm.financial/m/news/1109081443?lang=en_US&edition=fundamental","pubTime":"2021-06-23 08:23","market":"sh","language":"zh","title":"Missfresh submitted its prospectus for Red Herring, which has been oversubscribed.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109081443","media":"老虎资讯综合","summary":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金","content":"<p>June 23 - According to market sources close to the IPO, since updating its prospectus, Missfresh...<a href=\"https://laohu8.com/S/MF\">$(MF)$</a>The IPO in the US has been oversubscribed. According to Missfresh's updated prospectus, its IPO price is $13-16 per ADS, and existing shareholders CICC, Tencent, US long-term fund Davis, Yuansheng, and Yuanjing have all subscribed.</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>Missfresh submitted its prospectus for Red Herring, which has been oversubscribed.</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\">\nMissfresh submitted its prospectus for Red Herring, which has been oversubscribed.\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\">2021-06-23 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 23 - According to market sources close to the IPO, since updating its prospectus, Missfresh...<a href=\"https://laohu8.com/S/MF\">$(MF)$</a>The IPO in the US has been oversubscribed. According to Missfresh's updated prospectus, its IPO price is $13-16 per ADS, and existing shareholders CICC, Tencent, US long-term fund Davis, Yuansheng, and Yuanjing have all subscribed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26d35a88c8d9d9d46abd395d2bd24396","relate_stocks":{"MF":"MindForge Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109081443","content_text":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金Davis、元生、元璟均已认购。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":4636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166694228,"gmtCreate":1624005152764,"gmtModify":1703826334592,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166694228","repostId":"2144723622","repostType":4,"repost":{"id":"2144723622","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":1623969240,"share":"https://ttm.financial/m/news/2144723622?lang=en_US&edition=fundamental","pubTime":"2021-06-18 06:34","market":"hk","language":"zh","title":"Nayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.","url":"https://stock-news.laohu8.com/highlight/detail?id=2144723622","media":"老虎资讯综合","summary":"奈雪的茶发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价19.80港元,预期股份将于6月30日上市，以每手500股股份为单位进行买卖。奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。","content":"<p>June 18th news, Nayuki's Tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>The company announced that it will conduct an IPO from June 18 to June 23, planning to issue 257 million shares, of which the Hong Kong public offering will account for 10%, the international offering will account for 90%, and a 15% over-allotment option will be attached. The issue price per share is HK$17.2-19.80. The shares are expected to be listed on June 30 and will be traded in lots of 500 shares each.</p><p>Tiger Trade will open for subscriptions at 11:30.<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot consists of 500 shares, with an entry fee of HK$9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, with its adjusted net loss decreasing significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further turning into an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Assuming an Offer Price of HK$19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received will be HK$4,842 million, approximately 70.0% of which will be used to expand our tea shop network and increase our market penetration over the next three years. Approximately 10.0% will be used over the next three years to further enhance the company's overall operations and improve operational efficiency by strengthening its technological capabilities; approximately 10.0% will be used over the next three years to enhance the company's supply chain and channel construction capabilities to support the company's scale expansion; and the remaining approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, who have agreed, subject to certain conditions, to subscribe for a certain number of offer shares at the offer price for a total amount of US$155 million. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Funds, Huitianfu Fund, GF Fund, Southern Asset Management, Qianyuan Rejuvenation.</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>Nayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.</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\">\nNayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-18 06:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 18th news, Nayuki's Tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>The company announced that it will conduct an IPO from June 18 to June 23, planning to issue 257 million shares, of which the Hong Kong public offering will account for 10%, the international offering will account for 90%, and a 15% over-allotment option will be attached. The issue price per share is HK$17.2-19.80. The shares are expected to be listed on June 30 and will be traded in lots of 500 shares each.</p><p>Tiger Trade will open for subscriptions at 11:30.<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot consists of 500 shares, with an entry fee of HK$9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, with its adjusted net loss decreasing significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further turning into an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Assuming an Offer Price of HK$19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received will be HK$4,842 million, approximately 70.0% of which will be used to expand our tea shop network and increase our market penetration over the next three years. Approximately 10.0% will be used over the next three years to further enhance the company's overall operations and improve operational efficiency by strengthening its technological capabilities; approximately 10.0% will be used over the next three years to enhance the company's supply chain and channel construction capabilities to support the company's scale expansion; and the remaining approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, who have agreed, subject to certain conditions, to subscribe for a certain number of offer shares at the offer price for a total amount of US$155 million. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Funds, Huitianfu Fund, GF Fund, Southern Asset Management, Qianyuan Rejuvenation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶","CYB":"人民币ETF-WisdomTree Dreyfus"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144723622","content_text":"6月18日消息，奈雪的茶$(02150)$发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价17.2-19.80港元，预期股份将于6月30日上市，以每手500股股份为单位进行买卖。\nTiger Trade 将于11:30 开放申购申购阶梯：\n每手500股，入场费9,999.77港元。\n乙组门槛为30万股，申购所需资金约5,999,857.38港元。据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现製茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现製茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3530万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。于整个往绩记录期间，公司的盈利能力不断提升，经调整净亏损由2018年的人民币5660万元大幅减少至2019年的人民币1170万元，并进一步扭转为2020年的经调整净利润人民币1660万元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n假设发售价为每股发售股份19.80港元，将取得的全球发售估计所得款项净额为48.42亿港元，约70.0%在未来三年用于扩张我们的茶饮店网络并提高市场渗透率。约10.0%将在未来三年用于通过强化技术能力，进一步提升公司的整体运营，以提升运营效率，约10.0%在未来三年用于提升公司的供应链及渠道建设能力，以支持公司的规模扩张，剩余约10.0%将用作营运资金及作一般企业用途。\n另外，公司已与5名基石投资者订立基石投资协议，基石投资者已同意在若干条件规限下，按发售价认购以总金额1.55亿美元可购买的若干数目的发售股份。基石投资者包括瑞银基金、汇添富基金、广发基金、南方基金管理、乾元复兴。","news_type":1,"symbols_score_info":{"CNHmain":0.9,"02150":0.9,"CYB":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":5940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181610748,"gmtCreate":1623389324584,"gmtModify":1704202326560,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/181610748","repostId":"1178230964","repostType":4,"isVote":1,"tweetType":1,"viewCount":4178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180494666,"gmtCreate":1623217652355,"gmtModify":1704198585575,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/180494666","repostId":"2142915392","repostType":4,"isVote":1,"tweetType":1,"viewCount":3787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114087648,"gmtCreate":1623036372184,"gmtModify":1704194761575,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114087648","repostId":"1110717464","repostType":4,"isVote":1,"tweetType":1,"viewCount":1982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113210657,"gmtCreate":1622618449979,"gmtModify":1704187422376,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/113210657","repostId":"1131232388","repostType":4,"isVote":1,"tweetType":1,"viewCount":1277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130404563,"gmtCreate":1621559629652,"gmtModify":1704359601520,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/130404563","repostId":"2137979737","repostType":4,"isVote":1,"tweetType":1,"viewCount":1833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195998409,"gmtCreate":1621246105001,"gmtModify":1704354554888,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/195998409","repostId":"1182635282","repostType":4,"repost":{"id":"1182635282","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":1621245311,"share":"https://ttm.financial/m/news/1182635282?lang=en_US&edition=fundamental","pubTime":"2021-05-17 17:55","market":"sh","language":"zh","title":"Midea's new new energy vehicle components will be released on May 18.","url":"https://stock-news.laohu8.com/highlight/detail?id=1182635282","media":"老虎资讯综合","summary":"5月17日，据美的官方消息，美的新能源汽车新品将于5月18日发布。造车梦不止格力，美的进军汽车零部件，家电巨头赶场新能源热潮新能源汽车赛道玩家林立，家电巨头们也不甘落后。不过相比互联网企业纷纷进军整车","content":"<p>According to official news from Midea on May 17, Midea's new energy vehicle products will be released on May 18.</p><p><b>Gree's dream of building cars extends beyond Gree; Midea is venturing into the auto parts industry, and home appliance giants are jumping on the new energy boom.</b></p><p>The new energy vehicle market is full of players, and home appliance giants are not to be outdone. However, compared to internet companies rushing into the vehicle market and once \"stumbling under the wheels,\" home appliance giants now seem more willing to safely \"drink the soup\" in the B2B market.</p><p>Recently, Midea Welling Auto Parts officially announced that it will launch three major Welling Auto Parts products and release new products on May 18. This home appliance giant once withdrew from the car manufacturing business, but now, facing the new energy vehicle boom, it has once again made a high-profile entry into the automotive industry.</p><p>Last March,<a href=\"https://laohu8.com/S/000333\">Midea Group</a>They spent a whopping 743 million yuan on acquisitions through subsidiaries.<a href=\"https://laohu8.com/S/300048\">Hekang New Energy</a>Yuan holds a 23.73% controlling stake, becoming the indirect controlling shareholder of Hekang New Energy. At the Shanghai International Auto Show that concluded in April this year, Midea Group's Electromechanical Business Group unveiled Midea Welling automotive parts, sparking heated discussions about \"Midea's entry into the new energy vehicle market\".</p><p>When AI Finance contacted Midea regarding the recent developments of Midea Welling, the company stated that Midea only makes auto parts and does not directly manufacture cars.</p><p>In fact, it is not new for leading home appliance companies to cross over into car manufacturing, and there are quite a few that have ended up disappointingly in the vehicle business: Chunlan and AUX came first, followed by international home appliance brand Dyson and air conditioner \"king\" Gree. Learning from past experiences, home appliance companies including Midea, Gree, and TCL have turned to the production of auto parts. The cross-industry entry of home appliances and automobiles into the \"car manufacturing\" B-end market has become a new phenomenon in the industry. Behind their shift towards conservative choices lies a desire to remain rational.</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>Midea's new new energy vehicle components will be released on May 18.</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\">\nMidea's new new energy vehicle components will be released on May 18.\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\">2021-05-17 17:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to official news from Midea on May 17, Midea's new energy vehicle products will be released on May 18.</p><p><b>Gree's dream of building cars extends beyond Gree; Midea is venturing into the auto parts industry, and home appliance giants are jumping on the new energy boom.</b></p><p>The new energy vehicle market is full of players, and home appliance giants are not to be outdone. However, compared to internet companies rushing into the vehicle market and once \"stumbling under the wheels,\" home appliance giants now seem more willing to safely \"drink the soup\" in the B2B market.</p><p>Recently, Midea Welling Auto Parts officially announced that it will launch three major Welling Auto Parts products and release new products on May 18. This home appliance giant once withdrew from the car manufacturing business, but now, facing the new energy vehicle boom, it has once again made a high-profile entry into the automotive industry.</p><p>Last March,<a href=\"https://laohu8.com/S/000333\">Midea Group</a>They spent a whopping 743 million yuan on acquisitions through subsidiaries.<a href=\"https://laohu8.com/S/300048\">Hekang New Energy</a>Yuan holds a 23.73% controlling stake, becoming the indirect controlling shareholder of Hekang New Energy. At the Shanghai International Auto Show that concluded in April this year, Midea Group's Electromechanical Business Group unveiled Midea Welling automotive parts, sparking heated discussions about \"Midea's entry into the new energy vehicle market\".</p><p>When AI Finance contacted Midea regarding the recent developments of Midea Welling, the company stated that Midea only makes auto parts and does not directly manufacture cars.</p><p>In fact, it is not new for leading home appliance companies to cross over into car manufacturing, and there are quite a few that have ended up disappointingly in the vehicle business: Chunlan and AUX came first, followed by international home appliance brand Dyson and air conditioner \"king\" Gree. Learning from past experiences, home appliance companies including Midea, Gree, and TCL have turned to the production of auto parts. The cross-industry entry of home appliances and automobiles into the \"car manufacturing\" B-end market has become a new phenomenon in the industry. Behind their shift towards conservative choices lies a desire to remain rational.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"000333":"美的集团"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182635282","content_text":"5月17日，据美的官方消息，美的新能源汽车新品将于5月18日发布。造车梦不止格力，美的进军汽车零部件，家电巨头赶场新能源热潮新能源汽车赛道玩家林立，家电巨头们也不甘落后。不过相比互联网企业纷纷进军整车“吃肉”，一度“绊倒在车轮下”的家电巨头们，如今似乎更愿意在B端安全“喝汤”。日前，美的威灵汽车部件官方发布消息称，5月18日将投放2021威灵汽车部件三大产品并发布新产品。这位家电巨头曾一度退出造车业务，如今面对新能源汽车热潮，再次高调进军汽车行业。去年3月，美的集团就通过子公司豪掷7.43亿元收购合康新能源23.73%控股权，成为合康新能源间接控股股东。而在今年4月落幕的上海国际车展上，美的集团机电事业群交出了美的威灵汽车部件，掀起了有关“美的入局新能源汽车”的热议。AI财经社就近期美的威灵新动态联系到美的时，对方表示，美的只做汽车部件，不会直接造车。实际上，头部家电企业跨界造车已不新鲜，在整车业务上惨淡收场者也不在少数：前有春兰、奥克斯，后有国际家电品牌戴森和空调“一哥”格力。前车之鉴下，包括美的、格力、TCL等家电企业纷纷转向汽车零部件生产。家电汽车跨界入局“造车”B端，俨然演变成行业新象。而它们转向保守选择的背后，则是在保持理性。","news_type":1,"symbols_score_info":{"000333":0.9}},"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192303811,"gmtCreate":1621141614933,"gmtModify":1704353321965,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192303811","repostId":"2135989471","repostType":4,"isVote":1,"tweetType":1,"viewCount":2395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190894541,"gmtCreate":1620609865283,"gmtModify":1704345417564,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/190894541","repostId":"1136342071","repostType":4,"repost":{"id":"1136342071","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":1620609713,"share":"https://ttm.financial/m/news/1136342071?lang=en_US&edition=fundamental","pubTime":"2021-05-10 09:21","market":"us","language":"zh","title":"Opening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1136342071","media":"老虎资讯综合","summary":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有","content":"<p>May 10 - Major Hong Kong stock indices opened higher, with the Hang Seng Index rising 0.58% to 28,776 points, the Hang Seng Index rising 0.63% to 10,766 points, and the Hang Seng Tech Index rising 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>It surged 15%.<a href=\"https://laohu8.com/S/600511\">Sinopharm Group</a>It surged nearly 8%; Steel and non-ferrous metal stocks opened higher across the board.<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining</a>Opening more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals Resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose.<a href=\"https://laohu8.com/S/601005\">Chongqing Steel</a>It rose nearly 5%; Coal, tobacco, oil, and dairy stocks all rose, with Xiaomi, a major technology stock, opening more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Meituan fell slightly by 1% compared to last week; A few sectors, such as real estate stocks, car dealerships, and education, declined.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>and<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Baineng Group opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently priced above $59,000; Ethereum once broke through $3,900, approaching the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>The stock opened nearly 8% higher after Sinopharm's COVID-19 vaccine was added to the WHO's emergency use list.</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>Opening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.</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\">\nOpening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.\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\">2021-05-10 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 10 - Major Hong Kong stock indices opened higher, with the Hang Seng Index rising 0.58% to 28,776 points, the Hang Seng Index rising 0.63% to 10,766 points, and the Hang Seng Tech Index rising 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>It surged 15%.<a href=\"https://laohu8.com/S/600511\">Sinopharm Group</a>It surged nearly 8%; Steel and non-ferrous metal stocks opened higher across the board.<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining</a>Opening more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals Resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose.<a href=\"https://laohu8.com/S/601005\">Chongqing Steel</a>It rose nearly 5%; Coal, tobacco, oil, and dairy stocks all rose, with Xiaomi, a major technology stock, opening more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Meituan fell slightly by 1% compared to last week; A few sectors, such as real estate stocks, car dealerships, and education, declined.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>and<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Baineng Group opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently priced above $59,000; Ethereum once broke through $3,900, approaching the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>The stock opened nearly 8% higher after Sinopharm's COVID-19 vaccine was added to the WHO's emergency use list.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","600196":"复星医药","02196":"复星医药","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136342071","content_text":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有色金属股集体高开，中国有色矿业高开逾8%，五矿资源、紫金矿业均上涨，重庆钢铁涨近5%；煤炭股、烟草概念股、石油股、乳制品股纷纷上扬，大型科技股小米高开逾1%，京东、网易小幅上周那个，美团跌1%；地产股、汽车经销商股、教育等少数板块走低。火币科技、欧科云链和裕兴科技高开超3%，柏能集团高开1.41%。加密货币继续上行，比特币目前价格处于59000美元上方；以太坊一度突破3900美元，逼近4000美元大关。