Linda2240 personal page - To The Moon

Linda2240

Linda2240

No personal profile

600Follow

27Followers

0Topic

0Badge

2023-06-18

[微笑]

rate hike "ineffective"? US stocks have rebounded, and the dollar has also fallen back.

2023-05-28

[微笑]

US Treasury default crisis: Preliminary agreement reached, but the alarm is far from lifted.

2023-05-20

[微笑]

"Extreme Game"! U.S. debt ceiling negotiations "ended without results" on Friday

2023-05-19

[微笑]

Sorry, the original content has been removed

2023-05-14

[微笑]

Sorry, the original content has been removed

2023-05-04

[微笑]

It's not just about "moats"! Buffett also has a major investment "trick".

2023-05-03

[微笑]

U.S. ADP employment figures for April were 296,000, the largest increase since July 2022.

2023-04-30

[微笑]

How long can US tech stocks remain bullish? It all depends on Apple and AMD's earnings reports next week.

2023-04-29

[微笑]

Who will win the First Republic? Report: FDIC requires bidders such as JPMorgan Chase to submit final offers by Sunday.

2023-04-28

[微笑]

The Federal Reserve blamed the collapse of Silicon Valley Bank on management problems and inadequate supervision.

2023-04-27

[微笑]

North-South Water Trends | With the long holiday approaching, net northbound inflows were less than 100 million yuan, including 1.3 billion yuan in the Dagu China Index ETF; Nanshui Insurance's massive acquisition of Ping

2023-04-25

[微笑]

Sorry, the original content has been removed

2023-04-22

[微笑]

Earnings Preview | Is there still room for disappointment in Google's performance? But AI guidance will be key.

2023-04-20

[微笑]

A surge of $11.4 billion in a single quarter! Under the pressure of economic recession, the growth rate of US junk bonds has returned to its peak.

2023-04-19

[微笑]

Morgan Stanley: Q1 revenue exceeded expectations, but total deposits fell short of forecasts.

2023-04-18

[微笑]

Lockheed Martin's first-quarter revenue was $15.1 billion, slightly exceeding expectations.

2023-04-17

[微笑]

Financial Report Preview | How long can Tesla's price reduction dividend last, and will it "backfire" on itself?

2023-04-16

[微笑]

Don't miss this bull market.

2023-04-15

[微笑]

Sorry, the original content has been removed

2023-04-14

[微笑]

