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LittleGuiLin

LittleGuiLin

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2021-06-04

Why smoking is still a thing

E-cigarette giant Shui Ni! Smoore International plunged nearly 11% in the short term.

2021-06-03

$Opera(OPRA)$Come back please

2021-06-03

Don’t think Musk attention is on Tesla now. Hence it sinks. Like other meme

Sorry, the original content has been removed

2021-06-03

Institute always win.

Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.

2021-06-02

Meanwhile, just 1 month ago everyone was talking as if oil and other fossil energy is already the past.

Resource stocks are on a roll! International oil prices have returned to $70, and global market supply is in short supply?

2021-06-02

Didn’t US just sold several billion dollars of confiscated Iranian oil?

How will rising crude oil prices affect inflation and global manufacturers?

2021-06-02

Yet, Taiwan still suffers electricity frequent blackout and water shortages. Both are very troubling for TSMC production.

TSMC's 4-nanometer process technology will begin trial production ahead of schedule in the third quarter.

2021-06-01

$Opera(OPRA)$still waiting for comeback

2021-06-01

Best strategy: ask people for 3rd child.

A-share investment strategy for the second half of the year: downplay cyclical thinking and focus on growth and consumption.

2021-05-31

HSBC needs to replace its all British management team and drop the arrogance

HSBC "tail break"

2021-05-29

Gov is leading the financial market

The latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities

2021-05-29

Weilong is super unhealthy

Sorry, the original content has been removed

2021-05-28

Meme stock still wins

Opening: All three major indices opened higher, with AMC Cinemas rising 20%.

2021-05-27

$Opera(OPRA)$Just in the abyss

2021-05-27

India Ant Finance?

Bloomberg: Indian payments giant Paytm plans $3 billion IPO

2021-05-26

I like this

2021-05-26

Better go HKeX

Sorry, the original content has been removed

2021-05-26

Yes please!

Barclays: The US medical device industry may usher in a new upward cycle.

2021-05-25

Musk is good at dancing round and manipulating price

Musk unleashes his power again! One sentence sent Bitcoin towards $40,000

2021-05-25

Chinese companies are ahead in podcast monetization, compared to Spotify, Apple and others.

SoundNet's Q1 revenue increased by 13.1% year-over-year, with a net loss of US$14.691 million.

