希菟 personal page - To The Moon

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2021-02-13

$Petco Health and Wellness Company, Inc.(WOOF)$?

10-12

$MU 20261012 1005.0 PUT$

2021-02-14

……

Reminder: A list of major market closures during the Spring Festival holiday.

10-11

$MU 20261012 1005.0 PUT$

10-11

$MU 20261012 1005.0 PUT$

2021-12-27

$Lucid Group Inc(LCID)$🤯🤯🤯🤯🤯🤯

2021-02-14

$Property Solutions Acquisition Corp(PSAC)$??

2021-05-08

W9h, what happened, why my stock never been like that

2021-03-17

???????????

2021-02-28

lj，??????????

Go to Tiger App to see more news

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PUT$","images":[{"img":"https://community-static.tradeup.com/news/177295d71f87ac0420c35175da73f643","width":"1074","height":"1644"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/617250675605696","isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9925120251,"gmtCreate":1671962170373,"gmtModify":1676538615637,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"hvvjjn","listText":"hvvjjn","text":"hvvjjn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925120251","repostId":"9963969638","repostType":1,"repost":{"id":9963969638,"gmtCreate":1668567458425,"gmtModify":1677745765888,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"Join 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While you enjoy your football carnival, don't forget to join in Tiger's Football Season on Tiger Trade App, and share the prizes worth up to USD 200,000!Play the \"Perfect Goals\" game with us, and feel the score moment by only pressing the button.Keep completing the daily tasks and play the game, win more points to redeem stock vouchers worth up to USD 2,000 or AFF tickets, and the top prize - the free journey of watching the AFF finals!You can also predict a football match of the World Cup or AFF Championship, and cheer for your home team.Besides, you may obtain the Tiger Football Card by participating in the campaign every day.Goalke","images":[{"img":"https://community-static.tradeup.com/news/e8c9b6ab16214df413c77708cf5957bf","width":"404","height":"707"},{"img":"https://community-static.tradeup.com/news/6f0ddb54cc9e55b9b9b59a0c9908bfb5","width":"358","height":"471"},{"img":"https://community-static.tradeup.com/news/d9cc4adf57a9972e62e94d321ecc6734","width":"402","height":"712"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963969638","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9986935629,"gmtCreate":1666874816462,"gmtModify":1676537820868,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"[愤怒]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"[愤怒]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"[愤怒] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9986935629","isVote":1,"tweetType":1,"viewCount":3553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9913128105,"gmtCreate":1663941280607,"gmtModify":1676537367377,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a><v-v data-views=\"1\"></v-v>","text":"$PayPal(PYPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9913128105","isVote":1,"tweetType":1,"viewCount":4340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009820501,"gmtCreate":1640616237529,"gmtModify":1676533529385,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/LCID\">$Lucid Group Inc(LCID)$</a>🤯🤯🤯🤯🤯🤯","listText":"<a href=\"https://ttm.financial/S/LCID\">$Lucid Group Inc(LCID)$</a>🤯🤯🤯🤯🤯🤯","text":"$Lucid Group Inc(LCID)$🤯🤯🤯🤯🤯🤯","images":[{"img":"https://static.itradeup.com/news/da2035e99850a70dd61decf00eb63702","width":"1125","height":"2524"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009820501","isVote":1,"tweetType":1,"viewCount":4990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837180616,"gmtCreate":1629864124335,"gmtModify":1676530155984,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"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/837180616","repostId":"1184955585","repostType":2,"repost":{"id":"1184955585","kind":"news","pubTimestamp":1630118344,"share":"https://ttm.financial/m/news/1184955585?lang=en_US&edition=fundamental","pubTime":"2021-08-28 10:39","market":"us","language":"zh","title":"What makes TSMC the king of Asian stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184955585","media":"远川科技评论","summary":"在2020年初，全球市值最大的十家企业中，美国独占7席，而中国的腾讯和阿里也榜上有名，成为亚洲唯二突入榜单的企业。\n\n在当时看来，腾讯和阿里进入榜单是一个再自然不过的结果，前十大企业中6个是互联网、2","content":"<p>At the beginning of 2020, the United States occupied seven of the world's ten largest companies by market capitalization, while China...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Alibaba was also on the list, becoming the only two Asian companies to break into the list.</p><p><img src=\"https://static.tigerbbs.com/c2b6b856b3f2f1196c329b1155f9fc5f\" tg-width=\"1080\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p>At the time, it seemed only natural that Tencent and Alibaba would make the list. Six of the top ten companies were in the internet sector, two in finance, and one in resources, with the only one being a hardware company.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Production was not even under their own control; at that time, if a company...<b>Heavy on assets, heavy on manufacturing, and no oil at home.</b>For a company to make it into the top ten is nothing short of wishful thinking.</p><p>Unexpectedly, just over a year later, on August 18, 2021,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>With a market capitalization of $538 billion, it successfully surpassed Tencent to become the company with the highest market capitalization in Asia.</p><p>What supports TSMC's market capitalization as Asia's top stock is its impressive revenue of $13.29 billion in the second quarter, earning $147 million in a single day.</p><p>At the same time, the global chip shortage has turned TSMC's orders into hard currency: not long ago, after Apple placed an order for 100 million chips at once, TSMC's raw material suppliers directly revealed that TSMC's orders are fully loaded until 2024.</p><p><b>Behind TSMC's replacement of Tencent as Asia's stock market king lies not only a change in the market capitalization of the two companies, but also a comeback by hard technology manufacturing against the internet.</b></p><p>So how exactly did TSMC achieve its current status as the stock market king in an electronics industry with heavy asset investment, high labor costs, and extremely strong customer base?</p><p>The answer lies in the three historical opportunities presented by TSMC's rise.</p><p><img src=\"https://static.tigerbbs.com/8831ed0813cfe4215d1a7249b8194a1a\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In December 1989, TSMC, which had only been established for two years, welcomed...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The sect leader, Lee Kun-hee, personally poached him.</p><p>This time, Lee Kien-hee didn't set his sights on a process manager or a tech guru, but rather on Morris Chang, the 58-year-old founder of TSMC.</p><p>Lee Kun-hee's confidence was closely related to the industry development background at the time: Samsung was already a dominant force in many industries and a super chaebol that controlled the lifeline of South Korea.<b>At the time, chip foundry was similar in status to Foxconn, another foundry king in Taiwan today: it had low technological content, numerous competitors, and was at the very bottom of the \"smile curve\" of value distribution in the manufacturing industry chain.</b>They do the hardest work and earn the least money.</p><p><img src=\"https://static.tigerbbs.com/9789042af668ea4b67309f48e5f3e543\" tg-width=\"620\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>Moreover,<b>At that time, chip manufacturing was still at the submicron stage. The IDM model, in which chip companies designed, manufactured, and packaged and tested their own chips, was the mainstream in the industry.</b>The world's top ten semiconductor companies back then were NEC, Toshiba, Hitachi, and Motorola.<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>Fujitsu, Mitsubishi,<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/PC\">Panasonic</a>、<a href=\"https://laohu8.com/S/PHG\">Philips</a>They are all typical semiconductor IDM giants.</p><p>So why would IDMs with their own factories choose TSMC, a newcomer whose processes are even inferior to their own, to manufacture their chips?</p><p>This is a very real question facing Morris Chang, an elderly entrepreneur, after rejecting Lee Kun-hee's olive branch.</p><p>However, TSMC soon ushered in its first opportunity: the rise of the PC.</p><p>Around 1988, under the leadership of Intel, the global electronics industry transitioned from the traditional mainframe era to the PC era. And<b>The global semiconductor industry is gradually shifting its focus from traditional DRAM storage to digital chips such as CPUs and GPUs.</b></p><p>traditional<b>The light design and heavy manufacturing of DRAM memory chips has led to the IDM model dominating industry development. For digital chips, chip manufacturing is certainly the top priority, but as the number of transistors inside a chip reaches one million, the investment required for chip design is becoming increasingly heavy. With limited energy, separating design from manufacturing has become an urgent trend.</b></p><p><img src=\"https://static.tigerbbs.com/673230fbc935dd61c98bcb0b5390e825\" tg-width=\"767\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Leveraging the personal relationship between Intel President Grove and Morris Chang, Intel directly dispatched engineers to TSMC, pointing out at least 200 process improvement processes for TSMC, which at the time had only a little over 200 manufacturing steps.</p><p>It's important to understand that at the time, Intel was synonymous with top-tier chip manufacturing. The 80486 chip it is currently developing is not only the world's first to use a 1-micron manufacturing process, but it is also the first high-end chip manufacturer to break through the integration of 1 million transistors in a single chip, achieving a groundbreaking 1.2 million.</p><p>By receiving one-on-one mentoring from Intel, TSMC secured its first technological ticket to top-tier chip foundry.</p><p>Shortly after obtaining this ticket, in 1995, TSMC partnered with a company that had only been established for two years.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>They hit it off immediately and secured another important ticket to the PC era.</p><p>Over the next decade, TSMC established a partnership with<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Cooperation with chip design companies such as Meiman Electronics; On the other hand, through the research and development of copper process technology and wet lithography technology, it has become a global leader in technology, capturing half of the global market share in 2004.</p><p><b>However, TSMC did not expect that another storm that could disrupt the industry landscape was quietly coming.</b></p><p><img src=\"https://static.tigerbbs.com/9dc0fda484f9be29a169f2a280cc0408\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Shortly after becoming the number one foundry manufacturer in the PC chip industry, Apple launched a wave of smartphones. Unfortunately, this time, the main player was not TSMC at first.</p><p>In 2007, Steve Jobs officially announced the first iPhone amidst much anticipation, hailed as a stunning, epoch-making product. In the years that followed, whenever a new iPhone was released, frenzied Apple fans would line up in front of Apple retail stores around the world in the early hours of the morning to buy it.</p><p>Behind the iPhone's legendary status, one thing is clearly evident:<b>The smartphone era has arrived, and only by defeating Apple can we become the true number one chip manufacturer.</b></p><p>However, those in the know know that while Steve Jobs on stage may seem like the \"god\" who released the iPhone, he was actually just an employee of the Samsung empire across the ocean.</p><p>Market research firm IHS analyzed the cost sources of past generations of iPhones and found that before dual cameras and bathroom heater cameras emerged, the previous...<b>The three main sources of cost for generations of iPhones are: processor, screen, and storage. In an iPhone, all three of these items are made by Samsung.</b></p><p>The processors and storage provided by Samsung are naturally manufactured by Samsung. TSMC, which manufactured almost half of the world's chips back then, could only silently observe with envy.</p><p>However, as a top master of supply chain checks and balances, Apple will never allow its competitors to simultaneously control its three lifelines.</p><p>So, while having a sweet relationship with Samsung, Apple quietly partnered with TSMC in 2010. To ensure smoother cooperation between the two parties, TSMC has also established a special team composed of over a hundred cross-departmental R&D engineers.