Middle Eastern tycoons go on a shopping spree! Latest A-share holdings revealed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3581665781703479","uuid":"3581665781703479","gmtCreate":1618571757600,"gmtModify":1618985084175,"name":"Linda2240","pinyin":"linda2240","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":27,"headSize":600,"tweetSize":753,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.05.26","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":188687932182576,"gmtCreate":1687092091008,"gmtModify":1687092094469,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188687932182576","repostId":"1156309203","repostType":2,"repost":{"id":"1156309203","kind":"news","pubTimestamp":1687090816,"share":"https://ttm.financial/m/news/1156309203?lang=en_US&edition=fundamental","pubTime":"2023-06-18 20:20","market":"us","language":"zh","title":"rate hike \"ineffective\"? US stocks have rebounded, and the dollar has also fallen back.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156309203","media":"华尔街见闻","summary":"“四十年来最激进加息周期”如同没有发生！","content":"<p><html><head></head><body>Looking back at the moment when the Federal Reserve paused rate hike in June, we can see a remarkable scene: the performance of the US stock market and the US dollar has remained almost unchanged compared to when the rate hike cycle began in early 2022.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/083e237d5166eb06a4af3db441f84982\" tg-width=\"640\" tg-height=\"356\"/></p><p><h2 style=\"text-align: start;\">The market index traveled back to 15 months ago.</h2><p style=\"text-align: justify;\">By the close of trading on Friday, the S&P 500 had posted its fifth consecutive week of gains, closing at 4,409 points. When the Federal Reserve began its current rate hike cycle 15 months ago, the S&P 500 closed at 4358 points. The current S&P 500 index is higher than it was during the first rate hike on March 16, 2022.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/02d7359049e4467a9f0aff05065fa3d2\" tg-width=\"640\" tg-height=\"1415\"/></p><p><p style=\"text-align: justify;\"><strong>Generally speaking, the Federal Reserve's rate hike tightening of liquidity, while not a direct factor leading to a bear market, can also lead to a correction in the overall market.</strong>The sharp correction in the US stock market, especially technology stocks, in 2022 can confirm this. Following the spring rate hike, U.S. stocks were sold off and plunged into a bear market due to high inflation and rising borrowing costs, and recession predictions spread throughout the market.</p><p><p style=\"text-align: justify;\">However, US stocks rebounded sharply in the first half of this year, driven by strong corporate earnings. Before the earnings season began at the beginning of the year, Wall Street analysts had already significantly lowered their expectations. However, after companies released their earnings reports one after another, strong performance offset the pessimistic sentiment.</p><p><p style=\"text-align: justify;\">According to FactSet data, as of the end of May, nearly 80% of U.S. listed companies reported better-than-expected first-quarter earnings, a two-year high.</p><p><p style=\"text-align: justify;\">In addition, driven by the ChatGPT craze, major tech stocks such as the Seven Sisters (Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Google) continued to rise, driving up the index. In the first half of this year, the Nasdaq and S&P 500 rebounded, entering a technical bull market.</p><p><p style=\"text-align: justify;\">Currently,<strong>Although Federal Reserve Chairman Jerome Powell maintained a hawkish stance after the June policy meeting, the future path of monetary policy is now highly certain. The market generally expects that the rate hike is nearing its end and the Fed's tightening stance can no longer suppress the market's upward momentum.</strong></p><p><p style=\"text-align: justify;\">Bloomberg quoted experts as saying,<strong>Over the next 6-12 months, the importance of the Federal Reserve will decrease, while other global drivers and fundamental factors will play a greater role.</strong></p><p><p style=\"text-align: justify;\">Furthermore, according to Citigroup's model, the impact of macroeconomic factors on the stock market has decreased from 83% to 71% since March, the largest three-month drop since 2009.</p><p><h2 style=\"text-align: start;\">the US Dollar Index fell in tandem</h2><p style=\"text-align: justify;\">At the same time, the strength of the US dollar has also weakened, with the US Dollar Index currently trading near its April 2022 level, down nearly 10% from its all-time high.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/933da88b6af1b7ce7a54fb42e84aa2ec\" tg-width=\"640\" tg-height=\"833\"/></p><p><p style=\"text-align: justify;\"><strong>The the US Dollar Index, which measures the volatility of the US dollar against six major currencies, is sensitive to interest rate policy and is usually positively correlated with interest rate levels, i.e., rate hike pushes the US Dollar Index higher and vice versa.</strong></p><p><p style=\"text-align: justify;\">This can be observed in the current rate hike cycle, which has lasted 15 months and accumulated 500 basis points. The Federal Reserve began rate hike in March 2022, and then aggressively raised rate hike by 75 basis points four times between June and September. the US Dollar Index rose from approximately 102 in early June to approximately 114 at the end of September, a cumulative increase of over 11%. During this period, other currencies faced enormous depreciation pressure. It wasn't until the recent resolution of the debt ceiling crisis and the clear signal from the Federal Reserve to suspend rate hike that the US Dollar Index finally retreated.</p><p><p style=\"text-align: justify;\">Currently, the market expects two more rate hike of 25 basis points or 50 basis points before the end of this year. However, the previously widely expected recession has not yet occurred. The U.S. economy appears to have withstood the impact of rate hike, the labor market is resilient, and corporate balance sheets are mostly healthy.<strong>In their latest report, Bank of America strategists upgraded their outlook for the U.S. stock market and are increasingly optimistic about the economic outlook. They predict that even if a recession occurs, it will be relatively mild.</strong></p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>rate hike \"ineffective\"? US stocks have rebounded, and the dollar has also fallen back.</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\">\nrate hike \"ineffective\"? US stocks have rebounded, and the dollar has also fallen back.\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\">2023-06-18 20:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Looking back at the moment when the Federal Reserve paused rate hike in June, we can see a remarkable scene: the performance of the US stock market and the US dollar has remained almost unchanged compared to when the rate hike cycle began in early 2022.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/083e237d5166eb06a4af3db441f84982\" tg-width=\"640\" tg-height=\"356\"/></p><p><h2 style=\"text-align: start;\">The market index traveled back to 15 months ago.</h2><p style=\"text-align: justify;\">By the close of trading on Friday, the S&P 500 had posted its fifth consecutive week of gains, closing at 4,409 points. When the Federal Reserve began its current rate hike cycle 15 months ago, the S&P 500 closed at 4358 points. The current S&P 500 index is higher than it was during the first rate hike on March 16, 2022.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/02d7359049e4467a9f0aff05065fa3d2\" tg-width=\"640\" tg-height=\"1415\"/></p><p><p style=\"text-align: justify;\"><strong>Generally speaking, the Federal Reserve's rate hike tightening of liquidity, while not a direct factor leading to a bear market, can also lead to a correction in the overall market.</strong>The sharp correction in the US stock market, especially technology stocks, in 2022 can confirm this. Following the spring rate hike, U.S. stocks were sold off and plunged into a bear market due to high inflation and rising borrowing costs, and recession predictions spread throughout the market.</p><p><p style=\"text-align: justify;\">However, US stocks rebounded sharply in the first half of this year, driven by strong corporate earnings. Before the earnings season began at the beginning of the year, Wall Street analysts had already significantly lowered their expectations. However, after companies released their earnings reports one after another, strong performance offset the pessimistic sentiment.</p><p><p style=\"text-align: justify;\">According to FactSet data, as of the end of May, nearly 80% of U.S. listed companies reported better-than-expected first-quarter earnings, a two-year high.</p><p><p style=\"text-align: justify;\">In addition, driven by the ChatGPT craze, major tech stocks such as the Seven Sisters (Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Google) continued to rise, driving up the index. In the first half of this year, the Nasdaq and S&P 500 rebounded, entering a technical bull market.</p><p><p style=\"text-align: justify;\">Currently,<strong>Although Federal Reserve Chairman Jerome Powell maintained a hawkish stance after the June policy meeting, the future path of monetary policy is now highly certain. The market generally expects that the rate hike is nearing its end and the Fed's tightening stance can no longer suppress the market's upward momentum.</strong></p><p><p style=\"text-align: justify;\">Bloomberg quoted experts as saying,<strong>Over the next 6-12 months, the importance of the Federal Reserve will decrease, while other global drivers and fundamental factors will play a greater role.</strong></p><p><p style=\"text-align: justify;\">Furthermore, according to Citigroup's model, the impact of macroeconomic factors on the stock market has decreased from 83% to 71% since March, the largest three-month drop since 2009.</p><p><h2 style=\"text-align: start;\">the US Dollar Index fell in tandem</h2><p style=\"text-align: justify;\">At the same time, the strength of the US dollar has also weakened, with the US Dollar Index currently trading near its April 2022 level, down nearly 10% from its all-time high.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/933da88b6af1b7ce7a54fb42e84aa2ec\" tg-width=\"640\" tg-height=\"833\"/></p><p><p style=\"text-align: justify;\"><strong>The the US Dollar Index, which measures the volatility of the US dollar against six major currencies, is sensitive to interest rate policy and is usually positively correlated with interest rate levels, i.e., rate hike pushes the US Dollar Index higher and vice versa.</strong></p><p><p style=\"text-align: justify;\">This can be observed in the current rate hike cycle, which has lasted 15 months and accumulated 500 basis points. The Federal Reserve began rate hike in March 2022, and then aggressively raised rate hike by 75 basis points four times between June and September. the US Dollar Index rose from approximately 102 in early June to approximately 114 at the end of September, a cumulative increase of over 11%. During this period, other currencies faced enormous depreciation pressure. It wasn't until the recent resolution of the debt ceiling crisis and the clear signal from the Federal Reserve to suspend rate hike that the US Dollar Index finally retreated.</p><p><p style=\"text-align: justify;\">Currently, the market expects two more rate hike of 25 basis points or 50 basis points before the end of this year. However, the previously widely expected recession has not yet occurred. The U.S. economy appears to have withstood the impact of rate hike, the labor market is resilient, and corporate balance sheets are mostly healthy.<strong>In their latest report, Bank of America strategists upgraded their outlook for the U.S. stock market and are increasingly optimistic about the economic outlook. They predict that even if a recession occurs, it will be relatively mild.</strong></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3691390\">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/55eb327f580527889cf30bafa92692ae","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3691390","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1156309203","content_text":"站在六月美联储暂停加息的节点回看，可以发现这样一幕神奇的景象：美股大盘和美元的表现，相比22年初加息周期开始时几乎没有变化。大盘指数时空穿越 回到15个月前截至周五美股收盘，标普500指数收获五周连阳，报4409点。当15个月前，美联储开启本轮加息周期时，标普大盘收于4358点。现在的标普500指数，比2022年3月16日第一次加息时还要高。通常来说，美联储加息收紧流动性，尽管不是导致熊市的直接因素，但也会导致大盘的调整。2022年，美国股市尤其是科技股的大幅调整可以印证这一点。在春天的加息之后，由于高通膨和借贷成本攀升，美国股票遭到抛售而落入熊市，经济衰退预测更是在市场中扩散。但是，今年上半年，在强劲的企业盈利推动下，美股大幅反弹。在年初进入财报季之前，华尔街分析师原本已经大幅下调预期，结果，在企业陆续公布财报后，强劲业绩抵消了悲观情绪。FactSet的数据显示，截至5月底，近80%美股上市公司第一季度财报超出预期，比例创下2年来新高。