Go to Tiger App to see more news

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However, in the long term, the direction of domestic policies will inevitably affect Smoore International's growth potential.</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>E-cigarette giant Shui Ni! 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Smoore International plunged nearly 11% in the short term.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-04 13:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 4, Hong Kong-listed e-cigarette giants<a href=\"https://laohu8.com/S/06969\">Smoore International</a>The stock price plummeted in the afternoon and is currently down nearly 11%.</p><p><img src=\"https://static.tigerbbs.com/2cb399b33f3816c05fda671e717e8918\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, the National Health Commission and the WHO Representative Office in China jointly released the \"Report on the Health Hazards of Smoking in China 2020\" (hereinafter referred to as the \"Report\"), stating that \"there is sufficient evidence that e-cigarettes are unsafe and can harm health.\"</p><p>As China's first e-cigarette listed company, Smoore International once achieved a 64-fold return in 28 months, with its market capitalization approaching the HK$500 billion mark.</p><p>Since the main uncertainty in the e-cigarette industry comes from the government, Smoore International has partnered with China Tobacco to mitigate policy risks. At the same time, it has reached cooperation agreements with globally renowned e-cigarette brands such as Ruike and Japan Tobacco by leveraging its superior technology. Therefore, Smoore International is undoubtedly at the forefront of the trend.</p><p>However, this \"regulatory storm\" has put Smoore International in a difficult position. For the brand itself, the release of this report seems to have already been sentenced to \"life imprisonment,\" and it remains to be seen when it will make a comeback. However, as a contract manufacturer with core technologies, turning its export business into its main business may be a temporary choice. According to the company's 2020 financial report, Smoore International's overseas revenue accounted for 29.9%.</p><p>Standing at the upstream of the industry, Smoore International faces policy regulation. In the short term, the impact of domestic policies is indeed limited given that foreign revenue is the main source of income. However, in the long term, the direction of domestic policies will inevitably affect Smoore International's growth potential.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101429554","content_text":"6月4日，港股电子烟巨头思摩尔国际午后短线跳水，现跌近11%。此前国家卫健委和世卫组织驻华代表处共同发布《中国吸烟危害健康报告2020》（下称《报告》）称，“有充分证据表明电子烟是不安全的，会对健康产生危害”。作为中国电子烟第一股，思摩尔国际曾用28个月实现64倍的造福神话，市值直逼5000亿港元大关。由于电子烟领域的主要不确定性来自于政府，思摩尔国际与中烟合作借此规避政策风险，同时凭借其过硬技术与锐刻、日烟等全球知名电子烟品牌商达成合作，因此思摩尔国际无疑是走在潮头之列。但此次的“监管风暴”让思摩尔国际犯了难。对于品牌本身来说，此报告的公布似乎是已被判“无期徒刑”，何时逆袭还遥遥无期，但作为拥有核心科技的代工厂，其出口业务转为主营业务或将成为暂时性选择，据公司2020年财报显示，思摩尔国际的国外收入占比为29.9%。站在行业上游的思摩尔国际，面对政策监管，从短期看，以国外收入为主的情况下国内政策影响的确有限，但从长期看，国内政策走向势必影响思摩尔国际的增长空间。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":6109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118033850,"gmtCreate":1622706942470,"gmtModify":1704189311119,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OPRA\">$Opera(OPRA)$</a>Come back please","listText":"<a href=\"https://laohu8.com/S/OPRA\">$Opera(OPRA)$</a>Come back please","text":"$Opera(OPRA)$Come back please","images":[{"img":"https://static.tigerbbs.com/f185e30c2f5d8eeb256bc5a7067a8d26","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118033850","isVote":1,"tweetType":1,"viewCount":4651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":118030741,"gmtCreate":1622706842183,"gmtModify":1704189309496,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Don’t think Musk attention is on Tesla now. Hence it sinks. Like other meme","listText":"Don’t think Musk attention is on Tesla now. Hence it sinks. Like other meme","text":"Don’t think Musk attention is on Tesla now. Hence it sinks. Like other meme","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118030741","repostId":"1165382466","repostType":4,"isVote":1,"tweetType":1,"viewCount":5046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118030309,"gmtCreate":1622706777501,"gmtModify":1704189308527,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Institute always win.&nbsp;","listText":"Institute always win.&nbsp;","text":"Institute always win.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118030309","repostId":"1159708995","repostType":4,"repost":{"id":"1159708995","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":1622705912,"share":"https://ttm.financial/m/news/1159708995?lang=en_US&edition=fundamental","pubTime":"2021-06-03 15:38","market":"us","language":"zh","title":"Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.","url":"https://stock-news.laohu8.com/highlight/detail?id=1159708995","media":"老虎资讯综合","summary":"Reddit散户无视AMC Entertainment Holdings Inc．财务困境和被严重做空的状况大举买入，推动其股价今年以来上涨了3000%左右。这家连锁院线公司也在趁机迎合这种“网红股”","content":"<p>Reddit retail investors have ignored AMC Entertainment Holdings Inc.'s financial difficulties and heavy short selling by buying heavily, driving its stock price up by about 3,000% this year. This chain cinema company is also taking the opportunity to cater to this phenomenon of \"internet celebrity stocks\".</p><p>The company announced Wednesday that it will reward retail investors with special screenings and free popcorn. A day earlier, AMC took advantage of its soaring stock price to raise $230 million by selling new shares to Mudrick Capital Management, one of its major creditors, in order to consolidate its financial position.</p><p>However, Mudrick immediately sold all of his AMC shares, making a substantial profit, and claimed that the company's stock price was severely overvalued. However, retail Reddit users do not agree with this view. Encouraged by AMC's appeal to retail investors, the stock surged 127% to a record intraday high on Wednesday, raising its market capitalization to approximately $33 billion, surpassing GameStop's market capitalization of approximately $20 billion.</p><p>“Many of our investors have shown support and confidence in AMC… After all, these are the people who own AMC, and I work for them,” AMC CEO Adam Aron said in a statement released Wednesday.</p><p>According to the statement, as of March 11, more than 3.2 million retail investors held AMC shares, exceeding 80% of its investor base. Aron spoke directly with many new retail investors during his quarterly conference call early last month, praising their enthusiasm and determination.</p><p>He then called on skeptical stock analysts to listen to these investors—\"look at what these people are writing.\"</p><p><img src=\"https://static.tigerbbs.com/2c3a8868864500565a4229b7111fafa6\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Fundamentals unchanged</b></p><p>Almost no American corporate executive has ever welcomed retail investors like Aron. However, almost no company has benefited from this group as much as AMC.</p><p>AMC was on the verge of bankruptcy a few months ago. However, retail investors determined to disrupt traditional corporate value models flooded in, pushing up AMC's stock price and making it a representative of internet celebrity stocks like GameStop. This frenzy has baffled Wall Street professionals.</p><p>“It’s clear that the fundamentals don’t support this level of common stock at all (but it makes sense to retail Reddit investors),” Mark Levin of Asterisk Advisors wrote in a report.</p><p>The surge in stock price has not changed the company's profit prospects. As the impact of the COVID-19 pandemic has not yet subsided, analysts have steadily lowered their EBITDA forecasts for the company, and currently expect AMC to lose nearly $100 million before interest, taxes, depreciation and amortization over the next 12 months.</p><p>AMC declined to comment.</p><p><img src=\"https://static.tigerbbs.com/142cec36bd99e4ac4f992c126628229b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>AMC's rising debt has also exacerbated its fundamental difficulties. The company's long-term liabilities rose to $5.4 billion as of the first quarter of this year, nearly tripling from less than $2 billion in 2016.</p><p><img src=\"https://static.tigerbbs.com/9cabcacae95b3553223887737cbd0a6b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Rare stock trading</b></p><p>Savvy investors like Mudrick see the surge in AMC's stock price as a unique opportunity to make quick money.</p><p>In the U.S. market, it is relatively rare to raise funds by selling shares to a single holder. It is almost unheard of for holders to sell shares immediately after purchasing them. In this context, Mudrick's role in AMC's stock offering is somewhat similar to that of an underwriter in a public offering.</p><p>Representative Mudrick declined to comment, and AMC did not respond to a request for comment.</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>Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.</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\">\nBehind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-03 15:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Reddit retail investors have ignored AMC Entertainment Holdings Inc.'s financial difficulties and heavy short selling by buying heavily, driving its stock price up by about 3,000% this year. This chain cinema company is also taking the opportunity to cater to this phenomenon of \"internet celebrity stocks\".</p><p>The company announced Wednesday that it will reward retail investors with special screenings and free popcorn. A day earlier, AMC took advantage of its soaring stock price to raise $230 million by selling new shares to Mudrick Capital Management, one of its major creditors, in order to consolidate its financial position.</p><p>However, Mudrick immediately sold all of his AMC shares, making a substantial profit, and claimed that the company's stock price was severely overvalued. However, retail Reddit users do not agree with this view. Encouraged by AMC's appeal to retail investors, the stock surged 127% to a record intraday high on Wednesday, raising its market capitalization to approximately $33 billion, surpassing GameStop's market capitalization of approximately $20 billion.</p><p>“Many of our investors have shown support and confidence in AMC… After all, these are the people who own AMC, and I work for them,” AMC CEO Adam Aron said in a statement released Wednesday.</p><p>According to the statement, as of March 11, more than 3.2 million retail investors held AMC shares, exceeding 80% of its investor base. Aron spoke directly with many new retail investors during his quarterly conference call early last month, praising their enthusiasm and determination.</p><p>He then called on skeptical stock analysts to listen to these investors—\"look at what these people are writing.\"</p><p><img src=\"https://static.tigerbbs.com/2c3a8868864500565a4229b7111fafa6\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Fundamentals unchanged</b></p><p>Almost no American corporate executive has ever welcomed retail investors like Aron. However, almost no company has benefited from this group as much as AMC.</p><p>AMC was on the verge of bankruptcy a few months ago. However, retail investors determined to disrupt traditional corporate value models flooded in, pushing up AMC's stock price and making it a representative of internet celebrity stocks like GameStop. This frenzy has baffled Wall Street professionals.</p><p>“It’s clear that the fundamentals don’t support this level of common stock at all (but it makes sense to retail Reddit investors),” Mark Levin of Asterisk Advisors wrote in a report.</p><p>The surge in stock price has not changed the company's profit prospects. As the impact of the COVID-19 pandemic has not yet subsided, analysts have steadily lowered their EBITDA forecasts for the company, and currently expect AMC to lose nearly $100 million before interest, taxes, depreciation and amortization over the next 12 months.</p><p>AMC declined to comment.</p><p><img src=\"https://static.tigerbbs.com/142cec36bd99e4ac4f992c126628229b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>AMC's rising debt has also exacerbated its fundamental difficulties. The company's long-term liabilities rose to $5.4 billion as of the first quarter of this year, nearly tripling from less than $2 billion in 2016.</p><p><img src=\"https://static.tigerbbs.com/9cabcacae95b3553223887737cbd0a6b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Rare stock trading</b></p><p>Savvy investors like Mudrick see the surge in AMC's stock price as a unique opportunity to make quick money.</p><p>In the U.S. market, it is relatively rare to raise funds by selling shares to a single holder. It is almost unheard of for holders to sell shares immediately after purchasing them. In this context, Mudrick's role in AMC's stock offering is somewhat similar to that of an underwriter in a public offering.</p><p>Representative Mudrick declined to comment, and AMC did not respond to a request for comment.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/765eea7b8efcd21c54c30bb5f35bff0d","relate_stocks":{"AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159708995","content_text":"Reddit散户无视AMC Entertainment Holdings Inc．财务困境和被严重做空的状况大举买入，推动其股价今年以来上涨了3000%左右。这家连锁院线公司也在趁机迎合这种“网红股”现象。\n该公司周三宣布将以特别放映和免费爆米花等手段奖励散户投资者。一天前，AMC借股价飙升之机向主要债权人之一Mudrick Capital Management出售新股筹资2.3亿美元，以巩固财务状况。\n不过Mudrick旋即就卖掉了所有AMC股票，获利颇丰，并称该公司股价被严重高估。但是Reddit散户并不认同这种观点。受到AMC迎合散户的鼓舞，该股周三一度飙升127%至盘中最高纪录，市值升至约330亿美元，超过GameStop约200亿美元的市值。\n“我们很多投资者都表现出对AMC的支持和信心……毕竟，这些人是AMC的所有者，而我为他们打工，”AMC首席执行官Adam Aron在周三发表的声明中表示。\n根据声明，截至3月11日，超过320万散户投资者持有AMC股票，超过其投资者基础的80%。Aron在上月初举行的季度电话会议上直接跟许多新散户投资者对话，赞扬他们的热情和决心。\n接着，他呼吁持怀疑态度的股票分析师听听这些投资者的心声--“看看这些人写的东西”。\n\n基本面未改\n几乎从未有哪个美国公司高管像Aron这样欢迎散户势力。不过也几乎没有哪个公司像AMC这样得益于这个群体。\nAMC几个月前还濒临破产。然而誓要颠覆传统公司价值模型的散户涌了进来，推升了AMC股价，使之成为像GameStop一样的网红股代表。这种狂热让华尔街专业人士困惑不已。\n“显然基本面是完全不支持这个普通股水平的（对Reddit散户来说却讲得通），”Asterisk Advisors的Mark Levin在报告中写道。\n股价大涨并没有改变该公司盈利前景。由于新冠疫情影响尚未消除，分析师稳步下调该公司息税折旧摊销前利润预期，目前预计AMC未来12个月息税折旧摊销前亏损近1亿美元。\nAMC不予置评。\n\nAMC负债上升也加剧了基本面困境。该公司截至今年一季度长期负债升至54亿美元，从2016年的不到20亿美元增长了近两倍。\n\n罕见的股票买卖\n像Mudrick这样精明的投资者把AMC股价飙升视为赚快钱的独特机会。\n在美国市场，通过向单一持有人出售股票筹资的情况相对少见。而持有人购买股票后立即抛售的情况更是几乎闻所未闻。在这种情况下，Mudrick在AMC发行股票中扮演的角色跟公开发行中承销商的角色有些相似。\nMudrick代表不予置评，AMC没有回应置评请求。","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":4821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113192381,"gmtCreate":1622596899643,"gmtModify":1704186998261,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Meanwhile, just 1 month ago everyone was talking as if oil and other fossil energy is already the past.","listText":"Meanwhile, just 1 month ago everyone was talking as if oil and other fossil energy is already the past.","text":"Meanwhile, just 1 month ago everyone was talking as if oil and other fossil energy is already the past.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113192381","repostId":"1147734278","repostType":4,"repost":{"id":"1147734278","kind":"news","pubTimestamp":1622594142,"share":"https://ttm.financial/m/news/1147734278?lang=en_US&edition=fundamental","pubTime":"2021-06-02 08:35","market":"fut","language":"zh","title":"Resource stocks are on a roll! International oil prices have returned to $70, and global market supply is in short supply?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147734278","media":"上海证券报","summary":"产油国预计市场或面临供应短缺问题，加上美国夏季驾驶季带来的燃料需求增加，国际油价在6月首个交易日“起飞”。\n布伦特原油价格重新回到每桶70美元关口上方，为3月以来最高。\n\n原油市场或面临供应短缺\n5月","content":"<p><div>Oil-producing countries anticipate that the market may face supply shortages, coupled with increased fuel demand brought about by the US summer driving season, causing international oil prices to \"take off\" on the first trading day of June. Brent crude oil prices have returned above the $70 per barrel mark, the highest since March. The crude oil market may face a supply shortage. Since May, international oil prices have fluctuated upwards, with Brent crude futures surging more than 4% to over $69 a barrel and U.S. light sweet crude futures rising more than 5% to around $67 a barrel. Entering June, international oil prices continued their upward trend. As of the close of trading on June 1, the price of light sweet crude oil futures for July delivery on the New York Mercantile Exchange...</p><p><a href=\"https://mp.weixin.qq.com/s/G7E8AAiQ2hgCV3Hco8u4Mw\">Web page link</a></div></p>","source":"shzqb","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>Resource stocks are on a roll! International oil prices have returned to $70, and global market supply is in short supply?</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\">\nResource stocks are on a roll! International oil prices have returned to $70, and global market supply is in short supply?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-06-02 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Oil-producing countries anticipate that the market may face supply shortages, coupled with increased fuel demand brought about by the US summer driving season, causing international oil prices to \"take off\" on the first trading day of June. Brent crude oil prices have returned above the $70 per barrel mark, the highest since March. The crude oil market may face a supply shortage. Since May, international oil prices have fluctuated upwards, with Brent crude futures surging more than 4% to over $69 a barrel and U.S. light sweet crude futures rising more than 5% to around $67 a barrel. Entering June, international oil prices continued their upward trend. As of the close of trading on June 1, the price of light sweet crude oil futures for July delivery on the New York Mercantile Exchange...</p><p><a href=\"https://mp.weixin.qq.com/s/G7E8AAiQ2hgCV3Hco8u4Mw\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/G7E8AAiQ2hgCV3Hco8u4Mw\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ef375710aa7a4298de56c8827d8139df","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/G7E8AAiQ2hgCV3Hco8u4Mw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147734278","content_text":"产油国预计市场或面临供应短缺问题，加上美国夏季驾驶季带来的燃料需求增加，国际油价在6月首个交易日“起飞”。\n布伦特原油价格重新回到每桶70美元关口上方，为3月以来最高。\n\n原油市场或面临供应短缺\n5月以来，国际油价震荡走高，布伦特原油期价大涨逾4%至每桶69美元以上，美国轻质原油期货涨逾5%至每桶67美元附近。进入6月，国际油价延续涨势。\n截至6月1日收盘，纽约商品交易所7月交货的轻质原油期货价格收于每桶67.72美元，涨幅为2.11%；8月交货的伦敦布伦特原油期货价格收于每桶70.25美元，涨幅为2.23%。\n在大幅削减原油产量近一年后，石油输出国组织（欧佩克）和非欧佩克产油国方面预期全球原油市场或面临供应短缺问题。\n据外媒披露，“欧佩克+”周二同意维持逐步放松石油供应限制的步伐不变。该联盟在4月决定，5至7月增加供应210万桶/日，因为尽管疫情在暴发，但全球需求仍将上升。\n“欧佩克+”联席技术委员会近期称，随着原油需求端逐步复苏，原油供应逐步趋紧。如果“欧佩克+”7月后依然维持当前产量不变，2021年全球原油库存将每日平均下降140万桶，并从9月开始加速下降，9月到12月，全球原油库存将至少每日下降200万桶。\n市场观察人士认为，“欧佩克+”需要在今年下半年加大原油供应力度。能源咨询公司雷斯塔原油市场分析师路易丝·迪克森称，当前原油市场供需面与去年4月份已经完全不同，原油生产商需要满足不断上升的需求，如果油价上涨过快可能会影响全球经济复苏。\n对需求的乐观预期同样成为油价上涨的主要支撑因素。尽管部分地区疫情反扑，但美国、中国和欧洲部分地区正推动需求强劲复苏。欧佩克在5月发布的月度原油市场报告中称，乐观来看，全球原油需求同比增长595万桶/日，全年原油需求量为9650万桶/日。\n随着疫苗接种展开及各国实施积极支持政策，全球经济前景正在改善。经济合作与发展组织（OECD）本周上调了今年全球经济增速至5.8%，并预期明年全球经济将增长4.4%，这一乐观预期提振了原油需求前景。\n而油价追踪公司GasBuddy的数据显示，上周日美国汽油需求比之前四个周日的平均水平跃升了9.6%，为2019年夏季以来最高的周日需求。\n欧美市场能源股嗨了\n受油价上涨提振，周一欧美股市能源及资源相关板块个股齐步上涨。\n在美股市场，标普500的11大板块中，能源股以近4%的涨幅遥遥领先。\n而纽约股市三大股指当日涨跌不一，其中道指涨0.13%，标普500指数跌0.05%，纳斯达克指数跌0.09%。\n能源类个股表现突出，马拉松石油大涨超过13%，卡隆石油飙升12%，埃克森美孚上涨超过3%，雪佛龙涨超2%。\n而龙头科技股多数下跌，微软跌逾0.9%，奈飞跌逾0.7%，苹果下滑近0.3%，亚马逊小幅下跌逾0.1%。\n在欧洲市场，泛欧STOXX 600指数当日上涨近0.8%，再创新高。石油巨头BP、荷兰皇家壳牌及道达尔均上涨超2%。\n业内预计年底或升至80美元\n在全球经济加速复苏及原油需求不断上升的预期下，业内对国际油价一致维持乐观预期，国际油价年底或升至每桶80美元附近。\n金联创原油高级分析师奚佳蕊认为，6月份国际油价仍有一定上行空间，但走势或颇为震荡，预计美国轻质原油主流运行区间为每桶64至70美元，布伦特原油主流运行区间为每桶65至72美元。\n花旗分析师认为，随着疫情逐渐缓解，旅游休闲需求进一步释放，全球原油需求或在今年夏季达到阶段性高点，市场供需可能在接下来几个月中进一步收紧。鉴于此，花旗认为今年原油需求整体强劲，布伦特原油期价年底前可能触及每桶80美元。\n根据路透对45位市场参与者所做的调查，布伦特油价今年每桶均价为64.79美元，为2021年以来预估被连续第六次向上修正，4月时的预估为64.17美元。","news_type":1,"symbols_score_info":{"BZmain":0.9,"CLmain":0.9}},"isVote":1,"tweetType":1,"viewCount":5050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113198125,"gmtCreate":1622596819367,"gmtModify":1704186996002,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Didn’t US just sold several billion dollars of confiscated Iranian oil?","listText":"Didn’t US just sold several billion dollars of confiscated Iranian oil?","text":"Didn’t US just sold several billion dollars of confiscated Iranian oil?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113198125","repostId":"1149085708","repostType":4,"repost":{"id":"1149085708","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1622595059,"share":"https://ttm.financial/m/news/1149085708?lang=en_US&edition=fundamental","pubTime":"2021-06-02 08:50","market":"fut","language":"zh","title":"How will rising crude oil prices affect inflation and global manufacturers?","url":"https://stock-news.laohu8.com/highlight/detail?id=1149085708","media":"Wind万得","summary":"原油价格周二触及每桶70美元上方，此前欧佩克及其盟友（OPEC+）预测需求将上升并提高产量。全球经济持续复苏，并推高了一系列大宗商品的价格。\n具体来看，周二美油7月合约收涨2.52%，报67.99美元","content":"<p>Crude oil prices touched above $70 a barrel on Tuesday after OPEC and its allies (OPEC+) predicted rising demand and increased production. The global economy continues to recover, pushing up the prices of a range of commodities.</p><p>Specifically, on Tuesday, US crude oil July contracts closed up 2.52% at $67.99 a barrel, a new high since October 2018; Brent crude oil futures for August delivery rose 1.85% to $70.60 a barrel.</p><p><b>OPEC gradually eases production cuts</b></p><p>Members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) agreed on Tuesday to increase daily oil production by about 450,000 barrels starting next month. At the same time, Saudi Arabia agreed to continue easing unilateral production cuts of 1 million barrels per day implemented earlier this year.</p><p>In April of this year, OPEC agreed to increase daily production by more than 2 million barrels by the end of July, bringing the cumulative daily production over the past year to about 4 million barrels. This comes after the organization agreed to cut 9.7 million barrels of crude oil per day in early 2020, when the coronavirus first began shutting down economies, weakening global crude demand, and causing oil prices to fall.</p><p>Today, with infection rates generally under control in most parts of Asia and China (the world's largest oil consumer), and vaccinations steadily progressing in the United States and Europe, OPEC and some non-OPEC oil-producing countries, led by Russia, are betting on a rebound in market demand.</p><p>According to an OPEC representative, an OPEC+ technical committee predicted on Monday that oil demand will increase by 6 million barrels per day in the second half of the year. They predict that by the end of July, global oil inventories will fall below the five-year average from 2015 to 2019, marking the end of the oversupply situation during the pandemic.</p><p>However, analysts caution that the continued recovery in crude oil demand will depend on the development of the pandemic. Energy Aspects analyst Amrita Sen said that new pandemic restrictions are being implemented in Southeast Asia, which could delay the full recovery of crude oil demand until mid-2022. “Chinese demand is booming, but as we know, India is struggling. Many other Asian countries are reinstating some form of lockdown.”</p><p><b>Inflation expectations are rising</b></p><p>At the same time as the recent oil price milestone event, commodities such as tin, copper, and timber also suffered similar impacts. As demand recovers, the prices of these commodities are also soaring.</p><p>\"This is a good old-fashioned reflation trade,\" said Tom Price, head of commodity strategy at investment bank Liberum, describing expectations of a surge in economic activity and increased assets. Price said it had been a long time since the economic recovery following the 2009 financial crisis that so many commodities had risen simultaneously.</p><p>Demand for crude oil and other commodities reflects the significant fluctuations in global economic activity during the pandemic. In the second quarter of last year, crude oil demand fell sharply as a large part of the global economy was in a false dead state, but in recent months, crude oil demand has rebounded as many rich economies thaw.</p><p>Since the beginning of this year, the world has successively promoted vaccination and eased restrictions, and the demand for energy and raw materials from factories around the world has gradually rebounded. On the other hand, the depreciation of the US dollar has also made US dollar-denominated commodities more attractive, with the the US Dollar Index falling below 90 in June.</p><p>With the global economy expected to expand at its fastest pace in decades, demand will rise further this year. The Organization for Economic Cooperation and Development said on Monday that global output is expected to grow by 5.8%, the strongest growth since 1973.</p><p>High oil prices have led to increased global inflation. Data released by the Eurozone on Tuesday showed that the consumer price index rose 2% in May compared to the same period last year, the fastest increase since the end of 2018. However, the main reason for the increase was the rise in energy prices, which increased by 13.1% compared to the same period last year.</p><p>The inflation index released by the U.S. Commerce Department showed that the consumer price index rose 0.6% in April from the previous month and 3.6% from the same period last year. Core prices, excluding energy and food, rose 0.7% month-on-month and 3.1% year-on-year.</p><p><b>Manufacturers face a tough outlook</b></p><p>On the other hand, rising prices have made things even more difficult for manufacturers. Companies such as General Motors and Vestas Wind Systems A/S, a Danish Wind turbine maker, have complained about rising steel prices.</p><p>Andy Palmer, a British automotive executive and engineer, said: \"This is a big problem for automakers. I've seen periods of commodity price volatility, but it's rare for almost all raw material prices to rise so quickly.\"</p><p>The most affected are smaller manufacturers, whose profit margins have been declining in recent months due to high raw material prices. In response to rising cost pressures, more and more factories have recently raised product prices. Other companies have temporarily ceased operations and rejected new orders.</p><p>Furthermore, while the world's leading crude oil suppliers can increase supply relatively quickly (opec can leverage its vast untapped capacity), it is much more difficult for miners and farmers to suddenly increase production of coal, copper, or cotton. For example, rising prices are prompting mining companies to examine their future plans.</p><p>Commodities trading giant Glencore PLC said in February that it was considering restarting production at the world's largest cobalt mine in Congo. In August 2019, Glencore chose to close the Mutanda copper mine, which also produced a large amount of copper, because the prices of both metals had plummeted. In recent months, supply bottlenecks caused by the pandemic have persisted, and strong demand brought about by the recovery of Asian economies has driven up prices. Copper prices soared to an all-time high last month, and cobalt prices have risen by more than 50% this year.</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>How will rising crude oil prices affect inflation and global manufacturers?</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\">\nHow will rising crude oil prices affect inflation and global manufacturers?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-06-02 08:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crude oil prices touched above $70 a barrel on Tuesday after OPEC and its allies (OPEC+) predicted rising demand and increased production. The global economy continues to recover, pushing up the prices of a range of commodities.</p><p>Specifically, on Tuesday, US crude oil July contracts closed up 2.52% at $67.99 a barrel, a new high since October 2018; Brent crude oil futures for August delivery rose 1.85% to $70.60 a barrel.</p><p><b>OPEC gradually eases production cuts</b></p><p>Members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) agreed on Tuesday to increase daily oil production by about 450,000 barrels starting next month. At the same time, Saudi Arabia agreed to continue easing unilateral production cuts of 1 million barrels per day implemented earlier this year.</p><p>In April of this year, OPEC agreed to increase daily production by more than 2 million barrels by the end of July, bringing the cumulative daily production over the past year to about 4 million barrels. This comes after the organization agreed to cut 9.7 million barrels of crude oil per day in early 2020, when the coronavirus first began shutting down economies, weakening global crude demand, and causing oil prices to fall.</p><p>Today, with infection rates generally under control in most parts of Asia and China (the world's largest oil consumer), and vaccinations steadily progressing in the United States and Europe, OPEC and some non-OPEC oil-producing countries, led by Russia, are betting on a rebound in market demand.</p><p>According to an OPEC representative, an OPEC+ technical committee predicted on Monday that oil demand will increase by 6 million barrels per day in the second half of the year. They predict that by the end of July, global oil inventories will fall below the five-year average from 2015 to 2019, marking the end of the oversupply situation during the pandemic.</p><p>However, analysts caution that the continued recovery in crude oil demand will depend on the development of the pandemic. Energy Aspects analyst Amrita Sen said that new pandemic restrictions are being implemented in Southeast Asia, which could delay the full recovery of crude oil demand until mid-2022. “Chinese demand is booming, but as we know, India is struggling. Many other Asian countries are reinstating some form of lockdown.”</p><p><b>Inflation expectations are rising</b></p><p>At the same time as the recent oil price milestone event, commodities such as tin, copper, and timber also suffered similar impacts. As demand recovers, the prices of these commodities are also soaring.</p><p>\"This is a good old-fashioned reflation trade,\" said Tom Price, head of commodity strategy at investment bank Liberum, describing expectations of a surge in economic activity and increased assets. Price said it had been a long time since the economic recovery following the 2009 financial crisis that so many commodities had risen simultaneously.</p><p>Demand for crude oil and other commodities reflects the significant fluctuations in global economic activity during the pandemic. In the second quarter of last year, crude oil demand fell sharply as a large part of the global economy was in a false dead state, but in recent months, crude oil demand has rebounded as many rich economies thaw.</p><p>Since the beginning of this year, the world has successively promoted vaccination and eased restrictions, and the demand for energy and raw materials from factories around the world has gradually rebounded. On the other hand, the depreciation of the US dollar has also made US dollar-denominated commodities more attractive, with the the US Dollar Index falling below 90 in June.</p><p>With the global economy expected to expand at its fastest pace in decades, demand will rise further this year. The Organization for Economic Cooperation and Development said on Monday that global output is expected to grow by 5.8%, the strongest growth since 1973.</p><p>High oil prices have led to increased global inflation. Data released by the Eurozone on Tuesday showed that the consumer price index rose 2% in May compared to the same period last year, the fastest increase since the end of 2018. However, the main reason for the increase was the rise in energy prices, which increased by 13.1% compared to the same period last year.</p><p>The inflation index released by the U.S. Commerce Department showed that the consumer price index rose 0.6% in April from the previous month and 3.6% from the same period last year. Core prices, excluding energy and food, rose 0.7% month-on-month and 3.1% year-on-year.