国药控股开涨近8%，国药新冠疫苗列入世卫紧急使用清单。","news_type":1,"symbols_score_info":{"513600":0.9,"600196":0.9,"02196":0.9,"02833":0.9,"MCHmain":0.9,"HHImain":0.9,"MHImain":0.9,"HSI":0.9,"HSImain":0.9}},"isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107645311,"gmtCreate":1620487809633,"gmtModify":1704344306870,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/107645311","repostId":"1129750415","repostType":4,"repost":{"id":"1129750415","kind":"news","pubTimestamp":1620468958,"share":"https://ttm.financial/m/news/1129750415?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:15","market":"us","language":"zh","title":"Is Boeing stock worth buying in 2021?","url":"https://stock-news.laohu8.com/highlight/detail?id=1129750415","media":"猛兽财经","summary":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电","content":"<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since reaching its all-time high in March 2019, its stock price has been hit by both the grounding of the 737 MAX and the pandemic, and it has not recovered even after two years. Looking ahead, Boeing's recovery path is not smooth, and the 737 MAX is still grounded in China and facing electrical system problems. In addition, the recovery of international travel has been slower than expected.</p><p>The market generally expects Boeing to achieve profitability and positive cash flow in fiscal year 2022, with revenue this year exceeding the level of 2019. However, according to Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Besides the uncertainty surrounding the launch date of the new 737 MAX model and the pace of recovery in international travel, the market also values Boeing higher than its competitor Airbus. Considering these factors, we believe that Boeing is not a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims to be the world's largest aerospace company, a world-leading manufacturer of civil aircraft and defense, space and security systems, as well as an after-sales support service provider. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communications systems, as well as performance-based logistics and training.</p><p>Boeing has three business units: the Commercial Aircraft Group, the Defense, Space and Security Group, and the Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial supports these business groups.</p><p>In addition, there are functional organizations that work at the company level, focusing on engineering and project management, technology and R&D project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been monopolized by Boeing and Airbus.</p><p>Before the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its revenue and operating profit in fiscal year 2018, respectively, from its core commercial aircraft business. In fiscal year 2018, revenue from defense, space and security, global services, and financial businesses accounted for 26%, 17%, and 1% of Boeing's total revenue, respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services, and financial businesses accounted for 28%, 45%, 26%, and 1% of Boeing's total revenue, respectively. Boeing's core commercial aircraft business unit reported losses in fiscal years 2019, 2020, and the first quarter of fiscal years 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, as this business once contributed the largest revenue to Boeing and is key to Boeing narrowing its losses and eventually returning to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, primarily due to the company's record-breaking revenue and profit for fiscal year 2018, which it announced a month earlier on January 30, 2019.</p><p>However, the good days did not last long. Boeing's 737 MAX was grounded in March 2019 after an Ethiopian Airlines 737 MAX crashed. As of December 31, 2019, Boeing's stock price had fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program\". A week later, on December 23, 2019, Boeing announced that its chairman, David l. Calhoun, would replace Dennis A. Muirenberg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the pandemic, Boeing's stock price fell to $95.01, a five-year low. This outbreak is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to combat the pandemic and global air travel has come to a standstill.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019, to $214.06 on December 31, 2020, a drop of 34%. However, its stock price later rose sharply by 125% from its low in March. Specifically, Boeing's stock price rebounded strongly in November and December 2020 due to positive news regarding the cancellation of the 737 MAX grounding and vaccinations. On November 18, 2020, the U.S. Federal Aviation Administration (FAA) lifted the grounding order for the 737 MAX. In addition, the World Health Organization pointed out in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price continued to rebound. Boeing's stock price has risen 7% year-to-date, from $214.06 on December 31, 2020, to $228.18 on May 5, 2021. While it's safe to say that Boeing's worst period is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's stock price continue to rise?</b></p><p>Beast Finance believes that the key to Boeing's sustained stock price recovery lies in whether its core commercial aircraft business unit can reduce losses in a timely manner and return to profitability. The future prospects of Boeing's commercial aircraft business, in turn, are affected by 737 MAX deliveries and the recovery of global travel.</p><p>Boeing's commercial aircraft revenue has fallen 31% year-over-year so far, from $6.2 billion in the first quarter of 2020 to $4.3 billion in the first quarter of 2021. This is an improvement over the 50% decline in full-year revenue in fiscal year 2020. In addition, some operating losses in the commercial aircraft business also decreased from $2.1 billion in the first quarter of 2020 to $900 million in the most recent quarter. This improvement is primarily due to the resumption of 737 MAX deliveries after the U.S. Federal Aviation Administration lifted the grounding order for the 737 MAX in November 2020. As of April 26, 2021, Boeing had delivered more than 85 737 MAX aircraft. It is worth noting that Boeing has also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to be launched in China, a major aviation market. During its Q1 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX,\" that \"its timing will affect our 737 delivery schedule\" and \"future productivity.\" To further complicate matters, whether China can lift the grounding of the 737 MAX is not just a security issue, as US-China relations may also be a significant factor in determining when the 737 MAX is allowed to resume service in China.</p><p>More importantly, the 737 MAX itself still has many problems. Reuters reported on April 29, 2021, that the Federal Aviation Administration (FAA) had asked Boeing to \"fix connectivity issues with some of its 737 MAX aircraft's electrical systems, which could lead to the failure of engine protection measures and critical cockpit functions.\" Reuters subsequently published another article on May 5, 2021, emphasizing that it had requested Boeing to provide the FAA with \"the latest documentation to demonstrate that the 737 MAX subsystems would not be affected by electrical connectivity issues.\" Boeing had previously disclosed in late April 2021 that approximately \"100 aircraft in service were affected by electrical system problems,\" which would result in \"low deliveries in April.\"</p><p>In other words, restoring the 737 MAX to normal delivery levels may take longer than expected.</p><p>In addition, the recovery of global travel is another key factor that will have a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4 shows that the outlook for global air travel is bleak in the near future. According to data from the International Air Transport Association, the number of passenger kilometers flown globally is still about one-third of what it was before the pandemic (i.e., in March 2019). International travel is expected to take longer to recover compared to domestic travel.</p><p><b>Global travel data and trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In addition to this, there are other more complicated factors. According to Reuters, in April 2021, the WHO stated that it did not support the resumption of global travel given \"uncertainty and fairness concerns about whether vaccination can prevent the spread of the epidemic.\" A few days ago, the International Air Transport Association warned that travel recovery \"could be dangerously affected by (high) costs.\" More importantly, as shown in the chart below, the containment of the 2019 pandemic was uneven around the world. Although weekly confirmed cases in the United States have declined significantly, confirmed cases continue to rise in places such as India and Latin America.</p><p>Confirmed cases of COVID-19 around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, while Boeing's commercial aircraft business will certainly eventually recover, the timing of that recovery is still very uncertain, largely due to the complex factors we mentioned above.<b>Financial forecasts for Boeing</b>In its Q1 2021 earnings call, Boeing reiterated, \"Consistent with the International Air Transport Association and other industry groups, we expect passenger traffic to recover to 2019 levels in 2023-2024.\" Boeing also added on the earnings call, \"The recovery of our commercial aircraft business will enable us to achieve positive cash flow in 2022.\"</p><p>Sell-side analysts typically align with company management in their future financial forecasts. According to data from S&P Capital IQ, the market generally believes that Boeing's revenue will grow by 37% and 12% in fiscal years 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to remain flat in fiscal year 2023 and grow 8% year-over-year to $96 billion in fiscal year 2024. For reference, Boeing's revenue in fiscal year 2019 was $76.6 billion, and its sales in fiscal year 2020 were $101.1 billion.</p><p>According to the general expectations of sell-side analysts, Boeing is also expected to achieve profitability in fiscal year 2022, with operating cash flow and free cash flow reaching $9.4 billion and $7.5 billion, respectively. Boeing's operating cash flow and free cash flow were negative in both fiscal years 2019 and 2020, and are expected to remain unchanged in fiscal year 2021. It is worth noting that Boeing's operating cash flow in the first quarter of 2021 was -$3.4 billion, an improvement from -$4.3 billion in the first quarter of 2020. Nevertheless, Boeing emphasized on its Q1 2021 earnings call that \"our cash flow position depends largely on whether we can obtain regulatory approvals for the remaining 737 MAX, the recovery of our commercial aircraft business, and ongoing discussions with customers regarding fleet planning needs.\"</p><p>According to Beast Finance, the market's current financial forecasts for Boeing are still a bit too optimistic. Currently, the pandemic is resurfacing in some parts of the world, and the recovery of international travel is slower than expected. Furthermore, it remains uncertain whether Boeing's latest electrical system problems will further delay the delivery of the 737 MAX. We believe that sell-side analysts are likely to consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should I buy Boeing stock in 2021?</b>In the long run, we do really like excellent companies like Boeing. More importantly, the duopoly of companies like Airbus and Boeing in the commercial aircraft sector is unlikely to be challenged by any company in the foreseeable future, given the significant barriers to entry in terms of scale and capital.</p><p>On the other hand, Boeing's stock may not be as attractive in the short term. The reasons are, as we mentioned earlier, that the market's current financial forecast for Boeing is still too optimistic, that the market's valuation of Boeing is higher than that of its competitor Airbus, that more 737 MAX aircraft are still affected by current electrical system problems, and that the pandemic will take longer than expected to be effectively controlled, which lead us to this conclusion.</p>","source":"lsy1586862168255","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 Boeing stock worth buying in 2021?</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 Boeing stock worth buying in 2021?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">猛兽财经</strong><span class=\"h-time small\">2021-05-08 18:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since reaching its all-time high in March 2019, its stock price has been hit by both the grounding of the 737 MAX and the pandemic, and it has not recovered even after two years. Looking ahead, Boeing's recovery path is not smooth, and the 737 MAX is still grounded in China and facing electrical system problems. In addition, the recovery of international travel has been slower than expected.</p><p>The market generally expects Boeing to achieve profitability and positive cash flow in fiscal year 2022, with revenue this year exceeding the level of 2019. However, according to Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Besides the uncertainty surrounding the launch date of the new 737 MAX model and the pace of recovery in international travel, the market also values Boeing higher than its competitor Airbus. Considering these factors, we believe that Boeing is not a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims to be the world's largest aerospace company, a world-leading manufacturer of civil aircraft and defense, space and security systems, as well as an after-sales support service provider. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communications systems, as well as performance-based logistics and training.</p><p>Boeing has three business units: the Commercial Aircraft Group, the Defense, Space and Security Group, and the Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial supports these business groups.</p><p>In addition, there are functional organizations that work at the company level, focusing on engineering and project management, technology and R&D project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been monopolized by Boeing and Airbus.</p><p>Before the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its revenue and operating profit in fiscal year 2018, respectively, from its core commercial aircraft business. In fiscal year 2018, revenue from defense, space and security, global services, and financial businesses accounted for 26%, 17%, and 1% of Boeing's total revenue, respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services, and financial businesses accounted for 28%, 45%, 26%, and 1% of Boeing's total revenue, respectively. Boeing's core commercial aircraft business unit reported losses in fiscal years 2019, 2020, and the first quarter of fiscal years 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, as this business once contributed the largest revenue to Boeing and is key to Boeing narrowing its losses and eventually returning to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, primarily due to the company's record-breaking revenue and profit for fiscal year 2018, which it announced a month earlier on January 30, 2019.</p><p>However, the good days did not last long. Boeing's 737 MAX was grounded in March 2019 after an Ethiopian Airlines 737 MAX crashed. As of December 31, 2019, Boeing's stock price had fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program\". A week later, on December 23, 2019, Boeing announced that its chairman, David l. Calhoun, would replace Dennis A. Muirenberg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the pandemic, Boeing's stock price fell to $95.01, a five-year low. This outbreak is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to combat the pandemic and global air travel has come to a standstill.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019, to $214.06 on December 31, 2020, a drop of 34%. However, its stock price later rose sharply by 125% from its low in March. Specifically, Boeing's stock price rebounded strongly in November and December 2020 due to positive news regarding the cancellation of the 737 MAX grounding and vaccinations. On November 18, 2020, the U.S. Federal Aviation Administration (FAA) lifted the grounding order for the 737 MAX. In addition, the World Health Organization pointed out in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price continued to rebound. Boeing's stock price has risen 7% year-to-date, from $214.06 on December 31, 2020, to $228.18 on May 5, 2021. While it's safe to say that Boeing's worst period is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's stock price continue to rise?</b></p><p>Beast Finance believes that the key to Boeing's sustained stock price recovery lies in whether its core commercial aircraft business unit can reduce losses in a timely manner and return to profitability. The future prospects of Boeing's commercial aircraft business, in turn, are affected by 737 MAX deliveries and the recovery of global travel.</p><p>Boeing's commercial aircraft revenue has fallen 31% year-over-year so far, from $6.2 billion in the first quarter of 2020 to $4.3 billion in the first quarter of 2021. This is an improvement over the 50% decline in full-year revenue in fiscal year 2020. In addition, some operating losses in the commercial aircraft business also decreased from $2.1 billion in the first quarter of 2020 to $900 million in the most recent quarter. This improvement is primarily due to the resumption of 737 MAX deliveries after the U.S. Federal Aviation Administration lifted the grounding order for the 737 MAX in November 2020. As of April 26, 2021, Boeing had delivered more than 85 737 MAX aircraft. It is worth noting that Boeing has also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to be launched in China, a major aviation market. During its Q1 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX,\" that \"its timing will affect our 737 delivery schedule\" and \"future productivity.\" To further complicate matters, whether China can lift the grounding of the 737 MAX is not just a security issue, as US-China relations may also be a significant factor in determining when the 737 MAX is allowed to resume service in China.</p><p>More importantly, the 737 MAX itself still has many problems. Reuters reported on April 29, 2021, that the Federal Aviation Administration (FAA) had asked Boeing to \"fix connectivity issues with some of its 737 MAX aircraft's electrical systems, which could lead to the failure of engine protection measures and critical cockpit functions.\" Reuters subsequently published another article on May 5, 2021, emphasizing that it had requested Boeing to provide the FAA with \"the latest documentation to demonstrate that the 737 MAX subsystems would not be affected by electrical connectivity issues.\" Boeing had previously disclosed in late April 2021 that approximately \"100 aircraft in service were affected by electrical system problems,\" which would result in \"low deliveries in April.\"</p><p>In other words, restoring the 737 MAX to normal delivery levels may take longer than expected.</p><p>In addition, the recovery of global travel is another key factor that will have a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4 shows that the outlook for global air travel is bleak in the near future. According to data from the International Air Transport Association, the number of passenger kilometers flown globally is still about one-third of what it was before the pandemic (i.e., in March 2019). International travel is expected to take longer to recover compared to domestic travel.</p><p><b>Global travel data and trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In addition to this, there are other more complicated factors. According to Reuters, in April 2021, the WHO stated that it did not support the resumption of global travel given \"uncertainty and fairness concerns about whether vaccination can prevent the spread of the epidemic.