敬畏市场敬畏之心感恩之心 personal page - To The Moon

敬畏市场敬畏之心感恩之心

敬畏市场敬畏之心感恩之心

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敬畏市场敬畏之心感恩之心

2021-04-02

$Rocket Companies(RKT)$?

敬畏市场敬畏之心感恩之心

2021-04-29

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Ford Motor Company's Q1 revenue increased by 6% year-over-year, but chip shortages will lead to reduced production.

敬畏市场敬畏之心感恩之心

2021-06-15

Omb

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敬畏市场敬畏之心感恩之心

2021-05-04

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Foreign media headlines: Robinhood hits back at Buffett, you're not the only investment prophet.

敬畏市场敬畏之心感恩之心

2021-05-02

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敬畏市场敬畏之心感恩之心

2021-06-13

Omg

Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.

敬畏市场敬畏之心感恩之心

2021-03-28

Hi

How long will the value style of US stocks last?

敬畏市场敬畏之心感恩之心

2021-05-28

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Salesforce reported Q1 revenue of $5.96 billion, with net profit up 374% year-over-year.

敬畏市场敬畏之心感恩之心

2021-05-26

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Tesla announced that its best-selling North American models will discontinue radar sensors and adopt a pure vision system.

敬畏市场敬畏之心感恩之心

2021-05-06

$Histogenics Corporation(OCGN)$????