<a href=\"https://laohu8.com/S/AONE.U\">one</a>The \"team\" team, based at Apple's headquarters in the United States, is working together to conduct secret research and development in an attempt to completely bypass Samsung's patents.</p><p>After initial progress was made in the research and development, Apple immediately filed 16 infringement charges against Samsung in 2011. Samsung, in turn, sued Apple for copyright infringement and even demanded a ban on iPhone sales in the United States.</p><p>Apple and Samsung are vying for power, while TSMC is benefiting.</p><p>Starting with Apple's A8 chip in 2014, TSMC began to manufacture most of Apple's chips. Starting with the iPhone 7 era, TSMC completely monopolized the production of all Apple chips. The collaboration continues to this day, and Apple remains TSMC's largest customer, contributing nearly 20% of TSMC's revenue annually.</p><p>With this, TSMC has officially established its leading position in chip foundry.</p><p><b>But can simply working for the most powerful clients make TSMC what it is today? As Apple's largest contract manufacturer, Foxconn was the first to disagree.</b></p><p><img src=\"https://static.tigerbbs.com/7c04503bafb7a71524a1d953b35f1228\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Both are kings of contract manufacturing, and TSMC can strangle global customers, while Foxconn is helpless against Apple supporting competitors to steal business.</p><p>Behind the drastically different fates, the foreshadowing was actually laid as early as the time of choosing the track.</p><p>Represented by Foxconn<b>Electronics assembly is essentially a low-barrier industry where as long as enough workers are recruited, production can start 24 hours a day on the assembly line.</b>Therefore, in the field of OEM manufacturing, twenty years ago, Foxconn faced the \"Five Tigers of Taiwanese OEM manufacturing\" in Taiwan—Quanta, Compal, Pegatron, Wistron, and Inventec—vying for business. In the past decade, Foxconn has once again faced challenges from its former mainland Chinese \"underlings,\" such as Luxshare, Goertek, and Wingtech.<a href=\"https://laohu8.com/S/002594\">BYD</a>They are frantically vying for business in their own territory.</p><p>This low technological content and low barrier to entry are reflected in financial reports, manifested in Foxconn's gross profit margin being thinner than that of a razor blade: over the past decade...<b>To maintain its gross profit margin, which had never exceeded 10%, Foxconn moved its factories from Shenzhen to Zhengzhou, and then expanded from Zhengzhou to Vietnam... constantly moving between different locations with low labor costs.</b></p><p>In stark contrast, TSMC's chip foundry is an industry that rolls forward on the wheels of Moore's Law. Under the guidance of Moore's Law, the number of components that can be accommodated on an integrated circuit doubles every 18 to 24 months, and the size of corresponding transistors continues to shrink, making semiconductor manufacturing increasingly difficult.</p><p>This is reflected in capital expenditures. As the semiconductor industry upgraded from 8-inch to 12-inch wafers, costs rose sharply: the cost of an 8-inch wafer fab ranged from a minimum of $100 million to a maximum of $1.5 billion depending on production capacity, which most companies could afford by gritting their teeth. A new 12-inch wafer fab costs as much as $2.5 billion to $3 billion, enough to leave most of its competitors in the industry behind.</p><p>Different technological content also determines different competitive landscapes.<b>The harder Foxconn works, the more competitors it faces. TSMC has come a long way, dominating the market from 0.18 micrometers to 3 nanometers. Not only has it had fewer and fewer competitors, but even its former giants Intel and IBM have been left behind.</b></p><p><img src=\"https://static.tigerbbs.com/12e071a18a041e0b8ddb78626d4f42b1\" tg-width=\"667\" tg-height=\"855\" referrerpolicy=\"no-referrer\"></p><p>With fewer and fewer competitors, profits naturally increase. Located in Taiwan, China, Foxconn has factories around the world with a gross profit margin of less than 10%. If you are not careful, you will be held back by Apple using Wistron, Pegatron and Luxshare.</p><p>TSMC, which has insisted on producing advanced process products only in Taiwan for 30 years, can maintain a gross profit margin of around 50% year-round. However, customers who want to grab TSMC's latest production capacity simply don't have enough money: In September 2020, after TSMC was forced to cut off supplies to Huawei due to US sanctions, Qualcomm and MediaTek had the opportunity to replace Huawei and use TSMC's latest 5nm production capacity.</p><p>With its market share firmly in first place, the industry's capital threshold continues to rise; The technological dividend effect continues to accumulate... The unrivaled TSMC has already established its unshakeable number one position in the chip foundry field.</p><p>Looking back at history, there are three main reasons why TSMC has risen to become the king of contract manufacturing: in the PC era, it had half the support of Intel and Nvidia; In the mobile phone era, Apple chose it as an important tool to counterbalance Samsung; In the years that followed, it sat on the wheels of Moore's Law, relying on its technological and capital advantages to leave its competitors far behind.</p><p>However, TSMC's transformation from the \"king of chip foundries\" to the \"king of stocks\" still needs one last step: to cause internet companies whose market capitalization ranks ahead of TSMC to fall from their pedestal in the capital market.</p><p><img src=\"https://static.tigerbbs.com/efede982c9faf847a3a670f3cc42a078\" tg-width=\"992\" tg-height=\"914\" referrerpolicy=\"no-referrer\"></p><p>Since the beginning of the year, TSMC has made a fortune from an epic chip shortage, and its stock price has recently jumped to become the king of Asian stocks. On the other hand, looking at the traditional \"Oracle of Omaha\" internet, Tencent has plummeted by 45% from its peak since the beginning of the year; Alibaba's stock has fallen by more than 30% so far;<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The stock price has fallen by more than 45% since its listing on the Hong Kong Stock Exchange.</p><p>Behind TSMC's rise from the king of chip foundries to the king of Asian stocks, it is inseparable from its own efforts, and even more so from the course of history.</p><p>Beyond the process, it offers us a glimmer of inspiration:<b>The more you persevere in doing difficult yet correct things, the smoother it will be.</b></p>","source":"lsy1571969218062","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What makes TSMC the king of Asian stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat makes TSMC the king of Asian stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川科技评论</strong><span class=\"h-time small\">2021-08-28 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At the beginning of 2020, the United States occupied seven of the world's ten largest companies by market capitalization, while China...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Alibaba was also on the list, becoming the only two Asian companies to break into the list.</p><p><img src=\"https://static.tigerbbs.com/c2b6b856b3f2f1196c329b1155f9fc5f\" tg-width=\"1080\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p>At the time, it seemed only natural that Tencent and Alibaba would make the list. Six of the top ten companies were in the internet sector, two in finance, and one in resources, with the only one being a hardware company.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Production was not even under their own control; at that time, if a company...<b>Heavy on assets, heavy on manufacturing, and no oil at home.</b>For a company to make it into the top ten is nothing short of wishful thinking.</p><p>Unexpectedly, just over a year later, on August 18, 2021,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>With a market capitalization of $538 billion, it successfully surpassed Tencent to become the company with the highest market capitalization in Asia.</p><p>What supports TSMC's market capitalization as Asia's top stock is its impressive revenue of $13.29 billion in the second quarter, earning $147 million in a single day.</p><p>At the same time, the global chip shortage has turned TSMC's orders into hard currency: not long ago, after Apple placed an order for 100 million chips at once, TSMC's raw material suppliers directly revealed that TSMC's orders are fully loaded until 2024.</p><p><b>Behind TSMC's replacement of Tencent as Asia's stock market king lies not only a change in the market capitalization of the two companies, but also a comeback by hard technology manufacturing against the internet.</b></p><p>So how exactly did TSMC achieve its current status as the stock market king in an electronics industry with heavy asset investment, high labor costs, and extremely strong customer base?</p><p>The answer lies in the three historical opportunities presented by TSMC's rise.</p><p><img src=\"https://static.tigerbbs.com/8831ed0813cfe4215d1a7249b8194a1a\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In December 1989, TSMC, which had only been established for two years, welcomed...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The sect leader, Lee Kun-hee, personally poached him.</p><p>This time, Lee Kien-hee didn't set his sights on a process manager or a tech guru, but rather on Morris Chang, the 58-year-old founder of TSMC.</p><p>Lee Kun-hee's confidence was closely related to the industry development background at the time: Samsung was already a dominant force in many industries and a super chaebol that controlled the lifeline of South Korea.<b>At the time, chip foundry was similar in status to Foxconn, another foundry king in Taiwan today: it had low technological content, numerous competitors, and was at the very bottom of the \"smile curve\" of value distribution in the manufacturing industry chain.</b>They do the hardest work and earn the least money.</p><p><img src=\"https://static.tigerbbs.com/9789042af668ea4b67309f48e5f3e543\" tg-width=\"620\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>Moreover,<b>At that time, chip manufacturing was still at the submicron stage. The IDM model, in which chip companies designed, manufactured, and packaged and tested their own chips, was the mainstream in the industry.</b>The world's top ten semiconductor companies back then were NEC, Toshiba, Hitachi, and Motorola.<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>Fujitsu, Mitsubishi,<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/PC\">Panasonic</a>、<a href=\"https://laohu8.com/S/PHG\">Philips</a>They are all typical semiconductor IDM giants.</p><p>So why would IDMs with their own factories choose TSMC, a newcomer whose processes are even inferior to their own, to manufacture their chips?</p><p>This is a very real question facing Morris Chang, an elderly entrepreneur, after rejecting Lee Kun-hee's olive branch.</p><p>However, TSMC soon ushered in its first opportunity: the rise of the PC.</p><p>Around 1988, under the leadership of Intel, the global electronics industry transitioned from the traditional mainframe era to the PC era. And<b>The global semiconductor industry is gradually shifting its focus from traditional DRAM storage to digital chips such as CPUs and GPUs.</b></p><p>traditional<b>The light design and heavy manufacturing of DRAM memory chips has led to the IDM model dominating industry development. For digital chips, chip manufacturing is certainly the top priority, but as the number of transistors inside a chip reaches one million, the investment required for chip design is becoming increasingly heavy. With limited energy, separating design from manufacturing has become an urgent trend.</b></p><p><img src=\"https://static.tigerbbs.com/673230fbc935dd61c98bcb0b5390e825\" tg-width=\"767\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Leveraging the personal relationship between Intel President Grove and Morris Chang, Intel directly dispatched engineers to TSMC, pointing out at least 200 process improvement processes for TSMC, which at the time had only a little over 200 manufacturing steps.</p><p>It's important to understand that at the time, Intel was synonymous with top-tier chip manufacturing. The 80486 chip it is currently developing is not only the world's first to use a 1-micron manufacturing process, but it is also the first high-end chip manufacturer to break through the integration of 1 million transistors in a single chip, achieving a groundbreaking 1.2 million.</p><p>By receiving one-on-one mentoring from Intel, TSMC secured its first technological ticket to top-tier chip foundry.</p><p>Shortly after obtaining this ticket, in 1995, TSMC partnered with a company that had only been established for two years.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>They hit it off immediately and secured another important ticket to the PC era.