此外，在ChatGPT掀起的热潮推动下，美股七姐妹（苹果、微软、英伟达、亚马逊、Meta、特斯拉和谷歌）等大型科技股持续走高，拉动指数上升。今年上半年，纳指和标普500指数出现反弹，相继进入技术性牛市。目前来看，尽管在六月议息会议后美联储主席鲍威尔依然坚持放鹰，但货币政策的未来路径已有很高确定性，市场普遍预计加息已经临近终点，联储的紧缩立场已经无法再抑制市场的上行动力。彭博社援引专家说法称，未来6-12个月，美联储的重要性会降低，其他全球驱动因素和基本面因素将发挥更大的作用。此外，根据花旗集团的模型，自3月以来，宏观因素对股市的影响已从83%降至71%，这是2009年以来最大的三个月降幅。美元指数同步回落与此同时，美元的强势也有所减弱，美元指数目前在2022年4月的水平附近交易，较其历史高点下降了近10%。衡量美元对六种主要货币汇率波动的美元指数对利率政策较为敏感，通常与利率水平呈正相关关系，即加息推动美元指数上涨，反之则下跌。在本轮已持续15个月、累计500基点的加息周期中，可以观察到这一点。美联储自22年3月开始加息，随后在6月至9月期间，连续四次激进加息75个基点。美元指数从6月初的约102涨至9月末的约114，累计涨幅超过11%。期间其他货币承受了巨大的贬值压力。直到近期债务上限危机解决、美联储暂停加息信号明确，美元指数才终于回落。目前，市场预计，到今年年底前还会有两次25个基点或一次50个基点的加息。但此前普遍预计的衰退尚还没有发生，美国经济似乎已经承受了加息的冲击，劳动力市场富有弹性，企业资产负债表大多健康。美银的策略师在最新报告中提升了他们对美股市场的展望，并对经济前景越来越乐观，他们预测，如果出现经济衰退，也会相对温和。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9979022796,"gmtCreate":1685289384316,"gmtModify":1685289388358,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9979022796","repostId":"1169636070","repostType":2,"repost":{"id":"1169636070","kind":"news","pubTimestamp":1685276505,"share":"https://ttm.financial/m/news/1169636070?lang=en_US&edition=fundamental","pubTime":"2023-05-28 20:21","market":"us","language":"zh","title":"US Treasury default crisis: Preliminary agreement reached, but the alarm is far from lifted.","url":"https://stock-news.laohu8.com/highlight/detail?id=1169636070","media":"华尔街见闻","summary":"闯关国会，又是一场“恶仗”。经过数周的激烈谈判，美国两党终于在周六晚间就解决美国债务上限问题达成“原则性协议”。不过，这份协议还需得到美国国会的快速通过，才能真正解除本次美债违约的“警报”。而这，又将","content":"<p><html><head></head><body><strong>Breaking through Congress will be another \"fierce battle\".</strong><p style=\"text-align: justify;\">After weeks of intense negotiations, the two parties in the United States finally reached an \"agreement in principle\" on Saturday night to resolve the U.S. debt ceiling issue. However, this agreement still needs to be quickly approved by the US Congress to truly lift the \"alarm\" of this US Treasury default. And this will be another \"fierce battle\".</p><p><p style=\"text-align: justify;\">After the initial agreement was reached, Biden said it represented a \"compromise\" for him, while Republican House Speaker McCarthy said the agreement \"made historic cuts in spending.\"</p><p><p style=\"text-align: justify;\">Looking back at this round of debt ceiling negotiations, it is not difficult to see that the contradiction between the two sides lies in the fact that Republicans hope to reach an agreement to significantly cut government spending while adjusting the debt ceiling. Democrats, on the other hand, insist on adjusting the debt ceiling relatively independently and are unwilling to make too many concessions on spending cuts.</p><p><p style=\"text-align: justify;\">Many analysts believe that this compromise will likely fail to satisfy both more radical Republican lawmakers and the Democratic left:</p><p>\"It is almost certain that the cuts in the package are both too mild to win the votes of hardline conservatives and too harsh to win the votes of radicals in the House.\"<p style=\"text-align: justify;\">Therefore, many media outlets have commented that the prospects for the agreement in both the Senate and the House of Representatives may be \"bumpy\". CCTV News, citing a commentary from The Washington Post, stated that passing an agreement in the short term in the current \"troubled and divided\" Congress is a \"difficult task.\"</p><p><p style=\"text-align: justify;\">According to McCarthy's timetable, the House of Representatives will vote next Wednesday (May 31) before sending it to the Senate for consideration. The U.S. Treasury Department stated this Friday that if Congress fails to pass the agreement in time, the government will default on its debt on June 5.</p><p><p style=\"text-align: justify;\">Therefore, the U.S. Congress must successfully pass the relevant bill before \"X Date\" in order to avoid a debt default in the United States. If there is \"even the slightest mistake\" in the vote between the two houses next week, the potential risk of a \"technical default\" on US Treasury bonds is far from disappearing.</p><p><h2>\"Bipartisan cooperation\" is essential, while \"dealing with troublemakers\" is key.</h2><p style=\"text-align: justify;\">Following the 2022 midterm elections, Democrats and Republicans control the U.S. Senate and House of Representatives, respectively. Therefore, the two parties must reach a \"cooperation\" agreement in order for the relevant bills to pass in both houses.</p><p><p style=\"text-align: justify;\">However, as mentioned earlier, the point of contention between the two sides is that radical members of both parties may find it difficult to make concessions on the bill, and senators from each party may find different reasons to oppose the bill—some far-right Republicans may believe that spending cuts are insufficient, while some left-wing Democratic politicians may feel that they have made too many concessions to Republicans.</p><p><p style=\"text-align: justify;\">Therefore, based on the \"bipartisan cooperation\" reached between Biden and McCarthy, the key to solving the problem is whether these \"troublesome\" lawmakers can be dealt with.</p><p><p style=\"text-align: justify;\">According to a previous report by Politico, White House officials had informally calculated that, even if they lost some of the Republican vote,<strong>McCarthy could need as many as 100 Democratic votes to secure a 218-vote majority to ensure the final debt ceiling agreement passes the House of Representatives.</strong></p><p><p style=\"text-align: justify;\">It is worth mentioning that if the bill encounters serious obstacles in the House of Representatives, Democrats can also adopt a rarely used emergency tactic – a “discharge petition” – to vote on the debt ceiling in a “clean” manner, without any strings attached. However, this congressional strategy is even less promising—although Democrats support it, it needs to convince a sufficient Republican majority to join it, otherwise it will not succeed.</p><p><p style=\"text-align: justify;\">Furthermore, Biden could attempt to invoke the untested legal theory of the 14th Amendment to the U.S. Constitution, which stipulates that \"the validity of the public debt of the United States... shall not be questioned,\" thus clearing the way for him to authorize more borrowing. However, this could be immediately challenged in court.</p><p><p style=\"text-align: justify;\">If passed in the House of Representatives, the bill will go to the Senate.<strong>In the Senate, the bill needs the support of at least nine Republicans to receive 60 out of 100 votes in order to continue pushing legislation.</strong></p><p><p style=\"text-align: justify;\">Media analysts say that in the Democratic-controlled Senate, Majority Leader Chuck Schumer has complete control over when the bill will be voted on. However, individual senators could delay the process by insisting on procedural procedures, including a 30-hour debate on whether to begin debate and another 30 hours on the bill itself.</p><p><p style=\"text-align: justify;\">The Senate needs to pass the bill without changing the House bill. Otherwise, it will have to be sent back to the House of Representatives for a new round of voting.</p><p><p style=\"text-align: justify;\">It is worth mentioning that if there is a 50-50 tie in the Senate, Vice President Kamala Harris can vote 51-50 to pass.</p><p><p style=\"text-align: justify;\">The agreement can only be submitted to the White House for Biden to sign into law after it is passed by both the Senate and House of Representatives. Only by quickly completing this legislation can the \"alarm\" of this US Treasury default be successfully lifted.</p><p><h2>Timeline of this round of \"US Treasury cap game\"</h2><p style=\"text-align: justify;\">On January 13, 2023, U.S. Treasury Secretary Janet Yellen wrote to Congress stating that the United States would reach the statutory debt ceiling of $31.4 trillion on January 19, and the Treasury Department would begin taking some “extraordinary measures,” with cash and “extraordinary measures” likely to support it until early June.</p><p><p style=\"text-align: justify;\">It is worth mentioning that it is not uncommon for US Treasury bonds to hit their upper limit, but the intensity of market panic this time is quite rare. The reasons for this may be related to the current extremely tight monetary policy in the United States, regional banking crises, and recession expectations. US Treasury Secretary Yellen's frequent reminders have further fueled this panic.</p><p><p style=\"text-align: justify;\">On January 13, Yellen wrote to Congress that she would take \"extraordinary measures\" on January 19; On April 25, U.S. Treasury Secretary Janet Yellen delivered a speech warning of serious consequences if the U.S. debt ceiling is not addressed. On May 1 and May 15, Yellen sent letters to Congress, formally warning that the default date was earlier than expected; On May 27, Yellen warned again that if the U.S. Congress failed to pass the agreement in time, the government would default on its debt on June 5.</p><p><p style=\"text-align: justify;\">On the evening of May 27, US President Joe Biden and Congressional Republican Leader John McCarthy reached an agreement in principle to raise the federal government's $31.4 trillion debt ceiling, according to media reports citing sources familiar with the matter.<strong>Negotiators from both sides agreed to raise the U.S. federal debt ceiling for two years, while simultaneously cutting and limiting some government spending over the two years, keeping non-defense spending nearly flat for the next two years.</strong>The agreement did not mention a budget cap after 2025, but announced that the specific bill would be submitted to the House of Representatives for a vote on May 31.</p><p><p style=\"text-align: justify;\">A White House Council of Institutional Economic Advisers estimates that the U.S. stock market would plummet 45% if U.S. Treasuries defaulted. According to Moody's estimates, if the US Treasury defaults, the US unemployment rate will soar by 5 percentage points, which means that approximately 8 million Americans will be unemployed. At the same time, governments subject to debt ceilings will be unable to cope with the economic downturn through fiscal stimulus, leading to a more severe recession.</p><p></body></html></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>US Treasury default crisis: Preliminary agreement reached, but the alarm is far from lifted.</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\">\nUS Treasury default crisis: Preliminary agreement reached, but the alarm is far from lifted.\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\">2023-05-28 20:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>Breaking through Congress will be another \"fierce battle\".</strong><p style=\"text-align: justify;\">After weeks of intense negotiations, the two parties in the United States finally reached an \"agreement in principle\" on Saturday night to resolve the U.S. debt ceiling issue. However, this agreement still needs to be quickly approved by the US Congress to truly lift the \"alarm\" of this US Treasury default. And this will be another \"fierce battle\".</p><p><p style=\"text-align: justify;\">After the initial agreement was reached, Biden said it represented a \"compromise\" for him, while Republican House Speaker McCarthy said the agreement \"made historic cuts in spending.\"</p><p><p style=\"text-align: justify;\">Looking back at this round of debt ceiling negotiations, it is not difficult to see that the contradiction between the two sides lies in the fact that Republicans hope to reach an agreement to significantly cut government spending while adjusting the debt ceiling. Democrats, on the other hand, insist on adjusting the debt ceiling relatively independently and are unwilling to make too many concessions on spending cuts.</p><p><p style=\"text-align: justify;\">Many analysts believe that this compromise will likely fail to satisfy both more radical Republican lawmakers and the Democratic left:</p><p>\"It is almost certain that the cuts in the package are both too mild to win the votes of hardline conservatives and too harsh to win the votes of radicals in the House.\"<p style=\"text-align: justify;\">Therefore, many media outlets have commented that the prospects for the agreement in both the Senate and the House of Representatives may be \"bumpy\". CCTV News, citing a commentary from The Washington Post, stated that passing an agreement in the short term in the current \"troubled and divided\" Congress is a \"difficult task.\"</p><p><p style=\"text-align: justify;\">According to McCarthy's timetable, the House of Representatives will vote next Wednesday (May 31) before sending it to the Senate for consideration. The U.S. Treasury Department stated this Friday that if Congress fails to pass the agreement in time, the government will default on its debt on June 5.