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;","text":"$特斯拉(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/521652569608376","repostId":"1118388234","repostType":2,"repost":{"id":"1118388234","kind":"news","pubTimestamp":1768383418,"share":"https://ttm.financial/m/news/1118388234?lang=en_US&edition=fundamental","pubTime":"2026-01-14 17:36","market":"us","language":"zh","title":"Tesla's major shift in FSD: a complete change from \"buyout\" to subscription, scheduled to take effect after February 14th.","url":"https://stock-news.laohu8.com/highlight/detail?id=1118388234","media":"智通财经","summary":"该服务目前月度费用为99美元。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It announced that it will completely change the sales model of its advanced driver assistance system, \"Fully Self-Driving\" (FSD), and fully shift to a monthly subscription service. CEO Elon Musk announced the change on social media platform X, which is scheduled to take effect after February 14. Musk did not specify the reasons for his decision; the service currently costs $99 per month.</p><p><p style=\"text-align: justify;\">This move will eliminate the one-time buyout fee of approximately $8,000 for FSD, significantly lowering the initial threshold for users to experience the technology. Despite being named \"fully autonomous driving,\" the technology currently requires the driver to continuously monitor and be ready to take over at any time.</p><p><p style=\"text-align: justify;\">Against the backdrop of sluggish sales growth, Tesla is shifting its strategic focus to technology-centric growth drivers, such as FSD, self-driving taxis, and...<a href=\"https://laohu8.com/S/300024\">Robot</a>Business. Last year, Tesla relinquished its title as the world's largest electric vehicle manufacturer to China.<a href=\"https://laohu8.com/S/BYDDY\">BYD</a>。</p><p><p style=\"text-align: justify;\">However, it is worth noting that although the market's outlook for Tesla's valuation and fundamental prospects has fully shifted to FSD fully autonomous driving, Robotaxi (fully driverless self-driving taxis), and Tesla's AI humanoid robot named \"Optimus Prime\" based on Tesla's exclusive AI supercomputing system, Tesla's electric vehicle sales and automotive business fundamentals have not been weakened to the point of insignificance. It remains the pillar of its current cash flow and balance sheet, and the foundation of FSD's data closed loop and fleet size (Robotaxi will ultimately also come down to scalable vehicle production capacity and operation).</p><p></body></html></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>Tesla's major shift in FSD: a complete change from \"buyout\" to subscription, scheduled to take effect after February 14th.</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\">\nTesla's major shift in FSD: a complete change from \"buyout\" to subscription, scheduled to take effect after February 14th.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2026-01-14 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It announced that it will completely change the sales model of its advanced driver assistance system, \"Fully Self-Driving\" (FSD), and fully shift to a monthly subscription service. CEO Elon Musk announced the change on social media platform X, which is scheduled to take effect after February 14. Musk did not specify the reasons for his decision; the service currently costs $99 per month.</p><p><p style=\"text-align: justify;\">This move will eliminate the one-time buyout fee of approximately $8,000 for FSD, significantly lowering the initial threshold for users to experience the technology. Despite being named \"fully autonomous driving,\" the technology currently requires the driver to continuously monitor and be ready to take over at any time.</p><p><p style=\"text-align: justify;\">Against the backdrop of sluggish sales growth, Tesla is shifting its strategic focus to technology-centric growth drivers, such as FSD, self-driving taxis, and...<a href=\"https://laohu8.com/S/300024\">Robot</a>Business. Last year, Tesla relinquished its title as the world's largest electric vehicle manufacturer to China.<a href=\"https://laohu8.com/S/BYDDY\">BYD</a>。</p><p><p style=\"text-align: justify;\">However, it is worth noting that although the market's outlook for Tesla's valuation and fundamental prospects has fully shifted to FSD fully autonomous driving, Robotaxi (fully driverless self-driving taxis), and Tesla's AI humanoid robot named \"Optimus Prime\" based on Tesla's exclusive AI supercomputing system, Tesla's electric vehicle sales and automotive business fundamentals have not been weakened to the point of insignificance. It remains the pillar of its current cash flow and balance sheet, and the foundation of FSD's data closed loop and fleet size (Robotaxi will ultimately also come down to scalable vehicle production capacity and operation).</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/1392776.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d695ec0cc530efc680a696604e078f14","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.zhitongcaijing.com/content/detail/1392776.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1118388234","content_text":"特斯拉宣布将彻底改变其高级驾驶辅助系统“全自动驾驶”(FSD)的销售模式，全面转向月度订阅服务。首席执行官埃隆·马斯克在社交媒体平台X上公布了这一转变，计划于2月14日后生效。马斯克未具体说明决策原因，该服务目前月度费用为99美元。此举将取消FSD高达约8000美元的一次性买断费用，大幅降低用户体验该技术的初始门槛。尽管命名为“全自动驾驶”，该技术目前仍需驾驶员持续监控并随时准备接管。在面临销售增长乏力的背景下，特斯拉正将其战略重心转向以科技为核心的增长点，如FSD、无人驾驶出租车和机器人业务。去年，特斯拉已将全球最大电动汽车制造商的头衔让位于中国的比亚迪。不过，值得注意的是，虽然市场对于特斯拉估值与基本面前景的展望已经全面转向基于特斯拉独家AI超算体系打造的FSD全自动驾驶、Robotaxi(完全无人自动驾驶出租车)，以及名为“擎天柱”的特斯拉AI人形机器人，特斯拉电动车销量与汽车业务基本面并未被削弱到无足轻重，它仍是当前现金流与资产负债表的支柱，也是FSD数据闭环与车队规模的基础(Robotaxi最终也要落到可规模化的车辆产能与运营)。","news_type":1,"symbols_score_info":{"TSLA":2}},"isVote":1,"tweetType":1,"viewCount":3048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355014360314248,"gmtCreate":1727675514691,"gmtModify":1727675516695,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/07552\">$XI二南方恒科(07552)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://ttm.financial/S/07552\">$XI二南方恒科(07552)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$XI二南方恒科(07552)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355014360314248","isVote":1,"tweetType":1,"viewCount":4499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927915013,"gmtCreate":1672368900533,"gmtModify":1676538680200,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/06068\">$光正教育(06068)$ &nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/06068\">$光正教育(06068)$ &nbsp;</a>","text":"$光正教育(06068)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9927915013","isVote":1,"tweetType":1,"viewCount":4830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158299819,"gmtCreate":1625149928931,"gmtModify":1703737243048,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158299819","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","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":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"sh","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127187081,"gmtCreate":1624839972643,"gmtModify":1703845774393,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127187081","repostId":"1175717613","repostType":4,"repost":{"id":"1175717613","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624799107,"share":"https://ttm.financial/m/news/1175717613?lang=en_US&edition=fundamental","pubTime":"2021-06-27 21:05","market":"us","language":"zh","title":"Growth VS. value: the biggest divide in the US stock market right now.","url":"https://stock-news.laohu8.com/highlight/detail?id=1175717613","media":"华尔街见闻","summary":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能","content":"<p>A battle is underway between growth stocks and value stocks. As we approach the middle of the year, the uncertainty surrounding US stocks is increasing, which has had a huge impact on the style of US stocks, and a battle between growth stocks and value stocks is underway.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support may decrease, which will weaken the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plans to raise taxes are another potential deterrent.</p><p>On the other hand, inflation has become another major uncertainty affecting the performance of US stocks. If upward pressure on prices continues, resulting in higher rate hike expectations, US stocks may experience a bumpy road.</p><p>These uncertainties dominate the performance of growth and value stocks, and changes in inflation and monetary policy towards expectations will determine the style of US stocks in the second half of the year.</p><p>As previously mentioned by Wall Street Insights, since the beginning of this year, as US Treasury yields have risen rapidly and US stocks have rotated rapidly, the stock prices of tech giants that were enjoying great success during the pandemic have corrected sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and US Treasury yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted at an earlier-than-expected rate hike, which has intensified the rise in technology stocks.</p><p>Many analysts have sided with technology stocks, believing that after a correction, the valuations of American tech giants have begun to show attractiveness, which means that these tech leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes that U.S. tech stocks are currently relatively cheap. According to Barclays data, FANMAG currently has an average expected P/E of 29.9 times. This is only slightly higher than about 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, Chief Investment Officer of Glenmede Private Wealth, believes that the rally in value stocks is not over yet, and value stocks will outperform technology stocks.</p><p>We are still in the process of fundamental recovery, with both economic growth and revenue improving. Our basic assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also favors value stocks. Andrew Slimmon, a senior portfolio manager at the firm, said that people tend to hold inflation-sensitive stocks when the economy is stronger, and people may underestimate the duration of this cycle.</p><p>Slimmon points out that value stocks remain cheap relative to the broader market, and the phase of value stocks outperforming large-cap stocks will continue.</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>Growth VS. value: the biggest divide in the US stock market right now.</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\">\nGrowth VS. value: the biggest divide in the US stock market right now.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-27 21:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A battle is underway between growth stocks and value stocks. As we approach the middle of the year, the uncertainty surrounding US stocks is increasing, which has had a huge impact on the style of US stocks, and a battle between growth stocks and value stocks is underway.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support may decrease, which will weaken the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plans to raise taxes are another potential deterrent.</p><p>On the other hand, inflation has become another major uncertainty affecting the performance of US stocks. If upward pressure on prices continues, resulting in higher rate hike expectations, US stocks may experience a bumpy road.</p><p>These uncertainties dominate the performance of growth and value stocks, and changes in inflation and monetary policy towards expectations will determine the style of US stocks in the second half of the year.</p><p>As previously mentioned by Wall Street Insights, since the beginning of this year, as US Treasury yields have risen rapidly and US stocks have rotated rapidly, the stock prices of tech giants that were enjoying great success during the pandemic have corrected sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and US Treasury yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted at an earlier-than-expected rate hike, which has intensified the rise in technology stocks.</p><p>Many analysts have sided with technology stocks, believing that after a correction, the valuations of American tech giants have begun to show attractiveness, which means that these tech leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes that U.S. tech stocks are currently relatively cheap. According to Barclays data, FANMAG currently has an average expected P/E of 29.9 times. This is only slightly higher than about 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, Chief Investment Officer of Glenmede Private Wealth, believes that the rally in value stocks is not over yet, and value stocks will outperform technology stocks.</p><p>We are still in the process of fundamental recovery, with both economic growth and revenue improving. Our basic assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also favors value stocks. Andrew Slimmon, a senior portfolio manager at the firm, said that people tend to hold inflation-sensitive stocks when the economy is stronger, and people may underestimate the duration of this cycle.</p><p>Slimmon points out that value stocks remain cheap relative to the broader market, and the phase of value stocks outperforming large-cap stocks will continue.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175717613","content_text":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能会减少，这将削弱当前经济复苏的活力，并对企业盈利增长造成压力。此外美国政府酝酿提高税收的计划是另一个潜在的抑制因素。\n另一方面，通胀走势成为牵动美股走势的另一大不确定性，如果价格的上行压力持续，结果是加息预期上升，美股可能会经历一段坎坷之路。\n这些不确定性主宰着成长和价值股票走势，通胀和货币政策走向预期的变动将决定美股下半年的风格。\n华尔街见闻此前提及，今年初以来，随着美债收益率快速走高，美股快速轮动，疫情期间风光无限的科技巨头们股价大幅回调，而对经济复苏较为敏感的周期股集体反弹。\n但近期，随着通胀预期降温，美债收益率下行，科技股重获市场青睐，尤其是美联储暗示将早于预期加息以来，科技股涨势加剧。\n有不少分析师站队科技股，认为经过一番回调，目前美国科技巨头们的估值已经开始彰显吸引力，这意味着这些科技领头羊有望继续上涨。\n巴克莱策略师Maneesh Deshpande认为目前美国科技股相对便宜。巴克莱(Barclays)的数据显示，FANMAG目前的平均预期市盈率为29.9倍。这只比2019年12月大流行开始前的约28倍高一点点，比去年年中40倍的峰值大幅下降。\n格伦米德(Glenmede)私人财富首席投资官Jason Pride则认为，价值股的行情还未结束，价值股将跑赢科技股：\n\n 我们仍处于基本面复苏之中，经济增长和收入都有所提高。我们的基本假设是，通胀最终会稳定在2%至3%之间，这对价值股的益处将大于成长股。\n\n摩根士丹利资产管理公司也偏好价值股。该机构高级投资组合经理Andrew Slimmon表示，在经济形势更为强劲的时候，倾向于持有对通胀敏感的股票，而人们可能低估了这个周期的持续时间。\nSlimmon指出，相对于更广泛的市场，价值型股票仍然很便宜，价值股表现超大盘的阶段将持续下去。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":6079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124490019,"gmtCreate":1624776872731,"gmtModify":1703845027076,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124490019","repostId":"1179952781","repostType":4,"repost":{"id":"1179952781","kind":"news","pubTimestamp":1624762340,"share":"https://ttm.financial/m/news/1179952781?lang=en_US&edition=fundamental","pubTime":"2021-06-27 10:52","market":"sh","language":"zh","title":"A single grain breaks a thousand! Who is behind the surge in prices of the \"miracle drug\" Pien Tze Huang?","url":"https://stock-news.laohu8.com/highlight/detail?id=1179952781","media":"雷达财经","summary":"片仔癀价格上涨的一部分原因是原材料资源的稀缺导致采购成本较高，人工成本也在逐年上涨。此外，片仔癀在南方部分地区，被当做礼品。而随着价格的抬升，片仔癀甚至被看作一种投资品，导致黄牛入场，恶意囤积，高价卖","content":"<p>Part of the reason for the price increase of Pien Tze Huang is the scarcity of raw material resources, which leads to high procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is given as a gift in some parts of southern China. As prices rose, Pien Tze Huang was even seen as an investment product, leading to scalpers entering the market, maliciously hoarding and selling at high prices, further driving up prices. Long queues, purchase restrictions, stockouts... Recently, the prices of Moutai and Pien Tze Huang, known as the \"miracle drug,\" have skyrocketed, even exceeding 1,000 yuan per pill on some e-commerce platforms.</p><p>Meanwhile, Pien Tze Huang's stock price surged, rising from 240 yuan per share to 428.5 yuan per share within three months, an increase of nearly 80%. Currently, the company has a market capitalization of nearly 260 billion yuan and a P/E of 114.33 times, far exceeding the industry average.</p><p>Is Pien Tze Huang's efficacy really that miraculous? Some medical industry experts say that Pien Tze Huang is a prescription drug that has the effect of clearing damp heat in the liver and gallbladder, and has a certain effect on liver disease. It is not widely used in clinical practice, and doctors do not use it often.</p><p>Radar Finance's analysis revealed that the surge in the price of Pien Tze Huang was driven by multiple factors. Part of the reason for the price increase of Pien Tze Huang is the scarcity of raw material resources, which leads to high procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is given as a gift in some parts of southern China. As prices rose, Pien Tze Huang was even seen as an investment product, leading to scalpers entering the market, maliciously hoarding and selling at high prices, further driving up prices.</p><p><b>Offline drugs are extremely difficult to find, while online prices exceed 1,000 yuan.</b></p><p>Recently, many consumers have reported that offline pharmacies are experiencing a shortage of Pien Tze Huang. Advance reservations, offline queues, and limited purchases have made Pien Tze Huang a hot commodity in the current market. According to Baidu Search Index, searches related to Pien Tze Huang have surged recently, and Pien Tze Huang has become incredibly popular for a time.</p><p><img src=\"https://static.tigerbbs.com/f9410040e114f1d02c968b98dd3896b4\" tg-width=\"1080\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>It is understood that although Pien Tze Huang has products such as pharmaceuticals, cosmetics, daily chemicals, medical devices, and health foods, its core products are mainly the Pien Tze Huang series, including Pien Tze Huang, Pien Tze Huang capsules, compound Pien Tze Huang lozenges, compound Pien Tze Huang ointment, and compound Pien Tze Huang hemorrhoid cream. Currently, Pien Tze Huang and Pien Tze Huang capsules are relatively difficult to buy, while the market sales of other Pien Tze Huang products are still normal.</p><p>Radar Finance learned from some e-commerce platforms that there are not many stores currently listing Pien Tze Huang and Pien Tze Huang capsules. The prices of Pien Tze Huang in stores where you can place orders are generally above 900 yuan, with some even reaching a sky-high price of over 1,450 yuan. Online platforms are either out of stock or prices are skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/32d788078ae43348210859c4fe2e8c7d\" tg-width=\"1080\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"></p><p>Offline, Pien Tze Huang's main sales models in China are OTC sales and cinema sales, with OTC sales being the main method. The OTC sales model mainly includes Pien Tze Huang experience halls, regional distribution and retail pharmacies. At present, it is indeed difficult to buy Pien Tze Huang in offline pharmacies in many parts of the country. Consumers who wish to purchase Pien Tze Huang need to queue in advance to verify their identity information, and each person is limited to purchasing two pills.</p><p>When asked if there is a purchase restriction plan, the pharmacy clerk said that there are many customers buying at present, and drugs are in short supply. In order to prevent scalpers from maliciously hoarding and disrupting the market, customers who buy drugs are required to show their identity documents and prescriptions, and generally need to make an appointment one day in advance.</p><p>An insider at Pien Tze Huang also said that the drug was not as difficult to buy as it is now, and there was a large number of purchases a few months ago. To prevent scalpers from disrupting the market, the strategy of making reservations, presenting identification, and limiting quantities has been adopted. The official price has never been raised, and the price increase is likely the work of scalpers.</p><p><b>Is Pien Tze Huang really that miraculous?</b></p><p>What exactly is Pien Tze Huang? According to Baidu Encyclopedia, Pien Tze Huang is known as a \"national treasure and famous medicine\". It was originally the secret recipe of the imperial physician of the Ming Dynasty. Later, the imperial physician became a monk and came to Pushan Temple in Zhangzhou, southern Fujian to become a monk. He developed a special medicine for relieving inflammation and reducing swelling based on the court's secret recipe. The Zhangzhou dialect of Fujian collectively refers to all inflammations as \"Huang\". The medicine is shaped like a rope. When used, cut a thin slice and take it internally or externally. It takes effect in a short time, hence the name \"Pien Tze Huang\".</p><p>Pien Tze Huang is a ready-for-use traditional Chinese medicine, a heat-clearing agent, which has the effects of clearing heat and detoxifying, cooling blood and removing blood stasis, reducing swelling and relieving pain. It is often used for acute and chronic viral hepatitis caused by heat toxicity and blood stasis, carbuncle and boil, anonymous swelling and toxicity, bruises and various inflammations.</p><p>Even so, there are many drugs on the market for these conditions, but is Pien Tze Huang, whose price has skyrocketed, really that magical? Is it market speculation or is it truly having a miraculous effect?</p><p>Data shows that Pien Tze Huang is shaped like a flat oval block with an oval ring on the block. The surface is brownish-yellow or grayish-brown, with dense fine lines, and mold spots are visible. It is hard and difficult to break. The fractured surface is slightly rough, brownish-brown, uniform in color, and a small amount of mycelium is occasionally seen. The powder is brownish-yellow or light brownish-yellow, slightly fragrant, bitter and slightly sweet in taste. The prescription and process of Pien Tze Huang brand Pien Tze Huang are top secrets of the state, and it is a national first-class protected variety of traditional Chinese medicine.</p><p>Each pill of Pien Tze Huang weighs 3 grams, and each capsule contains 0.3 grams. For oral use, 0.6 grams once, 0.15-0.3 grams once for children under eight years old, 2-3 times a day. For external use, mix the powder with a little cold water or vinegar and apply it to the affected area (ulcers can be applied around the affected area). Several times a day, always keep moist, or follow the doctor's advice; Capsules are filled with 2 capsules at a time, 1 capsule at a time for children aged one to five years, 3 times a day.</p><p>According to the reviews of a Tmall pharmacy store that sells Pien Tze Huang, most consumers have positive reviews of Pien Tze Huang capsules. The main complaint is that the medicine is difficult to buy and depends on flash purchases or luck.</p><p><img src=\"https://static.tigerbbs.com/39699fc108640e3a3e74c254cda99336\" tg-width=\"558\" tg-height=\"1600\" referrerpolicy=\"no-referrer\"></p><p>Experts say that Pien Tze Huang is a prescription drug that has the effect of clearing damp heat in the liver and gallbladder, and has a certain effect on liver disease. It is not widely used in clinical practice, and doctors do not use it often. It should be noted that spicy and greasy foods should be avoided while taking Pien Tze Huang. If there is no improvement in symptoms after 3 days of taking the medicine, or if there are systemic symptoms such as chills and fever during taking the medicine, you should go to the hospital for treatment. Avoid collision and squeezing of local lesions. Those with severe redness, swelling, heat and pain in local lesions, and multiple abscesses at the top of the sore at the beginning, should go to the hospital for treatment. It is prohibited to use when the properties of the drug change; Children must use it under adult supervision; If you are taking other medicines, please consult your doctor or pharmacist before using this product; In addition, Pien Tze Huang should be avoided by pregnant women and used with caution by athletes.</p><p><b>Why did it surge? Scarcity of medicinal materials + investment appreciation + scalper speculation</b></p><p>On January 20, 2020, Pien Tze Huang Company issued an announcement stating that the domestic retail price of its flagship product, Pien Tze Huang tablets, would be raised from 530 yuan/capsule to 590 yuan/capsule, and the supply price would be raised by approximately 40 yuan/capsule accordingly. It is reported that this is the 15th price increase for Pien Tze Huang since 2005, with the price rising from 125 yuan per pill to 590 yuan per pill, an increase of nearly four times.</p><p>Why is Pien Tze Huang so expensive? According to industry insiders, a large part of the reason for the price increase of Pien Tze Huang is the scarcity of raw material resources, which leads to high procurement costs, and labor costs are also rising year by year.</p><p>The important ingredients involved in Pien Tze Huang medicine include musk, bezoar, snake bile, and Panax notoginseng. Among them, except for musk and snake gall, which are procured strictly in accordance with relevant national regulations, bezoar and Panax notoginseng can be procured through market channels, and the procurement prices are subject to market conditions. Therefore, a large part of the cost of Pien Tze Huang depends on the purchase price of Chinese medicinal materials.</p><p><img src=\"https://static.tigerbbs.com/2ffc9f225b2201bb43e4936dd64162c0\" tg-width=\"600\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>The musk comes from musk deer, a Class I protected animal in my country, while the market price of natural musk ranges from 200 yuan to several hundred yuan per gram. The procurement of musk requires approval from the national forestry authorities. After the forestry authorities approve the quantity, the price is negotiated by the buyer and seller based on supply and demand. In recent years, the price of natural musk has risen slowly, and in 2020, the price of musk remained basically stable but rose slightly.</p><p>Secondly, there is bezoar, whose supply is easily affected by the supply of production areas and market demand. In 2020, the price of bezoar continued to rise. Musk and bezoar account for a small proportion of Pien Tze Huang's content, but their combined cost accounts for more than 90% of Pien Tze Huang's total cost.</p><p>Regarding snake gallbladder, procurement must be organized in accordance with relevant national regulations, and the price should be negotiated by the buyer and seller based on supply and demand. In 2020, the price of snake bile rose slightly.</p><p>To ensure the quality and stable supply of Panax notoginseng raw materials, the company has partnered with local enterprises in Wenshan, Yunnan to jointly build a standardized and regulated Panax notoginseng planting base. The company makes designated purchases from the base at market prices based on the demand for production raw materials. In 2020, the price of Panax notoginseng of the same specification decreased slightly.</p><p>In 2020, fluctuations in the prices of important medicinal materials had a certain impact on the cost of Pien Tze Huang series products. In the long run, the prices of musk, bezoar, and snake bile are on an upward trend, which will put upward pressure on the cost of Pien Tze Huang series products in the future. To reasonably control costs, the company will take advance planning and continuously monitor the market conditions of major varieties or important medicinal materials, and increase procurement reserves in a timely manner to control costs to the greatest extent possible.</p><p>An industry insider told Radar Finance that the price increase of Pien Tze Huang is not only due to increased costs, but also because Pien Tze Huang is considered a life-saving medicine by many people and is used as a gift. After Pien Tze Huang gradually raised its price, some people believed that investing in Pien Tze Huang was a sure thing and that it had financial attributes, which attracted scalpers to enter the market and caused the price to soar.</p><p><b>The company's stock price surged, and P/E far outperformed its peers.</b></p><p>According to Tianyancha data, the company behind Pien Tze Huang is Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. The company is a national technology innovation demonstration enterprise and a time-honored Chinese brand with pharmaceutical manufacturing and research and development as its main businesses, and its current market value exceeds 250 billion yuan. In June 2003, the company's shares were successfully listed on the Shanghai Stock Exchange, becoming a state-owned listed pharmaceutical company (stock code: 600436).</p><p>In 2003, the company raised a total of 342 million yuan in its initial public offering; In 2013, the company raised a total of 776 million yuan through rights issues; As of the end of 2020, the company had distributed cash dividends a total of 17 times, with a total cash dividend of RMB 2.488 billion. The company's total share capital has increased from 140 million shares at the beginning of its listing to 603 million shares. The company's stock market value has exceeded 100 billion yuan, and its financial indicators such as return on assets (ROA) rank among the top in the pharmaceutical industry. The company has gained high recognition from domestic and foreign investors in the capital market, and its shares have been included in the first batch of lists of the MSCI index system, as well as several index systems such as the FTSE Russell.</p><p>Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. owns 1 research institute, 35 holding subsidiaries, and 7 equity-participating companies, operating 6 major categories and more than 470 product series. It has established 23 scientific research, production, and medicinal material bases in 7 provinces and municipalities across the country. The company's operations cover industries such as ready-for-use traditional Chinese medicine, biopharmaceuticals, health foods, cosmetics, daily chemicals, medical devices, e-commerce, and modern pharmaceutical logistics.</p><p>According to the company's 2020 financial report, as of December 31, 2020, the company's total assets were RMB 10.206 billion, and the equity attributable to shareholders of the parent company was RMB 7.863 billion. During the reporting period, the company achieved total operating revenue of RMB 6.511 billion, an increase of RMB 789 million compared with the same period of the previous year, representing a year-on-year increase of 13.78%; The company achieved a net profit of 1.69 billion yuan, an increase of 303 million yuan over the same period of the previous year, representing a year-on-year increase of 21.85%. According to its official website, Pien Tze Huang paid 870 million yuan in taxes in 2020, a year-on-year increase of 29.33%, setting a new historical record for the same period. According to financial reports, liver disease drugs are the company's main source of profit; East China is the best-selling region in China.</p><p>In 2020, the company's R&D expenses were RMB 97.5516 million, a year-on-year decrease of 18.32%, with R&D investment accounting for 1.50% of operating revenue.</p><p>Given the current shortage of Pien Tze Huang, its stock price has surged in recent months, rising from 240 yuan/share to 428.5 yuan/share within three months, an increase of nearly 80%.</p><p>As of now, Pien Tze Huang's stock price P/E is 114.33 times, and the industry average P/E is 62.99 times.</p><p>Some investors believe that Pien Tze Huang is not essentially a \"miracle drug,\" but rather an anti-inflammatory drug. If consumers' faith is shattered in the future, it will have a significant impact on the performance of the listed company Pien Tze Huang.</p>","source":"lsy1575359225748","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 single grain breaks a thousand! 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Who is behind the surge in prices of the \"miracle drug\" Pien Tze Huang?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">雷达财经</strong><span class=\"h-time small\">2021-06-27 10:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Part of the reason for the price increase of Pien Tze Huang is the scarcity of raw material resources, which leads to high procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is given as a gift in some parts of southern China. As prices rose, Pien Tze Huang was even seen as an investment product, leading to scalpers entering the market, maliciously hoarding and selling at high prices, further driving up prices. Long queues, purchase restrictions, stockouts... Recently, the prices of Moutai and Pien Tze Huang, known as the \"miracle drug,\" have skyrocketed, even exceeding 1,000 yuan per pill on some e-commerce platforms.</p><p>Meanwhile, Pien Tze Huang's stock price surged, rising from 240 yuan per share to 428.5 yuan per share within three months, an increase of nearly 80%. Currently, the company has a market capitalization of nearly 260 billion yuan and a P/E of 114.33 times, far exceeding the industry average.</p><p>Is Pien Tze Huang's efficacy really that miraculous? Some medical industry experts say that Pien Tze Huang is a prescription drug that has the effect of clearing damp heat in the liver and gallbladder, and has a certain effect on liver disease. It is not widely used in clinical practice, and doctors do not use it often.</p><p>Radar Finance's analysis revealed that the surge in the price of Pien Tze Huang was driven by multiple factors. Part of the reason for the price increase of Pien Tze Huang is the scarcity of raw material resources, which leads to high procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is given as a gift in some parts of southern China. As prices rose, Pien Tze Huang was even seen as an investment product, leading to scalpers entering the market, maliciously hoarding and selling at high prices, further driving up prices.</p><p><b>Offline drugs are extremely difficult to find, while online prices exceed 1,000 yuan.</b></p><p>Recently, many consumers have reported that offline pharmacies are experiencing a shortage of Pien Tze Huang. Advance reservations, offline queues, and limited purchases have made Pien Tze Huang a hot commodity in the current market. According to Baidu Search Index, searches related to Pien Tze Huang have surged recently, and Pien Tze Huang has become incredibly popular for a time.</p><p><img src=\"https://static.tigerbbs.com/f9410040e114f1d02c968b98dd3896b4\" tg-width=\"1080\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>It is understood that although Pien Tze Huang has products such as pharmaceuticals, cosmetics, daily chemicals, medical devices, and health foods, its core products are mainly the Pien Tze Huang series, including Pien Tze Huang, Pien Tze Huang capsules, compound Pien Tze Huang lozenges, compound Pien Tze Huang ointment, and compound Pien Tze Huang hemorrhoid cream. Currently, Pien Tze Huang and Pien Tze Huang capsules are relatively difficult to buy, while the market sales of other Pien Tze Huang products are still normal.</p><p>Radar Finance learned from some e-commerce platforms that there are not many stores currently listing Pien Tze Huang and Pien Tze Huang capsules. The prices of Pien Tze Huang in stores where you can place orders are generally above 900 yuan, with some even reaching a sky-high price of over 1,450 yuan. Online platforms are either out of stock or prices are skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/32d788078ae43348210859c4fe2e8c7d\" tg-width=\"1080\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"></p><p>Offline, Pien Tze Huang's main sales models in China are OTC sales and cinema sales, with OTC sales being the main method. The OTC sales model mainly includes Pien Tze Huang experience halls, regional distribution and retail pharmacies. At present, it is indeed difficult to buy Pien Tze Huang in offline pharmacies in many parts of the country. Consumers who wish to purchase Pien Tze Huang need to queue in advance to verify their identity information, and each person is limited to purchasing two pills.</p><p>When asked if there is a purchase restriction plan, the pharmacy clerk said that there are many customers buying at present, and drugs are in short supply. In order to prevent scalpers from maliciously hoarding and disrupting the market, customers who buy drugs are required to show their identity documents and prescriptions, and generally need to make an appointment one day in advance.