</p><p><b>Manufacturers face a tough outlook</b></p><p>On the other hand, rising prices have made things even more difficult for manufacturers. Companies such as General Motors and Vestas Wind Systems A/S, a Danish Wind turbine maker, have complained about rising steel prices.</p><p>Andy Palmer, a British automotive executive and engineer, said: \"This is a big problem for automakers. I've seen periods of commodity price volatility, but it's rare for almost all raw material prices to rise so quickly.\"</p><p>The most affected are smaller manufacturers, whose profit margins have been declining in recent months due to high raw material prices. In response to rising cost pressures, more and more factories have recently raised product prices. Other companies have temporarily ceased operations and rejected new orders.</p><p>Furthermore, while the world's leading crude oil suppliers can increase supply relatively quickly (opec can leverage its vast untapped capacity), it is much more difficult for miners and farmers to suddenly increase production of coal, copper, or cotton. For example, rising prices are prompting mining companies to examine their future plans.</p><p>Commodities trading giant Glencore PLC said in February that it was considering restarting production at the world's largest cobalt mine in Congo. In August 2019, Glencore chose to close the Mutanda copper mine, which also produced a large amount of copper, because the prices of both metals had plummeted. In recent months, supply bottlenecks caused by the pandemic have persisted, and strong demand brought about by the recovery of Asian economies has driven up prices. Copper prices soared to an all-time high last month, and cobalt prices have risen by more than 50% this year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f7b869860fd524e1c4d1e42b2d81d1a2","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149085708","content_text":"原油价格周二触及每桶70美元上方，此前欧佩克及其盟友（OPEC+）预测需求将上升并提高产量。全球经济持续复苏，并推高了一系列大宗商品的价格。\n具体来看，周二美油7月合约收涨2.52%，报67.99美元/桶，创2018年10月以来新高；布油8月合约收涨1.85%，报70.6美元/桶。\n欧佩克逐步放松减产规模\n石油输出国组织成员国及其盟友（OPEC+）周二同意，从下个月开始将石油日产量提高约45万桶。与此同时，沙特同意继续放松今年早些时候实施的每日100万桶的单方减产措施。\n今年4月，欧佩克同意在7月底之前将日产量增加200多万桶，使过去一年的日产量累计增加到约400万桶。在此之前，该组织同意在2020年初每天削减970万桶原油，当时冠状病毒首次开始导致经济体关闭，削弱了全球原油需求，并导致油价下跌。\n如今，随着亚洲大部分地区和中国(全球最大的石油消费国)感染率普遍得到控制，以及美国和欧洲的疫苗接种稳步推进，欧佩克和以俄罗斯为首的一些非欧佩克产油国正押注市场需求反弹。\n据欧佩克代表透露，欧佩克+组织的一个技术委员会周一预测，下半年的石油需求将增加600万桶/天。他们预测，其结果是，到7月底，全球石油库存将降至2015-2019年期间的五年平均水平以下，标志着疫情期间供大于用的局面结束。\n不过，分析师提示称，原油需求的持续复苏情况将取决于疫情发展。Energy Aspects 分析师 Amrita Sen 表示，东南亚正在实施新的疫情限制措施，这可能会将原油需求的全面恢复推迟到2022年年中。“中国的需求正在蓬勃发展，但正如我们所知，印度正在苦苦挣扎。许多其他亚洲国家正在恢复某种形式的封锁。”\n通胀预期升温\n在最近的油价里程碑事件发生的同时，锡、铜、木材等大宗商品也遭遇了类似的冲击。在需求恢复的情况下，这些商品价格也都在飙升。\n投资银行Liberum大宗商品策略主管汤姆•普莱斯(Tom Price) 在描述经济活动激增、资产增加的预期时表示：“这是一种不错的老式再通胀交易。”普莱斯说，自2009年金融危机之后的经济复苏以来，这么多种类的大宗商品已经有很长时间没有同时上涨了。\n对原油和其他大宗商品的需求反映了疫情期间全球经济活动的巨大波动。去年第二季度，由于全球经济的很大一部分处于假死状态，原油需求急剧下降，但近几个月来，随着许多富裕经济体解冻，原油需求已经反弹。\n今年以来，全球陆续推广疫苗接种并放松限制政策，全球工厂对能源和原材料的需求逐渐回升。另一方面，美元贬值也使以美元计价的大宗商品更具吸引力，美元指数6月已下行至90下方。\n随着全球经济预计将出现几十年来最快速的扩张，今年的需求将进一步上升。经济合作与发展组织(Organization for Economic Cooperation and Development)周一说，预计全球产出将增长5.8%，这将是1973年以来最强劲的增长。\n高油价导致全球通货膨胀加剧。欧元区周二发布的数据显示，5月份消费者价格指数比去年同期上涨了2%，这是自2018年底以来的最快涨幅。但上涨的主要原因是能源价格上涨，能源价格较上年同期上涨13.1%。\n美国商务部(Commerce Department)公布的通货膨胀指数显示，4月份消费者价格指数较上月上涨0.6%，较上年同期上涨3.6%。不包括能源和食品的核心价格环比上涨0.7%，同比上涨3.1%。\n制造商面临艰难前景\n另一方面，不断上涨的价格已经让制造商的日子更难过了。通用汽车公司(General Motors)和丹麦风力涡轮机制造商维斯塔斯风力系统公司(Vestas Wind Systems A/S)等各类企业都抱怨钢材价格不断上涨。\n英国汽车业高管和工程师安迪·帕尔默(Andy Palmer)表示： “这对汽车制造商来说是个大问题，我曾见过大宗商品价格波动的时期，但几乎所有原材料价格都上涨得如此之快，实属罕见。”\n受影响最大的是规模较小的制造商，由于原材料价格高企，它们最近几个月的利润率一直在下降。为了应对不断上升的成本压力，越来越多的工厂最近提高了产品价格。其他一些公司已暂时停止运营，并拒绝了新订单。\n此外，尽管全球原油供应龙头可以相对迅速地提高供给(opec可以利用其巨大的未开发产能)，但矿工和农民要突然增加煤炭、铜或棉花的产量要困难得多。例如，价格上涨正促使矿业公司审视自己的未来计划。\n大宗商品交易巨头嘉能可(Glencore PLC)今年2月表示，正考虑重启位于刚果的全球最大钴矿的生产。2019年8月，嘉能可选择关闭同样生产大量铜的穆坦达铜矿，因为这两种金属的价格都出现了暴跌。近几个月来，疫情造成的供应瓶颈挥之不去，亚洲经济体复苏带来的需求旺盛，推动价格飙升。铜价上月飙升至历史最高水平，今年钴价上涨了50%以上。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113193806,"gmtCreate":1622596756105,"gmtModify":1704186993179,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Yet, Taiwan still suffers electricity frequent&nbsp;blackout and water shortages. Both are very&nbsp;troubling for TSMC production.","listText":"Yet, Taiwan still suffers electricity frequent&nbsp;blackout and water shortages. Both are very&nbsp;troubling for TSMC production.","text":"Yet, Taiwan still suffers electricity frequent blackout and water shortages. Both are very troubling for TSMC production.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113193806","repostId":"1114708774","repostType":4,"repost":{"id":"1114708774","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":1622595372,"share":"https://ttm.financial/m/news/1114708774?lang=en_US&edition=fundamental","pubTime":"2021-06-02 08:56","market":"us","language":"zh","title":"TSMC's 4-nanometer process technology will begin trial production ahead of schedule in the third quarter.","url":"https://stock-news.laohu8.com/highlight/detail?id=1114708774","media":"老虎资讯综合","summary":"6月2日，据台湾经济日报，台积电4纳米制程技术开发进度顺利，预计2021年第三季度开始试产，较先前规划提早一个季度。3纳米制程则将依计划于2022年下半年量产。台积电表示，3纳米制程技术将成为全球最先","content":"<p>On June 2, according to Taiwan's Economic Daily,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The development of 4-nanometer process technology is progressing smoothly, and trial production is expected to begin in the third quarter of 2021, one quarter earlier than previously planned. The 3-nanometer process will be mass-produced in the second half of 2022 as planned. TSMC stated that its 3-nanometer process technology will become the world's most advanced logic technology. Compared to 5-nanometer process technology, 3-nanometer process speed is 15% faster, power consumption is 30% lower, and logic density is 70% higher.</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>TSMC's 4-nanometer process technology will begin trial production ahead of schedule in the third quarter.</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\">\nTSMC's 4-nanometer process technology will begin trial production ahead of schedule in the third quarter.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-02 08:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 2, according to Taiwan's Economic Daily,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The development of 4-nanometer process technology is progressing smoothly, and trial production is expected to begin in the third quarter of 2021, one quarter earlier than previously planned. The 3-nanometer process will be mass-produced in the second half of 2022 as planned. TSMC stated that its 3-nanometer process technology will become the world's most advanced logic technology. Compared to 5-nanometer process technology, 3-nanometer process speed is 15% faster, power consumption is 30% lower, and logic density is 70% higher.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"03145":"华夏亚洲高息股","EWT":"台湾ETF-iShares MSCI","TSM":"台积电"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114708774","content_text":"6月2日，据台湾经济日报，台积电4纳米制程技术开发进度顺利，预计2021年第三季度开始试产，较先前规划提早一个季度。3纳米制程则将依计划于2022年下半年量产。台积电表示，3纳米制程技术将成为全球最先进的逻辑技术。相较于5纳米制程技术，3纳米制程速度增快15%，功耗降低30%，逻辑密度增加70%。","news_type":1,"symbols_score_info":{"03145":0.9,"TWmain":0.9,"EWT":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":5641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119069463,"gmtCreate":1622509050252,"gmtModify":1704185268755,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OPRA\">$Opera(OPRA)$</a>still waiting for comeback","listText":"<a href=\"https://laohu8.com/S/OPRA\">$Opera(OPRA)$</a>still waiting for comeback","text":"$Opera(OPRA)$still waiting for comeback","images":[{"img":"https://static.tigerbbs.com/38fb32fd09812a7fd15334edc5ba6fff","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/119069463","isVote":1,"tweetType":1,"viewCount":6843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":119087242,"gmtCreate":1622508898386,"gmtModify":1704185265624,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Best strategy: ask people for 3rd child.","listText":"Best strategy: ask people for 3rd child.","text":"Best strategy: ask people for 3rd child.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119087242","repostId":"1186284203","repostType":4,"repost":{"id":"1186284203","kind":"news","weMediaInfo":{"introduction":"“一号在手，投资无忧！”此微信公众号为中信证券研究报告权威发布平台，力求信息及时、准确，是您投资好帮手！","home_visible":1,"media_name":"中信证券研究","id":"1010577552","head_image":"https://static.tigerbbs.com/aa20565b6019f08c46a1722e89f3141b"},"pubTimestamp":1622508290,"share":"https://ttm.financial/m/news/1186284203?lang=en_US&edition=fundamental","pubTime":"2021-06-01 08:44","market":"sh","language":"zh","title":"A-share investment strategy for the second half of the year: downplay cyclical thinking and focus on growth and consumption.","url":"https://stock-news.laohu8.com/highlight/detail?id=1186284203","media":"中信证券研究","summary":"“帆起”代表全球经济的共振复苏，以及投资者风险偏好提升，“逐浪高”代表市场上行动能将逐渐增强，A股下半年将进入慢涨“三部曲”中的共振上行期，且四季度空间更大。全球经济共振复苏，通胀扰动高点已过，国内政","content":"<p>\"Sails rising\" represents a resonant recovery of the global economy and an increase in investors' risk appetite, while \"chasing waves high\" represents a gradual increase in market action. A-shares will enter a resonant upward phase in the second half of the year, a trilogy of slow rises, with even greater potential in the fourth quarter. The global economy is recovering in tandem, the peak of inflation has passed, domestic policies are being implemented intensively, macro liquidity is stable, and market liquidity is ample. In terms of allocation, it is recommended to downplay cyclical thinking, focus on growth in the third quarter, and increase allocation to consumption in the fourth quarter. First, vaccination rates are steadily increasing, the global economy is moving from a differentiated recovery to a resonant recovery, the supply and demand imbalance in commodities is easing, and the peak of inflation expectations has passed. Secondly, while domestic policies are not making sudden changes, the intensive implementation of high-quality development policies such as innovation, green development, and sharing has become an important highlight. Secondly, macroeconomic liquidity will be loose externally and stable internally in the second half of the year. The Federal Reserve is not expected to reduce its bond purchase scale this year, domestic monetary policy will remain prudent and neutral, and the credit cycle will slowly decline. It is judged that the policy interest rate will not be adjusted. Market liquidity remains ample, interbank interest rates are stable, and A-shares remain relatively attractive for investment. The net inflow of funds into A-shares is expected to reach 220 billion yuan in the second half of the year, with foreign capital inflows likely to continue to exceed expectations given the expectation of RMB appreciation. Finally, A-share earnings showed resilience in the second half of the year, but structural divergence was significant, the cycle weakened, and growth stocks outperformed. In terms of allocation, it is recommended to downplay cyclical thinking, focus on long-term potential and valuation elasticity, focus on high-growth stocks in the third quarter, and increase allocation to the consumer sector in the fourth quarter.<b>The A-share market has entered a period of resonant upward movement, with even greater potential in the fourth quarter.</b></p><p>In our annual investment strategy, \"A-Share Market 2021 Investment Strategy: A Trilogy of Slow Rise,\" released on November 17, 2020, we proposed that A-shares will experience three stages in 2021: a period of rotational slow rise, a period of calm, and a period of resonant upward trend. The market trend is consistent with our judgment: during the period of rotational slow rise from November 2020 to the first quarter of this year, pro-cyclical stocks will lead the gains. The market entered a period of calm in the second quarter after inflation anxieties and a downward revision of liquidity expectations. It is expected that A-shares will enter a period of resonant upward movement in the second half of the year, driven by a global recovery and the easing of inflation disturbances, with even greater potential in the fourth quarter. This report follows and refines the analytical framework of the annual strategy report, integrating four major strategy systems: macro, industry, policy, and thematic. It also employs quantitative and behavioral finance methods to systematically outlook investment opportunities in A-shares in the second half of 2021.</p><p><b>The global economy is recovering in tandem, and the peak of inflation expectations has passed.</b></p><p>Virus variants and the Indian epidemic do not change the general trend of global vaccination to control the epidemic: it is expected that the vaccination rate in the United States and the United Kingdom will exceed 60% in June, and continental European countries such as Germany and France will also exceed this level in September and October; Vaccination in emerging markets other than China will accelerate in the fourth quarter of this year.</p><p>On the one hand, the misalignment in overseas economic recovery is gradually being corrected, and the second half of the year will see a resonant recovery: developed economies are limited by their willingness to vaccinate, the vaccination rate is slowing down, and demand recovery and policy exit are slow. Meanwhile, the recovery momentum of emerging economies has relatively strengthened, and supply-side constraints on commodities have eased. On the other hand, the recovery in manufacturing investment, demand in the service sector, and continued high export growth in the second half of the year will support a steady and positive economic growth. It is estimated that GDP will grow by 5.7 to 5.9% annualized in the second to fourth quarters of this year compared with 2019, with a slight improvement quarter by quarter.</p><p>Regarding inflation, it is expected that most RMB-denominated commodity prices will have reached their highs for the year in May, and the domestic PPI will fall from a high of around 7% in May to between 3% and 4% by the end of the year. US dollar-denominated commodity prices are also expected to peak and decline in the third quarter. The peak of inflation's impact on the market has passed, and the constraints on monetary policy both domestically and internationally will gradually ease.</p><p><b>With a flurry of policies being implemented, high-quality development has become a key highlight.</b></p><p>1) Upstream price pressure has eased. It is expected that the tone of the Politburo meeting in July regarding \"no sharp turn\" in macroeconomic policies will remain unchanged. Finance will be guided by stabilizing leverage, monetary policy will be prudent and neutral, and fiscal policy will focus on implementation.</p><p>2) High-quality development policies such as innovation, green development, and sharing are important highlights in the second half of the year: In terms of innovation, it is expected that the national medium- and long-term science and technology plan and anti-monopoly policies will be introduced one after another, which will be conducive to the long-term healthy development of Internet platforms; In terms of green development, carbon peaking and carbon neutrality plans are expected to be released in June, with the new energy industry benefiting the most. In terms of sharing, common prosperity may be the new keyword after building a moderately prosperous society in all respects.</p><p>3) Regarding state-owned enterprise reform, policies such as optimizing enterprise layout and strengthening medium- and long-term incentive mechanisms may be introduced one after another this year to improve the operational efficiency of state-owned enterprises.</p><p>4) Capital market reforms are being deepened and implemented. It is expected that ESG, green finance and other policies will be introduced in the second half of this year, and the full registration system will be implemented in the first quarter of next year.</p><p><b>Macroeconomic liquidity remains loose on the outside but stable on the inside, and market liquidity remains ample.</b></p><p>On the one hand, inflationary constraints are easing, and the Federal Reserve, which is more focused on employment, will not discuss reducing its bond purchases until the end of the third quarter at the earliest. The Bank of Europe and the Bank of Japan will take action later, with the three major central banks expected to expand their balance sheets by $870 billion, $640 billion, $640 billion, and $440 billion in the four quarters from Q3 2021 to Q2 2022, respectively. the US Dollar Index is expected to be weak in the second and third quarters, with a bottom range of 88-89. At the end of the third quarter, it is expected to turn from weak to strong with expectations of marginal tightening by the Federal Reserve, and may rise to above 92 in the fourth quarter. The RMB is expected to appreciate first and then depreciate against the US dollar, ranging from 6.2 to 6.6 this year, and reaching a high of 6.2 in the third quarter.</p><p>On the other hand, domestic monetary policy will remain prudent and neutral in the second half of the year, the credit cycle will slowly decline, and policy interest rates are expected to remain unchanged. In the interbank market, DR007 is expected to continue to fluctuate around the central level of 2.2% in the third quarter. After marginal tightening in the fourth quarter, 2.2% will become the lower limit of DR007 fluctuations. Meanwhile, the yield to maturity of the 10-year Treasury Bond is expected to fluctuate widely between 3.0% and 3.4% in the second half of the year. In terms of market liquidity, against the backdrop of preventing a real estate bubble and the approaching end of the transition period for the new asset management regulations, residents' motivation to increase their allocation to equity assets remains relatively strong.</p><p><b>Profit growth rates are structurally divergent, with cyclical weakening and growth outperforming.</b>。</p><p>With the macroeconomy recovering steadily, there are three main factors affecting the profit growth rate of A-shares in the second half of the year: the correction after the rapid rise in commodity prices, the continued growth of capital expenditures in growth-oriented manufacturing, and the increase in the growth rate of residents' disposable income and non-housing credit driving the recovery of discretionary consumption.</p><p>1) Overall, the profit growth rate of the CSI 800 non-financial sector is expected to reach 32% in 2021.</p><p>2) Structurally, the growth rates of industry, consumption, TMT and pharmaceuticals are expected to be 37%, 28%, 14% and 31% respectively, with the consumer sector contributing the most to the growth rate of non-financial net profit in the second half of the year.</p><p>3) In terms of pace, the industrial sector's net profit reached its peak in the second quarter of 2021; In the third quarter, the two major growth sectors, TMT and pharmaceuticals, will have a significantly better relative profit trend, while the pro-cyclical logic of the market will fade. From the fourth quarter to the first half of next year, consumer discretionary goods will lead the consumer sector, ushering in a sustained upward trend in relative prosperity.</p><p><b>A-shares are expected to see a net inflow of 220 billion yuan in the second half of the year, and foreign capital may continue to exceed expectations.</b></p><p>Based on the above assessment, we calculate A-share capital flows in conjunction with investor behavior. The net capital flow forecasts for various investors in the second half of the year are as follows:</p><p>1) Regarding foreign capital, the RMB exchange rate initially strengthened and then weakened. A-shares still have obvious investment value in emerging markets, and northbound capital inflows are expected to exceed 170 billion yuan.</p><p>2) Private equity fund positions are already too high. Following a surge in size in the first quarter, net inflows are expected to reach 140 billion yuan.</p><p>3) Insurance funds and wealth management subsidiaries slightly reduced their holdings in the first quarter, but will resume a slight inflow rhythm in the future, with a net inflow of 150 billion yuan expected in the second half of the year;</p><p>4) With the market stabilizing, new issuance of public funds has rebounded, and existing redemptions have remained stable, with a net inflow of 110 billion yuan expected;</p><p>5) Industrial capital will continue to net reduce its holdings based on the large scale of lock-up releases, but many primary and secondary funds will also flow in to provide a bottom line, with an expected outflow of 120 billion yuan in the second half of the year;</p><p>6) This year's IPO issuance scale is similar to last year's, and the fundraising scale in the second half of the year is relatively large, expected to be 230 billion yuan. In summary, the net inflow of funds into A-shares is expected to be approximately RMB 220 billion in the second half of 2021, and RMB 60 billion and RMB 160 billion in the third and fourth quarters, respectively.</p><p><b>The second half of the year saw a resonant upward trend, with even greater potential in the fourth quarter.</b></p><p>Based on the above forecasts, we scored the impact of overseas factors, fundamentals, policies, and liquidity on the overall A-share market in each quarter, and weighted the overall score. The scores for the third and fourth quarters of 2021 were 2.8 and 5.4, respectively; The scores for the first and second quarters of 2022 were 1.9 and 1.6, respectively. A-shares are still in a medium- to long-term slow upward trend. Inflation expectations have peaked and fallen, fundamental disturbances have eased, and liquidity expectations have recovered. A-shares are expected to rise slowly amidst fluctuations in the third quarter of this year. The global economy is recovering in tandem, domestic policies are being implemented at an accelerated pace, and market liquidity remains ample, giving A-shares greater upside potential in the fourth quarter of this year.</p><p><b>Allocation recommendation: Discount cyclical thinking and focus on growth and consumption.</b></p><p><b>1) Strengthen growth allocation in the third quarter.</b>In the third quarter, the shadow of inflation gradually dissipated, liquidity expectations recovered, and growth sectors showed a significantly better relative profitability trend. We recommend continuing to focus on more growth sectors that offer market capitalization potential and valuation elasticity through industrial space. Among them, growth manufacturing focuses on new energy, technological independence and control, national defense and security, and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>manufacturing; Growth-oriented consumption focuses on cosmetics, medical aesthetics, duty-free products, sportswear, and new types of tobacco. In terms of themes, we recommend the energy security theme, which is expected to benefit from the release of the implementation outlines for various lines of \"carbon neutrality\", as well as the defense aircraft and bombs sector, which is expected to exceed expectations in the second quarter and is catalyzed by the unstable situation overseas.</p><p><b>2) Strategically increase allocation to consumption in the fourth quarter.</b>In the fourth quarter, in addition to continuing to adhere to growth allocation, the global economy is recovering in tandem, and the growth rate of domestic residents' disposable income and non-housing credit is driving the recovery of discretionary consumption, which will become a new highlight of economic growth. Moreover, the prosperous trend is expected to continue into the first half of next year. Specifically, three main themes are recommended for configuration: one is e-commerce; Secondly, categories with a high proportion of online sales, such as branded apparel, cosmetics, and daily chemicals; Thirdly, there are traditional optional durable goods, such as home appliances, automobiles, and consumer electronics. In terms of themes, we recommend focusing on the Shanghai Free Trade Port and the digital yuan.</p><p><b>Risk Factors:</b></p><p>The global pandemic is recurring and vaccination rates are falling short of expectations; Frictions between China and the United States in the field of science and technology trade are The domestic economic recovery is progressing slower than expected; Domestic and international macro liquidity tightened ahead of schedule, exceeding expectations.</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>A-share investment strategy for the second half of the year: downplay cyclical thinking and focus on growth and consumption.</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\">\nA-share investment strategy for the second half of the year: downplay cyclical thinking and focus on growth and consumption.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1010577552\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/aa20565b6019f08c46a1722e89f3141b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">中信证券研究 </p>\n<p class=\"h-time smaller\">2021-06-01 08:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>\"Sails rising\" represents a resonant recovery of the global economy and an increase in investors' risk appetite, while \"chasing waves high\" represents a gradual increase in market action. A-shares will enter a resonant upward phase in the second half of the year, a trilogy of slow rises, with even greater potential in the fourth quarter. The global economy is recovering in tandem, the peak of inflation has passed, domestic policies are being implemented intensively, macro liquidity is stable, and market liquidity is ample. In terms of allocation, it is recommended to downplay cyclical thinking, focus on growth in the third quarter, and increase allocation to consumption in the fourth quarter. First, vaccination rates are steadily increasing, the global economy is moving from a differentiated recovery to a resonant recovery, the supply and demand imbalance in commodities is easing, and the peak of inflation expectations has passed. Secondly, while domestic policies are not making sudden changes, the intensive implementation of high-quality development policies such as innovation, green development, and sharing has become an important highlight. Secondly, macroeconomic liquidity will be loose externally and stable internally in the second half of the year. The Federal Reserve is not expected to reduce its bond purchase scale this year, domestic monetary policy will remain prudent and neutral, and the credit cycle will slowly decline. It is judged that the policy interest rate will not be adjusted. Market liquidity remains ample, interbank interest rates are stable, and A-shares remain relatively attractive for investment. The net inflow of funds into A-shares is expected to reach 220 billion yuan in the second half of the year, with foreign capital inflows likely to continue to exceed expectations given the expectation of RMB appreciation. Finally, A-share earnings showed resilience in the second half of the year, but structural divergence was significant, the cycle weakened, and growth stocks outperformed. In terms of allocation, it is recommended to downplay cyclical thinking, focus on long-term potential and valuation elasticity, focus on high-growth stocks in the third quarter, and increase allocation to the consumer sector in the fourth quarter.<b>The A-share market has entered a period of resonant upward movement, with even greater potential in the fourth quarter.</b></p><p>In our annual investment strategy, \"A-Share Market 2021 Investment Strategy: A Trilogy of Slow Rise,\" released on November 17, 2020, we proposed that A-shares will experience three stages in 2021: a period of rotational slow rise, a period of calm, and a period of resonant upward trend. The market trend is consistent with our judgment: during the period of rotational slow rise from November 2020 to the first quarter of this year, pro-cyclical stocks will lead the gains. The market entered a period of calm in the second quarter after inflation anxieties and a downward revision of liquidity expectations. It is expected that A-shares will enter a period of resonant upward movement in the second half of the year, driven by a global recovery and the easing of inflation disturbances, with even greater potential in the fourth quarter. This report follows and refines the analytical framework of the annual strategy report, integrating four major strategy systems: macro, industry, policy, and thematic. It also employs quantitative and behavioral finance methods to systematically outlook investment opportunities in A-shares in the second half of 2021.</p><p><b>The global economy is recovering in tandem, and the peak of inflation expectations has passed.</b></p><p>Virus variants and the Indian epidemic do not change the general trend of global vaccination to control the epidemic: it is expected that the vaccination rate in the United States and the United Kingdom will exceed 60% in June, and continental European countries such as Germany and France will also exceed this level in September and October; Vaccination in emerging markets other than China will accelerate in the fourth quarter of this year.</p><p>On the one hand, the misalignment in overseas economic recovery is gradually being corrected, and the second half of the year will see a resonant recovery: developed economies are limited by their willingness to vaccinate, the vaccination rate is slowing down, and demand recovery and policy exit are slow. Meanwhile, the recovery momentum of emerging economies has relatively strengthened, and supply-side constraints on commodities have eased. On the other hand, the recovery in manufacturing investment, demand in the service sector, and continued high export growth in the second half of the year will support a steady and positive economic growth. It is estimated that GDP will grow by 5.7 to 5.9% annualized in the second to fourth quarters of this year compared with 2019, with a slight improvement quarter by quarter.</p><p>Regarding inflation, it is expected that most RMB-denominated commodity prices will have reached their highs for the year in May, and the domestic PPI will fall from a high of around 7% in May to between 3% and 4% by the end of the year. US dollar-denominated commodity prices are also expected to peak and decline in the third quarter. The peak of inflation's impact on the market has passed, and the constraints on monetary policy both domestically and internationally will gradually ease.</p><p><b>With a flurry of policies being implemented, high-quality development has become a key highlight.</b></p><p>1) Upstream price pressure has eased. It is expected that the tone of the Politburo meeting in July regarding \"no sharp turn\" in macroeconomic policies will remain unchanged. Finance will be guided by stabilizing leverage, monetary policy will be prudent and neutral, and fiscal policy will focus on implementation.</p><p>2) High-quality development policies such as innovation, green development, and sharing are important highlights in the second half of the year: In terms of innovation, it is expected that the national medium- and long-term science and technology plan and anti-monopoly policies will be introduced one after another, which will be conducive to the long-term healthy development of Internet platforms; In terms of green development, carbon peaking and carbon neutrality plans are expected to be released in June, with the new energy industry benefiting the most. In terms of sharing, common prosperity may be the new keyword after building a moderately prosperous society in all respects.