</p><p><p style=\"text-align: justify;\">Therefore, the U.S. Congress must successfully pass the relevant bill before \"X Date\" in order to avoid a debt default in the United States. If there is \"even the slightest mistake\" in the vote between the two houses next week, the potential risk of a \"technical default\" on US Treasury bonds is far from disappearing.</p><p><h2>\"Bipartisan cooperation\" is essential, while \"dealing with troublemakers\" is key.</h2><p style=\"text-align: justify;\">Following the 2022 midterm elections, Democrats and Republicans control the U.S. Senate and House of Representatives, respectively. Therefore, the two parties must reach a \"cooperation\" agreement in order for the relevant bills to pass in both houses.</p><p><p style=\"text-align: justify;\">However, as mentioned earlier, the point of contention between the two sides is that radical members of both parties may find it difficult to make concessions on the bill, and senators from each party may find different reasons to oppose the bill—some far-right Republicans may believe that spending cuts are insufficient, while some left-wing Democratic politicians may feel that they have made too many concessions to Republicans.</p><p><p style=\"text-align: justify;\">Therefore, based on the \"bipartisan cooperation\" reached between Biden and McCarthy, the key to solving the problem is whether these \"troublesome\" lawmakers can be dealt with.</p><p><p style=\"text-align: justify;\">According to a previous report by Politico, White House officials had informally calculated that, even if they lost some of the Republican vote,<strong>McCarthy could need as many as 100 Democratic votes to secure a 218-vote majority to ensure the final debt ceiling agreement passes the House of Representatives.</strong></p><p><p style=\"text-align: justify;\">It is worth mentioning that if the bill encounters serious obstacles in the House of Representatives, Democrats can also adopt a rarely used emergency tactic – a “discharge petition” – to vote on the debt ceiling in a “clean” manner, without any strings attached. However, this congressional strategy is even less promising—although Democrats support it, it needs to convince a sufficient Republican majority to join it, otherwise it will not succeed.</p><p><p style=\"text-align: justify;\">Furthermore, Biden could attempt to invoke the untested legal theory of the 14th Amendment to the U.S. Constitution, which stipulates that \"the validity of the public debt of the United States... shall not be questioned,\" thus clearing the way for him to authorize more borrowing. However, this could be immediately challenged in court.</p><p><p style=\"text-align: justify;\">If passed in the House of Representatives, the bill will go to the Senate.<strong>In the Senate, the bill needs the support of at least nine Republicans to receive 60 out of 100 votes in order to continue pushing legislation.</strong></p><p><p style=\"text-align: justify;\">Media analysts say that in the Democratic-controlled Senate, Majority Leader Chuck Schumer has complete control over when the bill will be voted on. However, individual senators could delay the process by insisting on procedural procedures, including a 30-hour debate on whether to begin debate and another 30 hours on the bill itself.</p><p><p style=\"text-align: justify;\">The Senate needs to pass the bill without changing the House bill. Otherwise, it will have to be sent back to the House of Representatives for a new round of voting.</p><p><p style=\"text-align: justify;\">It is worth mentioning that if there is a 50-50 tie in the Senate, Vice President Kamala Harris can vote 51-50 to pass.</p><p><p style=\"text-align: justify;\">The agreement can only be submitted to the White House for Biden to sign into law after it is passed by both the Senate and House of Representatives. Only by quickly completing this legislation can the \"alarm\" of this US Treasury default be successfully lifted.</p><p><h2>Timeline of this round of \"US Treasury cap game\"</h2><p style=\"text-align: justify;\">On January 13, 2023, U.S. Treasury Secretary Janet Yellen wrote to Congress stating that the United States would reach the statutory debt ceiling of $31.4 trillion on January 19, and the Treasury Department would begin taking some “extraordinary measures,” with cash and “extraordinary measures” likely to support it until early June.</p><p><p style=\"text-align: justify;\">It is worth mentioning that it is not uncommon for US Treasury bonds to hit their upper limit, but the intensity of market panic this time is quite rare. The reasons for this may be related to the current extremely tight monetary policy in the United States, regional banking crises, and recession expectations. US Treasury Secretary Yellen's frequent reminders have further fueled this panic.</p><p><p style=\"text-align: justify;\">On January 13, Yellen wrote to Congress that she would take \"extraordinary measures\" on January 19; On April 25, U.S. Treasury Secretary Janet Yellen delivered a speech warning of serious consequences if the U.S. debt ceiling is not addressed. On May 1 and May 15, Yellen sent letters to Congress, formally warning that the default date was earlier than expected; On May 27, Yellen warned again that if the U.S. Congress failed to pass the agreement in time, the government would default on its debt on June 5.</p><p><p style=\"text-align: justify;\">On the evening of May 27, US President Joe Biden and Congressional Republican Leader John McCarthy reached an agreement in principle to raise the federal government's $31.4 trillion debt ceiling, according to media reports citing sources familiar with the matter.<strong>Negotiators from both sides agreed to raise the U.S. federal debt ceiling for two years, while simultaneously cutting and limiting some government spending over the two years, keeping non-defense spending nearly flat for the next two years.</strong>The agreement did not mention a budget cap after 2025, but announced that the specific bill would be submitted to the House of Representatives for a vote on May 31.</p><p><p style=\"text-align: justify;\">A White House Council of Institutional Economic Advisers estimates that the U.S. stock market would plummet 45% if U.S. Treasuries defaulted. According to Moody's estimates, if the US Treasury defaults, the US unemployment rate will soar by 5 percentage points, which means that approximately 8 million Americans will be unemployed. At the same time, governments subject to debt ceilings will be unable to cope with the economic downturn through fiscal stimulus, leading to a more severe recession.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3689787\">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/41f81b99b97a59da55dd70fd1af475cb","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://wallstreetcn.com/articles/3689787","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169636070","content_text":"闯关国会，又是一场“恶仗”。经过数周的激烈谈判，美国两党终于在周六晚间就解决美国债务上限问题达成“原则性协议”。不过，这份协议还需得到美国国会的快速通过，才能真正解除本次美债违约的“警报”。而这，又将是一场“恶仗”。在协议初步达成后，拜登表示，对他而言这代表了“妥协”，而共和党籍的众议院议长麦卡锡则表示，协议“在开支方面做了历史性的削减”。回顾本轮美债上限博弈，不难发现双方的矛盾点在于，共和党人希望在调整债务上限的同时，达成大幅削减政府开支的协议；而民主党人则坚持相对独立地调整债务上限，不愿在削减开支方面做出太大让步。不少分析认为，这份妥协的产物恐怕既无法满足共和党内立场更为激进的议员，又无法令民主党左翼感到满意：“几乎可以肯定的是，一揽子计划中的削减措施既过于温和，无法赢得强硬保守派的投票，又过于严厉，无法赢得众议院激进派的投票。”因此，不少媒体评论称，该协议在参众两院的前景可能都将“崎岖不平”。央视新闻援引《华盛顿邮报》评论称，短时间内在当前这个“容易陷入困境且分裂的”国会通过协议是一项“艰难的任务”。按麦卡锡给出的时间表，众议院将在下周三（5月31日）进行投票，随后送往参议院过会。而美国财政部本周五曾表示，如果美国国会不能及时通过协议，政府将会在6月5日出现债务违约。因此，美国国会必须成功在“X Date”前投票通过相关法案，才能避免美国出现债务违约。如果下周两院投票“稍有差池”，美债“技术性违约”的潜在风险就远远谈不上消失。“两党合作”是必须，“搞定刺头”是关键2022年中期选举后，民主党和共和党分别控制着美国会参议院和众议院，因此两党必须达成“合作”，才有可能使相关法案在两院都获得通过。不过，如前所述，双方的矛盾点在于，双方党内激进派议员可能很难就法案达成让步，来自每个党派的参议员可能会找到不同的理由反对该法案——部分极右翼共和党人可能会认为支出削减不够充分，而部分民主党左翼政客可能会觉得他们向共和党人让步太多。因此，在拜登和麦卡锡达成“两党合作”的基础上，能否搞定这些“刺头”议员，是解决问题的关键。据Politico此前报道，白宫官员曾非正式地计算过，在失去共和党一部分选票的情况下，麦卡锡可能需要获得多达100张民主党选票，才能以确保最终的债务上限协议取得218多数票——确保协议能够在众议院获得通过。值得一提的是，如果法案在众议院严重遇阻，民主党人还可以采取一种很少使用的紧急策略——“解除请愿书”，以“清洁”调整，不应该有附加条件的方式对债务上限进行投票。不过，这项议会策略更是希望渺茫——尽管民主党人支持这一做法，但需要说服足够多的共和党多数派加入，否则无法成功。此外，拜登可以尝试援引美国宪法第14修正案的未经检验的法律理论，该修正案规定“美国公共债务的有效性……不得被质疑”，从而为他授权更多借款扫清了道路。不过，这可能会立即在法庭上受到质疑。如果在众议院获得通过，该法案将提交参议院。在参议院，这项法案需要至少9名共和党人的支持，才能取得100票中的60票支持，从而继续推动立法。媒体分析称，在民主党控制的参议院，多数党领袖查克·舒默(Chuck Schumer)对该法案何时进行投票拥有完全控制权。但是，个别参议员可以通过坚持程序性操作来延缓这一进程，包括就是否开始辩论先进行30个小时的辩论，以及就法案本身再进行30个小时的辩论。而参议院需要在不改变众议院议案的情况下通过该法案。否则，它将不得不被打回众议院重新开始新一轮投票。值得一提的是，如果参议院出现50-50的平局，副总统卡玛拉·哈里斯可以投票以51-50通过。只有在参众两院都取得通过后，该协议方能提交白宫，由拜登签署成为法律。而只有快速完成这一立法，本次美债违约的“警报”才能顺利解除。本轮“美债上限博弈”时间线2023年1月13日，美国财政部长耶伦致信国会称，美国将在1月19日触及31.4万亿美元的法定债务上限，财政部将开始采取一些“非常措施”，现金和“非常措施”可能会支持到6月初。值得一提的是，美债触及上限并不罕见，但这次市场恐慌情绪之浓较为罕见。究其原因，可能和当前美国极其紧缩的货币政策、地区银行危机与衰退预期有关。而美财长耶伦的频频提醒，又进一步点燃了这一恐慌。1月13日耶伦致信国会将会在1月19日采取“非常措施”；4月25日，美财长耶伦发表演讲，警告美债上限不解决会产生严重后果；5月1日和5月15日，耶伦致信国会，正式警告违约日期比预期更早；5月27日，耶伦又警告称表示，如果美国国会不能及时通过协议，政府将会在6月5日出现债务违约。5月27日晚，美国总统拜登和国会共和党领袖麦卡锡已就提高联邦政府31.4万亿美元的债务上限达成原则性协议，媒体援引知情人士消息报道，双方谈判代表同意将美国联邦债务上限提高两年，同时将削减和限制两年内部分政府支出，非国防支出在2年内保持接近持平，协议中并未提及2025年后的预算上限，宣布具体法案于5月31日交由众议院表决。据白宫的一个机构经济顾问委员会估计，如果美债发生违约，美国股市将暴跌 45%。另据穆迪估计，若美债违约，那么美国失业率将飙升5个百分点，这意味着大约800万美国人失业。同时，受债务上限限制的政府将无法通过财政刺激应对经济低迷，从而导致更严重的衰退。","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":5306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9970507062,"gmtCreate":1684566773356,"gmtModify":1684566776862,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970507062","repostId":"1134825236","repostType":2,"repost":{"id":"1134825236","kind":"news","pubTimestamp":1684547417,"share":"https://ttm.financial/m/news/1134825236?lang=en_US&edition=fundamental","pubTime":"2023-05-20 09:50","market":"hk","language":"zh","title":"\"Extreme Game\"! U.S. debt ceiling negotiations \"ended without results\" on Friday","url":"https://stock-news.laohu8.com/highlight/detail?id=1134825236","media":"华尔街见闻","summary":"美国白宫与共和党谈判代表周五就提高债务上限举行的第二次会议结束，双方均未提及任何进展，也没有安排进一步的会议。据报道，债务上限僵局集中在2024年的支出水平上。据路透报道，美国白宫与共和党谈判代表周五","content":"<p><html><head></head><body>The second meeting between the White House and Republican negotiators on raising the debt ceiling ended Friday with neither side mentioning any progress nor scheduling further meetings. According to reports, the debt ceiling impasse focuses on spending levels in 2024.<p style=\"text-align: justify;\">According to Reuters, the second meeting between the White House and Republican negotiators on raising the debt ceiling concluded on Friday, with neither side mentioning any progress nor scheduling further meetings.</p><p><p style=\"text-align: justify;\">Republican Representative garrett Graves told reporters after a brief meeting with White House officials at the Capitol:</p><p>“We had a very, very frank discussion, discussing our current situation and how things need to develop.”<p style=\"text-align: justify;\">\"Tonight is not a negotiation,\" Graves said, adding,<strong>The time of the next meeting has not yet been determined.</strong></p><p><p style=\"text-align: justify;\"><strong>He agreed with GOP leader and House Speaker McCarthy that progress needs to be made in changing the “trajectory” of rapidly rising U.S. government deficit spending and debt.</strong></p><p><p style=\"text-align: justify;\">McCarthy said, \"We must spend less than last year.\"</p><p><p style=\"text-align: justify;\">Another Republican negotiator, Representative Patrick McHenry, said McCarthy would be briefed on the progress of the negotiations.</p><p><p style=\"text-align: justify;\"><strong>Neither member of parliament mentioned any progress.</strong></p><p><p style=\"text-align: justify;\">In the first meeting on Friday morning, McCarthy's debt ceiling negotiators abruptly left shortly after a closed-door meeting with White House representatives began.</p><p><p style=\"text-align: justify;\">The news shook financial markets as the debt ceiling deadline approached.</p><p><h2>Focus of Controversy: Spending Levels in 2024</h2><p style=\"text-align: justify;\">Republicans are pushing for deep spending cuts in exchange for raising the cap.</p><p><p style=\"text-align: justify;\">The debt ceiling impasse focuses on spending levels in 2024.</p><p><p style=\"text-align: justify;\">According to a previous report by Axios, Democratic Representative Dusty Johnson stated:</p><p><p style=\"text-align: justify;\">\"The White House wants to continue spending more money, and as long as that's their position, it's impossible to reach an agreement.\"</p><p><p style=\"text-align: justify;\">Johnson said McCarthy “insisted” on Republican demands to limit discretionary spending to 2022 levels.