\" A few days ago, the International Air Transport Association warned that travel recovery \"could be dangerously affected by (high) costs.\" More importantly, as shown in the chart below, the containment of the 2019 pandemic was uneven around the world. Although weekly confirmed cases in the United States have declined significantly, confirmed cases continue to rise in places such as India and Latin America.</p><p>Confirmed cases of COVID-19 around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, while Boeing's commercial aircraft business will certainly eventually recover, the timing of that recovery is still very uncertain, largely due to the complex factors we mentioned above.<b>Financial forecasts for Boeing</b>In its Q1 2021 earnings call, Boeing reiterated, \"Consistent with the International Air Transport Association and other industry groups, we expect passenger traffic to recover to 2019 levels in 2023-2024.\" Boeing also added on the earnings call, \"The recovery of our commercial aircraft business will enable us to achieve positive cash flow in 2022.\"</p><p>Sell-side analysts typically align with company management in their future financial forecasts. According to data from S&P Capital IQ, the market generally believes that Boeing's revenue will grow by 37% and 12% in fiscal years 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to remain flat in fiscal year 2023 and grow 8% year-over-year to $96 billion in fiscal year 2024. For reference, Boeing's revenue in fiscal year 2019 was $76.6 billion, and its sales in fiscal year 2020 were $101.1 billion.</p><p>According to the general expectations of sell-side analysts, Boeing is also expected to achieve profitability in fiscal year 2022, with operating cash flow and free cash flow reaching $9.4 billion and $7.5 billion, respectively. Boeing's operating cash flow and free cash flow were negative in both fiscal years 2019 and 2020, and are expected to remain unchanged in fiscal year 2021. It is worth noting that Boeing's operating cash flow in the first quarter of 2021 was -$3.4 billion, an improvement from -$4.3 billion in the first quarter of 2020. Nevertheless, Boeing emphasized on its Q1 2021 earnings call that \"our cash flow position depends largely on whether we can obtain regulatory approvals for the remaining 737 MAX, the recovery of our commercial aircraft business, and ongoing discussions with customers regarding fleet planning needs.\"</p><p>According to Beast Finance, the market's current financial forecasts for Boeing are still a bit too optimistic. Currently, the pandemic is resurfacing in some parts of the world, and the recovery of international travel is slower than expected. Furthermore, it remains uncertain whether Boeing's latest electrical system problems will further delay the delivery of the 737 MAX. We believe that sell-side analysts are likely to consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should I buy Boeing stock in 2021?</b>In the long run, we do really like excellent companies like Boeing. More importantly, the duopoly of companies like Airbus and Boeing in the commercial aircraft sector is unlikely to be challenged by any company in the foreseeable future, given the significant barriers to entry in terms of scale and capital.</p><p>On the other hand, Boeing's stock may not be as attractive in the short term. The reasons are, as we mentioned earlier, that the market's current financial forecast for Boeing is still too optimistic, that the market's valuation of Boeing is higher than that of its competitor Airbus, that more 737 MAX aircraft are still affected by current electrical system problems, and that the pandemic will take longer than expected to be effectively controlled, which lead us to this conclusion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw\">猛兽财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/db65f3d4f6f7c47bb1a0c9e744a2fd64","relate_stocks":{"BA":"波音"},"source_url":"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129750415","content_text":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电气系统的问题。此外，国际旅行的复苏速度也比预期的要慢。市场普遍预期，波音将在2022财年实现盈利和现金流转正，今年的收入将超过2019年的水平，但在猛兽财经看来，市场还是太乐观了。虽然市场对客流量的增长和飞机需求的长期预期保持不变，但我们还是认为在2021年买入波音的股票不是一项好的投资。因为除了737 MAX新机型的推出时间和国际旅行的复苏速度不确定之外，市场对波音的估值也比竞争对手空客高。考虑到这些因素，我们认为波音在2021年不是一个好的买入对象。公司介绍在波音网站上可以看到波音宣称波音公司是全球最大的航空航天业公司，也是世界领先的民用飞机和防务、空间与安全系统制造商，以及售后支持服务提供商。作为美国最大的制造出口商，波音公司为分布在全球150多个国家和地区的航空公司和政府客户提供支持。波音的产品以及定制的服务包括：民用和军用飞机、卫星、武器、电子和防御系统、发射系统、先进信息和通讯系统，以及基于性能的物流和培训等。波音公司下设三个业务部门：商用飞机集团，防务、空间与安全集团，以及波音全球服务集团。作为金融解决方案的全球提供者，波音金融公司负责支持这些业务集团。此外，还有一些在整个公司层面工作的职能组织，关注工程和项目管理、技术和研发项目执行、先进设计和制造系统、安全、财务、质量和生产力改进，以及信息技术。但我们都知道，全球商用飞机市场早已被波音和空客这两家公司双头垄断了。在2019年737 MAX停飞和2020年疫情爆发之前，波音2018财年的收入和运营利润分别有57%和65%来自其核心商用飞机业务。2018财年，防务、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的26%、17%和1%。在2020财年，来自商用飞机、国防、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的28%、45%、26%和1%。而波音公司的核心商用飞机业务部门在2019财年、2020财年和2021财年第一季度一直处于亏损状态。在本文中，猛兽财经主要关注的是波音的商用飞机业务，因为这项业务曾为波音贡献了最大的收入以及该业务是波音缩小亏损并最终在未来恢复盈利的关键。波音的股价波音的股价在2019年3月1日达到了430.30美元的历史最高点，主要是因为该公司在一个月前的2019年1月30日公布的其2018财年收入和利润都创造了历史新高。然而好日子并没有持续多久。2019年3月，埃塞俄比亚航空公司的737 MAX客机坠毁后，波音的737 MAX客机就被停飞了。截至2019年12月31日，波音的股价已经从其历史最高点下跌了25%，至323.83美元。2019年12月16日，波音公司宣布将“暂停737项目的生产”。一周后，也就是2019年12月23日，波音公司透露，其董事长大卫·l·卡尔霍恩将取代丹尼斯·A·米伦伯格成为公司的新CEO。更糟糕的是，2020年3月20日，随着疫情的爆发，波音股价跌到了95.01美元，创下了五年来的新低。这次疫情对波音核心商用飞机业务来说又是一次重大打击，因为各国为抗击疫情已经实施了旅行限制，全球航空旅行已经停止了。波音的股价最终从2019年12月31日的323.83美元下跌到了2020年12月31日的214.06美元，下跌了34%。但其股价后来从3月份的低点又大幅上涨了125%。具体来说，波音的股价在2020年11月和12月出现了强劲反弹，原因是有关取消737 MAX停飞和疫苗接种的利好消息。2020年11月18日，美国联邦航空管理局(FAA)取消了对737 MAX的停飞令。另外，世界卫生组织在2020年12月指出，“第一次大规模疫苗接种计划”已经开始。2021年，波音的股价继续在回升。今年以来，波音股价上涨了7%，从2020年12月31日的214.06美元上涨到了2021年5月5日的228.18美元。虽然可以有把握的说，波音最糟糕的时期已经过去，但复苏之路肯定不会一帆风顺。波音股价能否持续回升猛兽财经认为波音股价能否持续回升的关键在于其核心商用飞机业务部门能否及时减少亏损，并重新实现盈利。而波音商业飞机业务的未来前景反过来又受到737 MAX交付量和全球旅行恢复的影响。到目前为止波音商用飞机业务的营收已经同比下降了31%，从2020年第一季度的62亿美元下降到了2021年第一季度的43亿美元。这已经比在2020财年全年收入下降50%的情况下有所改善。另外商用飞机业务的部分运营亏损也从2020年第一季度的21亿美元减少到最近一季度的9亿美元。这一改善主要是由于美国联邦航空管理局在2020年11月取消了对737 MAX的停飞令后，737 MAX的交付恢复。截至2021年4月26日，波音已交付了超过85架的737MAX飞机。值得注意的是，波音也从美国的一些其他航空公司接到了737飞机的新订单。另一方面，737 MAX仍在等待在中国这个主要的航空市场落地。在2021年4月28日的2021年第一季度财报电话会议上，波音承认“我们仍在等待中国对737 MAX的监管批准”，“它的时间将影响我们的737交付计划”和“未来的生产率”。令问题进一步复杂化的是，中国能不能取消对737 MAX的停飞令不仅仅是一个安全问题，因为美中关系也可能是决定737 MAX何时获准在中国恢复服务的一个重要因素。更重要的是，737 MAX飞机本身还存在着很多问题。路透社在2021年4月29日报道，美国联邦航空管理局已要求波音公司“修复其部分737 MAX飞机电气系统的连接问题，这些问题可能会导致发动机擎保护措施失效和驾驶舱的关键功能失效。”路透社随后又在2021年5月5日发表了另一篇文章，强调要求波音向美国联邦航空管理局提供“最新的文件，用来证明737 MAX子系统不会受到电气连接问题的影响。”波音公司早前在2021年4月底就透露，约有“100架在用飞机受到了电气系统问题的影响”，这将导致“4月份的交付量很少”。换句话说，将737 MAX恢复到正常的交付水平可能要花费比预期更长的时间。另外，全球旅行的恢复是对波音核心商用飞机业务产生重大影响的另一个关键因素。国际航空运输协会5月4日的发布的最新消息显示，近期全球航空旅行前景黯淡。根据国际航空运输协会的数据，全球旅客飞行公里数仍约为疫情前的(即2019年3月)的三分之一。与国内旅游相比，国际旅行预计还需要更长的时间才能恢复。全球旅行数据和趋势资料来源:国际航空运输协会除此之外，还有其他更复杂的因素。据路透社报道，2021年4月，世卫组织指出，鉴于“接种疫苗是否能防止疫情传播的不确定性以及公平担忧”，它不支持恢复全球旅行。几天前，国际航空运输协会还警告说，旅行恢复“可能会因(高昂的)成本而受到危险的影响。”更重要的是，如下图所示，2019疫情在世界各地的遏制情况并不均衡。虽然美国每周确诊的病例显著下降，但在印度和拉丁美洲等地，确诊病例还在继续增加。世界各地的新冠肺炎确诊病例资料来源:国际航空运输协会简而言之，虽然波音的商用飞机业务最终肯定会复苏，但复苏的时间还非常不确定，主要原因还是我们上面说的那些复杂因素。对波音的财务预测波音在2021年第一季度业绩发布会上重申，“与国际航空运输协会和其他行业团体一致，我们预计2023年至2024年客运量将恢复到2019年的水平。波音还在财报电话会议上补充道，“商用飞机业务的复苏将使我们能够在2022年实现正现金流。”卖方分析师通常会与公司管理层在未来的财务预测上保持一致。根据S&P Capital IQ的数据，市场普遍认为，波音在2021财年和2022财年的营收将分别增长37%和12%，达到798亿美元和895亿美元。华尔街预计，波音的营收将在2023财年持平，2024财年将同比增长8%，达到960亿美元。作为参考，波音在2019财年的收入为766亿美元，在2020财年的销售额为1011亿美元。根据卖方分析师的普遍预期，波音还有望在2022财年实现盈利，运营现金流和自由现金流分别达到94亿美元和75亿美元。在2019财年和2020财年的过去两年里，波音的运营现金流和自由现金流均为负值，预计2021财年将保持不变。值得注意的是，波音2021年第一季度的运营现金流为- 34亿美元，较2020年第一季度的- 43亿美元有所改善。尽管如此，波音公司还是在2021第一季度财报电话会议上强调，“我们的现金流状况在很大程度上取决于能否获得剩余的737 MAX监管批准、商用飞机业务的复苏以及与客户就机群规划需求进行的持续讨论。在猛兽财经看来，目前市场对波音公司的财务预测还是有点过于乐观了。当前，疫情在全球部分地区再次抬头，国际旅行复苏速度低于预期。而且目前还不能确定的是，波音最新的电气系统问题是否还会导致737 MAX的交付进一步延迟。我们认为卖方分析师很有可能会考虑下调对波音未来几个季度的财务预测。在2021年应该买入波音股票吗？从长远来看，我们确实非常喜欢波音这种非常优秀的企业。更重要的是，在可预见的未来，空客和波音这种公司在商用飞机领域的双头垄断格局不太可能会受到任何公司的挑战，因为这个领域在规模和资金方面存在着巨大的进入壁垒。另一方面，波音的股票在短期内可能不那么有吸引力。理由就是我们前面说过的那些，目前市场对波音的财务预测还是太乐观了，而且市场对波音的估值高于与其竞争对手空客，以及更多的737 MAX飞机还在受到当前电气系统问题的影响，还有就是疫情需要比预期更长的时间才能得到有效控制等因素，促使我们得到这样的结论。","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109374900,"gmtCreate":1619669358900,"gmtModify":1704727728333,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/109374900","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","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":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"hk","language":"zh","title":"Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" 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>Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.</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\">\nReminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.\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\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377037226,"gmtCreate":1619483999265,"gmtModify":1704724634476,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/377037226","repostId":"1164532146","repostType":4,"repost":{"id":"1164532146","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":1619483558,"share":"https://ttm.financial/m/news/1164532146?lang=en_US&edition=fundamental","pubTime":"2021-04-27 08:32","market":"us","language":"zh","title":"Financial Report Preview: Quarterly deliveries exceed 20,000 units for the first time; where is Nio headed next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164532146","media":"老虎资讯综合","summary":"4月26日消息，财报发布前夕，里昂证券上调给予蔚来买入评级，目标价为50美元。蔚来将于本周四（4月29日）公布2021年第一季度财务报告。一季度交付超预期，且创季度交付记录根据此前公布的数据，蔚来20","content":"<p>On April 26, ahead of the earnings release, CLSA upgraded its buy rating on Nio with a target price of $50. Nio will release its first-quarter 2021 financial report this Thursday (April 29).</p><p><b>First-quarter deliveries exceeded expectations and set a new quarterly delivery record.</b></p><p>According to previously released data, Nio delivered 20,060 vehicles in Q1 2021, a year-on-year increase of 423% and a quarter-on-quarter increase of 15.6%. Meanwhile, Nio achieved a new record in quarterly deliveries, delivering over 20,000 units for the first time in a single quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7bd43152146fac6aebd300a4de914a3\" tg-width=\"1289\" tg-height=\"583\" referrerpolicy=\"no-referrer\"><span>Data source: Nio official website; Chart by: Tiger Brokers</span></p><p>The main reason for the significant year-on-year increase in Nio deliveries is that demand was suppressed in Q1 2020 due to the impact of the COVID-19 pandemic, and new energy vehicles experienced the worst quarter in history. This year, with the full opening of the economy, pent-up demand has been released, and the entire new energy vehicle industry has ushered in a wave of compensatory price increases.</p><p>According to data from the China Association of Automobile Manufacturers, China's auto sales surged to 2.52 million vehicles in March for the 12th consecutive month. Year-on-year growth of 75%. Nio delivered 7,257 vehicles in March, a year-on-year increase of 373%. Demand for other new energy vehicle stocks also surged. Li Auto delivered 4,900 vehicles, a year-on-year increase of 238.6%; XPeng delivered 5,102 vehicles, a year-on-year increase of 384%, while BYD delivered 24,218 vehicles, a year-on-year increase of 97.6%.</p><p>Following the surge in deliveries, the market generally expects Nio to see a significant increase in revenue and improved net profit in the first quarter. Bloomberg consensus forecasts that Nio' revenue in Q1 2021 will increase by 422.8% year-on-year to RMB 7.163 billion; The adjusted net loss was approximately RMB 1.1 billion, narrowing by 34.3% year-on-year; Adjusted loss per share was RMB 0.84, narrowing by 48.3% year-on-year.</p><p><img src=\"https://static.tigerbbs.com/04ca96b6ab0d7d52bbf72ef22c94a32c\" tg-width=\"1544\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><b>What is the impact of the \"chip shortage\"?</b></p><p>It is worth noting that the automotive industry has generally been plagued by a chip shortage this year. In March, Nio lowered its Q1 delivery forecast to 19,500 vehicles. However, according to subsequently released data, Nio delivered 20,060 vehicles in the first quarter, which is still within the range before the reduction (20,000-20,500 vehicles). In March, Li Bin, chairman of Nio Motor Company, said in Nio Motor Company's Q4 2020 financial report and full-year financial results conference call, \"The chip shortage will have a certain impact on NIO's production in the second quarter. At present, it can basically meet normal production needs, but the risks are indeed very high.\"</p><p>How long will the chip shortage last, and what impact will it have on NIO?</p><p>Li Shaohua, deputy secretary-general of the China Association of Automobile Manufacturers, predicts that the \"chip shortage\" will last for about six months or even nine months, and it is expected that a new stage of supply and demand balance will be entered around the third quarter.</p><p>However, Mizuho analyst Vijay Rakesh said that although automakers will still face chip supply issues, Nio' sales remained strong in 2021. Even if production slowed in the second quarter, full-year deliveries are expected to double year-on-year. Rakesh predicts that Nio will deliver 87,000 vehicles this year, 141,000 vehicles in 2022, and 223,000 vehicles in 2023.</p><p><b>The new energy vehicle industry is moving forward against the wind.</b></p><p>Overall, with policy setting the tone, the new energy vehicle industry is riding the wave.</p><p>Domestically, the \"New Energy Vehicle Industry Development Plan (2021-2035)\" passed last November clearly stated that by 2025, the proportion of new energy vehicle sales in China will reach about 20%. According to the plan, domestic sales of new energy vehicles are expected to reach 6.43 million units by 2025, with a compound annual growth rate of approximately 36%.</p><p>Ping An Securities stated that it expects new demand in the domestic new energy vehicle market to reach 600,000 to 1 million units in 2021. Tightening European carbon emission targets, coupled with high European government subsidies, are expected to drive continued high growth in the European electric vehicle market. After two years of adjustment, the U.S. market is expected to see Biden actively promote his clean energy revolution plan, increase support for electric vehicles, and significantly increase the penetration rate of new energy vehicles in the United States. Global electric vehicle sales are projected to reach 4.5-5 million units in 2021.</p><p>It should be noted that with soaring demand, more and more companies are joining the ranks of car manufacturers. Previously, several internet giants, including Baidu, Didi, and Xiaomi, had launched their car manufacturing businesses, and competition in the industry was becoming increasingly fierce. Currently, Nio has delivered over 100,000 vehicles, and even Elon Musk has sent his congratulations, calling it a difficult milestone. Monthly data shows that Nio' delivery capacity continues to improve. According to Soobin Park, an analyst at Lyon, charging issues and prices remain the main obstacles to the large-scale adoption of electric vehicles.</p><p>With its partnership with Sinopec to establish battery swapping stations within Sinopec gas stations, whether Nio can overcome obstacles, and whether Nio can stand out in the fierce competition as news of its expansion into Europe spreads, remain to be seen.</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>Financial Report Preview: Quarterly deliveries exceed 20,000 units for the first time; where is Nio headed 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: 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\">\nFinancial Report Preview: Quarterly deliveries exceed 20,000 units for the first time; where is Nio headed next?\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\">2021-04-27 08:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 26, ahead of the earnings release, CLSA upgraded its buy rating on Nio with a target price of $50. Nio will release its first-quarter 2021 financial report this Thursday (April 29).</p><p><b>First-quarter deliveries exceeded expectations and set a new quarterly delivery record.</b></p><p>According to previously released data, Nio delivered 20,060 vehicles in Q1 2021, a year-on-year increase of 423% and a quarter-on-quarter increase of 15.6%. Meanwhile, Nio achieved a new record in quarterly deliveries, delivering over 20,000 units for the first time in a single quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7bd43152146fac6aebd300a4de914a3\" tg-width=\"1289\" tg-height=\"583\" referrerpolicy=\"no-referrer\"><span>Data source: Nio official website; Chart by: Tiger Brokers</span></p><p>The main reason for the significant year-on-year increase in Nio deliveries is that demand was suppressed in Q1 2020 due to the impact of the COVID-19 pandemic, and new energy vehicles experienced the worst quarter in history. This year, with the full opening of the economy, pent-up demand has been released, and the entire new energy vehicle industry has ushered in a wave of compensatory price increases.</p><p>According to data from the China Association of Automobile Manufacturers, China's auto sales surged to 2.52 million vehicles in March for the 12th consecutive month. Year-on-year growth of 75%. Nio delivered 7,257 vehicles in March, a year-on-year increase of 373%. Demand for other new energy vehicle stocks also surged. Li Auto delivered 4,900 vehicles, a year-on-year increase of 238.6%; XPeng delivered 5,102 vehicles, a year-on-year increase of 384%, while BYD delivered 24,218 vehicles, a year-on-year increase of 97.6%.</p><p>Following the surge in deliveries, the market generally expects Nio to see a significant increase in revenue and improved net profit in the first quarter. Bloomberg consensus forecasts that Nio' revenue in Q1 2021 will increase by 422.8% year-on-year to RMB 7.163 billion; The adjusted net loss was approximately RMB 1.1 billion, narrowing by 34.3% year-on-year; Adjusted loss per share was RMB 0.84, narrowing by 48.3% year-on-year.</p><p><img src=\"https://static.tigerbbs.com/04ca96b6ab0d7d52bbf72ef22c94a32c\" tg-width=\"1544\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><b>What is the impact of the \"chip shortage\"?</b></p><p>It is worth noting that the automotive industry has generally been plagued by a chip shortage this year. In March, Nio lowered its Q1 delivery forecast to 19,500 vehicles. However, according to subsequently released data, Nio delivered 20,060 vehicles in the first quarter, which is still within the range before the reduction (20,000-20,500 vehicles). In March, Li Bin, chairman of Nio Motor Company, said in Nio Motor Company's Q4 2020 financial report and full-year financial results conference call, \"The chip shortage will have a certain impact on NIO's production in the second quarter. At present, it can basically meet normal production needs, but the risks are indeed very high.\"</p><p>How long will the chip shortage last, and what impact will it have on NIO?</p><p>Li Shaohua, deputy secretary-general of the China Association of Automobile Manufacturers, predicts that the \"chip shortage\" will last for about six months or even nine months, and it is expected that a new stage of supply and demand balance will be entered around the third quarter.</p><p>However, Mizuho analyst Vijay Rakesh said that although automakers will still face chip supply issues, Nio' sales remained strong in 2021. Even if production slowed in the second quarter, full-year deliveries are expected to double year-on-year. Rakesh predicts that Nio will deliver 87,000 vehicles this year, 141,000 vehicles in 2022, and 223,000 vehicles in 2023.</p><p><b>The new energy vehicle industry is moving forward against the wind.</b></p><p>Overall, with policy setting the tone, the new energy vehicle industry is riding the wave.