</p><p>3) Regarding state-owned enterprise reform, policies such as optimizing enterprise layout and strengthening medium- and long-term incentive mechanisms may be introduced one after another this year to improve the operational efficiency of state-owned enterprises.</p><p>4) Capital market reforms are being deepened and implemented. It is expected that ESG, green finance and other policies will be introduced in the second half of this year, and the full registration system will be implemented in the first quarter of next year.</p><p><b>Macroeconomic liquidity remains loose on the outside but stable on the inside, and market liquidity remains ample.</b></p><p>On the one hand, inflationary constraints are easing, and the Federal Reserve, which is more focused on employment, will not discuss reducing its bond purchases until the end of the third quarter at the earliest. The Bank of Europe and the Bank of Japan will take action later, with the three major central banks expected to expand their balance sheets by $870 billion, $640 billion, $640 billion, and $440 billion in the four quarters from Q3 2021 to Q2 2022, respectively. the US Dollar Index is expected to be weak in the second and third quarters, with a bottom range of 88-89. At the end of the third quarter, it is expected to turn from weak to strong with expectations of marginal tightening by the Federal Reserve, and may rise to above 92 in the fourth quarter. The RMB is expected to appreciate first and then depreciate against the US dollar, ranging from 6.2 to 6.6 this year, and reaching a high of 6.2 in the third quarter.</p><p>On the other hand, domestic monetary policy will remain prudent and neutral in the second half of the year, the credit cycle will slowly decline, and policy interest rates are expected to remain unchanged. In the interbank market, DR007 is expected to continue to fluctuate around the central level of 2.2% in the third quarter. After marginal tightening in the fourth quarter, 2.2% will become the lower limit of DR007 fluctuations. Meanwhile, the yield to maturity of the 10-year Treasury Bond is expected to fluctuate widely between 3.0% and 3.4% in the second half of the year. In terms of market liquidity, against the backdrop of preventing a real estate bubble and the approaching end of the transition period for the new asset management regulations, residents' motivation to increase their allocation to equity assets remains relatively strong.</p><p><b>Profit growth rates are structurally divergent, with cyclical weakening and growth outperforming.</b>。</p><p>With the macroeconomy recovering steadily, there are three main factors affecting the profit growth rate of A-shares in the second half of the year: the correction after the rapid rise in commodity prices, the continued growth of capital expenditures in growth-oriented manufacturing, and the increase in the growth rate of residents' disposable income and non-housing credit driving the recovery of discretionary consumption.</p><p>1) Overall, the profit growth rate of the CSI 800 non-financial sector is expected to reach 32% in 2021.</p><p>2) Structurally, the growth rates of industry, consumption, TMT and pharmaceuticals are expected to be 37%, 28%, 14% and 31% respectively, with the consumer sector contributing the most to the growth rate of non-financial net profit in the second half of the year.</p><p>3) In terms of pace, the industrial sector's net profit reached its peak in the second quarter of 2021; In the third quarter, the two major growth sectors, TMT and pharmaceuticals, will have a significantly better relative profit trend, while the pro-cyclical logic of the market will fade. From the fourth quarter to the first half of next year, consumer discretionary goods will lead the consumer sector, ushering in a sustained upward trend in relative prosperity.</p><p><b>A-shares are expected to see a net inflow of 220 billion yuan in the second half of the year, and foreign capital may continue to exceed expectations.</b></p><p>Based on the above assessment, we calculate A-share capital flows in conjunction with investor behavior. The net capital flow forecasts for various investors in the second half of the year are as follows:</p><p>1) Regarding foreign capital, the RMB exchange rate initially strengthened and then weakened. A-shares still have obvious investment value in emerging markets, and northbound capital inflows are expected to exceed 170 billion yuan.</p><p>2) Private equity fund positions are already too high. Following a surge in size in the first quarter, net inflows are expected to reach 140 billion yuan.</p><p>3) Insurance funds and wealth management subsidiaries slightly reduced their holdings in the first quarter, but will resume a slight inflow rhythm in the future, with a net inflow of 150 billion yuan expected in the second half of the year;</p><p>4) With the market stabilizing, new issuance of public funds has rebounded, and existing redemptions have remained stable, with a net inflow of 110 billion yuan expected;</p><p>5) Industrial capital will continue to net reduce its holdings based on the large scale of lock-up releases, but many primary and secondary funds will also flow in to provide a bottom line, with an expected outflow of 120 billion yuan in the second half of the year;</p><p>6) This year's IPO issuance scale is similar to last year's, and the fundraising scale in the second half of the year is relatively large, expected to be 230 billion yuan. In summary, the net inflow of funds into A-shares is expected to be approximately RMB 220 billion in the second half of 2021, and RMB 60 billion and RMB 160 billion in the third and fourth quarters, respectively.</p><p><b>The second half of the year saw a resonant upward trend, with even greater potential in the fourth quarter.</b></p><p>Based on the above forecasts, we scored the impact of overseas factors, fundamentals, policies, and liquidity on the overall A-share market in each quarter, and weighted the overall score. The scores for the third and fourth quarters of 2021 were 2.8 and 5.4, respectively; The scores for the first and second quarters of 2022 were 1.9 and 1.6, respectively. A-shares are still in a medium- to long-term slow upward trend. Inflation expectations have peaked and fallen, fundamental disturbances have eased, and liquidity expectations have recovered. A-shares are expected to rise slowly amidst fluctuations in the third quarter of this year. The global economy is recovering in tandem, domestic policies are being implemented at an accelerated pace, and market liquidity remains ample, giving A-shares greater upside potential in the fourth quarter of this year.</p><p><b>Allocation recommendation: Discount cyclical thinking and focus on growth and consumption.</b></p><p><b>1) Strengthen growth allocation in the third quarter.</b>In the third quarter, the shadow of inflation gradually dissipated, liquidity expectations recovered, and growth sectors showed a significantly better relative profitability trend. We recommend continuing to focus on more growth sectors that offer market capitalization potential and valuation elasticity through industrial space. Among them, growth manufacturing focuses on new energy, technological independence and control, national defense and security, and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>manufacturing; Growth-oriented consumption focuses on cosmetics, medical aesthetics, duty-free products, sportswear, and new types of tobacco. In terms of themes, we recommend the energy security theme, which is expected to benefit from the release of the implementation outlines for various lines of \"carbon neutrality\", as well as the defense aircraft and bombs sector, which is expected to exceed expectations in the second quarter and is catalyzed by the unstable situation overseas.</p><p><b>2) Strategically increase allocation to consumption in the fourth quarter.</b>In the fourth quarter, in addition to continuing to adhere to growth allocation, the global economy is recovering in tandem, and the growth rate of domestic residents' disposable income and non-housing credit is driving the recovery of discretionary consumption, which will become a new highlight of economic growth. Moreover, the prosperous trend is expected to continue into the first half of next year. Specifically, three main themes are recommended for configuration: one is e-commerce; Secondly, categories with a high proportion of online sales, such as branded apparel, cosmetics, and daily chemicals; Thirdly, there are traditional optional durable goods, such as home appliances, automobiles, and consumer electronics. In terms of themes, we recommend focusing on the Shanghai Free Trade Port and the digital yuan.</p><p><b>Risk Factors:</b></p><p>The global pandemic is recurring and vaccination rates are falling short of expectations; Frictions between China and the United States in the field of science and technology trade are The domestic economic recovery is progressing slower than expected; Domestic and international macro liquidity tightened ahead of schedule, exceeding expectations.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186284203","content_text":"“帆起”代表全球经济的共振复苏，以及投资者风险偏好提升，“逐浪高”代表市场上行动能将逐渐增强，A股下半年将进入慢涨“三部曲”中的共振上行期，且四季度空间更大。全球经济共振复苏，通胀扰动高点已过，国内政策密集落地，宏观流动性平稳，市场流动性充裕，配置上建议淡化周期思维，三季度聚焦成长，四季度增配消费。首先，疫苗接种率稳步提升，全球经济将从错位复苏走向共振复苏，大宗商品供需矛盾缓解，通胀预期扰动高点已过。其次，国内政策“不急转弯”的同时，密集落地的创新、绿色、共享等高质量发展政策成重要看点。再次，下半年宏观流动性外松内稳，美联储今年预计不会下调购债规模，国内货币政策保持稳健中性，信用周期缓慢下行，判断不会调整政策利率；市场流动性依然充裕，银行间利率水平稳定，A股相对配置吸引力依然较强。预计下半年A股净流入资金规模达到2200亿元，其中人民币升值预期下，外资流入或继续超预期。最后，A股下半年盈利有韧性，但结构分化明显，周期弱化，成长占优。配置上，建议淡化周期思维，重视长期空间和估值弹性，三季度聚焦高成长品种，四季度增配大消费板块。A股步入共振上行期，四季度空间更大。我们在2020年11月17日发布的年度投资策略《A股市场2021年投资策略：慢涨“三部曲“》中提出，2021年A股将经历轮动慢涨期、平静期、共振上行期3个阶段，市场走势与我们判断相符：在2020年11月到今年一季度的轮动慢涨期中，顺周期品种领涨；二季度市场在通胀焦虑和流动性预期下修后进入平静期。预计下半年A股将在全球共振复苏和通胀扰动缓解下步入共振上行期，四季度空间更大。本报告沿用并细化了年度策略报告的分析框架，整合了宏观、产业、政策、主题四大策略体系，同时采用了量化和行为金融的方法，系统展望2021年下半场A股的投资机会。全球经济共振复苏，通胀预期高点已过。病毒变种和印度疫情不改变全球疫苗接种控制疫情的大趋势：预计美国、英国在6月接种比例将超过60%，德国、法国等欧陆国家在9~10月也将超过这一水平；除中国外的新兴市场今年四季度接种将提速。一方面，海外经济复苏错位逐步修正，下半年将走向共振复苏：发达经济体受接种意愿限制，接种速度下降，需求恢复和政策退出缓慢；而新兴经济体恢复动能相对增强，大宗商品供给侧约束缓解。另一方面，国内下半年制造业投资回暖、服务业需求恢复、出口持续高景气支撑经济稳中向好，预计今年二~四季度GDP相对2019年年化增长5.7~5.9%，逐季小幅改善。通胀方面，预计人民币标价的大宗价格大都已在5月触及年内高点，国内PPI同比将从5月份的7%左右高点回落至年末的3%~4%之间；而美元标价的大宗价格预计也将在三季度见顶回落。通胀对市场扰动的高点已过，对国内外的货币政策约束也将逐步缓解。政策密集落地，高质量发展成重要看点。1）上游涨价压力已缓解，预计7月政治局会议对宏观政策“不急转弯”的定调不变，金融以稳杠杆为导向，货币政策稳健中性，财政政策重在落实。2）创新、绿色、共享等高质量发展政策是下半年重要看点：创新方面，预计国家科技中长期规划和反垄断政策有望陆续出台，有利于互联网平台的长期健康发展；绿色方面，碳达峰和碳中和方案有望于6月发布，新能源产业受益最明确；共享方面，共同富裕或为全面小康之后新的关键词。3）国企改革方面，今年优化企业布局、强化中长期激励机制等政策或陆续出台，改善国企经营效率。4）资本市场改革深化落实，预计ESG、绿色金融等政策有望在今年下半年出台，全面注册制于明年一季度落地。宏观流动性外松内稳，市场流动性依然充裕。一方面，通胀约束缓解，更关注就业的美联储最早三季度末才会讨论缩减购债规模，欧洲和日本央行的行动更晚，预计三大央行2021Q3~2022Q2四个季度扩表规模分别为8700/6400/6400/4400亿美元。预计美元指数二、三季度偏弱，底部区间在88~89，而在三季度末在美联储边际收紧预期下预计将由弱转强，四季度可能上行至92以上。预计人民币兑美元先升后贬，今年运行在6.2~6.6区间，并在三季度达到6.2的高点。另一方面，下半年国内货币政策保持稳健中性，信用周期缓慢回落，预计政策利率不调整。银行间市场方面，预计三季度DR007继续围绕中枢2.2%波动，四季度边际收紧后，2.2%将成为DR007波动的下限；同时，预计下半年10年国债到期收益率将在3.0%~3.4%区间宽幅震荡。市场流动性方面，在防范地产泡沫和资管新规过渡期截止渐近的背景下，居民相对增配权益资产的动力依然较强。盈利增速结构分化，周期弱化成长占优。宏观经济恢复稳健的大环境下，下半年影响A股盈利增速的最主要因素有3个：商品价格过快上涨后的修正、成长类制造资本开支持续增长、居民可支配收入和非房信贷增速提升驱动可选消费复苏。1）总体上，预计2021年中证800非金融板块盈利增速达到32%。2）结构上，工业、消费、TMT和医药增速预计分别为37%、28%、14%和31%，消费板块在下半年对非金融净利润增速贡献程度最大。3）节奏上，2021年二季度工业板块单季净利润规模达到高点；三季度TMT和医药两大成长板块相对盈利趋势会明显占优，同时市场顺周期逻辑淡化；而从四季度到明年上半年，可选消费品将引领大消费板块，迎来一轮持续的相对景气上行趋势。下半年A股资金预计净流入2200亿元，外资或继续超预期。以上述研判为基准，我们结合投资者行为测算A股资金流动，各类投资者下半年资金净流动预测如下：1）外资方面，人民币汇率先强后弱，A股在新兴市场中配置价值依然明显，预计北向资金净流入超1700亿元；2）私募基金仓位已偏高，继一季度规模激增后，预计净流入规模1400亿元；3）险资和理财子一季度小幅减持，后续将恢复小幅流入的节奏，预计下半年净流入1500亿元；4）市场企稳下公募基金新发回暖，存量赎回稳定，预计净流入1100亿元；5）产业资本基于较大的解禁规模继续净减持，但诸多一级半资金也会流入托底，预计下半年流出1200亿元；6）今年IPO发行规模与去年接近，下半年募资规模偏大，预计为2300亿元。综上所述，预计2021年下半年A股资金净流入规模约2200亿元，三、四两个季度净流入为600亿元、1600亿元。下半年共振上行，四季度空间更大。结合上述预测，我们分别就海外因素、基本面、政策、流动性在各季度对A股大势的多空影响进行了打分，并加权计算了综合得分。其中2021年三、四季度得分为2.8、5.4；2022年一、二季度的得分是1.9、1.6。A股依然处于中长期慢涨通道中，通胀预期见顶回落，基本面扰动缓解，流动性预期修复，今年三季度A股预计在震荡中缓慢上行；全球经济共振复苏，国内政策落地提速，市场流动性依然宽松，今年四季度A股上行空间更大。配置建议：淡化周期思维，聚焦成长及消费。1）三季度强化成长配置。三季度通胀阴霾渐散，流动性预期修复，而成长类板块相对盈利趋势明显占优。建议继续关注更多由产业空间带来市值空间和估值弹性的成长板块。其中成长类制造关注新能源、科技自主可控、国防安全和智能制造；成长类消费关注化妆品、医美、免税、运动服饰、新型烟草等。主题方面，推荐受益于“碳中和”各条线实施纲要出台预期的能源安全主题，以及二季报有望超预期且受海外不稳定局势催化的国防机弹板块。2）四季度战略增配消费。四季度除了继续坚持成长配置外，全球经济共振复苏，国内居民可支配收入和非房信贷增速提升驱动可选消费复苏，将成为经济增长的新亮点，且景气趋势有望持续到明年上半年。具体配置推荐3条主线：一是电商；二是线上销售占比较高的品牌服饰、美妆日化等品类；三是传统的可选耐用品，例如家电、汽车、消费电子等。主题方面，建议关注上海自贸港和数字人民币。风险因素：全球疫情反复、疫苗接种不及预期；中美科技贸易领域摩擦加剧；国内经济复苏进度不及预期；国内外宏观流动性超预期提前收紧。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110853696,"gmtCreate":1622441863115,"gmtModify":1704184481862,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"HSBC needs to replace its all British management team and drop the arrogance&nbsp;","listText":"HSBC needs to replace its all British management team and drop the arrogance&nbsp;","text":"HSBC needs to replace its all British management team and drop the arrogance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/110853696","repostId":"1168745337","repostType":4,"repost":{"id":"1168745337","kind":"news","pubTimestamp":1622441690,"share":"https://ttm.financial/m/news/1168745337?lang=en_US&edition=fundamental","pubTime":"2021-05-31 14:14","market":"hk","language":"zh","title":"HSBC \"tail break\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1168745337","media":" 馨金融","summary":"1、「撤退」\n最近，汇丰控股（下简称「汇丰」）宣布退出美国零售市场，同时将重点关注财富管理和国际银行业务，目前正等待监管机构批准。\n汇丰将采取的具体措施包括，停止为美国个人客户、高级客户及部分卓越理财","content":"<p>1. \"Retreat\"</p><p>Recently, HSBC Holdings (hereinafter referred to as \"HSBC\") announced its exit from the US retail market and will focus on wealth management and international banking, which is currently awaiting regulatory approval.</p><p>Specific measures HSBC will take include ceasing retail banking services for U.S. individual customers, premium customers, and some premium wealth management customers (customers with account balances below $75,000), while simultaneously ceasing related business for all retail commercial banking customers (small businesses with turnover of $5 million or less).</p><p>HSBC currently operates only 20-25 of its 148 branches in the United States, which have been transformed into international wealth management centers to serve some high-net-worth clients. The relevant transactions are expected to be completed in the first quarter of 2022.</p><p>It's not just the US market; in early May, French media reported that HSBC was conducting a strategic assessment of its retail banking business in France and negotiating a potential sale.</p><p>Coincidentally, another long-established banking giant, Citigroup, recently made a similar strategic contraction. It announced its withdrawal from personal banking operations in 13 markets, including China, in order to focus resources and investments on businesses with greater scale and growth potential. The so-called growth potential mainly comes from its investment banking and wealth management businesses.</p><p>While the giants may seem to have significantly scaled back their business layouts, institutions in the capital market have given positive feedback—giving them \"buy\" ratings and raising their target prices. As of the market close on May 28, HSBC Holdings' share price regained HK$50 after a year, and its market capitalization returned to HK$1 trillion.</p><p>The sudden outbreak of the pandemic last year dealt a heavy blow to bank stocks – on April 1, 2020, HSBC Holdings announced that it would cancel its dividend payments for the fourth quarter of 2019 and the first three quarters of 2020, and stated that it would not conduct any share buybacks during the year. Considering that HSBC did not cancel its dividend payments during the 2008 financial crisis, many people's investment confidence even collapsed as a result.</p><p>However, the decline in HSBC's share price cannot be entirely attributed to the pandemic. HSBC's \"crisis\" had already emerged long before the pandemic spread on a large scale. Last February, HSBC announced a large-scale restructuring by 2022, with four main initiatives, including:</p><p><ul><li>Reduce risky assets totaling over $100 billion and invest more assets in projects with higher profit returns;</li><li>A $4.5 billion spending cut plan was launched;</li><li>Large-scale layoff plans;</li><li>And a streamlined and complex group structure, etc.</li></ul>The business suspensions and rising risks brought about by the pandemic have given banks another boost. In its latest shareholder statement, HSBC mentioned that the global environment underwent tremendous changes in 2020, and the company took the opportunity to accelerate the implementation of four strategic pillars, the most important of which is:</p><p>Focus on the Group's strengths to drive business growth. We aspire to establish a global leadership position in cross-border banking services required by major trade and capital corridors, and to become an industry leader in wealth management, particularly in Asia. Another important trend behind HSBC's divestment of some retail businesses is that the \"cost-effectiveness\" of retail credit business, as an important component of retail finance, is becoming increasingly lower. In particular, the pandemic has not subsided for a long time, and this part of the business has been greatly affected by the macroeconomic situation and fluctuations in the external environment. Not only has growth been slow, but asset quality has also shown a significant deterioration trend.</p><p>Retail finance has long been known as the \"ballast stone\" of banks, but people often overlook its internal structure and asset quality. If we only look at retail credit business, it is actually greatly affected by cycles. In comparison, wealth management business is the real \"weak cycle\" and light capital.</p><p>2. \"Focus\"</p><p>It's easy to see that HSBC's series of adjustments to the US retail market were already part of its restructuring plan, and the pandemic further accelerated their implementation. But there are two unavoidable questions: Why the United States? Why retail business?</p><p>HSBC also explained at the shareholders' meeting, emphasizing that its local mass market retail business in the United States remains a good business, but HSBC lacks the scale advantage needed to compete with local rivals.</p><p>In fact, HSBC's business in North America has been severely impacted since the financial crisis. In recent years, the 10-year Treasury Bond rate in the United States has been declining, once falling to zero. The narrowing interest rate spread has further squeezed banks' profit revenue in North America. HSBC USA's pre-tax profit as a percentage of the total has been declining, reaching only $168 million by 2020.</p><p>HSBC's performance in Europe has been even more dismal, not just in North America. Due to its long-term zero or even negative interest rate environment, HSBC suffered continuous losses in Europe starting in 2016, and by 2020, its pre-tax net loss in Europe had reached US$4.205 billion. HSBC also began to continuously adjust the focus of its global business several years ago.</p><p>At the same time, HSBC became a member of the Financial Stability Board's (FSB) list of global systemically important banks in 2013 and began to be subject to stricter risk standards.</p><p>Therefore, starting in 2014, HSBC began to shrink its risk-weighted assets. One of the measures it took was to continuously reduce its retail credit business, including its consumer credit and mortgage loan portfolio in the United States, as well as its previous investment portfolio in emerging markets.</p><p>From this perspective, high risk and low return are the fundamental reasons for HSBC's decision to withdraw from the US retail market, and investing huge amounts of money annually to maintain the operation of offline branches also contradicts the strategy of cutting costs.</p><p>HSBC's series of operations has only one purpose: to focus on high-growth, high-return regions and explore the most promising businesses.</p><p>In fact, the Group clearly put forward its development goal of \"returning to Asia Pacific\" in 2015, and in 2019, HSBC reiterated its layout in the Asia Pacific market.</p><p>In terms of profit contribution, HSBC Group's 2020 financial report shows that it achieved a cumulative pre-tax profit of US$8.777 billion in 2020. During the same period, the Asia-Pacific region achieved a pre-tax profit of US$12.832 billion, which is about 1.5 times that of the former. In other words, the Asia-Pacific region is currently HSBC's sole and most important profit engine.</p><p>When releasing its annual report earlier this year, HSBC further stated that it would shift its focus to the faster-growing Asian market and invest an additional $6 billion in its Asian business over five years.</p><p>Wealth management has become one of HSBC's key business focuses.</p><p><img src=\"https://static.tigerbbs.com/88b970ec370b88215d5cdcb9e3dd909d\" tg-width=\"1080\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p><p>One important reason is the tremendous opportunities presented by economic growth and increased residents' incomes in the Asia-Pacific region, especially in the Chinese market—retail banking and wealth management contributed nearly half of HSBC's customer deposits in 2019, with the vast majority of them coming from the Asia-Pacific region.</p><p><img src=\"https://static.tigerbbs.com/6dbd97eb1123fc4149ba9ff29b094e68\" tg-width=\"1080\" tg-height=\"812\" referrerpolicy=\"no-referrer\"></p><p>The development of fintech in the Asia-Pacific region has also brought new opportunities to banks. Not long ago, HSBC announced that its Payme APP has exceeded 2 million users in the three years since it launched in the Hong Kong market, and its market share has reached 70% in terms of individual-to-individual transaction amount. As a money transfer payment software, HSBC is also promoting its continued implementation at merchants.</p><p>However, overall, both HSBC's retention of some high-net-worth clients in the United States and its expansion in the Asia-Pacific region reveal its ambitions in high-net-worth clients and private banking. This includes plans to retain more than 20 international wealth management centers in the US market, in order to continue its coverage in the US market and become an important part of its international network.</p><p>As for the mainland market, HSBC entered the mainland market at the beginning of the century based on its \"Premier Wealth Management\" business, which provides services such as foreign currency deposits to high-net-worth clients. At that time, only those with a total deposit of more than US$50,000 could become \"Premier Clients\". HSBC then launched its private banking business in 2008, making $1 million the minimum threshold for opening a private account.</p><p>Today, high-net-worth clients are rapidly emerging in the Asia-Pacific region, especially in the Chinese market. According to the \"2021 China Private Wealth Report\" jointly released by China Merchants Bank and Bain & Company, in 2020, the total scale of personal investable assets in China reached RMB 241 trillion, and the number of high-net-worth individuals in China with investable assets of more than RMB 10 million reached 2.62 million.</p><p>With the macroeconomy continuing to improve, China's private wealth market has also ushered in a steady development trend. It is estimated that by the end of 2021, the number of high-net-worth individuals in China will approach 3 million, and the total investable assets will exceed 90 trillion yuan.</p><p>HSBC obviously won't miss this feast.</p><p>3. \"Competition\"</p><p>HSBC is not the only company plotting a wealth management feast in China.</p><p>Since my country released 11 measures to open up its financial sector in 2019, foreign banking giants have set their sights on China, a rapidly rising market. A clear trend is that wealth management giants can be seen among the shareholders of many bank wealth management subsidiaries.</p><p>In the 2020 financial reports of domestic banks, wealth management became a frequently used term and occupied an unprecedented strategic height. China Merchants Bank has set a \"comprehensive wealth management value chain\" as its next development goal, Industrial Bank has proposed to become a \"first-class wealth management bank in the entire market,\" and Shanghai Pudong Development Bank is committed to becoming the \"preferred bank for wealth management\"...</p><p>This is partly because the global banking industry is facing the impact of cyclical fluctuations and revenue pressure. As a business segment with weak cycles, high returns, and light capital, wealth management is the first choice for banks' transformation. In this respect, JPMorgan Chase's business performance in 2020, as a benchmark in the global banking industry, speaks volumes.</p><p>At the same time, wealth management, as the intersection of asset management, investment banking, retail, and corporate banking businesses, could revitalize the overall situation overnight, a choice many banks have been planning for years.</p><p>More competition between Chinese and foreign banks in the wealth management market, especially in high-net-worth clients and private banking services, may inevitably arise. They will face an emerging market that is changing dramatically and is full of challenges.</p><p>The aforementioned report mentioned that in 2021, the structure of China's high-net-worth individuals became more diverse and diverse. With the rapid development of new economies and industries such as the Internet and new energy, the equity appreciation effect boosted the rise of newly wealthy individuals.</p><p>At the same time, the needs of China's high-net-worth individuals are becoming more comprehensive and diversified. In addition to focusing on individual needs, they are also extending to the needs of families, businesses, and society, covering both financial and non-financial needs. Non-financial needs such as healthcare, high-end lifestyles, and tax and legal consulting are rising.</p><p>From this perspective, while the market is expanding rapidly, banks can also find different ways out by combining their own advantages. Some foreign banks, including HSBC, have advantages in their global network and asset resources, as well as a century-long tradition of service accumulation, while domestic banks can seek more breakthroughs in industry, scenarios, ecosystems, and fintech.</p>","source":"lsy1571380844538","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>HSBC \"tail break\"</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\">\nHSBC \"tail break\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 馨金融</strong><span class=\"h-time small\">2021-05-31 14:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>1. \"Retreat\"</p><p>Recently, HSBC Holdings (hereinafter referred to as \"HSBC\") announced its exit from the US retail market and will focus on wealth management and international banking, which is currently awaiting regulatory approval.</p><p>Specific measures HSBC will take include ceasing retail banking services for U.S. individual customers, premium customers, and some premium wealth management customers (customers with account balances below $75,000), while simultaneously ceasing related business for all retail commercial banking customers (small businesses with turnover of $5 million or less).</p><p>HSBC currently operates only 20-25 of its 148 branches in the United States, which have been transformed into international wealth management centers to serve some high-net-worth clients. The relevant transactions are expected to be completed in the first quarter of 2022.</p><p>It's not just the US market; in early May, French media reported that HSBC was conducting a strategic assessment of its retail banking business in France and negotiating a potential sale.</p><p>Coincidentally, another long-established banking giant, Citigroup, recently made a similar strategic contraction. It announced its withdrawal from personal banking operations in 13 markets, including China, in order to focus resources and investments on businesses with greater scale and growth potential. The so-called growth potential mainly comes from its investment banking and wealth management businesses.</p><p>While the giants may seem to have significantly scaled back their business layouts, institutions in the capital market have given positive feedback—giving them \"buy\" ratings and raising their target prices. As of the market close on May 28, HSBC Holdings' share price regained HK$50 after a year, and its market capitalization returned to HK$1 trillion.</p><p>The sudden outbreak of the pandemic last year dealt a heavy blow to bank stocks – on April 1, 2020, HSBC Holdings announced that it would cancel its dividend payments for the fourth quarter of 2019 and the first three quarters of 2020, and stated that it would not conduct any share buybacks during the year. Considering that HSBC did not cancel its dividend payments during the 2008 financial crisis, many people's investment confidence even collapsed as a result.</p><p>However, the decline in HSBC's share price cannot be entirely attributed to the pandemic. HSBC's \"crisis\" had already emerged long before the pandemic spread on a large scale. Last February, HSBC announced a large-scale restructuring by 2022, with four main initiatives, including:</p><p><ul><li>Reduce risky assets totaling over $100 billion and invest more assets in projects with higher profit returns;</li><li>A $4.5 billion spending cut plan was launched;</li><li>Large-scale layoff plans;</li><li>And a streamlined and complex group structure, etc.</li></ul>The business suspensions and rising risks brought about by the pandemic have given banks another boost. In its latest shareholder statement, HSBC mentioned that the global environment underwent tremendous changes in 2020, and the company took the opportunity to accelerate the implementation of four strategic pillars, the most important of which is:</p><p>Focus on the Group's strengths to drive business growth. We aspire to establish a global leadership position in cross-border banking services required by major trade and capital corridors, and to become an industry leader in wealth management, particularly in Asia. Another important trend behind HSBC's divestment of some retail businesses is that the \"cost-effectiveness\" of retail credit business, as an important component of retail finance, is becoming increasingly lower. In particular, the pandemic has not subsided for a long time, and this part of the business has been greatly affected by the macroeconomic situation and fluctuations in the external environment. Not only has growth been slow, but asset quality has also shown a significant deterioration trend.</p><p>Retail finance has long been known as the \"ballast stone\" of banks, but people often overlook its internal structure and asset quality. If we only look at retail credit business, it is actually greatly affected by cycles. In comparison, wealth management business is the real \"weak cycle\" and light capital.</p><p>2. \"Focus\"</p><p>It's easy to see that HSBC's series of adjustments to the US retail market were already part of its restructuring plan, and the pandemic further accelerated their implementation. But there are two unavoidable questions: Why the United States? Why retail business?</p><p>HSBC also explained at the shareholders' meeting, emphasizing that its local mass market retail business in the United States remains a good business, but HSBC lacks the scale advantage needed to compete with local rivals.</p><p>In fact, HSBC's business in North America has been severely impacted since the financial crisis. In recent years, the 10-year Treasury Bond rate in the United States has been declining, once falling to zero. The narrowing interest rate spread has further squeezed banks' profit revenue in North America. HSBC USA's pre-tax profit as a percentage of the total has been declining, reaching only $168 million by 2020.