</p><p></body></html></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>\"Extreme Game\"! U.S. debt ceiling negotiations \"ended without results\" on Friday</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\">\n\"Extreme Game\"! U.S. debt ceiling negotiations \"ended without results\" on Friday\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\">2023-05-20 09:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The second meeting between the White House and Republican negotiators on raising the debt ceiling ended Friday with neither side mentioning any progress nor scheduling further meetings. According to reports, the debt ceiling impasse focuses on spending levels in 2024.<p style=\"text-align: justify;\">According to Reuters, the second meeting between the White House and Republican negotiators on raising the debt ceiling concluded on Friday, with neither side mentioning any progress nor scheduling further meetings.</p><p><p style=\"text-align: justify;\">Republican Representative garrett Graves told reporters after a brief meeting with White House officials at the Capitol:</p><p>“We had a very, very frank discussion, discussing our current situation and how things need to develop.”<p style=\"text-align: justify;\">\"Tonight is not a negotiation,\" Graves said, adding,<strong>The time of the next meeting has not yet been determined.</strong></p><p><p style=\"text-align: justify;\"><strong>He agreed with GOP leader and House Speaker McCarthy that progress needs to be made in changing the “trajectory” of rapidly rising U.S. government deficit spending and debt.</strong></p><p><p style=\"text-align: justify;\">McCarthy said, \"We must spend less than last year.\"</p><p><p style=\"text-align: justify;\">Another Republican negotiator, Representative Patrick McHenry, said McCarthy would be briefed on the progress of the negotiations.</p><p><p style=\"text-align: justify;\"><strong>Neither member of parliament mentioned any progress.</strong></p><p><p style=\"text-align: justify;\">In the first meeting on Friday morning, McCarthy's debt ceiling negotiators abruptly left shortly after a closed-door meeting with White House representatives began.</p><p><p style=\"text-align: justify;\">The news shook financial markets as the debt ceiling deadline approached.</p><p><h2>Focus of Controversy: Spending Levels in 2024</h2><p style=\"text-align: justify;\">Republicans are pushing for deep spending cuts in exchange for raising the cap.</p><p><p style=\"text-align: justify;\">The debt ceiling impasse focuses on spending levels in 2024.</p><p><p style=\"text-align: justify;\">According to a previous report by Axios, Democratic Representative Dusty Johnson stated:</p><p><p style=\"text-align: justify;\">\"The White House wants to continue spending more money, and as long as that's their position, it's impossible to reach an agreement.\"</p><p><p style=\"text-align: justify;\">Johnson said McCarthy “insisted” on Republican demands to limit discretionary spending to 2022 levels.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3689223\">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/92ece06f0d5f47ced3643ec6cfcc433e","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3689223","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134825236","content_text":"美国白宫与共和党谈判代表周五就提高债务上限举行的第二次会议结束，双方均未提及任何进展，也没有安排进一步的会议。据报道，债务上限僵局集中在2024年的支出水平上。据路透报道，美国白宫与共和党谈判代表周五就提高债务上限举行的第二次会议结束，双方均未提及任何进展，也没有安排进一步的会议。共和党众议员格雷夫斯(garrett Graves)在国会大厦与白宫官员举行简短会晤后对记者说：“我们进行了非常、非常坦诚的讨论，讨论了我们的现状，讨论了事情需要如何发展。”“今晚不是一次谈判，”格雷夫斯说，并补充说，下一次会议的时间尚未确定。他赞同美国共和党领袖、众议院议长麦卡锡的说法，即需要在改变美国政府赤字支出和债务迅速上升的“轨迹”方面取得进展。麦卡锡说：“我们的支出必须比去年少。”另一位共和党谈判代表、众议员Patrick McHenry说，麦卡锡将听取有关谈判进展的简报。两位议员都没有提到任何进展。在周五早上的第一次会议上，麦卡锡的债务上限谈判代表与白宫代表的闭门会议开始后不久便突然离开。随着债务上限最后期限的临近，这一消息震动了金融市场。焦点争议：2024年的支出水平共和党人正在推动大幅削减开支，以换取提高上限。债务上限僵局集中在2024年的支出水平上。据媒体Axios此前报道，民主党众议员Dusty Johnson表示：“白宫想继续花更多的钱，只要这是他们的立场，就不可能达成协议。”Johnson说，麦卡锡“坚持”共和党要求将可自由支配的支出限制在2022年的水平。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9970221659,"gmtCreate":1684496426571,"gmtModify":1684496430415,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970221659","repostId":"2336951950","repostType":2,"isVote":1,"tweetType":1,"viewCount":5002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9970347405,"gmtCreate":1684078765708,"gmtModify":1684078769497,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970347405","repostId":"1154230640","repostType":2,"isVote":1,"tweetType":1,"viewCount":5486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947266985,"gmtCreate":1683201128247,"gmtModify":1683201132136,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947266985","repostId":"1185922715","repostType":2,"repost":{"id":"1185922715","kind":"news","pubTimestamp":1683200165,"share":"https://ttm.financial/m/news/1185922715?lang=en_US&edition=fundamental","pubTime":"2023-05-04 19:36","market":"us","language":"zh","title":"It's not just about \"moats\"! Buffett also has a major investment \"trick\".","url":"https://stock-news.laohu8.com/highlight/detail?id=1185922715","media":"华尔街见闻","summary":"巴菲特投资的大多数公司都派息，预计今年伯克希尔·哈撒韦将从其股票投资组合中赚取约57亿美元现金。一年一度的“投资界春晚”、伯克希尔·哈撒韦股东会将在周六召开，这时候，普通投资者又会抛出灵魂一问：巴菲特","content":"<p><html><head></head><body><strong>Most of the companies Buffett invests in pay dividends, and Berkshire Hathaway is expected to earn approximately $5.7 billion in cash from its stock portfolio this year.</strong><p style=\"text-align: justify;\">The annual \"Spring Festival Gala of the Investment World,\" the Berkshire Hathaway shareholder meeting, will be held on Saturday. At this time, ordinary investors will once again pose a crucial question:</p><p><p style=\"text-align: justify;\">Why are Buffett's stock picks so successful?</p><p><p style=\"text-align: justify;\">The Wall Street Journal summarized two answers to this question.</p><p><p style=\"text-align: justify;\">According to an article published in the newspaper on Wednesday, one answer is universally known: Buffett's exceptional ability to select high-quality companies, while the other is much less remarkable—his preference for dividend-paying stocks.</p><p><p style=\"text-align: justify;\">Note,<strong>Most of the companies Buffett invests in pay dividends.</strong></p><p><p style=\"text-align: justify;\">According to Dow Jones Market Data's analysis of the company's announcements,<strong>Berkshire Hathaway is expected to earn approximately $5.7 billion in cash from its stock portfolio this year.</strong></p><p><p style=\"text-align: justify;\">Nearly a fifth of that will come from Chevron, one of Berkshire's largest holdings.<strong>Chevron has increased its dividend for 36 consecutive years.</strong></p><p><p style=\"text-align: justify;\">In addition, Dow Jones market data shows that Berkshire Hathaway will also receive more than $700 million each from Coca-Cola, Apple, and Bank of America, more than $500 million from Kraft Heinz, and approximately $363 million from American Express.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fa8ab5d9e43dc821c224f2bc8d3a57b\" tg-width=\"554\" tg-height=\"439\"/></p><p><p style=\"text-align: justify;\"><strong>\"This is what he likes: dividends and buybacks.\"</strong>Todd Finkle, a professor of entrepreneurship at Gonzaga University, said that Finkle once wrote a book about Buffett's career.</p><p><p style=\"text-align: justify;\">Mr. Finkle says Mr. Buffett is good at picking companies that have stood the test of time and improved Dividend in many economic cycles. Over time, this both increased the value of Berkshire's stock portfolio and expanded the company's ample cash reserves that it could use for its own businesses, as well as for acquisitions and share buybacks.</p><p><p style=\"text-align: justify;\">According to Berkshire Hathaway's most recent financial report, the company had $128.6 billion in cash and cash equivalents at the end of 2022.</p><p><p style=\"text-align: justify;\">Finkle stated that Buffett's preference for dividend-paying stocks is not his \"secret weapon,\" but it is certainly part of it.</p><p><p style=\"text-align: justify;\">Take Coca-Cola, Buffett's favorite drink, for example.</p><p><p style=\"text-align: justify;\">In 1994, Berkshire Hathaway bought its current holdings of approximately 400 million Coca-Cola shares for $1.3 billion, receiving $75 million in cash Dividend that year.</p><p><p style=\"text-align: justify;\"><strong>In 2022, this figure increased nearly tenfold to $704 million, while the market value of Berkshire Hathaway's Coca-Cola shares soared to $25 billion.</strong></p><p><p style=\"text-align: justify;\">In his annual letter to shareholders earlier this year, Buffett stated,<strong>Dividend grows every year, as certain as a birthday.</strong></p><p><p style=\"text-align: justify;\">In his shareholder letter, Buffett stated:</p><p>All Charlie (Munger) and I had to do was cash Coca-Cola's quarterly Dividend checks.<p style=\"text-align: justify;\">Buffett and Munger predict that Coca-Cola will continue to increase its Dividend in the future. Coca-Cola said in February that it had approved the 61st consecutive increase in annual Dividend.</p><p><p style=\"text-align: justify;\">In other words, according to Finkle, Buffett's \"secret weapon\" in stock selection is actually \"selecting high-quality companies + dividend-paying stocks\".</p><p><p style=\"text-align: justify;\">This \"secret weapon\" achieved similar returns for Berkshire Hathaway when used on American Express.</p><p><p style=\"text-align: justify;\">Berkshire completed the vast majority of its $1.3 billion acquisition of American Express shares in 1995 and acquired $41 million in Dividend that year.</p><p><p style=\"text-align: justify;\">Last year, Berkshire Hathaway's stake in American Express was worth $22 billion, and it received $302 million in Dividend from the latter.</p><p><p style=\"text-align: justify;\">\"These Dividend gains, while satisfactory, are far from spectacular,\" he said in his letter. \"But the important thing is that they brought about an increase in stock prices.\"</p><p><p style=\"text-align: justify;\">Generally, investors tend to reinvest dividends into their original stocks, but Berkshire Hathaway did not reinvest dividends from Coca-Cola and American Express in these two stocks. The increased stake was due to years of share buybacks by the two companies.</p><p><p style=\"text-align: justify;\">In fact,<strong>Berkshire has not increased its stake in Coca-Cola and American Express stock since the 1990s, some speculate, perhaps because it hates paying too high a price for its investments.</strong></p><p><p style=\"text-align: justify;\">In a 1983 letter to Berkshire Hathaway shareholders, Buffett said:</p><p>For investors, buying stock in a good company at an excessively high price may offset the impact of favorable business development over the next decade.<p style=\"text-align: justify;\">It is worth noting that while Dividend can provide stable income like bonds, it still carries risks.</p><p><p style=\"text-align: justify;\">For example, if a company is short on cash flow, it can cut or even suspend dividends, and suspending dividends often causes the stock price to fall because investors often see it as a signal that the company is in a major financial crisis. In addition, when investors choose more expensive growth stocks, their Dividend often perform poorly.</p><p></body></html></p>","source":"wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>It's not just about \"moats\"! Buffett also has a major investment \"trick\".</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\">\nIt's not just about \"moats\"! Buffett also has a major investment \"trick\".\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\">2023-05-04 19:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>Most of the companies Buffett invests in pay dividends, and Berkshire Hathaway is expected to earn approximately $5.7 billion in cash from its stock portfolio this year.</strong><p style=\"text-align: justify;\">The annual \"Spring Festival Gala of the Investment World,\" the Berkshire Hathaway shareholder meeting, will be held on Saturday. At this time, ordinary investors will once again pose a crucial question:</p><p><p style=\"text-align: justify;\">Why are Buffett's stock picks so successful?</p><p><p style=\"text-align: justify;\">The Wall Street Journal summarized two answers to this question.</p><p><p style=\"text-align: justify;\">According to an article published in the newspaper on Wednesday, one answer is universally known: Buffett's exceptional ability to select high-quality companies, while the other is much less remarkable—his preference for dividend-paying stocks.</p><p><p style=\"text-align: justify;\">Note,<strong>Most of the companies Buffett invests in pay dividends.</strong></p><p><p style=\"text-align: justify;\">According to Dow Jones Market Data's analysis of the company's announcements,<strong>Berkshire Hathaway is expected to earn approximately $5.7 billion in cash from its stock portfolio this year.