</p><p>Domestically, the \"New Energy Vehicle Industry Development Plan (2021-2035)\" passed last November clearly stated that by 2025, the proportion of new energy vehicle sales in China will reach about 20%. According to the plan, domestic sales of new energy vehicles are expected to reach 6.43 million units by 2025, with a compound annual growth rate of approximately 36%.</p><p>Ping An Securities stated that it expects new demand in the domestic new energy vehicle market to reach 600,000 to 1 million units in 2021. Tightening European carbon emission targets, coupled with high European government subsidies, are expected to drive continued high growth in the European electric vehicle market. After two years of adjustment, the U.S. market is expected to see Biden actively promote his clean energy revolution plan, increase support for electric vehicles, and significantly increase the penetration rate of new energy vehicles in the United States. Global electric vehicle sales are projected to reach 4.5-5 million units in 2021.</p><p>It should be noted that with soaring demand, more and more companies are joining the ranks of car manufacturers. Previously, several internet giants, including Baidu, Didi, and Xiaomi, had launched their car manufacturing businesses, and competition in the industry was becoming increasingly fierce. Currently, Nio has delivered over 100,000 vehicles, and even Elon Musk has sent his congratulations, calling it a difficult milestone. Monthly data shows that Nio' delivery capacity continues to improve. According to Soobin Park, an analyst at Lyon, charging issues and prices remain the main obstacles to the large-scale adoption of electric vehicles.</p><p>With its partnership with Sinopec to establish battery swapping stations within Sinopec gas stations, whether Nio can overcome obstacles, and whether Nio can stand out in the fierce competition as news of its expansion into Europe spreads, remain to be seen.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1e9aa56586a03fdd6464e21bfe99f7b5","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164532146","content_text":"4月26日消息，财报发布前夕，里昂证券上调给予蔚来买入评级，目标价为50美元。蔚来将于本周四（4月29日）公布2021年第一季度财务报告。一季度交付超预期，且创季度交付记录根据此前公布的数据，蔚来2021年Q1交付20060辆汽车，同比增长423%，环比增长15.6%。与此同时，蔚来季度交付再创新高且首次达成单季交付超2万台。数据来源：蔚来官网；制图：老虎证券蔚来交付同比大幅增长的数据的主要原因是，2020年Q1新冠疫情冲击下，需求被抑制，新能源汽车经历了有史以来最惨淡的季度。今年，随着经济完全开放，被压抑的需求得以释放，整个新能源车企都迎来一波补偿式上涨。根据中国汽车工业协会的数据，3月份中国汽车销量连续第12个月飙升至252万辆。同比增长75%。其中，蔚来3月交付7257辆，同比增长373%。其他新能源汽车股需求也迎来大涨。理想交付4900辆，同比增长238.6%；小鹏交付5102辆，同比增长384%，比亚迪交付24218辆，同比增长97.6%。交付量飙升后，市场也普遍预期，蔚来一季度营收也将大幅增长，净利润等指标也将改善。彭博社一致预期，蔚来2021年Q1营收同比增长422.8%至71.63亿元；调整后净亏损约11亿元，同比收窄34.3%；调整后每股亏损0.84元，同比收窄48.3%。“缺芯”影响几何？值得注意的是，今年汽车行业普遍受到芯片短缺的困扰。3月份，蔚来下调Q1交付预期至19500辆。不过，从随后公布的数据看，蔚来一季度交付20060辆，仍在下调前的区间（20000-20500辆）之中。3月，蔚来汽车董事长李斌在蔚来汽车2020年四季度财报及全年财务业绩电话会上表示，“芯片短缺问题对蔚来汽车第二季度的生产会造成一定影响，目前基本上能满足正常生产需求，但风险确实很高。”“缺芯”会持续多久，对蔚来影响几何？中国汽车工业协会副秘书长李邵华预计“缺芯”大概会持续半年甚至9个月，预计三季度左右，才有可能进入到一个新的供需平衡阶段。不过，瑞穗分析师Vijay Rakesh表示，尽管汽车厂商仍将面临芯片供应问题，但蔚来在2021年销量依然强劲，即使二季度产量有所放缓，但全年交付有望实现同比翻倍。Rakesh预计，蔚来汽车今年交付量为8.7万辆，2022年交付量为14.1万辆，2023年交付量为22.3万辆。新能源汽车行业御风前行总体而言，随着政策层面定调，新能源汽车行业正在御风而行。国内方面，去年11月通过的《新能源汽车产业发展规划（2021-2035 年）》中明确提出，到 2025年中国新能源汽车新车销量占比达到20%左右。根据规划估算，到2025年国内新能源汽车销量可达643万辆，复合增速约36%。平安证券表示，预计 2021 年国内新能源汽车市场的新增需求达到60-100万辆。欧洲碳排放目标收紧叠加欧洲政府高补贴，有望带动欧洲电动车市场继续高增。美国市场经历了两年调整，预计拜登将积极推行清洁能源革命计划，加大对电动车的支持力度，大幅提高美国新能源汽车渗透率。预计2021年全球电动车销量达450-500万辆。需要注意的是，需求飞涨之下，越来越多企业正在加入造车行列。此前，百度、滴滴、小米等多家互联网巨头已启动造车业务，行业的竞争也日趋白热化。眼下，蔚来的累计交付已突破10万辆，连马斯克都发来祝贺，并称这是一个艰难的里程碑。从月度数据看，蔚来的交付能力还在持续提升。在里昂分析师Soobin Park看来，充电问题和价格仍然是电动汽车大规模普及的主要障碍。随着与中石化合作将换电站布局在中石化加油站内，蔚来能否扫平障碍，以及随着进军欧洲消息的发酵，蔚来能否在激烈的竞争中脱颖而出，我们拭目以待。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374975416,"gmtCreate":1619413863335,"gmtModify":1704723480200,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"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/374975416","repostId":"1130451341","repostType":4,"repost":{"id":"1130451341","kind":"news","pubTimestamp":1619413290,"share":"https://ttm.financial/m/news/1130451341?lang=en_US&edition=fundamental","pubTime":"2021-04-26 13:01","market":"us","language":"zh","title":"The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!","url":"https://stock-news.laohu8.com/highlight/detail?id=1130451341","media":"华尔街见闻","summary":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的","content":"<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>","source":"highlight_wallstreetcn","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 US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!</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 US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!\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\">2021-04-26 13:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA\">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/082208e3c37780dd55878056410ffa43","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1130451341","content_text":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的双重浪潮，把全球市场的注意力瞬间从通缩转向通胀，几乎在股债市场掀起血雨腥风。而上周伴随鲍威尔在采访中突然开始释放鹰派信号，这场饕餮盛宴怕是要进入下半场了。真正酒阑人散之前，有人必须要做好买单的准备。只是，单有多大，又由谁来买？随着美国慢慢开始抄底全球资产，美元已经启动回流，新兴市场为了抵御冲击，早已经率先掀起了加息潮。货币的汪洋流向全球之际，是时候品一品美国前财长康纳利的话：美元是我们的货币，却是你们的问题。本期我们就来盘一盘美国这场巨量刺激的来龙去脉。我们将着重探讨三件事:第一，美国推出史无前例的财政货币双刺激，为什么要下这么重的狠手？第二，超级刺激可能导致美国经济严重过热？第三，美国放水，全球买单，这场大放水又会以怎样的方式收场？01、美国这轮刺激有多猛财政刺激有多大？去年4月2.2万亿美元的财政刺激之后，特朗普政府年底又出台了一项9000亿美元的刺激；到了今年，拜登上来就通过了1.9万亿刺激法案，占到美国去年GDP的10%，转眼最新的2.25万亿基建又已官宣。不算还未正式出台的最后一项，短短一年时间，财政刺激总量已经达到了5万亿的天量，纵向对比，是08年金融危机之后两年奥巴马政府将近8000亿刺激的整整6倍；横向对比，这个数字占美国GDP的25%，这一比例远远超过德国（12%）和日本（16%）。而货币政策方面，这轮QE又有多大？2008年金融危机时，美联储耗时6年，用了三轮QE，一共也只购买了3万多亿美元资产，而这次QE只花了6个月，就轻轻松松达到了这一规模。如果08年的财货刺激是左手手里剑右手左轮手枪的话，这次就是两杆齐发的加农炮。但是为什么这次美国财政和货币政策两头都要狂风暴雨式地加足马力？先来看看财政。最新1.9万亿的通过非常戏剧化。这个数字首先是远远超过大家预期的，因为拜登提出这项计划的最初，共和党支持的刺激数字只有6000多亿，之间差了1.3万亿。而拜登之前又一直声称两党要团结合作，大家就认为他会做个折中，最后放水量应该也就在9000亿美元左右。但出人意料的是，拜登突然来了个“霸王硬上弓”式的操作，强行通过了一个叫作“预算调和程序”的方案。简单来说，它把参议院通过刺激法案原本所需要的票数大大降低，只需要过半数就能通过。于是未来就1.9万亿进行投票的时候，就算共和党一致反对，占参议院多数的民主党，也能强行甩开共和党，凭一己之力让法案得到推进。问题是，拜登为什么突然不顾共和党反对，急于让1.9万亿快速板上钉钉？因为2008年金融危机时，奥巴马的民主党就在财政刺激上吃过大亏。12年前，正是因为共和党反对，奥巴马政府的财政刺激方案大幅缩水，原本2万亿美元的刺激方案最终只通过了不到8000亿。但要知道，这点小钱远远无法令经济快速复苏，接下来两年美国经济增长缓慢，就业市场复苏陷入停滞，奥巴马的民众支持率直线下降，很快在2010年中选输掉了众院，被共和党重新夺回了控制权。可以说，上一轮危机中，正是由于奥巴马政府不够强硬，不仅导致民主党失势，还使得美国经济在泥潭中陷得更久。拜登作为奥巴马当时的副手，显然对这次教训刻骨铭心。所以自己上台后一不做二不休，来个硬碰硬，生怕重蹈当年覆辙。那么量化宽松呢？从上面的事实看来，09年的QE是在财政政策被共和党束缚住手脚的情况下，美国做出的“次优选择”。而如今既然已经有了天量刺激，为什么鲍威尔还要坚持迟迟不退出QE？我们认为，大致有以下三个原因：第一，鲍威尔始终不认为会有真正的严重通胀压力。像不久前他在美国众议院金融服务委员会听证会上所说，全球性通缩已持续20多年，现在短短一次通胀，怎么就会失控呢？第二，即便有通胀压力，由于美元的储备货币地位，通胀带来的后果并不需要美国独自承担。我们会在后面说到这一点。第三，比起通胀压力，美联储更担心的是通缩预期。所谓通缩，就是通货膨胀率降到零以下，整个社会处在一个物价持续、普遍下降的环境之中。一旦人们有了价格持续下跌的预期，就会把想买的东西留到未来更便宜的时候去买。比如你想买房，现在是5w一平米，但你预计过两年就变成4w一平米了，那在条件允许的情况下，一定是两年后买入更划得来。对企业购买原料、进行投资也是一样的逻辑。这样一来，消费和投资欲望就被大大降低，手里钱再多也无济于事。美国GDP超六成来自消费，需求不够，生产自然也上不去，经济只能停滞不前，整个过程有多可怕，看看日本“失去的20年”就知道。短期来看，QE对缓解通缩预期绝对是一剂猛药。它只需要做一件事，就是推高资产价格，尤其是股市和楼市价格，从而给人们营造一番手头富裕，经济也欣欣向荣的假象。即便并没有转化成真实的现金流，人们也可能开开心心地进行更多的消费，进而刺激生产和经济复苏。这完全是个心理学问题，在财政政策配合下尤其行得通。但是，切勿把牛市和实体经济走强混为一谈，QE是否是饮鸩止渴，未来会否对经济形成反噬？这是后话，我们会在下面讲到。02、美国经济可能过热刚才我们解释了，美国这次财政、货币刺激的规模史无前例。那么这样的巨额刺激下，美国经济会发生什么呢？答案就是通胀上升，经济过热，而且过热程度可能比市场预期要严重得多。因为长时间、大规模的QE，不知不觉给了通胀巨大的上行空间。为了了解长期QE的影响，下面，我们首先最简单地解释一下央行货币政策进行宏观调控的整个传导路径；再回到一个没有QE的“史前”世界里，看看正常情况下货币政策体系是怎么运转的；如今有了QE，运转模式又发生了怎样的变化。我们常说央行撒钱，但钱肯定不是直接撒在人民群众身上的，而是首先撒给商业银行等各个金融机构，构成基础货币。方法有很多种，包括调节再贴现率、调节存款准备金率，和QE最相关的买卖政府债券也是其中之一，央行买进债券的同时付出去一笔钱，实质就是向金融系统注入一笔基础货币。紧接着，各个银行要么把这些钱投入实体经济，也就是通过贷款的方式借给企业和家庭，让他们进行生产和消费，促进经济增长；要么，如果大多数企业和家庭都不愿意借钱，剩下的钱就会以储蓄的形式滞留在银行体系内部，或是流入股市等金融市场，则一方面实体经济发展缺少资金驱动，另一方面金融市场又可能积累过量资金引发泡沫。在QE前的世界，货币政策在上面一条道路上走得非常顺畅，即美联储通过常规货币政策提供的流动性，能很好地传到企业和居民手里。经济衰退时，一边积极的财政政策稳住企业和居民的信心，一边央行降低政策利率，同时给银行业提供流动性；商业银行一有钱，居民和企业也被低利率和财政刺激鼓舞着，积极借钱买房和投资。一旦经济开始复苏，央行所要做的就是逐步提高政策利率，抑制信贷，从而防止通胀。于是从图上可以看出，基础货币、货币供应、银行信贷三条线教科书一般地同起同落，在此过程中，长期利率也随政策利率下降和回升。2008年前的美欧，1990年前的日本就是处于这种状态。但是QE打破了这一局面。刚才我们介绍过，08年房地产泡沫破裂后，由于财政刺激不给力，美国不得不一条腿走路，用货币政策QE释放大量的流动性，试图刺激内需，却在受到重创的家庭和企业面前收效甚微。抵押物价格暴跌之后，人们不仅不愿意借钱，反而还有大量债务等着还。于是，一边是随着QE扩大、利率下降到0，美国流动性来到前所未有的水平，基础货币占GDP比重从08年的6%上升到25%；另一边，人们握着巨额储蓄却不花出去，资金不仅没有以贷款形式离开银行业，还以储蓄和还贷形式回去了（第一张图），使得经济和通胀迟迟上不来（第二张图）。也就是说，如果整个货币体系仍然按照08年以前的模式运行，现在美国的通胀应该已经上升到很高的水平了。如果把央行撒的钱比作水，现在的价格就像是裹了一层胶质、难以进水的海绵，一旦胶质被剥离掉，海绵就会迅速吸水进而膨胀。于是我们可以看到一旦需求改善，人们开始恢复借款会发生什么：银行信贷和货币供应量都可能比现在高出好几倍，物价也可能随之大幅度攀升，那将意味着非常高的通胀。在这种预期之下，一旦经济出现复苏迹象，对通胀压力的高度紧张，就将加剧市场对流动性波动的恐慌。投资者担心，央行到时候将不得不减少债券购买乃至卖出长期债券，于是也纷纷抛售债券来规避风险，从而，QE国家长期利率也会比没有QE时以更快的速度上行，进一步对实体经济和股市、商品市场造成严重波动。QE持续时间越长，这些问题无疑也会越严重。野村证券首席研究员辜朝明曾在2013年美联储第三轮QE期间，提出了一个“量化宽松陷阱”（QE Trap）模型，讨论了长时间QE对经济的损伤程度：最初，QE国长期利率降幅要比非QE国大得多，意味着随后经济复苏更快(t1)。但随着经济的回暖，货币政策收紧，长期利率迅速攀升，部分利率敏感行业又面临需求下降，迫使央行重新放松政策立场。经济再次复苏后，随着市场又重新关注央行吸收超额准备金的可能性，长期利率在一个所谓“QE Trap”的重复周期中上行。相比之下，非QE国长期利率下降是渐进的，这延迟了复苏的开始(t2)；但一旦经济开始好转，由于利率较低，复苏步伐实际会更快。从美国疫情前逐步货币政策正常化的7年经验当中，我们也可以推出这一结论。美国上一轮QE是在2013年逐步退出的，但如果不退会发生什么？经济会更好吗？也许不会。当年美联储刚开始缩减购债的时候，通胀率只有1%，之后虽然9次加息、2017年10月又开始了量化紧缩（QT），通胀率却仍然在慢慢上升。深压住通胀的和让通胀维持缓慢上行的是同一个原因，那就是家庭和企业手里的储蓄始终没有得到消化，没有借钱，利率升高也就对他们造不成压力。这反过来说明，即便当时利率继续保持低位，经济活动也可能无动于衷。不仅如此，由于实体经济需求不足，继续QE反而可能导致大量闲钱进入房地产和金融市场，激起厚厚的资产泡沫。事实上，美国商业地产价格目前已经比2007年的上一个峰值高出了50%。重要的是，鉴于本轮QE比金融危机时已经迅猛得多，辜朝明在最近发布的研报中认为，美国经济已经半只脚踏进“量化宽松陷阱”中了，私营部门一旦恢复借款，通胀飙高、长债利率飙升乃是一触即发，届时将需要大幅提高政策利率来压制通胀。在70年代末那个没有QE的史前世界，美联储把政策利率大幅提高到22%来抑制通胀，如今又需要怎样的水平呢？03、美国放水，全球买单，这场大放水又会以怎样的方式收场？刚才我们谈了超级大放水对美国经济的影响。由于美元霸权的存在，美国经济政策的影响力绝不限于美国国内，通过一系列传导机制，美国这轮经济刺激影响极为深远，很有可能让全球都为美国人买单。而其中付出最大代价的可能还是新兴市场，这在历来都是如此，可能也是美国肆无忌惮大放水的原因之一。2020年，随着作为全球储备货币的美元流通量激增，各国纷纷开启了放水之路，以抵抗美国超发货币所引发的通胀，美国借此将通胀输出到全球。这在各国的房价涨幅上就有直接体现，OECD数据显示，去年全球89%国家的房价都在上涨，这一比例为2000年以来最高，土耳其、俄罗斯尤其上涨超过20%。而如今随着美国通胀预期的增强，美债收益率大幅走高，以及美国与新兴市场国家复苏节奏的错位，美元开始阶段性走强，并呈现出回流态势，局面完全反转。新兴市场被迫再次响应那句老话：美国人印钞票，全世界来买单。3月以来，新兴市场国家集体“抢跑”，赶在美联储行动之前提前加息。美国3月的议息会议前后的短短一周中，多个新兴市场国家纷纷掀起加息潮：3月17日巴西央行宣布上调基准贷款利率75个基点至2.75%（预期50个基点）。3月18日土耳其央行宣布将关键利率上调200个基点至19%（预期上调至18%）。3月19日俄罗斯央行宣布加息25个基点至4.50%（预期维持4.25%）。不仅如此，印度、阿根廷、马来西亚、泰国、韩国等新兴国家的指标均显示，市场对于加息的预期正在增强，今年至明年上半年至少加息一次。推动新兴市场国家加息的主要原因肯定是通胀的上行。而通胀的压力从普遍的分析来看还是自于供给端。一方面这类新兴市场国家下游消费品端的生产能力本身就薄弱，疫情的冲击便使得供需缺口扩大，直接体现到推升商品价格上。另一方面，这些国家的食品与交通类消费占比都在40-50%之上，且依赖于进出口，因而全球石油制品和食品价格的快速上行便进一步增加了新兴市场国家的输入性通胀压力。图：通胀水平达到目标政策区域这些具有高开放性和外贸依赖的新兴市场国家，很大程度上，只能被动接受发达国家经济和政策的溢出。然而，相对于通胀的上行，这些新兴国家的经济修复还处于一个相对偏慢的过程中，尤其是巴西和土耳其，失业率高企10%以上，同时对疫情的控制也再度面临考验。图：经济修复尚需时日与此同时，为了防止出现美元过快回流—本币贬值—恶性通胀—本国加息—资产价格下跌—外债暴露的恶性循环预期，新兴市场国家也不得不率先启动加息，一来抑制泡沫，二来稳定资本流出。图：去年各国货币相对美元最大升值幅度而那些外债比例高和资产市场涨幅明显的国家，或会付出更大的代价。今年以来土耳其隔夜拆借利率高企于15%以上，依然难以抑制国际资本流出，超预期加息后央行行长下台更引发恶性循环预期，资产价格暴跌，汇率崩盘。从外债来看接下来是智利、南非等。通胀偏高，尤其是资产价格涨幅偏高的国家，显示资本更多进入虚拟经济体而非实体经济复苏，也存在较大的资本流出风险。比如阿根廷、印度。这些国家加息更多是两害权其轻的操作，也没有太多货币政策的独立性可言。一旦出现资本流出较快，他们将为去年的流动性盛宴付出代价。美国呢，随着资金回流，美欧套利交易增加美债需求，美债利率上行压力反倒会有所缓解。图：欧美利差水平走阔至均值水平美元潮起潮落，中国作为最大的新兴市场国家，得益于国内的供给能力、流动性克制和货币独立，将抵御部分冲击，但是在全球性的风暴之下，资产价格压力难言缓和。或许货币可以超印，但财富不能，当我们以一个更宏观的视角看待全球货币现状，一个更深刻的命题是，如何用好自己的政策工具，作为个人又如何甄别好的资产，让自己的劳动报酬获得更稳健的保值。理解手中人民币的历史责任和其韬光养晦的价值，我们或许能在即将到来的风险中有所准备。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":838736185,"gmtCreate":1629428504547,"gmtModify":1676530038106,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"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/838736185","repostId":"1183587301","repostType":4,"repost":{"id":"1183587301","kind":"news","pubTimestamp":1629428130,"share":"https://ttm.financial/m/news/1183587301?lang=en_US&edition=fundamental","pubTime":"2021-08-20 10:55","market":"sh","language":"zh","title":"CITIC Securities: How will the world's top 20 funds allocate to China in Q2?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183587301","media":"中信证券研究","summary":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大。","content":"<p>By mid-to-late August, overseas fund companies had basically completed the disclosure of their second-quarter holdings data. According to our statistical analysis of the TOP 20 holdings of 20 TOP fund companies holding Chinese stocks, major overseas funds' holdings in Chinese stocks increased slightly by 0.1% month-on-month to US$621.4 billion in Q2 2021, with Hong Kong stock holdings showing the largest month-on-month increase (+12.6%). Major overseas funds showed significant divergence in their allocation preferences for Chinese stocks in the second quarter, with pharmaceuticals (+41.0%, mainly due to...) among the growth sectors.<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (+34.3%), and traditional economic sectors such as industrial (+98.5%) and utilities (+63.0%), saw a significant increase in the amount of heavily invested shares compared to the previous period. At the individual stock level, excluding the impact of stock prices, leading internet companies such as Meituan and Alibaba (H)<a href=\"https://laohu8.com/S/00700\">Tencent</a>Institutional holdings increased; Benefiting from the rise of the national trend<a href=\"https://laohu8.com/S/02331\">Li Ning</a>Anta, a leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD Group</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The group and other targets also received a significant actual increase in allocation.</p><p><b>In Q2 2021, major overseas funds increased their holdings of Hong Kong stocks by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies in China by stock size, the total holdings of the top 20 fund companies in China in Q2 2021 amounted to US$621.4 billion, basically the same as in Q1 2021 (+0.1%).</p><p>In terms of market distribution of stock holdings, the major overseas mutual fund companies' heavy holdings in US stocks, Hong Kong stocks, and A-shares in the second quarter were US$182.35 billion, US$391.6 billion, and US$44.62 billion, respectively, representing changes of US$51.0 billion, US$43.84 billion, and US$6.41 billion compared to the previous quarter. The increase mainly came from the Hong Kong stock market. The passage of the final amendment to the Foreign Company Liability Act, tightening domestic regulatory policies, and the default of Archegos Capital were the main reasons why major overseas funds reduced their allocations to Chinese concept stocks in the US stock market in the second quarter. In Q2, the proportion of Chinese concept stocks held in the US stock market fell sharply by 8.3 percentage points to 29.3%; Meanwhile, the amount of major holdings in the Hong Kong and A-share markets increased by 7.0 and 1.0 percentage points month-on-month to 63.0% and 7.2%, respectively.</p><p><b>Overseas fund sector allocation preferences diverged, with pharmaceuticals, technology, and industry receiving increased allocations.</b></p><p>At the primary industry level, allocation preferences for growth sectors diverged significantly in the second quarter. The main allocation directions of newly added funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), with the amount of major holdings increasing to US$57.44 billion and US$16.47 billion, respectively. Meanwhile, the changes in the market value of heavily held stocks in the consumer discretionary (-2.6%) and communications services (-3.5%) sectors remained relatively stable. Among traditional economic sectors, the market value of heavily held shares in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. Meanwhile, the amount of heavy holdings in the financial and cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, down 15.1%, 10.1%, and 16.5% respectively compared to the previous period.</p><p><b>At the individual stock level, after excluding stock price factors, the allocation preferences of leading internet company funds diverge significantly, with pharmaceuticals, sportswear, and new energy vehicles being favored by overseas funds.</b></p><p>The anti-monopoly incident continued to escalate in the second quarter, and the implementation of the \"Foreign Company Liability Law\" led to a significant divergence in the allocation of overseas institutions to leading internet companies. Excluding factors affecting stock prices, for example, Tencent, Alibaba (H), and Meituan actually increased their allocations by US$3.04 billion, US$13.98 billion, and US$14.22 billion, respectively. And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual reductions were $1.45 billion, $1.79 billion, and $3.75 billion, respectively. In addition, Li-Ning, Anta, and leading companies in the new energy vehicle industry chain have benefited from the rise of the \"Guochao\" (national trend).<a href=\"https://laohu8.com/S/002594\">BYD</a>Both CATL and CATL were favored by overseas funds, with the actual increased allocations in Q2 2021, excluding factors affecting stock prices, reaching US$2.57 billion, US$630 million, US$3.47 billion, and US$2.07 billion, respectively. Full Truck Alliance (Manbang), which went public in the second quarter, also received an actual increase of US$2.9 billion from overseas funds. The pharmaceutical sector has also attracted the attention of overseas funds, including WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Biotechnology</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Eye Hospital</a>The actual increased allocations amounted to approximately US$660 million, US$930 million, US$720 million, and US$800 million, respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and internet finance stocks received increased allocations from mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that are of particular interest to the market were selected to explore the changes in their holdings of Chinese companies listed on the US stock exchange in the second quarter. Stocks in the new energy and internet finance sectors generally saw increased institutional holdings, with Greenwoods increasing its holdings in Q2.<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1,594,000 and 162,000 shares, respectively; Bridgewater increased its holdings.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>、<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>1,023,000/875,000/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>The travel industry received increased allocations from three institutions: Jinglin, Hillhouse Capital, and Fidelity.<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>It also received significant purchases from Greenwoods and Hillhouse Capital. Meanwhile, institutional allocation in the internet and education sectors, which continue to face regulatory policy risks, showed significant divergence in the second quarter. Jinglin increased its holdings in Q2.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group shares 708,000 and 149,000 respectively; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>They then reduced their holdings in the two companies by 3.087 million and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huojinglin, Gao Yi<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company increased its holdings, but was reduced by Casebo and SOROS FUND. Leading e-commerce companies such as Pinduoduo, JD.com, and Alibaba (BABA.N) have mostly seen institutional reductions in their holdings.</p><p><b>Risk Factors:</b></p><p>The global COVID-19 pandemic has spread beyond expectations; The macroeconomic recovery fell short of expectations; The deterioration of Sino-US relations; Foreign capital continues to flow out.</p>","source":"zxzqyj","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>CITIC Securities: How will the world's top 20 funds allocate to China in Q2?</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\">\nCITIC Securities: How will the world's top 20 funds allocate to China in Q2?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中信证券研究</strong><span class=\"h-time small\">2021-08-20 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By mid-to-late August, overseas fund companies had basically completed the disclosure of their second-quarter holdings data. According to our statistical analysis of the TOP 20 holdings of 20 TOP fund companies holding Chinese stocks, major overseas funds' holdings in Chinese stocks increased slightly by 0.1% month-on-month to US$621.4 billion in Q2 2021, with Hong Kong stock holdings showing the largest month-on-month increase (+12.6%). Major overseas funds showed significant divergence in their allocation preferences for Chinese stocks in the second quarter, with pharmaceuticals (+41.0%, mainly due to...) among the growth sectors.