</p><p>An insider at Pien Tze Huang also said that the drug was not as difficult to buy as it is now, and there was a large number of purchases a few months ago. To prevent scalpers from disrupting the market, the strategy of making reservations, presenting identification, and limiting quantities has been adopted. The official price has never been raised, and the price increase is likely the work of scalpers.</p><p><b>Is Pien Tze Huang really that miraculous?</b></p><p>What exactly is Pien Tze Huang? According to Baidu Encyclopedia, Pien Tze Huang is known as a \"national treasure and famous medicine\". It was originally the secret recipe of the imperial physician of the Ming Dynasty. Later, the imperial physician became a monk and came to Pushan Temple in Zhangzhou, southern Fujian to become a monk. He developed a special medicine for relieving inflammation and reducing swelling based on the court's secret recipe. The Zhangzhou dialect of Fujian collectively refers to all inflammations as \"Huang\". The medicine is shaped like a rope. When used, cut a thin slice and take it internally or externally. It takes effect in a short time, hence the name \"Pien Tze Huang\".</p><p>Pien Tze Huang is a ready-for-use traditional Chinese medicine, a heat-clearing agent, which has the effects of clearing heat and detoxifying, cooling blood and removing blood stasis, reducing swelling and relieving pain. It is often used for acute and chronic viral hepatitis caused by heat toxicity and blood stasis, carbuncle and boil, anonymous swelling and toxicity, bruises and various inflammations.</p><p>Even so, there are many drugs on the market for these conditions, but is Pien Tze Huang, whose price has skyrocketed, really that magical? Is it market speculation or is it truly having a miraculous effect?</p><p>Data shows that Pien Tze Huang is shaped like a flat oval block with an oval ring on the block. The surface is brownish-yellow or grayish-brown, with dense fine lines, and mold spots are visible. It is hard and difficult to break. The fractured surface is slightly rough, brownish-brown, uniform in color, and a small amount of mycelium is occasionally seen. The powder is brownish-yellow or light brownish-yellow, slightly fragrant, bitter and slightly sweet in taste. The prescription and process of Pien Tze Huang brand Pien Tze Huang are top secrets of the state, and it is a national first-class protected variety of traditional Chinese medicine.</p><p>Each pill of Pien Tze Huang weighs 3 grams, and each capsule contains 0.3 grams. For oral use, 0.6 grams once, 0.15-0.3 grams once for children under eight years old, 2-3 times a day. For external use, mix the powder with a little cold water or vinegar and apply it to the affected area (ulcers can be applied around the affected area). Several times a day, always keep moist, or follow the doctor's advice; Capsules are filled with 2 capsules at a time, 1 capsule at a time for children aged one to five years, 3 times a day.</p><p>According to the reviews of a Tmall pharmacy store that sells Pien Tze Huang, most consumers have positive reviews of Pien Tze Huang capsules. The main complaint is that the medicine is difficult to buy and depends on flash purchases or luck.</p><p><img src=\"https://static.tigerbbs.com/39699fc108640e3a3e74c254cda99336\" tg-width=\"558\" tg-height=\"1600\" referrerpolicy=\"no-referrer\"></p><p>Experts say that Pien Tze Huang is a prescription drug that has the effect of clearing damp heat in the liver and gallbladder, and has a certain effect on liver disease. It is not widely used in clinical practice, and doctors do not use it often. It should be noted that spicy and greasy foods should be avoided while taking Pien Tze Huang. If there is no improvement in symptoms after 3 days of taking the medicine, or if there are systemic symptoms such as chills and fever during taking the medicine, you should go to the hospital for treatment. Avoid collision and squeezing of local lesions. Those with severe redness, swelling, heat and pain in local lesions, and multiple abscesses at the top of the sore at the beginning, should go to the hospital for treatment. It is prohibited to use when the properties of the drug change; Children must use it under adult supervision; If you are taking other medicines, please consult your doctor or pharmacist before using this product; In addition, Pien Tze Huang should be avoided by pregnant women and used with caution by athletes.</p><p><b>Why did it surge? Scarcity of medicinal materials + investment appreciation + scalper speculation</b></p><p>On January 20, 2020, Pien Tze Huang Company issued an announcement stating that the domestic retail price of its flagship product, Pien Tze Huang tablets, would be raised from 530 yuan/capsule to 590 yuan/capsule, and the supply price would be raised by approximately 40 yuan/capsule accordingly. It is reported that this is the 15th price increase for Pien Tze Huang since 2005, with the price rising from 125 yuan per pill to 590 yuan per pill, an increase of nearly four times.</p><p>Why is Pien Tze Huang so expensive? According to industry insiders, a large part of the reason for the price increase of Pien Tze Huang is the scarcity of raw material resources, which leads to high procurement costs, and labor costs are also rising year by year.</p><p>The important ingredients involved in Pien Tze Huang medicine include musk, bezoar, snake bile, and Panax notoginseng. Among them, except for musk and snake gall, which are procured strictly in accordance with relevant national regulations, bezoar and Panax notoginseng can be procured through market channels, and the procurement prices are subject to market conditions. Therefore, a large part of the cost of Pien Tze Huang depends on the purchase price of Chinese medicinal materials.</p><p><img src=\"https://static.tigerbbs.com/2ffc9f225b2201bb43e4936dd64162c0\" tg-width=\"600\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>The musk comes from musk deer, a Class I protected animal in my country, while the market price of natural musk ranges from 200 yuan to several hundred yuan per gram. The procurement of musk requires approval from the national forestry authorities. After the forestry authorities approve the quantity, the price is negotiated by the buyer and seller based on supply and demand. In recent years, the price of natural musk has risen slowly, and in 2020, the price of musk remained basically stable but rose slightly.</p><p>Secondly, there is bezoar, whose supply is easily affected by the supply of production areas and market demand. In 2020, the price of bezoar continued to rise. Musk and bezoar account for a small proportion of Pien Tze Huang's content, but their combined cost accounts for more than 90% of Pien Tze Huang's total cost.</p><p>Regarding snake gallbladder, procurement must be organized in accordance with relevant national regulations, and the price should be negotiated by the buyer and seller based on supply and demand. In 2020, the price of snake bile rose slightly.</p><p>To ensure the quality and stable supply of Panax notoginseng raw materials, the company has partnered with local enterprises in Wenshan, Yunnan to jointly build a standardized and regulated Panax notoginseng planting base. The company makes designated purchases from the base at market prices based on the demand for production raw materials. In 2020, the price of Panax notoginseng of the same specification decreased slightly.</p><p>In 2020, fluctuations in the prices of important medicinal materials had a certain impact on the cost of Pien Tze Huang series products. In the long run, the prices of musk, bezoar, and snake bile are on an upward trend, which will put upward pressure on the cost of Pien Tze Huang series products in the future. To reasonably control costs, the company will take advance planning and continuously monitor the market conditions of major varieties or important medicinal materials, and increase procurement reserves in a timely manner to control costs to the greatest extent possible.</p><p>An industry insider told Radar Finance that the price increase of Pien Tze Huang is not only due to increased costs, but also because Pien Tze Huang is considered a life-saving medicine by many people and is used as a gift. After Pien Tze Huang gradually raised its price, some people believed that investing in Pien Tze Huang was a sure thing and that it had financial attributes, which attracted scalpers to enter the market and caused the price to soar.</p><p><b>The company's stock price surged, and P/E far outperformed its peers.</b></p><p>According to Tianyancha data, the company behind Pien Tze Huang is Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. The company is a national technology innovation demonstration enterprise and a time-honored Chinese brand with pharmaceutical manufacturing and research and development as its main businesses, and its current market value exceeds 250 billion yuan. In June 2003, the company's shares were successfully listed on the Shanghai Stock Exchange, becoming a state-owned listed pharmaceutical company (stock code: 600436).</p><p>In 2003, the company raised a total of 342 million yuan in its initial public offering; In 2013, the company raised a total of 776 million yuan through rights issues; As of the end of 2020, the company had distributed cash dividends a total of 17 times, with a total cash dividend of RMB 2.488 billion. The company's total share capital has increased from 140 million shares at the beginning of its listing to 603 million shares. The company's stock market value has exceeded 100 billion yuan, and its financial indicators such as return on assets (ROA) rank among the top in the pharmaceutical industry. The company has gained high recognition from domestic and foreign investors in the capital market, and its shares have been included in the first batch of lists of the MSCI index system, as well as several index systems such as the FTSE Russell.</p><p>Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. owns 1 research institute, 35 holding subsidiaries, and 7 equity-participating companies, operating 6 major categories and more than 470 product series. It has established 23 scientific research, production, and medicinal material bases in 7 provinces and municipalities across the country. The company's operations cover industries such as ready-for-use traditional Chinese medicine, biopharmaceuticals, health foods, cosmetics, daily chemicals, medical devices, e-commerce, and modern pharmaceutical logistics.</p><p>According to the company's 2020 financial report, as of December 31, 2020, the company's total assets were RMB 10.206 billion, and the equity attributable to shareholders of the parent company was RMB 7.863 billion. During the reporting period, the company achieved total operating revenue of RMB 6.511 billion, an increase of RMB 789 million compared with the same period of the previous year, representing a year-on-year increase of 13.78%; The company achieved a net profit of 1.69 billion yuan, an increase of 303 million yuan over the same period of the previous year, representing a year-on-year increase of 21.85%. According to its official website, Pien Tze Huang paid 870 million yuan in taxes in 2020, a year-on-year increase of 29.33%, setting a new historical record for the same period. According to financial reports, liver disease drugs are the company's main source of profit; East China is the best-selling region in China.</p><p>In 2020, the company's R&D expenses were RMB 97.5516 million, a year-on-year decrease of 18.32%, with R&D investment accounting for 1.50% of operating revenue.</p><p>Given the current shortage of Pien Tze Huang, its stock price has surged in recent months, rising from 240 yuan/share to 428.5 yuan/share within three months, an increase of nearly 80%.</p><p>As of now, Pien Tze Huang's stock price P/E is 114.33 times, and the industry average P/E is 62.99 times.</p><p>Some investors believe that Pien Tze Huang is not essentially a \"miracle drug,\" but rather an anti-inflammatory drug. If consumers' faith is shattered in the future, it will have a significant impact on the performance of the listed company Pien Tze Huang.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/RgdwNmGU2JBO70F0hp8uGQ\">雷达财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0de1778ccffaf9bad566630672035f17","relate_stocks":{"600436":"片仔癀"},"source_url":"https://mp.weixin.qq.com/s/RgdwNmGU2JBO70F0hp8uGQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179952781","content_text":"片仔癀价格上涨的一部分原因是原材料资源的稀缺导致采购成本较高，人工成本也在逐年上涨。此外，片仔癀在南方部分地区，被当做礼品。而随着价格的抬升，片仔癀甚至被看作一种投资品，导致黄牛入场，恶意囤积，高价卖出，进一步推动价格上涨。\n\n排队限购、断货……近段时间内，药中茅台、“神药”片仔癀涨疯了，甚至在一些电商平台单粒破千元。\n与此同时，片仔癀股价大涨，三个月内从240元/股涨至428.5元/股，涨幅近80%。目前，公司市值近2600亿，市盈率达114.33倍，远超行业平均水平。\n片仔癀疗效真这么神奇？有医疗行业专家表示，片仔癀为处方药，有清利肝胆湿热的功效，对肝病有一定作用。临床上使用并不很多，医生并非经常用到。\n雷达财经梳理发现，片仔癀价格大涨，受到多重原因推动。片仔癀价格上涨的一部分原因是原材料资源的稀缺导致采购成本较高，人工成本也在逐年上涨。此外，片仔癀在南方部分地区，被当做礼品。而随着价格的抬升，片仔癀甚至被看作一种投资品，导致黄牛入场，恶意囤积，高价卖出，进一步推动价格上涨。\n线下一药难求 线上价格破千\n近日，许多消费者反映线下药店买片仔癀出现一药难求的情况，提前预约、线下排队、限量购买，片仔癀一下子成了当下市场上炙手可热的香饽饽。根据百度搜索指数显示，近期片仔癀相关的搜索也出现暴涨，一时间片仔癀风头无两。\n\n据了解，片仔癀名下虽然有药品、化妆品、日化用品、医疗器械、健康食品等产品，但其核心产品主要是片仔癀系列产品，包括片仔癀、片仔癀胶囊、复方片仔癀含片、复方片仔癀软膏、复方片仔癀痔疮膏等。当前比较难买的是片仔癀和片仔癀胶囊，片仔癀其余产品的市场销售情况还属正常。\n雷达财经在一些电商平台上了解到，目前上架片仔癀及片仔癀胶囊药品的店铺不是特别多，能下单购买的店铺片仔癀的价格基本都在900元以上，有的甚至达到了1450元以上的天价。线上平台要么是没货，要么就是价格飞涨。\n\n而在线下，片仔癀在国内销售的主要模式为OTC销售和院线销售，其中以OTC 销售为主。OTC销售模式主要包括片仔癀体验馆、区域经销及零售药店等。目前，全国多地线下药店确实存在很难买到片仔癀的情况。消费者若想购买片仔癀，需要提前排队，验证身份信息，并且每人限购2粒。\n药店店员在被问及是否有限购方案时，表示目前购买的顾客比较多，药品比较紧张，为了防止黄牛恶意囤积扰乱市场，所以要求购买药品的顾客出示身份证明和处方，并且一般需要提前一天预约。\n片仔癀方内部人员还称之前这个药并不像现在这样难买，几个月前出现大量购买的情况。为了防止黄牛扰乱市场，这才采取预约、出示身份证明、限期限量的策略，官方从来没有进行过涨价，涨价行为应是黄牛所为。\n片仔癀真的那么神？\n片仔癀到底是什么？百度百科资料显示，片仔癀有着“国宝名药”的称号。它原是明朝太医的秘方，后太医出家，来到闽南漳州璞山寺当和尚。他根据宫廷秘方研制出一种特效退癀、消肿的良药，福建漳州方言把一切炎症统称“癀”。该药外形呈条索状，使用时，切一薄片内服或外敷，片刻见效，故而得名“片仔癀”。\n片仔癀是一种中成药，为清热剂，具有清热解毒、凉血化瘀，消肿止痛之功效，常用于热毒血瘀所致急慢性病毒性肝炎，痈疽疔疮，无名肿毒，跌打损伤及各种炎症。\n可即便如此，市面上针对这些病症的药物也有不少，而身价暴涨的片仔癀真的有那么神奇么？是市场炒作还是确有奇效？\n资料显示，片仔癀形状为类扁椭圆形块状，块上有一椭圆环。表面棕黄色或灰褐色，有密细纹，可见霉斑。质坚硬，难折断。折断面微粗糙，呈棕褐色，色泽均匀，偶见少量菌丝体。粉末呈棕黄色或淡棕黄色，气微香，味苦、微甘。片仔癀牌片仔癀的处方、工艺均属国家绝密级秘密，是国家一级中药保护品种。\n片仔癀每粒重3克，胶囊装每粒0.3克。口服使用，一次0.6克，八岁以下儿童一次0.15~0.3克，一日2~3次，外用研末用冷开水或食醋少许调匀涂在患处(溃疡者可在患处周围涂敷之)。一日数次，常保持湿润，或遵医嘱；胶囊装一次2粒，一至五岁儿童一次1粒，一日3次。\n据一家销售片仔癀的天猫药房店铺页面评价显示，大多数消费者对于片仔癀胶囊药品的评价好评居多，吐槽较多的点主要在于药比较难买，得靠抢购或者运气。\n\n专家表示片仔癀为处方药，有清利肝胆湿热的功效，对肝病有一定作用。临床上使用并不很多，医生并非经常用到。需要注意的是，片仔癀服药期间，忌食辛辣、油腻食物。服用3天后症状无改善，或服药期间伴有恶寒发热等全身症状者，应到医院就诊。对局部病变切忌碰撞、挤压。局部病灶红肿热痛反应剧烈，初起疮顶即有多个脓头者均应到医院就诊；药品性状发生改变时禁止使用；儿童必须在成人的监护下使用；如正在服其他药品，使用本品前请咨询医师或药师；另外，片仔癀孕妇忌服，运动员慎用。\n为何大涨？药材稀缺+投资增值+黄牛炒作\n2020年1月20日，片仔癀公司曾发布公告称，将公司主导产品片仔癀锭剂国内市场零售价格将从530元/粒上调到590元/粒，供应价格相应上调约40元/粒。据悉，这是2005年以来片仔癀第15次涨价，价格从125元/粒涨到590元/粒，涨幅近4倍。\n片仔癀凭什么卖这么贵？据行业人士透露，片仔癀价格上涨的很大一部分原因是原材料资源的稀缺导致采购成本较高，另外人工成本也在逐年上涨。\n片仔癀药物涉及的重要成分包括麝香、牛黄、蛇胆、三七。其中，除麝香、蛇胆严格按国家有关规定组织采购外，牛黄、三七可通过市场渠道进行采购，采购价格随行就市。所以片仔癀的成本很大一部分取决于中药材的采购价格。\n\n其中，麝香来自我国一级保护动物麝，而天然麝香的市场价格在每克200元至几百元不等。麝香的采购需获得国家林业主管部门的核准，林业主管部门核准数量以后，价格由买卖双方根据供需情况自行协商。近年来天然麝香价格缓慢上升，2020年麝香价格基本保持稳定但略有上涨。\n其次是牛黄，牛黄供应容易受到产地供给与市场需求的影响。2020年，牛黄价格呈持续上涨趋势。麝香和牛黄在片仔癀的含量上占的比例不多，但二者合计成本的占比却达到了片仔癀的90%以上。\n蛇胆方面，需按国家有关规定组织采购，价格由买卖双方根据供需情况自行协商。2020年，蛇胆价格略有上涨。\n为了保证三七原料质量及供应来源稳定，公司在云南文山与当地企业合作共建标准化、规范化三七种植基地，公司根据生产原料需求按市场价格向基地进行定点采购。2020年，同等规格的三七价格略有下降。\n2020年，重要药材品种价格的波动对片仔癀系列产品的成本产生一定的影响。从长期看，麝香、牛黄及蛇胆的价格呈上涨趋势，未来将对片仔癀系列产品成本产生上升压力。为合理控制成本，公司将采取提前布局、持续关注主要大品种或重要药材市场行情的方式，适时加大采购储备，以最大限度控制成本。\n有行业人士向雷达财经表示，片仔癀涨价，除了成本提高，还因为片仔癀被许多人认为是救命神药，并被当作送礼礼品。而片仔癀逐步提价后，一些人认为投资片仔癀稳赚不赔，片仔癀具备金融属性，引发黄牛进场，价格暴涨。\n背后公司股价大涨，市盈率远超同行\n天眼查资料显示，片仔癀背后的公司是漳州片仔癀药业股份有限公司，该公司是以医药制造、研发为主业的国家技术创新示范企业、中华老字号企业，现市值超2500亿。2003年6月，公司股票于上交所成功上市，成为国有控股医药类上市公司(股票代码：600436)。\n2003年，公司首发募集资金总额3.42亿元；2013年，公司配股募集资金总额7.76亿元；截至2020年末，公司已实施现金分红累计17次，累计现金分红24.88亿元。公司的总股本从上市初的1.40亿股增加至6.03亿股，公司股票市值已超千亿元，资产回报率（ROA）等财务指标位居医药行业前列。公司在资本市场上得到境内外投资者的高度认可，公司股票被纳入到明晟（MSCI）指数体系的首批名单之中，以及富时罗素（FTSE Russell）等多个指数体系。\n漳州片仔癀药业股份有限公司旗下拥有1家研究院、35家控股子公司、7家参股公司，经营6大品类、470多个产品系列，在全国7个省、直辖市建立23个科研、生产和药材基地。公司经营涉及中成药、生物制药、保健食品、化妆品、日化品、医疗器械、电子商务、现代医药物流等行业。\n根据公司发布的2020年财报显示，截至2020年12月31日，公司总资产为102.06亿元，归属母公司股东权益为78.63亿元。报告期内，公司实现营业总收入65.11亿元，比上年同期增加7.89亿元，同比增长13.78%；实现净利润16.90亿元，比上年同期增加3.03亿元，同比增长21.85%。据官网显示，2020年片仔癀上缴税收8.7亿元，同比增长29.33%，再创同期历史新高。据财报显示，肝病用药是公司盈利的主要来源；华东地区是国内销量最好的地区。\n2020年，公司研发费用 9755.16万元，同比下降18.32%，研发投入占营业收入比例为1.50%。\n基于片仔癀一药难求的现状，近几个月片仔癀股价大涨，三个月内从240元/股涨至428.5元/股，涨幅近80%。\n截至目前，片仔癀股价市盈率为114.33倍，行业平均市盈率为62.99倍。\n有投资者认为，片仔癀本质上并非“神药”，而是消炎药，如果将来消费者“信仰破灭”，将对上市公司片仔癀业绩产生较大影响。","news_type":1,"symbols_score_info":{"600436":0.9}},"isVote":1,"tweetType":1,"viewCount":5894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124903730,"gmtCreate":1624714598420,"gmtModify":1703844026912,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124903730","repostId":"1167256448","repostType":4,"repost":{"id":"1167256448","kind":"news","pubTimestamp":1624686286,"share":"https://ttm.financial/m/news/1167256448?lang=en_US&edition=fundamental","pubTime":"2021-06-26 13:44","market":"us","language":"zh","title":"Xiaomi's entry into car manufacturing has led to a new \"hierarchy of contempt\" for job seekers in the automotive industry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1167256448","media":"全天候科技","summary":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。","content":"<p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach? Wang Ke (pseudonym) is a marketing manager from a new energy vehicle brand of a traditional domestic automaker. Recently, he wanted to take advantage of the trend of technology-driven car manufacturing to change his \"track\", so he paid attention to job opportunities at several technology companies that have announced car manufacturing, including Xiaomi, 360, and Jidu. But to his surprise, after looking around, he found that his options were very limited.</p><p>“People from (traditional) automotive (companies) are not very popular.” Wang Ke expressed her feelings when applying for jobs at these technology car manufacturers. “Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking,” Wang Ke said with some helplessness.</p><p>Chen Fan (pseudonym), who has also worked for traditional automakers for many years and is responsible for vehicle tuning, and his colleagues have recently been paying close attention to opportunities in new car manufacturing technology companies. \"Many people are waiting and seeing now,\" Chen Fan said. However, according to Chen Fan, as of now, none of his colleagues have been able to join these new technology companies.</p><p>\"They (technology companies) look down on people from traditional car companies; they all want to develop software.\" Chen Fan and Wang Ke share a similar sentiment on this point.</p><p>As technology companies, represented by Xiaomi, enter the car manufacturing market, news of their heavy investment in recruitment continues to emerge, which seems to give automotive professionals more opportunities to \"change jobs\". But the reality is not like that.</p><p>A screenshot of a conversation between a job seeker and a company circulating online illustrates, from another perspective, the \"rejection\" of talent from traditional automakers by tech companies: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(A joint venture with Geely), but I see you're at SAIC Volkswagen, right? Jidu has clearly stated that it doesn't want traditional cars.</p><p>However, the ambitious \"meal tickets\" offered by Xiaomi and others have still made many automakers eager to take action. “Nowadays, all new companies normally offer salary increases of 10%-30% when recruiting. The most talented people negotiate themselves,” said a job seeker from a traditional car company. According to<a href=\"https://laohu8.com/S/SINA\">Sina</a>Financial reports indicate that 360 Auto's job recommendation bonuses alone amount to hundreds of thousands of yuan.</p><p>Data exclusively provided to the Economic Observer by the workplace social networking platform Maimai shows that, according to statistics, among new car manufacturers, the automotive industry has the most people planning to go to Didi and the highest number of interactions. Secondly<a href=\"https://laohu8.com/S/LI\">Li Auto</a>The third place went to Jidu Auto, a collaboration between Baidu and Geely, and the fourth place went to Xiaomi Auto.</p><p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach?</p><p><b>1、</b><b><b>Selective \"poaching\"</b></b></p><p>While employees of traditional automakers are receiving a \"cold reception\" when seeking employment, new car manufacturers have become a key target for technology car manufacturers to \"poach\" talent.</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the car launch event, Li Bin, founder and chairman of Nio, lamented, \"There have been so many people poaching us lately that we have no choice but to hide all our colleagues' information.\" Since it was at that time that Baidu, Xiaomi, Didi and others were successively announcing car manufacturing, this was considered the beginning of the talent war between technology companies and new car manufacturers such as \"Wei Xiaoli\". Compared to traditional automakers, these two types of companies are considered more advanced and forward-looking in their car manufacturing concepts and technologies.</p><p>Interestingly, just a few years ago, \"Wei Xiaoli\" was still a \"talent poacher,\" poaching talent from traditional car companies with high salaries. Now, their employees have become highly sought-after by technology car manufacturers. According to reports, Zhu Jiang, former vice president of user development at Nio Automotive, may join Didi Chuxing. In order to retain talent, information has revealed that new car manufacturers have also begun to take action, such as signing more non-compete agreements or increasing employee stock ownership, in order to resist poaching by companies like Xiaomi.</p><p>“This (poaching) is perfectly normal. The industry now needs it (talent) far more quickly than it can supply it. When there’s no water in the ‘pool,’ shouldn’t we go to other people to find water to drink?” said Steven, who works for a new car manufacturer. “If the right opportunity arises, I would certainly consider it. Why not?” Steven said.</p><p>It is worth noting that the fact that employees of traditional automakers are facing job hunting difficulties does not mean that new technology car manufacturers are completely uninterested in talent from traditional automakers. Some senior managers remain targets for emerging technology car manufacturers.</p><p>Recently, media outlets reported that Xiaomi Auto has offered a record-breaking price of over 100 million yuan to poach talent.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, the director of the research institute, will also leave Geely to join Xiaomi in car manufacturing. However, Hu Zhengnan later denied the rumors on his WeChat Moments. An insider at Geely stated that Hu Zhengnan \"has resigned from his position (at Geely Research Institute), but there is no information yet on whether he has left.\" In addition, other information indicates that Didi was looking for a vice president-level person, offering a salary exceeding one million yuan, more than three times that of traditional automakers.</p><p>Because they have invested heavily in the market, technology car manufacturers generally spend lavishly in order to quickly build teams. Zhou Hongbai, founder and chairman of 360 Group, personally issued a call to action on social media, stating that \"the company has fully opened up and provided full support in terms of compensation and benefits.\"</p><p>It is worth noting that the positions currently open by companies like Xiaomi are mainly concentrated in areas such as autonomous driving research and development. According to the recruitment information released by Xiaomi, it involves 20 positions, including autonomous driving data platform, in-vehicle infrastructure, decision planning, and millimeter-wave algorithm. The positions that 360 is seeking with heavy investment include perception fusion algorithms, software architecture, and information security.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Positions such as driver development.</p><p>This indicates that technology car manufacturers are focusing more on the research and development of core technologies such as autonomous driving, so those currently working in this field may have more opportunities to \"change jobs\".</p><p>According to comments from verified users on Maimai, these companies attract them mainly because of their salaries. In addition, some job seekers claim to be \"Mi Fans,\" playing the nostalgia card.</p><p><b>2、</b><b><b>The \"hierarchy of contempt\" for new employees</b></b></p><p>As various participants gradually arrive, the car manufacturing camp continues to expand, and factions become increasingly clear. In this process, an industry-accepted \"hierarchy of contempt\" for employment has been formed.</p><p>On the Maimai platform, automotive industry professionals generally agree that the ranking of job-seeking options is: first- and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second- and third-tier new car manufacturers. Among these companies, R&D positions in cutting-edge technologies such as autonomous driving are superior.</p><p>Therefore, those who join the autonomous driving industry are considered to have \"landed\". Zhao Jun (pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old this year. He graduated just a few years ago and is now working as an engineer for an autonomous driving project at a technology company. Prior to this, he worked briefly at a traditional car company.</p><p>Zhao Jun recalled that when he was looking for a job, his current company was recruiting, and the requirements for experience were low. \"During the interview, I asked about the use of some commonly used testing tools in the automotive industry, as well as some simple tool programming skills.\" After successfully joining the company, Zhao Jun conducted outsourced adas (Advanced Driver Assistance System) testing.</p><p>Zhao Jun said that he decided to join his current company not only because his previous job at a traditional car company changed frequently and he was somewhat overwhelmed, but also because he saw a video of a well-known company's CEO expressing his views on the future of autonomous driving, which deeply moved him. \"Another problem is that traditional car companies' salaries are really too low, and they almost never give raises,\" Zhao Jun said. After joining this company, his salary level and raise system were better than those of traditional car companies.</p><p>\"More importantly, I've been exposed to more things, my horizons have broadened, and I'm able to see future trends more clearly.\" Based on this, Zhao Jun is able to accept the longer working hours at his current company. \"Previously, there were weekdays, but later it became a full day off, so the schedule was extremely full.\"</p><p>If he were to change jobs again, Zhao Jun said he would choose a new car manufacturer, an internet company, or an autonomous driving company.<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>。 \"The reason is simple: I feel that companies with these backgrounds pay more wages.\"</p><p>Regarding whether to consider new technology car manufacturing companies like Xiaomi, Zhao Jun said, \"I have considered it, but at present, people with little experience in the industry cannot get in. They basically need experienced people with at least three years of experience who can work as soon as they come. The industry is developing too fast now, and everyone hopes to quickly implement and commercialize it. No company is too willing to spend time training people, so at present, I may not go.\"</p><p>Despite being considered to be at the top of the industry's \"hierarchy of contempt,\" Zhao Jun said his colleagues are also currently observing more opportunities. \"(Colleagues change jobs) frequently, and (their desire to change jobs) is also very strong. They should consider autonomous driving startups and emerging players more. I rarely hear of anyone returning to traditional car companies like Great Wall Motors and Geely.\"</p><p>However, not everyone is eager for Xiaomi to manufacture cars, and some automotive professionals have shown \"indifference\" to technology car manufacturers. Steven, from a new car manufacturer, said that if it wasn't a company he was optimistic about, he wouldn't go there even if it offered him a high salary.</p><p>“This matter (joining a technology car manufacturer) is not actually on my mind for now. Because I think that if you join a company, you hope to grow with it. In an industry, if you can’t delve deeply into it, your personal value will not be significantly enhanced.” In the view of 40-year-old Steven, the higher salaries of technology car manufacturers are no longer the primary attraction for him. Steven joined his current new car manufacturer in 2019, having previously worked at a technology company.</p><p>For those considering switching jobs to tech car manufacturers like Xiaomi, Steven suggests taking another look. “Most of the positions Xiaomi is currently opening are related to industries related to intelligent driving. We don’t know yet whether there are demands in the traditional powertrain and interior and exterior design directions. After all, we don’t know what form Xiaomi will take to make its first car, whether it will start from scratch or cooperate with OEM manufacturing,” Steven said. He added that the positions Xiaomi and others are recruiting for will be very different under different manufacturing models. Currently, there are many rumors of Xiaomi being involved in OEM manufacturing, but none of them have been confirmed.</p><p>Currently, new car manufacturers are still entering the market, and the car manufacturing race will be more competitive than ever before. This means that the \"talent war\" in the automotive industry will become increasingly fierce.</p><p>In April of this year, Xia Yiping, CEO of Jidu Auto, said that Jidu Auto's core team currently consists of about 100 people and plans to expand to 2,500-3,000 people by the end of next year. These people will undoubtedly come from other companies' talent pools. How to maintain its talent pool in this new wave of car manufacturing has become a question that every company needs to carefully consider.</p>","source":"qthkj","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>Xiaomi's entry into car manufacturing has led to a new \"hierarchy of contempt\" for job seekers in the automotive industry.</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\">\nXiaomi's entry into car manufacturing has led to a new \"hierarchy of contempt\" for job seekers in the automotive industry.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-06-26 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach? Wang Ke (pseudonym) is a marketing manager from a new energy vehicle brand of a traditional domestic automaker. Recently, he wanted to take advantage of the trend of technology-driven car manufacturing to change his \"track\", so he paid attention to job opportunities at several technology companies that have announced car manufacturing, including Xiaomi, 360, and Jidu. But to his surprise, after looking around, he found that his options were very limited.</p><p>“People from (traditional) automotive (companies) are not very popular.” Wang Ke expressed her feelings when applying for jobs at these technology car manufacturers. “Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking,” Wang Ke said with some helplessness.</p><p>Chen Fan (pseudonym), who has also worked for traditional automakers for many years and is responsible for vehicle tuning, and his colleagues have recently been paying close attention to opportunities in new car manufacturing technology companies. \"Many people are waiting and seeing now,\" Chen Fan said. However, according to Chen Fan, as of now, none of his colleagues have been able to join these new technology companies.</p><p>\"They (technology companies) look down on people from traditional car companies; they all want to develop software.\" Chen Fan and Wang Ke share a similar sentiment on this point.</p><p>As technology companies, represented by Xiaomi, enter the car manufacturing market, news of their heavy investment in recruitment continues to emerge, which seems to give automotive professionals more opportunities to \"change jobs\". But the reality is not like that.</p><p>A screenshot of a conversation between a job seeker and a company circulating online illustrates, from another perspective, the \"rejection\" of talent from traditional automakers by tech companies: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(A joint venture with Geely), but I see you're at SAIC Volkswagen, right? Jidu has clearly stated that it doesn't want traditional cars.</p><p>However, the ambitious \"meal tickets\" offered by Xiaomi and others have still made many automakers eager to take action. “Nowadays, all new companies normally offer salary increases of 10%-30% when recruiting. The most talented people negotiate themselves,” said a job seeker from a traditional car company. According to<a href=\"https://laohu8.com/S/SINA\">Sina</a>Financial reports indicate that 360 Auto's job recommendation bonuses alone amount to hundreds of thousands of yuan.</p><p>Data exclusively provided to the Economic Observer by the workplace social networking platform Maimai shows that, according to statistics, among new car manufacturers, the automotive industry has the most people planning to go to Didi and the highest number of interactions. Secondly<a href=\"https://laohu8.com/S/LI\">Li Auto</a>The third place went to Jidu Auto, a collaboration between Baidu and Geely, and the fourth place went to Xiaomi Auto.</p><p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach?</p><p><b>1、</b><b><b>Selective \"poaching\"</b></b></p><p>While employees of traditional automakers are receiving a \"cold reception\" when seeking employment, new car manufacturers have become a key target for technology car manufacturers to \"poach\" talent.</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the car launch event, Li Bin, founder and chairman of Nio, lamented, \"There have been so many people poaching us lately that we have no choice but to hide all our colleagues' information.\" Since it was at that time that Baidu, Xiaomi, Didi and others were successively announcing car manufacturing, this was considered the beginning of the talent war between technology companies and new car manufacturers such as \"Wei Xiaoli\". Compared to traditional automakers, these two types of companies are considered more advanced and forward-looking in their car manufacturing concepts and technologies.</p><p>Interestingly, just a few years ago, \"Wei Xiaoli\" was still a \"talent poacher,\" poaching talent from traditional car companies with high salaries. Now, their employees have become highly sought-after by technology car manufacturers. According to reports, Zhu Jiang, former vice president of user development at Nio Automotive, may join Didi Chuxing. In order to retain talent, information has revealed that new car manufacturers have also begun to take action, such as signing more non-compete agreements or increasing employee stock ownership, in order to resist poaching by companies like Xiaomi.</p><p>“This (poaching) is perfectly normal. The industry now needs it (talent) far more quickly than it can supply it. When there’s no water in the ‘pool,’ shouldn’t we go to other people to find water to drink?” said Steven, who works for a new car manufacturer. “If the right opportunity arises, I would certainly consider it. Why not?” Steven said.</p><p>It is worth noting that the fact that employees of traditional automakers are facing job hunting difficulties does not mean that new technology car manufacturers are completely uninterested in talent from traditional automakers. Some senior managers remain targets for emerging technology car manufacturers.</p><p>Recently, media outlets reported that Xiaomi Auto has offered a record-breaking price of over 100 million yuan to poach talent.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, the director of the research institute, will also leave Geely to join Xiaomi in car manufacturing. However, Hu Zhengnan later denied the rumors on his WeChat Moments. An insider at Geely stated that Hu Zhengnan \"has resigned from his position (at Geely Research Institute), but there is no information yet on whether he has left.