</strong></p><p><p style=\"text-align: justify;\">Nearly a fifth of that will come from Chevron, one of Berkshire's largest holdings.<strong>Chevron has increased its dividend for 36 consecutive years.</strong></p><p><p style=\"text-align: justify;\">In addition, Dow Jones market data shows that Berkshire Hathaway will also receive more than $700 million each from Coca-Cola, Apple, and Bank of America, more than $500 million from Kraft Heinz, and approximately $363 million from American Express.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fa8ab5d9e43dc821c224f2bc8d3a57b\" tg-width=\"554\" tg-height=\"439\"/></p><p><p style=\"text-align: justify;\"><strong>\"This is what he likes: dividends and buybacks.\"</strong>Todd Finkle, a professor of entrepreneurship at Gonzaga University, said that Finkle once wrote a book about Buffett's career.</p><p><p style=\"text-align: justify;\">Mr. Finkle says Mr. Buffett is good at picking companies that have stood the test of time and improved Dividend in many economic cycles. Over time, this both increased the value of Berkshire's stock portfolio and expanded the company's ample cash reserves that it could use for its own businesses, as well as for acquisitions and share buybacks.</p><p><p style=\"text-align: justify;\">According to Berkshire Hathaway's most recent financial report, the company had $128.6 billion in cash and cash equivalents at the end of 2022.</p><p><p style=\"text-align: justify;\">Finkle stated that Buffett's preference for dividend-paying stocks is not his \"secret weapon,\" but it is certainly part of it.</p><p><p style=\"text-align: justify;\">Take Coca-Cola, Buffett's favorite drink, for example.</p><p><p style=\"text-align: justify;\">In 1994, Berkshire Hathaway bought its current holdings of approximately 400 million Coca-Cola shares for $1.3 billion, receiving $75 million in cash Dividend that year.</p><p><p style=\"text-align: justify;\"><strong>In 2022, this figure increased nearly tenfold to $704 million, while the market value of Berkshire Hathaway's Coca-Cola shares soared to $25 billion.</strong></p><p><p style=\"text-align: justify;\">In his annual letter to shareholders earlier this year, Buffett stated,<strong>Dividend grows every year, as certain as a birthday.</strong></p><p><p style=\"text-align: justify;\">In his shareholder letter, Buffett stated:</p><p>All Charlie (Munger) and I had to do was cash Coca-Cola's quarterly Dividend checks.<p style=\"text-align: justify;\">Buffett and Munger predict that Coca-Cola will continue to increase its Dividend in the future. Coca-Cola said in February that it had approved the 61st consecutive increase in annual Dividend.</p><p><p style=\"text-align: justify;\">In other words, according to Finkle, Buffett's \"secret weapon\" in stock selection is actually \"selecting high-quality companies + dividend-paying stocks\".</p><p><p style=\"text-align: justify;\">This \"secret weapon\" achieved similar returns for Berkshire Hathaway when used on American Express.</p><p><p style=\"text-align: justify;\">Berkshire completed the vast majority of its $1.3 billion acquisition of American Express shares in 1995 and acquired $41 million in Dividend that year.</p><p><p style=\"text-align: justify;\">Last year, Berkshire Hathaway's stake in American Express was worth $22 billion, and it received $302 million in Dividend from the latter.</p><p><p style=\"text-align: justify;\">\"These Dividend gains, while satisfactory, are far from spectacular,\" he said in his letter. \"But the important thing is that they brought about an increase in stock prices.\"</p><p><p style=\"text-align: justify;\">Generally, investors tend to reinvest dividends into their original stocks, but Berkshire Hathaway did not reinvest dividends from Coca-Cola and American Express in these two stocks. The increased stake was due to years of share buybacks by the two companies.</p><p><p style=\"text-align: justify;\">In fact,<strong>Berkshire has not increased its stake in Coca-Cola and American Express stock since the 1990s, some speculate, perhaps because it hates paying too high a price for its investments.</strong></p><p><p style=\"text-align: justify;\">In a 1983 letter to Berkshire Hathaway shareholders, Buffett said:</p><p>For investors, buying stock in a good company at an excessively high price may offset the impact of favorable business development over the next decade.<p style=\"text-align: justify;\">It is worth noting that while Dividend can provide stable income like bonds, it still carries risks.</p><p><p style=\"text-align: justify;\">For example, if a company is short on cash flow, it can cut or even suspend dividends, and suspending dividends often causes the stock price to fall because investors often see it as a signal that the company is in a major financial crisis. In addition, when investors choose more expensive growth stocks, their Dividend often perform poorly.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3687974\">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/f3ecc14db02762fcb82cdbb76e654301","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://wallstreetcn.com/articles/3687974","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185922715","content_text":"巴菲特投资的大多数公司都派息，预计今年伯克希尔·哈撒韦将从其股票投资组合中赚取约57亿美元现金。一年一度的“投资界春晚”、伯克希尔·哈撒韦股东会将在周六召开，这时候，普通投资者又会抛出灵魂一问：巴菲特的选股为什么会如此成功？对于这个问题，《华尔街日报》总结了两个答案。根据该报周三发布的文章，其中一个答案无人不晓，即巴菲特出神入化的挑选优质公司的能力，另外一个则不起眼得多——青睐派息股。注意，巴菲特投资的大多数公司都派息。根据Dow Jones Market Data对公司公告的分析，预计今年伯克希尔·哈撒韦将从其股票投资组合中赚取约57亿美元现金。其中近五分之一将来自伯克希尔最大持股之一的雪佛龙，雪佛龙已连续36年增加派息。另外，道琼斯市场数据显示，伯克希尔还将从可口可乐、苹果和美国银行各拿到逾7亿美元，从卡夫亨氏公司拿到逾5亿美元，从美国运通公司拿到约3.63亿美元。 “这就是他喜欢的：派息和回购，”贡萨加大学创业学教授Todd Finkle说，Finkle曾写过一本关于巴菲特职业生涯的书。Finkle说，巴菲特擅长挑选在许多经济周期中经受住时间考验并提高股息的公司。随着时间推移，这既增加了伯克希尔股票投资组合的价值，也扩大了公司能够用于自身业务以及收购和股票回购的充足现金储备。根据伯克希尔最近的财报，公司到2022年年底拥有1286亿美元的现金和现金等价物。Finkle表示，青睐派息股并非巴菲特的“秘密武器”，但确是其中一部分。拿巴菲特最爱的可口可乐举例。1994年，伯克希尔·哈撒韦以13亿美元买入其目前持有的大约4亿股可口可乐股份，当年就获得了7500万美元的现金股息。2022年，这一数字翻了近十倍至7.04亿美元，而伯克希尔持有的可口可乐股份市值也已飙升至250亿美元。巴菲特在今年早些时候发布的年度致股东信中称，股息每年都会增长，就像生日一样确定无疑。巴菲特在股东信中表示：我和查理（芒格）要做的只是兑现可口可乐的季度股息支票。巴菲特和芒格预计，可口可乐未来将继续提高股息。可口可乐2月份表示，已批准连续第61次提高年度股息。也就是说，按照Finkle的说法，巴菲特选股的“秘密武器”其实是“挑选优质公司+派息股”。该“秘密武器”用在美国运通公司身上也为伯克希尔实现了类似的回报。伯克希尔1995年完成了以13亿美元买入美国运通股份的绝大部分交易，并在当年获得了4100万美元的股息。去年，伯克希尔所持美国运通股份价值为220亿美元，并从后者获得了3.02亿美元的股息。“这些股息收益固然令人满意，却远谈不上惊人，”巴菲特在他的信中表示。“但重要的是它们带来了股价的上涨。”一般来说，投资者倾向于将分红重新投资到原股票上，但伯克希尔并没有将可口可乐和美国运通的分红重新投资到这两只股票中，持股比例升高则是因为两家公司多年以来的股票回购。事实上，伯克希尔自1990年代以来就没有加码可口可乐和美国运通股票，有人推测，这可能是因为他讨厌为投资支付过高的价格。巴菲特在1983年写给伯克希尔股东的信中说：对于投资者来说，以过高的价格购买一家优秀公司的股票，可能会抵消随后十年有利的业务发展所产生的影响。值得注意的是，股息虽然能够像债券一样提供稳定的收入，但仍存在风险。比如，如果一家公司现金流紧张，它可以削减甚至是暂停派息，而暂停派息又往往会导致股价下跌，因为投资者经常其视为公司出现重大财务危机的信号。另外，当投资者选择较昂贵的成长股时，其股息也往往表现不佳。","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":4850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947648720,"gmtCreate":1683116692460,"gmtModify":1683116695896,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947648720","repostId":"1166168941","repostType":2,"repost":{"id":"1166168941","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":1683116159,"share":"https://ttm.financial/m/news/1166168941?lang=en_US&edition=fundamental","pubTime":"2023-05-03 20:15","market":"us","language":"zh","title":"U.S. ADP employment figures for April were 296,000, the largest increase since July 2022.","url":"https://stock-news.laohu8.com/highlight/detail?id=1166168941","media":"老虎资讯综合","summary":"5月3日，美国4月ADP就业人数为29.6万人，为2022年7月以来最大增幅；预期14.8万人，前值14.5万人。ADP报告：4月金融服务业就业人数减少2.8万人，3月减少5.1万人；4月贸易/运输/","content":"<p><html><head></head><body>On May 3, the U.S. ADP employment figures for April were 296,000, the largest increase since July 2022. The expected number was 148,000, compared to the previous value of 145,000.</p><p>ADP report: Financial services employment fell by 28,000 in April and by 51,000 in March;</p><p>The median annual wage growth rate for trade/transportation/utilities employees was 6.6% in April, compared to 7.0% in March.</p><p>The median annual growth rate of wages for construction workers in April was 6.9%, compared to 7.0% in March.</p><p>The median annual wage growth rate for professional/business service employees was 6.3% in April, compared to 6.4% in March.</p><p>The median annual growth rate of manufacturing wages in April was 6.2%, compared to 6.5% in March.</p><p>The median annual growth rate of wages for employees in the financial services industry was 6.7% in April, compared to 6.8% in March.</p><p>Following the data release, US stock futures experienced little short-term volatility, with Nasdaq 100 futures maintaining a gain of approximately 0.3%. the US Dollar Index rose more than 10 points in the short term and is currently trading at 101.67. Spot gold fell by about $2 in the short term, currently trading at $2013.50 per ounce.</p><p><strong>Institutional assessment of US ADP employment figures:</strong>U.S. private companies added 296,000 jobs in April, indicating a hiring boom despite a sharp slowdown in wage growth for those changing jobs.</p><p><strong>ADP Chief Economist Nela Richardson:</strong>The slowdown in wage growth provides the clearest signal yet of the current state of the labor market, with employers controlling wage growth while hiring aggressively. Our data also shows that fewer and fewer people are changing jobs.</p><p><strong>Financial website Forexlive comments on US April ADP data:</strong>This is a strong number and highlights why the Federal Reserve's job is so difficult. They cannot reasonably raise wages without undermining the banking system, but the addition of nearly 300,000 jobs suggests that the pressure for wage growth has not disappeared.</p><p></body></html></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>U.S. ADP employment figures for April were 296,000, the largest increase since July 2022.</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\">\nU.S. ADP employment figures for April were 296,000, the largest increase since July 2022.\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\">2023-05-03 20:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On May 3, the U.S. ADP employment figures for April were 296,000, the largest increase since July 2022. The expected number was 148,000, compared to the previous value of 145,000.</p><p>ADP report: Financial services employment fell by 28,000 in April and by 51,000 in March;</p><p>The median annual wage growth rate for trade/transportation/utilities employees was 6.6% in April, compared to 7.0% in March.</p><p>The median annual growth rate of wages for construction workers in April was 6.9%, compared to 7.0% in March.</p><p>The median annual wage growth rate for professional/business service employees was 6.3% in April, compared to 6.4% in March.</p><p>The median annual growth rate of manufacturing wages in April was 6.2%, compared to 6.5% in March.</p><p>The median annual growth rate of wages for employees in the financial services industry was 6.7% in April, compared to 6.8% in March.</p><p>Following the data release, US stock futures experienced little short-term volatility, with Nasdaq 100 futures maintaining a gain of approximately 0.3%. the US Dollar Index rose more than 10 points in the short term and is currently trading at 101.67. Spot gold fell by about $2 in the short term, currently trading at $2013.50 per ounce.</p><p><strong>Institutional assessment of US ADP employment figures:</strong>U.S. private companies added 296,000 jobs in April, indicating a hiring boom despite a sharp slowdown in wage growth for those changing jobs.</p><p><strong>ADP Chief Economist Nela Richardson:</strong>The slowdown in wage growth provides the clearest signal yet of the current state of the labor market, with employers controlling wage growth while hiring aggressively. Our data also shows that fewer and fewer people are changing jobs.</p><p><strong>Financial website Forexlive comments on US April ADP data:</strong>This is a strong number and highlights why the Federal Reserve's job is so difficult. They cannot reasonably raise wages without undermining the banking system, but the addition of nearly 300,000 jobs suggests that the pressure for wage growth has not disappeared.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166168941","content_text":"5月3日，美国4月ADP就业人数为29.6万人，为2022年7月以来最大增幅；预期14.8万人，前值14.5万人。ADP报告：4月金融服务业就业人数减少2.8万人，3月减少5.1万人；4月贸易/运输/公用事业就业人员薪资增速年率中值为6.6%，3月为7.0%；4月建筑业就业人员薪资增速年率中值为6.9%，3月为7.0%；4月专业/商业服务就业人员薪资增速年率中值为6.3%，3月为6.4%；4月制造业就业人员薪资增速年率中值为6.2%，3月为6.5%；4月金融服务业就业人员薪资增速年率中值为6.7%，3月为6.8%。数据公布后，美股期货短线波动不大，纳斯达克100指数期货维持约0.3%的涨幅。美元指数短线拉升逾10点，现报101.67。现货黄金短线走低约2美元，现报2013.50美元/盎司。机构评美国ADP就业人数：美国私营企业4月份增加了29.6万个就业岗位，表明尽管换工作的人的工资增长大幅放缓，但仍出现了招聘热潮。ADP首席经济学家Nela Richardson：薪资增长放缓给出了当前劳动力市场状况的最清晰信号，雇主们在大举招聘的同时，也在控制薪资增长。我们的数据还显示，换工作的人越来越少。财经网站Forexlive评美国4月ADP数据：这是一个强劲的数字，也突显出美联储的工作为何如此艰难。他们不可能在不破坏银行体系的情况下合理地提高工资，但增加了近30万个工作岗位表明，工资增长的压力并没有消失。