</p><p>HSBC's performance in Europe has been even more dismal, not just in North America. Due to its long-term zero or even negative interest rate environment, HSBC suffered continuous losses in Europe starting in 2016, and by 2020, its pre-tax net loss in Europe had reached US$4.205 billion. HSBC also began to continuously adjust the focus of its global business several years ago.</p><p>At the same time, HSBC became a member of the Financial Stability Board's (FSB) list of global systemically important banks in 2013 and began to be subject to stricter risk standards.</p><p>Therefore, starting in 2014, HSBC began to shrink its risk-weighted assets. One of the measures it took was to continuously reduce its retail credit business, including its consumer credit and mortgage loan portfolio in the United States, as well as its previous investment portfolio in emerging markets.</p><p>From this perspective, high risk and low return are the fundamental reasons for HSBC's decision to withdraw from the US retail market, and investing huge amounts of money annually to maintain the operation of offline branches also contradicts the strategy of cutting costs.</p><p>HSBC's series of operations has only one purpose: to focus on high-growth, high-return regions and explore the most promising businesses.</p><p>In fact, the Group clearly put forward its development goal of \"returning to Asia Pacific\" in 2015, and in 2019, HSBC reiterated its layout in the Asia Pacific market.</p><p>In terms of profit contribution, HSBC Group's 2020 financial report shows that it achieved a cumulative pre-tax profit of US$8.777 billion in 2020. During the same period, the Asia-Pacific region achieved a pre-tax profit of US$12.832 billion, which is about 1.5 times that of the former. In other words, the Asia-Pacific region is currently HSBC's sole and most important profit engine.</p><p>When releasing its annual report earlier this year, HSBC further stated that it would shift its focus to the faster-growing Asian market and invest an additional $6 billion in its Asian business over five years.</p><p>Wealth management has become one of HSBC's key business focuses.</p><p><img src=\"https://static.tigerbbs.com/88b970ec370b88215d5cdcb9e3dd909d\" tg-width=\"1080\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p><p>One important reason is the tremendous opportunities presented by economic growth and increased residents' incomes in the Asia-Pacific region, especially in the Chinese market—retail banking and wealth management contributed nearly half of HSBC's customer deposits in 2019, with the vast majority of them coming from the Asia-Pacific region.</p><p><img src=\"https://static.tigerbbs.com/6dbd97eb1123fc4149ba9ff29b094e68\" tg-width=\"1080\" tg-height=\"812\" referrerpolicy=\"no-referrer\"></p><p>The development of fintech in the Asia-Pacific region has also brought new opportunities to banks. Not long ago, HSBC announced that its Payme APP has exceeded 2 million users in the three years since it launched in the Hong Kong market, and its market share has reached 70% in terms of individual-to-individual transaction amount. As a money transfer payment software, HSBC is also promoting its continued implementation at merchants.</p><p>However, overall, both HSBC's retention of some high-net-worth clients in the United States and its expansion in the Asia-Pacific region reveal its ambitions in high-net-worth clients and private banking. This includes plans to retain more than 20 international wealth management centers in the US market, in order to continue its coverage in the US market and become an important part of its international network.</p><p>As for the mainland market, HSBC entered the mainland market at the beginning of the century based on its \"Premier Wealth Management\" business, which provides services such as foreign currency deposits to high-net-worth clients. At that time, only those with a total deposit of more than US$50,000 could become \"Premier Clients\". HSBC then launched its private banking business in 2008, making $1 million the minimum threshold for opening a private account.</p><p>Today, high-net-worth clients are rapidly emerging in the Asia-Pacific region, especially in the Chinese market. According to the \"2021 China Private Wealth Report\" jointly released by China Merchants Bank and Bain & Company, in 2020, the total scale of personal investable assets in China reached RMB 241 trillion, and the number of high-net-worth individuals in China with investable assets of more than RMB 10 million reached 2.62 million.</p><p>With the macroeconomy continuing to improve, China's private wealth market has also ushered in a steady development trend. It is estimated that by the end of 2021, the number of high-net-worth individuals in China will approach 3 million, and the total investable assets will exceed 90 trillion yuan.</p><p>HSBC obviously won't miss this feast.</p><p>3. \"Competition\"</p><p>HSBC is not the only company plotting a wealth management feast in China.</p><p>Since my country released 11 measures to open up its financial sector in 2019, foreign banking giants have set their sights on China, a rapidly rising market. A clear trend is that wealth management giants can be seen among the shareholders of many bank wealth management subsidiaries.</p><p>In the 2020 financial reports of domestic banks, wealth management became a frequently used term and occupied an unprecedented strategic height. China Merchants Bank has set a \"comprehensive wealth management value chain\" as its next development goal, Industrial Bank has proposed to become a \"first-class wealth management bank in the entire market,\" and Shanghai Pudong Development Bank is committed to becoming the \"preferred bank for wealth management\"...</p><p>This is partly because the global banking industry is facing the impact of cyclical fluctuations and revenue pressure. As a business segment with weak cycles, high returns, and light capital, wealth management is the first choice for banks' transformation. In this respect, JPMorgan Chase's business performance in 2020, as a benchmark in the global banking industry, speaks volumes.</p><p>At the same time, wealth management, as the intersection of asset management, investment banking, retail, and corporate banking businesses, could revitalize the overall situation overnight, a choice many banks have been planning for years.</p><p>More competition between Chinese and foreign banks in the wealth management market, especially in high-net-worth clients and private banking services, may inevitably arise. They will face an emerging market that is changing dramatically and is full of challenges.</p><p>The aforementioned report mentioned that in 2021, the structure of China's high-net-worth individuals became more diverse and diverse. With the rapid development of new economies and industries such as the Internet and new energy, the equity appreciation effect boosted the rise of newly wealthy individuals.</p><p>At the same time, the needs of China's high-net-worth individuals are becoming more comprehensive and diversified. In addition to focusing on individual needs, they are also extending to the needs of families, businesses, and society, covering both financial and non-financial needs. Non-financial needs such as healthcare, high-end lifestyles, and tax and legal consulting are rising.</p><p>From this perspective, while the market is expanding rapidly, banks can also find different ways out by combining their own advantages. Some foreign banks, including HSBC, have advantages in their global network and asset resources, as well as a century-long tradition of service accumulation, while domestic banks can seek more breakthroughs in industry, scenarios, ecosystems, and fintech.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/n6JB9UtWTZmhu6Pk2CkKrQ\"> 馨金融</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/67bb9f6d22d097ff0cb960f84fc5dea3","relate_stocks":{"HSBC":"汇丰","00005":"汇丰控股"},"source_url":"https://mp.weixin.qq.com/s/n6JB9UtWTZmhu6Pk2CkKrQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168745337","content_text":"1、「撤退」\n最近，汇丰控股（下简称「汇丰」）宣布退出美国零售市场，同时将重点关注财富管理和国际银行业务，目前正等待监管机构批准。\n汇丰将采取的具体措施包括，停止为美国个人客户、高级客户及部分卓越理财客户（账户余额低于75000美元的客户）提供零售银行服务，与此同时，结束所有零售商业银行客户（营业额在500万美元及以下的小企业）的相关业务。\n而目前汇丰在美国运营的148家分支机构仅保留20-25家，并转变为国际财富管理中心，为部分高净值客户提供服务，相关交易预计将在2022年一季度完成。\n不只是美国市场，5月初，有法国媒体报道，汇丰正在对法国的零售银行业务进行战略评估，并就潜在出售进行谈判。\n无独有偶，另外一家老牌银行业巨头花旗也在前不久做出了类似的战略收缩。其宣布退出包括中国在内的13个市场的个人银行业务，目的是把资源和投资聚焦在更具规模和增长潜力的业务上。而所谓的增长潜力，主要来自其投行和财富管理业务。\n巨头们看似大幅收缩了业务布局，但在资本市场上，机构却纷纷给予了积极的反馈——给出了「买入」评级并上调目标价格。截止到5月28日收盘，汇丰控股时隔一年后股价重新站上50港元、市值重回万亿港元。\n去年突如其来的疫情给了银行股迎头一击——2020年4月1日，汇丰控股宣布，将取消2019年四季度和2020年前三季度的派息，并表示年内将不进行任何的购票回购。考虑到汇丰在2008年「金融海啸」时都未曾取消派息，许多人的投资信仰甚至因此坍塌。\n然而，汇丰的股价下跌并不能完全归咎于疫情。早在疫情大规模蔓延之前，汇丰的「危机」已经出现。去年2月，汇丰就曾宣布将于2022年之前进行大规模重组，重组计划主要有四大举措，包括：\n\n削减总量超过1000亿美元的风险资产，将更多资产投入到利润回报更高的项目中去；\n推出45亿美元的削减支出计划；\n大规模的裁员计划；\n以及精简复杂的集团架构等。\n\n疫情带来的业务停止、风险攀升又推了银行一把，汇丰在最新发布的股东在大会声明中提到，2020年全球环境经历巨大变化，公司趁机加快执行四大策略支柱，其中最重要的一大支柱就是：\n\n 专注集团优势，推动业务增长。期望在主要贸易及资金走廊所需的跨境银行服务上建立全球领导地位，并成为财富管理（特别是在亚洲）方面的业界翘楚。\n\n汇丰割舍部分零售业务的背后还有一个重要的趋势，作为零售金融的重要组成部分，零售信贷业务的「性价比」正在变得越来越低。尤其，疫情久久未能平息，这部分业务受宏观经济形势和外部环境波动的影响极大，不仅增长缓慢，资产质量也有大幅恶化的趋势。\n零售金融素来有银行「压舱石」的美誉，但大家往往忽略了它的内在结构和资产质量，如果单看零售信贷类业务，其实受周期影响很大，相较之下，财富管理业务才是真正的「弱周期」且轻资本。\n2、「聚焦」\n不难发现，汇丰针对美国零售市场做出的一系列调整本就在重组计划之内，而疫情进一步加速了其落地的进度。但不可回避的问题有两个：为什么是美国？为什么是零售业务？\n汇丰在股东大会中也有所解释，他们强调，美国本地大众市场零售业务依然是一项良好的业务，但汇丰缺乏与当地对手竞争所需的规模优势。\n事实上，从金融危机之后，汇丰在北美的业务就受到了极大冲击。近年来，美国十年期国债利率不断降低，一度下滑至零利率，息差的缩小又进一步压缩了银行在北美的利润收入。汇丰美国的除税前利润占整体比重不断下降，到2020年只有1.68亿美元。\n不只是北美，汇丰在欧洲的业绩表现更加惨不忍睹。由于其长期的零利率甚至负利率环境，从2016年开始汇丰在欧洲持续亏损，到2020年，其欧洲地区除税前净亏损高达42.05亿美元。汇丰也在几年前就开始持续调整全球业务的发展重心。\n与此同时，汇丰在2013年成为为金融稳定委员会（FSB）的全球系统重要银行名单中的一员，开始受到更加严苛的风险标准约束。\n因此，从2014年开始，汇丰开始收缩风险加权资产，其采取的措施之一就是不断压缩零售信贷业务，包括美国的消费信贷和按揭贷款组合，以及其此前其在新兴市场进行的投资布局。\n从这个角度看，高风险与低回报是汇丰决心退出美国零售市场的根本原因，每年投入巨额成本维持线下网点的运营也与削减开支的策略相违背。\n汇丰这一系列操作的目的只有一个，就是专注于高增长、高回报的地区，挖掘最具潜力的业务。\n事实上，集团在2015年就明确提出了「重回亚太」的发展目标，到2019年，汇丰再次重申其在亚太市场的布局。\n从利润贡献来看，汇丰集团2020年财报显示，2020年累计实现除税前利润87.77亿美元，同期，亚太地区实现除税前利润128.32亿美元，大约是前者的1.5倍。换言之，眼下亚太地区是汇丰唯一也是最重要的利润引擎。\n而在今年初披露年报时，汇丰也进一步提出，未来将重心转向增长更快的亚洲市场，五年内将向亚洲业务追加投资60亿美元。\n在汇丰的布局中，财富管理业务成为了业务重点之一。\n\n一个重要的原因是，亚太地区，尤其是中国市场的经济增长、居民收入增加带来了巨大的机会——在汇丰2019年的客户存款中，零售银行及财富管理业务贡献了接近的半数的存款来源，而其中的绝大部分都来自亚太地区。\n\n而金融科技在亚太地区的发展也给银行带来了新的机会——不久前汇丰宣布，其在香港市场推出Payme APP三年来用户数已经突破200万，以个人对个人交易金额计算，市场份额达到70%。作为一款转账支付软件，汇丰还在推动其商户端的持续落地。\n但从整体来看来看，无论是在美国保留部分高净值客户，还是汇丰在亚太区的布局，都透露出其在高净值客户以及私人银行业务上的野心。包括在美国市场将保留超过20家国际财富管理中心的计划，也是为了持续在美国市场的覆盖，成为其国际网络的重要一环。\n就内地市场而言，汇丰在世纪初进入内地市场就是依托「卓越理财」业务，即为高净值客户提供外币存款等服务，彼时只有存款总额达到5万美元以上才能成为「卓越客户」。而后汇丰在2008年启动私人银行业务，100万美元成为开设私人账户的最低门槛。\n到今天，亚太地区，尤其是中国市场上，高净值客户群体迅速崛起。根据招行和贝恩公司联合发布的《2021中国私人财富报告》，2020年，中国个人可投资资产总规模达241万亿人民币，可投资资产在1000万人民币以上的中国高净值人群数量达262万人。\n在宏观经济持续向好的前提下，中国私人财富市场也迎来稳健发展态势。预计到2021年底，中国高净值人群数量预计接近300万人，可投资资产总规模将突破90万亿。\n汇丰显然不会错过这一场盛宴。\n3、「竞争」\n图谋中国财富管理盛宴的不只是汇丰一家。\n自2019年我国发布了11条金融业对外开放措施之后，国外银行业巨头都瞄准了中国这个快速崛起中的市场。一个鲜明的趋势是，多家银行理财子公司的股东中都可以看到财富管理巨头的身影。\n而在国内银行的2020年财报中，财富管理也成为了一个高频词，并且占据了前所未有的战略高度。招行将「大财富管理价值循环链」作为下一阶段发展目标、兴业银行提出要成为「全市场一流的财富管理银行」、浦发银行致力于打造「财富管理首选银行」……\n这一方面是因为全球银行业都面临着周期震荡的冲击和营收压力，财富管理业务作为一个弱周期、高收益、轻资本的业务板块，是银行转型的首选。在这一点上，摩根大通作为全球银行业的标杆，在2020年的业务表现已经很能说明问题。\n与此同时，财富管理业务作为资管、投行、零售、对公业务的交叉点，一朝落子，可能盘活全局，这也是许多银行筹谋多年后的选择。\n中外银行在财富管理市场上，尤其是高净值客户与私人银行服务方面，或许不可避免地将产生更多竞争。而它们将面对的是一个正在剧烈变化，同时充满挑战的新兴市场。\n前述报告提到，2021年，中国高净值人群结构更加丰富多元，伴随着互联网、新能源等新经济、新行业发展迅猛，股权增值效应助推新富人群崛起。\n与此同时，中国高净值人群需求的综合化、多元化程度加深，在关注个人需求之外，还延伸到家庭、企业、社会需求，涵盖金融及非金融需求，医疗健康、高端生活方式、税务法律咨询等非金融需求崛起。\n从这个角度来看，市场蛋糕迅速膨胀的同时，各家银行也可以结合自身优势找到不同的出路。包括汇丰在内的一些外资银行优势在于全球布局的网络和资产资源、百年传承的服务积累等，而国内银行业则可以从产业、场景、生态与金融科技中寻求更多突破。","news_type":1,"symbols_score_info":{"HSBC":0.9,"00005":0.9}},"isVote":1,"tweetType":1,"viewCount":5106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137389513,"gmtCreate":1622299743432,"gmtModify":1704182828175,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Gov is leading the financial market","listText":"Gov is leading the financial market","text":"Gov is leading the financial market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/137389513","repostId":"1101899491","repostType":4,"repost":{"id":"1101899491","kind":"news","pubTimestamp":1622266235,"share":"https://ttm.financial/m/news/1101899491?lang=en_US&edition=fundamental","pubTime":"2021-05-29 13:30","market":"sh","language":"zh","title":"The latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities","url":"https://stock-news.laohu8.com/highlight/detail?id=1101899491","media":"上海证券报","summary":"证监会副主席李超表示，当前，我国资本市场正在发生日益深刻的结构性变化，市场预期向好，市场功能得到进一步发挥，高质量发展取得良好开局。下一步，证监会将进一步落实“建制度，不干预，零容忍”的九字方针，推进","content":"<p><div>Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), said that my country's capital market is currently undergoing increasingly profound structural changes, market expectations are positive, market functions have been further realized, and high-quality development has made a good start. Next, the China Securities Regulatory Commission (CSRC) will further implement the nine-character policy of \"establishing systems, non-interference, and zero tolerance\" to promote the capital market to better play its pivotal role in resource allocation, risk mitigation, policy transmission, and expectation management. Li Chao attended the “International Finance Forum (IFF) 2021 Spring Meeting” today and made the above remarks in his speech at the conference. This forum is themed \"Global Governance and International Cooperation in the Post-Pandemic Era\"...</p><p><a href=\"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ\">Web page link</a></div></p>","source":"shzqb","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 latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities</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 latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-05-29 13:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), said that my country's capital market is currently undergoing increasingly profound structural changes, market expectations are positive, market functions have been further realized, and high-quality development has made a good start. Next, the China Securities Regulatory Commission (CSRC) will further implement the nine-character policy of \"establishing systems, non-interference, and zero tolerance\" to promote the capital market to better play its pivotal role in resource allocation, risk mitigation, policy transmission, and expectation management. Li Chao attended the “International Finance Forum (IFF) 2021 Spring Meeting” today and made the above remarks in his speech at the conference. This forum is themed \"Global Governance and International Cooperation in the Post-Pandemic Era\"...</p><p><a href=\"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b03359bd74c102eff90adcc7e2740657","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101899491","content_text":"证监会副主席李超表示，当前，我国资本市场正在发生日益深刻的结构性变化，市场预期向好，市场功能得到进一步发挥，高质量发展取得良好开局。下一步，证监会将进一步落实“建制度，不干预，零容忍”的九字方针，推进资本市场更好发挥在资源配置、风险缓释、政策传导、预期管理等方面的枢纽作用。李超今日出席“国际金融论坛（IFF）2021春季会议”，并在大会讲话中作上述表示。此次论坛以“后疫情时代全球治理与国际合作”为主题。他围绕推动资本市场高质量发展，详细阐述了证监会在建制度、不干预、零容忍等三个方面的工作重点。市场日益发生结构性变化 高质量发展取得良好开局李超表示，资本市场是现代经济体系的重要组成部分，也是连接国际国内市场，促进国际分工和贸易投资发展的重要纽带，进入新发展阶段，资本市场必须深入贯彻新发展理念，扎扎实实办好自己的事情，为经济的恢复发展积极贡献力量。他说，当前，我国资本市场正在发生日益深刻的结构性变化，市场韧性、活力和吸引力明显增强，市场生态得到有效改善，市场预期向好，市场功能得到进一步发挥，高质量发展取得良好开局。李超介绍，近年来，证监会紧紧围绕打造一个规范、透明、开放、有活力、有韧性的资本资场这一总体目标，坚持稳中求进的工作总基调，坚持“建制度，不干预，零容忍”，坚持市场化、法治化、国际化，全力做好服务实体经济，深化改革和防范金融风险等重点工作。他具体提到了下述三方面内容：首先，保持监管的弹性和温度，积极应对疫情大考，迅速出台一揽子针对性的政策措施，科学合理的保持IPO再融资的常态化，引导更多资金直达实体经济。其次，加强资本市场顶层设计，推动设立科创板并试点注册制，推出创业板改革、新三板改革，推动提高上市公司质量，推动投资端改革，积极稳妥推进资本市场制度性双向开放，市场、行业、产品开放和便利跨境投融资的制度安排取得实质性进展。再者，坚持底线思维，努力维护市场平稳运行。股票质押、私募基金等重点领域的风险实现总体的收敛，新证券法和刑法修正案（十一）先后施行，相关部门严肃查处了一批市场关注的大案要案。同时，首例特别代表人诉讼落地，投资者救济赔偿取得了新的突破。明确落实“九字方针”下一阶段的工作重点李超表示，今年以来，世界经济出现复苏迹象，但经济复苏分化也较为明显。近期全球大宗商品价格持续上涨，市场对于部分国家实施超宽松政策的外溢性担忧加剧。中国经济呈现稳定恢复态势，消费、投资、出口均有所改善，高质量发展取得新的成效。但经济恢复仍不均衡，基础仍不稳固，这些都给进一步推动我国资本市场高质量发展带来了新课题、新机遇、新挑战。他透露，下一步中国证监会将紧紧围绕“十四五”规划对资本市场的部署要求，进一步落实“建制度，不干预，零容忍”九字方针，推进资本市场更好发挥在资源配置、风险缓释、政策传导、预期管理等方面的枢纽作用，在实现自身高质量发展的同时更好地服务构建新发展格局。具体而言：“建制度”方面：证监会将紧扣注册制改革这一“牛鼻子”工程，坚持稳中求进，做好试点总结评估和改进优化，完善相关配套制度规则，为全市场注册制改革积极创造条件。并以注册制为牵引，推动发行上市、交易、退市、信息披露以及促进中介机构归位尽责，强化监管和风险防范，加强投资者保护等一系列关键制度持续优化。同时，证监会将会同有关方面，积极推动完善债券市场基础制度，稳步推进基础设施领域公募REITs试点落地；配合推动期货法出台，完善大宗商品期货监管和风控制度，为稳价保供积极贡献力量。“不干预”方面：证监会将进一步深化放管服改革，重点突出放管结合，以更大力度推进简政放权。一方面继续坚定“放”，凡是市场机制能有效发挥作用的领域，坚决放权于市场，减少不必要的管制，不断提升监管的透明度和可预期性，进一步激发市场活力；另一方面，持续抓好“管”，该监管的一定坚决管住，管好，坚持科学监管，分类监管，专业监管、持续监管，进一步完善事中、事后监管的制度安排。对各类风险努力做到“看得明、说得清、守得住”，同时不断提升监管的科技化、智能化水平，增强监管有效性。“零容忍”方面：证监会将在持续加强、改进日常监管的基础上，会同立法、司法机关等有关方面，进一步落实好关于依法从严打击证券违法活动的指导性文件，加快健全有中国特色的证券执法司法体制机制；持续完善资本市场法治基础，从严从重从快打击欺诈发行、财务造假，以及以市值管理之名行市场操纵之实等恶性违法违规行为，让做坏事之人付出沉重代价。同时，证监会将推动常态化开展投保机构代表人诉讼工作，更好保护投资人，特别是中小投资者合法权益，进一步营造良好的市场发展生态。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137380797,"gmtCreate":1622299693519,"gmtModify":1704182827529,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Weilong is super unhealthy&nbsp;","listText":"Weilong is super unhealthy&nbsp;","text":"Weilong is super unhealthy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/137380797","repostId":"1166516864","repostType":4,"isVote":1,"tweetType":1,"viewCount":1606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134329761,"gmtCreate":1622208996953,"gmtModify":1704181502655,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Meme stock still wins","listText":"Meme stock still wins","text":"Meme stock still wins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134329761","repostId":"1121649348","repostType":4,"repost":{"id":"1121649348","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":1622208665,"share":"https://ttm.financial/m/news/1121649348?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:31","market":"us","language":"zh","title":"Opening: All three major indices opened higher, with AMC Cinemas rising 20%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1121649348","media":"老虎资讯综合","summary":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高","content":"<p>On May 28, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.40%, the Nasdaq Composite up 0.41%, and the S&P 500 up 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 6%, according to reports.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group's early childhood education program has been canceled, and a large number of employees will be laid off.</p><p>Most WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>Up 15%<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>It rose 10%, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell 1.4% after previously announcing that it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell by more than 7%, and the company's CEO stated that the supply shortage will continue until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose over 7%, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>Rising more than 10%, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021, ending March 31, 2021. The financial report shows that the company's total revenue in Q4 was 90.864 million yuan, compared to 119 million yuan in the same period last year, a year-on-year decrease of 23.64%; The net loss was 109 million yuan, compared to 142 million yuan in the same period last year; Both basic and diluted losses per ADS were RMB 1.07, compared to RMB 1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3% after signing a contract with the U.S. Special Operations Command worth a total of $111 million, of which the company was granted an option agreement worth $52.5 million upon execution of the contract. The basic term of the contract is one year, and the option period is one year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: All three major indices opened higher, with AMC Cinemas rising 20%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: All three major indices opened higher, with AMC Cinemas rising 20%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-28 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.40%, the Nasdaq Composite up 0.41%, and the S&P 500 up 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 6%, according to reports.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group's early childhood education program has been canceled, and a large number of employees will be laid off.</p><p>Most WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>Up 15%<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>It rose 10%, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell 1.4% after previously announcing that it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell by more than 7%, and the company's CEO stated that the supply shortage will continue until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose over 7%, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>Rising more than 10%, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021, ending March 31, 2021. The financial report shows that the company's total revenue in Q4 was 90.864 million yuan, compared to 119 million yuan in the same period last year, a year-on-year decrease of 23.64%; The net loss was 109 million yuan, compared to 142 million yuan in the same period last year; Both basic and diluted losses per ADS were RMB 1.07, compared to RMB 1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3% after signing a contract with the U.S. Special Operations Command worth a total of $111 million, of which the company was granted an option agreement worth $52.5 million upon execution of the contract. The basic term of the contract is one year, and the option period is one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121649348","content_text":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高斯电子涨15%，游戏驿站涨超3%。蘑菇街涨10%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。波音跌1.4%，此前表示将暂停787 Dreamliner交付。惠普跌超7%，公司CEO表示供应短缺将持续到今年年底。Salesforce涨超7%，第一财季净利同比大增374%蘑菇街涨超10%，消息面上蘑菇街公布截至2021年3月31日的2021财年第四季度及全年财务业绩。财报显示，该公司Q4总营收9086.4万元，上年同期1.19亿元，同比下降23.64%;净亏损为1.09亿元，上年同期1.42亿元;基本和摊薄后每ADS亏损均为1.07元，上年同期为1.30元。Palantir Technologies涨近3%，公司已与美国特种作战司令部签署总价值为1.11亿美元的合同，其中，公司被授予在合同执行后价值5250万美元的选择权协议。该份合同的基本期限为一年，选择权期限为一年。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132579981,"gmtCreate":1622103307243,"gmtModify":1704179511816,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OPRA\">$Opera(OPRA)$</a>Just in the abyss&nbsp;","listText":"<a href=\"https://laohu8.com/S/OPRA\">$Opera(OPRA)$</a>Just in the abyss&nbsp;","text":"$Opera(OPRA)$Just in the abyss","images":[{"img":"https://static.tigerbbs.com/aea395c583117ae13b9a7132a8577533","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/132579981","isVote":1,"tweetType":1,"viewCount":2373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":132570930,"gmtCreate":1622103263220,"gmtModify":1704179510034,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"India Ant Finance?","listText":"India Ant Finance?","text":"India Ant Finance?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/132570930","repostId":"1145657882","repostType":4,"repost":{"id":"1145657882","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":1622103186,"share":"https://ttm.financial/m/news/1145657882?lang=en_US&edition=fundamental","pubTime":"2021-05-27 16:13","market":"us","language":"zh","title":"Bloomberg: Indian payments giant Paytm plans $3 billion IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1145657882","media":"老虎资讯综合","summary":"5月27日，彭博报道，据知情人士透露，印度支付巨头Paytm据悉拟进行30亿美元IPO，有望成为印度有史以来最大的IPO交易。\n该知情人士表示，这家由伯克希尔·哈撒韦，软银集团和蚂蚁集团等投资者支持的","content":"<p>On May 27, Bloomberg reported that, according to sources familiar with the matter, Indian payments giant Paytm is reportedly planning a $3 billion IPO, which is expected to be the largest IPO in India's history.</p><p>The source said the startup, backed by investors including Berkshire Hathaway, SoftBank Group, and Ant Group, plans to list in India around November.</p><p><img src=\"https://static.tigerbbs.com/213a49056a9fcf8e2f89740a0bdbfded\" tg-width=\"1564\" tg-height=\"724\"></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>Bloomberg: Indian payments giant Paytm plans $3 billion IPO</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\">\nBloomberg: Indian payments giant Paytm plans $3 billion IPO\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-27 16:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 27, Bloomberg reported that, according to sources familiar with the matter, Indian payments giant Paytm is reportedly planning a $3 billion IPO, which is expected to be the largest IPO in India's history.</p><p>The source said the startup, backed by investors including Berkshire Hathaway, SoftBank Group, and Ant Group, plans to list in India around November.</p><p><img src=\"https://static.tigerbbs.com/213a49056a9fcf8e2f89740a0bdbfded\" tg-width=\"1564\" tg-height=\"724\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145657882","content_text":"5月27日，彭博报道，据知情人士透露，印度支付巨头Paytm据悉拟进行30亿美元IPO，有望成为印度有史以来最大的IPO交易。\n该知情人士表示，这家由伯克希尔·哈撒韦，软银集团和蚂蚁集团等投资者支持的初创公司计划于11月左右在印度上市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2065,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136631645,"gmtCreate":1622012280587,"gmtModify":1704366048676,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"I like this","listText":"I like this","text":"I like this","images":[{"img":"https://static.tigerbbs.com/b3faae5e615fe263e55b61007f9fbd41","width":"750","height":"2055"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/136631645","isVote":1,"tweetType":1,"viewCount":1940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":136631340,"gmtCreate":1622012244380,"gmtModify":1704366048190,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Better go HKeX","listText":"Better go HKeX","text":"Better go HKeX","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/136631340","repostId":"2138113587","repostType":4,"isVote":1,"tweetType":1,"viewCount":2048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136633400,"gmtCreate":1622012215700,"gmtModify":1704366047866,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Yes please!","listText":"Yes please!","text":"Yes please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/136633400","repostId":"1172394607","repostType":4,"repost":{"id":"1172394607","kind":"news","pubTimestamp":1622011729,"share":"https://ttm.financial/m/news/1172394607?lang=en_US&edition=fundamental","pubTime":"2021-05-26 14:48","market":"us","language":"zh","title":"Barclays: The US medical device industry may usher in a new upward cycle.","url":"https://stock-news.laohu8.com/highlight/detail?id=1172394607","media":"智通财经网","summary":"巴克莱表示，医疗器械行业可能正处于新一轮上涨周期的早期阶段。\n该行列出了看好该行业的8个原因：1）强劲的创新；2）去年取消的产品今年可能会恢复；3）新技术可以增加诊断数量和效率；4）电视直销广告带来的","content":"<p>Barclays stated that the medical device industry may be in the early stages of a new upward cycle.</p><p>The bank listed eight reasons for its optimism about the industry: 1) Strong innovation; 2) Products canceled last year may be reinstated this year; 3) New technologies can increase the number and efficiency of diagnoses; 4) New users brought in by TV direct selling advertising; 5) The epidemic situation has eased; 6) Hospital investigations show that a large number of surgeries postponed by the epidemic have begun to resume; 7) A healthy balance sheet for the industry; 8) Growth brought about by population aging.</p><p>The bank is optimistic<a href=\"https://laohu8.com/S/ABT\">Abbott</a>、<a href=\"https://laohu8.com/S/BSX\">Boston Science</a>、<a href=\"https://laohu8.com/S/EW\">Edwards</a>Waiting for companies.</p><p><img src=\"https://static.tigerbbs.com/8e4190e1d89a6662c6b35ae137d89112\" tg-width=\"1519\" tg-height=\"915\" referrerpolicy=\"no-referrer\"></p><p>Barclays stated that the potential risk facing the industry is that if elective surgery fails to return to normal in the post-pandemic era, hospitals may lower prices, putting pressure on healthcare companies' revenues, while tax reforms could depress the profits of companies such as Abbott.</p>","source":"highlight_zhitongcaijin","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>Barclays: The US medical device industry may usher in a new upward cycle.</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\">\nBarclays: The US medical device industry may usher in a new upward cycle.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-05-26 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Barclays stated that the medical device industry may be in the early stages of a new upward cycle.</p><p>The bank listed eight reasons for its optimism about the industry: 1) Strong innovation; 2) Products canceled last year may be reinstated this year; 3) New technologies can increase the number and efficiency of diagnoses; 4) New users brought in by TV direct selling advertising; 5) The epidemic situation has eased; 6) Hospital investigations show that a large number of surgeries postponed by the epidemic have begun to resume; 7) A healthy balance sheet for the industry; 8) Growth brought about by population aging.</p><p>The bank is optimistic<a href=\"https://laohu8.com/S/ABT\">Abbott</a>、<a href=\"https://laohu8.com/S/BSX\">Boston Science</a>、<a href=\"https://laohu8.com/S/EW\">Edwards</a>Waiting for companies.</p><p><img src=\"https://static.tigerbbs.com/8e4190e1d89a6662c6b35ae137d89112\" tg-width=\"1519\" tg-height=\"915\" referrerpolicy=\"no-referrer\"></p><p>Barclays stated that the potential risk facing the industry is that if elective surgery fails to return to normal in the post-pandemic era, hospitals may lower prices, putting pressure on healthcare companies' revenues, while tax reforms could depress the profits of companies such as Abbott.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/481864.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d17cb0ea313437e7afb8bad7f25dce9a","relate_stocks":{"EW":"爱德华兹","ABT":"雅培","BSX":"波士顿科学"},"source_url":"https://www.zhitongcaijing.com/content/detail/481864.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1172394607","content_text":"巴克莱表示，医疗器械行业可能正处于新一轮上涨周期的早期阶段。\n该行列出了看好该行业的8个原因：1）强劲的创新；2）去年取消的产品今年可能会恢复；3）新技术可以增加诊断数量和效率；4）电视直销广告带来的新用户；5）疫情缓和；6）医院的调查显示大量被疫情延后的手术开始恢复；7）该行业健康的资产负债表；8）人口老龄化带来的增长。\n该行看好雅培、波士顿科学、爱德华兹等公司。\n\n巴克莱表示，该行业面临的潜在风险是如果选择性手术不能在后疫情时代恢复正常，医院可能会压低价格导致医疗公司营收承压，而税收改革可能会压低雅培等公司的利润。","news_type":1,"symbols_score_info":{"EW":0.9,"ABT":0.9,"BSX":0.9}},"isVote":1,"tweetType":1,"viewCount":2454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138907533,"gmtCreate":1621903735022,"gmtModify":1704364098334,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Musk is good at dancing round and manipulating price","listText":"Musk is good at dancing round and manipulating price","text":"Musk is good at dancing round and manipulating price","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138907533","repostId":"2138151782","repostType":4,"repost":{"id":"2138151782","kind":"highlight","pubTimestamp":1621894554,"share":"https://ttm.financial/m/news/2138151782?lang=en_US&edition=fundamental","pubTime":"2021-05-25 06:15","market":"us","language":"zh","title":"Musk unleashes his power again! One sentence sent Bitcoin towards $40,000","url":"https://stock-news.laohu8.com/highlight/detail?id=2138151782","media":"华尔街见闻","summary":"马斯克和北美的八大比特币挖矿机构会谈，这些机构决定成立一个挖矿委员会，让能源消耗的披露标准化。马斯克称这“可能有希望”。更新中","content":"<p>Musk met with eight major Bitcoin mining organizations in North America, which decided to form a mining committee to standardize the disclosure of energy consumption. Musk said it \"may have a promising future\". Musk has shaken up cryptocurrency prices with at least four tweets in the past two weeks.</p><p>Tesla CEO Elon Musk once again proved his reputation as the \"master of the cryptocurrency world\" with a tweet.</p><p>In late trading on Monday, the 24th, Eastern Time, Musk posted on social media: \"I spoke with some Bitcoin mining companies in North America, and they promised to release their current and planned renewable energy consumption and are calling on miners around the world to do so. This may be promising.\"<img src=\"https://static.tigerbbs.com/7c4e06531acb8082ace9a553a3ced542\" tg-width=\"579\" tg-height=\"287\" referrerpolicy=\"no-referrer\"></p><p>Following Musk's post, Michael Saylor, CEO of Microstrategy, the American business intelligence software giant that held Bitcoin investments before Tesla, retweeted Musk's post and revealed that he hosted a meeting last Sunday attended by Musk and Bitcoin, a leading North American mining company. These organizations unanimously agreed to form the Bitcoin Mining Committee to increase transparency in energy consumption and accelerate sustainability activities worldwide.