</p><p>Over the next decade, TSMC established a partnership with<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Cooperation with chip design companies such as Meiman Electronics; On the other hand, through the research and development of copper process technology and wet lithography technology, it has become a global leader in technology, capturing half of the global market share in 2004.</p><p><b>However, TSMC did not expect that another storm that could disrupt the industry landscape was quietly coming.</b></p><p><img src=\"https://static.tigerbbs.com/9dc0fda484f9be29a169f2a280cc0408\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Shortly after becoming the number one foundry manufacturer in the PC chip industry, Apple launched a wave of smartphones. Unfortunately, this time, the main player was not TSMC at first.</p><p>In 2007, Steve Jobs officially announced the first iPhone amidst much anticipation, hailed as a stunning, epoch-making product. In the years that followed, whenever a new iPhone was released, frenzied Apple fans would line up in front of Apple retail stores around the world in the early hours of the morning to buy it.</p><p>Behind the iPhone's legendary status, one thing is clearly evident:<b>The smartphone era has arrived, and only by defeating Apple can we become the true number one chip manufacturer.</b></p><p>However, those in the know know that while Steve Jobs on stage may seem like the \"god\" who released the iPhone, he was actually just an employee of the Samsung empire across the ocean.</p><p>Market research firm IHS analyzed the cost sources of past generations of iPhones and found that before dual cameras and bathroom heater cameras emerged, the previous...<b>The three main sources of cost for generations of iPhones are: processor, screen, and storage. In an iPhone, all three of these items are made by Samsung.</b></p><p>The processors and storage provided by Samsung are naturally manufactured by Samsung. TSMC, which manufactured almost half of the world's chips back then, could only silently observe with envy.</p><p>However, as a top master of supply chain checks and balances, Apple will never allow its competitors to simultaneously control its three lifelines.</p><p>So, while having a sweet relationship with Samsung, Apple quietly partnered with TSMC in 2010. To ensure smoother cooperation between the two parties, TSMC has also established a special team composed of over a hundred cross-departmental R&D engineers.<a href=\"https://laohu8.com/S/AONE.U\">one</a>The \"team\" team, based at Apple's headquarters in the United States, is working together to conduct secret research and development in an attempt to completely bypass Samsung's patents.</p><p>After initial progress was made in the research and development, Apple immediately filed 16 infringement charges against Samsung in 2011. Samsung, in turn, sued Apple for copyright infringement and even demanded a ban on iPhone sales in the United States.</p><p>Apple and Samsung are vying for power, while TSMC is benefiting.</p><p>Starting with Apple's A8 chip in 2014, TSMC began to manufacture most of Apple's chips. Starting with the iPhone 7 era, TSMC completely monopolized the production of all Apple chips. The collaboration continues to this day, and Apple remains TSMC's largest customer, contributing nearly 20% of TSMC's revenue annually.</p><p>With this, TSMC has officially established its leading position in chip foundry.</p><p><b>But can simply working for the most powerful clients make TSMC what it is today? As Apple's largest contract manufacturer, Foxconn was the first to disagree.</b></p><p><img src=\"https://static.tigerbbs.com/7c04503bafb7a71524a1d953b35f1228\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Both are kings of contract manufacturing, and TSMC can strangle global customers, while Foxconn is helpless against Apple supporting competitors to steal business.</p><p>Behind the drastically different fates, the foreshadowing was actually laid as early as the time of choosing the track.</p><p>Represented by Foxconn<b>Electronics assembly is essentially a low-barrier industry where as long as enough workers are recruited, production can start 24 hours a day on the assembly line.</b>Therefore, in the field of OEM manufacturing, twenty years ago, Foxconn faced the \"Five Tigers of Taiwanese OEM manufacturing\" in Taiwan—Quanta, Compal, Pegatron, Wistron, and Inventec—vying for business. In the past decade, Foxconn has once again faced challenges from its former mainland Chinese \"underlings,\" such as Luxshare, Goertek, and Wingtech.<a href=\"https://laohu8.com/S/002594\">BYD</a>They are frantically vying for business in their own territory.</p><p>This low technological content and low barrier to entry are reflected in financial reports, manifested in Foxconn's gross profit margin being thinner than that of a razor blade: over the past decade...<b>To maintain its gross profit margin, which had never exceeded 10%, Foxconn moved its factories from Shenzhen to Zhengzhou, and then expanded from Zhengzhou to Vietnam... constantly moving between different locations with low labor costs.</b></p><p>In stark contrast, TSMC's chip foundry is an industry that rolls forward on the wheels of Moore's Law. Under the guidance of Moore's Law, the number of components that can be accommodated on an integrated circuit doubles every 18 to 24 months, and the size of corresponding transistors continues to shrink, making semiconductor manufacturing increasingly difficult.</p><p>This is reflected in capital expenditures. As the semiconductor industry upgraded from 8-inch to 12-inch wafers, costs rose sharply: the cost of an 8-inch wafer fab ranged from a minimum of $100 million to a maximum of $1.5 billion depending on production capacity, which most companies could afford by gritting their teeth. A new 12-inch wafer fab costs as much as $2.5 billion to $3 billion, enough to leave most of its competitors in the industry behind.</p><p>Different technological content also determines different competitive landscapes.<b>The harder Foxconn works, the more competitors it faces. TSMC has come a long way, dominating the market from 0.18 micrometers to 3 nanometers. Not only has it had fewer and fewer competitors, but even its former giants Intel and IBM have been left behind.</b></p><p><img src=\"https://static.tigerbbs.com/12e071a18a041e0b8ddb78626d4f42b1\" tg-width=\"667\" tg-height=\"855\" referrerpolicy=\"no-referrer\"></p><p>With fewer and fewer competitors, profits naturally increase. Located in Taiwan, China, Foxconn has factories around the world with a gross profit margin of less than 10%. If you are not careful, you will be held back by Apple using Wistron, Pegatron and Luxshare.</p><p>TSMC, which has insisted on producing advanced process products only in Taiwan for 30 years, can maintain a gross profit margin of around 50% year-round. However, customers who want to grab TSMC's latest production capacity simply don't have enough money: In September 2020, after TSMC was forced to cut off supplies to Huawei due to US sanctions, Qualcomm and MediaTek had the opportunity to replace Huawei and use TSMC's latest 5nm production capacity.</p><p>With its market share firmly in first place, the industry's capital threshold continues to rise; The technological dividend effect continues to accumulate... The unrivaled TSMC has already established its unshakeable number one position in the chip foundry field.</p><p>Looking back at history, there are three main reasons why TSMC has risen to become the king of contract manufacturing: in the PC era, it had half the support of Intel and Nvidia; In the mobile phone era, Apple chose it as an important tool to counterbalance Samsung; In the years that followed, it sat on the wheels of Moore's Law, relying on its technological and capital advantages to leave its competitors far behind.</p><p>However, TSMC's transformation from the \"king of chip foundries\" to the \"king of stocks\" still needs one last step: to cause internet companies whose market capitalization ranks ahead of TSMC to fall from their pedestal in the capital market.</p><p><img src=\"https://static.tigerbbs.com/efede982c9faf847a3a670f3cc42a078\" tg-width=\"992\" tg-height=\"914\" referrerpolicy=\"no-referrer\"></p><p>Since the beginning of the year, TSMC has made a fortune from an epic chip shortage, and its stock price has recently jumped to become the king of Asian stocks. On the other hand, looking at the traditional \"Oracle of Omaha\" internet, Tencent has plummeted by 45% from its peak since the beginning of the year; Alibaba's stock has fallen by more than 30% so far;<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The stock price has fallen by more than 45% since its listing on the Hong Kong Stock Exchange.</p><p>Behind TSMC's rise from the king of chip foundries to the king of Asian stocks, it is inseparable from its own efforts, and even more so from the course of history.</p><p>Beyond the process, it offers us a glimmer of inspiration:<b>The more you persevere in doing difficult yet correct things, the smoother it will be.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/1vKEt53uVNkuuzHjwkGPDA\">远川科技评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"TSM":"台积电","EWT":"台湾ETF-iShares MSCI","03145":"华夏亚洲高息股"},"source_url":"https://mp.weixin.qq.com/s/1vKEt53uVNkuuzHjwkGPDA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184955585","content_text":"在2020年初，全球市值最大的十家企业中，美国独占7席，而中国的腾讯和阿里也榜上有名，成为亚洲唯二突入榜单的企业。\n\n在当时看来，腾讯和阿里进入榜单是一个再自然不过的结果，前十大企业中6个是互联网、2个金融、1个资源，唯一的硬件企业苹果，生产还不归自己管，当时如果说一家重资产、重制造、家里还没石油的企业还能进前十，无异于痴人说梦。\n但没有想到的是，仅仅一年多时间后的2021年8月18日，台积电就以5380亿美元的市值，成功超越腾讯，成为亚洲市值最高的公司。\n支撑起台积电亚洲股王市值的，是台积电二季度创下的132.9亿美元营收，一天赚1.47亿美元的亮眼业绩。\n与此同时，全球芯片大缺货，更是让台积电的订单成为硬通货：前不久，苹果一次性下单一亿片芯片后，台积电原材料供应商直接爆出猛料，台积电的订单已经满载到2024年。\n台积电取代腾讯成为亚洲股王的背后，不仅是两家企业市值的变化，同时，更是一场硬科技制造对互联网的逆袭。\n那么台积电究竟是如何在一个重资产、高人力成本投入，客户又极度强势的电子行业中，修炼出如今的股王地位？\n答案就藏在台积电崛起的三次历史机遇之中。\n\n1989年12月，刚成立两年的台积电就迎来三星掌门人李健熙的亲自挖墙脚。\n这一次，李健熙看上的，不是什么工艺负责人，也不是什么技术大牛，而是直接将目光锁定在了已经58岁的台积电创始人张忠谋的身上。\n李健熙之所以如此自信，与当时的行业发展背景有着很大的关系：当年的三星，已然是多个行业的霸主，把控韩国命脉的超级财阀；而芯片代工，在当时的行业地位，其实与如今中国台湾的另一个代工之王——富士康差不多：技术含量不高，竞争对手不少，都是位于制造业产业链价值分配“微笑曲线”的最底端，干着最累的活儿，赚最少的钱。\n\n更何况，当时的芯片制造还停留在亚微米阶段，芯片企业自己设计，自己制造，自己封测的IDM模式才是业界主流。当年的全球十大半导体公司，NEC、东芝、日立、摩托罗拉、德州仪器、富士通、三菱、英特尔、松下、飞利浦全部是典型的半导体IDM巨头。\n那么，有自己的工厂的IDM们，为什么要找初出茅庐，工艺甚至还不如自己的台积电来代工芯片？\n这是在拒绝了李健熙橄榄枝后，摆在高龄创业者——张忠谋面前的一个很现实的问题。\n不过很快，台积电就迎来了属于它的第一个时代机遇：PC崛起。\n1988年前后，在英特尔的带领下，全球的电子产业从传统的大型机时代进入PC时代。而全球的半导体产业的重心也开始逐渐从传统的DRAM存储开始向CPU、GPU为代表的数字芯片迈进。\n传统的DRAM存储芯片的轻设计重制造，因此IDM模式主导行业发展；而对数字芯片来说，芯片制造固然是头等大事，但随着芯片内晶体管的数量迈上百万台阶，背后所需的芯片设计投入，也越来越繁重。在精力有限的情况下，将设计与制造分离，已经成为迫在眉睫的大趋势。\n\n凭借着英特尔总裁格鲁夫与张忠谋的私人交情，英特尔直接派驻工程师入驻台积电，对当时制造工艺仅有二百多道环节的台积电，一口气指出了至少二百个工艺改进流程。\n要知道，当时的英特尔，正是顶级芯片制造的代名词。其正在的研发的80486芯片，不仅是全球最先使用1微米的制造工艺的，同时更是首次在一个芯片中突破了100万个晶体管集成，达到120万创举的高端芯片制造者。\n能被英特尔一对一辅导，台积电一举拿下了通往顶级芯片代工的第一张技术门票。\n拿到了这张门票后不久，1995年台积电又与刚成立两年的英伟达一拍即合，拿下了PC时代的另一张重要船票。\n此后十年间，台积电一边确立了与高通、美满电子等芯片设计企业的合作；另一边，还通过铜制程技术以及湿法光刻工艺技术的研发，在技术上独步全球，在2004年，占据了全球市场份额的半壁江山。\n只是，台积电没想到，另一个可能颠覆产业格局的风暴正在悄悄到来。\n\n成为PC芯片领域代工一哥不久后，苹果带着智能手机山呼海啸的袭来，只可惜，这一次的主角，一开始并不是台积电。\n2007年，乔布斯拿着初代iPhone在万众瞩目中官宣，被称为惊艳的跨时代产品。此后数年，每逢iPhone发布新机，世界各地的苹果零售店门前都会出现疯狂的果粉凌晨排队抢购的奇观。\n而iPhone封神的背后，也明明白白的昭示了一件事：智能机时代已经到来，只有拿下苹果，才能成为真正的芯片代工一哥。\n但是懂行的都知道，台上的乔布斯，表面看似是发布iPhone手机的“上帝”，但根本上，却只是大洋彼岸三星帝国的打工人。\n市调机构IHS，曾对历代iPhone的成本来源进行拆解发现，在还没出现双摄与浴霸摄像头的年代里，前几代iPhone的三大成本来源，分别是：处理器，屏幕以及存储。而一部iPhone手机中，这三项全部made by Samsung。\n三星提供的处理器与存储，自然是三星制造。而当年代工了全球几乎一半芯片的台积电，却只能默默羡慕的观望。\n但作为顶级的供应链制衡大师，苹果一定不会允许，让自己的竞争对手，同时把控着自己的三大命脉。\n于是，一边与三星蜜里调油，另一边，2010年苹果就悄悄与台积电搭上了线。为了双方能够合作得更顺畅，台积电还专门成立了一支由百余位跨部门的研发工程师组成的“one team”战队，驻扎美国苹果总部，一起快马加鞭搞秘密研发，企图彻底绕过三星的专利。\n研发初见进展后，苹果立刻在2011年闪电向三星提起16项侵权指控。而三星则反手又将苹果告上法庭，反诉苹果侵权，甚至要求美国禁售iPhone。\n苹果与三星鹬蚌相争，台积电渔翁得利。\n从2014年苹果的A8芯片起，台积电开始代工大部分苹果芯片，iPhone 7时代开始，台积电则完全垄断了所有苹果芯片的生产。合作延续至如今，苹果仍是台积电最大的客户，每年为台积电贡献了近20%的收入。\n至此，台积电正式确定了芯片代工的龙头地位。\n但只是给最厉害的客户打工，就能够成就如今的台积电吗？作为苹果最大的代工厂，富士康第一个不同意。\n\n同样是代工之王，台积电可以卡住全球客户的咽喉，而富士康却对苹果扶持竞争对手来抢生意无可奈何。\n截然不同的命运背后，其实早在赛道选择之时就已经埋下伏笔。\n以富士康为代表的电子产品组装，本质上是个只要召集了足够多工人，就能在流水线上24小时开工的低门槛行业。因此，做代工，二十年前，富士康在中国台湾面临着“台系代工五虎”——广达、仁宝、和硕、纬创、英业达抢生意；最近十年，富士康又面临着，曾经一手带大的大陆“小弟”立讯、歌尔、闻泰、比亚迪们，在自己的地盘疯狂抢生意。\n这种低技术含量、低门槛体现在财报中，就表现为富士康比剃须刀刀片还要薄的毛利之中：近十年，富士康为保住从未突破10%的毛利，一路将工厂从深圳搬到郑州，又从郑州拓展到越南……不断在人力成本的不同洼地之间辗转搬迁。\n与此形成鲜明对比的是，台积电对应的芯片代工是一个坐在摩尔定律车轮上滚滚向前的产业。在摩尔定律的主导下，集成电路上可容纳的元器件的数量每隔18至24个月就会增加一倍，相应的晶体管的尺寸也会不断缩小，半导体的制造难度也越来越高。\n体现在资本开支上，半导体行业从8英寸向12英寸升级的过程中，成本急剧上升：一座8英寸的晶圆厂造价视产能最低1亿，最高15亿美元，一般的企业咬咬牙还能顶上。而一座新的12英寸晶圆厂造价则高达25亿到30亿美金，足以将行业内大部分竞争对手甩在身后。\n不同的技术含量，也决定了不同的竞争格局。富士康越努力，竞争对手越多；而台积电一路走来，从0.18微米到3纳米独步天下，不仅竞争对手越来越少，就连曾经的老大哥英特尔、IBM也被甩在身后。\n\n对手越来越少，利润自然就越来越高，同处中国台湾，富士康全球设厂，毛利不足10%，一不留神，就被苹果用纬创、和硕以及立讯牵制；\n而坚持三十年只在中国台湾生产高阶制程产品的台积电，则可以常年维持在50%左右的毛利，而客户想要抢到台积电的最新产能，只是有钱还万万不够：2020年9月，台积电因美国制裁被迫断供华为后，高通、联发科这才有了替补华为，用上台积电最新5nm产能的机会。\n市场份额稳居第一，行业的资金门槛不断提升；技术的红利效应不断叠加……独孤求败的台积电，在芯片代工领域，已然奠定了其不可撼动的第一宝座。\n回顾历史，台积电能崛起成为代工之王，有三大原因：PC时代，有了半个英特尔与英伟达支持；手机时代被苹果选择，成为制衡三星的重要工具；此后数年，又坐在摩尔定律的车轮上，靠着技术与资本优势，将一众竞争对手远远甩在身后。\n只不过，台积电从“芯片代工之王”变成“股王”，还差最后一步：让市值排在台积电之前的互联网企业们，在资本市场跌落神坛。\n\n从年初至今，一边是台积电在史诗级的芯片大缺货中赚得盆满钵满，近期股价更是一跃成为亚洲股王。另一边，反观传统“股神”互联网，年初至今，腾讯从最高点暴跌45%；阿里至今跌幅超过30%；百度股价更在港交所上市至今跌幅超过45%。