<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (+34.3%), and traditional economic sectors such as industrial (+98.5%) and utilities (+63.0%), saw a significant increase in the amount of heavily invested shares compared to the previous period. At the individual stock level, excluding the impact of stock prices, leading internet companies such as Meituan and Alibaba (H)<a href=\"https://laohu8.com/S/00700\">Tencent</a>Institutional holdings increased; Benefiting from the rise of the national trend<a href=\"https://laohu8.com/S/02331\">Li Ning</a>Anta, a leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD Group</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The group and other targets also received a significant actual increase in allocation.</p><p><b>In Q2 2021, major overseas funds increased their holdings of Hong Kong stocks by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies in China by stock size, the total holdings of the top 20 fund companies in China in Q2 2021 amounted to US$621.4 billion, basically the same as in Q1 2021 (+0.1%).</p><p>In terms of market distribution of stock holdings, the major overseas mutual fund companies' heavy holdings in US stocks, Hong Kong stocks, and A-shares in the second quarter were US$182.35 billion, US$391.6 billion, and US$44.62 billion, respectively, representing changes of US$51.0 billion, US$43.84 billion, and US$6.41 billion compared to the previous quarter. The increase mainly came from the Hong Kong stock market. The passage of the final amendment to the Foreign Company Liability Act, tightening domestic regulatory policies, and the default of Archegos Capital were the main reasons why major overseas funds reduced their allocations to Chinese concept stocks in the US stock market in the second quarter. In Q2, the proportion of Chinese concept stocks held in the US stock market fell sharply by 8.3 percentage points to 29.3%; Meanwhile, the amount of major holdings in the Hong Kong and A-share markets increased by 7.0 and 1.0 percentage points month-on-month to 63.0% and 7.2%, respectively.</p><p><b>Overseas fund sector allocation preferences diverged, with pharmaceuticals, technology, and industry receiving increased allocations.</b></p><p>At the primary industry level, allocation preferences for growth sectors diverged significantly in the second quarter. The main allocation directions of newly added funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), with the amount of major holdings increasing to US$57.44 billion and US$16.47 billion, respectively. Meanwhile, the changes in the market value of heavily held stocks in the consumer discretionary (-2.6%) and communications services (-3.5%) sectors remained relatively stable. Among traditional economic sectors, the market value of heavily held shares in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. Meanwhile, the amount of heavy holdings in the financial and cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, down 15.1%, 10.1%, and 16.5% respectively compared to the previous period.</p><p><b>At the individual stock level, after excluding stock price factors, the allocation preferences of leading internet company funds diverge significantly, with pharmaceuticals, sportswear, and new energy vehicles being favored by overseas funds.</b></p><p>The anti-monopoly incident continued to escalate in the second quarter, and the implementation of the \"Foreign Company Liability Law\" led to a significant divergence in the allocation of overseas institutions to leading internet companies. Excluding factors affecting stock prices, for example, Tencent, Alibaba (H), and Meituan actually increased their allocations by US$3.04 billion, US$13.98 billion, and US$14.22 billion, respectively. And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual reductions were $1.45 billion, $1.79 billion, and $3.75 billion, respectively. In addition, Li-Ning, Anta, and leading companies in the new energy vehicle industry chain have benefited from the rise of the \"Guochao\" (national trend).<a href=\"https://laohu8.com/S/002594\">BYD</a>Both CATL and CATL were favored by overseas funds, with the actual increased allocations in Q2 2021, excluding factors affecting stock prices, reaching US$2.57 billion, US$630 million, US$3.47 billion, and US$2.07 billion, respectively. Full Truck Alliance (Manbang), which went public in the second quarter, also received an actual increase of US$2.9 billion from overseas funds. The pharmaceutical sector has also attracted the attention of overseas funds, including WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Biotechnology</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Eye Hospital</a>The actual increased allocations amounted to approximately US$660 million, US$930 million, US$720 million, and US$800 million, respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and internet finance stocks received increased allocations from mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that are of particular interest to the market were selected to explore the changes in their holdings of Chinese companies listed on the US stock exchange in the second quarter. Stocks in the new energy and internet finance sectors generally saw increased institutional holdings, with Greenwoods increasing its holdings in Q2.<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1,594,000 and 162,000 shares, respectively; Bridgewater increased its holdings.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>、<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>1,023,000/875,000/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>The travel industry received increased allocations from three institutions: Jinglin, Hillhouse Capital, and Fidelity.<a href=\"https://laohu8.com/S/BZ\">BOSS Zhipin</a>It also received significant purchases from Greenwoods and Hillhouse Capital. Meanwhile, institutional allocation in the internet and education sectors, which continue to face regulatory policy risks, showed significant divergence in the second quarter. Jinglin increased its holdings in Q2.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group shares 708,000 and 149,000 respectively; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>They then reduced their holdings in the two companies by 3.087 million and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huojinglin, Gao Yi<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company increased its holdings, but was reduced by Casebo and SOROS FUND. Leading e-commerce companies such as Pinduoduo, JD.com, and Alibaba (BABA.N) have mostly seen institutional reductions in their holdings.</p><p><b>Risk Factors:</b></p><p>The global COVID-19 pandemic has spread beyond expectations; The macroeconomic recovery fell short of expectations; The deterioration of Sino-US relations; Foreign capital continues to flow out.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd\">中信证券研究</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":{"600030":"中信证券","06030":"中信证券","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183587301","content_text":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大（+12.6%）。海外主要基金二季度对中国股票的配置偏好显著分化，成长板块中的医药（+41.0%，主要是药明生物）、科技（+34.3%）以及传统经济板块中的工业（+98.5%）、公用事业（+63.0%），重仓持股金额环比提升显著。个股层面上，剔除股价影响，互联网龙头如美团、阿里（H）、腾讯获机构增持；受益国潮崛起的李宁、安踏，新能源车产业链龙头比亚迪股份、宁德时代以及新上市的满帮集团等标的亦获较大幅度的实际增配。\n21Q2海外主要基金对港股持仓环比提升达12.6%。\n根据我们对持有中国股票规模20大基金公司的前20大重仓股的统计分析，21Q2样本基金公司对中国股票前20大重仓持股规模合计为6214亿美元，环比21Q1基本持平（+0.1%）。\n从股票持仓的市场分布来看，二季度海外主要共同基金公司在美股/港股/A股的重仓持仓金额分别为1823.5/3916.0/446.2亿美元，环比分别变化-510.0/438.4/64.1亿美元，增量主要来源于港股市场。《外国公司担责法案》最终修正案的通过，国内监管政策的收紧以及Archegos Capital的违约事件是海外主要基金二季度降低美股中概股配置仓位的主要原因。Q2美股中概股重仓持股占比大幅下滑8.3PCTs至29.3%；而港股及A股市场的重仓持股金额环比分别提升7.0/1.0PCTs至63.0%/7.2%。\n海外基金行业配置偏好分化，医药、科技、工业获增配。\n从一级行业层面上，二季度成长板块配置偏好显著分化，其中新增资金的主要配置方向为医药（+41.0%，主要是药明生物）和科技（+34.3%），重仓持股金额分别提升至574.4和164.7亿美元。而可选消费（-2.6%）和通信服务（-3.5%）板块重仓持股市值变化则相对平稳。传统经济板块中，二季度工业（98.5%）和公用事业（63.0%）板块重仓持股市值显著提升。而此前受海外基金青睐的金融及顺周期的能源、原材料板块重仓持股金额则下滑明显，环比分别下降15.1%/10.1%/16.5%。\n个股层面，剔除股价因素后，互联网龙头基金配置偏好分化明显，医药、运动服饰、新能源汽车受海外基金青睐。\n二季度反垄断事件仍持续发酵，叠加《外国公司担责法》的落地，致使海外机构对互联网龙头的配置出现明显分化。剔除股价影响因素，如腾讯、阿里（H）、美团实际增配金额分别达到30.4/139.8/142.2亿美元；而拼多多、京东、百度实际减配金额分别为14.5/17.9/37.5亿美元。另外，受益国潮崛起的李宁、安踏以及新能源车产业链龙头比亚迪股份、宁德时代均受海外基金青睐，21Q2剔除股价影响因素的实际增配金额分别达到25.7/6.3/34.7/20.7亿美元。二季度新上市的满帮集团亦获海外基金实际增配达29.0亿美元。医药板块亦获海外基金关注，药明生物、信达生物、迈瑞医疗、爱尔眼科实际增配金额分别约达6.6/9.3/7.2/8.0亿美元，而银行板块则普遍遭海外基金减持。\n二季度新能源、互联网金融获主流投资机构增配，新上市个股引发海外基金关注。\n另外选取十家市场较为关注的主动管理型基金，探究其二季度对美股中概企业的持仓变化，新能源及互联网金融板块个股普遍获机构增持，景林Q2增持360数科、富途控股159.4、16.2万股；桥水则增持理想汽车、老虎证券、大全新能源102.3/87.5/23.6万股。\n另外，Q2新上市个股亦引发海外基金关注，如滴滴出行获景林、高瓴、富达三家机构增配；BOSS直聘亦得到景林、高瓴的大幅买入。而持续在监管政策风险下的互联网及教育板块二季度机构配置分化明显。景林Q2分别增持新东方、高途集团70.8、14.9万股；而瑞银则分别减持二者308.7、504.4万股。互联网娱乐板块的哔哩哔哩获景林、高毅、摩根大通增持，但被凯思博、SOROS FUND减持。互联网电商龙头如拼多多、京东、阿里（BABA.N）则多遭机构减持。\n风险因素：\n全球新冠疫情蔓延超预期；宏观经济修复不及预期；中美关系恶化；外资持续流出。","news_type":1,"symbols_score_info":{"600030":0.9,"06030":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":5521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341499408,"gmtCreate":1617844877304,"gmtModify":1704703825930,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"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/341499408","repostId":"2125216607","repostType":4,"repost":{"id":"2125216607","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":1617834859,"share":"https://ttm.financial/m/news/2125216607?lang=en_US&edition=fundamental","pubTime":"2021-04-08 06:34","market":"us","language":"zh","title":"Trip.com Group-S begins its IPO today, with an entry fee of approximately HK$16,817.","url":"https://stock-news.laohu8.com/highlight/detail?id=2125216607","media":"老虎资讯综合","summary":"携程集团—Ｓ(09961)4月8日-4月13日招股。公司发行3163.56万股，其中93%为国际发售，7%为公开发售，另有不超过15%超额配股权。每股发行价不超过333港元(单位下同)；每手50股，预期4月19日上市。公司是旅行平台。公司主要从住宿预订及交通票务业务产生收入。2018年-2019年，公司收入合计分别为人民币311.04亿元、357.16亿元。假设超额配股权未被行使，所得款项净额104亿元，45%用于为拓展公司的一站式旅行服务及改善用户体验提供资金；45%用于对技术进行投资以巩固公司在产品及服务领域的领先市场地位并提高公司的经营效率；10%用于一般公司用途。","content":"<p>April 8th news, Ctrip Group-S<a href=\"https://laohu8.com/S/09961\">$(09961)$</a>The company issued an announcement stating that it plans to issue 31.6356 million shares globally, with the IPO conducted from April 8 to April 13, 2021, and the expected pricing date is April 13. The Hong Kong Offer Price will not exceed HK$333.00 per Hong Kong Offer Share, with board lots of 50 Shares;<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/601995\">CICC</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are the Joint Sponsors; The Shares are expected to be listed on the Main Board of the Stock Exchange on 19 April 2021.</p><p>Based on the previous trading day's US stock market<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>Based on the closing price of US$38.81 (equivalent to HK$302.12 in Hong Kong stocks),<b>The highest offering price of HK$333 in Hong Kong stocks was a 10.22% premium over the overnight closing price of US stocks.</b><img src=\"https://static.tigerbbs.com/1f27df029f532e6a2ff2a09ce8741ee7\" tg-width=\"639\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Group A has 50 shares per lot, with an entry fee of HK$16,817.78.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK$6,727,112.82.<img src=\"https://static.tigerbbs.com/5d5cbea065ccb04f5f9007ca7535d5a6\" tg-width=\"673\" tg-height=\"276\" referrerpolicy=\"no-referrer\"><b>A picture shows Ctrip</b><img src=\"https://static.tigerbbs.com/703a73b6986e550724b1f49e75f08ca8\" tg-width=\"620\" tg-height=\"2807\">It is understood that Ctrip Group is a one-stop travel platform, founded in 1999 and launched in 2003.<a href=\"https://laohu8.com/S/TCOM.US\">Ctrip</a>It is listed on Nasdaq. According to an Analysys Report, the company has been China's largest online travel platform in terms of gross merchandise volume (GMV) for the past 10 years and the world's largest online travel platform from 2018 to 2020.</p><p>Ctrip offers a complete suite of travel products, services, and differentiated travel content. Users can book any type of travel through the company's platform, covering in-destination activities, weekend getaways, short trips, cross-border travel, and business travel.</p><p>As of December 31, 2020, the company's products and services covered more than 200 countries and regions worldwide, and it partnered with more than 480 global airlines to provide more than 1.2 million types of global accommodation services.</p><p>In terms of financial data, the company's net revenue was RMB 31.1 billion, RMB 35.7 billion and RMB 18.3 billion in 2018, 2020 and 2020, respectively. The prospectus points out that the company's net revenue declined in 2020, mainly due to the significant negative impact of the COVID-19 pandemic and domestic and international travel restrictions.</p><p>Benefiting from the control of the COVID-19 pandemic in China starting in the third quarter of 2020, the company's financial indicators in the third and fourth quarters of 2020 improved overall compared with the first two quarters of 2020. Compared with the net losses recorded in the first and second quarters of 2020, it recorded a net profit in the third and fourth quarters of 2020.</p><p>In terms of industry, according to the Analysys report, China's tourism market has formed a V-shaped recovery trend. In the third quarter of 2020, domestic and inbound tourism reached 1.1 billion, an increase of 45% compared with the second quarter of 2020. The market is expected to rebound rapidly in 2021, with the total number of domestic and inbound tourists in China reaching 6.2 billion, and will continue to resume growth in the future.</p><p>According to an Analysys report, China has become the world's largest tourism market based on the total number of domestic and inbound tourists. In 2019, the total number of domestic and inbound tourists in China reached 6.2 billion. Although the COVID-19 pandemic led to a decrease in 2020, this number is expected to reach 7.5 billion in 2025. In 2019, China's domestic and inbound tourism market size was RMB 6.6 trillion (US$1.0 trillion), accounting for 18% of the global tourism market.</p><p>According to the Analysys report, China's tourism market is expected to recover rapidly from the impact of the COVID-19 pandemic in 2020 and reach a scale of RMB 10.1 trillion (US$1.6 trillion) in 2025, which is equivalent to a compound annual growth rate of 11% based on 2021. In 2019, Chinese tourists spent an average of $158 per trip, far lower than the $873 spent by American tourists. Driven by strong economic growth and continued consumption upgrades, China will continue to maintain its position as an important market in the global tourism industry for the foreseeable future.</p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$333, the IPO is expected to receive net proceeds of approximately HK$10.4 billion from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: 45% to fund the expansion of the company's one-stop travel services and improve user experience; 45% will be used to invest in technology to consolidate the company's leading market position in products and services and improve the company's operational efficiency; 10% for 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>Trip.com Group-S begins its IPO today, with an entry fee of approximately HK$16,817.</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\">\nTrip.com Group-S begins its IPO today, with an entry fee of approximately HK$16,817.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-08 06:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>April 8th news, Ctrip Group-S<a href=\"https://laohu8.com/S/09961\">$(09961)$</a>The company issued an announcement stating that it plans to issue 31.6356 million shares globally, with the IPO conducted from April 8 to April 13, 2021, and the expected pricing date is April 13. The Hong Kong Offer Price will not exceed HK$333.00 per Hong Kong Offer Share, with board lots of 50 Shares;<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/601995\">CICC</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are the Joint Sponsors; The Shares are expected to be listed on the Main Board of the Stock Exchange on 19 April 2021.</p><p>Based on the previous trading day's US stock market<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>Based on the closing price of US$38.81 (equivalent to HK$302.12 in Hong Kong stocks),<b>The highest offering price of HK$333 in Hong Kong stocks was a 10.22% premium over the overnight closing price of US stocks.</b><img src=\"https://static.tigerbbs.com/1f27df029f532e6a2ff2a09ce8741ee7\" tg-width=\"639\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Group A has 50 shares per lot, with an entry fee of HK$16,817.78.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK$6,727,112.82.<img src=\"https://static.tigerbbs.com/5d5cbea065ccb04f5f9007ca7535d5a6\" tg-width=\"673\" tg-height=\"276\" referrerpolicy=\"no-referrer\"><b>A picture shows Ctrip</b><img src=\"https://static.tigerbbs.com/703a73b6986e550724b1f49e75f08ca8\" tg-width=\"620\" tg-height=\"2807\">It is understood that Ctrip Group is a one-stop travel platform, founded in 1999 and launched in 2003.<a href=\"https://laohu8.com/S/TCOM.US\">Ctrip</a>It is listed on Nasdaq. According to an Analysys Report, the company has been China's largest online travel platform in terms of gross merchandise volume (GMV) for the past 10 years and the world's largest online travel platform from 2018 to 2020.</p><p>Ctrip offers a complete suite of travel products, services, and differentiated travel content. Users can book any type of travel through the company's platform, covering in-destination activities, weekend getaways, short trips, cross-border travel, and business travel.</p><p>As of December 31, 2020, the company's products and services covered more than 200 countries and regions worldwide, and it partnered with more than 480 global airlines to provide more than 1.2 million types of global accommodation services.</p><p>In terms of financial data, the company's net revenue was RMB 31.1 billion, RMB 35.7 billion and RMB 18.3 billion in 2018, 2020 and 2020, respectively. The prospectus points out that the company's net revenue declined in 2020, mainly due to the significant negative impact of the COVID-19 pandemic and domestic and international travel restrictions.</p><p>Benefiting from the control of the COVID-19 pandemic in China starting in the third quarter of 2020, the company's financial indicators in the third and fourth quarters of 2020 improved overall compared with the first two quarters of 2020. Compared with the net losses recorded in the first and second quarters of 2020, it recorded a net profit in the third and fourth quarters of 2020.</p><p>In terms of industry, according to the Analysys report, China's tourism market has formed a V-shaped recovery trend. In the third quarter of 2020, domestic and inbound tourism reached 1.1 billion, an increase of 45% compared with the second quarter of 2020. The market is expected to rebound rapidly in 2021, with the total number of domestic and inbound tourists in China reaching 6.2 billion, and will continue to resume growth in the future.</p><p>According to an Analysys report, China has become the world's largest tourism market based on the total number of domestic and inbound tourists. In 2019, the total number of domestic and inbound tourists in China reached 6.2 billion. Although the COVID-19 pandemic led to a decrease in 2020, this number is expected to reach 7.5 billion in 2025. In 2019, China's domestic and inbound tourism market size was RMB 6.6 trillion (US$1.0 trillion), accounting for 18% of the global tourism market.</p><p>According to the Analysys report, China's tourism market is expected to recover rapidly from the impact of the COVID-19 pandemic in 2020 and reach a scale of RMB 10.1 trillion (US$1.6 trillion) in 2025, which is equivalent to a compound annual growth rate of 11% based on 2021. In 2019, Chinese tourists spent an average of $158 per trip, far lower than the $873 spent by American tourists. Driven by strong economic growth and continued consumption upgrades, China will continue to maintain its position as an important market in the global tourism industry for the foreseeable future.