</p><p>Saylor also listed eight organizations attending the meeting—Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, and Marathon Digital Holdings—stating that they decided to form an organization to standardize energy consumption disclosure, seek to achieve environmental, social, and governance (ESG) goals within the industry, and educate and nurture market growth.</p><p><img src=\"https://static.tigerbbs.com/b06eb960d3f5df6114a8febe9a9f3db6\" tg-width=\"569\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>A spokesperson for Galaxy Digital later confirmed that a company representative attended the conference call. Hut 8 Mining also stated on social media that it participated in the conference, which was \"an educational market where sustainable Mining is possible and a priority.\"</p><p>Following Musk's post, the price of Bitcoin (BTC) jumped in late trading in the US stock market, briefly breaking through $39,900 and approaching the $40,000 mark, rebounding by more than $6,000 from the intraday low, with a 24-hour increase of as much as 20%. By the close of trading in the US stock market, the coin was still above $39,000, up nearly 18% in the last 24 hours, while several other mainstream cryptocurrencies, including the second-largest cryptocurrency Ethereum (ETH), had risen by more than 30% in 24 hours.</p><p><img src=\"https://static.tigerbbs.com/3ff8fcdf3fc97262b86d4866805d8b1f\" tg-width=\"727\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Musk's repeated rhetoric this month has shaken the cryptocurrency market.</p><p>This is at least the fourth tweet from Musk in the past two weeks that has caused unusual activity on Bitcoin.</p><p>As previously mentioned in a Wall Street News article, after the US stock market closed on the 12th of this month, Musk suddenly announced on social media that Tesla had stopped using Bitcoin to buy cars. He explicitly stated that this move was due to concerns that mining and trading in Bitcoin would lead to a rapid increase in the consumption of fossil fuels, especially coal. He also specifically mentioned that coal has the worst impact on all fossil fuel emissions.</p><p>After the market closed on the 12th, although Musk did not indicate that Tesla would abandon its investment in Bitcoin, cryptocurrencies such as Bitcoin were still heavily sold off. In early Asian trading on the 13th Beijing time, Bitcoin fell by $10,000 from its intraday high.</p><p>On the Sunday before the 16th of this month, Eastern Time, Musk responded in a tweet to a user who claimed that Tesla would polish off its Bitcoin holdings next quarter: \"Indeed.\" This comment was seen as Musk's hint that Tesla was going to sell off its holdings, and Bitcoin fell below $44,000 at one point during trading, down more than $5,000 from the intraday high, with a 24-hour drop of more than 10%. Last Monday, Eastern Time, Musk tweeted again clarifying that Tesla had not sold Bitcoin, after which the price of Tesla briefly rebounded by $2,000.</p><p>On Wednesday, the 19th of this month, Musk used two emojis in a tweet to reveal that \"Tesla has a Diamond Hand,\" meaning that no matter how the market fluctuates, one must hold one's position until reaching the target. He and Cathie Wood, who insisted that Bitcoin would rise to $500,000, became the two saviors of the cryptocurrency world that day. The cryptocurrency subsequently rebounded during trading, once approaching the $30,000 mark and regaining $40,000 from the Bitcoin, which had fallen more than 30% from the intraday high, narrowing the gap to more than $3,000 from the intraday high.</p><p>Regardless of whether Tesla actually intends to sell, Musk's ease in triggering volatility in the cryptocurrency market has raised concerns among Wall Street veterans and regulators. They worry that Bitcoin may not be ready for the golden age envisioned by its supporters.</p><p>Matt Maley, chief market strategist at Miller Tabak + Co., commented, \"If the market continues to fluctuate wildly because of Musk's tweets, it will be a huge setback for this asset class. It's just that the fact that someone's tweet can cause such volatility makes this asset class lose its legitimacy.\"</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>Musk unleashes his power again! One sentence sent Bitcoin towards $40,000</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\">\nMusk unleashes his power again! One sentence sent Bitcoin towards $40,000\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\">2021-05-25 06:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Musk met with eight major Bitcoin mining organizations in North America, which decided to form a mining committee to standardize the disclosure of energy consumption. Musk said it \"may have a promising future\". Musk has shaken up cryptocurrency prices with at least four tweets in the past two weeks.</p><p>Tesla CEO Elon Musk once again proved his reputation as the \"master of the cryptocurrency world\" with a tweet.</p><p>In late trading on Monday, the 24th, Eastern Time, Musk posted on social media: \"I spoke with some Bitcoin mining companies in North America, and they promised to release their current and planned renewable energy consumption and are calling on miners around the world to do so. This may be promising.\"<img src=\"https://static.tigerbbs.com/7c4e06531acb8082ace9a553a3ced542\" tg-width=\"579\" tg-height=\"287\" referrerpolicy=\"no-referrer\"></p><p>Following Musk's post, Michael Saylor, CEO of Microstrategy, the American business intelligence software giant that held Bitcoin investments before Tesla, retweeted Musk's post and revealed that he hosted a meeting last Sunday attended by Musk and Bitcoin, a leading North American mining company. These organizations unanimously agreed to form the Bitcoin Mining Committee to increase transparency in energy consumption and accelerate sustainability activities worldwide.</p><p>Saylor also listed eight organizations attending the meeting—Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, and Marathon Digital Holdings—stating that they decided to form an organization to standardize energy consumption disclosure, seek to achieve environmental, social, and governance (ESG) goals within the industry, and educate and nurture market growth.</p><p><img src=\"https://static.tigerbbs.com/b06eb960d3f5df6114a8febe9a9f3db6\" tg-width=\"569\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>A spokesperson for Galaxy Digital later confirmed that a company representative attended the conference call. Hut 8 Mining also stated on social media that it participated in the conference, which was \"an educational market where sustainable Mining is possible and a priority.\"</p><p>Following Musk's post, the price of Bitcoin (BTC) jumped in late trading in the US stock market, briefly breaking through $39,900 and approaching the $40,000 mark, rebounding by more than $6,000 from the intraday low, with a 24-hour increase of as much as 20%. By the close of trading in the US stock market, the coin was still above $39,000, up nearly 18% in the last 24 hours, while several other mainstream cryptocurrencies, including the second-largest cryptocurrency Ethereum (ETH), had risen by more than 30% in 24 hours.</p><p><img src=\"https://static.tigerbbs.com/3ff8fcdf3fc97262b86d4866805d8b1f\" tg-width=\"727\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Musk's repeated rhetoric this month has shaken the cryptocurrency market.</p><p>This is at least the fourth tweet from Musk in the past two weeks that has caused unusual activity on Bitcoin.</p><p>As previously mentioned in a Wall Street News article, after the US stock market closed on the 12th of this month, Musk suddenly announced on social media that Tesla had stopped using Bitcoin to buy cars. He explicitly stated that this move was due to concerns that mining and trading in Bitcoin would lead to a rapid increase in the consumption of fossil fuels, especially coal. He also specifically mentioned that coal has the worst impact on all fossil fuel emissions.</p><p>After the market closed on the 12th, although Musk did not indicate that Tesla would abandon its investment in Bitcoin, cryptocurrencies such as Bitcoin were still heavily sold off. In early Asian trading on the 13th Beijing time, Bitcoin fell by $10,000 from its intraday high.</p><p>On the Sunday before the 16th of this month, Eastern Time, Musk responded in a tweet to a user who claimed that Tesla would polish off its Bitcoin holdings next quarter: \"Indeed.\" This comment was seen as Musk's hint that Tesla was going to sell off its holdings, and Bitcoin fell below $44,000 at one point during trading, down more than $5,000 from the intraday high, with a 24-hour drop of more than 10%. Last Monday, Eastern Time, Musk tweeted again clarifying that Tesla had not sold Bitcoin, after which the price of Tesla briefly rebounded by $2,000.</p><p>On Wednesday, the 19th of this month, Musk used two emojis in a tweet to reveal that \"Tesla has a Diamond Hand,\" meaning that no matter how the market fluctuates, one must hold one's position until reaching the target. He and Cathie Wood, who insisted that Bitcoin would rise to $500,000, became the two saviors of the cryptocurrency world that day. The cryptocurrency subsequently rebounded during trading, once approaching the $30,000 mark and regaining $40,000 from the Bitcoin, which had fallen more than 30% from the intraday high, narrowing the gap to more than $3,000 from the intraday high.</p><p>Regardless of whether Tesla actually intends to sell, Musk's ease in triggering volatility in the cryptocurrency market has raised concerns among Wall Street veterans and regulators. They worry that Bitcoin may not be ready for the golden age envisioned by its supporters.</p><p>Matt Maley, chief market strategist at Miller Tabak + Co., commented, \"If the market continues to fluctuate wildly because of Musk's tweets, it will be a huge setback for this asset class. It's just that the fact that someone's tweet can cause such volatility makes this asset class lose its legitimacy.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3631141\">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/962be253ee7459c393769e9105cb1429","relate_stocks":{"159945":"能源","CAN":"嘉楠科技","EBON":"亿邦国际","TSLA":"特斯拉"},"source_url":"https://wallstreetcn.com/articles/3631141","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138151782","content_text":"马斯克和北美八大比特币挖矿机构会谈，这些机构决定成立一个挖矿委员会，让能源耗用的披露标准化。马斯克称“可能有前途”。最近两周马斯克至少有四条推文震动币价。特斯拉CEO马斯克又发推证明了“币圈教主”的威名。美东时间24日周一美股尾盘时段，马斯克在社交媒体发帖称：“和一些北美的比特币挖矿机构交谈，他们承诺，要发布当前和计划的可再生能源耗用情况，而且呼吁全球的矿工们这么做。这可能有前途。”在马斯克发帖后，先于特斯拉持有比特币投资的美国商业智能化软件巨头Microstrategy的CEO Michael Saylor转发了马斯克的这个帖子，并透露，他上周日主持了一场会议，马斯克和北美的龙头比特币挖矿机构均出席。这些机构一致同意，组成比特币挖矿委员会，提高能耗的透明度，加快全球范围的可持续性活动。Saylor还列出了出席会议的机构共有八家——Argo Blockchain、Blockcap、Core Scientific、Galaxy Digital、Hive Blockchain、Hut 8 Mining、Marathon Digital Holdings，称他们会上决定，成立一个组织，让能源耗用的披露标准化，寻求达到行业内的环境、社会和治理（ESG）目标，并教育和培养市场成长。Galaxy Digital的发言人后证实，一名公司代表参加了此次电话会议。Hut 8 Mining也在社交媒体上表示参加了会议，这是“教育市场，可持续挖矿是可能的也是优先事项”。马斯克发帖后，比特币（BTC）交易价在美股尾盘跳涨，一度升破3.99万美元、逼近4万美元关口，较日内低位回涨6000多美元，24小时涨幅一度达到20%。到美股收盘时，币价仍处于3.9万美元上方，最近24小时涨近18%，第二大加密货币以太坊（ETH）等其他多只主流加密货币的24小时涨幅超过30%。马斯克本月嘴炮一再震动加密货币市场这是过去两周来马斯克至少第四条造成比特币异动的推文。华尔街见闻文章曾提到，本月12日美股盘后，马斯克突然在社交媒体宣布，特斯拉已经叫停用比特币购车，并明确指出，此举是因为担心比特币挖矿和交易导致化石燃料、尤其是煤炭的耗用飞速增长，还特别提到，煤炭是所有化石燃料排放中影响最恶劣的。12日盘后，尽管马斯克并未表示特斯拉会放弃比特币投资，比特币等加密货币仍惨遭抛售。北京时间13日亚市早盘，比特币一度较日内高位回落1万美元。美东时间本月16日上上周日，马斯克又在推文中回应一名声称下个季度特斯拉会抛光所持比特币的用户：“确实。” 这一评论被视为马斯克暗示特斯拉要清仓，比特币盘中一度跌破4.4万美元，较日内高位跌超5000美元，24小时跌幅超过10%。而在美东时间上周一，马斯克又发推澄清特斯拉未抛售比特币，此后币价短线回升2000美元。本月19日上周三，马斯克在推文中用了两个表情透露“特斯拉有钻石手（Diamond Hand）”，代表不管市场怎么波动都要坚持持有仓位直到目标。他和坚称比特币会涨到50万美元的“木头姐”Cathie Wood成了当天币圈的两大救星。此后加密货币盘中反弹，一度逼近3万美元关口、较日内高位跌超30%的比特币重上4万美元，与日内高位的差距收窄到3000多美元。无论特斯拉是不是真打算出售，马斯克如此轻易地引发加密货币市场震荡已经引起华尔街资深人士和监管机构担忧。他们担心，比特币可能没有做好准备迎来支持者们所设想的黄金时代。Miller Tabak + Co.的首席市场策略师Matt Maley评论称：“如果市场继续因为马斯克的推文而疯狂波动，对这个资产类别将是很大的挫折。只是实际上因为某个人的推文就能这样波动，这让这类资产失去了正当性。”","news_type":1,"symbols_score_info":{"159945":0.9,"XBTmain":0.9,"BTCmain":0.9,"EBON":0.9,"TSLA":0.9,"CAN":0.9}},"isVote":1,"tweetType":1,"viewCount":1712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138904986,"gmtCreate":1621903631645,"gmtModify":1704364096011,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Chinese companies are ahead in podcast monetization, compared to Spotify, Apple and others.","listText":"Chinese companies are ahead in podcast monetization, compared to Spotify, Apple and others.","text":"Chinese companies are ahead in podcast monetization, compared to Spotify, Apple and others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138904986","repostId":"2138151088","repostType":4,"repost":{"id":"2138151088","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":1621895223,"share":"https://ttm.financial/m/news/2138151088?lang=en_US&edition=fundamental","pubTime":"2021-05-25 06:27","market":"hk","language":"zh","title":"SoundNet's Q1 revenue increased by 13.1% year-over-year, with a net loss of US$14.691 million.","url":"https://stock-news.laohu8.com/highlight/detail?id=2138151088","media":"老虎资讯综合","summary":"智通财经APP获悉，声网2021年第一季度营收为4022.5万美元，同比增长13.1%;净亏损1469.1万美元，上年同期录得净利润298.7万美元;每ADS亏损0.14美元，上年同期录得每ADS亏损1.21美元。归属于普通股股东的净亏损为1469.1万美元，上年同期录得净亏损3637.6万美元。毛利润为2340万美元，同比下降4.5%;毛利率为58.1%，上年同期为68.8%。运营支出为3970万美元，同比增长86.8%。展望未来，公司维持对截至2021年12月31日的全年总营收指引，预计将在1.78亿美元至1.82亿美元之间。","content":"<p>After the US stock market closed on May 24th, Eastern Time,<a href=\"https://laohu8.com/S/API\">Sound Network</a>SoundNet released its first-quarter financial report, showing that its revenue for the first quarter of 2021 was $40.225 million, a year-on-year increase of 13.1%. The company reported a net loss of US$14.691 million, compared to a net profit of US$2.987 million in the same period last year; The company reported a loss of $0.14 per ADS, compared to a loss of $1.21 per ADS in the same period last year.<img src=\"https://static.tigerbbs.com/b65aa2fc1222dcd8285df8b0ec1490f0\" tg-width=\"1021\" tg-height=\"712\">The net loss attributable to common shareholders was US$14.691 million, compared with a net loss of US$36.376 million in the same period last year.</p><p>Gross profit was $23.4 million, a year-on-year decrease of 4.5%; The gross profit margin was 58.1%, compared to 68.8% in the same period of the previous year.</p><p>Operating expenses were $39.7 million, an increase of 86.8% year-over-year. Of this, R&D expenditure was US$25.2 million, a year-on-year increase of 115.7%; Sales and marketing expenses were $8.7 million, up 45.5% year-over-year.</p><p>As of March 31, 2021, excluding Easemob, the number of active customers reached 2,324, representing a year-on-year increase of 97.6%.</p><p>Looking ahead, the company maintains its total revenue guidance for the full year ending December 31, 2021, which is expected to be between US$178 million and US$182 million.</p><p>After the earnings report was released, SoundNet's stock price fell 4.93% to $38.40 in after-hours trading.<img src=\"https://static.tigerbbs.com/ee069279e082c68faa27fe35bfb9bac0\" tg-width=\"698\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoundNet's Q1 revenue increased by 13.1% year-over-year, with a net loss of US$14.691 million.</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\">\nSoundNet's Q1 revenue increased by 13.1% year-over-year, with a net loss of US$14.691 million.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-25 06:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on May 24th, Eastern Time,<a href=\"https://laohu8.com/S/API\">Sound Network</a>SoundNet released its first-quarter financial report, showing that its revenue for the first quarter of 2021 was $40.225 million, a year-on-year increase of 13.1%. The company reported a net loss of US$14.691 million, compared to a net profit of US$2.987 million in the same period last year; The company reported a loss of $0.14 per ADS, compared to a loss of $1.21 per ADS in the same period last year.<img src=\"https://static.tigerbbs.com/b65aa2fc1222dcd8285df8b0ec1490f0\" tg-width=\"1021\" tg-height=\"712\">The net loss attributable to common shareholders was US$14.691 million, compared with a net loss of US$36.376 million in the same period last year.</p><p>Gross profit was $23.4 million, a year-on-year decrease of 4.5%; The gross profit margin was 58.1%, compared to 68.8% in the same period of the previous year.</p><p>Operating expenses were $39.7 million, an increase of 86.8% year-over-year. Of this, R&D expenditure was US$25.2 million, a year-on-year increase of 115.7%; Sales and marketing expenses were $8.7 million, up 45.5% year-over-year.</p><p>As of March 31, 2021, excluding Easemob, the number of active customers reached 2,324, representing a year-on-year increase of 97.6%.</p><p>Looking ahead, the company maintains its total revenue guidance for the full year ending December 31, 2021, which is expected to be between US$178 million and US$182 million.</p><p>After the earnings report was released, SoundNet's stock price fell 4.93% to $38.40 in after-hours trading.<img src=\"https://static.tigerbbs.com/ee069279e082c68faa27fe35bfb9bac0\" tg-width=\"698\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"API":"声网"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138151088","content_text":"美东时间5月24日美股盘后，声网公布了第一季度财报，业绩显示，声网2021年第一季度营收为4022.5万美元，同比增长13.1%；净亏损1469.1万美元，上年同期录得净利润298.7万美元；每ADS亏损0.14美元，上年同期录得每ADS亏损1.21美元。归属于普通股股东的净亏损为1469.1万美元，上年同期录得净亏损3637.6万美元。毛利润为2340万美元，同比下降4.5%;毛利率为58.1%，上年同期为68.8%。运营支出为3970万美元，同比增长86.8%。其中，研发支出为2520万美元，同比增长115.7%;销售与市场营销支出为870万美元，同比增长45.5%。截至2021年3月31日，除Easemob外，活跃客户数量达2324，同比增长97.6%。展望未来，公司维持对截至2021年12月31日的全年总营收指引，预计将在1.78亿美元至1.82亿美元之间。财报公布后，声网盘后股价跌4.93%，报38.40美元。","news_type":1,"symbols_score_info":{"API":0.9}},"isVote":1,"tweetType":1,"viewCount":1794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":379074325,"gmtCreate":1618646445467,"gmtModify":1704713794670,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/379074325","repostId":"1198410511","repostType":4,"repost":{"id":"1198410511","kind":"news","pubTimestamp":1618831731,"share":"https://ttm.financial/m/news/1198410511?lang=en_US&edition=fundamental","pubTime":"2021-04-19 19:28","market":"us","language":"zh","title":"Apple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198410511","media":"CSDN","summary":"苹果春季发布会定档 北京时间4月21日凌晨1点。","content":"<p>Spring is in full bloom, a beautiful time of year.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring press conference came as a spring outing. Not long ago, Apple officially announced that its launch event will be held at 1 a.m. on April 21. On the eve of the event, we can learn about the new products that will be unveiled at this event through leakers from home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may feature A14X and Mini LED displays, leading to an overall price increase.</b></p><p>If this launch event is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring events, the iPad has almost always been the main focus, and I believe this year will be no exception.</p><p>Reports indicate that the design of this year's iPad Pro will not change significantly, and it will still use 11-inch and 12.9-inch displays.</p><p>In terms of performance, Apple actually used the A14 chip in the iPhone 12 series as early as last year. The A14 uses a 5nm chip process and features a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the iPhone 12 chip was launched, the fourth-generation iPad Air also adopted this chip. To date, the A14 can be considered Apple's most powerful chip to date.</p><p>At the upcoming launch event, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip has been found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand new processor, or named A14X. It is understood that the performance of this processor is comparable to that of the M1 chip used in Macs in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to feature a new display, Mini LED. In response, Apple analyst Ming-Chi Kuo stated that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. Currently, Mini LED has been successfully installed in high-end 4K TVs. If this display is used in the iPad Pro, it will undoubtedly achieve higher contrast, brightness, color, and other performance improvements.</p><p>Unfortunately, according to foreign media outlet Nikkei Asia, the global chip shortage has led to delays in the delivery of some important components in iPads and MacBooks, which may also delay the release of new products.</p><p>However, the latest news indicates that Apple supplier Ennostar has significantly improved the yield of its mini-LED chips and is expected to expand its iPad Pro production later this month.</p><p>In addition, Apple will also enhance the iPad Pro's camera. According to foreign leaker Mr. White, its Apple Pencil accessory will also be upgraded, and the new Apple Pencil will have a smoother surface and a longer tip. In fact, based on the invitation to this press conference, many netizens speculated that it was drawn with Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no information has been revealed yet, it is not hard to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Secondly, the product is expected to be equipped with the more powerful A14X chip and a Mini LED display. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is to be expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If the A12 processor on the iPad mini in 2019 was a sign of sincerity, then continuing to use this chip on the iPad mini, which was released again at Apple's spring event in 2021, would be an absolute perfunctory gesture towards users.</p><p>Therefore, if a new iPad mini is unveiled at this launch event, the \"new\" aspect is likely to lie in upgrading its processor, with some speculating that it will most likely be equipped with the A14 Bionic chip.</p><p>However, relatively speaking, the design of the iPad mini has never been very attractive, and its huge bezels have led many users to complain that its screen-to-body ratio is too low. Many users also expressed that if the update were to be made, they would prefer Apple to increase the screen size without changing the actual size of the device.</p><p>According to foreign media reports, the new iPad mini may adopt a full-screen design, while the bezels will also be improved, changing from the original rounded design to a right-angled bezel design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will a MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually phase out Mac computers within two years.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with the ARM64 architecture.</p><p>In the second half of last year, Apple changed its usual approach and held three launch events in three months. During this period, it also updated the specifications of the MacBook Air, MacBook Pro, and Mac mini computers. In order to accelerate the initial transition goals, Apple is expected to make further moves.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while the Mac Pro desktop is expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade from a 13-inch design to a 14-inch one, along with a 16-inch design. Meanwhile, in addition to the 12.9-inch iPad Pro mentioned above that will feature a Mini LED display, there are reports that the new MacBook Pro will also abandon the long-standing LCD screen and switch to Mini LED. This choice was made because the application of Mini LEDs also helps improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or what is also known as the M1X chip. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many leakers have indicated that the MacBook Pro and Air are expected to be released in the second half of the year, so if a Mac is seen at this spring launch event, it could be a new iMac.</p><p>Apple is reportedly developing a newly designed iMac with more screen space, a different body shape, and upgrades to Apple Silicon and other improved features. Apple is expected to adopt a similar approach to last year, starting with low-end iMacs and then gradually launching high-end models equipped with the M1X.</p><p>It's worth mentioning that not long ago, Apple announced the cessation of production of the iMac Pro, which can be interpreted as making way for the new iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovating, a HomePod with a screen is coming soon?</b></p><p>At its 2017 fall launch event, Apple released its first HomePod product. However, to everyone's surprise, just four years later, it faced the fate of \"while supplies last\". Last month, Apple officially announced the cessation of production.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Regarding the HomePod speaker product, the company officially stated that it will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of the HomePod, as a product that Apple spent 5 years developing, it has a built-in A8 processor, a 6-microphone array, a 4-inch subwoofer, and a 7-speaker array at the bottom. Among similar products, it can be said to surpass other smart speakers on the market in terms of sound quality. However, the initial price of $349 deterred many people, and due to factors such as a lack of third-party ecosystem support and insufficient intelligence, Apple ultimately missed out on the market.</p><p>According to Bloomberg, Apple is currently developing two new HomePods, one of which, citing people familiar with Apple's plans, is related to the \"screen\".</p><p>A device called HomePod TV can run tvOS and output high-definition images to Apple TV. Another option is to build an iPad-sized screen into the HomePod using a robotic arm structure.</p><p>In fact, Apple had previously explored connecting an iPad-like screen to a robotic arm that could track the user and follow them at all times as they moved through the space they were in. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept product AirTag become a reality this time?</b></p><p>An AirTag, as an item tracker, can be hung on certain items. When an item is lost, it can be found in a timely manner while offline or through iPhone location tracking. However, this technology has always remained a legend.</p><p>Its traces were first discovered in early April when Apple uploaded a video to its YouTube channel instructing users on how to use \"Find My iPhone,\" which showed traces of the AirTag.</p><p>Turning on Offline Search allows your iPhone and AirTag to be found even when they are not connected to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the video has now been deleted. However, rumors persist that the technological foundation for AirTag will rely on features Apple recently added to its U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that iPhones will soon be able to track lost items using the built-in Find My app. The software is ready, how far can the hardware go?</p><p>Are you looking forward to the above new products?</p>","source":"lsy1578046468581","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Spring Event Preview: What New Products Will Be Showcased at This Year's \"Tech Spring Festival Gala\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CSDN</strong><span class=\"h-time small\">2021-04-19 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Spring is in full bloom, a beautiful time of year.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring press conference came as a spring outing. Not long ago, Apple officially announced that its launch event will be held at 1 a.m. on April 21. On the eve of the event, we can learn about the new products that will be unveiled at this event through leakers from home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may feature A14X and Mini LED displays, leading to an overall price increase.</b></p><p>If this launch event is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring events, the iPad has almost always been the main focus, and I believe this year will be no exception.</p><p>Reports indicate that the design of this year's iPad Pro will not change significantly, and it will still use 11-inch and 12.9-inch displays.</p><p>In terms of performance, Apple actually used the A14 chip in the iPhone 12 series as early as last year. The A14 uses a 5nm chip process and features a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the iPhone 12 chip was launched, the fourth-generation iPad Air also adopted this chip. To date, the A14 can be considered Apple's most powerful chip to date.</p><p>At the upcoming launch event, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip has been found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand new processor, or named A14X. It is understood that the performance of this processor is comparable to that of the M1 chip used in Macs in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to feature a new display, Mini LED. In response, Apple analyst Ming-Chi Kuo stated that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. Currently, Mini LED has been successfully installed in high-end 4K TVs. If this display is used in the iPad Pro, it will undoubtedly achieve higher contrast, brightness, color, and other performance improvements.</p><p>Unfortunately, according to foreign media outlet Nikkei Asia, the global chip shortage has led to delays in the delivery of some important components in iPads and MacBooks, which may also delay the release of new products.</p><p>However, the latest news indicates that Apple supplier Ennostar has significantly improved the yield of its mini-LED chips and is expected to expand its iPad Pro production later this month.</p><p>In addition, Apple will also enhance the iPad Pro's camera. According to foreign leaker Mr. White, its Apple Pencil accessory will also be upgraded, and the new Apple Pencil will have a smoother surface and a longer tip. In fact, based on the invitation to this press conference, many netizens speculated that it was drawn with Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no information has been revealed yet, it is not hard to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Secondly, the product is expected to be equipped with the more powerful A14X chip and a Mini LED display. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is to be expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If the A12 processor on the iPad mini in 2019 was a sign of sincerity, then continuing to use this chip on the iPad mini, which was released again at Apple's spring event in 2021, would be an absolute perfunctory gesture towards users.</p><p>Therefore, if a new iPad mini is unveiled at this launch event, the \"new\" aspect is likely to lie in upgrading its processor, with some speculating that it will most likely be equipped with the A14 Bionic chip.</p><p>However, relatively speaking, the design of the iPad mini has never been very attractive, and its huge bezels have led many users to complain that its screen-to-body ratio is too low. Many users also expressed that if the update were to be made, they would prefer Apple to increase the screen size without changing the actual size of the device.</p><p>According to foreign media reports, the new iPad mini may adopt a full-screen design, while the bezels will also be improved, changing from the original rounded design to a right-angled bezel design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will a MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually phase out Mac computers within two years.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with the ARM64 architecture.</p><p>In the second half of last year, Apple changed its usual approach and held three launch events in three months. During this period, it also updated the specifications of the MacBook Air, MacBook Pro, and Mac mini computers. In order to accelerate the initial transition goals, Apple is expected to make further moves.