\n从芯片代工之王进阶亚洲股王背后，台积电离不开自身的努力，同时，更离不开历史的进程。\n而进程之外，更给我们一丝启示：做难而正确的事，越坚持越顺利。","news_type":1,"symbols_score_info":{"TSM":0.9,"03145":0.9,"TWmain":0.9,"EWT":0.9}},"isVote":1,"tweetType":1,"viewCount":4506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107356656,"gmtCreate":1620447051275,"gmtModify":1704343881608,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"W9h, what happened, why my stock never been like that","listText":"W9h, what happened, why my stock never been like that","text":"W9h, what happened, why my stock never been like that","images":[{"img":"https://static.tigerbbs.com/1879d06e9ca1efcb57e9c0356aa7ac9b","width":"1125","height":"3358"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107356656","isVote":1,"tweetType":1,"viewCount":4212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325739072,"gmtCreate":1615935016596,"gmtModify":1704788561237,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"???????????","listText":"???????????","text":"???????????","images":[{"img":"https://static.tigerbbs.com/82421664c8c68b242f0d93b3e95164cd","width":"1125","height":"3256"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325739072","isVote":1,"tweetType":1,"viewCount":3446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":367747170,"gmtCreate":1614983051790,"gmtModify":1704777872344,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"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/367747170","repostId":"1154986292","repostType":4,"repost":{"id":"1154986292","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":1614961673,"share":"https://ttm.financial/m/news/1154986292?lang=en_US&edition=fundamental","pubTime":"2021-03-06 00:27","market":"us","language":"zh","title":"Zhihu submitted its prospectus to the New York Stock Exchange, officially launching its US listing.","url":"https://stock-news.laohu8.com/highlight/detail?id=1154986292","media":"老虎资讯综合","summary":"美东时间3月5日，中国最大的在线问答社区知乎正式向美国证监会递交首次公开招股书，计划在纽交所上市，代码为“ZH”。$$招股书显示，知乎2019年、2020年的营收分别为6.71亿元人民币和13.52亿元人民币，同比增长达101.7%。其中，广告收入从2019年的5.77亿元人民币升至2020年的8.43亿元人民币，同比增长46，但对总营收占比从86.1%降至62.4%，这意味着，知乎在商业多元化布局上初见所成。","content":"<p>On March 5, Eastern Time, Zhihu, China's largest online Q&A community, officially filed its initial public offering (IPO) prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the ticker symbol \"ZH\". Goldman Sachs, Credit Suisse, and JPMorgan Chase served as underwriters.<a href=\"https://laohu8.com/S/ZH\">$(ZH)$</a><img src=\"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2\" tg-width=\"1024\" tg-height=\"682\" referrerpolicy=\"no-referrer\">According to its prospectus, Zhihu's revenue was RMB 671 million and RMB 1.352 billion in 2019 and 2020, respectively, representing a year-on-year increase of 101.7%. Among them, advertising revenue increased from RMB 577 million in 2019 to RMB 843 million in 2020, a year-on-year increase of 46%, but its share of total revenue decreased from 86.1% to 62.4%, which means that Zhihu has begun to see results in its business diversification layout.</p><p>Revenue from paid memberships rose from RMB 88 million in 2019 to RMB 320 million in 2020, a year-on-year increase of 264%, and its contribution to total revenue increased from 13.1% to 23.7%. The newly opened revenue stream – content monetization solutions – generated RMB 136 million in revenue in 2020, accounting for 10% of total revenue. Other revenue, including online education and e-commerce, surged from RMB 4.45 million to RMB 52.53 million, a year-on-year increase of 1,083%.</p><p>In terms of operational data, as of December 31, 2020, Zhihu had a total of 43.1 million content creators and contributed a total of 315 million questions and answers. In the fourth quarter of 2020, Zhihu's average monthly active users (MAUs) reached 75.7 million, a year-on-year increase of 33% compared to the same period in 20219. In the fourth quarter of 2020, users generated an average of 676 million monthly interactions in the community.</p><p>According to CIC, Zhihu is China's largest high-quality online Q&A community and one of the top five comprehensive online content communities in China. According to a survey by Frost & Sullivan Consulting (CIC), Zhihu is widely recognized as the most trustworthy online content community, gaining widespread public recognition for its high-quality content.</p><p>It is worth mentioning that Zhihu has been highly favored by capital since its inception. It has successively received strategic investments from Tencent, Kuaishou, and Baidu. It also received early-stage investment from companies including Today Capital, Qiming Ventures, SAIF, and Innovation Works. This is inseparable from Zhihu's positive community atmosphere and large-scale accumulation of high-quality content.</p><p>Tiger Information noted that Zhihu was founded in December 2010, and its name may come from the book \"The Analects: Asking Politics\": \"Confucius said: 'Therefore, do you teach your daughters to know? To know what they know, and to know what they do not know—that is knowledge.'\" At its inception, Zhihu benchmarked against the American knowledge quiz community Quora. With a series of differentiated operations, Zhihu has successively entered the fields of paid knowledge, live streaming, product recommendations, and short videos, building its complete community ecosystem. Zhihu has been established for ten years. Compared with many previous Internet company IPOs, Zhihu's IPO process seems to have been slower. However, its founder Zhou Yuan once said in an exclusive interview: Zhihu is not a sprint product. The community-based product form requires a relatively long period of accumulation. The characteristics of all things are gradually accumulated and developed; natural things take time.</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>Zhihu submitted its prospectus to the New York Stock Exchange, officially launching its US listing.</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\">\nZhihu submitted its prospectus to the New York Stock Exchange, officially launching its US listing.\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\">2021-03-06 00:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 5, Eastern Time, Zhihu, China's largest online Q&A community, officially filed its initial public offering (IPO) prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the ticker symbol \"ZH\". Goldman Sachs, Credit Suisse, and JPMorgan Chase served as underwriters.<a href=\"https://laohu8.com/S/ZH\">$(ZH)$</a><img src=\"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2\" tg-width=\"1024\" tg-height=\"682\" referrerpolicy=\"no-referrer\">According to its prospectus, Zhihu's revenue was RMB 671 million and RMB 1.352 billion in 2019 and 2020, respectively, representing a year-on-year increase of 101.7%. Among them, advertising revenue increased from RMB 577 million in 2019 to RMB 843 million in 2020, a year-on-year increase of 46%, but its share of total revenue decreased from 86.1% to 62.4%, which means that Zhihu has begun to see results in its business diversification layout.</p><p>Revenue from paid memberships rose from RMB 88 million in 2019 to RMB 320 million in 2020, a year-on-year increase of 264%, and its contribution to total revenue increased from 13.1% to 23.7%. The newly opened revenue stream – content monetization solutions – generated RMB 136 million in revenue in 2020, accounting for 10% of total revenue. Other revenue, including online education and e-commerce, surged from RMB 4.45 million to RMB 52.53 million, a year-on-year increase of 1,083%.</p><p>In terms of operational data, as of December 31, 2020, Zhihu had a total of 43.1 million content creators and contributed a total of 315 million questions and answers. In the fourth quarter of 2020, Zhihu's average monthly active users (MAUs) reached 75.7 million, a year-on-year increase of 33% compared to the same period in 20219. In the fourth quarter of 2020, users generated an average of 676 million monthly interactions in the community.</p><p>According to CIC, Zhihu is China's largest high-quality online Q&A community and one of the top five comprehensive online content communities in China. According to a survey by Frost & Sullivan Consulting (CIC), Zhihu is widely recognized as the most trustworthy online content community, gaining widespread public recognition for its high-quality content.</p><p>It is worth mentioning that Zhihu has been highly favored by capital since its inception. It has successively received strategic investments from Tencent, Kuaishou, and Baidu. It also received early-stage investment from companies including Today Capital, Qiming Ventures, SAIF, and Innovation Works. This is inseparable from Zhihu's positive community atmosphere and large-scale accumulation of high-quality content.</p><p>Tiger Information noted that Zhihu was founded in December 2010, and its name may come from the book \"The Analects: Asking Politics\": \"Confucius said: 'Therefore, do you teach your daughters to know? To know what they know, and to know what they do not know—that is knowledge.'\" At its inception, Zhihu benchmarked against the American knowledge quiz community Quora. With a series of differentiated operations, Zhihu has successively entered the fields of paid knowledge, live streaming, product recommendations, and short videos, building its complete community ecosystem. Zhihu has been established for ten years. Compared with many previous Internet company IPOs, Zhihu's IPO process seems to have been slower. However, its founder Zhou Yuan once said in an exclusive interview: Zhihu is not a sprint product. The community-based product form requires a relatively long period of accumulation. The characteristics of all things are gradually accumulated and developed; natural things take time.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2","relate_stocks":{"ZH":"知乎"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154986292","content_text":"美东时间3月5日，中国最大的在线问答社区知乎正式向美国证监会（SEC）递交首次公开招股书，计划在纽交所上市，代码为“ZH”。高盛、瑞信和摩根大通担任承销商。$(ZH)$招股书显示，知乎2019年、2020年的营收分别为6.71亿元人民币和13.52亿元人民币，同比增长达101.7%。其中，广告收入从2019年的5.77亿元人民币升至2020年的8.43亿元人民币，同比增长46，但对总营收占比从86.1%降至62.4%，这意味着，知乎在商业多元化布局上初见所成。来自付费会员收入从2019年的8800万元人民币升至2020年的3.2亿元人民币，同比大涨264%，对总营收贡献从13.1%上升至23.7%。新开辟的营收途径-内容商业化解决方案2020年收入为1.36亿元人民币，占总营收贡献达10%；包括在线教育、电商在内的其他收入从445万元人民币大涨至5253万元人民币，同比爆增1,083%。 运营数据方面，截至2020年12月31日，知乎累计拥有内容创作者4310万，累计贡献3.15亿条问答内容。2020年第四季度，知乎月均活跃用户（MAUs）为7570万，较20219年同期同比增长33%，2020年第四季度，用户在社区月均产生6.76亿次互动。据灼识咨询（CIC），知乎是中国最大的高质量在线问答社区，也是中国前五大综合在线内容社区之一。灼识咨询（CIC）调查显示，知乎被公认为最值得信赖的在线内容社区，以高质量内容得到国民广泛认可。 值得一提的是，知乎自创立以来颇受资本青睐。先后获得腾讯、快手、百度的战略投资。并获得包括今日资本、启明创投、赛富、创新工场等早期投资。这与知乎良好的社区氛围与规模化的优质内容积累密不可分。 老虎资讯注意到，知乎成立于2010年12月，公司命名或来自《论语·问政》：“子曰：’由，诲女知之乎！知之为知之，不知为不知，是知也。’”知乎诞生之初对标美国知识问答社区Quora，随着一系列差异化运营，知乎先后进入了知识付费、直播、好物推荐、短视频领域，构建其完整的社区生态。知乎成立十年，与此前很多互联网企业上市案例相比，知乎的上市路程似乎慢了一些，但其创始人周源曾在接受专访时说道：知乎并不是一个短跑型产品，社区这样的产品形态，是需要比较长的时间积累。所有的事情特点都是一点一点的累计成长起来的，天然的就需要时间。","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":3919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366633323,"gmtCreate":1614471208162,"gmtModify":1704771892180,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"lj，??????????","listText":"lj，??????????","text":"lj，??????????","images":[{"img":"https://static.tigerbbs.com/767a144bbbf5e38e3a7deed8adf242ab","width":"1125","height":"2570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366633323","isVote":1,"tweetType":1,"viewCount":4092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":360248719,"gmtCreate":1613949957731,"gmtModify":1704886018845,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"…………………","listText":"…………………","text":"…………………","images":[{"img":"https://static.tigerbbs.com/a65c0daed3d5197f2ea10930443d07b1","width":"1125","height":"3020"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360248719","isVote":1,"tweetType":1,"viewCount":3956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":384916435,"gmtCreate":1613605927527,"gmtModify":1704882591262,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"IQIY IQIY","listText":"IQIY IQIY","text":"IQIY IQIY","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384916435","repostId":"1193108537","repostType":4,"repost":{"id":"1193108537","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":1613604224,"share":"https://ttm.financial/m/news/1193108537?lang=en_US&edition=fundamental","pubTime":"2021-02-18 07:23","market":"us","language":"zh","title":"iQiyi shares fell more than 9% in after-hours trading as total subscriber numbers declined.","url":"https://stock-news.laohu8.com/highlight/detail?id=1193108537","media":"老虎资讯综合","summary":"2月17日美股盘后，爱奇艺公布2020年第四季度及2020财年业绩。财报显示：爱奇艺第四季度营收75亿元，市场预期74.84亿元，去年同期74.97亿元；净亏损15.49亿元，市场预期亏损18.84亿","content":"<p>After the US stock market closed on February 17,<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Announcement of results for the fourth quarter of 2020 and fiscal year 2020. Financial reports show that iQiyi's revenue in the fourth quarter was 7.5 billion yuan, compared to market expectations of 7.484 billion yuan and 7.497 billion yuan in the same period last year; The company reported a net loss of 1.549 billion yuan, compared to market expectations of a loss of 1.884 billion yuan and a loss of 2.495 billion yuan in the same period last year. The company reported a loss of 2.1 yuan per ADS, compared to market expectations of a loss of 2.44 yuan and a loss of 3.43 yuan in the same period last year.