\" In addition, other information indicates that Didi was looking for a vice president-level person, offering a salary exceeding one million yuan, more than three times that of traditional automakers.</p><p>Because they have invested heavily in the market, technology car manufacturers generally spend lavishly in order to quickly build teams. Zhou Hongbai, founder and chairman of 360 Group, personally issued a call to action on social media, stating that \"the company has fully opened up and provided full support in terms of compensation and benefits.\"</p><p>It is worth noting that the positions currently open by companies like Xiaomi are mainly concentrated in areas such as autonomous driving research and development. According to the recruitment information released by Xiaomi, it involves 20 positions, including autonomous driving data platform, in-vehicle infrastructure, decision planning, and millimeter-wave algorithm. The positions that 360 is seeking with heavy investment include perception fusion algorithms, software architecture, and information security.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Positions such as driver development.</p><p>This indicates that technology car manufacturers are focusing more on the research and development of core technologies such as autonomous driving, so those currently working in this field may have more opportunities to \"change jobs\".</p><p>According to comments from verified users on Maimai, these companies attract them mainly because of their salaries. In addition, some job seekers claim to be \"Mi Fans,\" playing the nostalgia card.</p><p><b>2、</b><b><b>The \"hierarchy of contempt\" for new employees</b></b></p><p>As various participants gradually arrive, the car manufacturing camp continues to expand, and factions become increasingly clear. In this process, an industry-accepted \"hierarchy of contempt\" for employment has been formed.</p><p>On the Maimai platform, automotive industry professionals generally agree that the ranking of job-seeking options is: first- and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second- and third-tier new car manufacturers. Among these companies, R&D positions in cutting-edge technologies such as autonomous driving are superior.</p><p>Therefore, those who join the autonomous driving industry are considered to have \"landed\". Zhao Jun (pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old this year. He graduated just a few years ago and is now working as an engineer for an autonomous driving project at a technology company. Prior to this, he worked briefly at a traditional car company.</p><p>Zhao Jun recalled that when he was looking for a job, his current company was recruiting, and the requirements for experience were low. \"During the interview, I asked about the use of some commonly used testing tools in the automotive industry, as well as some simple tool programming skills.\" After successfully joining the company, Zhao Jun conducted outsourced adas (Advanced Driver Assistance System) testing.</p><p>Zhao Jun said that he decided to join his current company not only because his previous job at a traditional car company changed frequently and he was somewhat overwhelmed, but also because he saw a video of a well-known company's CEO expressing his views on the future of autonomous driving, which deeply moved him. \"Another problem is that traditional car companies' salaries are really too low, and they almost never give raises,\" Zhao Jun said. After joining this company, his salary level and raise system were better than those of traditional car companies.</p><p>\"More importantly, I've been exposed to more things, my horizons have broadened, and I'm able to see future trends more clearly.\" Based on this, Zhao Jun is able to accept the longer working hours at his current company. \"Previously, there were weekdays, but later it became a full day off, so the schedule was extremely full.\"</p><p>If he were to change jobs again, Zhao Jun said he would choose a new car manufacturer, an internet company, or an autonomous driving company.<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>。 \"The reason is simple: I feel that companies with these backgrounds pay more wages.\"</p><p>Regarding whether to consider new technology car manufacturing companies like Xiaomi, Zhao Jun said, \"I have considered it, but at present, people with little experience in the industry cannot get in. They basically need experienced people with at least three years of experience who can work as soon as they come. The industry is developing too fast now, and everyone hopes to quickly implement and commercialize it. No company is too willing to spend time training people, so at present, I may not go.\"</p><p>Despite being considered to be at the top of the industry's \"hierarchy of contempt,\" Zhao Jun said his colleagues are also currently observing more opportunities. \"(Colleagues change jobs) frequently, and (their desire to change jobs) is also very strong. They should consider autonomous driving startups and emerging players more. I rarely hear of anyone returning to traditional car companies like Great Wall Motors and Geely.\"</p><p>However, not everyone is eager for Xiaomi to manufacture cars, and some automotive professionals have shown \"indifference\" to technology car manufacturers. Steven, from a new car manufacturer, said that if it wasn't a company he was optimistic about, he wouldn't go there even if it offered him a high salary.</p><p>“This matter (joining a technology car manufacturer) is not actually on my mind for now. Because I think that if you join a company, you hope to grow with it. In an industry, if you can’t delve deeply into it, your personal value will not be significantly enhanced.” In the view of 40-year-old Steven, the higher salaries of technology car manufacturers are no longer the primary attraction for him. Steven joined his current new car manufacturer in 2019, having previously worked at a technology company.</p><p>For those considering switching jobs to tech car manufacturers like Xiaomi, Steven suggests taking another look. “Most of the positions Xiaomi is currently opening are related to industries related to intelligent driving. We don’t know yet whether there are demands in the traditional powertrain and interior and exterior design directions. After all, we don’t know what form Xiaomi will take to make its first car, whether it will start from scratch or cooperate with OEM manufacturing,” Steven said. He added that the positions Xiaomi and others are recruiting for will be very different under different manufacturing models. Currently, there are many rumors of Xiaomi being involved in OEM manufacturing, but none of them have been confirmed.</p><p>Currently, new car manufacturers are still entering the market, and the car manufacturing race will be more competitive than ever before. This means that the \"talent war\" in the automotive industry will become increasingly fierce.</p><p>In April of this year, Xia Yiping, CEO of Jidu Auto, said that Jidu Auto's core team currently consists of about 100 people and plans to expand to 2,500-3,000 people by the end of next year. These people will undoubtedly come from other companies' talent pools. How to maintain its talent pool in this new wave of car manufacturing has become a question that every company needs to carefully consider.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167256448","content_text":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n\n王珂（化名）是一位来自国内某传统车企新能源汽车品牌的营销管理层人员，最近他想趁着科技造车的风口换个“跑道”，因此留意了包括小米、360、集度等多家宣布造车的科技公司工作机会。但让他没想到的是，看了一圈后，他发现自己的选择空间非常小。\n“（传统）汽车（企业）出身的人都不太受待见。”王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”王珂有些无奈地表示。\n同样在传统车企工作多年，负责车辆调教工作的陈凡（化名）和他的同事们，近期也非常关注新造车科技公司的机会，“现在观望的人很多”，陈凡说。但据陈凡透露，截至目前身边还没有同事能够进入这些新科技公司。\n“他们（科技公司）看不上传统车企的人，都要搞软件的。”在这一点上，陈凡与王珂有着相似的感受。\n随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。但现实情况却并非如此。\n网络上一张由求职者提供的其与企业的对话截图，从另一个侧面印证着科技造车公司对传统车企人才的“排斥”：“这边是集度（百度和吉利的合资公司），但是我看你是在上汽大众是吧，集度明确表示不要传统汽车的。”\n但小米们开出的豪迈“饭票”，还是让众多车企人士蠢蠢欲动。“现在所有新企业正常招聘都是涨薪10%-30%，很牛的人就自己谈喽。”一位来自某传统车企的求职人士表示。而据新浪财经报道，360汽车招聘仅岗位的推荐奖金就共计达数十万元。\n由职场社交平台脉脉独家提供给经济观察报的一份数据显示，据统计，在新造车企业中，汽车圈里计划去滴滴的人最多，互动数量最高；其次是理想汽车，第三名是百度和吉利合作的集度汽车，第四名是小米汽车。\n一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n1、选择性“挖角”\n在传统车企从业人员求职遭“冷遇”的同时，新造车企业却成了科技造车企业“挖人”的重点方向。\n在5月蔚来汽车的发布会上，蔚来创始人、董事长李斌感慨，“最近挖我们的人实在太多了，没办法，我们要把同事的信息都隐藏一下。”由于彼时正值百度、小米、滴滴等陆续宣布造车，这被认为是科技公司和“蔚小理”等新造车企业抢人大战的开始。与传统车企相比，这两类企业在造车理念和技术上被认为更加先进和超前。\n值得玩味的是，就在几年前，“蔚小理”还是“挖角者”的角色，曾高薪从传统车企挖人，而如今他们的员工也成了科技造车公司眼中的“香饽饽”。据报道，原蔚来汽车用户发展副总裁朱江或将加盟滴滴造车。而为了留住人才，有信息透露，新造车企业也已开始采取行动，或增加签订竞业协议，或增加员工持股，以此抵抗小米们的“挖墙脚”。\n“这（挖人）是很正常的，现在这个行业需要着它（人才）的速度已经远远超过了它供给的速度。当‘水池子’里没有水的时候，不得去别人那儿去找水喝吗？”在某新造车企业任职的Steven说。“如果有合适的机会，当然会考虑，为什么不呢？”Steven说。\n值得注意的是，传统车企从业人员求职遇阻，并不意味着科技新造车企业对传统车企的人才完全不感兴趣。一些高层管理人员，仍然是科技新造车企业的目标。\n近日有媒体爆料，小米汽车开出上亿天价“挖角”吉利汽车研究院院长胡峥楠，胡峥楠也将离开吉利加盟小米造车。但随后胡峥楠在朋友圈辟谣。吉利内部人员表示，胡峥楠“（在吉利研究院的）职位撤了，不过走没走还没有消息。”此外，另有信息显示，滴滴曾寻找副总级别的人物，开出的待遇超百万级，是传统车企的三倍以上。\n由于携重金入局，科技造车公司为了迅速组建团队普遍出手阔绰。360集团创始人、董事长周鸿掉更是亲自在社交媒体上广发英雄帖，表示“公司在薪酬待遇方面全面放开、全力支持。\n值得注意的是，“小米”们如今开放的岗位，主要是集中在自动驾驶研发等方面。从小米发布的招聘信息看，涉及自动驾驶数据平台、车载基础架构、决策规划、毫米波算法等20个岗位。360重金寻求的职位则包括感知融合算法、软件架构、信息安全、智能驾驶开发等岗位。\n这表明科技造车公司更加聚焦自动驾驶等核心技术的研发，因此当前这方面的从业人员可能获得更多的“跳槽”机会。\n而根据认证用户在脉脉上的发言，这些企业吸引他们的地方主要是在薪资方面，另外也有求职者自称是“米粉”，打出情怀牌。\n2、新从业“鄙视链”\n随着各方参与者陆续到位，造车阵营持续扩大，且派系逐渐分明。在这个过程中，形成了一条业内默认的就职“鄙视链”。\n在脉脉平台上，汽车从业者普遍认同，求职选择的优劣排序是：一二线新造车企业、传统车企孵化的新品牌、传统主机厂、二三线新造车企业。而在这些企业中，自动驾驶等前沿科技研发岗位更胜一筹。\n因此，加入自动驾驶行业的从业人员被认为是“上了岸”。赵钧（化名）是其中一个“幸运儿”。赵钧今年25岁，毕业刚几年，现在某科技企业担任无人驾驶项目工程师。在此之前，他在一家传统车企短暂工作。\n赵钧回忆称，自己求职时，现在的公司刚好在招聘，而且对于经验的丰富性要求较低。“面试时问了一些汽车行业测试常用工具的使用情况，以及一些简单的工具编程情况。”成功入职后，赵钧在公司做外包adas（高级驾驶辅助系统）测试。\n赵钧表示，决定进入现在这家公司，除了因为之前在传统车企的工作内容变更频繁，有些招架不住，另一个契机是其看到了一家知名公司CEO对未来自动驾驶看法的视频，这让他深受触动。“另外就是，传统车企的工资实在太低了，而且几乎不会涨薪。”赵钧说，他来到这家公司后，薪资水平和涨薪制度都优于传统车企。\n“更重要的是，我接触的东西多了，眼界开拓了，能够更清晰地看清未来的趋势。”基于此，赵钧能够接受现在公司较长的工作时长。“之前大小周，后来变成全单休，安排得特别满。”\n如果再换工作的话，赵钧称会选择新造车企业、互联网公司，或者自动驾驶创业公司。“原因无它，感觉这些背景的公司给的工钱更多。”\n对于是否考虑小米这类新科技造车公司，赵钧表示“考虑过，但目前来说，入行经验少，进不去，他们需要的基本都是三年经验起步的老人，来了就可以干活，现在行业发展太快，都希望可以快速落地商业化，没有公司太愿意花时间培养人，所以目前来说可能不会去。”\n尽管被认为已经处于从业“鄙视链”较顶端的位置，但赵钧说，他的同事们目前也在观望更多的机会。“（同事换工作）变动很频繁，（跳槽的意愿）也很强烈，他们对自动驾驶初创公司和新势力应该考虑的更多，很少听说有谁又回到长城吉利类的传统车企。”\n但并非所有人都对小米造车趋之若鹜，一些汽车从业人员对科技造车企业表现出“无感”。来自某新造车企业的Steven就表示，如果不是自己看好的公司，就算是被高薪挖，也不会去。\n“这个事（加入科技造车企业）其实暂时还不在我的考虑之内。因为我觉得，你如果加入一家企业，更多的是希望能够跟他一块成长。一个行业，如果你没有能够把做深做透的话，你的个人价值是不会得到非常明显提升的。”在40岁的Steven看来，科技造车企业更高的薪资对他而言已经不是第一吸引力。Steven2019年加入现在的新造车企业，在此之前就职于某科技公司。\n对于想跳槽到小米等科技造车企业的人，Steven建议可以再观察一下。“小米现在open的岗位大多和智能驾驶相关的这些行业有关，那么对于传统的动力总成方向、内外饰方向是不是有诉求我们还不知道，毕竟现在也不知道小米会以什么样的形式去做它的第一款车，是从0开始，还是合作代工都不确定。”Steven表示，在不同的制造模式下，“小米”们招聘的岗位也会非常不同。目前，小米代工绯闻对象不少，但均未确定。\n目前来看，新的造车者还在不断入局，造车赛道也将空前激烈。这意味着汽车圈的“抢人大战”将越来越激烈。\n集度汽车CEO夏一平在今年4月表示，当前集度汽车核心团队约100人，到明年年底计划扩大到2500-3000人。而这些人无疑将来源于其它企业人才库。如何在这波造车新浪潮中守住自己的人才储备，已成为每个企业都需要慎重考虑的问题。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":5059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128641982,"gmtCreate":1624515456046,"gmtModify":1703839030396,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Hahaha","listText":"Hahaha","text":"Hahaha","images":[{"img":"https://static.tigerbbs.com/50694ed5e2adc6509cb62002e1d2fc49","width":"1080","height":"2241"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128641982","isVote":1,"tweetType":1,"viewCount":6719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164021604,"gmtCreate":1624162050808,"gmtModify":1703829880508,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164021604","repostId":"2144706445","repostType":4,"isVote":1,"tweetType":1,"viewCount":5435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162419999,"gmtCreate":1624070978211,"gmtModify":1703828174404,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162419999","repostId":"2144089457","repostType":2,"repost":{"id":"2144089457","kind":"highlight","pubTimestamp":1624069497,"share":"https://ttm.financial/m/news/2144089457?lang=en_US&edition=fundamental","pubTime":"2021-06-19 10:24","market":"hk","language":"zh","title":"India's largest IPO in history: \"Alipay India\" seeks a valuation of $30 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2144089457","media":"华尔街见闻","summary":"Paytm目前拥有约1.5亿用户数量，用户每月的交易量为14亿笔。蚂蚁集团和阿里巴巴合计持有其约37%的股份。","content":"<p>According to the Financial Times, Indian digital payments group Paytm will hold a shareholders' meeting next month to approve its IPO plan.</p><p>Paytm plans to offer 120 billion rupees (approximately US$1.61 billion) worth of new shares, plus a potential 1% over-allotment (for underwriters). The IPO plans to raise approximately 218 billion rupees (US$3 billion), making it potentially the largest IPO in India's history.</p><p>According to sources, Paytm will hire...<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/IBN\">Industrial Credit Investment Bank of India</a>As its underwriter.</p><p>Paytm's official name is One97 Communications, and the target valuation for this offering is between $25 billion and $30 billion. In its last round of financing in 2019, Paytm's valuation reached $16 billion.</p><p>Initial public offerings will include new shares and existing shares. India stipulates a 10% listing within two years and a 25% listing within five years.</p><p>Shareholders include<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, SoftBank Group and<a href=\"https://laohu8.com/S/06688\">Ant Group</a>。</p><p>Ant Group, as the largest shareholder, holds nearly 30% of the company's shares.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Together with Ant Group, they hold a combined 37% stake in Paytm.</p><p>If it passes the review by the Securities and Exchange Commission of India, Ant Group will reduce its shareholding by approximately 5% before and during the IPO, and will comply with the shareholding standard of less than 25%.</p><p>Paytm currently has approximately 150 million users and 1.4 billion monthly transactions. Its business has expanded from digital payments to banking, credit cards, and financial services.</p><p>But it also faces challenges from<a href=\"https://laohu8.com/S/GOOG\">Google</a>payment,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Payment and<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Fierce competition from rivals such as its subsidiary PhonePe.</p><p>Neil Shah, an analyst at technology research firm Counterpoint, said:</p><p>Five years ago, Paytm almost dominated India, but its performance is now declining. Now it must seize the opportunity to conduct an IPO, because competition is intensifying, and an IPO may bring it a certain competitive edge. Karan Sharma, co-head of digital and technology investment banking at Avendus Capital in Mumbai, believes that the demand for tech company IPOs is very strong.</p><p>He said:</p><p>The combined market capitalization of companies listed on the Bombay Stock Exchange has exceeded $3 trillion, but there are almost no internet companies for investors to choose from. Global investors have a very large potential demand for emerging markets.</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>India's largest IPO in history: \"Alipay India\" seeks a valuation of $30 billion</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\">\nIndia's largest IPO in history: \"Alipay India\" seeks a valuation of $30 billion\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\">2021-06-19 10:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the Financial Times, Indian digital payments group Paytm will hold a shareholders' meeting next month to approve its IPO plan.</p><p>Paytm plans to offer 120 billion rupees (approximately US$1.61 billion) worth of new shares, plus a potential 1% over-allotment (for underwriters). The IPO plans to raise approximately 218 billion rupees (US$3 billion), making it potentially the largest IPO in India's history.</p><p>According to sources, Paytm will hire...<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/IBN\">Industrial Credit Investment Bank of India</a>As its underwriter.</p><p>Paytm's official name is One97 Communications, and the target valuation for this offering is between $25 billion and $30 billion. In its last round of financing in 2019, Paytm's valuation reached $16 billion.</p><p>Initial public offerings will include new shares and existing shares. India stipulates a 10% listing within two years and a 25% listing within five years.</p><p>Shareholders include<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, SoftBank Group and<a href=\"https://laohu8.com/S/06688\">Ant Group</a>。</p><p>Ant Group, as the largest shareholder, holds nearly 30% of the company's shares.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Together with Ant Group, they hold a combined 37% stake in Paytm.</p><p>If it passes the review by the Securities and Exchange Commission of India, Ant Group will reduce its shareholding by approximately 5% before and during the IPO, and will comply with the shareholding standard of less than 25%.</p><p>Paytm currently has approximately 150 million users and 1.4 billion monthly transactions. Its business has expanded from digital payments to banking, credit cards, and financial services.</p><p>But it also faces challenges from<a href=\"https://laohu8.com/S/GOOG\">Google</a>payment,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Payment and<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Fierce competition from rivals such as its subsidiary PhonePe.</p><p>Neil Shah, an analyst at technology research firm Counterpoint, said:</p><p>Five years ago, Paytm almost dominated India, but its performance is now declining. Now it must seize the opportunity to conduct an IPO, because competition is intensifying, and an IPO may bring it a certain competitive edge. Karan Sharma, co-head of digital and technology investment banking at Avendus Capital in Mumbai, believes that the demand for tech company IPOs is very strong.</p><p>He said:</p><p>The combined market capitalization of companies listed on the Bombay Stock Exchange has exceeded $3 trillion, but there are almost no internet companies for investors to choose from. Global investors have a very large potential demand for emerging markets.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633318\">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/0534f6e8c1b685c0020f93652485a89b","relate_stocks":{"BABA":"阿里巴巴","QNETCN":"纳斯达克中美互联网老虎指数","09988":"阿里巴巴-W"},"source_url":"https://wallstreetcn.com/articles/3633318","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144089457","content_text":"据英国《金融时报》报道，印度数字支付集团Paytm将于下月召开股东大会，批准IPO计划。\n此次Paytm计划发售1200亿卢比（约16.1亿美元）的新股，外加1%的潜在超额配售（面向承销商）。IPO计划筹资约2180亿卢比(合30亿美元)，可能是印度有史以来规模最大的IPO。\n据知情人士透露，Paytm将聘请摩根大通、摩根士丹利、高盛和印度工业信贷投资银行作为其承销商。\nPaytm的正式名称为One97 Communications，此次发行的目标估值在250亿美元至300亿美元之间。在2019年的上一轮融资中，Paytm的估值达到160亿美元。\n首次公开发行的股票将包括新股和现有股票，印度规定两年内上市的股票比例为10%，五年内上市的股票比例为25%。\n股东包括伯克希尔哈撒韦公司、软银集团和蚂蚁集团。\n其中蚂蚁集团作为最大股东，持有该公司近30%的股份。阿里巴巴和持有蚂蚁集团合计共持有Paytm37%的股份。\n如果通过印度证券交易委员会的审查，蚂蚁集团将在IPO前和IPO过程中减持约5%的股份，并遵守25%以下的持股标准。\nPaytm目前拥有约1.5亿用户数量，用户每月的交易量为14亿笔，其业务已经从数字支付扩展到银行、信用卡和金融服务等领域。\n但它同时也面临着来自谷歌支付、亚马逊支付和沃尔玛旗下的PhonePe等对手的激烈竞争。\n科技研究公司Counterpoint的分析师Neil Shah表示：\n\n 五年前，Paytm几乎统治了印度，但它现在的业绩却在下滑。现在它必须要抓住时机进行IPO，因为竞争正愈演愈烈，IPO可能会为它带来一定的竞争力。\n\n孟买Avendus Capital数字和科技投资银行业务联席主管Karan Sharma认为，科技公司IPO的需求非常强。\n他表示：\n\n 在孟买证券交易所上市的公司市值合计已经超过3万亿美元，但几乎没有任何互联网公司可以让投资者选择。全球投资者对新兴市场有非常大的潜在需求。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":5031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162888929,"gmtCreate":1624056831561,"gmtModify":1703827628735,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162888929","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</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>AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":3707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184293999,"gmtCreate":1623714967111,"gmtModify":1704209210573,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omb","listText":"Omb","text":"Omb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184293999","repostId":"1132976562","repostType":4,"isVote":1,"tweetType":1,"viewCount":2357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184299590,"gmtCreate":1623714958210,"gmtModify":1704209210086,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omh","listText":"Omh","text":"Omh","images":[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16:14","market":"hk","language":"zh","title":"Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.\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\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182678048,"gmtCreate":1623572593184,"gmtModify":1704206467882,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182678048","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"hk","language":"zh","title":"Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.\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\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180246858,"gmtCreate":1623208734874,"gmtModify":1704198400820,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180246858","repostId":"2142606382","repostType":4,"isVote":1,"tweetType":1,"viewCount":1516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115522365,"gmtCreate":1623023887057,"gmtModify":1704194376258,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115522365","repostId":"1127148608","repostType":4,"repost":{"id":"1127148608","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":1623020854,"share":"https://ttm.financial/m/news/1127148608?lang=en_US&edition=fundamental","pubTime":"2021-06-07 07:07","market":"fut","language":"zh","title":"This week's preview: The Federal Reserve enters a period of silence! The G7 summit is imminent.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127148608","media":"老虎资讯综合","summary":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数","content":"<p><b>Abstract:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 Developer Conference opened early Tuesday morning; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>BOSS Zhipin will be listed on the US stock market; WSB Hot Concept Companies<a href=\"https://laohu8.com/S/GME\">Game Station</a>Financial reports will be released >>><b>Keywords for Monday (June 7): China's trade balance; Eurozone Confidence Index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>、Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, China's total foreign trade import and export value reached 11.62 trillion yuan, a year-on-year increase of 28.5%, and foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value reached 3.15 trillion yuan, a year-on-year increase of 26.6%. Exports reached 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports reached 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollar terms, China's total import and export value reached US$484.99 billion in April, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Eurozone investor confidence improved far more than expected in May. The index was 21.0 in May and -13 in April. As the European economy continues to open up, the Eurozone CPI reached 2% in May, the unemployment rate fell to 8% in April, and the confidence index is likely to rise further in June, indicating greater public confidence in the European economy.</p><p>Regarding financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maywell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>US stocks released their earnings reports after the market closed.</p><p><b>Keywords for Tuesday (June 8): US trade balance, API; Apple's WWDC 2021 Developer Conference; Zhangmen Education goes public; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the lead Republican negotiator, which is also the deadline for discussions on the Biden administration’s massive infrastructure bill to make progress. Previously, the White House issued a statement saying that Biden met with Republican chief negotiator Capito on Friday, who proposed increasing the budget of the Republican Party's $928 billion infrastructure plan by about $50 billion, but the two sides ultimately failed to reach an agreement.</p><p>The U.S. Commerce Department announced that the trade deficit in goods and services widened further to $74.4 billion in March, higher than the revised previous value of $70.5 billion and setting a new record. A Commerce Department report shows that U.S. imports rose 6.3% to $274.5 billion in March, a record high, while exports rose 6.6% to $200 billion, the highest in more than a year. In addition, the US-China trade deficit increased by $6.7 billion in March to $36.9 billion, making China the largest trade deficit with the United States to date. U.S. Chief Economist Oren Klachen said that compared to other economies around the world, the U.S. trade deficit is expected to continue to grow this year due to a stronger economic recovery and robust domestic demand.</p><p>Apple's WWDC 2021 developer conference will open at 1:00 AM Beijing time on June 8th, and will be open to more than 30 million Apple developers in 227 regions around the world for free. WWDC 2021 will release iOS 15, macOS 12, and watchOS 8, with iOS 15 and macOS 12 being the most anticipated. AirPods 3 and a new iPad mini may also be released.</p><p>Regarding financial reports:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(Pre-market), UiPath (after-market)</p><p>Regarding new stocks: Zhangmen Education, a K-12 personalized online education platform, will be listed.</p><p><b>Keywords for Wednesday (June 9): China CPI; EIA; 2021 Semiconductor World Congress; Payment technology company Marqeta goes public; Game Station Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the National Bureau of Statistics shows that the Consumer Price Index (CPI) and the Producer Price Index (PPI) continued to diverge in April: the CPI rose 0.9% year-on-year, slightly lower than expected; The PPI rose 6.8% year-on-year, the highest since October 2017, and higher than the median survey estimate of 6.5%. Analysts point out that the inflation trend continues to diverge, with sluggish CPI, while industrial product inflation deserves attention. It is expected that upward pressure will continue to spread to midstream and downstream commodities in the future.</p><p>Last week, U.S. crude oil inventories fell by 5.1 million barrels, compared to an expected decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. \"The significant decline in crude oil inventories is indeed constructive for the overall crude oil market,\" said Brian Kessens, portfolio manager at Tortoise. \"However, the increase in refined oil inventories is disappointing and may be due to increased refinery operating rates ahead of the summer driving peak.\"</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Xinsi Technology</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Tech</a>More than 300 companies, including Sun Moon Solar and AMEC Semiconductor, will participate in the exhibition.</p><p>Regarding financial reports: Game Station (after-hours)</p><p>Regarding new stocks: Payment technology company Marqeta goes public.</p><p><b>Keywords for Thursday (June 10): US CPI, initial jobless claims; Chewy Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefits program decreased by 20,000 to 385,000, marking the first time it has fallen below 400,000 since the COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume travel and socializing. Next Thursday's data is expected to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data shows that the U.S. CPI rose 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, the core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of the COVID-19 pandemic, the overall price level in the United States was low in 2020, which led to a certain exaggeration of the CPI increase this year. Inflation is expected to decline later this year.</p><p>Regarding financial reports: Chewy (after-hours)</p><p><b>Keywords for Friday (June 11): IEA monthly report, Michigan Confidence Index; G7 Summit; BOSS Zhipin goes public</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The University of Michigan Consumer Confidence Index finished at 82.9 in May, little change from the initial reading of 82.8 in May, but a significant drop from the final reading of 88.3 in April. In the May survey, a record number of consumers surveyed reported rising prices for housing, cars, and household durables. At the same time, the number of Americans worried about soaring prices has also reached a record high.</p><p>The 46th G7 summit will open in the UK on the same day and will run until the 13th.</p><p>In terms of new stocks: BOSS Zhipin, China's largest online recruitment platform, went public.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Live broadcast of Tiger's 7th anniversary \"OPEN DAY Beijing\"!</b></a><b></b></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>This week's preview: The Federal Reserve enters a period of silence! The G7 summit is imminent.</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\">\nThis week's preview: The Federal Reserve enters a period of silence! The G7 summit is imminent.\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\">2021-06-07 07:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Abstract:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 Developer Conference opened early Tuesday morning; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>BOSS Zhipin will be listed on the US stock market; WSB Hot Concept Companies<a href=\"https://laohu8.com/S/GME\">Game Station</a>Financial reports will be released >>><b>Keywords for Monday (June 7): China's trade balance; Eurozone Confidence Index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>、Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, China's total foreign trade import and export value reached 11.62 trillion yuan, a year-on-year increase of 28.5%, and foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value reached 3.15 trillion yuan, a year-on-year increase of 26.6%. Exports reached 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports reached 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollar terms, China's total import and export value reached US$484.99 billion in April, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Eurozone investor confidence improved far more than expected in May. The index was 21.0 in May and -13 in April. As the European economy continues to open up, the Eurozone CPI reached 2% in May, the unemployment rate fell to 8% in April, and the confidence index is likely to rise further in June, indicating greater public confidence in the European economy.</p><p>Regarding financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maywell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>US stocks released their earnings reports after the market closed.</p><p><b>Keywords for Tuesday (June 8): US trade balance, API; Apple's WWDC 2021 Developer Conference; Zhangmen Education goes public; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the lead Republican negotiator, which is also the deadline for discussions on the Biden administration’s massive infrastructure bill to make progress. Previously, the White House issued a statement saying that Biden met with Republican chief negotiator Capito on Friday, who proposed increasing the budget of the Republican Party's $928 billion infrastructure plan by about $50 billion, but the two sides ultimately failed to reach an agreement.</p><p>The U.S. Commerce Department announced that the trade deficit in goods and services widened further to $74.4 billion in March, higher than the revised previous value of $70.5 billion and setting a new record. A Commerce Department report shows that U.S. imports rose 6.3% to $274.5 billion in March, a record high, while exports rose 6.6% to $200 billion, the highest in more than a year. In addition, the US-China trade deficit increased by $6.7 billion in March to $36.9 billion, making China the largest trade deficit with the United States to date. U.S. Chief Economist Oren Klachen said that compared to other economies around the world, the U.S. trade deficit is expected to continue to grow this year due to a stronger economic recovery and robust domestic demand.</p><p>Apple's WWDC 2021 developer conference will open at 1:00 AM Beijing time on June 8th, and will be open to more than 30 million Apple developers in 227 regions around the world for free. WWDC 2021 will release iOS 15, macOS 12, and watchOS 8, with iOS 15 and macOS 12 being the most anticipated. AirPods 3 and a new iPad mini may also be released.</p><p>Regarding financial reports:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(Pre-market), UiPath (after-market)</p><p>Regarding new stocks: Zhangmen Education, a K-12 personalized online education platform, will be listed.</p><p><b>Keywords for Wednesday (June 9): China CPI; EIA; 2021 Semiconductor World Congress; Payment technology company Marqeta goes public; Game Station Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the National Bureau of Statistics shows that the Consumer Price Index (CPI) and the Producer Price Index (PPI) continued to diverge in April: the CPI rose 0.9% year-on-year, slightly lower than expected; The PPI rose 6.8% year-on-year, the highest since October 2017, and higher than the median survey estimate of 6.5%. Analysts point out that the inflation trend continues to diverge, with sluggish CPI, while industrial product inflation deserves attention. It is expected that upward pressure will continue to spread to midstream and downstream commodities in the future.</p><p>Last week, U.S. crude oil inventories fell by 5.1 million barrels, compared to an expected decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. \"The significant decline in crude oil inventories is indeed constructive for the overall crude oil market,\" said Brian Kessens, portfolio manager at Tortoise. \"However, the increase in refined oil inventories is disappointing and may be due to increased refinery operating rates ahead of the summer driving peak.\"</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Xinsi Technology</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Tech</a>More than 300 companies, including Sun Moon Solar and AMEC Semiconductor, will participate in the exhibition.</p><p>Regarding financial reports: Game Station (after-hours)</p><p>Regarding new stocks: Payment technology company Marqeta goes public.</p><p><b>Keywords for Thursday (June 10): US CPI, initial jobless claims; Chewy Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefits program decreased by 20,000 to 385,000, marking the first time it has fallen below 400,000 since the COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume travel and socializing. Next Thursday's data is expected to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data shows that the U.S. CPI rose 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, the core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of the COVID-19 pandemic, the overall price level in the United States was low in 2020, which led to a certain exaggeration of the CPI increase this year. Inflation is expected to decline later this year.</p><p>Regarding financial reports: Chewy (after-hours)</p><p><b>Keywords for Friday (June 11): IEA monthly report, Michigan Confidence Index; G7 Summit; BOSS Zhipin goes public</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The University of Michigan Consumer Confidence Index finished at 82.9 in May, little change from the initial reading of 82.8 in May, but a significant drop from the final reading of 88.3 in April. In the May survey, a record number of consumers surveyed reported rising prices for housing, cars, and household durables. At the same time, the number of Americans worried about soaring prices has also reached a record high.</p><p>The 46th G7 summit will open in the UK on the same day and will run until the 13th.</p><p>In terms of new stocks: BOSS Zhipin, China's largest online recruitment platform, went public.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Live broadcast of Tiger's 7th anniversary \"OPEN DAY Beijing\"!