</p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$333, the IPO is expected to receive net proceeds of approximately HK$10.4 billion from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: 45% to fund the expansion of the company's one-stop travel services and improve user experience; 45% will be used to invest in technology to consolidate the company's leading market position in products and services and improve the company's operational efficiency; 10% for general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4eb8717d5f99acf9a964a1268bca53d6","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","09961":"携程集团-S","TCOM":"携程网"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125216607","content_text":"4月8日消息，携程集团-S$(09961)$发布公告，公司拟全球发售3163.56万股股份，2021年4月8日至4月13日招股，预期定价日为4月13日；香港发售价将不超过每股香港发售股份333.00港元，每手买卖单位50股；摩根大通、中金公司及高盛为联席保荐人；预期股份将于2021年4月19日于联交所主板挂牌上市。按照上一交易日美股携程网的收盘价38.81美元计算（折合港股价格为302.12港元），港股最高发行价333港元较隔夜美股收盘价溢价10.22%。申购阶梯：甲组每手50股，入场费16817.78港元。乙组门槛为2万股，申购所需资金约6,727,112.82港元。一图“看”携程据悉，携程集团是一站式旅行平台，创立于1999年，2003年以携程网在纳斯达克上市。根据易观报告(Analysys Report)显示，以商品交易总额(GMV)口径统计，公司在过去10年内一直为中国最大的在线旅行平台，且自2018年至2020年为全球最大的在线旅行平台。携程可提供一套完整的旅行产品、服务及差异化的旅行内容，用户可以通过公司的平台进行任何类型的旅行预订，涵盖目的地内活动、周末短假、短途旅行、跨境旅游及商务旅游等截至2020年12月31日，公司的产品和服务覆盖全球超过200个的国家和地区，与超过480家的全球航司合作，提供超过120万种的全球住宿服务。财务数据方面，2018~2020年， 公司的净收入分别为311亿元、357亿元人民币及183亿元人民币，招股书指出，2020年公司的净收入有所下滑，主要是由于新冠病毒疫情带来的重大负面影响，及国内及国际旅行限制。获益于国内自2020年第三季度开始对新冠病毒疫情的控制，公司于2020年第三及第四季度的的财务指标较2020年前两个季度整体上有所改善，与2020年第一季度及第二季度录得净亏损相比，已于2020年第三季度及第四季度录得净利润。行业方面，根据易观报告，中国旅游市场已形成V型复苏态势，2020年第三季度国内旅游及入境旅游达11亿人次，较2020年第二季度国内旅游及入境旅游人次增长45%。预计2021年该市场亦将迅速反弹，中国境内旅游及入境旅游总数将达62亿人次，并将在未来继续恢复增长。根据易观报告，按照国内旅游和入境旅游总人次统计，中国已成为全球最大的旅游市场，2019年中国国内旅游和入境旅游总人次为62亿，尽管新冠病毒疫情导致2020年有所降低，但预计这一数字将在2025年达到75亿。2019年，中国国内旅游和入境旅游的市场规模为人民币6.6万亿元（1.0万亿美元），占全球旅游市场的18%。根据易观报告，中国的旅游市场预计将从2020年新冠病毒疫情的影响中迅速恢复，并于2025年达到人民币10.1万亿元（1.6万亿美元）的规模，若以2021年为基准，相当于11%的复合年增长率。2019年，中国游客的单次旅游平均消费为158美元，远低于美国游客的873美元。在强劲的经济增长及持续消费升级的推动下，中国将在可预见的未来继续保持全球旅游行业重要市场的地位。筹资用途方面，以发售价的上限333港元计算，此次IPO预计自全球发售收取所得款项净额约104亿港元（经扣除包销佣金及与全球发售有关的其他估计开支）。公司拟将股份发售所得款项净额用于以下用途：45%用于为拓展公司的一站式旅行服务及改善用户体验提供资金；45%用于对技术进行投资以巩固公司在产品及服务领域的领先市场地位并提高公司的经营效率；10%用于一般公司用途。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TCOM":0.9,"09961":0.9,"CTRP":0.9}},"isVote":1,"tweetType":1,"viewCount":1310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355298858,"gmtCreate":1617072907574,"gmtModify":1704801588440,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355298858","repostId":"1138517597","repostType":4,"repost":{"id":"1138517597","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":1617060445,"share":"https://ttm.financial/m/news/1138517597?lang=en_US&edition=fundamental","pubTime":"2021-03-30 07:27","market":"hk","language":"zh","title":"BaiRong Cloud-W has a 10% success rate in one lot; subscribing to 30 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1138517597","media":"老虎资讯综合","summary":"3月30日，百融云-W 公布中签结果，一手中签率10%，认购30手稳中一手。根据招股书，发行1.238亿股股份，每股发行价31.80港元，每手500股，预期将于3月31日上市。分配结果：甲组每手500","content":"<p>On March 30,<a href=\"https://laohu8.com/S/06608\">BaiRong Cloud-W</a>The lottery results have been announced. The winning rate for one lot is 10%, and subscribing to 30 lots guarantees one lot. According to the prospectus, 123.8 million shares will be issued at a price of HK$31.80 per share, with 500 shares per lot, and the company is expected to list on March 31.</p><p><img src=\"https://static.tigerbbs.com/4d08621a43618078b37707d73d0a588a\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an entry fee of approximately HK$16,060.22. The success rate for a single lot is 10%, and subscribing to 30 lots is guaranteed to win one lot.</p><p>Group B consists of 200,000 shares, and the funds required for subscription are approximately HK$6,424,089.72. They were allocated 6,000 shares (12 lots).</p><p><img src=\"https://static.tigerbbs.com/c357bd3c48d879cce7990ae5782f2d9e\" tg-width=\"756\" tg-height=\"713\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5681cd1f7588d2f8cfc3f464ccff208c\" tg-width=\"766\" tg-height=\"373\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2dcc7596c65545768093eeff9ab83c58\" tg-width=\"778\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially offered under the Hong Kong Offering were significantly oversubscribed. The company received a total of 216,111 valid applications to subscribe for a total of 1.866 billion Hong Kong Offer Shares, which is approximately 150.67 times the total number of 12.383 million Hong Kong Offer Shares initially available for subscription.</p><p>As the oversubscription in the Hong Kong Offering was 100 times or more than the number of Offer Shares initially available for subscription in the Hong Kong Offering, the prospectus reallocation procedure was applied to reallocate 49.529 million Offer Shares from the International Offering to the Hong Kong Offering.</p><p>The final number of offer shares in the Hong Kong offering has increased to 61.912 million offer shares, representing approximately 50% of the total number of offer shares initially available for subscription in the global offering (before the over-allotment option has been exercised), and has been allocated to 52,363 successful applicants in the Hong Kong offering.</p><p>The Offer Shares initially offered under the International Offering were significantly oversubscribed, representing approximately 36.3 times the total number of Offer Shares initially available for subscription under the International Offering. The final number of shares offered in the international offering is 61.9105 million Class B shares, representing approximately 50.0% of the total number of shares initially available for subscription in the global offering.</p><p>Cornerstone investors subscribed for a total of 53.6725 million shares of the offering, of which Cederberg subscribed for 29.276 million shares, China Structural Adjustment Fund subscribed for 14.15 million shares, and Franchise Fund LP subscribed for 10.2465 million shares.</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>BaiRong Cloud-W has a 10% success rate in one lot; subscribing to 30 lots guarantees one 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\">\nBaiRong Cloud-W has a 10% success rate in one lot; subscribing to 30 lots guarantees one 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\">2021-03-30 07:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 30,<a href=\"https://laohu8.com/S/06608\">BaiRong Cloud-W</a>The lottery results have been announced. The winning rate for one lot is 10%, and subscribing to 30 lots guarantees one lot. According to the prospectus, 123.8 million shares will be issued at a price of HK$31.80 per share, with 500 shares per lot, and the company is expected to list on March 31.</p><p><img src=\"https://static.tigerbbs.com/4d08621a43618078b37707d73d0a588a\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an entry fee of approximately HK$16,060.22. The success rate for a single lot is 10%, and subscribing to 30 lots is guaranteed to win one lot.</p><p>Group B consists of 200,000 shares, and the funds required for subscription are approximately HK$6,424,089.72. They were allocated 6,000 shares (12 lots).</p><p><img src=\"https://static.tigerbbs.com/c357bd3c48d879cce7990ae5782f2d9e\" tg-width=\"756\" tg-height=\"713\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5681cd1f7588d2f8cfc3f464ccff208c\" tg-width=\"766\" tg-height=\"373\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2dcc7596c65545768093eeff9ab83c58\" tg-width=\"778\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially offered under the Hong Kong Offering were significantly oversubscribed. The company received a total of 216,111 valid applications to subscribe for a total of 1.866 billion Hong Kong Offer Shares, which is approximately 150.67 times the total number of 12.383 million Hong Kong Offer Shares initially available for subscription.</p><p>As the oversubscription in the Hong Kong Offering was 100 times or more than the number of Offer Shares initially available for subscription in the Hong Kong Offering, the prospectus reallocation procedure was applied to reallocate 49.529 million Offer Shares from the International Offering to the Hong Kong Offering.</p><p>The final number of offer shares in the Hong Kong offering has increased to 61.912 million offer shares, representing approximately 50% of the total number of offer shares initially available for subscription in the global offering (before the over-allotment option has been exercised), and has been allocated to 52,363 successful applicants in the Hong Kong offering.</p><p>The Offer Shares initially offered under the International Offering were significantly oversubscribed, representing approximately 36.3 times the total number of Offer Shares initially available for subscription under the International Offering. The final number of shares offered in the international offering is 61.9105 million Class B shares, representing approximately 50.0% of the total number of shares initially available for subscription in the global offering.</p><p>Cornerstone investors subscribed for a total of 53.6725 million shares of the offering, of which Cederberg subscribed for 29.276 million shares, China Structural Adjustment Fund subscribed for 14.15 million shares, and Franchise Fund LP subscribed for 10.2465 million shares.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"06608":"百融智能-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138517597","content_text":"3月30日，百融云-W 公布中签结果，一手中签率10%，认购30手稳中一手。根据招股书，发行1.238亿股股份，每股发行价31.80港元，每手500股，预期将于3月31日上市。分配结果：甲组每手500股，入场费约16060.22港元。一手中签率10%，认购30手稳中一手。乙组头为20万股，申购所需资金约6424089.72港元。获配6000股（12手）。根据香港发售初步提呈发售的香港发售股份获大幅超额认购。公司合共接获21.611万份有效申请，认购合共18.66亿股香港发售股份，相当于香港发售初步可供认购香港发售股份总数1238.3万股的约150.67倍。由于香港发售的超额认购为香港发售初步可供认购的发售股份数目的100倍或以上，故已采用招股章程重新分配程序，将4952.9万股发售股份从国际发售重新分配至香港发售。香港发售的发售股份最终数目已增至6191.2万股发售股份，占全球发售初步可供认购的发售股份总数约50%(未行使超额配股权)，并已分配予香港发售的52363名成功申请人。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36.3倍。国际发售的发售股份最终数目为6191.05万股B类股份，相当于全球发售初步可供认购发售股份总数约50.0%。基石投资者认购合共5367.25万股发售股份，其中Cederberg认购2927.6万股，中国结构调整基金认购1415万股，Franchise Fund LP认购1024.65万股。","news_type":1,"symbols_score_info":{"06608":0.9}},"isVote":1,"tweetType":1,"viewCount":1560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192303811,"gmtCreate":1621141614933,"gmtModify":1704353321965,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192303811","repostId":"2135989471","repostType":4,"isVote":1,"tweetType":1,"viewCount":2395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321809632,"gmtCreate":1615419006126,"gmtModify":1704782454912,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/321809632","repostId":"2118603007","repostType":4,"repost":{"id":"2118603007","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":1615415875,"share":"https://ttm.financial/m/news/2118603007?lang=en_US&edition=fundamental","pubTime":"2021-03-11 06:37","market":"us","language":"zh","title":"Oracle's Q3 revenue reached $10.1 billion, with net profit up 95% year-over-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2118603007","media":"老虎资讯综合","summary":"智通财经APP获悉，甲骨文(ORCL.US)2021财年第三季度营收为101亿美元，同比增长3%;净利润为50.21亿美元，同比增长95%;摊薄后每股收益为1.68美元，上年同期为0.79美元。按业务划分，云服务和支持许可证收入为72.52亿美元，同比增长5%;云许可证和内部部署许可证收入为12.76亿美元，同比增长4%；硬件收入为8.2亿美元，同比下降4%；服务收入为7.37亿美元，同比下降5%。截至2021年2月28日，公司拥有现金及现金等价物223.21亿美元。","content":"<p>March 11 news,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>Revenue for the third quarter of fiscal year 2021 was $10.1 billion, a 3% year-over-year increase; Net profit was $5.021 billion, a year-on-year increase of 95%; Diluted earnings per share were $1.68, compared to $0.79 in the same period last year.</p><p>By business segment, revenue from cloud services and support licenses was US$7.252 billion, a year-on-year increase of 5%; Cloud license and on-premises license revenue reached $1.276 billion, a 4% year-over-year increase; Hardware revenue was $820 million, a 4% year-over-year decrease; Service revenue was $737 million, down 5% year-over-year.<img src=\"https://static.tigerbbs.com/ae4ca5a364a5c9e003682fc43354d894\" tg-width=\"1146\" tg-height=\"852\" referrerpolicy=\"no-referrer\"></p><p>As of February 28, 2021, the company had US$22.321 billion in cash and cash equivalents.</p><p>Oracle CEO Safra Catz stated, “With Fusion ERP growing by 30% in the third quarter and NetSuite ERP growing by 24% in the third quarter, we continue to expand our leading position in the cloud ERP market.” “Oracle’s rapidly growing high profits and multi-billion dollar cloud ERP business contributed to a 5% increase in subscription revenue and a 10% increase in operating revenue for the quarter. Subscription revenue now accounts for 72% of Oracle’s total revenue, and this highly predictable recurring revenue stream and disciplined spending led to double-digit growth in non-GAAP earnings per share.”</p><p>“Oracle’s second-generation cloud infrastructure business saw another customer increase in the third quarter, with revenue growth exceeding 100%,” said Larry Ellison, Chairman and Chief Technology Officer of Oracle. “We will open new regions as soon as possible to support our rapidly growing multi-billion dollar infrastructure business. In terms of applications, analysts continue to rank Oracle first in cloud ERP, and this quarter Oracle signed hundreds of contracts worth millions of dollars to migrate more large companies from SAP ERP to Oracle Fusion ERP.”</p><p>The board increased the authority for share repurchases by $20 billion. Oracle also announced that its board of directors announced a quarterly cash Dividend of $0.32 per share for its outstanding common shares, a 33% increase from the current quarterly Dividend of $0.24. Larry Ellison, Oracle's chairman, chief technology officer, and largest shareholder, did not participate in the deliberations or vote on the matter. The increased Dividend will be paid to shareholders of record at the close of business on April 8, 2021, with a payment date of April 22, 2021.</p><p>Oracle's stock price plummeted in after-hours trading, with the decline widening to 6%.<img src=\"https://static.tigerbbs.com/2eebf8d5148e0e5ecd2be618fb59a2d7\" tg-width=\"619\" tg-height=\"512\" 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>Oracle's Q3 revenue reached $10.1 billion, with net profit up 95% year-over-year.</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\">\nOracle's Q3 revenue reached $10.1 billion, with net profit up 95% year-over-year.\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\">2021-03-11 06:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>March 11 news,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>Revenue for the third quarter of fiscal year 2021 was $10.1 billion, a 3% year-over-year increase; Net profit was $5.021 billion, a year-on-year increase of 95%; Diluted earnings per share were $1.68, compared to $0.79 in the same period last year.</p><p>By business segment, revenue from cloud services and support licenses was US$7.252 billion, a year-on-year increase of 5%; Cloud license and on-premises license revenue reached $1.276 billion, a 4% year-over-year increase; Hardware revenue was $820 million, a 4% year-over-year decrease; Service revenue was $737 million, down 5% year-over-year.<img src=\"https://static.tigerbbs.com/ae4ca5a364a5c9e003682fc43354d894\" tg-width=\"1146\" tg-height=\"852\" referrerpolicy=\"no-referrer\"></p><p>As of February 28, 2021, the company had US$22.321 billion in cash and cash equivalents.</p><p>Oracle CEO Safra Catz stated, “With Fusion ERP growing by 30% in the third quarter and NetSuite ERP growing by 24% in the third quarter, we continue to expand our leading position in the cloud ERP market.” “Oracle’s rapidly growing high profits and multi-billion dollar cloud ERP business contributed to a 5% increase in subscription revenue and a 10% increase in operating revenue for the quarter. Subscription revenue now accounts for 72% of Oracle’s total revenue, and this highly predictable recurring revenue stream and disciplined spending led to double-digit growth in non-GAAP earnings per share.”</p><p>“Oracle’s second-generation cloud infrastructure business saw another customer increase in the third quarter, with revenue growth exceeding 100%,” said Larry Ellison, Chairman and Chief Technology Officer of Oracle. “We will open new regions as soon as possible to support our rapidly growing multi-billion dollar infrastructure business. In terms of applications, analysts continue to rank Oracle first in cloud ERP, and this quarter Oracle signed hundreds of contracts worth millions of dollars to migrate more large companies from SAP ERP to Oracle Fusion ERP.”</p><p>The board increased the authority for share repurchases by $20 billion. Oracle also announced that its board of directors announced a quarterly cash Dividend of $0.32 per share for its outstanding common shares, a 33% increase from the current quarterly Dividend of $0.24. Larry Ellison, Oracle's chairman, chief technology officer, and largest shareholder, did not participate in the deliberations or vote on the matter. The increased Dividend will be paid to shareholders of record at the close of business on April 8, 2021, with a payment date of April 22, 2021.</p><p>Oracle's stock price plummeted in after-hours trading, with the decline widening to 6%.<img src=\"https://static.tigerbbs.com/2eebf8d5148e0e5ecd2be618fb59a2d7\" tg-width=\"619\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb94707725a5c97e34b5305626765aec","relate_stocks":{"ORCL":"甲骨文"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118603007","content_text":"3月11日消息，甲骨文2021财年第三季度营收为101亿美元，同比增长3%；净利润为50.21亿美元，同比增长95%；摊薄后每股收益为1.68美元，上年同期为0.79美元。按业务划分，云服务和支持许可证收入为72.52亿美元，同比增长5%;云许可证和内部部署许可证收入为12.76亿美元，同比增长4%；硬件收入为8.2亿美元，同比下降4%；服务收入为7.37亿美元，同比下降5%。截至2021年2月28日，公司拥有现金及现金等价物223.21亿美元。甲骨文CEO Safra Catz表示：“随着Fusion ERP在第三季度增长了30％，NetSuite ERP在第三季度增长了24％，我们继续扩大了在云ERP市场的领先地位。”“甲骨文快速增长的高利润，数十亿美元的云ERP业务使该季度的订购收入增长了5％，营业收入增长了10％。订购收入现在占甲骨文总收入的72％，这种高度可预测的经常性收入收入流和支出纪律使非GAAP每股收益实现两位数增长。”甲骨文董事长兼首席技术官拉里·埃里森说：“第三季度甲骨文第二代云基础设施业务再次增加了客户，收入增长超过100％。”“我们将尽快开放新区域，以支持快速增长的数十亿美元基础设施业务。在应用程序方面，分析师继续将Oracle排在云ERP的第一位，并且本季度Oracle签署了数百份合同，数百万美元将更多的大公司从SAP ERP迁移到Oracle Fusion ERP。”董事会将股票回购的授权增加了200亿美元。甲骨文还宣布，其董事会宣布已发行在外普通股的季度现金股息为每股0.32美元，比当前的季度股息0.24美元增加了33％。甲骨文公司董事会主席，首席技术官，最大的股东拉里·埃里森（Larry Ellison）没有参加审议或就此事进行投票。增加的股息将在2021年4月8日营业时间结束时支付给在册的股东，支付日期为2021年4月22日。甲骨文盘后短线跳水，跌幅扩大至6%。","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166694228,"gmtCreate":1624005152764,"gmtModify":1703826334592,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166694228","repostId":"2144723622","repostType":4,"repost":{"id":"2144723622","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":1623969240,"share":"https://ttm.financial/m/news/2144723622?lang=en_US&edition=fundamental","pubTime":"2021-06-18 06:34","market":"hk","language":"zh","title":"Nayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.","url":"https://stock-news.laohu8.com/highlight/detail?id=2144723622","media":"老虎资讯综合","summary":"奈雪的茶发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价19.80港元,预期股份将于6月30日上市，以每手500股股份为单位进行买卖。奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。","content":"<p>June 18th news, Nayuki's Tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>The company announced that it will conduct an IPO from June 18 to June 23, planning to issue 257 million shares, of which the Hong Kong public offering will account for 10%, the international offering will account for 90%, and a 15% over-allotment option will be attached. The issue price per share is HK$17.2-19.80. The shares are expected to be listed on June 30 and will be traded in lots of 500 shares each.</p><p>Tiger Trade will open for subscriptions at 11:30.