</p><p>In fiscal year 2020, iQiyi's total revenue was 29.7 billion yuan, of which membership services, online advertising, content distribution and other revenues were 16.5 billion yuan, 6.8 billion yuan, 2.7 billion yuan and 3.7 billion yuan, respectively. Meanwhile, iQiyi's operating losses and net losses attributable to iQiyi have both narrowed significantly, with net losses decreasing by 3.3 billion yuan compared to the same period in 2019.</p><p>In iQiyi's overall revenue structure, membership service revenue exceeded advertising revenue for the first time in the third quarter of 2018, and has become iQiyi's largest revenue pillar for ten consecutive quarters. As of December 31, 2020, the total number of subscribers was 101.7 million, a decrease compared to the same period last year. At the same time, iQiyi's membership revenue in 2020 increased by 14% compared to the same period last year, reaching RMB 16.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a514094be235758e64ec6e5104cd3a74\" tg-width=\"768\" tg-height=\"836\" referrerpolicy=\"no-referrer\"></p><p>Following the release of its financial report, iQiyi's stock price fell by more than 9% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/01b2db0154b9063dca12852911ee2cdc\" tg-width=\"924\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><b>Fourth Quarter 2020 Financial Results</b></p><p>Total revenue reached 7.5 billion yuan (US$1.1 billion), a decrease of 1% compared to the same period in 2019.</p><p>Membership service revenue was RMB 3.8 billion (US$587.8 million), a 1% decrease compared to the same period in 2019. The main reason for the decrease is that the number of subscribers dropped from 106.9 million a year ago to 101.7 million.</p><p>Revenue from online advertising services was RMB 1.9 billion (US$284.9 million), a 1% decrease compared to the same period in 2019.</p><p>Content distribution revenue was RMB804.3 million (US$123.3 million), a decrease of 8% compared to the same period in 2019. The decrease was mainly due to a decrease in cash transactions, but was partially offset by an increase in barter transactions.</p><p>Other income was RMB 959.6 million (US$147.1 million), a 10% increase compared to the same period in 2019, mainly due to growth in certain business lines.</p><p>Cost of revenue was RMB 6.8 billion (US$1 billion), a 14% decrease compared to the same period in 2019. The decrease in cost of revenue was mainly due to a decrease in content costs during the quarter. Content costs, a component of revenue costs, amounted to RMB 5.1 billion (US$786.1 million), a 10% decrease compared to the same period in 2019. The decrease is mainly due to reduced recording costs for content production, an increase in shorter-length content that meets the needs of diverse users, and updated consumption patterns and useful lives of content assets that account for future viewership estimates to better reflect the intended use of these content assets.</p><p>Selling, general and administrative expenses were RMB1.3 billion (US$201.9 million), a 6% decrease compared to the same period in 2019. This is mainly attributable to the decrease in marketing expenses.</p><p>Research and development expenses amounted to RMB663.4 million (US$101.7 million), representing a 7% decrease compared to the same period in 2019, primarily due to a decrease in personnel-related compensation expenses.</p><p>The operating loss was originally RMB 1.3 billion (US$200.4 million), compared to an operating loss of RMB 2.5 billion, resulting in an operating loss rate of 18%, while the operating loss rate was 34% in the same period of 2019.</p><p>Other expenses totaled RMB241.0 million (US$36.9 million), compared to total other income of RMB75.3 million for the same period in 2019. The year-on-year change was mainly due to the decrease in foreign exchange gains.</p><p>The loss before income tax was RMB 1.5 billion (US$237.3 million), compared to a loss before income tax of RMB 2.5 billion in the same period of 2019.</p><p>Income tax gain was originally RMB16.3 million (US$2.5 million), while income tax expense was RMB22.6 million in the same period of 2019.</p><p>iQiyi reported a net loss attributable to iQiyi of RMB 1.5 billion (US$237.2 million), compared to a net loss attributable to iQiyi of RMB 2.5 billion in the same period of 2019. Diluted net loss per American Depositary Receipt attributable to iQiyi was RMB 2.10 (NT$0.32), compared to a diluted net loss per American Depositary Receipt attributable to iQiyi of RMB 3.43 in the fourth quarter of 2020 in the same period of 2019.</p><p>As of December 31, 2020, the Company had cash, cash equivalents, restricted cash and the following short-term investments: RMB14.3 billion (US$2.2 billion).</p><p><b>FINANCIAL RESULTS</b></p><p>Total revenue reached 29.7 billion yuan (US$4.6 billion), a 2% increase compared to 2019.</p><p>Membership service revenue was RMB 16.5 billion (US$2.5 billion), a 14% increase compared to 2019. The growth was primarily attributable to the increase in subscribers driven by Covid-19 in the first half of 2020, as well as the exclusive content and various operational programs we launched during the year.</p><p>Revenue from online advertising services was originally 6.8 billion yuan (US$1 billion), a decrease of 18% compared to 2019. The decrease was mainly due to the challenging macroeconomic environment in China.</p><p>Content distribution revenue was originally RMB 2.7 billion (US$407.7 million), an increase of 5% compared to 2019.</p><p>Other income was RMB 3.7 billion (US$572.3 million), unchanged from 2019.</p><p>Cost of revenue was originally RMB 27.9 billion (US$4.3 billion), a decrease of 8% compared to 2019. The decrease was mainly due to the decrease in content costs and other cost items. Content costs, a component of revenue costs, amounted to RMB 20.9 billion (US$3.2 billion), a 6% decrease compared to 2019. The decline was due to reduced spending on recorded production content, shorter content to meet the needs of diverse users, and updated accounting estimates for future viewership consumption patterns and the useful lives of content assets to better reflect the intended use of these content assets.</p><p>Selling, general and administrative expenses were 5.2 billion yuan (US$795.1 million), a decrease of 1% compared to 2019. This is mainly due to reduced marketing expenses.</p><p>Research and development expenditures were RMB2.7 billion (US$410 million), unchanged since 2019, primarily due to a decrease in personnel compensation offset by an increase in stock-based compensation expenses.</p><p>The operating loss was originally RMB 6 billion (US$925.7 million), compared to an operating loss of RMB 9.3 billion. The operating loss rate in 2019 was 20%, while the operating loss rate in 2019 was 32%.</p><p>Other expenses totaled RMB943.4 million (US$144.6 million), compared to RMB967.1 million in 2019.</p><p>The loss before income tax was 7 billion yuan (US$1.1 billion), compared to a loss before income tax of 10.2 billion yuan in 2019.</p><p>Income tax expense was originally RMB23.3 million (US$3.6 million), while income tax expense was RMB51.9 million in 2019.</p><p>iQiyi reported a net loss attributable to iQiyi of 7 billion yuan (US$1.1 billion), while the net loss attributable to iQiyi was 10.3 billion yuan in 2019. Diluted net loss per American Depositary Receipt attributable to iQIYI was RMB9.52 (US$1.47), compared to iQIYI's diluted net loss per ADS of RMB14.14 in 2019.</p><p><b>Financial Guidance</b></p><p>iQiyi expects total net revenue for the first quarter of 2021 to be between RMB 7.07 billion (US$1.08 billion) and RMB 7.53 billion (US$1.15 billion), a year-on-year decrease of 8% to 2%. This forecast reflects iQiyi's current and preliminary views and is subject to change.</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>iQiyi shares fell more than 9% in after-hours trading as total subscriber numbers declined.</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\">\niQiyi shares fell more than 9% in after-hours trading as total subscriber numbers declined.\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\">2021-02-18 07:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on February 17,<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Announcement of results for the fourth quarter of 2020 and fiscal year 2020. Financial reports show that iQiyi's revenue in the fourth quarter was 7.5 billion yuan, compared to market expectations of 7.484 billion yuan and 7.497 billion yuan in the same period last year; The company reported a net loss of 1.549 billion yuan, compared to market expectations of a loss of 1.884 billion yuan and a loss of 2.495 billion yuan in the same period last year. The company reported a loss of 2.1 yuan per ADS, compared to market expectations of a loss of 2.44 yuan and a loss of 3.43 yuan in the same period last year.</p><p>In fiscal year 2020, iQiyi's total revenue was 29.7 billion yuan, of which membership services, online advertising, content distribution and other revenues were 16.5 billion yuan, 6.8 billion yuan, 2.7 billion yuan and 3.7 billion yuan, respectively. Meanwhile, iQiyi's operating losses and net losses attributable to iQiyi have both narrowed significantly, with net losses decreasing by 3.3 billion yuan compared to the same period in 2019.</p><p>In iQiyi's overall revenue structure, membership service revenue exceeded advertising revenue for the first time in the third quarter of 2018, and has become iQiyi's largest revenue pillar for ten consecutive quarters. As of December 31, 2020, the total number of subscribers was 101.7 million, a decrease compared to the same period last year. At the same time, iQiyi's membership revenue in 2020 increased by 14% compared to the same period last year, reaching RMB 16.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a514094be235758e64ec6e5104cd3a74\" tg-width=\"768\" tg-height=\"836\" referrerpolicy=\"no-referrer\"></p><p>Following the release of its financial report, iQiyi's stock price fell by more than 9% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/01b2db0154b9063dca12852911ee2cdc\" tg-width=\"924\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><b>Fourth Quarter 2020 Financial Results</b></p><p>Total revenue reached 7.5 billion yuan (US$1.1 billion), a decrease of 1% compared to the same period in 2019.</p><p>Membership service revenue was RMB 3.8 billion (US$587.8 million), a 1% decrease compared to the same period in 2019. The main reason for the decrease is that the number of subscribers dropped from 106.9 million a year ago to 101.7 million.</p><p>Revenue from online advertising services was RMB 1.9 billion (US$284.9 million), a 1% decrease compared to the same period in 2019.</p><p>Content distribution revenue was RMB804.3 million (US$123.3 million), a decrease of 8% compared to the same period in 2019. The decrease was mainly due to a decrease in cash transactions, but was partially offset by an increase in barter transactions.</p><p>Other income was RMB 959.6 million (US$147.1 million), a 10% increase compared to the same period in 2019, mainly due to growth in certain business lines.</p><p>Cost of revenue was RMB 6.8 billion (US$1 billion), a 14% decrease compared to the same period in 2019. The decrease in cost of revenue was mainly due to a decrease in content costs during the quarter. Content costs, a component of revenue costs, amounted to RMB 5.1 billion (US$786.1 million), a 10% decrease compared to the same period in 2019. The decrease is mainly due to reduced recording costs for content production, an increase in shorter-length content that meets the needs of diverse users, and updated consumption patterns and useful lives of content assets that account for future viewership estimates to better reflect the intended use of these content assets.</p><p>Selling, general and administrative expenses were RMB1.3 billion (US$201.9 million), a 6% decrease compared to the same period in 2019. This is mainly attributable to the decrease in marketing expenses.</p><p>Research and development expenses amounted to RMB663.4 million (US$101.7 million), representing a 7% decrease compared to the same period in 2019, primarily due to a decrease in personnel-related compensation expenses.</p><p>The operating loss was originally RMB 1.3 billion (US$200.4 million), compared to an operating loss of RMB 2.5 billion, resulting in an operating loss rate of 18%, while the operating loss rate was 34% in the same period of 2019.</p><p>Other expenses totaled RMB241.0 million (US$36.9 million), compared to total other income of RMB75.3 million for the same period in 2019. The year-on-year change was mainly due to the decrease in foreign exchange gains.