</b></a><b></b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127148608","content_text":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数；达达集团、Coupa Software等财报海关总署对外公布，今年前4个月中国国外贸进出口总值11.62万亿元，同比增长28.5％，外贸进出口继续保持向好势头。4月份当月，中国进出口总值3.15万亿元，同比增长26.6％。其中出口1.71万亿元，同比增长22.2％；进口1.44万亿元，同比增长32.2％。按美元计价，4月中国进出口总值4849.9亿美元，同比增长37%，4月中国出口同比增长32.3%，进口同比增长43.1%。5月份欧元区投资者信心的改善远远超出预期。该指数5月份为21.0，4月份为-13。随着欧洲经济继续开放，欧元区5月CPI已经达到2%，4月失业率降至8%，6月信心指数有可能进一步提升，显示民众对欧洲经济更加有信心。财报方面：达达集团、Stitch Fix、迈威尔科技、Coupa Software Inc.美股盘后公布财报。周二（6月8日）关键词：美国贸易帐、API；苹果WWDC2021开发者大会；掌门教育上市；陌陌、UiPath财报周一，拜登将再次与共和党主要谈判代表卡皮托会面，也是拜登政府的大规模基建法案讨论取得进展的最后期限。此前，白宫发布声明称，拜登周五与共和党主要谈判代表卡皮托会面，卡皮托提议将共和党9280亿元的基建计划增加约500亿元的预算，但最终双方并没有谈拢。美国商务部公布3月商品和服务贸易逆差进一步扩大至744亿美元，高于修订后前值705亿美元，再创历史新高。商务部报告显示，美国3月进口额增长6.3%，至2745亿美元，创下历史新高，出口额增长6.6%，至2000亿美元，也创逾一年最高。另外，美中贸易逆差在3月增加67亿美元，至369亿美元，中国迄今仍为美国最大贸易逆差国。美国首席经济学家Oren Klachen表示，相较于全球其他经济体，美国因经济复苏力道更强，国内需求维持强劲，预计今年贸易逆差将持续成长。苹果公司WWDC2021开发者大会将会在北京时间6月8日凌晨1点开幕，届时其将免费向全世界227个地区的超过3000万名苹果开发者开放。WWDC2021将发布iOS 15、macOS12、watchOS 8，其中iOS 15和macOS 12最令人期待，也可能发布AirPods 3和新款iPad mini。财报方面：陌陌（盘前）、UiPath（盘后）新股方面：K12个性化在线教育平台掌门教育将上市。周三（6月9日）关键词：中国CPI；EIA；2021世界半导体大会；支付科技公司Marqeta上市；游戏驿站财报国家统计局公布数据显示，4月居民消费价格指数(CPI)和工业生产者出厂价格指数(PPI)继续分化：CPI同比上涨0.9%，略低于预期；PPI则同比上涨6.8%，为2017年10月以来最高，高于调查预估中值6.5%。分析人士指出，通胀态势继续分化，CPI低迷，而工业品通胀值得关注，预计上涨压力未来还会向中下游商品继续扩散。上周美国原油库存减少510万桶，预期为减少240万桶，但汽油库存增加150万桶创出4月初以来最大增幅，精炼油库存增加370万桶。Tortoise的投资组合经理Brian Kessens表示：“原油库存大幅下降对整个原油市场确实具有建设性。然而，成品油库存增加令人失望，可能是夏季驾车高峰期来临之前炼油厂开工率增加所致”。6月9日至11日将在南京举办的2021世界半导体大会，台积电、新思科技、中芯国际、澜起科技、日月光、中微半导体等300余家公司将参展。财报方面：游戏驿站（盘后）新股方面：支付科技公司Marqeta上市周四（6月10日）关键词：美国CPI、初请失业金人数；Chewy财报美国劳工部6月3日公布的数据显示，在截至5月29日的一周中，常规的州失业福利计划之下的首次申请失业救济人数减少2万人至38.5万人，这是自新冠疫情以来第一次跌破40万。随着剩余的疫情限制措施放宽，以及更多接种疫苗的美国人希望恢复旅行和社交，劳动力市场继续升温。预计下周四的数据有可能继续小幅下降，显示劳动力市场逐步回归正轨。数据显示，4月美国CPI同比增长4.2%，创2008年9月以来最大同比增幅。剔除食品和能源价格后，核心CPI环比增长0.9%，是1982年4月以来的最大增幅。分析人士认为，受新冠疫情冲击，2020年美国整体物价水平较低，导致今年CPI涨幅出现一定程度夸大，预计通胀水平在今年晚些时候会有所回落。财报方面：Chewy（盘后）周五（6月11日）关键词：IEA月报、密歇根信心指数；G7峰会；BOSS直聘上市密歇根大学消费者信心指数5月终值为82.9，相较5月初值82.8变化不大，但与4月终值88.3相比则是出现大幅下挫。5月调查当中，有创纪录数量的受访消费者表示住房、汽车、家庭耐用品的价格出现上涨。与此同时，担心物价飞涨的美国人数量也创下历史新高。第46届七国集团（G7）峰会将于当日在英国开幕，会议将举行至13日。新股方面：中国最大的在线招聘平台BOSS直聘上市。周六（6月12日）：老虎7周年「OPEN DAY北京场」现场直播！","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115526772,"gmtCreate":1623023873096,"gmtModify":1704194375771,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115526772","repostId":"1127148608","repostType":4,"repost":{"id":"1127148608","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":1623020854,"share":"https://ttm.financial/m/news/1127148608?lang=en_US&edition=fundamental","pubTime":"2021-06-07 07:07","market":"fut","language":"zh","title":"This week's preview: The Federal Reserve enters a period of silence! The G7 summit is imminent.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127148608","media":"老虎资讯综合","summary":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数","content":"<p><b>Abstract:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 Developer Conference opened early Tuesday morning; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>BOSS Zhipin will be listed on the US stock market; WSB Hot Concept Companies<a href=\"https://laohu8.com/S/GME\">Game Station</a>Financial reports will be released >>><b>Keywords for Monday (June 7): China's trade balance; Eurozone Confidence Index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>、Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, China's total foreign trade import and export value reached 11.62 trillion yuan, a year-on-year increase of 28.5%, and foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value reached 3.15 trillion yuan, a year-on-year increase of 26.6%. Exports reached 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports reached 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollar terms, China's total import and export value reached US$484.99 billion in April, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Eurozone investor confidence improved far more than expected in May. The index was 21.0 in May and -13 in April. As the European economy continues to open up, the Eurozone CPI reached 2% in May, the unemployment rate fell to 8% in April, and the confidence index is likely to rise further in June, indicating greater public confidence in the European economy.</p><p>Regarding financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maywell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>US stocks released their earnings reports after the market closed.</p><p><b>Keywords for Tuesday (June 8): US trade balance, API; Apple's WWDC 2021 Developer Conference; Zhangmen Education goes public; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the lead Republican negotiator, which is also the deadline for discussions on the Biden administration’s massive infrastructure bill to make progress. Previously, the White House issued a statement saying that Biden met with Republican chief negotiator Capito on Friday, who proposed increasing the budget of the Republican Party's $928 billion infrastructure plan by about $50 billion, but the two sides ultimately failed to reach an agreement.</p><p>The U.S. Commerce Department announced that the trade deficit in goods and services widened further to $74.4 billion in March, higher than the revised previous value of $70.5 billion and setting a new record. A Commerce Department report shows that U.S. imports rose 6.3% to $274.5 billion in March, a record high, while exports rose 6.6% to $200 billion, the highest in more than a year. In addition, the US-China trade deficit increased by $6.7 billion in March to $36.9 billion, making China the largest trade deficit with the United States to date. U.S. Chief Economist Oren Klachen said that compared to other economies around the world, the U.S. trade deficit is expected to continue to grow this year due to a stronger economic recovery and robust domestic demand.</p><p>Apple's WWDC 2021 developer conference will open at 1:00 AM Beijing time on June 8th, and will be open to more than 30 million Apple developers in 227 regions around the world for free. WWDC 2021 will release iOS 15, macOS 12, and watchOS 8, with iOS 15 and macOS 12 being the most anticipated. AirPods 3 and a new iPad mini may also be released.</p><p>Regarding financial reports:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(Pre-market), UiPath (after-market)</p><p>Regarding new stocks: Zhangmen Education, a K-12 personalized online education platform, will be listed.</p><p><b>Keywords for Wednesday (June 9): China CPI; EIA; 2021 Semiconductor World Congress; Payment technology company Marqeta goes public; Game Station Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the National Bureau of Statistics shows that the Consumer Price Index (CPI) and the Producer Price Index (PPI) continued to diverge in April: the CPI rose 0.9% year-on-year, slightly lower than expected; The PPI rose 6.8% year-on-year, the highest since October 2017, and higher than the median survey estimate of 6.5%. Analysts point out that the inflation trend continues to diverge, with sluggish CPI, while industrial product inflation deserves attention. It is expected that upward pressure will continue to spread to midstream and downstream commodities in the future.</p><p>Last week, U.S. crude oil inventories fell by 5.1 million barrels, compared to an expected decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. \"The significant decline in crude oil inventories is indeed constructive for the overall crude oil market,\" said Brian Kessens, portfolio manager at Tortoise. \"However, the increase in refined oil inventories is disappointing and may be due to increased refinery operating rates ahead of the summer driving peak.\"</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Xinsi Technology</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Tech</a>More than 300 companies, including Sun Moon Solar and AMEC Semiconductor, will participate in the exhibition.</p><p>Regarding financial reports: Game Station (after-hours)</p><p>Regarding new stocks: Payment technology company Marqeta goes public.</p><p><b>Keywords for Thursday (June 10): US CPI, initial jobless claims; Chewy Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefits program decreased by 20,000 to 385,000, marking the first time it has fallen below 400,000 since the COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume travel and socializing. Next Thursday's data is expected to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data shows that the U.S. CPI rose 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, the core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of the COVID-19 pandemic, the overall price level in the United States was low in 2020, which led to a certain exaggeration of the CPI increase this year. Inflation is expected to decline later this year.</p><p>Regarding financial reports: Chewy (after-hours)</p><p><b>Keywords for Friday (June 11): IEA monthly report, Michigan Confidence Index; G7 Summit; BOSS Zhipin goes public</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The University of Michigan Consumer Confidence Index finished at 82.9 in May, little change from the initial reading of 82.8 in May, but a significant drop from the final reading of 88.3 in April. In the May survey, a record number of consumers surveyed reported rising prices for housing, cars, and household durables. At the same time, the number of Americans worried about soaring prices has also reached a record high.</p><p>The 46th G7 summit will open in the UK on the same day and will run until the 13th.</p><p>In terms of new stocks: BOSS Zhipin, China's largest online recruitment platform, went public.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Live broadcast of Tiger's 7th anniversary \"OPEN DAY Beijing\"!</b></a><b></b></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>This week's preview: The Federal Reserve enters a period of silence! The G7 summit is imminent.</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\">\nThis week's preview: The Federal Reserve enters a period of silence! The G7 summit is imminent.\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\">2021-06-07 07:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Abstract:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 Developer Conference opened early Tuesday morning; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Zhangmen Education</a>BOSS Zhipin will be listed on the US stock market; WSB Hot Concept Companies<a href=\"https://laohu8.com/S/GME\">Game Station</a>Financial reports will be released >>><b>Keywords for Monday (June 7): China's trade balance; Eurozone Confidence Index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>、Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, China's total foreign trade import and export value reached 11.62 trillion yuan, a year-on-year increase of 28.5%, and foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value reached 3.15 trillion yuan, a year-on-year increase of 26.6%. Exports reached 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports reached 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollar terms, China's total import and export value reached US$484.99 billion in April, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Eurozone investor confidence improved far more than expected in May. The index was 21.0 in May and -13 in April. As the European economy continues to open up, the Eurozone CPI reached 2% in May, the unemployment rate fell to 8% in April, and the confidence index is likely to rise further in June, indicating greater public confidence in the European economy.</p><p>Regarding financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maywell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>US stocks released their earnings reports after the market closed.</p><p><b>Keywords for Tuesday (June 8): US trade balance, API; Apple's WWDC 2021 Developer Conference; Zhangmen Education goes public; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the lead Republican negotiator, which is also the deadline for discussions on the Biden administration’s massive infrastructure bill to make progress. Previously, the White House issued a statement saying that Biden met with Republican chief negotiator Capito on Friday, who proposed increasing the budget of the Republican Party's $928 billion infrastructure plan by about $50 billion, but the two sides ultimately failed to reach an agreement.</p><p>The U.S. Commerce Department announced that the trade deficit in goods and services widened further to $74.4 billion in March, higher than the revised previous value of $70.5 billion and setting a new record. A Commerce Department report shows that U.S. imports rose 6.3% to $274.5 billion in March, a record high, while exports rose 6.6% to $200 billion, the highest in more than a year. In addition, the US-China trade deficit increased by $6.7 billion in March to $36.9 billion, making China the largest trade deficit with the United States to date. U.S. Chief Economist Oren Klachen said that compared to other economies around the world, the U.S. trade deficit is expected to continue to grow this year due to a stronger economic recovery and robust domestic demand.</p><p>Apple's WWDC 2021 developer conference will open at 1:00 AM Beijing time on June 8th, and will be open to more than 30 million Apple developers in 227 regions around the world for free. WWDC 2021 will release iOS 15, macOS 12, and watchOS 8, with iOS 15 and macOS 12 being the most anticipated. AirPods 3 and a new iPad mini may also be released.</p><p>Regarding financial reports:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(Pre-market), UiPath (after-market)</p><p>Regarding new stocks: Zhangmen Education, a K-12 personalized online education platform, will be listed.</p><p><b>Keywords for Wednesday (June 9): China CPI; EIA; 2021 Semiconductor World Congress; Payment technology company Marqeta goes public; Game Station Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the National Bureau of Statistics shows that the Consumer Price Index (CPI) and the Producer Price Index (PPI) continued to diverge in April: the CPI rose 0.9% year-on-year, slightly lower than expected; The PPI rose 6.8% year-on-year, the highest since October 2017, and higher than the median survey estimate of 6.5%. Analysts point out that the inflation trend continues to diverge, with sluggish CPI, while industrial product inflation deserves attention. It is expected that upward pressure will continue to spread to midstream and downstream commodities in the future.</p><p>Last week, U.S. crude oil inventories fell by 5.1 million barrels, compared to an expected decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. \"The significant decline in crude oil inventories is indeed constructive for the overall crude oil market,\" said Brian Kessens, portfolio manager at Tortoise. \"However, the increase in refined oil inventories is disappointing and may be due to increased refinery operating rates ahead of the summer driving peak.\"</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Xinsi Technology</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Tech</a>More than 300 companies, including Sun Moon Solar and AMEC Semiconductor, will participate in the exhibition.</p><p>Regarding financial reports: Game Station (after-hours)</p><p>Regarding new stocks: Payment technology company Marqeta goes public.</p><p><b>Keywords for Thursday (June 10): US CPI, initial jobless claims; Chewy Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefits program decreased by 20,000 to 385,000, marking the first time it has fallen below 400,000 since the COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume travel and socializing. Next Thursday's data is expected to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data shows that the U.S. CPI rose 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, the core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of the COVID-19 pandemic, the overall price level in the United States was low in 2020, which led to a certain exaggeration of the CPI increase this year. Inflation is expected to decline later this year.</p><p>Regarding financial reports: Chewy (after-hours)</p><p><b>Keywords for Friday (June 11): IEA monthly report, Michigan Confidence Index; G7 Summit; BOSS Zhipin goes public</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The University of Michigan Consumer Confidence Index finished at 82.9 in May, little change from the initial reading of 82.8 in May, but a significant drop from the final reading of 88.3 in April. In the May survey, a record number of consumers surveyed reported rising prices for housing, cars, and household durables. At the same time, the number of Americans worried about soaring prices has also reached a record high.</p><p>The 46th G7 summit will open in the UK on the same day and will run until the 13th.</p><p>In terms of new stocks: BOSS Zhipin, China's largest online recruitment platform, went public.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Live broadcast of Tiger's 7th anniversary \"OPEN DAY Beijing\"!</b></a><b></b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127148608","content_text":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数；达达集团、Coupa Software等财报海关总署对外公布，今年前4个月中国国外贸进出口总值11.62万亿元，同比增长28.5％，外贸进出口继续保持向好势头。4月份当月，中国进出口总值3.15万亿元，同比增长26.6％。其中出口1.71万亿元，同比增长22.2％；进口1.44万亿元，同比增长32.2％。按美元计价，4月中国进出口总值4849.9亿美元，同比增长37%，4月中国出口同比增长32.3%，进口同比增长43.1%。5月份欧元区投资者信心的改善远远超出预期。该指数5月份为21.0，4月份为-13。随着欧洲经济继续开放，欧元区5月CPI已经达到2%，4月失业率降至8%，6月信心指数有可能进一步提升，显示民众对欧洲经济更加有信心。财报方面：达达集团、Stitch Fix、迈威尔科技、Coupa Software Inc.美股盘后公布财报。周二（6月8日）关键词：美国贸易帐、API；苹果WWDC2021开发者大会；掌门教育上市；陌陌、UiPath财报周一，拜登将再次与共和党主要谈判代表卡皮托会面，也是拜登政府的大规模基建法案讨论取得进展的最后期限。此前，白宫发布声明称，拜登周五与共和党主要谈判代表卡皮托会面，卡皮托提议将共和党9280亿元的基建计划增加约500亿元的预算，但最终双方并没有谈拢。美国商务部公布3月商品和服务贸易逆差进一步扩大至744亿美元，高于修订后前值705亿美元，再创历史新高。商务部报告显示，美国3月进口额增长6.3%，至2745亿美元，创下历史新高，出口额增长6.6%，至2000亿美元，也创逾一年最高。另外，美中贸易逆差在3月增加67亿美元，至369亿美元，中国迄今仍为美国最大贸易逆差国。美国首席经济学家Oren Klachen表示，相较于全球其他经济体，美国因经济复苏力道更强，国内需求维持强劲，预计今年贸易逆差将持续成长。苹果公司WWDC2021开发者大会将会在北京时间6月8日凌晨1点开幕，届时其将免费向全世界227个地区的超过3000万名苹果开发者开放。WWDC2021将发布iOS 15、macOS12、watchOS 8，其中iOS 15和macOS 12最令人期待，也可能发布AirPods 3和新款iPad mini。财报方面：陌陌（盘前）、UiPath（盘后）新股方面：K12个性化在线教育平台掌门教育将上市。周三（6月9日）关键词：中国CPI；EIA；2021世界半导体大会；支付科技公司Marqeta上市；游戏驿站财报国家统计局公布数据显示，4月居民消费价格指数(CPI)和工业生产者出厂价格指数(PPI)继续分化：CPI同比上涨0.9%，略低于预期；PPI则同比上涨6.8%，为2017年10月以来最高，高于调查预估中值6.5%。分析人士指出，通胀态势继续分化，CPI低迷，而工业品通胀值得关注，预计上涨压力未来还会向中下游商品继续扩散。上周美国原油库存减少510万桶，预期为减少240万桶，但汽油库存增加150万桶创出4月初以来最大增幅，精炼油库存增加370万桶。Tortoise的投资组合经理Brian Kessens表示：“原油库存大幅下降对整个原油市场确实具有建设性。然而，成品油库存增加令人失望，可能是夏季驾车高峰期来临之前炼油厂开工率增加所致”。6月9日至11日将在南京举办的2021世界半导体大会，台积电、新思科技、中芯国际、澜起科技、日月光、中微半导体等300余家公司将参展。财报方面：游戏驿站（盘后）新股方面：支付科技公司Marqeta上市周四（6月10日）关键词：美国CPI、初请失业金人数；Chewy财报美国劳工部6月3日公布的数据显示，在截至5月29日的一周中，常规的州失业福利计划之下的首次申请失业救济人数减少2万人至38.5万人，这是自新冠疫情以来第一次跌破40万。随着剩余的疫情限制措施放宽，以及更多接种疫苗的美国人希望恢复旅行和社交，劳动力市场继续升温。预计下周四的数据有可能继续小幅下降，显示劳动力市场逐步回归正轨。数据显示，4月美国CPI同比增长4.2%，创2008年9月以来最大同比增幅。剔除食品和能源价格后，核心CPI环比增长0.9%，是1982年4月以来的最大增幅。分析人士认为，受新冠疫情冲击，2020年美国整体物价水平较低，导致今年CPI涨幅出现一定程度夸大，预计通胀水平在今年晚些时候会有所回落。财报方面：Chewy（盘后）周五（6月11日）关键词：IEA月报、密歇根信心指数；G7峰会；BOSS直聘上市密歇根大学消费者信心指数5月终值为82.9，相较5月初值82.8变化不大，但与4月终值88.3相比则是出现大幅下挫。5月调查当中，有创纪录数量的受访消费者表示住房、汽车、家庭耐用品的价格出现上涨。与此同时，担心物价飞涨的美国人数量也创下历史新高。第46届七国集团（G7）峰会将于当日在英国开幕，会议将举行至13日。新股方面：中国最大的在线招聘平台BOSS直聘上市。周六（6月12日）：老虎7周年「OPEN DAY北京场」现场直播！","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116211706,"gmtCreate":1622803052105,"gmtModify":1704191476449,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Oooo","listText":"Oooo","text":"Oooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116211706","repostId":"2140408354","repostType":4,"repost":{"id":"2140408354","kind":"highlight","pubTimestamp":1622801674,"share":"https://ttm.financial/m/news/2140408354?lang=en_US&edition=fundamental","pubTime":"2021-06-04 18:14","market":"hk","language":"zh","title":"With soaring debt and a speculative frenzy unfolding, is 2021 a dangerous year?","url":"https://stock-news.laohu8.com/highlight/detail?id=2140408354","media":"腾讯美股","summary":"在新局面下，金融市场完全可能面对腹背受敌的局面。","content":"<p>Data from the Institute for International Finance (IIF) shows that in 2020, the Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England together injected a total of $7.8 trillion in new money into the economic system through quantitative easing operations. At the same time, the ratio of total debt to GDP in the world's 61 largest economies also increased from 88% in 2019 to 105%, with a total of $12 trillion in new debt. Needless to say, these are all closely related to the policies implemented in response to the pandemic.</p><p>With the economy still hampered by the pandemic and unable to respond substantially to stimulus, a large portion of these injected funds flowed into the financial markets, triggering a massive speculative frenzy.</p><p>Now, vaccines are being rolled out more and more widely in major economies, and funds are gradually flowing into the real economy. This has highlighted the risks of overheated economic growth and high inflation. Under these circumstances, central banks may be forced to consider reducing the intensity of easing policies during the pandemic era to some extent.</p><p><b><u>This means that under the new circumstances, the financial market may very well face a situation of being attacked from both sides. On the one hand, existing funds in the market will flow from speculation to the real economy, while on the other hand, the flood of money supply will recede. This means that 2021 is destined to be a dangerous year for the financial market.</u></b></p><p><img src=\"https://static.tigerbbs.com/64fdfdadbac865daf95053860ed6e956\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>The truth is that many governments have made huge mistakes in dealing with the severe economic impact of the pandemic. The biggest economic problem under the pandemic is that the normal cycle of consumption and production has been short-circuited, and no matter how strong the stimulus is, it cannot solve this problem. Conversely, the only result of strong monetary and fiscal stimulus can only be to raise the water level in financial markets.</p><p>With the rollout of vaccines and the economy returning to normal, stimulus measures that should not have been introduced in the first place can only greatly increase the risk of an overheated economy and a sharp rise in inflation. The first and most obvious sign that capital began to flow out of the financial markets was the overheating of the real estate market. Now, this problem has affected the United States, the United Kingdom, and many major economies.</p><p>Unlike pure financial inflation, the path from real estate inflation to consumer price inflation is much shorter. Real estate inflation directly affects housing and production costs in the real economy.</p><p>Due to inflationary pressures in both residential real estate and commodities, it currently appears that consumer inflation is very likely to reach close to 10% in 2021.</p><p>In this context, government debt is expected to increase by another $10 trillion in 2021, which will only further exacerbate inflationary pressures.</p><p>Even now, central banks still seem unwilling to scale back unnecessary pandemic-era quantitative easing operations to cool inflation; they rarely even discuss the topic. However, as the risk of inflation becomes increasingly apparent and financial markets begin to panic, central bankers will have to start tapering.</p><p>However, the truth is that even if they start now, it will probably be too late to prevent a financial crisis. We are currently in the golden age of financial fraud. Warren Buffett once said that only after the tide goes out can we discover who is actually swimming naked, and when that moment comes, the global financial market may truly become a nudist bathhouse.</p><p>History tells us that financial crises occur repeatedly precisely because financial institutions fail to learn from their past mistakes. They will always be dominated by greed. The recent margin call at Archegos Capital Management has attracted so much attention because many people have begun to question whether those large financial institutions are really as reliable as they seem.</p><p>The report states that in a thriving market, Archegos suffered a staggering $20 billion in losses, while the banks working for the family office also lost more than $10 billion. It seems that these big banks have once again forgotten that their wings are glued together with wax and are flying too close to the sun.</p><p>The total debt of the global financial sector has now surpassed that of 2007, the eve of the last global financial crisis, increasing by a whopping $4 trillion last year alone. Needless to say, a large part of this comes from the leverage that big banks provide to speculators.</p><p>Recently, Bitcoin prices plummeted amidst sharp fluctuations, directly impacting global stock prices. This fully demonstrates that, due to the dramatic popularization of Bitcoin, this frenzied fringe asset has become a very important part of the overall financial system. Not long ago, the total market capitalization of Bitcoin exceeded $1 trillion.</p><p>Special purpose acquisition companies (SPACs), in essence, are a tool for malicious companies to bypass the strict regulations of IPOs and go public indirectly, and their total market capitalization is approaching $1 trillion. Also, an electric vehicle company that isn't actually that big and makes almost no money.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is also almost within reach of a market capitalization of $1 trillion.</p><p>The latest trick to get something for nothing is the so-called non-homogenized tokens (NFTs). These assets actually have no substantial content, only a seemingly glamorous description - \"unique\".</p><p>NFTs have opened a door for people to create unlimited financial value, provided that central banks continue to frantically inject liquidity into the pool. It is against this backdrop that people have witnessed the \"democratization\" of the financial bubble, the almost ubiquitous chaos, and the terrifying reality of the highly unstable financial system.</p><p>It's already hard to imagine that something will appear out of nowhere at any time and suck considerable funds out of the market, such as digital versions of Cristiano Ronaldo socks and sneakers.</p><p><b><u>Trillions of dollars were continuously poured into the financial system, and the money supply increased dramatically. Needless to say, the potential demand for funds from speculation is enormous, and the growth is astonishing. But can central banks really keep playing this crazy game forever?</u></b></p><p>According to data from the Institute of Global Finance, the total global debt was $142 trillion in 2007, following the global financial crisis. By 2020, this figure had reached $281 trillion, equivalent to 355% of the world's GDP that year. This high dependence on debt can be justified by the low-interest-rate environment, where people can easily borrow more new debt to repay old debt.</p><p>With global economic growth lackluster and the money supply continuing to increase, it is only natural that the prices of those strange things, from \"story stocks\" favored by retail investors to virtual currencies and NFTs, have skyrocketed. The foundation of soaring debt is the value of speculative trades, whose real value is almost zero. How many of these terrible debts will collapse overnight when the whole party is over?</p><p>From any perspective, 2021 is destined to be a turning point. Rising inflationary pressures are making it increasingly difficult for central bankers to provide more liquidity. Even if they do not taper their easing, the real economy will need more and more funds, while at the same time, the demand for funds for speculative assets is unlimited. Now the party was past midnight, waiting for the inevitable bang.</p>","source":"txmg","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>With soaring debt and a speculative frenzy unfolding, is 2021 a dangerous year?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith soaring debt and a speculative frenzy unfolding, is 2021 a dangerous year?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-06-04 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Data from the Institute for International Finance (IIF) shows that in 2020, the Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England together injected a total of $7.8 trillion in new money into the economic system through quantitative easing operations. At the same time, the ratio of total debt to GDP in the world's 61 largest economies also increased from 88% in 2019 to 105%, with a total of $12 trillion in new debt. Needless to say, these are all closely related to the policies implemented in response to the pandemic.</p><p>With the economy still hampered by the pandemic and unable to respond substantially to stimulus, a large portion of these injected funds flowed into the financial markets, triggering a massive speculative frenzy.</p><p>Now, vaccines are being rolled out more and more widely in major economies, and funds are gradually flowing into the real economy. This has highlighted the risks of overheated economic growth and high inflation. Under these circumstances, central banks may be forced to consider reducing the intensity of easing policies during the pandemic era to some extent.</p><p><b><u>This means that under the new circumstances, the financial market may very well face a situation of being attacked from both sides. On the one hand, existing funds in the market will flow from speculation to the real economy, while on the other hand, the flood of money supply will recede. This means that 2021 is destined to be a dangerous year for the financial market.</u></b></p><p><img src=\"https://static.tigerbbs.com/64fdfdadbac865daf95053860ed6e956\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>The truth is that many governments have made huge mistakes in dealing with the severe economic impact of the pandemic. The biggest economic problem under the pandemic is that the normal cycle of consumption and production has been short-circuited, and no matter how strong the stimulus is, it cannot solve this problem. Conversely, the only result of strong monetary and fiscal stimulus can only be to raise the water level in financial markets.</p><p>With the rollout of vaccines and the economy returning to normal, stimulus measures that should not have been introduced in the first place can only greatly increase the risk of an overheated economy and a sharp rise in inflation. The first and most obvious sign that capital began to flow out of the financial markets was the overheating of the real estate market. Now, this problem has affected the United States, the United Kingdom, and many major economies.</p><p>Unlike pure financial inflation, the path from real estate inflation to consumer price inflation is much shorter. Real estate inflation directly affects housing and production costs in the real economy.</p><p>Due to inflationary pressures in both residential real estate and commodities, it currently appears that consumer inflation is very likely to reach close to 10% in 2021.</p><p>In this context, government debt is expected to increase by another $10 trillion in 2021, which will only further exacerbate inflationary pressures.</p><p>Even now, central banks still seem unwilling to scale back unnecessary pandemic-era quantitative easing operations to cool inflation; they rarely even discuss the topic. However, as the risk of inflation becomes increasingly apparent and financial markets begin to panic, central bankers will have to start tapering.</p><p>However, the truth is that even if they start now, it will probably be too late to prevent a financial crisis. We are currently in the golden age of financial fraud. Warren Buffett once said that only after the tide goes out can we discover who is actually swimming naked, and when that moment comes, the global financial market may truly become a nudist bathhouse.</p><p>History tells us that financial crises occur repeatedly precisely because financial institutions fail to learn from their past mistakes. They will always be dominated by greed. The recent margin call at Archegos Capital Management has attracted so much attention because many people have begun to question whether those large financial institutions are really as reliable as they seem.</p><p>The report states that in a thriving market, Archegos suffered a staggering $20 billion in losses, while the banks working for the family office also lost more than $10 billion. It seems that these big banks have once again forgotten that their wings are glued together with wax and are flying too close to the sun.</p><p>The total debt of the global financial sector has now surpassed that of 2007, the eve of the last global financial crisis, increasing by a whopping $4 trillion last year alone. Needless to say, a large part of this comes from the leverage that big banks provide to speculators.</p><p>Recently, Bitcoin prices plummeted amidst sharp fluctuations, directly impacting global stock prices. This fully demonstrates that, due to the dramatic popularization of Bitcoin, this frenzied fringe asset has become a very important part of the overall financial system. Not long ago, the total market capitalization of Bitcoin exceeded $1 trillion.</p><p>Special purpose acquisition companies (SPACs), in essence, are a tool for malicious companies to bypass the strict regulations of IPOs and go public indirectly, and their total market capitalization is approaching $1 trillion. Also, an electric vehicle company that isn't actually that big and makes almost no money.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is also almost within reach of a market capitalization of $1 trillion.</p><p>The latest trick to get something for nothing is the so-called non-homogenized tokens (NFTs). These assets actually have no substantial content, only a seemingly glamorous description - \"unique\".</p><p>NFTs have opened a door for people to create unlimited financial value, provided that central banks continue to frantically inject liquidity into the pool. It is against this backdrop that people have witnessed the \"democratization\" of the financial bubble, the almost ubiquitous chaos, and the terrifying reality of the highly unstable financial system.</p><p>It's already hard to imagine that something will appear out of nowhere at any time and suck considerable funds out of the market, such as digital versions of Cristiano Ronaldo socks and sneakers.</p><p><b><u>Trillions of dollars were continuously poured into the financial system, and the money supply increased dramatically. Needless to say, the potential demand for funds from speculation is enormous, and the growth is astonishing. But can central banks really keep playing this crazy game forever?</u></b></p><p>According to data from the Institute of Global Finance, the total global debt was $142 trillion in 2007, following the global financial crisis. By 2020, this figure had reached $281 trillion, equivalent to 355% of the world's GDP that year. This high dependence on debt can be justified by the low-interest-rate environment, where people can easily borrow more new debt to repay old debt.</p><p>With global economic growth lackluster and the money supply continuing to increase, it is only natural that the prices of those strange things, from \"story stocks\" favored by retail investors to virtual currencies and NFTs, have skyrocketed. The foundation of soaring debt is the value of speculative trades, whose real value is almost zero. How many of these terrible debts will collapse overnight when the whole party is over?</p><p>From any perspective, 2021 is destined to be a turning point. Rising inflationary pressures are making it increasingly difficult for central bankers to provide more liquidity. Even if they do not taper their easing, the real economy will need more and more funds, while at the same time, the demand for funds for speculative assets is unlimited. Now the party was past midnight, waiting for the inevitable bang.