<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot consists of 500 shares, with an entry fee of HK$9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, with its adjusted net loss decreasing significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further turning into an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Assuming an Offer Price of HK$19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received will be HK$4,842 million, approximately 70.0% of which will be used to expand our tea shop network and increase our market penetration over the next three years. Approximately 10.0% will be used over the next three years to further enhance the company's overall operations and improve operational efficiency by strengthening its technological capabilities; approximately 10.0% will be used over the next three years to enhance the company's supply chain and channel construction capabilities to support the company's scale expansion; and the remaining approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, who have agreed, subject to certain conditions, to subscribe for a certain number of offer shares at the offer price for a total amount of US$155 million. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Funds, Huitianfu Fund, GF Fund, Southern Asset Management, Qianyuan Rejuvenation.</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>Nayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.</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\">\nNayuki Tea begins its IPO today, with an entry fee of approximately HK$9,999.77.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-18 06:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 18th news, Nayuki's Tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>The company announced that it will conduct an IPO from June 18 to June 23, planning to issue 257 million shares, of which the Hong Kong public offering will account for 10%, the international offering will account for 90%, and a 15% over-allotment option will be attached. The issue price per share is HK$17.2-19.80. The shares are expected to be listed on June 30 and will be traded in lots of 500 shares each.</p><p>Tiger Trade will open for subscriptions at 11:30.<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot consists of 500 shares, with an entry fee of HK$9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, with its adjusted net loss decreasing significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further turning into an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Assuming an Offer Price of HK$19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received will be HK$4,842 million, approximately 70.0% of which will be used to expand our tea shop network and increase our market penetration over the next three years. Approximately 10.0% will be used over the next three years to further enhance the company's overall operations and improve operational efficiency by strengthening its technological capabilities; approximately 10.0% will be used over the next three years to enhance the company's supply chain and channel construction capabilities to support the company's scale expansion; and the remaining approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, who have agreed, subject to certain conditions, to subscribe for a certain number of offer shares at the offer price for a total amount of US$155 million. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Funds, Huitianfu Fund, GF Fund, Southern Asset Management, Qianyuan Rejuvenation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶","CYB":"人民币ETF-WisdomTree Dreyfus"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144723622","content_text":"6月18日消息，奈雪的茶$(02150)$发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价17.2-19.80港元，预期股份将于6月30日上市，以每手500股股份为单位进行买卖。\nTiger Trade 将于11:30 开放申购申购阶梯：\n每手500股，入场费9,999.77港元。\n乙组门槛为30万股，申购所需资金约5,999,857.38港元。据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现製茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现製茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3530万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。于整个往绩记录期间，公司的盈利能力不断提升，经调整净亏损由2018年的人民币5660万元大幅减少至2019年的人民币1170万元，并进一步扭转为2020年的经调整净利润人民币1660万元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n假设发售价为每股发售股份19.80港元，将取得的全球发售估计所得款项净额为48.42亿港元，约70.0%在未来三年用于扩张我们的茶饮店网络并提高市场渗透率。约10.0%将在未来三年用于通过强化技术能力，进一步提升公司的整体运营，以提升运营效率，约10.0%在未来三年用于提升公司的供应链及渠道建设能力，以支持公司的规模扩张，剩余约10.0%将用作营运资金及作一般企业用途。\n另外，公司已与5名基石投资者订立基石投资协议，基石投资者已同意在若干条件规限下，按发售价认购以总金额1.55亿美元可购买的若干数目的发售股份。基石投资者包括瑞银基金、汇添富基金、广发基金、南方基金管理、乾元复兴。","news_type":1,"symbols_score_info":{"CNHmain":0.9,"02150":0.9,"CYB":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":5940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190894541,"gmtCreate":1620609865283,"gmtModify":1704345417564,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"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/190894541","repostId":"1136342071","repostType":4,"repost":{"id":"1136342071","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":1620609713,"share":"https://ttm.financial/m/news/1136342071?lang=en_US&edition=fundamental","pubTime":"2021-05-10 09:21","market":"us","language":"zh","title":"Opening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1136342071","media":"老虎资讯综合","summary":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有","content":"<p>May 10 - Major Hong Kong stock indices opened higher, with the Hang Seng Index rising 0.58% to 28,776 points, the Hang Seng Index rising 0.63% to 10,766 points, and the Hang Seng Tech Index rising 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>It surged 15%.<a href=\"https://laohu8.com/S/600511\">Sinopharm Group</a>It surged nearly 8%; Steel and non-ferrous metal stocks opened higher across the board.<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining</a>Opening more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals Resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose.<a href=\"https://laohu8.com/S/601005\">Chongqing Steel</a>It rose nearly 5%; Coal, tobacco, oil, and dairy stocks all rose, with Xiaomi, a major technology stock, opening more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Meituan fell slightly by 1% compared to last week; A few sectors, such as real estate stocks, car dealerships, and education, declined.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>and<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Baineng Group opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently priced above $59,000; Ethereum once broke through $3,900, approaching the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>The stock opened nearly 8% higher after Sinopharm's COVID-19 vaccine was added to the WHO's emergency use list.</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>Opening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.</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: 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\">\nOpening: The Hang Seng Index opened 0.58% higher, and Fosun Pharma rose 15%.\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\">2021-05-10 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 10 - Major Hong Kong stock indices opened higher, with the Hang Seng Index rising 0.58% to 28,776 points, the Hang Seng Index rising 0.63% to 10,766 points, and the Hang Seng Tech Index rising 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>It surged 15%.<a href=\"https://laohu8.com/S/600511\">Sinopharm Group</a>It surged nearly 8%; Steel and non-ferrous metal stocks opened higher across the board.<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining</a>Opening more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals Resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose.<a href=\"https://laohu8.com/S/601005\">Chongqing Steel</a>It rose nearly 5%; Coal, tobacco, oil, and dairy stocks all rose, with Xiaomi, a major technology stock, opening more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Meituan fell slightly by 1% compared to last week; A few sectors, such as real estate stocks, car dealerships, and education, declined.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>and<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Baineng Group opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently priced above $59,000; Ethereum once broke through $3,900, approaching the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>The stock opened nearly 8% higher after Sinopharm's COVID-19 vaccine was added to the WHO's emergency use list.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","600196":"复星医药","02196":"复星医药","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136342071","content_text":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有色金属股集体高开，中国有色矿业高开逾8%，五矿资源、紫金矿业均上涨，重庆钢铁涨近5%；煤炭股、烟草概念股、石油股、乳制品股纷纷上扬，大型科技股小米高开逾1%，京东、网易小幅上周那个，美团跌1%；地产股、汽车经销商股、教育等少数板块走低。火币科技、欧科云链和裕兴科技高开超3%，柏能集团高开1.41%。加密货币继续上行，比特币目前价格处于59000美元上方；以太坊一度突破3900美元，逼近4000美元大关。国药控股开涨近8%，国药新冠疫苗列入世卫紧急使用清单。","news_type":1,"symbols_score_info":{"513600":0.9,"600196":0.9,"02196":0.9,"02833":0.9,"MCHmain":0.9,"HHImain":0.9,"MHImain":0.9,"HSI":0.9,"HSImain":0.9}},"isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379516817,"gmtCreate":1618761102939,"gmtModify":1704714659369,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/379516817","repostId":"1198410511","repostType":4,"repost":{"id":"1198410511","kind":"news","pubTimestamp":1618831731,"share":"https://ttm.financial/m/news/1198410511?lang=en_US&edition=fundamental","pubTime":"2021-04-19 19:28","market":"us","language":"zh","title":"Apple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198410511","media":"CSDN","summary":"苹果春季发布会定档 北京时间4月21日凌晨1点。","content":"<p>Spring is in full bloom, a beautiful time of year.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring press conference came as a spring outing. Not long ago, Apple officially announced that its launch event will be held at 1 a.m. on April 21. On the eve of the event, we can learn about the new products that will be unveiled at this event through leakers from home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may feature A14X and Mini LED displays, leading to an overall price increase.</b></p><p>If this launch event is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring events, the iPad has almost always been the main focus, and I believe this year will be no exception.</p><p>Reports indicate that the design of this year's iPad Pro will not change significantly, and it will still use 11-inch and 12.9-inch displays.</p><p>In terms of performance, Apple actually used the A14 chip in the iPhone 12 series as early as last year. The A14 uses a 5nm chip process and features a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the iPhone 12 chip was launched, the fourth-generation iPad Air also adopted this chip. To date, the A14 can be considered Apple's most powerful chip to date.</p><p>At the upcoming launch event, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip has been found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand new processor, or named A14X. It is understood that the performance of this processor is comparable to that of the M1 chip used in Macs in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to feature a new display, Mini LED. In response, Apple analyst Ming-Chi Kuo stated that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. Currently, Mini LED has been successfully installed in high-end 4K TVs. If this display is used in the iPad Pro, it will undoubtedly achieve higher contrast, brightness, color, and other performance improvements.</p><p>Unfortunately, according to foreign media outlet Nikkei Asia, the global chip shortage has led to delays in the delivery of some important components in iPads and MacBooks, which may also delay the release of new products.</p><p>However, the latest news indicates that Apple supplier Ennostar has significantly improved the yield of its mini-LED chips and is expected to expand its iPad Pro production later this month.</p><p>In addition, Apple will also enhance the iPad Pro's camera. According to foreign leaker Mr. White, its Apple Pencil accessory will also be upgraded, and the new Apple Pencil will have a smoother surface and a longer tip. In fact, based on the invitation to this press conference, many netizens speculated that it was drawn with Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no information has been revealed yet, it is not hard to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Secondly, the product is expected to be equipped with the more powerful A14X chip and a Mini LED display. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is to be expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If the A12 processor on the iPad mini in 2019 was a sign of sincerity, then continuing to use this chip on the iPad mini, which was released again at Apple's spring event in 2021, would be an absolute perfunctory gesture towards users.</p><p>Therefore, if a new iPad mini is unveiled at this launch event, the \"new\" aspect is likely to lie in upgrading its processor, with some speculating that it will most likely be equipped with the A14 Bionic chip.</p><p>However, relatively speaking, the design of the iPad mini has never been very attractive, and its huge bezels have led many users to complain that its screen-to-body ratio is too low. Many users also expressed that if the update were to be made, they would prefer Apple to increase the screen size without changing the actual size of the device.</p><p>According to foreign media reports, the new iPad mini may adopt a full-screen design, while the bezels will also be improved, changing from the original rounded design to a right-angled bezel design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will a MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually phase out Mac computers within two years.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with the ARM64 architecture.</p><p>In the second half of last year, Apple changed its usual approach and held three launch events in three months. During this period, it also updated the specifications of the MacBook Air, MacBook Pro, and Mac mini computers. In order to accelerate the initial transition goals, Apple is expected to make further moves.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while the Mac Pro desktop is expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade from a 13-inch design to a 14-inch one, along with a 16-inch design. Meanwhile, in addition to the 12.9-inch iPad Pro mentioned above that will feature a Mini LED display, there are reports that the new MacBook Pro will also abandon the long-standing LCD screen and switch to Mini LED. This choice was made because the application of Mini LEDs also helps improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or what is also known as the M1X chip. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many leakers have indicated that the MacBook Pro and Air are expected to be released in the second half of the year, so if a Mac is seen at this spring launch event, it could be a new iMac.</p><p>Apple is reportedly developing a newly designed iMac with more screen space, a different body shape, and upgrades to Apple Silicon and other improved features. Apple is expected to adopt a similar approach to last year, starting with low-end iMacs and then gradually launching high-end models equipped with the M1X.</p><p>It's worth mentioning that not long ago, Apple announced the cessation of production of the iMac Pro, which can be interpreted as making way for the new iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovating, a HomePod with a screen is coming soon?</b></p><p>At its 2017 fall launch event, Apple released its first HomePod product. However, to everyone's surprise, just four years later, it faced the fate of \"while supplies last\". Last month, Apple officially announced the cessation of production.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Regarding the HomePod speaker product, the company officially stated that it will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of the HomePod, as a product that Apple spent 5 years developing, it has a built-in A8 processor, a 6-microphone array, a 4-inch subwoofer, and a 7-speaker array at the bottom. Among similar products, it can be said to surpass other smart speakers on the market in terms of sound quality. However, the initial price of $349 deterred many people, and due to factors such as a lack of third-party ecosystem support and insufficient intelligence, Apple ultimately missed out on the market.</p><p>According to Bloomberg, Apple is currently developing two new HomePods, one of which, citing people familiar with Apple's plans, is related to the \"screen\".</p><p>A device called HomePod TV can run tvOS and output high-definition images to Apple TV. Another option is to build an iPad-sized screen into the HomePod using a robotic arm structure.</p><p>In fact, Apple had previously explored connecting an iPad-like screen to a robotic arm that could track the user and follow them at all times as they moved through the space they were in. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept product AirTag become a reality this time?</b></p><p>An AirTag, as an item tracker, can be hung on certain items. When an item is lost, it can be found in a timely manner while offline or through iPhone location tracking. However, this technology has always remained a legend.</p><p>Its traces were first discovered in early April when Apple uploaded a video to its YouTube channel instructing users on how to use \"Find My iPhone,\" which showed traces of the AirTag.</p><p>Turning on Offline Search allows your iPhone and AirTag to be found even when they are not connected to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the video has now been deleted. However, rumors persist that the technological foundation for AirTag will rely on features Apple recently added to its U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that iPhones will soon be able to track lost items using the built-in Find My app. The software is ready, how far can the hardware go?</p><p>Are you looking forward to the above new products?</p>","source":"lsy1578046468581","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 Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?</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\">\nApple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CSDN</strong><span class=\"h-time small\">2021-04-19 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Spring is in full bloom, a beautiful time of year.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring press conference came as a spring outing. Not long ago, Apple officially announced that its launch event will be held at 1 a.m. on April 21. On the eve of the event, we can learn about the new products that will be unveiled at this event through leakers from home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may feature A14X and Mini LED displays, leading to an overall price increase.</b></p><p>If this launch event is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring events, the iPad has almost always been the main focus, and I believe this year will be no exception.</p><p>Reports indicate that the design of this year's iPad Pro will not change significantly, and it will still use 11-inch and 12.9-inch displays.</p><p>In terms of performance, Apple actually used the A14 chip in the iPhone 12 series as early as last year. The A14 uses a 5nm chip process and features a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the iPhone 12 chip was launched, the fourth-generation iPad Air also adopted this chip. To date, the A14 can be considered Apple's most powerful chip to date.</p><p>At the upcoming launch event, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip has been found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand new processor, or named A14X. It is understood that the performance of this processor is comparable to that of the M1 chip used in Macs in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to feature a new display, Mini LED. In response, Apple analyst Ming-Chi Kuo stated that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. Currently, Mini LED has been successfully installed in high-end 4K TVs. If this display is used in the iPad Pro, it will undoubtedly achieve higher contrast, brightness, color, and other performance improvements.