</p><p>The loss before income tax was RMB 1.5 billion (US$237.3 million), compared to a loss before income tax of RMB 2.5 billion in the same period of 2019.</p><p>Income tax gain was originally RMB16.3 million (US$2.5 million), while income tax expense was RMB22.6 million in the same period of 2019.</p><p>iQiyi reported a net loss attributable to iQiyi of RMB 1.5 billion (US$237.2 million), compared to a net loss attributable to iQiyi of RMB 2.5 billion in the same period of 2019. Diluted net loss per American Depositary Receipt attributable to iQiyi was RMB 2.10 (NT$0.32), compared to a diluted net loss per American Depositary Receipt attributable to iQiyi of RMB 3.43 in the fourth quarter of 2020 in the same period of 2019.</p><p>As of December 31, 2020, the Company had cash, cash equivalents, restricted cash and the following short-term investments: RMB14.3 billion (US$2.2 billion).</p><p><b>FINANCIAL RESULTS</b></p><p>Total revenue reached 29.7 billion yuan (US$4.6 billion), a 2% increase compared to 2019.</p><p>Membership service revenue was RMB 16.5 billion (US$2.5 billion), a 14% increase compared to 2019. The growth was primarily attributable to the increase in subscribers driven by Covid-19 in the first half of 2020, as well as the exclusive content and various operational programs we launched during the year.</p><p>Revenue from online advertising services was originally 6.8 billion yuan (US$1 billion), a decrease of 18% compared to 2019. The decrease was mainly due to the challenging macroeconomic environment in China.</p><p>Content distribution revenue was originally RMB 2.7 billion (US$407.7 million), an increase of 5% compared to 2019.</p><p>Other income was RMB 3.7 billion (US$572.3 million), unchanged from 2019.</p><p>Cost of revenue was originally RMB 27.9 billion (US$4.3 billion), a decrease of 8% compared to 2019. The decrease was mainly due to the decrease in content costs and other cost items. Content costs, a component of revenue costs, amounted to RMB 20.9 billion (US$3.2 billion), a 6% decrease compared to 2019. The decline was due to reduced spending on recorded production content, shorter content to meet the needs of diverse users, and updated accounting estimates for future viewership consumption patterns and the useful lives of content assets to better reflect the intended use of these content assets.</p><p>Selling, general and administrative expenses were 5.2 billion yuan (US$795.1 million), a decrease of 1% compared to 2019. This is mainly due to reduced marketing expenses.</p><p>Research and development expenditures were RMB2.7 billion (US$410 million), unchanged since 2019, primarily due to a decrease in personnel compensation offset by an increase in stock-based compensation expenses.</p><p>The operating loss was originally RMB 6 billion (US$925.7 million), compared to an operating loss of RMB 9.3 billion. The operating loss rate in 2019 was 20%, while the operating loss rate in 2019 was 32%.</p><p>Other expenses totaled RMB943.4 million (US$144.6 million), compared to RMB967.1 million in 2019.</p><p>The loss before income tax was 7 billion yuan (US$1.1 billion), compared to a loss before income tax of 10.2 billion yuan in 2019.</p><p>Income tax expense was originally RMB23.3 million (US$3.6 million), while income tax expense was RMB51.9 million in 2019.</p><p>iQiyi reported a net loss attributable to iQiyi of 7 billion yuan (US$1.1 billion), while the net loss attributable to iQiyi was 10.3 billion yuan in 2019. Diluted net loss per American Depositary Receipt attributable to iQIYI was RMB9.52 (US$1.47), compared to iQIYI's diluted net loss per ADS of RMB14.14 in 2019.</p><p><b>Financial Guidance</b></p><p>iQiyi expects total net revenue for the first quarter of 2021 to be between RMB 7.07 billion (US$1.08 billion) and RMB 7.53 billion (US$1.15 billion), a year-on-year decrease of 8% to 2%. This forecast reflects iQiyi's current and preliminary views and is subject to change.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f48fbc541b07547e95dfb5b1221fb6ed","relate_stocks":{"IQ":"爱奇艺"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193108537","content_text":"2月17日美股盘后，爱奇艺公布2020年第四季度及2020财年业绩。财报显示：爱奇艺第四季度营收75亿元，市场预期74.84亿元，去年同期74.97亿元；净亏损15.49亿元，市场预期亏损18.84亿元，去年同期亏损24.95亿元；每ADS亏损2.1元，市场预期亏损2.44元，去年同期亏损3.43元。2020财年爱奇艺总收入为297亿元，其中会员服务、在线广告、内容发行和其他营收分别为165亿元、68亿元、27亿元和37亿元。同时，爱奇艺经营亏损和归属于爱奇艺的净亏损均出现大幅收窄，净亏损较2019年同期下降33亿元。在爱奇艺总体收入结构中，会员服务收入自2018年第三季度首超广告收入，已连续十个季度成为爱奇艺第一大收入支柱。截至2020年12月31日，订阅会员总数为1.017亿，较去年同期有所下降，与此同时爱奇艺2020年会员收入较去年同期增长14%，达165亿元。财报公布后，爱奇艺盘后股价跌逾9%。2020年第四季度财务业绩总收入达到75亿元（11亿美元），比2019年同期减少1％。会员服务收入为38亿元（5.878亿美元），较2019年同期减少1％。减少的主要原因订阅会员人数从一年前的1.069亿下降至1.017亿。在线广告服务收入为19亿元（2.849亿美元），比2019年同期减少1％。内容分发收入为人民币8.043亿元（1.233亿美元），较2019年同期减少8％。减少的主要原因是现金交易减少，但部分被易货交易增加抵消。其他收入为9.596亿元（1.471亿美元），比2019年同期增长10％，主要是由于某些业务线的增长。收入成本为68亿元人民币（10亿美元），较2019年同期减少了14％。收入成本的下降主要是由于本季度内容成本的减少。内容成本是收入成本的组成部分，51亿元（7.861亿美元），与2019年同期相比减少了10％。减少的主要原因是，制作内容的记录费用减少了，满足了多样化用户需求的长度较短的内容也有所增加，以及更新了未来收视率的会计估计内容资产的消费模式和使用寿命，以更好地反映这些内容资产的预期用途。销售，一般和管理费用为13亿元人民币（2.019亿美元），较2019年同期减少6％。这主要归因于营销支出减少。研发支出为663.4百万元（1.017亿美元），较2019年同期减少7％，主要是由于与人事有关的薪酬支出减少。营业亏损原为13亿元（2.004亿美元），相比之下，经营亏损25亿元营业亏损率为18％，而2019年同期营业亏损率为34％。其他费用总计为241.0百万元（3690万美元），与其他总收入相比人民币7530万元2019年同期。同比变化主要是由于汇兑收益减少。所得税前亏损为15亿元（2.373亿美元），与所得税前的亏损相比25亿元在2019年同期所得税收益原为人民币16.3百万 （250万美元），而所得税费用则为人民币22.6百万元在2019年同期爱奇艺应占净亏损为15亿元（2.372亿美元），而归属于爱奇艺的净亏损为25亿元2019年同期。归属于爱奇艺的每股美国存托凭证摊薄净亏损为人民币2.10（新台币$ 0.32元）相比2020年第四季度归属于爱奇艺的美国存托凭证摊薄净亏损人民币3.43在2019年同期作为2020年12月31日，公司有现金，现金等价物，限制现金和以下短期投资：143亿元人民币（22亿美元）。2020财年财务业绩总收入达到297亿元人民币（46亿美元），比2019年增长2％。会员服务收入为165亿元人民币（25亿美元），比2019年增长了14％。增长主要归因于Covid-19在2020年上半年拉动的订阅会员的增加，以及这一年我们推出的独家内容和各种运营计划。在线广告服务收入原为68亿元人民币（10亿美元），较2019年减少了18％。减少的主要原因是中国宏观经济环境充满挑战中国。内容分发收入原为27亿元人民币（4.077亿美元），比2019年增长5％。其他收入是37亿元人民币（5.723亿美元），从2019年起保持不变。收入成本原为279亿元人民币（43亿美元），较2019年减少8％。减少的主要原因是内容成本和其他成本项目减少。内容成本是收入成本的组成部分，209亿元人民币（32亿美元），与2019年相比下降了6％。下降的原因是，记录的制作内容支出减少，长度较短的内容满足了多样化用户的需求，以及更新了未来收视消费模式的会计估计和内容资产的使用寿命，以更好地反映这些内容资产的预期用途。销售，一般和管理费用为52亿元（7.951亿美元），比2019年减少了1％。这主要是由于减少了营销支出。研发支出为27亿元人民币（4.10亿美元），自2019年以来保持不变，主要是由于人事补偿的减少被股票薪酬费用的增加所抵消。营业亏损原为60亿元（9.257亿美元），相比之下，经营亏损93亿元人民币2019年的经营亏损率为20％，而2019年的经营亏损率为32％。其他费用总计为人民币9.434亿元（1.446亿美元），而与其他费用总额相比人民币967.1百万元在2019年。所得税前亏损为70亿元（11亿美元），与所得税前的亏损相比102亿元在2019年。所得税费用原为人民币2,330万元（360万美元），而所得税费用则为人民币51.9百万元在2019年。爱奇艺应占净亏损为70亿元（11亿美元），而归属于爱奇艺的净亏损为103亿元2019年。归属于爱奇艺的每股美国存托凭证摊薄净亏损为人民币9.52（US $ 1.47），相比之下，iQIYI每份ADS摊薄净亏损为人民币14.14在2019年。财务指导爱奇艺预计2021年第一季度的净收入总额将介于70.7亿元人民币（10.8亿美元） 和75.3亿元人民币（11.5亿美元），同比下降了8％至2％。该预测反映了爱奇艺当前和初步的观点，可能会发生变化。","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382967297,"gmtCreate":1613351637819,"gmtModify":1704879978941,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"………………","listText":"………………","text":"………………","images":[{"img":"https://static.tigerbbs.com/eb0b74b5ee70e20218d882d9ec47b582","width":"1125","height":"2121"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382967297","isVote":1,"tweetType":1,"viewCount":1642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":382964845,"gmtCreate":1613351520387,"gmtModify":1704879977321,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"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/382964845","repostId":"2111305003","repostType":4,"isVote":1,"tweetType":1,"viewCount":1712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382964984,"gmtCreate":1613351500148,"gmtModify":1704879976998,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"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/382964984","repostId":"2111070147","repostType":4,"repost":{"id":"2111070147","kind":"news","pubTimestamp":1613350823,"share":"https://ttm.financial/m/news/2111070147?lang=en_US&edition=fundamental","pubTime":"2021-02-15 09:00","market":"us","language":"zh","title":"The New Trouble of the \"Bull Market Queen\": More Money and Less Tickets? Scale itself is a problem.","url":"https://stock-news.laohu8.com/highlight/detail?id=2111070147","media":"华尔街见闻","summary":"“牛市女皇”Cathy Wood正面临幸福的烦恼——钱太多花不出去了。\n2月才过去半个月不到，木头姐的Ark基金规模就新增了70亿美金，几乎赶上了1月一个月新增的80亿美金。\n截至本周，Ark基金的规","content":"<p>Cathy Wood, the \"Queen of the Bull Market,\" is facing the dilemma of happiness—she has too much money to spend.</p><p>Less than half a month after February, Sister Wood's Ark fund has already grown by $7 billion, almost catching up with the $8 billion added in January alone.</p><p>As of this week, the size of the Ark fund has soared to $58 billion. In January of last year, the total value of all Ark products was only $3.5 billion.</p><p>In other words, over the past year, Sister Wood has increased the size of the Ark fund 15 times thanks to her outstanding performance, which is simply a miracle.</p><p>ETF expert Balchunas even optimistically predicts that Ark's capital inflows this year are expected to reach $136 billion, although many believe this is unlikely to happen.</p><p><h2>Scale itself is a problem.</h2>However, the rapid expansion of the fund's size caught Sister Mutou completely off guard; the size itself is a problem.</p><p>When the fund size is small, Ark can freely choose the industries and companies they like without worrying about market capacity or the impact of its own size.</p><p>However, as the fund grew, Ark gradually faced the dilemma of having too much money but too few tickets. There are only so many stocks on the market that I have my eye on. Ark's style of investing in innovative companies also means that the size of the stocks it targets is often not large.</p><p>The influx of billions, even tens of billions, into these innovative companies is enough to drive up their stock prices, and how to exit them in the future is even more troublesome.</p><p>How to invest the continuous influx of funds not only tests Sister Wood's judgment, but also Ark Fund's trading skills.</p><p>According to data compiled by Bloomberg, Ark Fund already owns more than 10% of the equity in at least 24 companies.</p><p>Fortunately, judging from the situation last year, the rapid expansion in scale did not bring too many negative factors to Ark. All five of Ark's actively managed funds achieved returns exceeding 100%. During this period, ARKK successfully bet on...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Its return reached as high as 164%, surpassing that of US stocks.</p><p>In a recent study, Saxo Bank analyst Peter Garnry stated that as Ark funds grow in size, they will face two potential risks:</p><p>First, Ark funds have a growing potential impact on the market, and funds from Ark have fueled the biotechnology boom in the past few years. Once Ark funds begin to withdraw, the valuations of related sectors face the risk of plummeting.</p><p>Second, once the tide recedes and the stock price of the company Ark invests in begins to fall, the current positive feedback of \"stock price rise - scale increase\" will turn into negative feedback.</p><p><h2>Ark's journey is to the stars and the sea.</h2>However, a mere few tens of billions of dollars doesn't seem to be enough to bother Sister Wood too much.</p><p>Sister Wood also addressed market concerns about its size in an online discussion this week. She pointed out that the market capitalization of many of the companies Ark has acquired has expanded rapidly, which helps alleviate concerns about fund size. Moreover, the current booming IPO market and the prosperity of SPAC backdoor listings have provided Ark with more investment options.</p><p>More importantly, Sister Wood has already set her sights on a wider range of fields beyond Tesla. In her latest 2021 annual investment report, Sister Mutou led her Ark research team to propose 15 ambitious and promising investment themes, covering not only the well-known Bitcoin, electric vehicles, and autonomous driving, but also deep learning, next-generation gene sequencing, data center reinvention, and virtual worlds.</p><p>Wall Street Insights has compiled a detailed translation of ARK's annual report. Interested readers can click here to view: \"Looking for the Next Tesla Surge Miracle! ARK's 'Bull Market Queen' Major Report: 15 Top Investment Opportunities in the Year of the Ox (Full Version)\".</p><p>In Ark's view, these themes are not only themes that can be focused on this year, but also have huge market and investment potential in the coming years. For example, they believe that deep learning will add $30 trillion to the market capitalization of global stock markets over the next 15-20 years.</p><p>They anticipate that highly innovative and disruptive developments may or are occurring in certain areas. Among them, Bitcoin may usher in a new era with institutional investment as the main force, the data center industry is undergoing a revolutionary technological revolution, digital wallets will fundamentally shake the position of traditional banks worldwide, and electric vehicle sales will increase 20 times...</p><p><b>In Sister Wood's view, humanity is on the eve of a new technological explosion. The continuous influx of funds from investors will provide Ark with more ammunition, and she is ready to roll up her sleeves and go all out.