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/bGa8UbnZWmpNLn856RS6Fw\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ec3d0dd1f01bca738ed37472f7e72a","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://mp.weixin.qq.com/s/bGa8UbnZWmpNLn856RS6Fw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140408354","content_text":"国际金融协会（Institute for International Finance，IIF）的数据显示，2020年当中，美联储、欧洲央行、日本央行和英国央行合计起来，总计通过量化宽松操作向经济系统新投放了7.8万亿美元的货币。与此同时，全球最主要的61个经济体，其总债务对国内生产总值的比率也从2019年的88%提升到了105%，新增债务总计12万亿美元。不必说，这些都和应对疫情的政策有着密切的关系。由于经济依然受困于疫情，难以对刺激做出实质性的回应，这些被注入的资金，很大一部分都流向了金融市场，由此引发了一场宏大的投机狂热。现在，主要经济体当中，疫苗都在日益广泛地铺开，资金便也随之逐渐流入到现实经济当中，由此又使得经济增长过热和通货膨胀高企的风险凸显出来，在这种情况下，央行们或许将被迫考虑对疫情时代的宽松政策力度进行一定程度的缩减。这也就意味着，在新局面下，金融市场完全可能面对腹背受敌的局面，即一方面，市场内既有的资金从投机流向现实经济，而另外一方面，货币供应的洪水将会退潮，这就意味着，金融市场的2021年注定将是危险之年。事实就是，在处理疫情造成的严重经济影响的时候，许多政府都犯下了巨大的错误。疫情之下，最大的经济麻烦就在于，正常的消费和生产循环宣告短路，而刺激无论力度多大，其实都无法解决这个问题。相反，大力度的货币和财政刺激，唯一的结果只能是推高金融市场的水位。伴随疫苗铺开让，经济重新回归常态，那些最开始就不该投放的刺激，只能使得经济过热和通货膨胀猛烈抬升的风险大增。资金开始流出金融市场，第一个最明显的迹象，就是房地产市场开始过热，现在，这种问题已经影响到了美国、英国和许多主要经济体。与纯粹的金融通胀不同，房地产通胀通向消费者价格通胀的路径要短得多。房地产通胀会直接影响到现实经济当中的居住和生产成本。由于住宅房地产和大宗商品这两方面的通货膨胀压力，目前看上去，2021年的消费者通货通胀率完全有可能达到接近10%的水平。在这种情况下，各国政府的债务2021年预计还将再增加10万亿美元，而这只能进一步加大通货膨胀压力。到了现在，各大央行看上去依然不愿意缩减不必要的疫情时代量化宽松操作力度，来给通货膨胀降温，他们甚至连谈论这个话题都极少。可是，伴随通货膨胀风险日益明晰，金融市场逐渐开始感到恐慌，央行银行家们将不得不着手缩减了。然而，事实就是，哪怕他们现在开始着手，恐怕也为时已晚，无法阻止一场金融危机的发生了。当下已经是金融欺诈的黄金时代。巴菲特曾经说过，只有潮水退去之后，才能发现到底是谁在裸泳，而真的到了那个时刻，全球金融市场真的可能变成一处天体浴场。历史告诉世人，金融危机之所以会一再发生，正是因为金融机构无法从自身过去的错误中学习的缘故。他们总是会被贪婪支配。不久前发生的Archegos Capital Management爆仓事件之所以会引起那么广泛的关注，正是因为许多人因此而开始质疑，那些大金融机构到底是不是真的有看上去那么靠谱。报道称，在一个欣欣向荣的市场上，Archegos的损失规模居然达到了200亿美元之巨，而为这家家族办公室工作的银行，也损失了超过100亿美元。看来，这些大银行又忘记了自己的翅膀是用蜡粘接的，再次飞到了距离太阳过近的高空。现在，全球金融部门的债务总规模已经超过了2007年，即上一次全球金融危机前夜的水平，单单去年一年，就增加了4万亿美元之巨。不必说，这里很大一部分都是来自大银行提供给投机者的杠杆。最近，比特币价格在剧烈震荡当中暴跌，对全球股票价格形成了直接冲击。这充分说明，由于比特币戏剧性的大普及，这种疯狂的边缘资产已经成为整体金融系统当中非常重要的一个部分。不久前，比特币的总盘子已经超过了1万亿美元。所谓特殊目的收购公司（SPAC），就其本质而言，其实就是一种居心叵测的企业绕开IPO的严格监管、曲线上市的工具，而其总盘子也迫近1万亿美元。还有，一家实质上并不算大，而且几乎没有赚钱的电动汽车公司特斯拉，也几乎距离1万亿美元市值近在咫尺。最新的空手套白狼把戏，则是所谓非同质化代币（NFT），这种资产其实没有任何实质性的内容，只有一个看似华丽的形容——“独一无二”。NFT开启了一扇大门，让人们可以无限量地创造金融价值，当然一切的大前提是，各家央行还在持续向流动性池子当中疯狂注水。正是这种大背景下，人们才看到了金融泡沫“民主化”，几乎无处不在的乱象，看到了金融系统高度不稳定的可怕现实。人们已经难以想象，不知道何时何日，不知道什么东西又会从奇怪的地方冒出来，从市场上吸走可观的资金，比如，C罗的袜子和球鞋的数字版本。数以万亿计的资金不断投放到金融系统当中，货币供应疯狂增加。不必说，投机对资金的潜在需求是巨大的，增长是惊人的，但是，各国央行们真的能够将这个疯狂游戏一直玩下去吗？根据全球金融协会的数据，全球债务总规模2007年时是142万亿美元，之后就爆发了全球金融危机，而2020年时，这一数字已经达到了281万亿美元，相当于全球当年国内生产总值的355%。人们对债务的这种高度依赖之所以能够成立，低利率环境“居功至伟”，因为在这种情况下，大家都可以很容易地更多借新债去偿还旧债。在全球经济增长乏善可陈的情况下，货币供应持续增加，那些奇奇怪怪的东西，从散户钟爱的“故事股票”到虚拟货币，再到NFT，其价格暴涨其实是再合理不过的结果。支撑着高耸的债台的基础，就是那些投机交易的价值，而这些交易的真实价值几乎为零。等到整个派对曲终人散，这些可怕的债务将有多少一夜间崩塌？无论从哪个角度来说，2021年注定将是个转折点式的年头。通货膨胀压力日增，使得央行银行家们变得越来越难以提供更多流动性，哪怕他们不缩减宽松的力度，真实经济也会需要越来越多的资金，而与此同时，投机资产的资金需求也是无限的。现在，派对已经过了午夜，正等待着必然要到来的轰然巨响。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":340850810,"gmtCreate":1617375728230,"gmtModify":1704699303563,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/RKT\">$Rocket Companies(RKT)$</a>?","listText":"<a href=\"https://laohu8.com/S/RKT\">$Rocket Companies(RKT)$</a>?","text":"$Rocket Companies(RKT)$?","images":[{"img":"https://static.tigerbbs.com/1173d7cafc438438d392870084e257f8","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/340850810","isVote":1,"tweetType":1,"viewCount":1626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":109069254,"gmtCreate":1619655126678,"gmtModify":1704727399473,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/109069254","repostId":"2131306540","repostType":4,"repost":{"id":"2131306540","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":1619654081,"share":"https://ttm.financial/m/news/2131306540?lang=en_US&edition=fundamental","pubTime":"2021-04-29 07:54","market":"hk","language":"zh","title":"Ford Motor Company's Q1 revenue increased by 6% year-over-year, but chip shortages will lead to reduced production.","url":"https://stock-news.laohu8.com/highlight/detail?id=2131306540","media":"老虎资讯综合","summary":"一季度，福特汽车市场份额为5.3%,上年同期为6.0%。福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。","content":"<p>After the market closed on April 28, Eastern Time,<a href=\"https://laohu8.com/S/F\">Ford Motor</a>The company announced its financial results for the first quarter of 2021. Data shows that the company's Q1 revenue was $36.228 billion, compared to $34.32 billion in the same period last year, representing a year-on-year increase of 6%. Net profit was $3.262 billion, compared to a net loss of $1.993 billion in the same period last year; The net profit margin was 9.0%, compared to a net loss margin of 5.8% in the same period last year; Diluted earnings per share were $0.81, compared to a loss of $0.50 in the same period last year.<img src=\"https://static.tigerbbs.com/e1c8718336d2c4c4c81aeb91c0d43876\" tg-width=\"754\" tg-height=\"788\" referrerpolicy=\"no-referrer\">By business segment, the company's automotive business revenue was $33.554 billion, compared to $31.342 billion in the same period last year; Ford's credit business revenue was $2.663 billion, compared to $2.967 billion in the same period last year; Revenue from the mobility business was $11 million, flat year-over-year.</p><p>Cash flow from operating activities was $4.5 billion, compared to a negative $500 million in the same period last year.</p><p>In the first quarter, Ford's market share was 5.3%, compared to 6.0% in the same period last year. wholesale units were 1.062 million, a year-on-year decrease of 6%; Among them, the wholesale units in the Chinese market reached 150,000, an increase of 85% year-on-year.</p><p>In its earnings report, Ford CFO John Lawler mentioned that the fire at Renesas Electronics in March exacerbated the semiconductor chip supply situation. The company believes that Renesas' chip flow problems are expected to begin to recover in the second quarter and improve for the remainder of the year.</p><p>In addition, the company stated that it will establish a global battery center named FordIonPark to accelerate the research and development of batteries and battery technologies, including future battery manufacturing.</p><p>Looking ahead, Lawler stated that due to chip shortages and the impact of the Renesas Electronics fire, planned production is expected to decrease by approximately 50% in the second quarter and by 10% in the second half of 2021. Production this year will decrease by approximately 1.1 million vehicles; Adjusted EBIT for the full year of 2021 is expected to be between $5.5 billion and $6.5 billion, including approximately $2.5 billion in headwinds from chip issues. Adjusted free cash flow is projected to be between $500 million and $1.5 billion.</p><p>Following the release of the financial report, the stock fell 3.22% to $12.03 in after-hours trading as of press time.<img src=\"https://static.tigerbbs.com/e70f966542ace3d4e1b77d43cb43fdec\" tg-width=\"691\" tg-height=\"527\" 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>Ford Motor Company's Q1 revenue increased by 6% year-over-year, but chip shortages will lead to reduced production.</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\">\nFord Motor Company's Q1 revenue increased by 6% year-over-year, but chip shortages will lead to reduced production.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-29 07:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the market closed on April 28, Eastern Time,<a href=\"https://laohu8.com/S/F\">Ford Motor</a>The company announced its financial results for the first quarter of 2021. Data shows that the company's Q1 revenue was $36.228 billion, compared to $34.32 billion in the same period last year, representing a year-on-year increase of 6%. Net profit was $3.262 billion, compared to a net loss of $1.993 billion in the same period last year; The net profit margin was 9.0%, compared to a net loss margin of 5.8% in the same period last year; Diluted earnings per share were $0.81, compared to a loss of $0.50 in the same period last year.<img src=\"https://static.tigerbbs.com/e1c8718336d2c4c4c81aeb91c0d43876\" tg-width=\"754\" tg-height=\"788\" referrerpolicy=\"no-referrer\">By business segment, the company's automotive business revenue was $33.554 billion, compared to $31.342 billion in the same period last year; Ford's credit business revenue was $2.663 billion, compared to $2.967 billion in the same period last year; Revenue from the mobility business was $11 million, flat year-over-year.</p><p>Cash flow from operating activities was $4.5 billion, compared to a negative $500 million in the same period last year.</p><p>In the first quarter, Ford's market share was 5.3%, compared to 6.0% in the same period last year. wholesale units were 1.062 million, a year-on-year decrease of 6%; Among them, the wholesale units in the Chinese market reached 150,000, an increase of 85% year-on-year.</p><p>In its earnings report, Ford CFO John Lawler mentioned that the fire at Renesas Electronics in March exacerbated the semiconductor chip supply situation. The company believes that Renesas' chip flow problems are expected to begin to recover in the second quarter and improve for the remainder of the year.</p><p>In addition, the company stated that it will establish a global battery center named FordIonPark to accelerate the research and development of batteries and battery technologies, including future battery manufacturing.</p><p>Looking ahead, Lawler stated that due to chip shortages and the impact of the Renesas Electronics fire, planned production is expected to decrease by approximately 50% in the second quarter and by 10% in the second half of 2021. Production this year will decrease by approximately 1.1 million vehicles; Adjusted EBIT for the full year of 2021 is expected to be between $5.5 billion and $6.5 billion, including approximately $2.5 billion in headwinds from chip issues. Adjusted free cash flow is projected to be between $500 million and $1.5 billion.</p><p>Following the release of the financial report, the stock fell 3.22% to $12.03 in after-hours trading as of press time.<img src=\"https://static.tigerbbs.com/e70f966542ace3d4e1b77d43cb43fdec\" tg-width=\"691\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5e8aba7de194dc92d26747c1cfec057","relate_stocks":{"159813":"芯片","F":"福特汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131306540","content_text":"美东时间4月28日盘后，福特汽车公布了2021年第一季度财务业绩。数据显示，该公司Q1营收362.28亿美元，上年同期为343.20亿美元，同比增长6%；净利润32.62亿美元，上年同期净亏损19.93亿美元；净利润率为9.0%，上年同期净亏损率5.8%；摊薄后每股收益为0.81美元，上年同期亏损0.50美元。按业务划分，该公司汽车业务营收为335.54亿美元，上年同期为313.42亿美元；福特信贷业务营收为26.63亿美元，上年同期为29.67亿美元；移动出行业务营收为1100万美元，同比持平。经营活动产生的现金流为45亿美元，上年同期为负5亿美元。一季度，福特汽车市场份额为5.3%,上年同期为6.0%。批发单位(wholesale units)为106.2万，同比下降6%；其中，中国市场批发单位为15万，同比增长85%。福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。另外，该公司还表示，将成立一个命名为FordIonPark的全球电池中心，以加快电池和电池技术的研发，包括未来的电池制造。展望未来，Lawler表示，由于芯片短缺，以及瑞萨电子火灾事件的影响，预计第二季度计划产量将减少约50%，2021年下半年计划产量将减少10%；今年的产量将减少约110万辆；2021全年调整后EBIT将在55-65亿美元之间，其中包括芯片问题带来的约25亿美元的不利因素，预计调整后自由现金流为5-15亿美元。财报公布后，截至发稿，该股盘后跌3.22%，报12.03美元。","news_type":1,"symbols_score_info":{"159813":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184293999,"gmtCreate":1623714967111,"gmtModify":1704209210573,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omb","listText":"Omb","text":"Omb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184293999","repostId":"1132976562","repostType":4,"isVote":1,"tweetType":1,"viewCount":2357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106941316,"gmtCreate":1620086095335,"gmtModify":1704338327568,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/106941316","repostId":"2132308515","repostType":4,"repost":{"id":"2132308515","kind":"highlight","pubTimestamp":1620077099,"share":"https://ttm.financial/m/news/2132308515?lang=en_US&edition=fundamental","pubTime":"2021-05-04 05:24","market":"fut","language":"zh","title":"Foreign media headlines: Robinhood hits back at Buffett, you're not the only investment prophet.","url":"https://stock-news.laohu8.com/highlight/detail?id=2132308515","media":"新浪财经","summary":"　　由于持续的供应链问题和材料短缺导致生产受限和订单积压，美国制造业增长势头在4月出现降温。读数高于50表明制造业活动仍处于扩张期。ISM数据显示，工厂及其客户减少了库存以满足旺盛需求。　　由于产能限制，ISM生产指标降至三个月低点62.5。　　工厂库存指标创下8月以来最快下降，客户库存指数跌至历史新低。","content":"<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. US factory activity growth cools due to ongoing supply chain issues.</b><b>2. Banks are accelerating their efforts to replace Libor with Bank of America and...<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Swap transactions linked to the new benchmark</b><b>3. Credit Suisse allowed Archegos to trade with 10x leverage, resulting in losses far exceeding those of its peers.</b><b>4. EBay: Open to accepting cryptocurrencies in the future and exploring NFTs.</b><b>5. Ford executives say they may start producing electric vehicle batteries in 2025.</b><b>6. Robinhood hits back at Buffett: Conservatives don't want ordinary Americans to have a place on Wall Street.</b><img src=\"https://static.tigerbbs.com/a82238e89aaa5e31ff15a6483dbe031d\" tg-width=\"550\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. factory activity growth slows due to ongoing supply chain issues.</b></p><p>U.S. manufacturing growth cooled in April due to ongoing supply chain issues and material shortages that constrained production and caused a backlog of orders.</p><p>Data released by the Institute for Supply Management on Monday showed that a factory activity index fell to 60.7 from a more than 37-year high of 64.7 a month ago, below the expectations of all economists surveyed by Bloomberg. A reading above 50 indicates that manufacturing activity is still in a period of expansion.</p><p>Ongoing supply challenges have limited what should have been strong growth momentum in the manufacturing sector, resulting in a record backlog of orders and driving up material prices. ISM data shows that factories and their customers have reduced inventory to meet strong demand.</p><p>Due to capacity constraints, the ISM production indicator fell to a three-month low of 62.5. The shortage of semiconductor chips has been curbing the production of automakers.</p><p>At the same time, the raw material payment price index jumped to its highest level since July 2008, highlighting the shortage of inputs.</p><p>Factory inventory indicators saw their fastest decline since August, while customer inventory indicators fell to a record low.</p><p>ISM new orders and employment indicators also fell to 64.3 and 55.1, respectively.</p><p><img src=\"https://static.tigerbbs.com/915f68bbd1d53b4b3bdbac612877fece\" tg-width=\"550\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p><b>Banks are accelerating their efforts to replace Libor with Bank of America.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Swap transactions linked to the new benchmark</b></p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>On Friday, JPMorgan Chase reached its first swap deal linked to the Short-Term Bank Yield Index (BSBY).</p><p>The two banks entered into a $250 million 1-year basis swap contract, with one end linked to the BSBY as the reference interest rate. This benchmark interest rate is constructed using anonymized data aggregated from commercial paper, certificates of deposit, dollar bank deposits, and short-term bank bond transactions, reflecting banks' marginal financing costs. The other end of the contract is linked to the secured overnight financing rate (SOFR).</p><p>Starting next year, banks will no longer be able to issue new contracts linked to the London Interbank Offered Rate (Libor), and banks are rapidly preparing for this. Market observers say that although they plan to use the Federal Reserve's favored alternative interest rate, SOFR, as a benchmark for floating-rate instruments, other interest rates also have room to maneuver, especially for instruments that include credit components, which SOFR does not yet have.</p><p>Among the many competitors, the BSBY, Ameribor, and ICE bank yield indices are all seeking to carve out a place in the post-Libor era.</p><p>\"We want to show our support for credit-sensitive rates and SOFR,\"<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Sonali Theisen, head of electronic trading and market structures for fixed income, foreign exchange and commodities, said. “A lot of work is underway to create an interest rate that looks and feels like Libor.”</p><p><img src=\"https://static.tigerbbs.com/0c77da50915f5e7a7f04996a98555dc7\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\"></p><p><b>Credit Suisse allowed Archegos to trade with 10x leverage, resulting in losses far exceeding those of its peers.</b></p><p>Credit Suisse's business dealings with Archegos Capital Management allowed the latter to make highly leveraged stock bets with very little collateral. As a result, Credit Suisse suffered significantly more losses than its peers when the family's wealth Management room collapsed.</p><p>A person familiar with the matter said that Credit Suisse lent money to Bill Hwang's family wealth management office, allowing him to bet tenfold, requiring only 10% of the loaned funds as collateral.</p><p>In some cases, Credit Suisse offered Hwang twice the leverage ratio of other brokerage firms. As a result, Credit Suisse suffered a loss of approximately $5.5 billion after Archegos was liquidated in March. In contrast,<a href=\"https://laohu8.com/S/NMR\">Nomura Holdings</a>The loss of $2.9 billion was due to other banks that provided master brokerage services to Hwang (including<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>The loss is lower, or even no loss at all.</p><p>In response, CEO Thomas Gottstein stated that the bank is reviewing its prime brokerage division and will focus its business on clients with business relationships with other divisions of the company. According to media reports, Hwang is not Credit Suisse.<a href=\"https://laohu8.com/S/PVTB\">Private bank</a>Customers, and Archegos' business brought in only $17.5 million in revenue last year.</p><p><img src=\"https://static.tigerbbs.com/df1470fb1b217b4aac124df5968e7602\" tg-width=\"550\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>EBay: Open to accepting cryptocurrencies in the future and exploring NFTs</b></p><p><b>EBay said on Monday that it is open to the possibility of accepting cryptocurrency as a form of payment in the future.</b>And is looking for ways to obtain non-homogenized tokens (NFTs) on its platform.</p><p><b>More and more companies are starting to accept virtual currencies as a form of payment.</b>This has brought this asset class, which major financial institutions shunned a few years ago, another step closer to becoming mainstream.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has begun accepting Bitcoin as a payment method for its electric vehicles, while payment giant PayPal last year began allowing customers to buy, sell, and hold cryptocurrencies in its online wallet.</p><p>“We have been monitoring the most relevant payment methods and will continue to evaluate them. There are no plans yet, but we are closely monitoring them.”</p><p>EBay CEO Jamie Lannone said that accepting virtual currencies is an option the company is considering.</p><p>EBay disappointed investors last week when it released weak second-quarter profit forecasts. The company subsequently stated that it is considering \"multiple avenues\" to enter the non-homogenized token space.</p><p>NFTs are digital assets that exist on the blockchain, and their popularity has surged this year. For example, musicians such as the rock band Kings of Leon have embraced them on their latest albums, with works selling for millions of dollars.</p><p><img src=\"https://static.tigerbbs.com/3930fef9bbf05870319b90f7e7e88edd\" tg-width=\"550\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p><b>Ford executives say they may produce electric vehicle batteries by 2025.</b></p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>A company executive said that by 2025, the company should be able to sell enough electric vehicles in North America and produce its own batteries.</p><p><b>This is the most detailed electric vehicle battery production schedule ever announced by Ford, and Wall Street is closely watching the plan.</b>This also marks a strategic reversal for the company under former CEO Jim Hackett.<b>In-house battery production is expected to be key for automakers to cut electric vehicle costs and secure procurement.</b>To cope with the expected surge in demand over the next decade.</p><p>“We don’t need to scale up today to justify having our own dedicated battery factory,” Ford’s Chief Product Platform and Operating Officer Hau Thai-Tang said in an interview Monday morning. “But by 2025, when we launch the F-150, the E-Transit, and another all-electric vehicle we announced, we will have enough to build our own factory in North America.”</p><p>Ford spokeswoman Jennifer Flake said the specific production timeline depends on the electric vehicle market, consumer demand, and R&D progress. She stated that by 2025, the company \"may have the capability\" to produce its own electric vehicle batteries.</p><p><img src=\"https://static.tigerbbs.com/43893499a2ab7edbc26ea2f25713c1cc\" tg-width=\"550\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Robinhood hits back at Buffett: Conservatives don't want ordinary Americans to have a place on Wall Street.</b></p><p>Robinhood, a retail-focused brokerage firm, hit back at Buffett's remarks. Buffett on Saturday<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The shareholders' meeting compared the millions of inexperienced short-term traders who entered the stock market in the past year to gamblers. He thinks it's like a casino owner entering the stock market, which, while claiming to be commission-free and attracting many people who want to \"gamble,\" is unethical.</p><p>Buffett stated that Robinhood has attracted a large number of people, \"perhaps already starting to attract them,\" who are simply betting on short-term price movements. Warren Munger, Buffett's longtime business partner, took a harsher stance, calling it \"deeply wrong.\"</p><p>In a blog post published Monday, Robinhood's head of public policy communications, Ramsay, wrote:</p><p><b>\"If what happened last year taught us anything, it's that people are tired of people like Buffett and Munger in the world, who act as if they are the only investment prophets.\"</b></p><p>“At Robinhood, we don’t stand idly by when they belittle ordinary people who are in control of their financial lives.”</p>","source":"highlight_sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: Robinhood hits back at Buffett, you're not the only investment prophet.</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\">\nForeign media headlines: Robinhood hits back at Buffett, you're not the only investment prophet.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-05-04 05:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. US factory activity growth cools due to ongoing supply chain issues.</b><b>2. Banks are accelerating their efforts to replace Libor with Bank of America and...<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Swap transactions linked to the new benchmark</b><b>3. Credit Suisse allowed Archegos to trade with 10x leverage, resulting in losses far exceeding those of its peers.</b><b>4. EBay: Open to accepting cryptocurrencies in the future and exploring NFTs.</b><b>5. Ford executives say they may start producing electric vehicle batteries in 2025.</b><b>6. Robinhood hits back at Buffett: Conservatives don't want ordinary Americans to have a place on Wall Street.</b><img src=\"https://static.tigerbbs.com/a82238e89aaa5e31ff15a6483dbe031d\" tg-width=\"550\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. factory activity growth slows due to ongoing supply chain issues.</b></p><p>U.S. manufacturing growth cooled in April due to ongoing supply chain issues and material shortages that constrained production and caused a backlog of orders.</p><p>Data released by the Institute for Supply Management on Monday showed that a factory activity index fell to 60.7 from a more than 37-year high of 64.7 a month ago, below the expectations of all economists surveyed by Bloomberg. A reading above 50 indicates that manufacturing activity is still in a period of expansion.</p><p>Ongoing supply challenges have limited what should have been strong growth momentum in the manufacturing sector, resulting in a record backlog of orders and driving up material prices. ISM data shows that factories and their customers have reduced inventory to meet strong demand.</p><p>Due to capacity constraints, the ISM production indicator fell to a three-month low of 62.5. The shortage of semiconductor chips has been curbing the production of automakers.</p><p>At the same time, the raw material payment price index jumped to its highest level since July 2008, highlighting the shortage of inputs.</p><p>Factory inventory indicators saw their fastest decline since August, while customer inventory indicators fell to a record low.</p><p>ISM new orders and employment indicators also fell to 64.3 and 55.1, respectively.</p><p><img src=\"https://static.tigerbbs.com/915f68bbd1d53b4b3bdbac612877fece\" tg-width=\"550\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p><b>Banks are accelerating their efforts to replace Libor with Bank of America.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Swap transactions linked to the new benchmark</b></p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>On Friday, JPMorgan Chase reached its first swap deal linked to the Short-Term Bank Yield Index (BSBY).</p><p>The two banks entered into a $250 million 1-year basis swap contract, with one end linked to the BSBY as the reference interest rate. This benchmark interest rate is constructed using anonymized data aggregated from commercial paper, certificates of deposit, dollar bank deposits, and short-term bank bond transactions, reflecting banks' marginal financing costs. The other end of the contract is linked to the secured overnight financing rate (SOFR).</p><p>Starting next year, banks will no longer be able to issue new contracts linked to the London Interbank Offered Rate (Libor), and banks are rapidly preparing for this. Market observers say that although they plan to use the Federal Reserve's favored alternative interest rate, SOFR, as a benchmark for floating-rate instruments, other interest rates also have room to maneuver, especially for instruments that include credit components, which SOFR does not yet have.</p><p>Among the many competitors, the BSBY, Ameribor, and ICE bank yield indices are all seeking to carve out a place in the post-Libor era.</p><p>\"We want to show our support for credit-sensitive rates and SOFR,\"<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Sonali Theisen, head of electronic trading and market structures for fixed income, foreign exchange and commodities, said. “A lot of work is underway to create an interest rate that looks and feels like Libor.”</p><p><img src=\"https://static.tigerbbs.com/0c77da50915f5e7a7f04996a98555dc7\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\"></p><p><b>Credit Suisse allowed Archegos to trade with 10x leverage, resulting in losses far exceeding those of its peers.</b></p><p>Credit Suisse's business dealings with Archegos Capital Management allowed the latter to make highly leveraged stock bets with very little collateral. As a result, Credit Suisse suffered significantly more losses than its peers when the family's wealth Management room collapsed.</p><p>A person familiar with the matter said that Credit Suisse lent money to Bill Hwang's family wealth management office, allowing him to bet tenfold, requiring only 10% of the loaned funds as collateral.</p><p>In some cases, Credit Suisse offered Hwang twice the leverage ratio of other brokerage firms. As a result, Credit Suisse suffered a loss of approximately $5.5 billion after Archegos was liquidated in March. In contrast,<a href=\"https://laohu8.com/S/NMR\">Nomura Holdings</a>The loss of $2.9 billion was due to other banks that provided master brokerage services to Hwang (including<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>The loss is lower, or even no loss at all.</p><p>In response, CEO Thomas Gottstein stated that the bank is reviewing its prime brokerage division and will focus its business on clients with business relationships with other divisions of the company. According to media reports, Hwang is not Credit Suisse.<a href=\"https://laohu8.com/S/PVTB\">Private bank</a>Customers, and Archegos' business brought in only $17.5 million in revenue last year.</p><p><img src=\"https://static.tigerbbs.com/df1470fb1b217b4aac124df5968e7602\" tg-width=\"550\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>EBay: Open to accepting cryptocurrencies in the future and exploring NFTs</b></p><p><b>EBay said on Monday that it is open to the possibility of accepting cryptocurrency as a form of payment in the future.</b>And is looking for ways to obtain non-homogenized tokens (NFTs) on its platform.</p><p><b>More and more companies are starting to accept virtual currencies as a form of payment.</b>This has brought this asset class, which major financial institutions shunned a few years ago, another step closer to becoming mainstream.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has begun accepting Bitcoin as a payment method for its electric vehicles, while payment giant PayPal last year began allowing customers to buy, sell, and hold cryptocurrencies in its online wallet.</p><p>“We have been monitoring the most relevant payment methods and will continue to evaluate them. There are no plans yet, but we are closely monitoring them.”</p><p>EBay CEO Jamie Lannone said that accepting virtual currencies is an option the company is considering.</p><p>EBay disappointed investors last week when it released weak second-quarter profit forecasts. The company subsequently stated that it is considering \"multiple avenues\" to enter the non-homogenized token space.</p><p>NFTs are digital assets that exist on the blockchain, and their popularity has surged this year. For example, musicians such as the rock band Kings of Leon have embraced them on their latest albums, with works selling for millions of dollars.</p><p><img src=\"https://static.tigerbbs.com/3930fef9bbf05870319b90f7e7e88edd\" tg-width=\"550\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p><b>Ford executives say they may produce electric vehicle batteries by 2025.</b></p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>A company executive said that by 2025, the company should be able to sell enough electric vehicles in North America and produce its own batteries.</p><p><b>This is the most detailed electric vehicle battery production schedule ever announced by Ford, and Wall Street is closely watching the plan.</b>This also marks a strategic reversal for the company under former CEO Jim Hackett.<b>In-house battery production is expected to be key for automakers to cut electric vehicle costs and secure procurement.</b>To cope with the expected surge in demand over the next decade.</p><p>“We don’t need to scale up today to justify having our own dedicated battery factory,” Ford’s Chief Product Platform and Operating Officer Hau Thai-Tang said in an interview Monday morning. “But by 2025, when we launch the F-150, the E-Transit, and another all-electric vehicle we announced, we will have enough to build our own factory in North America.”</p><p>Ford spokeswoman Jennifer Flake said the specific production timeline depends on the electric vehicle market, consumer demand, and R&D progress. She stated that by 2025, the company \"may have the capability\" to produce its own electric vehicle batteries.</p><p><img src=\"https://static.tigerbbs.com/43893499a2ab7edbc26ea2f25713c1cc\" tg-width=\"550\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Robinhood hits back at Buffett: Conservatives don't want ordinary Americans to have a place on Wall Street.</b></p><p>Robinhood, a retail-focused brokerage firm, hit back at Buffett's remarks. Buffett on Saturday<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The shareholders' meeting compared the millions of inexperienced short-term traders who entered the stock market in the past year to gamblers. He thinks it's like a casino owner entering the stock market, which, while claiming to be commission-free and attracting many people who want to \"gamble,\" is unethical.</p><p>Buffett stated that Robinhood has attracted a large number of people, \"perhaps already starting to attract them,\" who are simply betting on short-term price movements. Warren Munger, Buffett's longtime business partner, took a harsher stance, calling it \"deeply wrong.\"</p><p>In a blog post published Monday, Robinhood's head of public policy communications, Ramsay, wrote:</p><p><b>\"If what happened last year taught us anything, it's that people are tired of people like Buffett and Munger in the world, who act as if they are the only investment prophets.\"</b></p><p>“At Robinhood, we don’t stand idly by when they belittle ordinary people who are in control of their financial lives.”</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-05-04/doc-ikmxzfmm0434559.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aaf10f59d529fccc557480730989e342","relate_stocks":{"BRK.B":"伯克希尔B",".SPX":"S&P 500 Index",".DJI":"道琼斯","BRK.A":"伯克希尔",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-05-04/doc-ikmxzfmm0434559.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2132308515","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：1、美国工厂活动增长降温 因供应链问题持续存在2、银行快马加鞭替代Libor 美银与摩根大通达成挂钩新基准的掉期交易3、瑞信允许Archegos进行10倍杠杆交易 导致自己的损失远超同行4、EBay：对未来接受加密货币持开放态度 探索NFTs5、福特高管表示或于2025年生产电动汽车电池6、Robinhood回击巴菲特：守旧的人不希望普通美国人在华尔街有一席之地美国工厂活动增长降温 因供应链问题持续存在由于持续的供应链问题和材料短缺导致生产受限和订单积压，美国制造业增长势头在4月出现降温。供应管理学会周一发布的数据显示，一项工厂活动指数从一个月前的逾37年高点64.7降至60.7，低于接受彭博调查的所有经济学家的预期。读数高于50表明制造业活动仍处于扩张期。持续的供应挑战限制了制造业本应强劲的增长势头，导致积压订单创纪录，并推动材料价格上涨。 ISM数据显示，工厂及其客户减少了库存以满足旺盛需求。由于产能限制，ISM生产指标降至三个月低点62.5。半导体芯片短缺一直遏制汽车厂的生产。与此同时，原材料支付价格指标跃升至2008年7月以来的最高水平，凸显投入品的短缺。工厂库存指标创下8月以来最快下降，客户库存指数跌至历史新低。ISM新订单和就业指标也分别降至64.3和55.1。银行快马加鞭替代Libor 美银与摩根大通达成挂钩新基准的掉期交易美国银行和摩根大通周五达成首笔与短期银行收益率指数（BSBY）挂钩的掉期交易。这两家银行达成2.5亿美元1年期基差掉期合约，一端挂钩BSBY为参考利率。这项基准利率是以基于商业票据、存款证、美元银行存款和短期银行债券交易而汇总的匿名数据构建的，反映银行边际融资成本。合约另一端挂钩有担保隔夜融资利率（SOFR）。明年开始将不能发挂钩伦敦银行间同业拆借利率（Libor）的新合约，为此银行都在快马加鞭做准备。市场观察人士称，尽管他们计划多采用美联储青睐的替代利率SOFR，以此作为浮动利率工具的参考基准，但其它利率也有发挥空间，尤其是对包含信贷成分的工具而言，SOFR尚不具备这方面功能。在众多竞争者中，BSBY、Ameribor和ICE的银行收益率指数都寻求在后Libor时代开拓一席之地。“我们想表明对信贷敏感利率及SOFR的支持，”美国银行固定收益、外汇和大宗商品电子交易和市场结构主管Sonali Theisen表示。“大量工作正在进行中，以打造一个看上去和感觉都像是Libor的利率。”瑞信允许Archegos进行10倍杠杆交易 导致自己的损失远超同行瑞信集团与Archegos Capital Management的业务往来使得后者可以用很少的抵押品进行高杠杆的股票押注，结果是这个家族理财室爆仓时，瑞信蒙受的损失大大超过同行。一位知情人士说，瑞信借钱给Bill Hwang的这个家族理财室，允许其进行十倍押注，只要求相当于所借资金10%的抵押品。在某些情况下，瑞信向Hwang提供的杠杆率是其他经纪公司的两倍。结果，Archegos在3月份爆仓后，瑞信蒙受大约55亿美元损失。相比之下，野村控股损失29亿美元，其他向Hwang提供主经纪商业务服务的银行（包括德意志银行）损失更低，甚至没有损失。作为回应，首席执行官Thomas Gottstein表示该行正在审查其主经纪商部门，并将把业务重点放在与该公司其他部门有业务关系的客户上。据媒体报道，Hwang不是瑞信私人银行客户，且Archegos的业务去年仅带来1750万美元收入。EBay：对未来接受加密货币持开放态度 探索NFTsEBay公司周一表示，公司对未来接受加密货币作为一种支付形式的可能性持开放态度，并正在寻找在其平台上获得非同质化代币（NFTs）的方法。越来越多的公司开始接受虚拟货币作为一种支付形式，使得几年前主要金融机构还回避的这一资产类别向成为主流又迈进了一步。特斯拉已经开始接受比特币作为其电动汽车的支付方式，而支付巨头贝宝去年开始允许客户在其在线钱包中购买、出售和持有加密货币。“我们一直在关注最相关的支付方式，并将继续对此进行评估。目前还没有计划，但我们正在密切关注。”EBay公司首席执行官Jamie Lannone表示，接受虚拟货币是该公司正在考虑的一个选择。EBay上周发布了疲弱的第二季度利润预期，这令投资者失望。随后该公司表示，正在考虑“多种途径”进入非同质化代币领域。NFT是一种存在于区块链上的数字资产，今年它的受欢迎程度激增。例如，摇滚乐队莱昂国王（Kings of Leon）等音乐家在最新专辑中都接受了它们，作品售价达数百万美元。福特高管表示或于2025年生产电动汽车电池福特汽车公司的一位高管表示，到2025年，该公司应该能在北美销售足够多的电动汽车，并生产自己的电池。这是福特公布的最详细的电动汽车电池生产时间表，华尔街正密切关注这一计划，这也是该公司在前首席执行官吉姆•哈克特（Jim Hackett）领导下的战略逆转。电池内部生产预计将是汽车制造商削减电动汽车成本和确保采购的关键，以应对未来十年预计将出现的需求激增。福特首席产品平台和运营官Hau Thai-Tang周一上午接受采访时说，“我们不需要今天就扩大规模，以证明我们有自己的专用电池工厂是合理的。”“但到2025年，当我们推出F-150、E-Transit和我们宣布的另一款纯电动汽车时，我们将有足够的数量在北美建立自己的工厂。”福特发言人Jennifer Flake表示，生产的具体时间取决于电动汽车市场、消费者需求和研发进度。她表示，到2025年，该公司“可能有能力”生产自己的电动汽车电池。Robinhood回击巴菲特：守旧的人不希望普通美国人在华尔街有一席之地专注于零售的经纪公司Robinhood对巴菲特的言论进行了回击。巴菲特在周六的伯克希尔股东大会上将过去一年进入股市的数百万缺乏经验的短线交易员比作赌徒。他认为这像是赌场老板进入了股票市场，它虽然声称免佣金，吸引了众多想要“赌博”的人，但这并不道德。巴菲特表示，Robinhood吸引了一大批人，“也许已经开始吸引了”，这些人只是在赌短期价格走势。巴菲特长期商业伙伴芒格的措辞更为严厉，称这是“大错特错（deeply wrong）”。Robinhood公共政策沟通主管Ramsay周一发表的一篇博客文章中写道：“如果说去年的事情教会了我们什么，那就是人们已经厌倦了世界上像巴菲特芒格这样的人，他们表现得好像自己是唯一的投资预言者。”“在Robinhood，当他们贬低那些掌控自己财务生活的普通人时，我们不会坐视不管。”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"ZFmain":0.9,".IXIC":0.9,"ZTmain":0.9,"UBmain":0.9,"BRK.A":0.9,"TNmain":0.9,"ZNmain":0.9,"ZBmain":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101624367,"gmtCreate":1619911063059,"gmtModify":1704336153234,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"????????????","listText":"????????????","text":"????????