</p><p>Unfortunately, according to foreign media outlet Nikkei Asia, the global chip shortage has led to delays in the delivery of some important components in iPads and MacBooks, which may also delay the release of new products.</p><p>However, the latest news indicates that Apple supplier Ennostar has significantly improved the yield of its mini-LED chips and is expected to expand its iPad Pro production later this month.</p><p>In addition, Apple will also enhance the iPad Pro's camera. According to foreign leaker Mr. White, its Apple Pencil accessory will also be upgraded, and the new Apple Pencil will have a smoother surface and a longer tip. In fact, based on the invitation to this press conference, many netizens speculated that it was drawn with Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no information has been revealed yet, it is not hard to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Secondly, the product is expected to be equipped with the more powerful A14X chip and a Mini LED display. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is to be expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If the A12 processor on the iPad mini in 2019 was a sign of sincerity, then continuing to use this chip on the iPad mini, which was released again at Apple's spring event in 2021, would be an absolute perfunctory gesture towards users.</p><p>Therefore, if a new iPad mini is unveiled at this launch event, the \"new\" aspect is likely to lie in upgrading its processor, with some speculating that it will most likely be equipped with the A14 Bionic chip.</p><p>However, relatively speaking, the design of the iPad mini has never been very attractive, and its huge bezels have led many users to complain that its screen-to-body ratio is too low. Many users also expressed that if the update were to be made, they would prefer Apple to increase the screen size without changing the actual size of the device.</p><p>According to foreign media reports, the new iPad mini may adopt a full-screen design, while the bezels will also be improved, changing from the original rounded design to a right-angled bezel design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will a MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually phase out Mac computers within two years.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with the ARM64 architecture.</p><p>In the second half of last year, Apple changed its usual approach and held three launch events in three months. During this period, it also updated the specifications of the MacBook Air, MacBook Pro, and Mac mini computers. In order to accelerate the initial transition goals, Apple is expected to make further moves.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while the Mac Pro desktop is expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade from a 13-inch design to a 14-inch one, along with a 16-inch design. Meanwhile, in addition to the 12.9-inch iPad Pro mentioned above that will feature a Mini LED display, there are reports that the new MacBook Pro will also abandon the long-standing LCD screen and switch to Mini LED. This choice was made because the application of Mini LEDs also helps improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or what is also known as the M1X chip. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many leakers have indicated that the MacBook Pro and Air are expected to be released in the second half of the year, so if a Mac is seen at this spring launch event, it could be a new iMac.</p><p>Apple is reportedly developing a newly designed iMac with more screen space, a different body shape, and upgrades to Apple Silicon and other improved features. Apple is expected to adopt a similar approach to last year, starting with low-end iMacs and then gradually launching high-end models equipped with the M1X.</p><p>It's worth mentioning that not long ago, Apple announced the cessation of production of the iMac Pro, which can be interpreted as making way for the new iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovating, a HomePod with a screen is coming soon?</b></p><p>At its 2017 fall launch event, Apple released its first HomePod product. However, to everyone's surprise, just four years later, it faced the fate of \"while supplies last\". Last month, Apple officially announced the cessation of production.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Regarding the HomePod speaker product, the company officially stated that it will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of the HomePod, as a product that Apple spent 5 years developing, it has a built-in A8 processor, a 6-microphone array, a 4-inch subwoofer, and a 7-speaker array at the bottom. Among similar products, it can be said to surpass other smart speakers on the market in terms of sound quality. However, the initial price of $349 deterred many people, and due to factors such as a lack of third-party ecosystem support and insufficient intelligence, Apple ultimately missed out on the market.</p><p>According to Bloomberg, Apple is currently developing two new HomePods, one of which, citing people familiar with Apple's plans, is related to the \"screen\".</p><p>A device called HomePod TV can run tvOS and output high-definition images to Apple TV. Another option is to build an iPad-sized screen into the HomePod using a robotic arm structure.</p><p>In fact, Apple had previously explored connecting an iPad-like screen to a robotic arm that could track the user and follow them at all times as they moved through the space they were in. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept product AirTag become a reality this time?</b></p><p>An AirTag, as an item tracker, can be hung on certain items. When an item is lost, it can be found in a timely manner while offline or through iPhone location tracking. However, this technology has always remained a legend.</p><p>Its traces were first discovered in early April when Apple uploaded a video to its YouTube channel instructing users on how to use \"Find My iPhone,\" which showed traces of the AirTag.</p><p>Turning on Offline Search allows your iPhone and AirTag to be found even when they are not connected to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the video has now been deleted. However, rumors persist that the technological foundation for AirTag will rely on features Apple recently added to its U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that iPhones will soon be able to track lost items using the built-in Find My app. The software is ready, how far can the hardware go?</p><p>Are you looking forward to the above new products?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw\">CSDN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e968cc2fa9a8fe30f2575d1147007bba","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198410511","content_text":"春意盎然好时节，一年一度的苹果春季发布会踏春而来。不久前，苹果官宣将此次发布会定档 4 月 21 日凌晨 1 点，而在召开前夕，我们通过国内外的爆料大神，不妨提前了解一波本次发布会将会出现的新品。新款 iPad Pro 或将搭载 A14X、Mini LED，整体价格将上涨如果说这次发布会必然要发布一款新品，那么新款 iPad 肯定不会缺席。回看过往几届的苹果春季发布会，iPad 无一例外几乎都是主角，相信今年也是如此。有爆料称，在设计上，今年 iPad Pro 不会有太大变动，依然采用的是 11 英寸和 12.9 英寸。在性能方面，事实上，早在去年，苹果在 iPhone 12 系列中使用了 A14 芯片，而 A14 采用了 5nm 芯片工艺，且采用了 6 核 CPU 设计、4 核 GPU、16 核 NPU。在 iPhone 12 芯片推出不久后，第四代 iPad Air 也采用了这款芯片。截止目前，也可以将 A14 称之为是苹果迄今为止功能最为强大的芯片。而在即将到来的发布会上，新款 iPad Pro 想要超越过往，必然也会带来芯片的升级版，据外媒 9to5Mac 报道，在 iOS 14.5 Beta 的源代码中，发现了 A14X芯片的应用。基于此，也不难猜测，新款 iPad Pro 将搭载一种全新处理器，或命名为 A14X ，据悉，该处理器的性能与去年下半年 Mac 上搭载的 M1 芯片性能不分上下。此外，12.9 英寸的 iPad Pro 有望搭载一种新的显示屏 Mini LED。对此，苹果分析师郭明池表示，12.9 英寸使用 Mini LED 的 iPad Pro 将在 2021 年 4 月中下旬开始量产。目前，Mini LED 已经搭载在高端的 4K 电视中成功面市，如果该显示屏应用在 iPad Pro 中，无疑也会实现更高的对比度、亮度、色彩以及其他一些性能提升。遗憾的是，据外媒《Nikkei Asia》报道，因为全球芯片短缺，导致 iPad、MacBook 中一些重要组件延迟交付，也可能会让新品延迟发布。不过，最新消息称，苹果供应商 Ennostar 已经大大地提高了 mini-LED 芯片的良率，有望从本月稍晚些时候扩大其 iPad Pro 的产量。除此之外，苹果也会增强 iPad Pro 的摄像头，同时据国外爆料大神 Mr`White 表示，其配件 Apple Pencil 也会全新升级，且新款 Apple Pencil 具有更光滑的表面以及更长的笔尖。实际上，通过本次发布会的邀请函，就有不少网友猜测，是通过 Apple Pencil 画出来的。至于新款 iPad Pro 的定价，目前虽然没有任何消息透露出来，不过，也不难想象今年的 iPad Pro 价格会有所上涨。原因有二，其一，新款 iPad Pro 可以支持 5G 网络；其二，该产品预期搭载功能更强大的 A14X 芯片、Mini LED 显示屏，然而当前全球芯片短缺问题难以在短期之内解决，因此导致硬件成本上涨也在意料之中。全新升级的 iPad mini如果说 2019 年，iPad mini 搭载 A12 处理器是诚意满满，那么 2021 年苹果春季发布会上再次发布的 iPad mini 继续使用这款芯片那就是绝对的敷衍用户了。因此，如果这次发布会带来新款 iPad mini，那么估计其中的“新”应该重在升级其处理器方面，有人猜测极有可能搭载的是 A14 仿生芯片。但相对而言，一直以来，iPad mini 产品的设计并不是那么吸引人，巨大的边框，让不少用户吐槽其屏占比太低。也有很多用户表示，如果更新，更希望苹果能够在不改变设备实际尺寸的情况下，增加屏幕尺寸才是王道。对此，据外媒报道，新款 iPad mini 或将采用全面屏方案，同时边框也有所改进，将从原来的圆弧设计改为直角切边设计。搭载苹果自研芯片的 MacBook，这次会出现吗？2020 年 WWDC 上，苹果宣布将在两年内将 Mac 电脑逐渐从英特尔的 x86 处理器平台迁移到 ARM64 架构的 Apple Silicon 平台。去年下半年，苹果也一改往常，三个月连开了三场发布会，在此期间，也更新了 MacBook Air、MacBook Pro、Mac mini 三款电脑的配置。为了加快最初设下的过渡目标，预期接下来苹果仍然会有最新的动作。据外媒报道，苹果计划在今年推出更高端的 MacBook Pro 和最新的 iMac，而 Mac Pro 台式机预期将在 2022 年使用上 Apple Silicon 芯片。此外，MacBook Pro 有望将 13 英寸的外观升级为 14 英寸，同时还有一款 16 英寸的设计。同时，除了上文提到 12.9 英寸的 iPad Pro 将搭载 Mini LED 显示屏之外，有消息称，新款 MacBook Pro 也将放弃使用已久的 LCD 屏，改用 Mini LED。之所以做出这样的选择，是因为 Mini LED 的应用也有助于提高电池性能。新款 MacBook Pro 也将采用 M1 的下一版本 M2，又或者被称之为 M1X 芯片。据悉，新款 Apple Silicon 芯片将具有 12 个内核，其中包括 8 个性能内核和 4 个高效内核。不过，很多爆料者表示，MacBook Pro 和 Air 预计下半年推出，因此在这场春季发布会上，如果看到 Mac 的身影，那么可能是一台新的 iMac。据悉，苹果正在开发一种全新设计的 iMac，该产品具有更多的屏幕空间，不同的机身形状，并带来 Apple Sillicon 升级以及其他改进功能。预计苹果可能会采取与去年相似的方式，从低配的 iMac 开始升级，然后逐步推出搭载 M1X 的高端机型。值得一提的是，不久前，苹果刚刚宣布停止生产 iMac Pro 产品，这也从侧面可以理解为为新版 iMac 让道。推陈出新，带屏幕的 HomePod 即将到来？在 2017 年秋季发布会上，苹果发布首款 HomePod 产品，然而万万没想到的是，仅四年之后，其就迎来了“售完即止”的命运。上个月，苹果正式宣布停产智能音箱产品 HomePod，官方表示，公司将持续生产并专注于去年推出的HomePod mini。回看 HomePod 的诞生与消亡，作为一款苹果耗时 5 年研发的产品，其内置 A8 处理器，搭载 6 个麦克风阵列、4 英寸低音炮、底部配有 7 个扬声器阵列，在同类型产品中，在音质方面，可以说超越了市场上其他智能音箱。然而最终初始 349 美元的价格让很多人望而却步，同时因缺乏第三方生态的支持、不够智能等因素，最终还是导致苹果错失市场。如今，据彭博社爆料，苹果公司正在研发两款 HomePod 新品，其中援引熟悉苹果计划的人所描述的 HomePod 与“屏幕”有关。一款被称之为 HomePod TV，可以通过此产品运行 tvOS，且可以向 Apple TV 上输出高清画面。另外一款是在 HomePod 中通过机械臂的结构内置一块 iPad 大小的屏幕。实际上，Apple 此前已经探索过将类似 iPad 的屏幕与机械臂相连，该机械臂可以跟踪用户并在用户所处的空间中移动时始终跟随用户。此产品还将搭载麦克风和摄像头，用以启用视频会议。概念级产品 AirTag，这次能成为现实吗？AirTag，作为一款物品跟踪器，可以悬挂在一些物品上，当物品丢失的时候，及时在网络离线状态下，也可以通过 iPhone 定位找到。不过，一直以来，这种技术都活在了传说中。首次发现其踪迹还是因为 4 月初，苹果在 YouTube 频道上传了一则指导用户如何使用“Find My iPhone”的视频中显示了 AirTag 的踪迹：开启“离线搜索”可以让 iPhone 和 AirTag 在未连接 Wi-Fi 的情况下被找到。遗憾的是，现在这段视频已经被删除。但是仍然有传言称，AirTag 所实现的技术基础将依赖于苹果公司近期在 U1 超宽带芯片上添加的功能。与此同时，苹果宣布，iPhone 不久将能够使用内置的 Find My 应用程序跟踪丢失的物品。软件已经准备就绪，硬件还会远吗？针对以上的新品，你期待吗？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346221920,"gmtCreate":1618052115260,"gmtModify":1704706346027,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"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/346221920","repostId":"1199139797","repostType":4,"isVote":1,"tweetType":1,"viewCount":1718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351767054,"gmtCreate":1616634725478,"gmtModify":1704796676078,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351767054","repostId":"1191585739","repostType":4,"repost":{"id":"1191585739","kind":"news","pubTimestamp":1616631927,"share":"https://ttm.financial/m/news/1191585739?lang=en_US&edition=fundamental","pubTime":"2021-03-25 08:25","market":"hk","language":"zh","title":"Well-known hedge fund: Bitcoin can prosper without becoming a mainstream currency","url":"https://stock-news.laohu8.com/highlight/detail?id=1191585739","media":"腾讯网","summary":"比特币被设计成一种支付方式，但它在商业上的用途仍然很小——尽管特斯拉公司周三表示，用户现在可以用比特币为其电动汽车支付，这是一项重大举措。腾讯证券3月25日讯，知名对冲基金天桥资本创始人安东尼-斯卡拉","content":"<p>Bitcoin was designed as a payment method, but its commercial use remains minimal—although Tesla said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>Tencent Securities, March 25th - Anthony Scaramucci, founder of the well-known hedge fund Tianqiao Capital, said on Wednesday that Bitcoin does not need to become a widely used payment method to succeed; it can thrive simply as a store of value.</p><p><img src=\"https://static.tigerbbs.com/4bcdc85e104ab635c53b1e35527b8339\" tg-width=\"1000\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p>Bitcoin was designed as a payment method, but its commercial use remains minimal—although Tesla said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>“For Bitcoin to succeed, it doesn’t necessarily have to become a mainstream global currency,” Scaramucci said in an interview.</p><p>“It might just be a store of value, and then you end up converting Bitcoin into various currencies you want to trade,” the former White House communications director said.</p><p>Earlier this year, Scaramucci's Runway Capital launched a Bitcoin fund with $310 million in assets under management.</p><p>Bitcoin hit a record high of nearly $62,000 this month, the latest milestone in a rapid rise in Bitcoin driven by institutional investors.</p><p>Scaramucci was ousted by former US President Trump just over a week after taking office in 2017. He had previously stated that he was not a staunch supporter of this cryptocurrency.</p><p>“I don’t believe that Jesus and Moses had a child together, and that child was Bitcoin—that’s not me. I see the risks of Bitcoin; it’s an unstable asset,” he said. “I’m a Bitcoin investor. Although I used to be skeptical of Bitcoin.”</p><p><b>Digital dollars?</b></p><p>Scaramucci stated that the Trump administration holds a “broadly negative” view of Bitcoin because Bitcoin could theoretically threaten the dollar’s de facto global reserve currency status.</p><p>He said, \"Someone might drive the dollar out of the market, which would be painful for regulators,\" because regulators use the dollar as an economic policy tool.</p><p>Of course, Bitcoin still has a long way to go before it can replace the dollar.</p><p>Nevertheless, central banks around the world, including the Federal Reserve, are considering issuing their own digital currencies, partly to counter the rise of private sector-led cryptocurrencies.</p><p>Scaramucci stated, \"There will be a digital dollar—and the Treasury Department is clearly working to achieve that. The United States will not let other currencies get ahead of us without launching a digital dollar.\"</p><p>Scaramucci stated that the monetary and fiscal stimulus programs launched by the United States to combat the COVID-19 pandemic could also make Bitcoin an attractive hedging tool against a depreciating dollar.</p><p>Scaramucci stated that this has also prompted more investors to enter alternative assets, such as “non-fungible tokens” (NFTs), a technology that allows digital artwork or other content to be authenticated and sold on a distributed ledger.</p><p>He added that his son, a videographer, created a work of art and sold it as a non-cryptocurrency in the form of Ethereum.</p><p>He said, \"A stubborn old man like me doesn't know what NFTs are unless we talk to 21-year-olds. That's our responsibility. Don't be an old fool; get educated as soon as possible and keep up with the times.\" (Midsummer)</p>","source":"lsy1571985465872","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>Well-known hedge fund: Bitcoin can prosper without becoming a mainstream currency</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\">\nWell-known hedge fund: Bitcoin can prosper without becoming a mainstream currency\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯网</strong><span class=\"h-time small\">2021-03-25 08:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bitcoin was designed as a payment method, but its commercial use remains minimal—although Tesla said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>Tencent Securities, March 25th - Anthony Scaramucci, founder of the well-known hedge fund Tianqiao Capital, said on Wednesday that Bitcoin does not need to become a widely used payment method to succeed; it can thrive simply as a store of value.</p><p><img src=\"https://static.tigerbbs.com/4bcdc85e104ab635c53b1e35527b8339\" tg-width=\"1000\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p>Bitcoin was designed as a payment method, but its commercial use remains minimal—although Tesla said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>“For Bitcoin to succeed, it doesn’t necessarily have to become a mainstream global currency,” Scaramucci said in an interview.</p><p>“It might just be a store of value, and then you end up converting Bitcoin into various currencies you want to trade,” the former White House communications director said.</p><p>Earlier this year, Scaramucci's Runway Capital launched a Bitcoin fund with $310 million in assets under management.</p><p>Bitcoin hit a record high of nearly $62,000 this month, the latest milestone in a rapid rise in Bitcoin driven by institutional investors.</p><p>Scaramucci was ousted by former US President Trump just over a week after taking office in 2017. He had previously stated that he was not a staunch supporter of this cryptocurrency.</p><p>“I don’t believe that Jesus and Moses had a child together, and that child was Bitcoin—that’s not me. I see the risks of Bitcoin; it’s an unstable asset,” he said. “I’m a Bitcoin investor. Although I used to be skeptical of Bitcoin.”</p><p><b>Digital dollars?</b></p><p>Scaramucci stated that the Trump administration holds a “broadly negative” view of Bitcoin because Bitcoin could theoretically threaten the dollar’s de facto global reserve currency status.</p><p>He said, \"Someone might drive the dollar out of the market, which would be painful for regulators,\" because regulators use the dollar as an economic policy tool.</p><p>Of course, Bitcoin still has a long way to go before it can replace the dollar.</p><p>Nevertheless, central banks around the world, including the Federal Reserve, are considering issuing their own digital currencies, partly to counter the rise of private sector-led cryptocurrencies.</p><p>Scaramucci stated, \"There will be a digital dollar—and the Treasury Department is clearly working to achieve that. The United States will not let other currencies get ahead of us without launching a digital dollar.\"</p><p>Scaramucci stated that the monetary and fiscal stimulus programs launched by the United States to combat the COVID-19 pandemic could also make Bitcoin an attractive hedging tool against a depreciating dollar.</p><p>Scaramucci stated that this has also prompted more investors to enter alternative assets, such as “non-fungible tokens” (NFTs), a technology that allows digital artwork or other content to be authenticated and sold on a distributed ledger.</p><p>He added that his son, a videographer, created a work of art and sold it as a non-cryptocurrency in the form of Ethereum.</p><p>He said, \"A stubborn old man like me doesn't know what NFTs are unless we talk to 21-year-olds. That's our responsibility. Don't be an old fool; get educated as soon as possible and keep up with the times.\" (Midsummer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210325A00FSC00\">腾讯网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4bcdc85e104ab635c53b1e35527b8339","relate_stocks":{},"source_url":"https://new.qq.com/rain/a/20210325A00FSC00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191585739","content_text":"比特币被设计成一种支付方式，但它在商业上的用途仍然很小——尽管特斯拉公司周三表示，用户现在可以用比特币为其电动汽车支付，这是一项重大举措。腾讯证券3月25日讯，知名对冲基金天桥资本创始人安东尼-斯卡拉穆奇(Anthony Scaramucci)周三表示，比特币并不需要成为一种广泛使用的支付方式才能获得成功，它可以仅仅作为一种价值储存手段而繁荣发展。比特币被设计成一种支付方式，但它在商业上的用途仍然很小——尽管特斯拉公司周三表示，用户现在可以用比特币为其电动汽车支付，这是一项重大举措。“比特币要想成功，不必一定要成为全球主流货币，”斯卡拉穆奇在接受采访时表示。“它可能只是一种价值储存手段，然后你最终会把比特币转换成你想要交易的各种货币，”这位前白宫通讯主管说。今年早些时候，斯卡拉穆奇的天桥资本推出了一只管理着3.1亿美元资产的比特币基金。比特币本月创下近6.2万美元的历史新高，这是在机构投资者推动下的比特币快速上涨中的最新里程碑。斯卡拉穆奇在2017年上任仅一周多就被美国前总统特朗普赶下台，他此前曾表示自己不是这种加密货币的铁杆支持者。“我不相信耶稣和摩西在一起生了一个孩子，这个孩子就是比特币——那不是我。我看到了比特币的风险，它是一种不稳定的资产，”他表示，“我是比特币投资者。尽管我曾经对比特币持怀疑态度。”数字美元?斯卡拉穆奇表示，特朗普政府对比特币持“广泛的负面”看法，因为比特币理论上会威胁到美元事实上的全球储备货币地位。他说，“有人可能会把美元赶出市场，这对监管机构来说将是痛苦的”，因为监管机构将美元作为一种经济政策工具。当然，比特币要取代美元还有很长的路要走。尽管如此，包括美联储在内的全球央行都在考虑发行自己的数字货币，部分原因是为了对抗私营部门主导的加密货币的崛起。斯卡拉穆奇表示：“将会出现数字美元——财政部显然正在努力实现这一点。美国不会在不推出数字美元的情况下让其他货币捷足先登。”斯卡拉穆奇表示，美国为抗击新冠疫情而推出的货币和财政刺激计划，也可能使比特币成为抵御美元贬值的有吸引力的对冲工具。斯卡拉穆奇表示，这也促使更多投资者进入另类资产，如“非替代代币”(NFTs)，这种技术允许对数字艺术品或其他内容进行认证，并在分布式账本上出售。他补充说，他的儿子是一名摄像师，他创作了一幅艺术品，并将其作为以太坊形式的非加密货币出售。他说:“像我这样的老顽固不知道什么是NFTs，除非我们和21岁的孩子们交谈。这是我们的责任。不要做一个老傻瓜，要尽快接受教育，跟上时代的步伐。”（仲夏）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}