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The New Trouble of the \"Bull Market Queen\": More Money and Less Tickets? Scale itself is a problem.</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 New Trouble of the \"Bull Market Queen\": More Money and Less Tickets? Scale itself is a problem.\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\">2021-02-15 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cathy Wood, the \"Queen of the Bull Market,\" is facing the dilemma of happiness—she has too much money to spend.</p><p>Less than half a month after February, Sister Wood's Ark fund has already grown by $7 billion, almost catching up with the $8 billion added in January alone.</p><p>As of this week, the size of the Ark fund has soared to $58 billion. In January of last year, the total value of all Ark products was only $3.5 billion.</p><p>In other words, over the past year, Sister Wood has increased the size of the Ark fund 15 times thanks to her outstanding performance, which is simply a miracle.</p><p>ETF expert Balchunas even optimistically predicts that Ark's capital inflows this year are expected to reach $136 billion, although many believe this is unlikely to happen.</p><p><h2>Scale itself is a problem.</h2>However, the rapid expansion of the fund's size caught Sister Mutou completely off guard; the size itself is a problem.</p><p>When the fund size is small, Ark can freely choose the industries and companies they like without worrying about market capacity or the impact of its own size.</p><p>However, as the fund grew, Ark gradually faced the dilemma of having too much money but too few tickets. There are only so many stocks on the market that I have my eye on. Ark's style of investing in innovative companies also means that the size of the stocks it targets is often not large.</p><p>The influx of billions, even tens of billions, into these innovative companies is enough to drive up their stock prices, and how to exit them in the future is even more troublesome.</p><p>How to invest the continuous influx of funds not only tests Sister Wood's judgment, but also Ark Fund's trading skills.</p><p>According to data compiled by Bloomberg, Ark Fund already owns more than 10% of the equity in at least 24 companies.</p><p>Fortunately, judging from the situation last year, the rapid expansion in scale did not bring too many negative factors to Ark. All five of Ark's actively managed funds achieved returns exceeding 100%. During this period, ARKK successfully bet on...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Its return reached as high as 164%, surpassing that of US stocks.</p><p>In a recent study, Saxo Bank analyst Peter Garnry stated that as Ark funds grow in size, they will face two potential risks:</p><p>First, Ark funds have a growing potential impact on the market, and funds from Ark have fueled the biotechnology boom in the past few years. Once Ark funds begin to withdraw, the valuations of related sectors face the risk of plummeting.</p><p>Second, once the tide recedes and the stock price of the company Ark invests in begins to fall, the current positive feedback of \"stock price rise - scale increase\" will turn into negative feedback.</p><p><h2>Ark's journey is to the stars and the sea.</h2>However, a mere few tens of billions of dollars doesn't seem to be enough to bother Sister Wood too much.</p><p>Sister Wood also addressed market concerns about its size in an online discussion this week. She pointed out that the market capitalization of many of the companies Ark has acquired has expanded rapidly, which helps alleviate concerns about fund size. Moreover, the current booming IPO market and the prosperity of SPAC backdoor listings have provided Ark with more investment options.</p><p>More importantly, Sister Wood has already set her sights on a wider range of fields beyond Tesla. In her latest 2021 annual investment report, Sister Mutou led her Ark research team to propose 15 ambitious and promising investment themes, covering not only the well-known Bitcoin, electric vehicles, and autonomous driving, but also deep learning, next-generation gene sequencing, data center reinvention, and virtual worlds.</p><p>Wall Street Insights has compiled a detailed translation of ARK's annual report. Interested readers can click here to view: \"Looking for the Next Tesla Surge Miracle! ARK's 'Bull Market Queen' Major Report: 15 Top Investment Opportunities in the Year of the Ox (Full Version)\".</p><p>In Ark's view, these themes are not only themes that can be focused on this year, but also have huge market and investment potential in the coming years. For example, they believe that deep learning will add $30 trillion to the market capitalization of global stock markets over the next 15-20 years.</p><p>They anticipate that highly innovative and disruptive developments may or are occurring in certain areas. Among them, Bitcoin may usher in a new era with institutional investment as the main force, the data center industry is undergoing a revolutionary technological revolution, digital wallets will fundamentally shake the position of traditional banks worldwide, and electric vehicle sales will increase 20 times...</p><p><b>In Sister Wood's view, humanity is on the eve of a new technological explosion. The continuous influx of funds from investors will provide Ark with more ammunition, and she is ready to roll up her sleeves and go all out.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3620343\">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/fca8fb46987dd44f23033bff8816eaa7","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://wallstreetcn.com/articles/3620343","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2111070147","content_text":"“牛市女皇”Cathy Wood正面临幸福的烦恼——钱太多花不出去了。\n2月才过去半个月不到，木头姐的Ark基金规模就新增了70亿美金，几乎赶上了1月一个月新增的80亿美金。\n截至本周，Ark基金的规模已经飙升至580亿美元。而在去年1月，Ark旗下所有产品的规模才35亿美元。\n也就是说，在过去一年多的时间里，木头姐凭借其优异的业绩，让Ark基金规模已经增长了15倍，这简直是一个奇迹。\nETF基金专家Balchunas甚至乐观地预计，Ark今年的资金流入规模有望达到1360亿美元，尽管很多人认为这不太可能实现。\n规模本身就是个问题\n不过基金规模如此迅速的膨胀也让木头姐始料未及，规模本身就是个问题。\n在基金规模小的时候，Ark可以随心所欲的选择他们看中的行业和公司，无须担心市场容量和自身体量影响。\n但随着基金规模的日益壮大，Ark也逐渐面临了钱多票少的困境。市面上看中的股票就只有这么多。Ark投资创新型公司的风格，也使得其看中的股票体量往往不大。\n数十亿、甚至数百亿资金涌入这些创新型公司，本身就足以抬升股价，未来如何退出更是令人头疼。\n怎么把源源不断涌入的资金投出去，不仅考验木头姐的眼光，更考验Ark基金的操盘技巧。\n据彭博综合的数据，Ark基金已经至少拥有24家公司10%以上的股权。\n好在从去年一年的情况来看，规模的迅速膨胀并没有为Ark带来太多负面因素。Ark旗下的五只主动基金收益率全部超过100%，期间基金ARKK由于成功押注特斯拉，收益率更是高达164%，傲视美股。\n盛宝银行分析师Peter Garnry在最近研究中称，随着规模越来越大，Ark基金将面临两个潜在风险：\n第一，Ark基金对市场的潜在影响越来越大，过去几年来自Ark的基金助长了生物科技的热潮。一旦Ark资金开始退出，相关板块估值价格面临跳水风险。\n第二，一旦潮水褪去，Ark投资的公司股价开始下跌，那么当前的“股价上涨-规模增加”的正反馈将转为负反馈。\nArk的征途是星辰大海\n不过，区区几百亿美金似乎还不足以让木头姐感到太烦恼。\n对此市场对其规模的担忧，木头姐在本周的网上讨论中也做了回应。她指出，Ark购买的许多公司的市值规模迅速扩大，这有助于缓解大家对于基金规模的担忧。而且目前IPO市场火爆和SPAC借壳上市的兴旺也为Ark提供了更多投资选择。\n更重要的是，木头姐早已将眼光投向了特斯拉以外更广阔的领域。在最新发布的2021年年度投资报告中，木头姐带领她的Ark研究团队提出了15个宏大而前景广阔的投资主题，涉及的领域除了为人熟知的比特币、电动车、无人驾驶之外，还包括深度学习、新一代基因测序、数据中心再创造、虚拟世界等。\n华尔街见闻详细翻译整理了Ark的这篇年度报告，有兴趣的读者可以点击这里查看：《寻找下一个特斯拉暴涨奇迹！ARK“牛市女皇”重磅报告：牛年15大投资机会（完整版）》。\n在Ark看来，这些主题不仅仅是今年可以重点关注的主题，还在未来数年都拥有巨大的市场以及投资空间。比如，他们认为，深度学习将在未来15-20年里为全球股票市场增加30万亿美元的市值。\n他们预计某些领域可能将要或者正在出现极具创新力的颠覆性进展。其中，比特币可能迎来以机构作为投资主力的全新时代，数据中心产业正在经历一场翻天覆地式的技术革命，数字钱包将从根本上撼动全世界传统银行的地位，而电动车的销量将暴增20倍……\n在木头姐看来，人类正处在新一轮技术大爆炸的前夜。投资者源源不断涌入的资金将为Ark提供更多弹药，她已经准备好撸起袖子大干一场。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386446215,"gmtCreate":1613265187637,"gmtModify":1704879614809,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PSAC\">$Property Solutions Acquisition Corp(PSAC)$</a>??","listText":"<a href=\"https://laohu8.com/S/PSAC\">$Property Solutions Acquisition Corp(PSAC)$</a>??","text":"$Property Solutions Acquisition Corp(PSAC)$??","images":[{"img":"https://static.tigerbbs.com/e9e86906eb8d5282455397db1b494e26","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386446215","isVote":1,"tweetType":1,"viewCount":2167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":386448613,"gmtCreate":1613265020932,"gmtModify":1704879613340,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"title":"","htmlText":"……","listText":"……","text":"……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386448613","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1612233347,"share":"https://ttm.financial/m/news/1140942389?lang=en_US&edition=fundamental","pubTime":"2021-02-02 10:35","market":"sg","language":"zh","title":"Reminder: A list of major market closures during the Spring Festival holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。$老虎证券$祝您及家人新春快乐，牛年大吉！2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore Market:</b></p><p>Half-day trading on Thursday, February 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and February 12, 2021.</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 list of major market closures during the Spring Festival holiday.</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 list of major market closures during the Spring Festival holiday.\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\">2021-02-02 10:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore Market:</b></p><p>Half-day trading on Thursday, February 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and February 12, 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。老虎证券祝您及家人新春快乐，牛年大吉！春节期间各地股市休市安排如下：(均为当地时间）美股：2月15日（星期一）因美国总统日全天休市。港股：2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月16日（星期二）起照常开市。A股：2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。沪、深股通：2月11日（星期四）至2月17日（星期三）关闭；2月18日（星期四）起照常开通。港股通：2月9日（星期二）至2月17日（星期三）关闭服务，2月18日（星期四）起照常开通。英股：照常交易澳股：照常交易新加坡市场：2月11日（星期四）交易半日。2月12日（星期五）全天休市。期货市场：HKEX下美元黄金、指数类货于2月11日12：30休市，个股期货于2月11日12：00休市；指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12：00（北京时间16日凌晨02:00）提前休市；活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386448864,"gmtCreate":1613265005158,"gmtModify":1704879613502,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"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/386448864","repostId":"1178592309","repostType":4,"repost":{"id":"1178592309","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1613261148,"share":"https://ttm.financial/m/news/1178592309?lang=en_US&edition=fundamental","pubTime":"2021-02-14 08:05","market":"us","language":"zh","title":"Does the soaring US stock market hide these two risks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1178592309","media":"英为财情Investing","summary":"在华盛顿可能推出的最新刺激计划利好下，美股连连报喜。然而，随着估值来到历史高位，长期美债收益率也持续上升，而且美元也持续走强。最近华尔街似乎出现了令人担忧的迹象。\n美元走强，周期股下跌：美股后市堪忧？","content":"<p>US stocks have reported a series of positive results, benefiting from the latest stimulus package that Washington may launch. However, as valuations reached historical highs, long-term US Treasury yields continued to rise, and the US dollar continued to strengthen. Recently, there seem to be worrying signs on Wall Street.</p><p><b>Dollar strengthens, cyclical stocks fall: Is the future of US stocks worrying?</b></p><p>On the one hand, the US dollar is rising, and on the other hand, cyclical sectors sensitive to the economy, such as industrial stocks and the financial sector, have recently underperformed the broader market.</p><p>According to data from Investing.com, the the US Dollar Index has risen by 1.46% since January 6th, while the Industrial Select Sector SPDR has also risen. ® Fund (NYSE:XLI) and Banking Sector SPDR ® S&P Bank ETF (NYSE:KBE) Their performance lagged behind the S&P 500 by 4 percentage points and 0.1 percentage points, respectively.</p><p><img src=\"https://static.tigerbbs.com/d5cb6fe4fd755523d4e77103571d70e2\" tg-width=\"387\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Comparison chart of XLI, KBE, SPY, and DXY, from Investing.com.</p><p>Typically, when the dollar strengthens, the overall stock market performance is relatively weak, because this means that global investors anticipate a weaker global economic outlook and are turning to safe-haven assets.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>In a report, strategists wrote that if the U.S. strengthens significantly this year, it will, to some extent, run counter to our bullish stock market expectations.</p><p>However, the current situation is quite special. Unlike past safe-haven demand, the current strength of the US dollar is more likely because the US economic recovery in the \"post-pandemic\" era is stronger than that of other European and American countries. Therefore, the US interest rate is expected to rise faster than other countries in the next few years, resulting in strong demand for the US dollar.</p><p>All of this contributes to the strong performance of cyclical stocks.</p><p>Dennis DeBusschere, head of portfolio strategy research at Evercore, wrote in a report, \"If we assume that a stronger dollar is based on improved growth prospects, then weak cyclical stocks caused by a stronger dollar represent buying opportunities.\"</p><p>Yung Yu Ma, chief investment strategist at BMO Wealth Management, also pointed out: \"Don't sell cyclical stocks now just because the dollar is strong; industrial and financial stocks will perform well in the future.