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/101624367","repostId":"2132159853","repostType":2,"isVote":1,"tweetType":1,"viewCount":1345,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3578444023405318","authorId":"3578444023405318","name":"呆牛张","avatar":"https://static.tigerbbs.com/c803fd046fefdb1dc03c159c4e606ede","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3578444023405318","idStr":"3578444023405318"},"content":"The absolute value of Apple in the long run. It needs to be adjusted in the short term","text":"The absolute value of Apple in the long run. It needs to be adjusted in the short term","html":"The absolute value of Apple in the long run. It needs to be adjusted in the short term"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182678993,"gmtCreate":1623572601012,"gmtModify":1704206469182,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182678993","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"hk","language":"zh","title":"Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.\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\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352304414,"gmtCreate":1616889400238,"gmtModify":1704799715571,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352304414","repostId":"1192792909","repostType":4,"repost":{"id":"1192792909","kind":"news","pubTimestamp":1617030576,"share":"https://ttm.financial/m/news/1192792909?lang=en_US&edition=fundamental","pubTime":"2021-03-29 23:09","market":"us","language":"zh","title":"How long will the value style of US stocks last?","url":"https://stock-news.laohu8.com/highlight/detail?id=1192792909","media":"雪涛宏观笔记","summary":"美股价值股与成长股长期相对收益的核心来源是盈利，而不是估值。与科网泡沫时期显著不同的是当前成长股相比价值股并不存在明显的估值泡沫（可能都贵）。短期来看，本轮价值风格已持续了6个月，可能处于风格优势期的","content":"<p>The core source of long-term relative returns between value and growth stocks in the US stock market is earnings, not valuation. Unlike the dot-com bubble era, value stocks do not currently have a significant valuation bubble compared to growth stocks (which may all be expensive). In the short term, this round of value stocks has lasted for 6 months and may be in the mid-to-late stages of the style advantage period (comparable to an average of 10 months). Value stocks, as a recovery trade, are still expected to outperform growth stocks in the coming quarter, but it is recommended to lower the expectation of absolute returns for value stocks. In the long run, it remains to be seen whether the style divide between value and growth can be reversed. If the US government promotes a series of institutional reforms to narrow the wealth gap through tax increases, we should be prepared for a style reversal.<b>Introduction:</b></p><p>In August of last year, US value stocks underperformed growth stocks by more than the level during the dot-com bubble for the first time. At that time, the market began to see a shift towards cyclical value stocks, and at the same time, long-term US Treasury yields began to rebound sharply, driving the value/growth ratio back up from historical lows. Since February of this year, the Nasdaq index, which represents the growth style, has been on a pullback/retracement for several consecutive years, while the Dow Jones index, which represents the value style, has repeatedly hit new highs. Now that the style shift has become a reality, discussions about whether the value style of US stocks has reached a long-term inflection point have intensified.</p><p><b>Is the style shift a long-term reversal or a short-term convergence? How much room is left for interpretation?</b>—Let's explore the answer to this question using the Russel 1000 Value and Growth Index as an example.</p><p><b>Key conclusions:</b></p><p><b>First, the core source of relative returns between value stocks and growth stocks is earnings, not valuation! Currently, growth stocks do not have a significant valuation bubble compared to value stocks (both may be expensive!), which is significantly different from the dot-com bubble era.</b></p><p><b>Second, the core reason for the decline in long-term bond yields after 1981 was the low economic growth rate and low inflation caused by insufficient endogenous momentum for economic growth. Currently, the technical and institutional factors that have led to insufficient endogenous momentum for economic growth and a long-term deflationary environment have not been improved.</b></p><p><b>Third, if the US Treasury Bond market fails to form a long-term bear market, the discussion of value over growth styles may be limited to short-term cycles. Nominal interest rates, real interest rates, CPI, and the peaking and falling of inflation expectations are roughly synchronized or leading indicators of inflection points, and the market's style inflection point also precedes the relative earnings inflection point.</b></p><p><b>Fourth, in the short term, this round of value style has lasted for 6 months and is in the mid-to-late stage of the style advantage period (comparable average of 10 months), and the excess returns have also completed more than half of the historical average. The phase of rapid rise in interest rates and inflation may end this May. Therefore, value stocks, as a recovery trade, are still expected to outperform growth stocks in the coming quarter, but it is recommended to lower expectations for the absolute returns of value stocks.</b></p><p><b>Fifth, once the US government begins to turn left and reform the distribution system based on free capitalism since the Reagan administration, conditions may arise for long-term interest rates to turn upward. The equalization of income distribution may reverse the long-term deflationary situation caused by the widening gap between the rich and the poor over the past four decades, and drive the central trend of long-term interest rates to rise.</b></p><p><b>Sixth, it remains to be seen whether the style divergence between long-term value and growth can be reversed. If the US government promotes a series of institutional reforms to narrow the wealth gap through tax increases, we should be prepared for the possibility of a style reversal.</b></p><p><table><tbody><tr><td>Figure 1: Relative returns of the 10-year Treasury Bond yield versus the Russel 1000 Value and Style Index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/600e3efd47bf1b5bf01a8081ca124909\" tg-width=\"910\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><b>I. What determines the relative return of a value/growth style?</b></p><p>The core argument supporting a long-term style reversal is the reversal of the downward trend in long-term US Treasury yields. We analyze the impact of long-term yields on earnings per share and valuations of value and growth stocks.</p><p><b>(1) The direction of long-term US Treasury yields and the difference between value growth EPS are in the same direction.</b></p><p>For value companies and growth companies, financial statement metrics related to operating leverage, such as asset, plant, and equipment turnover and net debt, differ significantly. In a broadly inflationary environment, value companies with relatively high levels of fixed assets will see a more significant improvement in turnover than growth companies. Value companies also have higher net debt levels than growth companies. With inflation resuming, value-based companies will have a relatively smaller burden of repaying principal and interest compared to growth companies. Therefore,<b>The decline in interest rates may indicate a decline in the relative EPS returns of value companies.</b></p><p>Looking at nearly 30 years of history,<b>The difference in EPS between value stocks and growth stocks is relatively consistent with short-term fluctuations in interest rates.</b>。 However, the highs of each cycle have shifted downwards in succession, which is in line with the long-term downward trend of interest rates. Before 2008, short-term monetary policy rates were consistent with the fluctuation pattern of profit spreads, but they gradually diverged after the financial crisis, reflecting a slower response of monetary policy rates to the economic profit cycle. The yield and earnings spread of long-term 10-year US Treasury bonds diverged significantly between 2003 and 2006. The difference between the EPS of value stocks and growth stocks reached a new high in 2007, but the yield on 10-year US Treasury bonds was lower than the peak of the previous cycle.</p><p><b>The core of the divergence is also the mystery of Greenspan's long-term interest rate.</b>Short-term interest rates rose, while long-term risk-free interest rates fell. Greenspan's explanation of this includes:</p><p>1. The US economic recovery, coupled with deepening globalization, has led to trading partners accumulating increasingly large dollar surpluses. Globally, the only place capable of absorbing this portion of foreign exchange reserves accumulated from surpluses is the Treasury Bond market in the United States.</p><p>2. With the inevitable increase in the retirement population (especially in developed countries), the underfunding of retirement plans is a growing concern. Both pension funds and insurance companies have had to increase their share of long-term bonds in their portfolios.</p><p><table><tbody><tr><td>Figure 2: Before 2008, the monetary policy cycle and the value-to-growth profit spread were close to each other.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/61937bebe0692c423e53ccc1341518ff\" tg-width=\"568\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 3: The fluctuations in the 10-year US Treasury yields and the profit spread of value growth are relatively consistent.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/0213083f3bfc77aed3440308bd2fe7d3\" tg-width=\"824\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><b>(2) Declining long-term yields will not make growth stocks more expensive than value stocks.</b></p><p><b>There is a widespread view that a decline in risk-free interest rates will bring more valuation premiums to growth stocks, but this perception is wrong!</b>Although the volatility of Treasury Bond yields does indeed outperform the risk premium difference between value stocks and growth stocks from a short-term perspective, in the longer term, the risk premium of value stocks compared to growth stocks has not widened due to the decline in risk-free interest rates.</p><p><table><tbody><tr><td>Figure 4: Risk premium difference between 10-year Treasury Bond interest rate and value and growth stocks</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/31507616ec0aec31a906ffcb6a74a3a9\" tg-width=\"478\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table>Therefore, we conclude<b>The core source of relative returns between value stocks and growth stocks is earnings, not valuation! Currently, growth stocks do not have a significant valuation bubble compared to value stocks (both may be expensive!), which is significantly different from the dot-com bubble era.</b></p><p>The decline in risk-free interest rates and the decline in relative earnings (value stocks - growth stocks) both reflect changes in the industrial structure of the US economy. The use of capital and technology reduces labor costs and improves corporate efficiency and profitability. Therefore, the weight of growth stocks, represented by technology, in the stock market does not match their contribution to the economy and employment (see Figure 6).<b>The key question of whether a style reversal will occur in the future is whether the US industrial structure will change, leading to a continued rise in value stock earnings, inflation, and interest rates.</b></p><p><table><tbody><tr><td>Figure 5: Apart from the divergence during the Internet era (2000), the earnings differential between value and growth dominates the relative returns of the value and growth indices.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b50730f74cd9d5269e52a4816dbcc27a\" tg-width=\"532\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 6: The weighting of growth stocks, represented by technology, in the stock market does not match their contribution to the economy and employment.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c8b2645041d5028dd3dc4a6684ec26ed\" tg-width=\"480\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: BEA, BLS, Standard & Poor's, TF Securities Research Institute</p><p></td></tr></tbody></table><b>Second, if tax increases (and a series of institutional reforms representing a leftward shift in American society) occur, the 40-year downward trend in interest rates may end, and there is a possibility of a trend reversal in the style.</b></p><p>Looking back at the history of interest rates after World War II, the factors that led to the 40-year decline in interest rates remained unchanged.<b>The trend of nominal interest rates mainly depends on real economic growth and inflation.</b>After World War II, the 10-year US Treasury yield was highly consistent with the trends of US GDP growth and core CPI, with its peak occurring in the 1970s.</p><p><table><tbody><tr><td>Figure 7: 10-year Treasury Bond yield vs. US real GDP growth vs. core CPI</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/51766a075b0ad18b0da629cc8019a2c4\" tg-width=\"475\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The first phase of the interest rate rise cycle (1946-1970)</b>It is based on genuine prosperity generated by positive feedback from both the supply and demand sides. During World War II, the U.S. government adapted to the times and promoted supply-side reforms, upgraded the supply level of American manufacturing and related industries, accelerated the training of a large number of technical personnel at the rate of a wartime economy, and recreated the barbaric advance of the late 19th century in the application of new technologies. Roosevelt's New Deal pushed for labor relations legislation, narrowed the gap between rich and poor, and allowed American workers to obtain an 8-hour workday and other benefits. However, the increase in relative labor costs, the increase in residents' education level, and the increase in women's labor participation rate pushed labor productivity to a new level. On the demand side, war has severely damaged global industries, leaving everything in ruins in need of reconstruction, and the industrial base urgently needs to be rebuilt. During this period, the economy grew rapidly, inflation was low, the unemployment rate continued to decline, and the gap between the rich and the poor narrowed.<b>Rising interest rates correspond to an acceleration in real economic growth.</b></p><p><b>The second phase of rising interest rates (1970-1981)</b>It is based on the supply shocks brought about by the oil crisis. During the two oil crises, crude oil prices rose from less than $3 a barrel in 1973 to $45 a barrel in 1980. Post-war economic recovery relied heavily on energy support from the petrochemical industry. As crude oil prices rose, the dollar depreciated after the collapse of the Bretton Woods system, leading to imported inflation. The 10-year Treasury Bond yield rose to its highest level since the founding of the United States. During this period, the economy experienced frequent recessions, price levels remained high, and unemployment rose.<b>The rise in interest rates mainly corresponds to high inflation caused by supply contraction.</b></p><p><b>After 1981, the core reason for the decline in long-term bond yields was the low economic growth rate and low inflation caused by insufficient endogenous momentum for economic growth.</b></p><p>On the supply side, global innovation and economic progress since the 1970s have been focused on a narrow area of human activity, primarily related to entertainment, communication, and information collection and processing. This improvement in social well-being has not been included in GDP. \"For other matters of concern to humanity, including food, clothing, housing, transportation, health, and the work environment inside and outside the home, the pace of progress has slowed down after 1970, both quantitatively and qualitatively.\" (Robert Gordon, *The Rise and Fall of American Economic Growth*)</p><p>On the demand side, the deterioration of the income distribution mechanism has led to a long-term shortage of effective demand. The wage control policy, which was relaxed in 1973, was a major reason for the widening wealth gap that followed. Population aging generally occurred in Western countries in the early 1980s. Combined with their high welfare systems, both labor supply and savings declined, and capital investment was insufficient. In addition, in response to global competition, companies in developed countries are relocating their industries to emerging markets to reduce costs, residents' wage growth has stagnated.</p><p><b>Currently, the factors that led to insufficient endogenous momentum for economic growth have not been improved.</b>Population aging and declining fertility rates continue to intensify in developed countries; Global innovation mainly focuses on business models, and hardware investment has not yet led to a qualitative change in improving social production efficiency. Technological advances and globalization have improved efficiency, but they have undermined equity, and governments must make greater efforts to pay attention to vulnerable groups.</p><p>Human society does not evolve linearly, but rather develops in leaps and bounds like a quantum leap. It has been in a level of slow and stable development for a long time, and then suddenly encounters some major changes. Order, systems, and technology begin to undergo profound changes, and the process of history begins to accelerate until it enters the next new level of long-term slow and stable development. The COVID-19 pandemic may be such a major change. When humanity encounters difficulties, cooperation and reform are more likely to emerge, leading to the leapfrog development mentioned above.</p><p><b>Following the COVID-19 pandemic, some factors that could alter the insufficient endogenous driving force for long-term economic growth have begun to emerge.</b>The Democratic Party is willing to reform the wealth distribution system, including raising income tax rates for the wealthy and large corporations, increasing the minimum wage, boosting employment through traditional infrastructure, and increasing transfer payments to low- and middle-income earners. However, the polarization of political opinions between the two parties and society in the United States has made this reform extremely difficult (the Republican Party's opposition to raising the minimum wage to $15 an hour is a microcosm of political polarization). The bipartisan consensus could be antitrust enforcement against large tech companies. Congress is considering forcing tech giants to separate their dominant online platforms from other business units, and the House Judiciary Committee's antitrust subcommittee, led by Democrats, is preparing to propose comprehensive reforms that could, in the long run, encourage innovation (as IBM was spun off in the 1970s), increase social labor productivity, and improve wealth distribution mechanisms.</p><p><b>Once the U.S. government begins to turn left and reform the distribution system based on free capitalism since the Reagan administration, the conditions for long-term interest rates to turn upward may arise.</b>The equalization of income distribution may reverse the long-term deflationary situation caused by the widening gap between the rich and the poor over the past four decades.<b>This will also drive a trend upward in the central level of long-term interest rates.</b></p><p><b>In addition, there are potential factors on the supply side that could drive a long-term rebound in interest rates.</b>Under the global trend of \"carbon neutrality,\" the capital market is also driving the \"greening\" of the energy industry, which may lead to insufficient investment in traditional energy. For example, Shell, which is undergoing a more aggressive transformation, plans to achieve carbon neutrality by 2050. As a result, its capital expenditure ratio in the upstream sector has been reduced from around 35% to 25-30% after 2025, while its capital expenditure ratio in renewable energy has increased. Correspondingly, the IRR of new capital expenditures also treats the return requirements for upstream sectors and renewable energy differently. The return on capital expenditures in the upstream sector should reach 20-25%, while the return on investment in renewable energy is only required to be no less than 10%. It's not just energy; commodity prices have been low over the past decade, raw material producers have cut capital expenditures to varying degrees, and the COVID-19 pandemic has also accelerated some capacity shedding.</p><p><b>Third, without considering the trend reversal of interest rates, how long can this round of style shift in growth value last?</b></p><p><b>If the US Treasury Bond market fails to form a long-term bear market, the discussion of value over growth styles may be limited to short-term cycles.</b></p><p>We selected five indicators to examine how value stocks have outperformed growth stocks since 2000: inflation expectations, real interest rates, PMI, CPI, and year-on-year inventory growth. 2000.7-2001.3 and 2008.6-2008.12 were both periods of economic downturn, with PMI, inventory year-on-year, and CPI all declining. Value stocks reaped excess returns under defensive strategies. The remaining four stages all showed economic recovery, with most economic indicators rebounding. Inflation expectations and the CPI rebound are fluctuating at high levels; Except for November 2001 and July 2002, real interest rates began to rise from their bottom, and the PMI fluctuated upwards; Except for 2012.5-2013.7, the inventory cycle is in the restocking phase. Excluding this bull market (September 2020-February 2021) and the long bull period for value stocks (December 2003-June 2006), the average excess return of value stocks was 15.54%.<b>Average duration: 10 months</b>。 The most similar period to this is from March to December 2016. This period was the previous short-cycle recovery period, and the excess return of value stocks was 8.22%, which lasted for 10 months.</p><p><table><tbody><tr><td>Table 1: Periods of excess returns of value stocks relative to growth stocks over the years</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c79f98fa6d41cc0bb8b40968953959c8\" tg-width=\"492\" tg-height=\"179\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 8: Inflation expectations (%), CPI year-on-year growth (%), and inventory year-on-year growth (%) from 1990 to present</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/9497187cf6a6026f1ba5e5df2d759692\" tg-width=\"494\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 9: Real interest rates and PMI 1990-present</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b903d79a6e050f784a34a9525ddba907\" tg-width=\"485\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table>Looking at the timing of the previous four style reversals (i.e., the RUSSEL 1000 value/growth Index turned from a downward trend to an upward trend),<b>Nominal interest rates, real interest rates, CPI, and the peaking and falling of inflation expectations are roughly synchronized or leading indicators of inflection points.</b>。 However, after 2008, value stocks could only reap the benefits of rising interest rates or inflation, that is, the early stages when interest rates or inflation rose from the bottom, and could not reap the benefits of peaking. This may be because the market believes that the excess profits of value stocks will not last as long as they did from 2003 to 2006.<b>The market's style inflection point also precedes the relative profitability inflection point.</b></p><p>According to FactSet data, profits in the industrial, materials, and financial sectors are expected to grow by 89%, 40%, and 23% year-on-year in 2021, respectively, while profits in the technology sector are expected to grow by only 18%, indicating that the current value style is dominant.<b>This round of value style has lasted for 6 months and may be in the mid-to-late stage of the style advantage period (comparable average of 10 months), and the excess returns have also completed more than half of the historical average.</b></p><p>From a macroeconomic perspective,<b>The CPI may fall after peaking in May, and inflation expectations are already at a historical high (99.5% percentile).</b>。 The slower-than-expected recovery of U.S. shale oil production capacity has given OPEC room to continue cutting production and maintaining high oil prices. Oil prices may fluctuate wildly at high levels in the first half of the year, but inflation expectations may fall along with oil prices in the second half of the year. Based on previous historical experience, inflation expectations are about six months ahead of real interest rates. Therefore, even after inflation expectations decline in the second half of the year, real interest rates still have room to rise. After stripping away the long-term trend, the current real interest rate (around -0.66%) is still at a historically low level (17.4th percentile). The rebound in real interest rates is expected to peak at around 0.2%-0.3%, corresponding to the 70%-80% historical percentile, which is roughly equivalent to the average level in 2019.</p><p><b>Based on our assessment of inflation and real interest rates, the phase of rapid rise in interest rates and inflation may end in May of this year. Therefore, the short-term style advantage of value stocks may continue for another quarter, and whether the trend can be reversed in the long run will be determined by a series of institutional reforms that reverse income distribution and the wealth gap.</b></p><p>Looking at specific industries, rising commodity prices, manufacturing inventory replenishment, and rising interest rates were driven by...<b>Finance, energy, industry, and raw materials sectors led the gains during the recovery period.</b>Healthcare, information technology, public utilities, and telecommunications services do not have obvious inventory cycles, while the performance of core consumer goods is relatively stable and relatively less elastic. Non-core consumer goods are overly influenced by amazon.<b>Currently, energy stocks have risen above the historical average, and the gains in financial stocks have also been fully realized.</b>。</p><p>In the short term, we believe<b>Value stocks, as a recovery trade, are still expected to outperform growth stocks in the coming quarter, but it is recommended to lower expectations for the absolute returns of value stocks. In the long run, it remains to be seen whether the style divide between value and growth can be reversed. If the US government promotes a series of institutional reforms to narrow the wealth gap through tax increases, we should be prepared for the possibility of a style reversal.</b></p><p><table><tbody><tr><td>Table 2: Performance of various industries during the recovery phase</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6228f37247756967ffbc3aa57083aa9d\" tg-width=\"460\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table></p>","source":"xthgbj","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 long will the value style of US stocks last?</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 long will the value style of US stocks last?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">雪涛宏观笔记</strong><span class=\"h-time small\">2021-03-29 23:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The core source of long-term relative returns between value and growth stocks in the US stock market is earnings, not valuation. Unlike the dot-com bubble era, value stocks do not currently have a significant valuation bubble compared to growth stocks (which may all be expensive). In the short term, this round of value stocks has lasted for 6 months and may be in the mid-to-late stages of the style advantage period (comparable to an average of 10 months). Value stocks, as a recovery trade, are still expected to outperform growth stocks in the coming quarter, but it is recommended to lower the expectation of absolute returns for value stocks. In the long run, it remains to be seen whether the style divide between value and growth can be reversed. If the US government promotes a series of institutional reforms to narrow the wealth gap through tax increases, we should be prepared for a style reversal.<b>Introduction:</b></p><p>In August of last year, US value stocks underperformed growth stocks by more than the level during the dot-com bubble for the first time. At that time, the market began to see a shift towards cyclical value stocks, and at the same time, long-term US Treasury yields began to rebound sharply, driving the value/growth ratio back up from historical lows. Since February of this year, the Nasdaq index, which represents the growth style, has been on a pullback/retracement for several consecutive years, while the Dow Jones index, which represents the value style, has repeatedly hit new highs. Now that the style shift has become a reality, discussions about whether the value style of US stocks has reached a long-term inflection point have intensified.</p><p><b>Is the style shift a long-term reversal or a short-term convergence? How much room is left for interpretation?</b>—Let's explore the answer to this question using the Russel 1000 Value and Growth Index as an example.</p><p><b>Key conclusions:</b></p><p><b>First, the core source of relative returns between value stocks and growth stocks is earnings, not valuation! Currently, growth stocks do not have a significant valuation bubble compared to value stocks (both may be expensive!), which is significantly different from the dot-com bubble era.</b></p><p><b>Second, the core reason for the decline in long-term bond yields after 1981 was the low economic growth rate and low inflation caused by insufficient endogenous momentum for economic growth. Currently, the technical and institutional factors that have led to insufficient endogenous momentum for economic growth and a long-term deflationary environment have not been improved.</b></p><p><b>Third, if the US Treasury Bond market fails to form a long-term bear market, the discussion of value over growth styles may be limited to short-term cycles. Nominal interest rates, real interest rates, CPI, and the peaking and falling of inflation expectations are roughly synchronized or leading indicators of inflection points, and the market's style inflection point also precedes the relative earnings inflection point.</b></p><p><b>Fourth, in the short term, this round of value style has lasted for 6 months and is in the mid-to-late stage of the style advantage period (comparable average of 10 months), and the excess returns have also completed more than half of the historical average. The phase of rapid rise in interest rates and inflation may end this May. Therefore, value stocks, as a recovery trade, are still expected to outperform growth stocks in the coming quarter, but it is recommended to lower expectations for the absolute returns of value stocks.</b></p><p><b>Fifth, once the US government begins to turn left and reform the distribution system based on free capitalism since the Reagan administration, conditions may arise for long-term interest rates to turn upward. The equalization of income distribution may reverse the long-term deflationary situation caused by the widening gap between the rich and the poor over the past four decades, and drive the central trend of long-term interest rates to rise.</b></p><p><b>Sixth, it remains to be seen whether the style divergence between long-term value and growth can be reversed. If the US government promotes a series of institutional reforms to narrow the wealth gap through tax increases, we should be prepared for the possibility of a style reversal.</b></p><p><table><tbody><tr><td>Figure 1: Relative returns of the 10-year Treasury Bond yield versus the Russel 1000 Value and Style Index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/600e3efd47bf1b5bf01a8081ca124909\" tg-width=\"910\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><b>I. What determines the relative return of a value/growth style?</b></p><p>The core argument supporting a long-term style reversal is the reversal of the downward trend in long-term US Treasury yields. We analyze the impact of long-term yields on earnings per share and valuations of value and growth stocks.</p><p><b>(1) The direction of long-term US Treasury yields and the difference between value growth EPS are in the same direction.</b></p><p>For value companies and growth companies, financial statement metrics related to operating leverage, such as asset, plant, and equipment turnover and net debt, differ significantly. In a broadly inflationary environment, value companies with relatively high levels of fixed assets will see a more significant improvement in turnover than growth companies. Value companies also have higher net debt levels than growth companies. With inflation resuming, value-based companies will have a relatively smaller burden of repaying principal and interest compared to growth companies. Therefore,<b>The decline in interest rates may indicate a decline in the relative EPS returns of value companies.</b></p><p>Looking at nearly 30 years of history,<b>The difference in EPS between value stocks and growth stocks is relatively consistent with short-term fluctuations in interest rates.</b>。 However, the highs of each cycle have shifted downwards in succession, which is in line with the long-term downward trend of interest rates. Before 2008, short-term monetary policy rates were consistent with the fluctuation pattern of profit spreads, but they gradually diverged after the financial crisis, reflecting a slower response of monetary policy rates to the economic profit cycle. The yield and earnings spread of long-term 10-year US Treasury bonds diverged significantly between 2003 and 2006. The difference between the EPS of value stocks and growth stocks reached a new high in 2007, but the yield on 10-year US Treasury bonds was lower than the peak of the previous cycle.</p><p><b>The core of the divergence is also the mystery of Greenspan's long-term interest rate.</b>Short-term interest rates rose, while long-term risk-free interest rates fell. Greenspan's explanation of this includes:</p><p>1. The US economic recovery, coupled with deepening globalization, has led to trading partners accumulating increasingly large dollar surpluses. Globally, the only place capable of absorbing this portion of foreign exchange reserves accumulated from surpluses is the Treasury Bond market in the United States.</p><p>2. With the inevitable increase in the retirement population (especially in developed countries), the underfunding of retirement plans is a growing concern. Both pension funds and insurance companies have had to increase their share of long-term bonds in their portfolios.</p><p><table><tbody><tr><td>Figure 2: Before 2008, the monetary policy cycle and the value-to-growth profit spread were close to each other.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/61937bebe0692c423e53ccc1341518ff\" tg-width=\"568\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 3: The fluctuations in the 10-year US Treasury yields and the profit spread of value growth are relatively consistent.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/0213083f3bfc77aed3440308bd2fe7d3\" tg-width=\"824\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><b>(2) Declining long-term yields will not make growth stocks more expensive than value stocks.</b></p><p><b>There is a widespread view that a decline in risk-free interest rates will bring more valuation premiums to growth stocks, but this perception is wrong!</b>Although the volatility of Treasury Bond yields does indeed outperform the risk premium difference between value stocks and growth stocks from a short-term perspective, in the longer term, the risk premium of value stocks compared to growth stocks has not widened due to the decline in risk-free interest rates.