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947810126,"gmtCreate":1682859575365,"gmtModify":1682859578842,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947810126","repostId":"2331122664","repostType":2,"repost":{"id":"2331122664","kind":"highlight","pubTimestamp":1682828286,"share":"https://ttm.financial/m/news/2331122664?lang=en_US&edition=fundamental","pubTime":"2023-04-30 12:18","market":"hk","language":"zh","title":"How long can US tech stocks remain bullish? It all depends on Apple and AMD's earnings reports next week.","url":"https://stock-news.laohu8.com/highlight/detail?id=2331122664","media":"华尔街见闻","summary":"后续财报可能“喜忧参半”，AI热潮带动芯片需求增加，AMD、高通财报指引可能好于预期，而苹果可能会公布其产品部门三年来首次全面萎缩。经济衰退阴云笼罩下，微软、Meta等科技巨头扛住了压力，一季度业绩超","content":"<p><html><head></head><body><strong>Subsequent earnings reports may be mixed, with the AI boom driving increased chip demand, AMD and Qualcomm's earnings guidance likely to be better than expected, and Apple potentially announcing its product division shrinking across the board for the first time in three years.</strong>Under the shadow of economic recession,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Tech giants such as Meta withstood the pressure, with first-quarter results exceeding expectations.</p><p>Specifically, Meta made a comeback, unexpectedly reversing its third consecutive quarter of decline in revenue in the first quarter; Microsoft's results last quarter exceeded expectations, with cloud business revenue maintaining double-digit growth;<a href=\"https://laohu8.com/S/GOOG\">Google</a>Search returned to growth in the first quarter, and the cloud business turned a profit.</p><p>Furthermore, despite record losses for chip stocks, earnings guidance is positive. SK Hynix points out that improved demand coupled with production cuts may boost the market, and the chip market is expected to rebound in the second quarter. But, on the other hand,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Warnings about sluggish growth in its cloud computing business, coupled with Cloudflare's move to lower its full-year revenue forecast, highlight the uncertainty surrounding the overall economy.</p><p><strong>Better-than-expected earnings reports eased market concerns about slowing demand for technology products, driving a rebound in US stocks.</strong>The S&P 500 posted its biggest single-day gain since the first week of the year on Thursday, while the tech-heavy Nasdaq 100 closed up 2.76%, its biggest gain since January 20.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/822b80c8c4e84fc0602fb949d5d61757\" tg-width=\"1024\" tg-height=\"614\"/></p><p><strong>Next week,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>AMD will disclose more information on demand for its technology products, and its financial performance will be key to whether technology stocks can continue to rebound. The following is a preview of the financial report:</strong></p><p>Tuesday: AMD will release its earnings report after the US stock market closes. The artificial intelligence boom is expected to drive demand for chips in data centers, and the resulting increased demand may offset the continued weakness in PC chip sales. With its customer and gaming divisions still sluggish, data centers will be key to AMD's revenue generation.</p><p>Wednesday: Qualcomm will release its results after the US stock market closes. With smartphone demand remaining weak, investors will closely study Qualcomm's quarterly guidance for signs of recovery and OEM inventory replenishment. Last month, chip giants Micron and Infineon provided better-than-expected guidance, raising hopes for a rebound.</p><p>Thursday: Apple will release its results after the US stock market closes. Apple may report its product division shrinking across the board for the first time in three years, with iPad and iPhone sales declining from a year ago, Mac sales slowing more pronounced, and weak consumer spending on high-end devices continuing to drag down overall growth. The impact of iPhone supply chain issues and foreign exchange headwinds may be reflected in earnings reports, and Barclays believes this downturn will continue into this quarter, especially with slowing demand for the iPhone 14 Pro model.</p><p></body></html></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>How long can US tech stocks remain bullish? It all depends on Apple and AMD's earnings reports next week.</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 can US tech stocks remain bullish? It all depends on Apple and AMD's earnings reports next week.\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\">2023-04-30 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>Subsequent earnings reports may be mixed, with the AI boom driving increased chip demand, AMD and Qualcomm's earnings guidance likely to be better than expected, and Apple potentially announcing its product division shrinking across the board for the first time in three years.</strong>Under the shadow of economic recession,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Tech giants such as Meta withstood the pressure, with first-quarter results exceeding expectations.</p><p>Specifically, Meta made a comeback, unexpectedly reversing its third consecutive quarter of decline in revenue in the first quarter; Microsoft's results last quarter exceeded expectations, with cloud business revenue maintaining double-digit growth;<a href=\"https://laohu8.com/S/GOOG\">Google</a>Search returned to growth in the first quarter, and the cloud business turned a profit.</p><p>Furthermore, despite record losses for chip stocks, earnings guidance is positive. SK Hynix points out that improved demand coupled with production cuts may boost the market, and the chip market is expected to rebound in the second quarter. But, on the other hand,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Warnings about sluggish growth in its cloud computing business, coupled with Cloudflare's move to lower its full-year revenue forecast, highlight the uncertainty surrounding the overall economy.</p><p><strong>Better-than-expected earnings reports eased market concerns about slowing demand for technology products, driving a rebound in US stocks.</strong>The S&P 500 posted its biggest single-day gain since the first week of the year on Thursday, while the tech-heavy Nasdaq 100 closed up 2.76%, its biggest gain since January 20.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/822b80c8c4e84fc0602fb949d5d61757\" tg-width=\"1024\" tg-height=\"614\"/></p><p><strong>Next week,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>AMD will disclose more information on demand for its technology products, and its financial performance will be key to whether technology stocks can continue to rebound. The following is a preview of the financial report:</strong></p><p>Tuesday: AMD will release its earnings report after the US stock market closes. The artificial intelligence boom is expected to drive demand for chips in data centers, and the resulting increased demand may offset the continued weakness in PC chip sales. With its customer and gaming divisions still sluggish, data centers will be key to AMD's revenue generation.</p><p>Wednesday: Qualcomm will release its results after the US stock market closes. With smartphone demand remaining weak, investors will closely study Qualcomm's quarterly guidance for signs of recovery and OEM inventory replenishment. Last month, chip giants Micron and Infineon provided better-than-expected guidance, raising hopes for a rebound.</p><p>Thursday: Apple will release its results after the US stock market closes. Apple may report its product division shrinking across the board for the first time in three years, with iPad and iPhone sales declining from a year ago, Mac sales slowing more pronounced, and weak consumer spending on high-end devices continuing to drag down overall growth. The impact of iPhone supply chain issues and foreign exchange headwinds may be reflected in earnings reports, and Barclays believes this downturn will continue into this quarter, especially with slowing demand for the iPhone 14 Pro model.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3687780\">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/353f693b3cf73305d444a14080157632","relate_stocks":{"AMD":"美国超微公司","AAPL":"苹果","GFS":"GLOBALFOUNDRIES Inc."},"source_url":"https://wallstreetcn.com/articles/3687780","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2331122664","content_text":"后续财报可能“喜忧参半”，AI热潮带动芯片需求增加，AMD、高通财报指引可能好于预期，而苹果可能会公布其产品部门三年来首次全面萎缩。经济衰退阴云笼罩下，微软、Meta等科技巨头扛住了压力，一季度业绩超出预期。具体来看，Meta“咸鱼翻身”，一季度收入意外扭转三季连降；微软上季度业绩超预期，云业务营收维持两位数增长；谷歌一季度搜索重回增长，云业务扭亏为盈。此外，尽管芯片股业绩亏损创下纪录，但财报指引向好。SK海力士指出，需求改善叠加减产或将提振市场，芯片市场将在二季度出现反弹。不过，另一方面，亚马逊对其云计算业务增长乏力的警告，以及Cloudflare下调全年营收预期的举措，突显出整体经济的不确定性。超预期的财报缓解了市场对科技产品需求放缓的担忧，带动美股反弹。标普500指数在周四创下今年第一周以来的最大单日涨幅，以科技股为主的纳斯达克100指数收涨2.76%，创1月20日以来最大涨幅。下周，苹果、高通和AMD将披露更多科技产品的需求情况，其财报表现成为科技股能否继续反弹的关键。以下是财报前瞻：周二：AMD将在美股盘后发布财报。人工智能热潮预计将带动数据中心对芯片的需求，带来的需求增加可能会抵消PC端芯片销售的持续疲软。由于其客户和游戏部门仍然低迷，数据中心将是AMD获得收入的关键。周三：高通将在美股盘后公布业绩。在智能手机需求持续疲软的情况下，投资者将仔细研究高通的季度指引，以寻找复苏的迹象和OEM厂商的库存补充。上个月，芯片巨头美光科技和英飞凌科技提供了好于预期的指引，提升了反弹的希望。周四：苹果将在美股盘后公布业绩。苹果可能会报告其产品部门三年来首次全面萎缩，iPad和iPhone的销售一年较前下滑，Mac的销售放缓可能更加明显，消费者对高端设备的消费疲软仍然拖累整体增长。iPhone供应链问题和外汇阻力的影响可能会在财报中显示出来，巴克莱认为，这种不景气会延续到本季度，尤其是对iPhone 14 Pro机型的需求放缓。","news_type":1,"symbols_score_info":{"AMD":1,"GFS":1,"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":4537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947804299,"gmtCreate":1682781170511,"gmtModify":1682781174113,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947804299","repostId":"1193243086","repostType":2,"repost":{"id":"1193243086","kind":"news","pubTimestamp":1682757120,"share":"https://ttm.financial/m/news/1193243086?lang=en_US&edition=fundamental","pubTime":"2023-04-29 16:32","market":"us","language":"zh","title":"Who will win the First Republic? Report: FDIC requires bidders such as JPMorgan Chase to submit final offers by Sunday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1193243086","media":"华尔街见闻","summary":"作为吸收存款超过10%的大型银行，摩根大通的收购在监管方面存在障碍，但为了拯救第一共和银行，也存在破例的可能性。岌岌可危的第一共和银行迎来了意向方：摩根大通、PNC都有可能成为最终收购者。据彭博今日报","content":"<p><html><head></head><body><strong>As a large bank that takes in more than 10% of deposits, JPMorgan's acquisition faces regulatory hurdles, but there is also the possibility of an exception in order to save First Republic Bank.</strong><p style=\"text-align: justify;\">The struggling First Republic Bank has received interested parties: JPMorgan Chase and PNC are both potential acquirers.</p><p><p style=\"text-align: justify;\">According to a Bloomberg report today, the U.S. Federal Deposit Insurance Corporation (FDIC) has required banks including JPMorgan Chase and PNC Financial Services Group to...<strong>Submit a final offer for First Republic Bank by Sunday.</strong></p><p><p style=\"text-align: justify;\">The regulator on Thursday solicited interest from banks, including information on their proposed offers and estimated costs for First Republic Bank deposit insurance, and on Friday invited two companies to participate in the next step of the bidding process.</p><p><p style=\"text-align: justify;\">Bloomberg stated that the bidding process initiated by regulators could pave the way for the sale of First Republic Bank, without the lengthy auction process that occurred when Silicon Valley Bank and Signature Bank collapsed.</p><p><p style=\"text-align: justify;\">Furthermore, the precipitous drop in First Republic Bank's stock (down 97% year-to-date) has reduced its market capitalization to just $650 million.<strong>This may also provide some feasibility for the acquisition.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c0b589ac7783879dc11eba6207dc3e3\" tg-width=\"560\" tg-height=\"240\"/></p><p><p style=\"text-align: justify;\">Wall Street Journal reported earlier today that U.S. officials, including the FDIC, the U.S. Treasury Department, and the Federal Reserve, are coordinating meetings with other banks to facilitate a bailout plan for First Republic Bank.</p><p><p style=\"text-align: justify;\">Previously, First Republic Bank's advisors sought to get several banks involved in the bailout a month ago to buy its assets at above-market prices.</p><p><p style=\"text-align: justify;\">Although buyers lose money when they buy, these potential buyers' $30 billion deposits at First Republic Bank are not insured. If they believe First Republic Bank is about to go bankrupt, they could risk losing the money altogether.</p><p><p style=\"text-align: justify;\">Furthermore, even if the federal government uses its emergency powers to guarantee these deposits, large banks will need to replenish huge sums of money with the FDIC. As part of the deal, several banks that intervened in the bailout could receive some form of equity.