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while the Mac Pro desktop is expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade from a 13-inch design to a 14-inch one, along with a 16-inch design. Meanwhile, in addition to the 12.9-inch iPad Pro mentioned above that will feature a Mini LED display, there are reports that the new MacBook Pro will also abandon the long-standing LCD screen and switch to Mini LED. This choice was made because the application of Mini LEDs also helps improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or what is also known as the M1X chip. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many leakers have indicated that the MacBook Pro and Air are expected to be released in the second half of the year, so if a Mac is seen at this spring launch event, it could be a new iMac.</p><p>Apple is reportedly developing a newly designed iMac with more screen space, a different body shape, and upgrades to Apple Silicon and other improved features. Apple is expected to adopt a similar approach to last year, starting with low-end iMacs and then gradually launching high-end models equipped with the M1X.</p><p>It's worth mentioning that not long ago, Apple announced the cessation of production of the iMac Pro, which can be interpreted as making way for the new iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovating, a HomePod with a screen is coming soon?</b></p><p>At its 2017 fall launch event, Apple released its first HomePod product. However, to everyone's surprise, just four years later, it faced the fate of \"while supplies last\". Last month, Apple officially announced the cessation of production.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Regarding the HomePod speaker product, the company officially stated that it will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of the HomePod, as a product that Apple spent 5 years developing, it has a built-in A8 processor, a 6-microphone array, a 4-inch subwoofer, and a 7-speaker array at the bottom. Among similar products, it can be said to surpass other smart speakers on the market in terms of sound quality. However, the initial price of $349 deterred many people, and due to factors such as a lack of third-party ecosystem support and insufficient intelligence, Apple ultimately missed out on the market.</p><p>According to Bloomberg, Apple is currently developing two new HomePods, one of which, citing people familiar with Apple's plans, is related to the \"screen\".</p><p>A device called HomePod TV can run tvOS and output high-definition images to Apple TV. Another option is to build an iPad-sized screen into the HomePod using a robotic arm structure.</p><p>In fact, Apple had previously explored connecting an iPad-like screen to a robotic arm that could track the user and follow them at all times as they moved through the space they were in. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept product AirTag become a reality this time?</b></p><p>An AirTag, as an item tracker, can be hung on certain items. When an item is lost, it can be found in a timely manner while offline or through iPhone location tracking. However, this technology has always remained a legend.</p><p>Its traces were first discovered in early April when Apple uploaded a video to its YouTube channel instructing users on how to use \"Find My iPhone,\" which showed traces of the AirTag.</p><p>Turning on Offline Search allows your iPhone and AirTag to be found even when they are not connected to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, the video has now been deleted. However, rumors persist that the technological foundation for AirTag will rely on features Apple recently added to its U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that iPhones will soon be able to track lost items using the built-in Find My app. The software is ready, how far can the hardware go?</p><p>Are you looking forward to the above new products?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw\">CSDN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e968cc2fa9a8fe30f2575d1147007bba","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198410511","content_text":"春意盎然好时节，一年一度的苹果春季发布会踏春而来。不久前，苹果官宣将此次发布会定档 4 月 21 日凌晨 1 点，而在召开前夕，我们通过国内外的爆料大神，不妨提前了解一波本次发布会将会出现的新品。新款 iPad Pro 或将搭载 A14X、Mini LED，整体价格将上涨如果说这次发布会必然要发布一款新品，那么新款 iPad 肯定不会缺席。回看过往几届的苹果春季发布会，iPad 无一例外几乎都是主角，相信今年也是如此。有爆料称，在设计上，今年 iPad Pro 不会有太大变动，依然采用的是 11 英寸和 12.9 英寸。在性能方面，事实上，早在去年，苹果在 iPhone 12 系列中使用了 A14 芯片，而 A14 采用了 5nm 芯片工艺，且采用了 6 核 CPU 设计、4 核 GPU、16 核 NPU。在 iPhone 12 芯片推出不久后，第四代 iPad Air 也采用了这款芯片。截止目前，也可以将 A14 称之为是苹果迄今为止功能最为强大的芯片。而在即将到来的发布会上，新款 iPad Pro 想要超越过往，必然也会带来芯片的升级版，据外媒 9to5Mac 报道，在 iOS 14.5 Beta 的源代码中，发现了 A14X芯片的应用。基于此，也不难猜测，新款 iPad Pro 将搭载一种全新处理器，或命名为 A14X ，据悉，该处理器的性能与去年下半年 Mac 上搭载的 M1 芯片性能不分上下。此外，12.9 英寸的 iPad Pro 有望搭载一种新的显示屏 Mini LED。对此，苹果分析师郭明池表示，12.9 英寸使用 Mini LED 的 iPad Pro 将在 2021 年 4 月中下旬开始量产。目前，Mini LED 已经搭载在高端的 4K 电视中成功面市，如果该显示屏应用在 iPad Pro 中，无疑也会实现更高的对比度、亮度、色彩以及其他一些性能提升。遗憾的是，据外媒《Nikkei Asia》报道，因为全球芯片短缺，导致 iPad、MacBook 中一些重要组件延迟交付，也可能会让新品延迟发布。不过，最新消息称，苹果供应商 Ennostar 已经大大地提高了 mini-LED 芯片的良率，有望从本月稍晚些时候扩大其 iPad Pro 的产量。除此之外，苹果也会增强 iPad Pro 的摄像头，同时据国外爆料大神 Mr`White 表示，其配件 Apple Pencil 也会全新升级，且新款 Apple Pencil 具有更光滑的表面以及更长的笔尖。实际上，通过本次发布会的邀请函，就有不少网友猜测，是通过 Apple Pencil 画出来的。至于新款 iPad Pro 的定价，目前虽然没有任何消息透露出来，不过，也不难想象今年的 iPad Pro 价格会有所上涨。原因有二，其一，新款 iPad Pro 可以支持 5G 网络；其二，该产品预期搭载功能更强大的 A14X 芯片、Mini LED 显示屏，然而当前全球芯片短缺问题难以在短期之内解决，因此导致硬件成本上涨也在意料之中。全新升级的 iPad mini如果说 2019 年，iPad mini 搭载 A12 处理器是诚意满满，那么 2021 年苹果春季发布会上再次发布的 iPad mini 继续使用这款芯片那就是绝对的敷衍用户了。因此，如果这次发布会带来新款 iPad mini，那么估计其中的“新”应该重在升级其处理器方面，有人猜测极有可能搭载的是 A14 仿生芯片。但相对而言，一直以来，iPad mini 产品的设计并不是那么吸引人，巨大的边框，让不少用户吐槽其屏占比太低。也有很多用户表示，如果更新，更希望苹果能够在不改变设备实际尺寸的情况下，增加屏幕尺寸才是王道。对此，据外媒报道，新款 iPad mini 或将采用全面屏方案，同时边框也有所改进，将从原来的圆弧设计改为直角切边设计。搭载苹果自研芯片的 MacBook，这次会出现吗？2020 年 WWDC 上，苹果宣布将在两年内将 Mac 电脑逐渐从英特尔的 x86 处理器平台迁移到 ARM64 架构的 Apple Silicon 平台。去年下半年，苹果也一改往常，三个月连开了三场发布会，在此期间，也更新了 MacBook Air、MacBook Pro、Mac mini 三款电脑的配置。为了加快最初设下的过渡目标，预期接下来苹果仍然会有最新的动作。据外媒报道，苹果计划在今年推出更高端的 MacBook Pro 和最新的 iMac，而 Mac Pro 台式机预期将在 2022 年使用上 Apple Silicon 芯片。此外，MacBook Pro 有望将 13 英寸的外观升级为 14 英寸，同时还有一款 16 英寸的设计。同时，除了上文提到 12.9 英寸的 iPad Pro 将搭载 Mini LED 显示屏之外，有消息称，新款 MacBook Pro 也将放弃使用已久的 LCD 屏，改用 Mini LED。之所以做出这样的选择，是因为 Mini LED 的应用也有助于提高电池性能。新款 MacBook Pro 也将采用 M1 的下一版本 M2，又或者被称之为 M1X 芯片。据悉，新款 Apple Silicon 芯片将具有 12 个内核，其中包括 8 个性能内核和 4 个高效内核。不过，很多爆料者表示，MacBook Pro 和 Air 预计下半年推出，因此在这场春季发布会上，如果看到 Mac 的身影，那么可能是一台新的 iMac。据悉，苹果正在开发一种全新设计的 iMac，该产品具有更多的屏幕空间，不同的机身形状，并带来 Apple Sillicon 升级以及其他改进功能。预计苹果可能会采取与去年相似的方式，从低配的 iMac 开始升级，然后逐步推出搭载 M1X 的高端机型。值得一提的是，不久前，苹果刚刚宣布停止生产 iMac Pro 产品，这也从侧面可以理解为为新版 iMac 让道。推陈出新，带屏幕的 HomePod 即将到来？在 2017 年秋季发布会上，苹果发布首款 HomePod 产品，然而万万没想到的是，仅四年之后，其就迎来了“售完即止”的命运。上个月，苹果正式宣布停产智能音箱产品 HomePod，官方表示，公司将持续生产并专注于去年推出的HomePod mini。回看 HomePod 的诞生与消亡，作为一款苹果耗时 5 年研发的产品，其内置 A8 处理器，搭载 6 个麦克风阵列、4 英寸低音炮、底部配有 7 个扬声器阵列，在同类型产品中，在音质方面，可以说超越了市场上其他智能音箱。然而最终初始 349 美元的价格让很多人望而却步，同时因缺乏第三方生态的支持、不够智能等因素，最终还是导致苹果错失市场。如今，据彭博社爆料，苹果公司正在研发两款 HomePod 新品，其中援引熟悉苹果计划的人所描述的 HomePod 与“屏幕”有关。一款被称之为 HomePod TV，可以通过此产品运行 tvOS，且可以向 Apple TV 上输出高清画面。另外一款是在 HomePod 中通过机械臂的结构内置一块 iPad 大小的屏幕。实际上，Apple 此前已经探索过将类似 iPad 的屏幕与机械臂相连，该机械臂可以跟踪用户并在用户所处的空间中移动时始终跟随用户。此产品还将搭载麦克风和摄像头，用以启用视频会议。概念级产品 AirTag，这次能成为现实吗？AirTag，作为一款物品跟踪器，可以悬挂在一些物品上，当物品丢失的时候，及时在网络离线状态下，也可以通过 iPhone 定位找到。不过，一直以来，这种技术都活在了传说中。首次发现其踪迹还是因为 4 月初，苹果在 YouTube 频道上传了一则指导用户如何使用“Find My iPhone”的视频中显示了 AirTag 的踪迹：开启“离线搜索”可以让 iPhone 和 AirTag 在未连接 Wi-Fi 的情况下被找到。遗憾的是，现在这段视频已经被删除。但是仍然有传言称，AirTag 所实现的技术基础将依赖于苹果公司近期在 U1 超宽带芯片上添加的功能。与此同时，苹果宣布，iPhone 不久将能够使用内置的 Find My 应用程序跟踪丢失的物品。软件已经准备就绪，硬件还会远吗？针对以上的新品，你期待吗？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133969162,"gmtCreate":1621685100256,"gmtModify":1704361453758,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Musk is clearly manipulating the market.","listText":"Musk is clearly manipulating the market.","text":"Musk is clearly manipulating the market.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133969162","repostId":"1181267371","repostType":4,"repost":{"id":"1181267371","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":1621683714,"share":"https://ttm.financial/m/news/1181267371?lang=en_US&edition=fundamental","pubTime":"2021-05-22 19:41","market":"other","language":"zh","title":"Musk and former US Treasury Secretary support cryptocurrencies, causing Bitcoin to rise rapidly.","url":"https://stock-news.laohu8.com/highlight/detail?id=1181267371","media":"老虎资讯综合","summary":"据外媒报道，有网友提问$特斯拉 $CEO埃隆·马斯克怎么看待那些因为加密货币而对其感到生气的人，马斯克回应称，真正的战斗是在法定货币和加密货币之间。总体而言，我支持后者。前美国财长萨默斯近日表示，数字货币类似于“数字黄金”，即使它们在经济中的重要性仍然有限。萨默斯认为，数字货币有机会成为一个新的形式，这种形式让人们安全地保有财富。他还认为，数字货币技术将继续存在，而且可能作为一种“数字黄金”而存在。","content":"<p>According to foreign media reports,<b>A netizen asked a question<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>What does CEO Elon Musk think about those who are angry with him because of cryptocurrencies? Musk responded that the real battle is between Fiat Money and cryptocurrencies. Overall, I support the latter.</b></p><p>Former U.S. Treasury Secretary Summers recently stated that digital currencies are similar to \"digital gold,\" even though their importance in the economy remains limited. Summers stated that digital currencies have become an alternative to gold for those seeking assets “independent of government control,” a category that gold had long belonged to. Summers believes that digital currencies have the opportunity to become a new form that allows people to safely hold their wealth. He also believes that digital currency technology will continue to exist, and may even exist as a form of \"digital gold\".</p><p>Bitcoin rose nearly $1,000 in the short term, briefly hitting an intraday high of $38,735 per coin, up more than 3% on the day.</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>Musk and former US Treasury Secretary support cryptocurrencies, causing Bitcoin to rise rapidly.</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\">\nMusk and former US Treasury Secretary support cryptocurrencies, causing Bitcoin to rise rapidly.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-22 19:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to foreign media reports,<b>A netizen asked a question<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>What does CEO Elon Musk think about those who are angry with him because of cryptocurrencies? Musk responded that the real battle is between Fiat Money and cryptocurrencies. Overall, I support the latter.</b></p><p>Former U.S. Treasury Secretary Summers recently stated that digital currencies are similar to \"digital gold,\" even though their importance in the economy remains limited. Summers stated that digital currencies have become an alternative to gold for those seeking assets “independent of government control,” a category that gold had long belonged to. Summers believes that digital currencies have the opportunity to become a new form that allows people to safely hold their wealth. He also believes that digital currency technology will continue to exist, and may even exist as a form of \"digital gold\".</p><p>Bitcoin rose nearly $1,000 in the short term, briefly hitting an intraday high of $38,735 per coin, up more than 3% on the day.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/414360f2ef7b5c785cb936b4a9b53a44","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181267371","content_text":"据外媒报道，有网友提问特斯拉CEO埃隆·马斯克怎么看待那些因为加密货币而对其感到生气的人，马斯克回应称，真正的战斗是在法定货币（Fiat Money，菲亚特货币）和加密货币之间。总体而言，我支持后者。前美国财长萨默斯近日表示，数字货币类似于“数字黄金”，即使它们在经济中的重要性仍然有限。萨默斯表示，对于那些寻求“独立于政府控制”的资产的人来说，数字货币成为了黄金的替代品，而在此前的很长时间里，黄金一直属于这一类资产。萨默斯认为，数字货币有机会成为一个新的形式，这种形式让人们安全地保有财富。他还认为，数字货币技术将继续存在，而且可能作为一种“数字黄金”而存在。比特币短线走高近1000美元，一度刷新日内高位至38735美元/枚，日内涨超3%。","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107687167,"gmtCreate":1620481738959,"gmtModify":1704344256411,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"A retiring man is losing steam.","listText":"A retiring man is losing steam.","text":"A retiring man is losing steam.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/107687167","repostId":"2133685773","repostType":4,"repost":{"id":"2133685773","kind":"news","pubTimestamp":1620469680,"share":"https://ttm.financial/m/news/2133685773?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:28","market":"us","language":"zh","title":"Why is Warren Buffett, the \"Oracle of Omaha,\" facing skepticism from shareholders?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133685773","media":"新浪财经综合","summary":"巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。","content":"<p>Source: ESG Asia Report</p><p>The pandemic has drawn global attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>World-leading investment institutions, represented by [names omitted], are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into their active investment strategies, they are also adopting a \"corporate engagement and shareholder action\" approach to oversee the ESG practices of their invested companies through shareholder rights.</p><p>This time, they turned their attention to Warren Buffett's companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway has questioned the current state of its ESG governance.</p><p>At the recently concluded 2021 Annual General Meeting, Berkshire Hathaway shareholders submitted two proposals to the Board of Directors regarding ESG disclosure: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion initiatives.</p><p>As an investor in Berkshire Hathaway, BlackRock, based on its strong recognition of the concept of sustainable development, endorsed both proposals.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and ultimately neither shareholder proposal was approved.</p><p>The world's largest asset management firm and the world's most prominent investment institution are at odds over ESG matters.</p><p><b>01. Berkshire Hathaway shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received increasing attention in recent years.</p><p><b>There is a global consensus on addressing climate change.</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will pose systemic risks to global economic development. Numerous risks have begun to take effect, affecting the value of companies in industries such as energy, transportation, and chemicals.</p><p>Investors need to understand whether companies are prepared to address climate risks. Therefore, climate information disclosure at the company level is crucial.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, the California Public Employees Retirement Fund (CalPERS), Hermès Investment Management, and Quebec Savings & Investment Group jointly launched a proposal for a \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders have requested that Berkshire Hathaway's board of directors publish an annual report assessing the company's climate-related risk management practices and clarifying physical and transition risks and opportunities, starting in 2022.</p><p>Shareholders recommended that the report should include:</p><p>A summary of climate risks and opportunities for subsidiaries and investees, primarily based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to monitoring and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2°C scenario.</p><p>To \"stimulate\" Berkshire Hathaway, the shareholders also mentioned two competitors of Berkshire Hathaway's BNSF rail transportation company in their proposal.<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">United Pacific</a>Railway freight companies) best practices in setting scientific carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can benefit a company.</b></p><p>In a research report, McKinsey pointed out that the top 25% of companies that perform well in terms of gender diversity are 21% more profitable and 27% more likely to create exceptional value.</p><p>Foreign media research on the S&P 500 found that between 2015 and 2019, the average annualized return of the 20 best-diversified companies was 5.8% higher than that of the 20 worst-performing companies.</p><p>Despite these advantages, there are significant obstacles in reality to building a diverse and inclusive workforce.</p><p>Berkshire's performance in diversity has also raised concerns among shareholders.</p><p>In addition to shortcomings in diversity disclosure, many of Berkshire's subsidiaries have also been subject to allegations of gender discrimination and racism.</p><p>Berkshire shareholders seek quantitative, comparable data to understand the company's diversity situation and the effectiveness of its inclusion programs.</p><p>Handlery Hotels, through its agents, proposed to Berkshire Hathaway that it publish an annual report assessing the company's diversity and inclusion progress, including:</p><p>The process by which the Board assesses the effectiveness of the diversity, equity and inclusion programme;</p><p>The Board's assessment of the implementation of the inclusion program, particularly its monitoring of indicators related to recruitment, promotion, and the protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's philosophy of autonomy.</b></p><p>Faced with these two proposals that kept pace with the times, Berkshire Hathaway's board members voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Response to climate-related information disclosure proposals</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks in a responsible manner is crucial to shareholders and business operations, it does not want to interfere with the climate-related risk management efforts of its subsidiaries and investee companies.</p><p>The board has seen many subsidiaries make smart decisions related to climate change, such as their railway transportation companies and energy companies, which have already taken effective action to reduce carbon emissions.</p><p>Regarding the core insurance business, Buffett personally expressed his understanding of climate-related risks as early as his 2015 annual report. At the time, Berkshire Hathaway also received relevant shareholder proposals.</p><p>In his 2015 annual report, Buffett wrote that, for him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a significant threat to the planet, rather than \"certain.\"</p><p>Buffett believes that it is foolish to demand 100% proof that the world is about to suffer a major catastrophe when there is uncertainty and the likelihood of rapid action to prevent the danger is low.</p><p>Buffett questioned why, if the probability of a major catastrophe on Earth is only one percent, and Noah's Ark is crucial to survival, should we start building it on a clear day today?</p><p>Buffett also mentioned that, to date, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire's policy prices are typically reset annually (rather than fixed prices over ten or two decades), and that if more frequent or lossy climate events occur, Berkshire's insurance business will become larger and more profitable due to higher policy prices.</p><p>Buffett joked that as an individual citizen, it is understandable that you may have sleepless nights due to climate change—as a homeowner in a low-lying area, you might want to consider moving. However, climate change should not be among your concerns when you are simply a shareholder in a large insurance company.</p><p><b>Response to Diversified Information Disclosure Proposal</b></p><p>In response to the proposal, Berkshire's board of directors stated that the company has built a diverse, equitable, and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainable development.</p><p>Ultimately, however, Berkshire's board of directors voted unanimously against the proposed employee diversity report.</p><p>The reason is that Berkshire Hathaway operates in different industries in multiple regions around the world, and it is unreasonable to require unified quantitative reporting on diversity, fairness, and inclusion. Furthermore, as in its response to the proposal to report on climate-related risks, Berkshire Hathaway manages the businesses it operates in a decentralized manner and rarely participates in the day-to-day activities of these businesses.</p><p><b>03. BlackRock believes there are risks to Berkshire's governance structure.</b></p><p>As a shareholder of Berkshire Hathaway, BlackRock, based on its emphasis on sustainable investment, strongly supports the two shareholder proposals mentioned above.</p><p>BlackRock even pointed out that Berkshire Hathaway also faces risks in terms of its governance structure.</p><p>BlackRock believes that Berkshire's board of directors has insufficient specialized committees, currently consisting of only two (responsible for compensation and auditing, respectively).</p><p>BlackRock also believes that Berkshire Hathaway has Warren Buffett as both chairman and CEO, but does not have a lead independent director, which is not conducive to the board making independent decisions and judgments.</p><p>Buffett has been critical of independent board members in the past.</p><p>In his 2020 letter to shareholders, Buffett stated that independent directors can earn hundreds of thousands of dollars annually for just a few days of work. They are not interested in the company's future and often favor management, who will agree to whatever they want.</p><p>In addition, BlackRock is concerned about succession plans for key leadership roles at Berkshire Hathaway, which has not provided disclosures on how to address succession risks, such as the board's review process for candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire Hathaway, making this succession risk greater.</p><p>Regarding Berkshire Hathaway's shortcomings in ESG governance, BlackRock attributed them to the negligence of the company's audit committee.</p><p>Therefore, BlackRock voted against the*vote for the chairman of Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote, BlackRock wrote: \"The company has not adapted to a world where ESG has become more important to performance.\"</p><p>It is evident that BlackRock is deeply concerned about Berkshire Hathaway's future sustainable resilience.</p><p>As the world's largest asset management company, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink reiterated the long-term value of sustainable investing in a letter to all shareholders and made a sustainability commitment for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Asset Manager Initiative. Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage clients to invest in companies that consider the opportunities presented by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment program.</p><p>Berkshire Hathaway, one of the world's largest investment firms, recently identified Warren Buffett's successor. In an interview with US financial media on Monday, 91-year-old Warren Buffett acknowledged that the board of directors unanimously agreed that Greg Abel, vice chairman of Berkshire Hathaway's non-insurance business, would take over as CEO.</p><p>It remains to be seen whether Abel will consolidate Berkshire Hathaway's ESG management responsibilities to the group level after taking office, in order to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>","source":"tencent","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>Why is Warren Buffett, the \"Oracle of Omaha,\" facing skepticism from shareholders?</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\">\nWhy is Warren Buffett, the \"Oracle of Omaha,\" facing skepticism from shareholders?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-05-08 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Source: ESG Asia Report</p><p>The pandemic has drawn global attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>World-leading investment institutions, represented by [names omitted], are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into their active investment strategies, they are also adopting a \"corporate engagement and shareholder action\" approach to oversee the ESG practices of their invested companies through shareholder rights.</p><p>This time, they turned their attention to Warren Buffett's companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway has questioned the current state of its ESG governance.</p><p>At the recently concluded 2021 Annual General Meeting, Berkshire Hathaway shareholders submitted two proposals to the Board of Directors regarding ESG disclosure: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion initiatives.</p><p>As an investor in Berkshire Hathaway, BlackRock, based on its strong recognition of the concept of sustainable development, endorsed both proposals.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and ultimately neither shareholder proposal was approved.</p><p>The world's largest asset management firm and the world's most prominent investment institution are at odds over ESG matters.</p><p><b>01. Berkshire Hathaway shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received increasing attention in recent years.</p><p><b>There is a global consensus on addressing climate change.</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will pose systemic risks to global economic development. Numerous risks have begun to take effect, affecting the value of companies in industries such as energy, transportation, and chemicals.</p><p>Investors need to understand whether companies are prepared to address climate risks. Therefore, climate information disclosure at the company level is crucial.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, the California Public Employees Retirement Fund (CalPERS), Hermès Investment Management, and Quebec Savings & Investment Group jointly launched a proposal for a \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders have requested that Berkshire Hathaway's board of directors publish an annual report assessing the company's climate-related risk management practices and clarifying physical and transition risks and opportunities, starting in 2022.</p><p>Shareholders recommended that the report should include:</p><p>A summary of climate risks and opportunities for subsidiaries and investees, primarily based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to monitoring and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2°C scenario.</p><p>To \"stimulate\" Berkshire Hathaway, the shareholders also mentioned two competitors of Berkshire Hathaway's BNSF rail transportation company in their proposal.<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">United Pacific</a>Railway freight companies) best practices in setting scientific carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can benefit a company.</b></p><p>In a research report, McKinsey pointed out that the top 25% of companies that perform well in terms of gender diversity are 21% more profitable and 27% more likely to create exceptional value.</p><p>Foreign media research on the S&P 500 found that between 2015 and 2019, the average annualized return of the 20 best-diversified companies was 5.8% higher than that of the 20 worst-performing companies.</p><p>Despite these advantages, there are significant obstacles in reality to building a diverse and inclusive workforce.</p><p>Berkshire's performance in diversity has also raised concerns among shareholders.</p><p>In addition to shortcomings in diversity disclosure, many of Berkshire's subsidiaries have also been subject to allegations of gender discrimination and racism.</p><p>Berkshire shareholders seek quantitative, comparable data to understand the company's diversity situation and the effectiveness of its inclusion programs.</p><p>Handlery Hotels, through its agents, proposed to Berkshire Hathaway that it publish an annual report assessing the company's diversity and inclusion progress, including:</p><p>The process by which the Board assesses the effectiveness of the diversity, equity and inclusion programme;</p><p>The Board's assessment of the implementation of the inclusion program, particularly its monitoring of indicators related to recruitment, promotion, and the protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's philosophy of autonomy.</b></p><p>Faced with these two proposals that kept pace with the times, Berkshire Hathaway's board members voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Response to climate-related information disclosure proposals</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks in a responsible manner is crucial to shareholders and business operations, it does not want to interfere with the climate-related risk management efforts of its subsidiaries and investee companies.</p><p>The board has seen many subsidiaries make smart decisions related to climate change, such as their railway transportation companies and energy companies, which have already taken effective action to reduce carbon emissions.</p><p>Regarding the core insurance business, Buffett personally expressed his understanding of climate-related risks as early as his 2015 annual report. At the time, Berkshire Hathaway also received relevant shareholder proposals.</p><p>In his 2015 annual report, Buffett wrote that, for him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a significant threat to the planet, rather than \"certain.\"</p><p>Buffett believes that it is foolish to demand 100% proof that the world is about to suffer a major catastrophe when there is uncertainty and the likelihood of rapid action to prevent the danger is low.</p><p>Buffett questioned why, if the probability of a major catastrophe on Earth is only one percent, and Noah's Ark is crucial to survival, should we start building it on a clear day today?</p><p>Buffett also mentioned that, to date, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire's policy prices are typically reset annually (rather than fixed prices over ten or two decades), and that if more frequent or lossy climate events occur, Berkshire's insurance business will become larger and more profitable due to higher policy prices.</p><p>Buffett joked that as an individual citizen, it is understandable that you may have sleepless nights due to climate change—as a homeowner in a low-lying area, you might want to consider moving. However, climate change should not be among your concerns when you are simply a shareholder in a large insurance company.</p><p><b>Response to Diversified Information Disclosure Proposal</b></p><p>In response to the proposal, Berkshire's board of directors stated that the company has built a diverse, equitable, and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainable development.</p><p>Ultimately, however, Berkshire's board of directors voted unanimously against the proposed employee diversity report.</p><p>The reason is that Berkshire Hathaway operates in different industries in multiple regions around the world, and it is unreasonable to require unified quantitative reporting on diversity, fairness, and inclusion. Furthermore, as in its response to the proposal to report on climate-related risks, Berkshire Hathaway manages the businesses it operates in a decentralized manner and rarely participates in the day-to-day activities of these businesses.</p><p><b>03. BlackRock believes there are risks to Berkshire's governance structure.</b></p><p>As a shareholder of Berkshire Hathaway, BlackRock, based on its emphasis on sustainable investment, strongly supports the two shareholder proposals mentioned above.</p><p>BlackRock even pointed out that Berkshire Hathaway also faces risks in terms of its governance structure.</p><p>BlackRock believes that Berkshire's board of directors has insufficient specialized committees, currently consisting of only two (responsible for compensation and auditing, respectively).</p><p>BlackRock also believes that Berkshire Hathaway has Warren Buffett as both chairman and CEO, but does not have a lead independent director, which is not conducive to the board making independent decisions and judgments.</p><p>Buffett has been critical of independent board members in the past.</p><p>In his 2020 letter to shareholders, Buffett stated that independent directors can earn hundreds of thousands of dollars annually for just a few days of work. They are not interested in the company's future and often favor management, who will agree to whatever they want.