</p><p><table><tbody><tr><td>Figure 4: Risk premium difference between 10-year Treasury Bond interest rate and value and growth stocks</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/31507616ec0aec31a906ffcb6a74a3a9\" tg-width=\"478\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table>Therefore, we conclude<b>The core source of relative returns between value stocks and growth stocks is earnings, not valuation! Currently, growth stocks do not have a significant valuation bubble compared to value stocks (both may be expensive!), which is significantly different from the dot-com bubble era.</b></p><p>The decline in risk-free interest rates and the decline in relative earnings (value stocks - growth stocks) both reflect changes in the industrial structure of the US economy. The use of capital and technology reduces labor costs and improves corporate efficiency and profitability. Therefore, the weight of growth stocks, represented by technology, in the stock market does not match their contribution to the economy and employment (see Figure 6).<b>The key question of whether a style reversal will occur in the future is whether the US industrial structure will change, leading to a continued rise in value stock earnings, inflation, and interest rates.</b></p><p><table><tbody><tr><td>Figure 5: Apart from the divergence during the Internet era (2000), the earnings differential between value and growth dominates the relative returns of the value and growth indices.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b50730f74cd9d5269e52a4816dbcc27a\" tg-width=\"532\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 6: The weighting of growth stocks, represented by technology, in the stock market does not match their contribution to the economy and employment.</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c8b2645041d5028dd3dc4a6684ec26ed\" tg-width=\"480\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: BEA, BLS, Standard & Poor's, TF Securities Research Institute</p><p></td></tr></tbody></table><b>Second, if tax increases (and a series of institutional reforms representing a leftward shift in American society) occur, the 40-year downward trend in interest rates may end, and there is a possibility of a trend reversal in the style.</b></p><p>Looking back at the history of interest rates after World War II, the factors that led to the 40-year decline in interest rates remained unchanged.<b>The trend of nominal interest rates mainly depends on real economic growth and inflation.</b>After World War II, the 10-year US Treasury yield was highly consistent with the trends of US GDP growth and core CPI, with its peak occurring in the 1970s.</p><p><table><tbody><tr><td>Figure 7: 10-year Treasury Bond yield vs. US real GDP growth vs. core CPI</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/51766a075b0ad18b0da629cc8019a2c4\" tg-width=\"475\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The first phase of the interest rate rise cycle (1946-1970)</b>It is based on genuine prosperity generated by positive feedback from both the supply and demand sides. During World War II, the U.S. government adapted to the times and promoted supply-side reforms, upgraded the supply level of American manufacturing and related industries, accelerated the training of a large number of technical personnel at the rate of a wartime economy, and recreated the barbaric advance of the late 19th century in the application of new technologies. Roosevelt's New Deal pushed for labor relations legislation, narrowed the gap between rich and poor, and allowed American workers to obtain an 8-hour workday and other benefits. However, the increase in relative labor costs, the increase in residents' education level, and the increase in women's labor participation rate pushed labor productivity to a new level. On the demand side, war has severely damaged global industries, leaving everything in ruins in need of reconstruction, and the industrial base urgently needs to be rebuilt. During this period, the economy grew rapidly, inflation was low, the unemployment rate continued to decline, and the gap between the rich and the poor narrowed.<b>Rising interest rates correspond to an acceleration in real economic growth.</b></p><p><b>The second phase of rising interest rates (1970-1981)</b>It is based on the supply shocks brought about by the oil crisis. During the two oil crises, crude oil prices rose from less than $3 a barrel in 1973 to $45 a barrel in 1980. Post-war economic recovery relied heavily on energy support from the petrochemical industry. As crude oil prices rose, the dollar depreciated after the collapse of the Bretton Woods system, leading to imported inflation. The 10-year Treasury Bond yield rose to its highest level since the founding of the United States. During this period, the economy experienced frequent recessions, price levels remained high, and unemployment rose.<b>The rise in interest rates mainly corresponds to high inflation caused by supply contraction.</b></p><p><b>After 1981, the core reason for the decline in long-term bond yields was the low economic growth rate and low inflation caused by insufficient endogenous momentum for economic growth.</b></p><p>On the supply side, global innovation and economic progress since the 1970s have been focused on a narrow area of human activity, primarily related to entertainment, communication, and information collection and processing. This improvement in social well-being has not been included in GDP. \"For other matters of concern to humanity, including food, clothing, housing, transportation, health, and the work environment inside and outside the home, the pace of progress has slowed down after 1970, both quantitatively and qualitatively.\" (Robert Gordon, *The Rise and Fall of American Economic Growth*)</p><p>On the demand side, the deterioration of the income distribution mechanism has led to a long-term shortage of effective demand. The wage control policy, which was relaxed in 1973, was a major reason for the widening wealth gap that followed. Population aging generally occurred in Western countries in the early 1980s. Combined with their high welfare systems, both labor supply and savings declined, and capital investment was insufficient. In addition, in response to global competition, companies in developed countries are relocating their industries to emerging markets to reduce costs, residents' wage growth has stagnated.</p><p><b>Currently, the factors that led to insufficient endogenous momentum for economic growth have not been improved.</b>Population aging and declining fertility rates continue to intensify in developed countries; Global innovation mainly focuses on business models, and hardware investment has not yet led to a qualitative change in improving social production efficiency. Technological advances and globalization have improved efficiency, but they have undermined equity, and governments must make greater efforts to pay attention to vulnerable groups.</p><p>Human society does not evolve linearly, but rather develops in leaps and bounds like a quantum leap. It has been in a level of slow and stable development for a long time, and then suddenly encounters some major changes. Order, systems, and technology begin to undergo profound changes, and the process of history begins to accelerate until it enters the next new level of long-term slow and stable development. The COVID-19 pandemic may be such a major change. When humanity encounters difficulties, cooperation and reform are more likely to emerge, leading to the leapfrog development mentioned above.</p><p><b>Following the COVID-19 pandemic, some factors that could alter the insufficient endogenous driving force for long-term economic growth have begun to emerge.</b>The Democratic Party is willing to reform the wealth distribution system, including raising income tax rates for the wealthy and large corporations, increasing the minimum wage, boosting employment through traditional infrastructure, and increasing transfer payments to low- and middle-income earners. However, the polarization of political opinions between the two parties and society in the United States has made this reform extremely difficult (the Republican Party's opposition to raising the minimum wage to $15 an hour is a microcosm of political polarization). The bipartisan consensus could be antitrust enforcement against large tech companies. Congress is considering forcing tech giants to separate their dominant online platforms from other business units, and the House Judiciary Committee's antitrust subcommittee, led by Democrats, is preparing to propose comprehensive reforms that could, in the long run, encourage innovation (as IBM was spun off in the 1970s), increase social labor productivity, and improve wealth distribution mechanisms.</p><p><b>Once the U.S. government begins to turn left and reform the distribution system based on free capitalism since the Reagan administration, the conditions for long-term interest rates to turn upward may arise.</b>The equalization of income distribution may reverse the long-term deflationary situation caused by the widening gap between the rich and the poor over the past four decades.<b>This will also drive a trend upward in the central level of long-term interest rates.</b></p><p><b>In addition, there are potential factors on the supply side that could drive a long-term rebound in interest rates.</b>Under the global trend of \"carbon neutrality,\" the capital market is also driving the \"greening\" of the energy industry, which may lead to insufficient investment in traditional energy. For example, Shell, which is undergoing a more aggressive transformation, plans to achieve carbon neutrality by 2050. As a result, its capital expenditure ratio in the upstream sector has been reduced from around 35% to 25-30% after 2025, while its capital expenditure ratio in renewable energy has increased. Correspondingly, the IRR of new capital expenditures also treats the return requirements for upstream sectors and renewable energy differently. The return on capital expenditures in the upstream sector should reach 20-25%, while the return on investment in renewable energy is only required to be no less than 10%. It's not just energy; commodity prices have been low over the past decade, raw material producers have cut capital expenditures to varying degrees, and the COVID-19 pandemic has also accelerated some capacity shedding.</p><p><b>Third, without considering the trend reversal of interest rates, how long can this round of style shift in growth value last?</b></p><p><b>If the US Treasury Bond market fails to form a long-term bear market, the discussion of value over growth styles may be limited to short-term cycles.</b></p><p>We selected five indicators to examine how value stocks have outperformed growth stocks since 2000: inflation expectations, real interest rates, PMI, CPI, and year-on-year inventory growth. 2000.7-2001.3 and 2008.6-2008.12 were both periods of economic downturn, with PMI, inventory year-on-year, and CPI all declining. Value stocks reaped excess returns under defensive strategies. The remaining four stages all showed economic recovery, with most economic indicators rebounding. Inflation expectations and the CPI rebound are fluctuating at high levels; Except for November 2001 and July 2002, real interest rates began to rise from their bottom, and the PMI fluctuated upwards; Except for 2012.5-2013.7, the inventory cycle is in the restocking phase. Excluding this bull market (September 2020-February 2021) and the long bull period for value stocks (December 2003-June 2006), the average excess return of value stocks was 15.54%.<b>Average duration: 10 months</b>。 The most similar period to this is from March to December 2016. This period was the previous short-cycle recovery period, and the excess return of value stocks was 8.22%, which lasted for 10 months.</p><p><table><tbody><tr><td>Table 1: Periods of excess returns of value stocks relative to growth stocks over the years</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c79f98fa6d41cc0bb8b40968953959c8\" tg-width=\"492\" tg-height=\"179\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 8: Inflation expectations (%), CPI year-on-year growth (%), and inventory year-on-year growth (%) from 1990 to present</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/9497187cf6a6026f1ba5e5df2d759692\" tg-width=\"494\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 9: Real interest rates and PMI 1990-present</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b903d79a6e050f784a34a9525ddba907\" tg-width=\"485\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table>Looking at the timing of the previous four style reversals (i.e., the RUSSEL 1000 value/growth Index turned from a downward trend to an upward trend),<b>Nominal interest rates, real interest rates, CPI, and the peaking and falling of inflation expectations are roughly synchronized or leading indicators of inflection points.</b>。 However, after 2008, value stocks could only reap the benefits of rising interest rates or inflation, that is, the early stages when interest rates or inflation rose from the bottom, and could not reap the benefits of peaking. This may be because the market believes that the excess profits of value stocks will not last as long as they did from 2003 to 2006.<b>The market's style inflection point also precedes the relative profitability inflection point.</b></p><p>According to FactSet data, profits in the industrial, materials, and financial sectors are expected to grow by 89%, 40%, and 23% year-on-year in 2021, respectively, while profits in the technology sector are expected to grow by only 18%, indicating that the current value style is dominant.<b>This round of value style has lasted for 6 months and may be in the mid-to-late stage of the style advantage period (comparable average of 10 months), and the excess returns have also completed more than half of the historical average.</b></p><p>From a macroeconomic perspective,<b>The CPI may fall after peaking in May, and inflation expectations are already at a historical high (99.5% percentile).</b>。 The slower-than-expected recovery of U.S. shale oil production capacity has given OPEC room to continue cutting production and maintaining high oil prices. Oil prices may fluctuate wildly at high levels in the first half of the year, but inflation expectations may fall along with oil prices in the second half of the year. Based on previous historical experience, inflation expectations are about six months ahead of real interest rates. Therefore, even after inflation expectations decline in the second half of the year, real interest rates still have room to rise. After stripping away the long-term trend, the current real interest rate (around -0.66%) is still at a historically low level (17.4th percentile). The rebound in real interest rates is expected to peak at around 0.2%-0.3%, corresponding to the 70%-80% historical percentile, which is roughly equivalent to the average level in 2019.</p><p><b>Based on our assessment of inflation and real interest rates, the phase of rapid rise in interest rates and inflation may end in May of this year. Therefore, the short-term style advantage of value stocks may continue for another quarter, and whether the trend can be reversed in the long run will be determined by a series of institutional reforms that reverse income distribution and the wealth gap.</b></p><p>Looking at specific industries, rising commodity prices, manufacturing inventory replenishment, and rising interest rates were driven by...<b>Finance, energy, industry, and raw materials sectors led the gains during the recovery period.</b>Healthcare, information technology, public utilities, and telecommunications services do not have obvious inventory cycles, while the performance of core consumer goods is relatively stable and relatively less elastic. Non-core consumer goods are overly influenced by amazon.<b>Currently, energy stocks have risen above the historical average, and the gains in financial stocks have also been fully realized.</b>。</p><p>In the short term, we believe<b>Value stocks, as a recovery trade, are still expected to outperform growth stocks in the coming quarter, but it is recommended to lower expectations for the absolute returns of value stocks. In the long run, it remains to be seen whether the style divide between value and growth can be reversed. If the US government promotes a series of institutional reforms to narrow the wealth gap through tax increases, we should be prepared for the possibility of a style reversal.</b></p><p><table><tbody><tr><td>Table 2: Performance of various industries during the recovery phase</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6228f37247756967ffbc3aa57083aa9d\" tg-width=\"460\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, TF Securities Research Institute</p><p></td></tr></tbody></table></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI0MzMzNzczNQ==&mid=2247495039&idx=1&sn=c64cff2fab379436f872324dadae5a4b&chksm=e96c3217de1bbb01c4cdf1ef8dcdeda0fd65adfedf8aff752e2d35d9bb926099814cf31cf9bb&mpshare=1&scene=23&srcid=03271858VKgyWAwMRniMvBl0&sharer_sharetime=1616837119379&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd\">雪涛宏观笔记</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI0MzMzNzczNQ==&mid=2247495039&idx=1&sn=c64cff2fab379436f872324dadae5a4b&chksm=e96c3217de1bbb01c4cdf1ef8dcdeda0fd65adfedf8aff752e2d35d9bb926099814cf31cf9bb&mpshare=1&scene=23&srcid=03271858VKgyWAwMRniMvBl0&sharer_sharetime=1616837119379&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192792909","content_text":"美股价值股与成长股长期相对收益的核心来源是盈利，而不是估值。与科网泡沫时期显著不同的是当前成长股相比价值股并不存在明显的估值泡沫（可能都贵）。短期来看，本轮价值风格已持续了6个月，可能处于风格优势期的中后期（可比平均10个月），价值股作为复苏交易在未来一个季度仍有望跑赢成长股，但建议放低对价值股绝对收益的预期。长期来看，价值/成长的风格分化能否趋势性逆转仍然未知，如果美国政府通过加税推动一系列缩小贫富差距的制度改革，要做好风格趋势性逆转的心理准备。引言：去年8月，美股价值股跑输成长股的幅度首次超过科网泡沫时期水平，当时市场开始出现转向周期价值股的观点，同一时间长端美债利率开始剧烈反弹，带动价值/成长比值从历史低位回升。今年2月以来，代表成长风格的纳斯达克指数连续回撤，代表价值风格的道琼斯指数屡创新高。当风格切换已成为事实后，关于美股价值风格是否迎来长期拐点的讨论愈演愈烈。风格切换是长期反转还是短期收敛，还有多少演绎空间？——我们以Russel 1000的价值和成长指数为例，探讨该问题的答案。核心结论：第一、价值股与成长股相对收益的核心来源是盈利，而不是估值！当前成长股相比价值股并不存在明显的估值泡沫（可能都贵！），这与科网泡沫时期是显著不同的。第二、1981年后，长期债券利率下行的内核是经济增长内生动能不足带来的低经济增速、低通胀现象。目前来看，导致经济增长内生动能不足、长期通缩环境的技术因素和制度因素仍未得到改善。第三、如果美国国债市场无法形成长期熊市，价值优于成长风格的讨论可能仅仅局限于短周期。名义利率、实际利率、CPI、通胀预期触顶回落大致是拐点同步或领先指标，市场的风格拐点也早于相对盈利拐点。第四、短周期看，本轮价值风格已持续了6个月，处于风格优势期的中后期（可比平均10个月），超额收益也完成了历史均值的一大半。利率和通胀快速上行的阶段可能在今年5月结束。因此价值股作为复苏交易在未来一个季度仍有望跑赢成长股，但建议放低对价值股绝对收益的预期。第五、一旦美国政府开始左转，改革里根政府以来以自由资本主义为基础的分配制度，长期利率转为趋势上行的条件可能出现。收入分配的均衡化可能扭转过去四十年贫富差距拉大带来的长期通缩局面，并推动长期利率中枢趋势性回升。第六、长期价值/成长的风格分化能否趋势性逆转仍然未知，如果美国政府通过加税推动一系列缩小贫富差距的制度改革，要做好可能发生风格趋势性逆转的心理准备。图1：10年期国债收益率与Russel 1000 价值与风格指数相对收益资料来源：Bloomberg，天风证券研究所一、价值/成长风格的相对收益由什么决定？支持风格长期反转的核心观点是美债长端收益率下行趋势的扭转。我们从长端收益率对价值股和成长股每股盈利和估值影响的角度予以分析。（1）长端美债收益率方向与价值成长EPS之差同向对于价值型公司和成长型公司来说，与经营杠杆相关的财务报表指标，如资产、工厂和设备的周转率和净债务，有显著的不同。在一个广泛的通货再膨胀环境中，拥有相对较高固定资产水平的价值型公司将比成长型公司在周转率方面有更明显的改善。价值型公司的净债务水平也高于成长型公司。在通货再膨胀的情况下，相对成长型企业，价值型企业还本付息的负担会相对较小。因此，利率的下行可能暗示了价值型公司EPS相对收益的下滑。从近30年的历史来看，价值股与成长股EPS之差与利率短周期波动较为吻合。但每轮周期的高点依次下移，符合利率长期下行的方向。其中短端货币政策利率在2008年前与盈利差波动规律一致，但在金融危机后逐渐背离，反映货币政策利率对经济盈利周期响应变慢。长端十年期美债利率与盈利差在2003-2006年有显著背离，价值股与成长股EPS之差在07年创下新高，但十年期美债利率却比上一轮周期高点更低。背离的核心也是格林斯潘长期利率之谜，短期利率上升，长期无风险利率却下降。格林斯潘对此的解释包括：1. 美国经济复苏叠加全球化程度加深，导致贸易伙伴累积了越来越庞大的美元顺差。而在全球范围内，唯一有能力承接这部分由顺差累积而来的外汇储备的地方，就是美国国债市场。2. 随着退休人口不可避免的增加（尤其是在发达国家），退休计划的资金供给不足日益引起关注。养老基金和保险公司都不得不在自己的投资组合中加大对长期债券的份额。图2：2008年之前，货币政策周期与价值与成长盈利差走势接近资料来源：Bloomberg，天风证券研究所图3：10Y美债利率与价值成长盈利差的波动较为吻合资料来源：Bloomberg，天风证券研究所（2）长端收益率下行并不会导致成长股比价值股更贵一种广泛的观点认为无风险利率的下行会给成长股带来更多的估值溢价，但这个认知是错误的！尽管从短周期的角度看国债收益率的波动的确领先价值股与成长股的风险溢价差，但拉长周期看，价值股相比成长股的风险溢价并没有因为无风险利率的下行而扩大。图4：10年期国债利率与价值同成长股风险溢价差资料来源：Bloomberg，天风证券研究所因此，我们总结，价值股与成长股相对收益的核心来源是盈利，而不是估值！当前成长股相比价值股并不存在明显的估值泡沫（可能都贵！），这与科网泡沫时期是显著不同的。无风险利率下行与风格相对盈利（价值股-成长股）的下行均反映了美国经济产业结构的变化。资本和技术的运用减少了人力成本，提高了企业效率和盈利，因此以科技为代表的成长股在股市中的权重与对经济和就业的贡献并不匹配（见图6）。未来是否出现风格逆转的关键问题是美国产业结构是否会发生变化，导致价值股盈利、通胀和利率持续上行。图5：除了科网时期（2000）的背离，价值与成长的盈利差主导了价值与成长指数的相对收益资料来源：Bloomberg，天风证券研究所图6：以科技为代表的成长股在股市中的权重与对经济和就业的贡献并不匹配资料来源：BEA, BLS, Standard & Poor's，天风证券研究所二、如果出现加税（以及一系列代表美国社会左转的制度改革），四十年利率下行的趋势可能终结，风格有趋势性逆转的可能回顾二战后的利率史，导致利率长达40年下行的因素并未改变。名义利率的走势主要取决于实际经济增长和通胀。二战后，10年期美债收益率与美国GDP增速和核心CPI的走势有较高的一致性，峰值出现在1970年代。图7：10年期国债收益率与美国实际GDP增速与核心CPI资料来源：Bloomberg，天风证券研究所利率上升周期的第一阶段（1946年-1970年）建立在供给侧与需求侧正反馈产生的真实繁荣基础上。二战期间，美国政府顺应时势推动了供给侧改革，升级了美国制造业及配套产业的供给水平，以战时经济的速率加速培养了大批量的技术人才，在新技术的应用方面再现了19世纪后期的野蛮式突进。罗斯福新政力推劳资关系立法，贫富分化收窄，让美国工人获得了8小时工作制及其他福利，但相对劳动成本的提升，居民受教育程度、女性劳动参与率的提高将劳动生产率推升至新的高度。需求端，战争重创全球产业，百废待兴，工业基础亟待重建。本阶段经济高速增长，通胀较低，失业率持续下降，贫富分化收窄。利率上升对应的是实际经济增长的加速。利率上升的第二阶段（1970年-1981年）建立在石油危机带来的供给冲击上。两次石油危机期间，原油价格从1973年的每桶不到3美元涨到了1980年的45美元，战后经济复苏高度依赖石油化工产业提供的能源支持，原油价格上涨，布雷顿森林体系破裂后美元贬值，带来输入性通胀，十年期国债收益率升至美国建国以来的最高水平。本阶段，经济频繁衰退，物价水平持续位于高位，失业率上升，利率上升主要对应的是供给收缩带来的高通货膨胀。1981年后，长期债券利率下行的内核是经济增长内生动能不足带来的低经济增速、低通胀现象。供给端，70年代以来的全球创新和经济进步聚焦在人类活动的一个狭窄领域，更多是同娱乐、通信、信息收集和处理有关，而这部分social well-being的提高并没有计入GDP，“对于人类所关心的其他事务，包括食品、服装、住房、交通、健康、家庭内外的工作环境等，无论是从定量还是定性的角度看，在1970年之后进步速度都已经放缓。”（《美国经济增长的起落》罗伯特戈登）需求端，收入分配机制恶化导致了长期的有效需求不足。1973年松绑的工资控制政策是此后贫富分化加剧的一个重要原因。西方国家人口老龄化普遍出现在1980年初期，结合其高福利制度，劳动力供给和储蓄双双下降，资本投资不足；此外，为应对全球竞争发达国家企业将产业迁往新兴市场以降低成本，居民工资增长停滞。目前来看，以上导致经济增长内生动能不足的因素仍未得到改善。发达国家人口老龄化、生育率下降仍在加剧；全球创新主要聚焦于商业模式，硬件投入尚未形成提高社会生产效率的质变；技术进步和全球化提高了效率，但有损公平，政府必须要付出更多努力关注弱势群体。人类社会并不是线性演进的，而是像量子跃迁一样跳跃式发展，长期处在一个缓慢稳定发展的能级，突然遇到一些重大变化，秩序、制度、技术开始发生深刻变化，历史的进程开始加速，直到进入下一个长期缓慢稳定发展的新能级。新冠疫情可能就是这样一个重大变化，当人类遇到困境时，合作和改革才更有可能出现，进入到上面所说的跃迁式发展。新冠疫情之后，一些改变长期经济增长内生动力不足的因素开始若隐若现。民主党有意愿改革财富分配制度，包括提高富人和大企业的所得税率，提高最低工资，传统基建拉动就业，增加对中低收入者的转移支付等。但美国两党、社会的政治观点极化让这项改革变得困难重重（共和党反对将最低工资提升至每小时15美元，即是政治极化的一个缩影）。两党的共识可能是对大型科技企业的反垄断执法，国会考虑迫使科技巨头将它们占据主导地位的在线平台与其他业务部门分开，由民主党人领导的众议院司法委员会反垄断小组委员会准备提出全面改革，这可能在长期会鼓励创新（如同1970年代IBM被分拆），提高社会劳动生产率，改善财富分配机制。一旦美国政府开始左转，改革里根政府以来以自由资本主义为基础的分配制度，长期利率转为趋势上行的条件可能出现。收入分配的均衡化可能扭转过去四十年贫富差距拉大带来的长期通缩局面，并推动长期利率中枢趋势性回升。除此之外，供给侧也存在推动利率长期回升的潜在因素。全球“碳中和”趋势下，资本市场亦在驱动能源行业“绿色化”，这可能导致传统能源投资不足。例如转型比较激进的壳牌公司（Shell）计划到2050年达到碳中和目标。为此，其在上游板块的资本开支比例从35％左右缩减到2025年之后25-30％，而可再生能源资本开支比例提升。相应的，新增资本开支的IRR对上游板块和可再生能源的回报率要求也差别对待，上游板块的资本开支回报率要达到20-25％，而对可再生能源投资回报率要求仅不低于10％。不仅是能源，过去10年大宗商品价格低迷，原材料生产商不同程度地削减了资本开支，新冠疫情也加速了部分产能出清。三、如果不考虑利率的趋势性逆转，这一轮成长价值的风格切换能持续多久？如果美国国债市场无法形成长期熊市，价值优于成长风格的讨论可能仅仅局限于短周期。我们选取了通胀预期、实际利率、PMI、CPI、库存同比5个指标考察2000年以来价值股跑赢成长股的宏观状态。2000.7-2001.3和2008.6-2008.12均是经济下行阶段，PMI、库存同比、CPI均下行，防御策略下价值股收获超额收益。剩余4个阶段均表现为经济复苏，各项经济指标大多处于回升状态。通胀预期和CPI回升在高位震荡；除2001.11-2002.7外，实际利率底部开始攀升，PMI震荡上行；除2012.5-2013.7外，库存周期处于补库阶段。除去本次（2020.9-2021.2）和价值股长牛期（2003.12-2006.06），价值股的超额收益平均为15.54%，平均持续时长为10个月。与本次最为类似的是2016.3-2016.12，此阶段为上一轮小周期复苏期，价值股的超额收益为8.22%，持续了10个月。表1：历次价值股相对成长股超额收益时期资料来源：Bloomberg，天风证券研究所图8：1990-至今通胀预期(%)、CPI同比增速(%)、库存同比增速(%)资料来源：Bloomberg，天风证券研究所图9：1990-至今实际利率和PMI资料来源：Bloomberg，天风证券研究所从之前四次风格反转（即RUSSEL 1000 value/growth指数由下行转为上行）时点来看，名义利率、实际利率、CPI、通胀预期触顶回落大致是拐点同步或领先指标。但08年后，价值股只能吃到利率或通胀上行的“鱼身”，也即利率或通胀从底部上行的早期阶段，吃不到冲顶阶段的“鱼尾”，这可能是因为市场认为价值股超额盈利持续时间难以像2003-2006年那么长，市场的风格拐点也早于相对盈利拐点。FactSet的数据显示，预计2021年工业、材料和金融行业的利润将分别同比增长89％、40％和23％，而科技行业的利润仅增长18％，显示当前价值风格占优。本轮价值风格已持续了6个月，可能处于风格优势期的中后期（可比平均10个月），超额收益也完成了历史均值的一大半。宏观指标来看，CPI可能在5月冲顶后回落，通胀预期也已经处在历史高位（99.5%分位）。美国页岩油产能恢复不及预期给了OPEC继续减产维持高油价的空间，上半年油价可能在高位剧烈震荡，但下半年通胀预期可能随油价回落。从之前几轮历史经验来看，通胀预期领先实际利率半年左右，因此下半年通胀预期回落后，实际利率仍有上行空间。剥离长期趋势后，当前实际利率（-0.66%左右）仍然处在历史较低水平（17.4%分位）。预计实际利率的反弹高点大约在0.2%-0.3%左右，对应70%-80%历史分位，约等于2019年的平均水平。根据我们对通胀和实际利率的判断，利率和通胀快速上行的阶段可能在今年5月结束。因此，价值股的短期风格优势可能仍能持续一个季度，长期是否能趋势性逆转将由一系列逆转收入分配和贫富差距的制度改革所决定。具体行业来看，大宗商品涨价、制造业补库和利率上行推动金融、能源、工业和原材料等行业在复苏期涨幅领先。医疗保健，信息技术、公共事业、电信服务没有明显的库存周期，核心消费品业绩较为稳定，相对弹性较小。非核心消费品受amazon影响过大。目前能源股涨幅已超过历史均值水平，金融股的涨幅也已充分兑现。短期来看，我们认为价值股作为复苏交易在未来一个季度仍有望跑赢成长股，但建议放低对价值股绝对收益的预期；长期来看，价值/成长的风格分化能否趋势性逆转仍然未知，如果美国政府通过加税推动一系列缩小贫富差距的制度改革，要做好可能发生风格趋势性逆转的心理准备。表2：各行业在复苏阶段表现资料来源：Bloomberg，天风证券研究所","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135685023,"gmtCreate":1622161386162,"gmtModify":1704180534542,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/135685023","repostId":"2138171227","repostType":4,"repost":{"id":"2138171227","kind":"highlight","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":1622156400,"share":"https://ttm.financial/m/news/2138171227?lang=en_US&edition=fundamental","pubTime":"2021-05-28 07:00","market":"us","language":"zh","title":"Salesforce reported Q1 revenue of $5.96 billion, with net profit up 374% year-over-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2138171227","media":"老虎资讯综合","summary":"Salesforce预计2022财年第二季度营收在62.2-62.3亿美元之间。","content":"<p>After the US stock market closed on May 27th, Eastern Time,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>The company announced its results for the first quarter of fiscal year 2022, ending April 30, 2021. Financial reports show that Salesforce's revenue in the first quarter was $5.96 billion, a year-over-year increase of 23%, exceeding market expectations of $5.89 billion.<img src=\"https://static.tigerbbs.com/fa1fff22c08757e7d229d28b9b7dc846\" tg-width=\"719\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p><p>Results Summary</p><p>By business segment, subscription and support business revenue was $5.54 billion, a year-over-year increase of 21%; Revenue from professional services and other businesses was $430 million, a year-over-year increase of 47%.</p><p>Cost of revenue for the quarter was $1.555 billion, a 24% year-over-year increase; Operating expenses were $4.054 billion, up 8% year-over-year.</p><p>Salesforce's net profit for the first quarter was $469 million, compared to $99 million in the same period last year, representing a year-over-year increase of 374%. Diluted earnings per share were $0.50, compared to $0.11 in the same period last year.</p><p>As of the end of the first quarter, Salesforce held a total of $15.02 billion in cash, cash equivalents, and securities.</p><p>Performance Guidance</p><p>Salesforce expects revenue of $6.22 billion to $6.23 billion in the second quarter of fiscal year 2022, and full-year revenue of $25.9 billion to $26 billion, representing a 22% year-over-year increase.</p><p>Following the earnings report, Salesforce's stock price rose 4.46% to $235.9 in after-hours trading.<img src=\"https://static.tigerbbs.com/e12889e9194a9e8565f862cb5d40f4f0\" tg-width=\"703\" tg-height=\"568\" 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>Salesforce reported Q1 revenue of $5.96 billion, with net profit up 374% year-over-year.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSalesforce reported Q1 revenue of $5.96 billion, with net profit up 374% year-over-year.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-28 07:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on May 27th, Eastern Time,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>The company announced its results for the first quarter of fiscal year 2022, ending April 30, 2021. Financial reports show that Salesforce's revenue in the first quarter was $5.96 billion, a year-over-year increase of 23%, exceeding market expectations of $5.89 billion.<img src=\"https://static.tigerbbs.com/fa1fff22c08757e7d229d28b9b7dc846\" tg-width=\"719\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p><p>Results Summary</p><p>By business segment, subscription and support business revenue was $5.54 billion, a year-over-year increase of 21%; Revenue from professional services and other businesses was $430 million, a year-over-year increase of 47%.</p><p>Cost of revenue for the quarter was $1.555 billion, a 24% year-over-year increase; Operating expenses were $4.054 billion, up 8% year-over-year.</p><p>Salesforce's net profit for the first quarter was $469 million, compared to $99 million in the same period last year, representing a year-over-year increase of 374%. Diluted earnings per share were $0.50, compared to $0.11 in the same period last year.</p><p>As of the end of the first quarter, Salesforce held a total of $15.02 billion in cash, cash equivalents, and securities.</p><p>Performance Guidance</p><p>Salesforce expects revenue of $6.22 billion to $6.23 billion in the second quarter of fiscal year 2022, and full-year revenue of $25.9 billion to $26 billion, representing a 22% year-over-year increase.</p><p>Following the earnings report, Salesforce's stock price rose 4.46% to $235.9 in after-hours trading.<img src=\"https://static.tigerbbs.com/e12889e9194a9e8565f862cb5d40f4f0\" tg-width=\"703\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210528/20210528070119_25635.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{"CRM":"赛富时"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138171227","content_text":"美东时间5月27日美股盘后，Salesforce公布了截止至2021年4月30日的2022财年第一季度业绩。财报显示，Salesforce一季度营收59.6亿美元，同比增长23%，高于市场预期的58.9亿美元。业绩摘要按业务划分，订阅和支持业务营收为55.4亿美元，同比增长21％；专业服务和其他业务营收为4.3亿美元，同比增长47％。本季度营收成本为15.55亿美元，同比增长24%；营业支出为40.54亿美元，同比增长8%。Salesforce一季度净利润为4.69亿美元，去年同期为9900万美元，同比增长374%；摊薄后每股收益为0.5美元，去年同期为0.11美元。截至第一季度末，Salesforce持有的现金，现金等价物和有价证券总额为150.2亿美元。业绩指引Salesforce预计2022财年第二季度营收在62.2-62.3亿美元之间，预计全财年营收在259-260亿美元之间，将同比增长22%。财报公布后，Salesforce盘后股价涨4.46%，报235.9美元。","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":1124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136925807,"gmtCreate":1621991206509,"gmtModify":1704365559079,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/136925807","repostId":"1154917329","repostType":4,"repost":{"id":"1154917329","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":1621989214,"share":"https://ttm.financial/m/news/1154917329?lang=en_US&edition=fundamental","pubTime":"2021-05-26 08:33","market":"sh","language":"zh","title":"Tesla announced that its best-selling North American models will discontinue radar sensors and adopt a pure vision system.","url":"https://stock-news.laohu8.com/highlight/detail?id=1154917329","media":"老虎资讯综合","summary":"特斯拉周二宣布，其北美市场畅销车型的Autopilot等驾驶辅助功能将停止使用雷达传感器。在一篇题为《向特斯拉视觉过渡》（transition to Tesla Vision）的博客文章中，该公司表示","content":"<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It announced on Tuesday that driver assistance features such as Autopilot will stop using radar sensors on its best-selling models in the North American market.</p><p>In a blog post titled “transition to Tesla Vision,” the company said that starting this month, the best-selling Model 3 and Model Y models produced for customers in the United States and Canada will feature camera-based systems to enable Autopilot features such as traffic adjustment cruise control or automatic lane keeping.</p><p>Radar sensors are relatively expensive, and processing data from radar sensors in a vehicle requires powerful computing power. Tesla had previously told shareholders that it believed \"a pure vision system is the ultimate requirement for achieving fully autonomous driving\" and planned to switch to \"Tesla Vision\" in the US market. In a tweet in March of this year, Musk stated that the company would shift to a \"purely visual\" approach.</p><p>Tesla stated that this will be the first time it has relied on camera vision and neural network processing to achieve \"Autopilot, Full Self-Driving (FSD), and certain active safety features.\"</p><p>The company also warned that some functions of the Autopilot and FSD systems may be limited during this technical adjustment period.</p><p>\"During this short transition period, cars equipped with Tesla Vision may have some features temporarily limited or unavailable, including: automatic steering will be limited to a top speed of 75 miles per hour (about 60 kilometers per hour) and a longer minimum following distance.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Summons (if equipped) and emergency lane departure avoidance may be disabled upon delivery.</p><p>Customers who have already ordered a Model 3 or Model Y but are unaware of this adjustment will be notified before receiving their vehicles.</p><p>All new Tesla vehicles are equipped with a standard set of advanced driver assistance (ADAS) features, namely Autopilot.</p><p>Tesla also sells a $10,000 advanced software package called \"Full Self-Driving\" (FSD). The company allowed some car owners to obtain a beta version of FSD in advance, effectively turning thousands of customers into software testers on public roads in the United States.</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>Tesla announced that its best-selling North American models will discontinue radar sensors and adopt a pure vision system.</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\">\nTesla announced that its best-selling North American models will discontinue radar sensors and adopt a pure vision system.\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\">2021-05-26 08:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It announced on Tuesday that driver assistance features such as Autopilot will stop using radar sensors on its best-selling models in the North American market.</p><p>In a blog post titled “transition to Tesla Vision,” the company said that starting this month, the best-selling Model 3 and Model Y models produced for customers in the United States and Canada will feature camera-based systems to enable Autopilot features such as traffic adjustment cruise control or automatic lane keeping.</p><p>Radar sensors are relatively expensive, and processing data from radar sensors in a vehicle requires powerful computing power. Tesla had previously told shareholders that it believed \"a pure vision system is the ultimate requirement for achieving fully autonomous driving\" and planned to switch to \"Tesla Vision\" in the US market. In a tweet in March of this year, Musk stated that the company would shift to a \"purely visual\" approach.</p><p>Tesla stated that this will be the first time it has relied on camera vision and neural network processing to achieve \"Autopilot, Full Self-Driving (FSD), and certain active safety features.\"</p><p>The company also warned that some functions of the Autopilot and FSD systems may be limited during this technical adjustment period.</p><p>\"During this short transition period, cars equipped with Tesla Vision may have some features temporarily limited or unavailable, including: automatic steering will be limited to a top speed of 75 miles per hour (about 60 kilometers per hour) and a longer minimum following distance.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Summons (if equipped) and emergency lane departure avoidance may be disabled upon delivery.</p><p>Customers who have already ordered a Model 3 or Model Y but are unaware of this adjustment will be notified before receiving their vehicles.</p><p>All new Tesla vehicles are equipped with a standard set of advanced driver assistance (ADAS) features, namely Autopilot.</p><p>Tesla also sells a $10,000 advanced software package called \"Full Self-Driving\" (FSD). The company allowed some car owners to obtain a beta version of FSD in advance, effectively turning thousands of customers into software testers on public roads in the United States.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9352eeb054da879ea3921619a5a8a9c","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154917329","content_text":"特斯拉周二宣布，其北美市场畅销车型的Autopilot等驾驶辅助功能将停止使用雷达传感器。在一篇题为《向特斯拉视觉过渡》（transition to Tesla Vision）的博客文章中，该公司表示，从本月开始，为美国和加拿大客户生产的畅销车型Model 3和Model Y将采用基于摄像头的系统，以实现交通调整巡航控制或自动车道保持等Autopilot的功能。雷达传感器的成本相对昂贵，而且在车辆中处理来自雷达传感器的数据需要强大的计算能力。特斯拉此前曾告诉股东，相信“纯视觉系统才是实现完全自主驾驶的最终所需”，并计划在美国市场转向“特斯拉视觉”。马斯克在今年3月的一条推文中表示，该公司将转向“纯视觉”的方式。特斯拉表示，这将是其首次依靠摄像头视觉和神经网络处理来实现“Autopilot、全自动驾驶（FSD）和某些主动安全功能”。该公司还警告称，在这段技术调整期间，Autopilot和FSD系统的一些功能可能会受到限制。“在这一过渡期间的短时间内，搭载特斯拉视觉系统的汽车可能会有一些功能暂时受限或不能启用，包括：自动转向将被限制在最高时速75英里（约每小时60公里）和更长的最低跟随距离。智能召唤（如果装备）和紧急车道偏离避免可能在交付时被禁用。”已经订购Model 3或Model Y但不知道这一调整的客户将在接收他们的车之前被通知。所有的特斯拉新车都配备了一套标准的高级驾驶辅助（ADAS）功能，即Autopilot。特斯拉还销售一款价值1万美元的高级软件包，称为“全自动驾驶”（FSD）。该公司让部分车主者提前获得了FSD的测试版，实际上将成千上万的客户变成了美国公共道路上的软件测试者。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105079424,"gmtCreate":1620261528268,"gmtModify":1704340907938,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"敬畏市场敬畏之心感恩之心","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>????","listText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>????","text":"$Histogenics Corporation(OCGN)$????","images":[{"img":"https://static.tigerbbs.com/8204d13f5af81bd53879b152cf58e74d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/105079424","isVote":1,"tweetType":1,"viewCount":1202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}