\"</p><p>Some investors may think that industrial and financial stocks are not the best-performing sectors in the market, but in fact, according to market data from Investing.com, these two sectors have performed remarkably well since September 23. At that time, the new round of rise in the US stock market depended on investors buying assets that would benefit from a strong economy. Among them, the Industrial Select Sector SPDR Fund rose 19%, and the SPDR S&P Bank ETF rose a cumulative 65%.</p><p><b>What does rising interest rates mean for US stocks?</b></p><p>According to market information from Investing.com, the interest rates for the 10-year and 30-year Treasury Bond in the United States have reached 1.19% and 1.94% respectively.</p><p><img src=\"https://static.tigerbbs.com/6c0461f1f42c4f71a26bc9e2c3d0a508\" tg-width=\"553\" tg-height=\"447\" referrerpolicy=\"no-referrer\">Trends in US 30-year yields, from Investing.com</p><p>Although, boosted by optimistic expectations for the future prospects of the US economy, the overnight US 30-year interest rate continued to rise, once exceeding 2%. However, overall, interest rates remain at historically low levels.</p><p>Generally speaking, interest rates and valuations are inversely related, and rising real interest rates often depress the valuation level of US stocks. If real interest rates fall, the valuation level of US stocks will rise. Interest rates are typically influenced by the U.S. economy itself and the Federal Reserve's monetary policy.</p><p>First, the possibility of Federal Reserve rate hike is unlikely in the short term. Inflation is currently far below the Federal Reserve's 2% target, and new CPI data will be released on Wednesday, so investors need to pay close attention. In addition, the non-farm payroll data released last Friday did not satisfy the market, which is expected to prompt the government to introduce more stimulus policies and also provide data support for the Federal Reserve's continued easing.</p><p>However, although the US economy is still in the early stages of recovery and there is no overheating, the probability of Federal Reserve rate hike is low. However, the market remains closely watching the timing of the Federal Reserve's exit from QE. The market situation at this time was similar to that after the subprime mortgage crisis. At that time, although the US economy had not yet recovered, a large amount of hot money flowed into the stock market, which exacerbated market risks. Subsequently, the Federal Reserve gradually withdrew from QE. If this happens again, interest rates will continue to rise, and cyclical industries will also experience a significant correction.</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>Does the soaring US stock market hide these two risks?</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\">\nDoes the soaring US stock market hide these two risks?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-02-14 08:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>US stocks have reported a series of positive results, benefiting from the latest stimulus package that Washington may launch. However, as valuations reached historical highs, long-term US Treasury yields continued to rise, and the US dollar continued to strengthen. Recently, there seem to be worrying signs on Wall Street.</p><p><b>Dollar strengthens, cyclical stocks fall: Is the future of US stocks worrying?</b></p><p>On the one hand, the US dollar is rising, and on the other hand, cyclical sectors sensitive to the economy, such as industrial stocks and the financial sector, have recently underperformed the broader market.</p><p>According to data from Investing.com, the the US Dollar Index has risen by 1.46% since January 6th, while the Industrial Select Sector SPDR has also risen. ® Fund (NYSE:XLI) and Banking Sector SPDR ® S&P Bank ETF (NYSE:KBE) Their performance lagged behind the S&P 500 by 4 percentage points and 0.1 percentage points, respectively.</p><p><img src=\"https://static.tigerbbs.com/d5cb6fe4fd755523d4e77103571d70e2\" tg-width=\"387\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Comparison chart of XLI, KBE, SPY, and DXY, from Investing.com.</p><p>Typically, when the dollar strengthens, the overall stock market performance is relatively weak, because this means that global investors anticipate a weaker global economic outlook and are turning to safe-haven assets.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>In a report, strategists wrote that if the U.S. strengthens significantly this year, it will, to some extent, run counter to our bullish stock market expectations.</p><p>However, the current situation is quite special. Unlike past safe-haven demand, the current strength of the US dollar is more likely because the US economic recovery in the \"post-pandemic\" era is stronger than that of other European and American countries. Therefore, the US interest rate is expected to rise faster than other countries in the next few years, resulting in strong demand for the US dollar.</p><p>All of this contributes to the strong performance of cyclical stocks.</p><p>Dennis DeBusschere, head of portfolio strategy research at Evercore, wrote in a report, \"If we assume that a stronger dollar is based on improved growth prospects, then weak cyclical stocks caused by a stronger dollar represent buying opportunities.\"</p><p>Yung Yu Ma, chief investment strategist at BMO Wealth Management, also pointed out: \"Don't sell cyclical stocks now just because the dollar is strong; industrial and financial stocks will perform well in the future.\"</p><p>Some investors may think that industrial and financial stocks are not the best-performing sectors in the market, but in fact, according to market data from Investing.com, these two sectors have performed remarkably well since September 23. At that time, the new round of rise in the US stock market depended on investors buying assets that would benefit from a strong economy. Among them, the Industrial Select Sector SPDR Fund rose 19%, and the SPDR S&P Bank ETF rose a cumulative 65%.</p><p><b>What does rising interest rates mean for US stocks?</b></p><p>According to market information from Investing.com, the interest rates for the 10-year and 30-year Treasury Bond in the United States have reached 1.19% and 1.94% respectively.</p><p><img src=\"https://static.tigerbbs.com/6c0461f1f42c4f71a26bc9e2c3d0a508\" tg-width=\"553\" tg-height=\"447\" referrerpolicy=\"no-referrer\">Trends in US 30-year yields, from Investing.com</p><p>Although, boosted by optimistic expectations for the future prospects of the US economy, the overnight US 30-year interest rate continued to rise, once exceeding 2%. However, overall, interest rates remain at historically low levels.</p><p>Generally speaking, interest rates and valuations are inversely related, and rising real interest rates often depress the valuation level of US stocks. If real interest rates fall, the valuation level of US stocks will rise. Interest rates are typically influenced by the U.S. economy itself and the Federal Reserve's monetary policy.</p><p>First, the possibility of Federal Reserve rate hike is unlikely in the short term. Inflation is currently far below the Federal Reserve's 2% target, and new CPI data will be released on Wednesday, so investors need to pay close attention. In addition, the non-farm payroll data released last Friday did not satisfy the market, which is expected to prompt the government to introduce more stimulus policies and also provide data support for the Federal Reserve's continued easing.</p><p>However, although the US economy is still in the early stages of recovery and there is no overheating, the probability of Federal Reserve rate hike is low. However, the market remains closely watching the timing of the Federal Reserve's exit from QE. The market situation at this time was similar to that after the subprime mortgage crisis. At that time, although the US economy had not yet recovered, a large amount of hot money flowed into the stock market, which exacerbated market risks. Subsequently, the Federal Reserve gradually withdrew from QE. If this happens again, interest rates will continue to rise, and cyclical industries will also experience a significant correction.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178592309","content_text":"在华盛顿可能推出的最新刺激计划利好下，美股连连报喜。然而，随着估值来到历史高位，长期美债收益率也持续上升，而且美元也持续走强。最近华尔街似乎出现了令人担忧的迹象。\n美元走强，周期股下跌：美股后市堪忧？\n一方面美元走高，另一方面对经济敏感的周期性板块，如工业股和金融行业等，近期股价表现逊于大盘。\n根据英为财情Investing.com的行情数据显示，1月6日以来，美元指数累计上涨了1.46%，而与此同时，工业板块Industrial Select Sector SPDR® Fund (NYSE:XLI)和银行板块SPDR® S&P Bank ETF (NYSE:KBE)的走势分别落后标普500指数4个百分点和0.1个百分点。\n\nXLI、KBE、SPY、DXY走势对比图，来自英为财情Investing.com\n通常情况下，美元走强时，股市整体表现会较为弱势，因为这意味着全球投资者预期全球经济前景走软，并且纷纷转向了避险资产。摩根大通的策略师在一份报告中写道，如果美国今年明显走强，在某种程度上，这将会和我们看涨股市的预期背道而驰。\n不过，眼下的情况比较特殊，不同以往的避险需求，美元此刻走强更像是因为美国经济在“后疫情”时代的复苏要强于欧美其他国家，因此美国未来几年的利率上升速度预期快于其他国家，所以美元需求旺盛。\n这一切都有助于周期性股票的强劲表现。\nEvercore的投资组合策略研究主管Dennis DeBusschere在一份报告中写道，\"如果假设美元走强是基于增长前景改善，那么，在美元走强而导致的周期性股票表现疲弱时，则代表的是买入机会。\"\nBMO财富管理首席投资策略师Yung Yu Ma也指出：“现在不要因为美元走强而抛售周期性的股票，工业和金融类股后市将表现良好。”\n有一些投资者可能会认为工业股和金融股并非市场中表现最好的板块，但是，事实上，根据英为财情Investing.com的行情数据显示，9月23日以来，这两个板块的表现可圈可点。彼时，美国股市的新一轮上涨，就有赖于投资者纷纷买入那些会受益于经济走强的资产。其中，Industrial Select Sector SPDR Fund上涨19%，SPDR S&P Bank ETF更是累计上涨了65%。\n利率上行对美股意味着什么?\n根据英为财情Investing.com的行情信息显示，目前美国十年期和30年期国债的利率已经来到1.19%和1.94%的水平。\n美国30年期收益率走势，来自英为财情Investing.com\n虽然，受到对美国经济后市前景的乐观预期助推，隔夜美国三十年期利率持续走高，一度突破2%。但是总体而言，目前利率仍然处于历史低位。\n一般来说，利率和估值呈现的是反向关系，实际利率的走高往往会压低美股的估值水平。而如果实际利率下行，美股的估值水平会升高。而利率通常受到美国经济本身和美联储的货币政策影响。\n首先，短期内，美联储加息的可能性不大。目前通胀水平远不及美联储设定的2%，周三将会有新的CPI数据公布，投资者也需要密切关注。另外，上周五公布的非农数据并不让市场满意，这有望让政府出台更多刺激政策的同时，也会为美联储持续宽松提供数据支撑。\n不过，虽然美国经济尚处于复苏初期，不存在过热的情况，美联储加息的概率较低。但是市场仍然密切关注美联储退出QE的时机。此时市场和次贷危机后的情况有所类似，彼时，虽然美国经济仍未恢复，但是大量热钱涌入股票市场，导致市场风险加剧，随后，美联储巡捕逐渐退出QE。如果这样的情况再次发生，利率持续上行，周期性行业也会出现大幅回调的情况。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":386631860,"gmtCreate":1613168851750,"gmtModify":1704879132824,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/WOOF\">$Petco Health and Wellness Company, Inc.(WOOF)$</a>?","listText":"<a href=\"https://laohu8.com/S/WOOF\">$Petco Health and Wellness Company, Inc.(WOOF)$</a>?","text":"$Petco Health and Wellness Company, Inc.(WOOF)$?","images":[{"img":"https://static.tigerbbs.com/52ff255e3b3039a0aae031e9f35a978e","width":"1284","height":"2457"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386631860","isVote":1,"tweetType":1,"viewCount":1996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":617588432408840,"gmtCreate":1791757354615,"gmtModify":1791757356919,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/MU 20261012 1005.0 PUT\">$MU 20261012 1005.0 PUT$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/MU 20261012 1005.0 PUT\">$MU 20261012 1005.0 PUT$</a>&nbsp;","text":"$MU 20261012 1005.0 PUT$","images":[{"img":"https://community-static.tradeup.com/news/422f8561e9addff34be76af4cc880851","width":"1074","height":"1644"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/617588432408840","isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":386448613,"gmtCreate":1613265020932,"gmtModify":1704879613340,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"title":"","htmlText":"……","listText":"……","text":"……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386448613","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1612233347,"share":"https://ttm.financial/m/news/1140942389?lang=en_US&edition=fundamental","pubTime":"2021-02-02 10:35","market":"sg","language":"zh","title":"Reminder: A list of major market closures during the Spring Festival holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。$老虎证券$祝您及家人新春快乐，牛年大吉！2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore Market:</b></p><p>Half-day trading on Thursday, February 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and February 12, 2021.</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 list of major market closures during the Spring Festival holiday.</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\">\nReminder: A list of major market closures during the Spring Festival holiday.\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\">2021-02-02 10:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore Market:</b></p><p>Half-day trading on Thursday, February 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and February 12, 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。老虎证券祝您及家人新春快乐，牛年大吉！春节期间各地股市休市安排如下：(均为当地时间）美股：2月15日（星期一）因美国总统日全天休市。港股：2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月16日（星期二）起照常开市。A股：2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。沪、深股通：2月11日（星期四）至2月17日（星期三）关闭；2月18日（星期四）起照常开通。港股通：2月9日（星期二）至2月17日（星期三）关闭服务，2月18日（星期四）起照常开通。英股：照常交易澳股：照常交易新加坡市场：2月11日（星期四）交易半日。2月12日（星期五）全天休市。期货市场：HKEX下美元黄金、指数类货于2月11日12：30休市，个股期货于2月11日12：00休市；指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12：00（北京时间16日凌晨02:00）提前休市；活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":617244594037160,"gmtCreate":1791675010467,"gmtModify":1791675011861,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"title":"","htmlText":"<a 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