</p><p>In addition, BlackRock is concerned about succession plans for key leadership roles at Berkshire Hathaway, which has not provided disclosures on how to address succession risks, such as the board's review process for candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire Hathaway, making this succession risk greater.</p><p>Regarding Berkshire Hathaway's shortcomings in ESG governance, BlackRock attributed them to the negligence of the company's audit committee.</p><p>Therefore, BlackRock voted against the*vote for the chairman of Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote, BlackRock wrote: \"The company has not adapted to a world where ESG has become more important to performance.\"</p><p>It is evident that BlackRock is deeply concerned about Berkshire Hathaway's future sustainable resilience.</p><p>As the world's largest asset management company, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink reiterated the long-term value of sustainable investing in a letter to all shareholders and made a sustainability commitment for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Asset Manager Initiative. Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage clients to invest in companies that consider the opportunities presented by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment program.</p><p>Berkshire Hathaway, one of the world's largest investment firms, recently identified Warren Buffett's successor. In an interview with US financial media on Monday, 91-year-old Warren Buffett acknowledged that the board of directors unanimously agreed that Greg Abel, vice chairman of Berkshire Hathaway's non-insurance business, would take over as CEO.</p><p>It remains to be seen whether Abel will consolidate Berkshire Hathaway's ESG management responsibilities to the group level after taking office, in order to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1b9fef028787bba142fa31212ae49d2","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133685773","content_text":"来源：ESG亚洲报告\n疫情唤起了世界对可持续发展领域的关注，ESG投资迎来了新一轮的发展机遇。\n以贝莱德为代表的世界顶级投资机构对可持续发展投资的长期回报信心不断增强，在将ESG因素纳入主动投资策略的同时，采用“企业参与及股东行动（corporate engagement and shareholder action）”的方式，借助股东权利督导所投公司的ESG实践。\n这次，他们将注意力转向了“股神”巴菲特麾下的伯克希尔哈撒韦公司，对其ESG治理现状提出质疑。\n在近日结束的2021年股东大会上，伯克希尔股东们向董事会递交了两项有关ESG信息披露的提案：一项与气候相关风险和机遇的报告有关，另一项与员工多元化和包容性举措的报告有关。\n作为伯克希尔的投资者，贝莱德基于自身对可持续发展理念的高度认可，对两项提案均表示赞同。\n但拥有多数投票权的伯克希尔董事会却投出了一致的反对票，最终两项股东提案均没有获得通过。\n世界上最大的资产管理公司与世界上最著名的投资机构就ESG事宜发生分歧。\n01、伯克希尔股东：气候相关与多元化信息披露不足\n气候变化和多元化议题在近年来受到越来越多的重视。\n应对气候变化已经在全球范围内达成共识\n市场普遍认为，气候事件和向低碳经济的过渡会给全球经济发展带来系统性风险。诸多风险已经开始发挥作用，能源、交通、化工等行业的公司价值受到影响。\n投资者需要了解公司是否已经做好了应对气候风险的准备。因此，公司层面的气候信息披露至关重要。\n因对伯克希尔气候相关信息披露不足的担忧，加州公务员退休基金（CalPERS）、爱马仕投资管理公司、魁北克储蓄投资集团共同发起了“气候相关风险和机遇报告”的提案。\n股东们要求伯克希尔董事会从2022年开始，每年发布一份评估公司气候相关风险管理方式，以及阐明物理与转型风险及机遇的报告。\n股东们建议该报告应包括：\n子公司和被投公司的气候风险和机遇摘要，以董事会认为可能受到气候变化重大影响或对气候变化有重大贡献的信息为主；\n董事会监督和管理气候相关风险和机遇的方法；\n检视公司基于2℃情境下的温室气体减排目标。\n为“刺激”伯克希尔，股东们在提案中还谈及伯克希尔旗下BNSF铁路运输公司的两家竞争对手（CSX运输公司和联合太平洋铁路货运公司）在设定科学碳目标方面的优秀实践。\n大量研究表明，多元化的员工队伍可以给公司带来收益\n麦肯锡在一篇研究报告中指出，性别多元化方面表现优异的前25%的公司在盈利能力方面高出21%，在创造卓越价值方面的可能性高出27%。\n外媒对标普500指数的研究发现，2015-2019年间，多元化表现最好的20家公司，其股票的平均年化收益率比最差的20家公司高出5.8%。\n尽管有这些优势，多元化和包容性的员工队伍建设在现实中存在巨大障碍。\n伯克希尔在多元性方面的表现也让股东担忧。\n不仅在多元化信息披露方面存在不足，伯克希尔许多子公司还遭到了有关性别歧视和种族主义的指控。\n伯克希尔股东寻求量化，可比的数据以了解公司多元化情况，以及包容性计划的有效性。\n汉得利酒店（Handlery Hotels）通过代理人向伯克希尔提议，要求其每年发布报告，评估公司的多元化和包容性进展，包括：\n董事会评估多元化、公平性和包容性计划是否有效的过程；\n董事会对包容性计划执行的评估，特别是在招聘、晋升和特殊类别员工保护方面的指标监督。\n02、巴菲特：这些提案违背公司的自治理念\n面对这两项顺应时代发展的提案，伯克希尔董事会成员均投出了反对票，其中也包括拥有三分之一投票权的巴菲特。\n对气候相关信息披露提案的回应\n伯克希尔董事会投出反对票的理由是，虽然认识到以负责任的方式管理与气候相关的风险对股东和经营业务至关重要，但不希望干预子公司及所投公司的气候相关风险管理工作。\n董事会看到诸多子公司做出了与气候变化相关的明智决定，如旗下的铁路运输公司和能源公司都已经在碳减排方面采取了有效行动。\n而在核心保险业务方面，巴菲特早在2015年年报中，亲自做出了对气候相关风险的理解。当时，伯克希尔也收到了相关股东提案。\n巴菲特在2015年年报中在写道：对于他而言，由于缺乏气候科学的专业背景，气候变化“很有可能（highly likely）”对地球构成重大威胁，而不是“一定（certain）”。\n巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的（foolish）。\n巴菲特质疑，如果地球发生重大灾难的可能性只有百分之一，而诺亚方舟对于生存至关重要，难道要在晴空万里的今天，就开始建造它么？\n巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。\n巴菲特认为，伯克希尔保单价格通常每年都会重新制定一次（而不是十年或二十年的固定价格），如果发生更频繁或损失更大的气候事件，伯克希尔保险业务反而会因保单价格提高而规模更大、利润更高。\n巴菲特调侃道，作为个人公民，您可能会因气候变化彻夜难眠，这是可以理解的——作为低洼地区的房主，您不妨考虑搬家；但是，当您仅仅作为一家大型保险公司的股东时，气候变化就不应列入您的担忧之列。\n对多元化信息披露提案的回应\n面对该提案，伯克希尔董事会表示公司已经建立了多元性、公平性和包容性的员工队伍，并将继续成为公司成功和长期可持续发展的重要因素。\n但最终，伯克希尔董事会还是对员工多元化报告提案投出了一致的反对票。\n其理由是：伯克希尔在全球多个地域经营着不同行业，要求统一的多元化，公平性和包容性定量报告是不合理的；此外，正如对有关气候相关风险报告提案的回应那样，伯克希尔以非集中的方式管理其经营的业务，很少参与这些业务的日常活动。\n03、贝莱德认为伯克希尔治理架构存在风险\n作为伯克希尔的股东，贝莱德基于自身对可持续发展投资的重视，对以上两项股东提案是持绝对赞成意见的。\n贝莱德甚至指出，伯克希尔在治理架构方面也存在风险。\n贝莱德认为，伯克希尔董事会下设的专门委员会是不足的，目前只有两个（分别负责薪酬和审计）。\n贝莱德还认为，伯克希尔由巴菲特兼任董事长和CEO，却没有首席独立董事，这不利于董事会做出独立的决策和判断。\n而巴菲特过去一直对独立董事会成员持批评态度。\n在2020年致股东信中，巴菲特表示，独立董事每年只需工作几天就能获得数十万美元的报酬；他们对公司的未来并不感兴趣，而且经常偏向于管理层，管理层想要什么他们都会同意。\n此外，贝莱德对伯克希尔关键领导角色的继任计划感到担忧，伯克希尔未提供有关如何解决继任风险的信息披露，如有关董事会对候选人的审查过程等。\n贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。\n而就伯克希尔在ESG治理方面的不足，贝莱德将其归咎于公司审计委员会的失职。\n因此，贝莱德在伯克希尔审计委员会主席的连任投票中投出了反对票。\n贝莱德在一份关于伯克希尔投票决定的简报中写道：该公司没有适应一个ESG对业绩变得更加重要的世界。\n可见，贝莱德对伯克希尔未来的可持续发展韧性充满担忧。\n作为全球最大的资产管理公司，贝莱德管理的资金规模达到9万亿美元。\n2021年，贝莱德董事长及首席执行官劳伦斯·芬克（Laurence D． Fink）在致全体股东的信中，再次强调了可持续发展投资的长期价值，并做出了新一年的可持续发展承诺。\n贝莱德在近期宣布加入净零排放资产管理人倡议（Net Zero Asset Managers Initiative）。因此，“敦促投资督导鼓励客户投资的公司在缓解气候风险的同时，考虑零净转型带来的机遇”成为贝莱德可持续投资计划中的重要行动。\n而作为世界最大投资公司之一的伯克希尔，在近期确定了巴菲特的接班人。本周一在接受美国财经媒体采访时，91岁的巴菲特承认，董事们一致同意，未来将由伯克希尔非保险业务副董事长格雷格·阿贝尔（Greg Abel）接任CEO。\n不知道阿贝尔上任后，是否会将伯克希尔的ESG管理职责收归到集团层面，以满足股东和投资者日益强烈的ESG治理与披露需求。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100543481,"gmtCreate":1619623962543,"gmtModify":1704727047161,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"There is not enough fundamental support.","listText":"There is not enough fundamental support.","text":"There is not enough fundamental support.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/100543481","repostId":"1157121149","repostType":4,"repost":{"id":"1157121149","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":1619618805,"share":"https://ttm.financial/m/news/1157121149?lang=en_US&edition=fundamental","pubTime":"2021-04-28 22:06","market":"us","language":"zh","title":"Monster Charging shares rose over 10% intraday, with Goldman Sachs giving it over 50% upside potential.","url":"https://stock-news.laohu8.com/highlight/detail?id=1157121149","media":"老虎资讯综合","summary":"周三，怪兽充电盘中涨超10%，逼近前期高点。高盛此前首次覆盖怪兽充电，认为其可维持行业领先地位，予目标价13.9美元。","content":"<p>Wednesday,<a href=\"https://laohu8.com/S/EM\">Monster Charging</a>It rose more than 10% intraday, approaching its previous high.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Previously, we covered Monster Charging for the first time, believing it could maintain its leading position in the industry, and gave it a target price of $13.90.</p><p><img src=\"https://static.tigerbbs.com/a3ca05ffb167619dcc6ebcc27f7e4e9a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Monster Charging shares rose over 10% intraday, with Goldman Sachs giving it over 50% upside potential.</title>\n<style 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22:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Wednesday,<a href=\"https://laohu8.com/S/EM\">Monster Charging</a>It rose more than 10% intraday, approaching its previous high.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Previously, we covered Monster Charging for the first time, believing it could maintain its leading position in the industry, and gave it a target price of $13.90.</p><p><img src=\"https://static.tigerbbs.com/a3ca05ffb167619dcc6ebcc27f7e4e9a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64900ef8a53ae3a0c0a96f732e808ae9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157121149","content_text":"周三，怪兽充电盘中涨超10%，逼近前期高点。高盛此前首次覆盖怪兽充电，认为其可维持行业领先地位，予目标价13.9美元。","news_type":1,"symbols_score_info":{"EM":0.9}},"isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116839354,"gmtCreate":1622786318478,"gmtModify":1704191181130,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Why smoking is still a thing","listText":"Why smoking is still a thing","text":"Why smoking is still a thing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116839354","repostId":"1101429554","repostType":4,"repost":{"id":"1101429554","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":1622785872,"share":"https://ttm.financial/m/news/1101429554?lang=en_US&edition=fundamental","pubTime":"2021-06-04 13:51","market":"other","language":"zh","title":"E-cigarette giant Shui Ni! Smoore International plunged nearly 11% in the short term.","url":"https://stock-news.laohu8.com/highlight/detail?id=1101429554","media":"老虎资讯综合","summary":"6月4日，港股电子烟巨头思摩尔国际午后短线跳水，现跌近11%。此前国家卫健委和世卫组织驻华代表处共同发布《中国吸烟危害健康报告2020》（下称《报告》）称，“有充分证据表明电子烟是不安全的，会对健康产","content":"<p>On June 4, Hong Kong-listed e-cigarette giants<a href=\"https://laohu8.com/S/06969\">Smoore International</a>The stock price plummeted in the afternoon and is currently down nearly 11%.</p><p><img src=\"https://static.tigerbbs.com/2cb399b33f3816c05fda671e717e8918\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, the National Health Commission and the WHO Representative Office in China jointly released the \"Report on the Health Hazards of Smoking in China 2020\" (hereinafter referred to as the \"Report\"), stating that \"there is sufficient evidence that e-cigarettes are unsafe and can harm health.\"</p><p>As China's first e-cigarette listed company, Smoore International once achieved a 64-fold return in 28 months, with its market capitalization approaching the HK$500 billion mark.</p><p>Since the main uncertainty in the e-cigarette industry comes from the government, Smoore International has partnered with China Tobacco to mitigate policy risks. At the same time, it has reached cooperation agreements with globally renowned e-cigarette brands such as Ruike and Japan Tobacco by leveraging its superior technology. Therefore, Smoore International is undoubtedly at the forefront of the trend.</p><p>However, this \"regulatory storm\" has put Smoore International in a difficult position. For the brand itself, the release of this report seems to have already been sentenced to \"life imprisonment,\" and it remains to be seen when it will make a comeback. However, as a contract manufacturer with core technologies, turning its export business into its main business may be a temporary choice. According to the company's 2020 financial report, Smoore International's overseas revenue accounted for 29.9%.</p><p>Standing at the upstream of the industry, Smoore International faces policy regulation. In the short term, the impact of domestic policies is indeed limited given that foreign revenue is the main source of income. However, in the long term, the direction of domestic policies will inevitably affect Smoore International's growth potential.</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>E-cigarette giant Shui Ni! Smoore International plunged nearly 11% in the short term.</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\">\nE-cigarette giant Shui Ni! Smoore International plunged nearly 11% in the short term.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-04 13:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 4, Hong Kong-listed e-cigarette giants<a href=\"https://laohu8.com/S/06969\">Smoore International</a>The stock price plummeted in the afternoon and is currently down nearly 11%.</p><p><img src=\"https://static.tigerbbs.com/2cb399b33f3816c05fda671e717e8918\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, the National Health Commission and the WHO Representative Office in China jointly released the \"Report on the Health Hazards of Smoking in China 2020\" (hereinafter referred to as the \"Report\"), stating that \"there is sufficient evidence that e-cigarettes are unsafe and can harm health.\"</p><p>As China's first e-cigarette listed company, Smoore International once achieved a 64-fold return in 28 months, with its market capitalization approaching the HK$500 billion mark.</p><p>Since the main uncertainty in the e-cigarette industry comes from the government, Smoore International has partnered with China Tobacco to mitigate policy risks. At the same time, it has reached cooperation agreements with globally renowned e-cigarette brands such as Ruike and Japan Tobacco by leveraging its superior technology. Therefore, Smoore International is undoubtedly at the forefront of the trend.</p><p>However, this \"regulatory storm\" has put Smoore International in a difficult position. For the brand itself, the release of this report seems to have already been sentenced to \"life imprisonment,\" and it remains to be seen when it will make a comeback. However, as a contract manufacturer with core technologies, turning its export business into its main business may be a temporary choice. According to the company's 2020 financial report, Smoore International's overseas revenue accounted for 29.9%.</p><p>Standing at the upstream of the industry, Smoore International faces policy regulation. In the short term, the impact of domestic policies is indeed limited given that foreign revenue is the main source of income. However, in the long term, the direction of domestic policies will inevitably affect Smoore International's growth potential.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"06969":"思摩尔国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101429554","content_text":"6月4日，港股电子烟巨头思摩尔国际午后短线跳水，现跌近11%。此前国家卫健委和世卫组织驻华代表处共同发布《中国吸烟危害健康报告2020》（下称《报告》）称，“有充分证据表明电子烟是不安全的，会对健康产生危害”。作为中国电子烟第一股，思摩尔国际曾用28个月实现64倍的造福神话，市值直逼5000亿港元大关。由于电子烟领域的主要不确定性来自于政府，思摩尔国际与中烟合作借此规避政策风险，同时凭借其过硬技术与锐刻、日烟等全球知名电子烟品牌商达成合作，因此思摩尔国际无疑是走在潮头之列。但此次的“监管风暴”让思摩尔国际犯了难。对于品牌本身来说，此报告的公布似乎是已被判“无期徒刑”，何时逆袭还遥遥无期，但作为拥有核心科技的代工厂，其出口业务转为主营业务或将成为暂时性选择，据公司2020年财报显示，思摩尔国际的国外收入占比为29.9%。站在行业上游的思摩尔国际，面对政策监管，从短期看，以国外收入为主的情况下国内政策影响的确有限，但从长期看，国内政策走向势必影响思摩尔国际的增长空间。","news_type":1,"symbols_score_info":{"06969":0.9}},"isVote":1,"tweetType":1,"viewCount":6109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137389513,"gmtCreate":1622299743432,"gmtModify":1704182828175,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Gov is leading the financial market","listText":"Gov is leading the financial market","text":"Gov is leading the financial market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/137389513","repostId":"1101899491","repostType":4,"repost":{"id":"1101899491","kind":"news","pubTimestamp":1622266235,"share":"https://ttm.financial/m/news/1101899491?lang=en_US&edition=fundamental","pubTime":"2021-05-29 13:30","market":"sh","language":"zh","title":"The latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities","url":"https://stock-news.laohu8.com/highlight/detail?id=1101899491","media":"上海证券报","summary":"证监会副主席李超表示，当前，我国资本市场正在发生日益深刻的结构性变化，市场预期向好，市场功能得到进一步发挥，高质量发展取得良好开局。下一步，证监会将进一步落实“建制度，不干预，零容忍”的九字方针，推进","content":"<p><div>Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), said that my country's capital market is currently undergoing increasingly profound structural changes, market expectations are positive, market functions have been further realized, and high-quality development has made a good start. Next, the China Securities Regulatory Commission (CSRC) will further implement the nine-character policy of \"establishing systems, non-interference, and zero tolerance\" to promote the capital market to better play its pivotal role in resource allocation, risk mitigation, policy transmission, and expectation management. Li Chao attended the “International Finance Forum (IFF) 2021 Spring Meeting” today and made the above remarks in his speech at the conference. This forum is themed \"Global Governance and International Cooperation in the Post-Pandemic Era\"...</p><p><a href=\"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ\">Web page link</a></div></p>","source":"shzqb","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 latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities</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 latest policy highlights from the China Securities Regulatory Commission Strictly, severely and swiftly crack down on serious illegal and irregular activities\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-05-29 13:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), said that my country's capital market is currently undergoing increasingly profound structural changes, market expectations are positive, market functions have been further realized, and high-quality development has made a good start. Next, the China Securities Regulatory Commission (CSRC) will further implement the nine-character policy of \"establishing systems, non-interference, and zero tolerance\" to promote the capital market to better play its pivotal role in resource allocation, risk mitigation, policy transmission, and expectation management. Li Chao attended the “International Finance Forum (IFF) 2021 Spring Meeting” today and made the above remarks in his speech at the conference. This forum is themed \"Global Governance and International Cooperation in the Post-Pandemic Era\"...</p><p><a href=\"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b03359bd74c102eff90adcc7e2740657","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/h7yYZmRksbeiL2HX7z_RFQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101899491","content_text":"证监会副主席李超表示，当前，我国资本市场正在发生日益深刻的结构性变化，市场预期向好，市场功能得到进一步发挥，高质量发展取得良好开局。下一步，证监会将进一步落实“建制度，不干预，零容忍”的九字方针，推进资本市场更好发挥在资源配置、风险缓释、政策传导、预期管理等方面的枢纽作用。李超今日出席“国际金融论坛（IFF）2021春季会议”，并在大会讲话中作上述表示。此次论坛以“后疫情时代全球治理与国际合作”为主题。他围绕推动资本市场高质量发展，详细阐述了证监会在建制度、不干预、零容忍等三个方面的工作重点。市场日益发生结构性变化 高质量发展取得良好开局李超表示，资本市场是现代经济体系的重要组成部分，也是连接国际国内市场，促进国际分工和贸易投资发展的重要纽带，进入新发展阶段，资本市场必须深入贯彻新发展理念，扎扎实实办好自己的事情，为经济的恢复发展积极贡献力量。他说，当前，我国资本市场正在发生日益深刻的结构性变化，市场韧性、活力和吸引力明显增强，市场生态得到有效改善，市场预期向好，市场功能得到进一步发挥，高质量发展取得良好开局。李超介绍，近年来，证监会紧紧围绕打造一个规范、透明、开放、有活力、有韧性的资本资场这一总体目标，坚持稳中求进的工作总基调，坚持“建制度，不干预，零容忍”，坚持市场化、法治化、国际化，全力做好服务实体经济，深化改革和防范金融风险等重点工作。他具体提到了下述三方面内容：首先，保持监管的弹性和温度，积极应对疫情大考，迅速出台一揽子针对性的政策措施，科学合理的保持IPO再融资的常态化，引导更多资金直达实体经济。其次，加强资本市场顶层设计，推动设立科创板并试点注册制，推出创业板改革、新三板改革，推动提高上市公司质量，推动投资端改革，积极稳妥推进资本市场制度性双向开放，市场、行业、产品开放和便利跨境投融资的制度安排取得实质性进展。再者，坚持底线思维，努力维护市场平稳运行。股票质押、私募基金等重点领域的风险实现总体的收敛，新证券法和刑法修正案（十一）先后施行，相关部门严肃查处了一批市场关注的大案要案。同时，首例特别代表人诉讼落地，投资者救济赔偿取得了新的突破。明确落实“九字方针”下一阶段的工作重点李超表示，今年以来，世界经济出现复苏迹象，但经济复苏分化也较为明显。近期全球大宗商品价格持续上涨，市场对于部分国家实施超宽松政策的外溢性担忧加剧。中国经济呈现稳定恢复态势，消费、投资、出口均有所改善，高质量发展取得新的成效。但经济恢复仍不均衡，基础仍不稳固，这些都给进一步推动我国资本市场高质量发展带来了新课题、新机遇、新挑战。他透露，下一步中国证监会将紧紧围绕“十四五”规划对资本市场的部署要求，进一步落实“建制度，不干预，零容忍”九字方针，推进资本市场更好发挥在资源配置、风险缓释、政策传导、预期管理等方面的枢纽作用，在实现自身高质量发展的同时更好地服务构建新发展格局。具体而言：“建制度”方面：证监会将紧扣注册制改革这一“牛鼻子”工程，坚持稳中求进，做好试点总结评估和改进优化，完善相关配套制度规则，为全市场注册制改革积极创造条件。并以注册制为牵引，推动发行上市、交易、退市、信息披露以及促进中介机构归位尽责，强化监管和风险防范，加强投资者保护等一系列关键制度持续优化。同时，证监会将会同有关方面，积极推动完善债券市场基础制度，稳步推进基础设施领域公募REITs试点落地；配合推动期货法出台，完善大宗商品期货监管和风控制度，为稳价保供积极贡献力量。“不干预”方面：证监会将进一步深化放管服改革，重点突出放管结合，以更大力度推进简政放权。一方面继续坚定“放”，凡是市场机制能有效发挥作用的领域，坚决放权于市场，减少不必要的管制，不断提升监管的透明度和可预期性，进一步激发市场活力；另一方面，持续抓好“管”，该监管的一定坚决管住，管好，坚持科学监管，分类监管，专业监管、持续监管，进一步完善事中、事后监管的制度安排。对各类风险努力做到“看得明、说得清、守得住”，同时不断提升监管的科技化、智能化水平，增强监管有效性。“零容忍”方面：证监会将在持续加强、改进日常监管的基础上，会同立法、司法机关等有关方面，进一步落实好关于依法从严打击证券违法活动的指导性文件，加快健全有中国特色的证券执法司法体制机制；持续完善资本市场法治基础，从严从重从快打击欺诈发行、财务造假，以及以市值管理之名行市场操纵之实等恶性违法违规行为，让做坏事之人付出沉重代价。同时，证监会将推动常态化开展投保机构代表人诉讼工作，更好保护投资人，特别是中小投资者合法权益，进一步营造良好的市场发展生态。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134329761,"gmtCreate":1622208996953,"gmtModify":1704181502655,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Meme stock still wins","listText":"Meme stock still wins","text":"Meme stock still wins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134329761","repostId":"1121649348","repostType":4,"repost":{"id":"1121649348","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":1622208665,"share":"https://ttm.financial/m/news/1121649348?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:31","market":"us","language":"zh","title":"Opening: All three major indices opened higher, with AMC Cinemas rising 20%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1121649348","media":"老虎资讯综合","summary":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高","content":"<p>On May 28, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.40%, the Nasdaq Composite up 0.41%, and the S&P 500 up 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 6%, according to reports.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group's early childhood education program has been canceled, and a large number of employees will be laid off.</p><p>Most WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>Up 15%<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>It rose 10%, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell 1.4% after previously announcing that it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell by more than 7%, and the company's CEO stated that the supply shortage will continue until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose over 7%, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>Rising more than 10%, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021, ending March 31, 2021. The financial report shows that the company's total revenue in Q4 was 90.864 million yuan, compared to 119 million yuan in the same period last year, a year-on-year decrease of 23.64%; The net loss was 109 million yuan, compared to 142 million yuan in the same period last year; Both basic and diluted losses per ADS were RMB 1.07, compared to RMB 1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3% after signing a contract with the U.S. Special Operations Command worth a total of $111 million, of which the company was granted an option agreement worth $52.5 million upon execution of the contract. The basic term of the contract is one year, and the option period is one year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: All three major indices opened higher, with AMC Cinemas rising 20%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: All three major indices opened higher, with AMC Cinemas rising 20%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-28 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.40%, the Nasdaq Composite up 0.41%, and the S&P 500 up 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 6%, according to reports.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group's early childhood education program has been canceled, and a large number of employees will be laid off.</p><p>Most WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>Up 15%<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>It rose 10%, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell 1.4% after previously announcing that it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell by more than 7%, and the company's CEO stated that the supply shortage will continue until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose over 7%, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>Rising more than 10%, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021, ending March 31, 2021. The financial report shows that the company's total revenue in Q4 was 90.864 million yuan, compared to 119 million yuan in the same period last year, a year-on-year decrease of 23.64%; The net loss was 109 million yuan, compared to 142 million yuan in the same period last year; Both basic and diluted losses per ADS were RMB 1.07, compared to RMB 1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3% after signing a contract with the U.S. Special Operations Command worth a total of $111 million, of which the company was granted an option agreement worth $52.5 million upon execution of the contract. The basic term of the contract is one year, and the option period is one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121649348","content_text":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高斯电子涨15%，游戏驿站涨超3%。蘑菇街涨10%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。波音跌1.4%，此前表示将暂停787 Dreamliner交付。惠普跌超7%，公司CEO表示供应短缺将持续到今年年底。Salesforce涨超7%，第一财季净利同比大增374%蘑菇街涨超10%，消息面上蘑菇街公布截至2021年3月31日的2021财年第四季度及全年财务业绩。财报显示，该公司Q4总营收9086.4万元，上年同期1.19亿元，同比下降23.64%;净亏损为1.09亿元，上年同期1.42亿元;基本和摊薄后每ADS亏损均为1.07元，上年同期为1.30元。Palantir Technologies涨近3%，公司已与美国特种作战司令部签署总价值为1.11亿美元的合同，其中，公司被授予在合同执行后价值5250万美元的选择权协议。该份合同的基本期限为一年，选择权期限为一年。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130034942,"gmtCreate":1621493970286,"gmtModify":1704358530650,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Long expected.","listText":"Long expected.","text":"Long expected.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130034942","repostId":"1152087660","repostType":4,"isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375196580,"gmtCreate":1619313957740,"gmtModify":1704722276838,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"That’s why we need to find a basket of currencies to replace USD monopoly in international trades. US don’t give a shit about others as long as their lives are good.","listText":"That’s why we need to find a basket of currencies to replace USD monopoly in international trades. US don’t give a shit about others as long as their lives are good.","text":"That’s why we need to find a basket of currencies to replace USD monopoly in international trades. US don’t give a shit about others as long as their lives are good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/375196580","repostId":"1130451341","repostType":4,"repost":{"id":"1130451341","kind":"news","pubTimestamp":1619413290,"share":"https://ttm.financial/m/news/1130451341?lang=en_US&edition=fundamental","pubTime":"2021-04-26 13:01","market":"us","language":"zh","title":"The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!","url":"https://stock-news.laohu8.com/highlight/detail?id=1130451341","media":"华尔街见闻","summary":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的","content":"<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-26 13:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/082208e3c37780dd55878056410ffa43","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1130451341","content_text":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的双重浪潮，把全球市场的注意力瞬间从通缩转向通胀，几乎在股债市场掀起血雨腥风。而上周伴随鲍威尔在采访中突然开始释放鹰派信号，这场饕餮盛宴怕是要进入下半场了。真正酒阑人散之前，有人必须要做好买单的准备。只是，单有多大，又由谁来买？随着美国慢慢开始抄底全球资产，美元已经启动回流，新兴市场为了抵御冲击，早已经率先掀起了加息潮。货币的汪洋流向全球之际，是时候品一品美国前财长康纳利的话：美元是我们的货币，却是你们的问题。本期我们就来盘一盘美国这场巨量刺激的来龙去脉。我们将着重探讨三件事:第一，美国推出史无前例的财政货币双刺激，为什么要下这么重的狠手？第二，超级刺激可能导致美国经济严重过热？第三，美国放水，全球买单，这场大放水又会以怎样的方式收场？01、美国这轮刺激有多猛财政刺激有多大？去年4月2.2万亿美元的财政刺激之后，特朗普政府年底又出台了一项9000亿美元的刺激；到了今年，拜登上来就通过了1.9万亿刺激法案，占到美国去年GDP的10%，转眼最新的2.25万亿基建又已官宣。不算还未正式出台的最后一项，短短一年时间，财政刺激总量已经达到了5万亿的天量，纵向对比，是08年金融危机之后两年奥巴马政府将近8000亿刺激的整整6倍；横向对比，这个数字占美国GDP的25%，这一比例远远超过德国（12%）和日本（16%）。而货币政策方面，这轮QE又有多大？2008年金融危机时，美联储耗时6年，用了三轮QE，一共也只购买了3万多亿美元资产，而这次QE只花了6个月，就轻轻松松达到了这一规模。如果08年的财货刺激是左手手里剑右手左轮手枪的话，这次就是两杆齐发的加农炮。但是为什么这次美国财政和货币政策两头都要狂风暴雨式地加足马力？先来看看财政。最新1.9万亿的通过非常戏剧化。这个数字首先是远远超过大家预期的，因为拜登提出这项计划的最初，共和党支持的刺激数字只有6000多亿，之间差了1.3万亿。而拜登之前又一直声称两党要团结合作，大家就认为他会做个折中，最后放水量应该也就在9000亿美元左右。但出人意料的是，拜登突然来了个“霸王硬上弓”式的操作，强行通过了一个叫作“预算调和程序”的方案。简单来说，它把参议院通过刺激法案原本所需要的票数大大降低，只需要过半数就能通过。于是未来就1.9万亿进行投票的时候，就算共和党一致反对，占参议院多数的民主党，也能强行甩开共和党，凭一己之力让法案得到推进。问题是，拜登为什么突然不顾共和党反对，急于让1.9万亿快速板上钉钉？因为2008年金融危机时，奥巴马的民主党就在财政刺激上吃过大亏。12年前，正是因为共和党反对，奥巴马政府的财政刺激方案大幅缩水，原本2万亿美元的刺激方案最终只通过了不到8000亿。但要知道，这点小钱远远无法令经济快速复苏，接下来两年美国经济增长缓慢，就业市场复苏陷入停滞，奥巴马的民众支持率直线下降，很快在2010年中选输掉了众院，被共和党重新夺回了控制权。可以说，上一轮危机中，正是由于奥巴马政府不够强硬，不仅导致民主党失势，还使得美国经济在泥潭中陷得更久。拜登作为奥巴马当时的副手，显然对这次教训刻骨铭心。所以自己上台后一不做二不休，来个硬碰硬，生怕重蹈当年覆辙。那么量化宽松呢？从上面的事实看来，09年的QE是在财政政策被共和党束缚住手脚的情况下，美国做出的“次优选择”。而如今既然已经有了天量刺激，为什么鲍威尔还要坚持迟迟不退出QE？我们认为，大致有以下三个原因：第一，鲍威尔始终不认为会有真正的严重通胀压力。像不久前他在美国众议院金融服务委员会听证会上所说，全球性通缩已持续20多年，现在短短一次通胀，怎么就会失控呢？第二，即便有通胀压力，由于美元的储备货币地位，通胀带来的后果并不需要美国独自承担。我们会在后面说到这一点。第三，比起通胀压力，美联储更担心的是通缩预期。所谓通缩，就是通货膨胀率降到零以下，整个社会处在一个物价持续、普遍下降的环境之中。一旦人们有了价格持续下跌的预期，就会把想买的东西留到未来更便宜的时候去买。比如你想买房，现在是5w一平米，但你预计过两年就变成4w一平米了，那在条件允许的情况下，一定是两年后买入更划得来。对企业购买原料、进行投资也是一样的逻辑。这样一来，消费和投资欲望就被大大降低，手里钱再多也无济于事。美国GDP超六成来自消费，需求不够，生产自然也上不去，经济只能停滞不前，整个过程有多可怕，看看日本“失去的20年”就知道。短期来看，QE对缓解通缩预期绝对是一剂猛药。它只需要做一件事，就是推高资产价格，尤其是股市和楼市价格，从而给人们营造一番手头富裕，经济也欣欣向荣的假象。即便并没有转化成真实的现金流，人们也可能开开心心地进行更多的消费，进而刺激生产和经济复苏。这完全是个心理学问题，在财政政策配合下尤其行得通。但是，切勿把牛市和实体经济走强混为一谈，QE是否是饮鸩止渴，未来会否对经济形成反噬？这是后话，我们会在下面讲到。02、美国经济可能过热刚才我们解释了，美国这次财政、货币刺激的规模史无前例。那么这样的巨额刺激下，美国经济会发生什么呢？答案就是通胀上升，经济过热，而且过热程度可能比市场预期要严重得多。因为长时间、大规模的QE，不知不觉给了通胀巨大的上行空间。为了了解长期QE的影响，下面，我们首先最简单地解释一下央行货币政策进行宏观调控的整个传导路径；再回到一个没有QE的“史前”世界里，看看正常情况下货币政策体系是怎么运转的；如今有了QE，运转模式又发生了怎样的变化。我们常说央行撒钱，但钱肯定不是直接撒在人民群众身上的，而是首先撒给商业银行等各个金融机构，构成基础货币。方法有很多种，包括调节再贴现率、调节存款准备金率，和QE最相关的买卖政府债券也是其中之一，央行买进债券的同时付出去一笔钱，实质就是向金融系统注入一笔基础货币。紧接着，各个银行要么把这些钱投入实体经济，也就是通过贷款的方式借给企业和家庭，让他们进行生产和消费，促进经济增长；要么，如果大多数企业和家庭都不愿意借钱，剩下的钱就会以储蓄的形式滞留在银行体系内部，或是流入股市等金融市场，则一方面实体经济发展缺少资金驱动，另一方面金融市场又可能积累过量资金引发泡沫。在QE前的世界，货币政策在上面一条道路上走得非常顺畅，即美联储通过常规货币政策提供的流动性，能很好地传到企业和居民手里。经济衰退时，一边积极的财政政策稳住企业和居民的信心，一边央行降低政策利率，同时给银行业提供流动性；商业银行一有钱，居民和企业也被低利率和财政刺激鼓舞着，积极借钱买房和投资。一旦经济开始复苏，央行所要做的就是逐步提高政策利率，抑制信贷，从而防止通胀。于是从图上可以看出，基础货币、货币供应、银行信贷三条线教科书一般地同起同落，在此过程中，长期利率也随政策利率下降和回升。2008年前的美欧，1990年前的日本就是处于这种状态。但是QE打破了这一局面。刚才我们介绍过，08年房地产泡沫破裂后，由于财政刺激不给力，美国不得不一条腿走路，用货币政策QE释放大量的流动性，试图刺激内需，却在受到重创的家庭和企业面前收效甚微。抵押物价格暴跌之后，人们不仅不愿意借钱，反而还有大量债务等着还。于是，一边是随着QE扩大、利率下降到0，美国流动性来到前所未有的水平，基础货币占GDP比重从08年的6%上升到25%；另一边，人们握着巨额储蓄却不花出去，资金不仅没有以贷款形式离开银行业，还以储蓄和还贷形式回去了（第一张图），使得经济和通胀迟迟上不来（第二张图）。也就是说，如果整个货币体系仍然按照08年以前的模式运行，现在美国的通胀应该已经上升到很高的水平了。如果把央行撒的钱比作水，现在的价格就像是裹了一层胶质、难以进水的海绵，一旦胶质被剥离掉，海绵就会迅速吸水进而膨胀。于是我们可以看到一旦需求改善，人们开始恢复借款会发生什么：银行信贷和货币供应量都可能比现在高出好几倍，物价也可能随之大幅度攀升，那将意味着非常高的通胀。在这种预期之下，一旦经济出现复苏迹象，对通胀压力的高度紧张，就将加剧市场对流动性波动的恐慌。投资者担心，央行到时候将不得不减少债券购买乃至卖出长期债券，于是也纷纷抛售债券来规避风险，从而，QE国家长期利率也会比没有QE时以更快的速度上行，进一步对实体经济和股市、商品市场造成严重波动。QE持续时间越长，这些问题无疑也会越严重。野村证券首席研究员辜朝明曾在2013年美联储第三轮QE期间，提出了一个“量化宽松陷阱”（QE Trap）模型，讨论了长时间QE对经济的损伤程度：最初，QE国长期利率降幅要比非QE国大得多，意味着随后经济复苏更快(t1)。但随着经济的回暖，货币政策收紧，长期利率迅速攀升，部分利率敏感行业又面临需求下降，迫使央行重新放松政策立场。经济再次复苏后，随着市场又重新关注央行吸收超额准备金的可能性，长期利率在一个所谓“QE Trap”的重复周期中上行。相比之下，非QE国长期利率下降是渐进的，这延迟了复苏的开始(t2)；但一旦经济开始好转，由于利率较低，复苏步伐实际会更快。从美国疫情前逐步货币政策正常化的7年经验当中，我们也可以推出这一结论。美国上一轮QE是在2013年逐步退出的，但如果不退会发生什么？经济会更好吗？也许不会。当年美联储刚开始缩减购债的时候，通胀率只有1%，之后虽然9次加息、2017年10月又开始了量化紧缩（QT），通胀率却仍然在慢慢上升。深压住通胀的和让通胀维持缓慢上行的是同一个原因，那就是家庭和企业手里的储蓄始终没有得到消化，没有借钱，利率升高也就对他们造不成压力。这反过来说明，即便当时利率继续保持低位，经济活动也可能无动于衷。不仅如此，由于实体经济需求不足，继续QE反而可能导致大量闲钱进入房地产和金融市场，激起厚厚的资产泡沫。事实上，美国商业地产价格目前已经比2007年的上一个峰值高出了50%。重要的是，鉴于本轮QE比金融危机时已经迅猛得多，辜朝明在最近发布的研报中认为，美国经济已经半只脚踏进“量化宽松陷阱”中了，私营部门一旦恢复借款，通胀飙高、长债利率飙升乃是一触即发，届时将需要大幅提高政策利率来压制通胀。在70年代末那个没有QE的史前世界，美联储把政策利率大幅提高到22%来抑制通胀，如今又需要怎样的水平呢？03、美国放水，全球买单，这场大放水又会以怎样的方式收场？刚才我们谈了超级大放水对美国经济的影响。由于美元霸权的存在，美国经济政策的影响力绝不限于美国国内，通过一系列传导机制，美国这轮经济刺激影响极为深远，很有可能让全球都为美国人买单。而其中付出最大代价的可能还是新兴市场，这在历来都是如此，可能也是美国肆无忌惮大放水的原因之一。2020年，随着作为全球储备货币的美元流通量激增，各国纷纷开启了放水之路，以抵抗美国超发货币所引发的通胀，美国借此将通胀输出到全球。这在各国的房价涨幅上就有直接体现，OECD数据显示，去年全球89%国家的房价都在上涨，这一比例为2000年以来最高，土耳其、俄罗斯尤其上涨超过20%。而如今随着美国通胀预期的增强，美债收益率大幅走高，以及美国与新兴市场国家复苏节奏的错位，美元开始阶段性走强，并呈现出回流态势，局面完全反转。新兴市场被迫再次响应那句老话：美国人印钞票，全世界来买单。3月以来，新兴市场国家集体“抢跑”，赶在美联储行动之前提前加息。美国3月的议息会议前后的短短一周中，多个新兴市场国家纷纷掀起加息潮：3月17日巴西央行宣布上调基准贷款利率75个基点至2.75%（预期50个基点）。3月18日土耳其央行宣布将关键利率上调200个基点至19%（预期上调至18%）。3月19日俄罗斯央行宣布加息25个基点至4.50%（预期维持4.25%）。不仅如此，印度、阿根廷、马来西亚、泰国、韩国等新兴国家的指标均显示，市场对于加息的预期正在增强，今年至明年上半年至少加息一次。推动新兴市场国家加息的主要原因肯定是通胀的上行。而通胀的压力从普遍的分析来看还是自于供给端。一方面这类新兴市场国家下游消费品端的生产能力本身就薄弱，疫情的冲击便使得供需缺口扩大，直接体现到推升商品价格上。另一方面，这些国家的食品与交通类消费占比都在40-50%之上，且依赖于进出口，因而全球石油制品和食品价格的快速上行便进一步增加了新兴市场国家的输入性通胀压力。图：通胀水平达到目标政策区域这些具有高开放性和外贸依赖的新兴市场国家，很大程度上，只能被动接受发达国家经济和政策的溢出。然而，相对于通胀的上行，这些新兴国家的经济修复还处于一个相对偏慢的过程中，尤其是巴西和土耳其，失业率高企10%以上，同时对疫情的控制也再度面临考验。图：经济修复尚需时日与此同时，为了防止出现美元过快回流—本币贬值—恶性通胀—本国加息—资产价格下跌—外债暴露的恶性循环预期，新兴市场国家也不得不率先启动加息，一来抑制泡沫，二来稳定资本流出。图：去年各国货币相对美元最大升值幅度而那些外债比例高和资产市场涨幅明显的国家，或会付出更大的代价。今年以来土耳其隔夜拆借利率高企于15%以上，依然难以抑制国际资本流出，超预期加息后央行行长下台更引发恶性循环预期，资产价格暴跌，汇率崩盘。从外债来看接下来是智利、南非等。通胀偏高，尤其是资产价格涨幅偏高的国家，显示资本更多进入虚拟经济体而非实体经济复苏，也存在较大的资本流出风险。比如阿根廷、印度。这些国家加息更多是两害权其轻的操作，也没有太多货币政策的独立性可言。一旦出现资本流出较快，他们将为去年的流动性盛宴付出代价。美国呢，随着资金回流，美欧套利交易增加美债需求，美债利率上行压力反倒会有所缓解。图：欧美利差水平走阔至均值水平美元潮起潮落，中国作为最大的新兴市场国家，得益于国内的供给能力、流动性克制和货币独立，将抵御部分冲击，但是在全球性的风暴之下，资产价格压力难言缓和。或许货币可以超印，但财富不能，当我们以一个更宏观的视角看待全球货币现状，一个更深刻的命题是，如何用好自己的政策工具，作为个人又如何甄别好的资产，让自己的劳动报酬获得更稳健的保值。理解手中人民币的历史责任和其韬光养晦的价值，我们或许能在即将到来的风险中有所准备。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347123685,"gmtCreate":1618476505847,"gmtModify":1704711418944,"author":{"id":"3575540187585339","authorId":"3575540187585339","name":"LittleGuiLin","avatar":"https://static.tigerbbs.com/a8ea4a9904bb4298320579358e26ac9b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575540187585339","idStr":"3575540187585339"},"themes":[],"title":"","htmlText":"Must 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