</p><p><p style=\"text-align: justify;\"><strong>Such a plan would result in short-term losses for the rescued banks, but in the long run it may be less costly than failing First Republic Bank and being taken over by regulators.</strong></p><p><h2>Regulatory barriers</h2><p style=\"text-align: justify;\">However, even though First Republic Bank's market capitalization has dwindled, regulatory rules could also add obstacles to acquisitions.</p><p><p style=\"text-align: justify;\">Because JPMorgan Chase is one of the few large banks in the United States that absorbs more than 10% of deposits,<strong>According to U.S. regulations, the bank is not eligible to acquire another institution that also takes deposits, which would make it bigger again.</strong></p><p><p style=\"text-align: justify;\">Nevertheless, there is the possibility of an exception in order to save First Republic Bank.</p><p><p style=\"text-align: justify;\">The FDIC prefers to limit the solution to the private sector rather than the billions it would have to pay to take over a bank again. The agency had previously planned to conduct a special assessment of the banking sector to cover the costs of the bankruptcies of Silicon Valley Bank and Signature Bank last month.</p><p><p style=\"text-align: justify;\">Previously, media outlets, citing sources, reported that the most likely outcome for First Republic Bank was a takeover by the FDIC. If First Republic is taken over by regulators, the FDIC will still ask other banks about possible acquisition bids. However, sources said at the time that there was still hope for a solution that would prevent First Republic from being taken over by the FDIC.</p><p></body></html></p>","source":"wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Who will win the First Republic? Report: FDIC requires bidders such as JPMorgan Chase to submit final offers by Sunday.</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\">\nWho will win the First Republic? Report: FDIC requires bidders such as JPMorgan Chase to submit final offers by Sunday.\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\">2023-04-29 16:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>As a large bank that takes in more than 10% of deposits, JPMorgan's acquisition faces regulatory hurdles, but there is also the possibility of an exception in order to save First Republic Bank.</strong><p style=\"text-align: justify;\">The struggling First Republic Bank has received interested parties: JPMorgan Chase and PNC are both potential acquirers.</p><p><p style=\"text-align: justify;\">According to a Bloomberg report today, the U.S. Federal Deposit Insurance Corporation (FDIC) has required banks including JPMorgan Chase and PNC Financial Services Group to...<strong>Submit a final offer for First Republic Bank by Sunday.</strong></p><p><p style=\"text-align: justify;\">The regulator on Thursday solicited interest from banks, including information on their proposed offers and estimated costs for First Republic Bank deposit insurance, and on Friday invited two companies to participate in the next step of the bidding process.</p><p><p style=\"text-align: justify;\">Bloomberg stated that the bidding process initiated by regulators could pave the way for the sale of First Republic Bank, without the lengthy auction process that occurred when Silicon Valley Bank and Signature Bank collapsed.</p><p><p style=\"text-align: justify;\">Furthermore, the precipitous drop in First Republic Bank's stock (down 97% year-to-date) has reduced its market capitalization to just $650 million.<strong>This may also provide some feasibility for the acquisition.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c0b589ac7783879dc11eba6207dc3e3\" tg-width=\"560\" tg-height=\"240\"/></p><p><p style=\"text-align: justify;\">Wall Street Journal reported earlier today that U.S. officials, including the FDIC, the U.S. Treasury Department, and the Federal Reserve, are coordinating meetings with other banks to facilitate a bailout plan for First Republic Bank.</p><p><p style=\"text-align: justify;\">Previously, First Republic Bank's advisors sought to get several banks involved in the bailout a month ago to buy its assets at above-market prices.</p><p><p style=\"text-align: justify;\">Although buyers lose money when they buy, these potential buyers' $30 billion deposits at First Republic Bank are not insured. If they believe First Republic Bank is about to go bankrupt, they could risk losing the money altogether.</p><p><p style=\"text-align: justify;\">Furthermore, even if the federal government uses its emergency powers to guarantee these deposits, large banks will need to replenish huge sums of money with the FDIC. As part of the deal, several banks that intervened in the bailout could receive some form of equity.</p><p><p style=\"text-align: justify;\"><strong>Such a plan would result in short-term losses for the rescued banks, but in the long run it may be less costly than failing First Republic Bank and being taken over by regulators.</strong></p><p><h2>Regulatory barriers</h2><p style=\"text-align: justify;\">However, even though First Republic Bank's market capitalization has dwindled, regulatory rules could also add obstacles to acquisitions.</p><p><p style=\"text-align: justify;\">Because JPMorgan Chase is one of the few large banks in the United States that absorbs more than 10% of deposits,<strong>According to U.S. regulations, the bank is not eligible to acquire another institution that also takes deposits, which would make it bigger again.</strong></p><p><p style=\"text-align: justify;\">Nevertheless, there is the possibility of an exception in order to save First Republic Bank.</p><p><p style=\"text-align: justify;\">The FDIC prefers to limit the solution to the private sector rather than the billions it would have to pay to take over a bank again. The agency had previously planned to conduct a special assessment of the banking sector to cover the costs of the bankruptcies of Silicon Valley Bank and Signature Bank last month.</p><p><p style=\"text-align: justify;\">Previously, media outlets, citing sources, reported that the most likely outcome for First Republic Bank was a takeover by the FDIC. If First Republic is taken over by regulators, the FDIC will still ask other banks about possible acquisition bids. However, sources said at the time that there was still hope for a solution that would prevent First Republic from being taken over by the FDIC.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3687776\">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/ffc56982f828847b68443cfbde6a957b","relate_stocks":{"FRCB":"第一共和银行"},"source_url":"https://wallstreetcn.com/articles/3687776","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193243086","content_text":"作为吸收存款超过10%的大型银行，摩根大通的收购在监管方面存在障碍，但为了拯救第一共和银行，也存在破例的可能性。岌岌可危的第一共和银行迎来了意向方：摩根大通、PNC都有可能成为最终收购者。据彭博今日报道，美国联邦存款保险公司（FDIC）要求包括摩根大通和PNC金融服务集团在内的银行在周日之前提交对第一共和银行的最终报价。监管机构于周四向各家银行征求了意向，包括了解这些银行建议的报价以及对第一共和银行存款保险金的预估成本，并于周五邀请了两家公司参加了下一步的竞标过程。彭博表示，监管机构启动的竞标程序可能为第一共和银行的出售铺平道路，而不会像硅谷银行和签字银行倒闭时经历漫长的拍卖流程。此外，第一共和银行股票的断崖式下跌（今年以来下跌97%）已经使市值跌至仅有6.5亿美元，这可能也为收购提供了一定程度上的可行性。华尔街见闻今日早些时候曾介绍，包括FDIC、美国财政部和美联储在内的美国官员们正在协调与其他银行的会议，以促成对第一共和银行的救助计划。此前，第一共和银行的顾问们寻求让数家参与了一个月前救助行动的银行以高于市价的价格购买其资产。尽管买家买入即亏，但这些潜在买家在第一共和银行的300亿美元存款没有保险。如果他们认为第一共和银行即将破产，他们可能会面临彻底失去这笔钱的风险。此外，即使联邦政府动用紧急权力为这些存款提供担保，大型银行也需要向FDIC补充巨额资金。作为交易的一部分，多家出手救助的银行可以获得某种形式的股权。上述方案将导致出手相救的银行短期内蒙受损失，但从长远来看，可能比让第一共和银行倒闭并被监管机构接管的成本更低。监管障碍然而，尽管第一共和银行的市值已经所剩无几，但监管规定也可能为收购行动增加阻碍。由于摩根大通是全美少数几家吸收存款超过10%的大型银行，根据美国监管规定，该行没有资格再收购一家同样吸收存款的机构，这将令其规模再一次壮大。尽管如此，为了拯救第一共和银行，也存在破例的可能性。相比FDIC再次接管一家银行所必须付出的数十亿成本，FDIC更希望将解决方案限制在私营部门。此前该机构已经计划对银行业进行特别评估，以支付硅谷银行和签名银行上个月破产的费用。此前媒体援引消息人士称，第一共和银行最有可能的结果就是被FDIC接管。如果第一共和银行被监管机构接管，FDIC仍将问询其他银行，让他们进行可能的收购投标。不过消息人士当时称，也仍有希望找到一个第一共和不被FDIC接管的解决方案。","news_type":1,"symbols_score_info":{"FRCB":0.9,"FRC":0.9}},"isVote":1,"tweetType":1,"viewCount":5096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947158054,"gmtCreate":1682696789878,"gmtModify":1682696793402,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947158054","repostId":"1149416254","repostType":2,"repost":{"id":"1149416254","kind":"news","pubTimestamp":1682695765,"share":"https://ttm.financial/m/news/1149416254?lang=en_US&edition=fundamental","pubTime":"2023-04-28 23:29","market":"us","language":"zh","title":"The Federal Reserve blamed the collapse of Silicon Valley Bank on management problems and inadequate supervision.","url":"https://stock-news.laohu8.com/highlight/detail?id=1149416254","media":"华尔街见闻","summary":"硅谷银行的管理层和总监们未能管理好自家公司的众多风险。","content":"<p><html><head></head><body>Michael Barr, Vice Chairman of the Federal Reserve for Financial Supervision, blamed the collapse of Silicon Valley Bank (SVB) on corporate governance and inappropriate regulation and will consider improving liquidity and capital requirements.</p><p><p style=\"text-align: start;\">Silicon Valley Bank's management and directors failed to manage their company's many risks.</p><p><p style=\"text-align: start;\">Silicon Valley Bank had as many as 31 warnings, three times the industry average.</p><p><p style=\"text-align: start;\">Regulators failed to do enough to ensure that Silicon Valley Bank could address its numerous problems.</p><p><p style=\"text-align: start;\">The Federal Reserve Governing Council has advocated a less decisive approach to regulation.</p><p><p style=\"text-align: start;\">The Federal Reserve's pandering posture and shift in stance hinder regulation (targeting institutions such as Silicon Valley Bank).</p><p><p style=\"text-align: start;\">Calls for \"stronger standards\" for a wider range of banking institutions.</p><p><p style=\"text-align: start;\">Restricting bank repurchases and dividend payments may be an \"appropriate move\".</p><p><p style=\"text-align: start;\">Consideration should be given to introducing stricter standards for incentive mechanisms (in the banking industry).</p><p><p style=\"text-align: start;\">More banking institutions should assess profits and losses and assets for sale.</p><p><p style=\"text-align: start;\">A reassessment system targeting banks with assets exceeding $100 billion.</p><p><p style=\"text-align: start;\">Federal Reserve Chairman Jerome Powell supported several of Barr's recommendations regarding systems and regulation.</p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Federal Reserve blamed the collapse of Silicon Valley Bank on management problems and inadequate supervision.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Federal Reserve blamed the collapse of Silicon Valley Bank on management problems and inadequate supervision.\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\">2023-04-28 23:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Michael Barr, Vice Chairman of the Federal Reserve for Financial Supervision, blamed the collapse of Silicon Valley Bank (SVB) on corporate governance and inappropriate regulation and will consider improving liquidity and capital requirements.</p><p><p style=\"text-align: start;\">Silicon Valley Bank's management and directors failed to manage their company's many risks.</p><p><p style=\"text-align: start;\">Silicon Valley Bank had as many as 31 warnings, three times the industry average.</p><p><p style=\"text-align: start;\">Regulators failed to do enough to ensure that Silicon Valley Bank could address its numerous problems.</p><p><p style=\"text-align: start;\">The Federal Reserve Governing Council has advocated a less decisive approach to regulation.</p><p><p style=\"text-align: start;\">The Federal Reserve's pandering posture and shift in stance hinder regulation (targeting institutions such as Silicon Valley Bank).</p><p><p style=\"text-align: start;\">Calls for \"stronger standards\" for a wider range of banking institutions.</p><p><p style=\"text-align: start;\">Restricting bank repurchases and dividend payments may be an \"appropriate move\".</p><p><p style=\"text-align: start;\">Consideration should be given to introducing stricter standards for incentive mechanisms (in the banking industry).</p><p><p style=\"text-align: start;\">More banking institutions should assess profits and losses and assets for sale.</p><p><p style=\"text-align: start;\">A reassessment system targeting banks with assets exceeding $100 billion.</p><p><p style=\"text-align: start;\">Federal Reserve Chairman Jerome Powell supported several of Barr's recommendations regarding systems and regulation.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/livenews/2455612\">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/c9cd29490297b10c3f50798a61050f13","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/livenews/2455612","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1149416254","content_text":"美联储负责金融监管事务的副主席Michael Barr：将硅谷银行（SVB）倒闭归咎于公司管理和不适当的监管，将考虑改善流动性和资本要求。硅谷银行的管理层和总监们未能管理好自家公司的众多风险。硅谷银行曾出现多达31项警告，那是行业均值的三倍。在确保硅谷银行能够处置众多问题方面，监管人员们没能付出足够的努力。美联储理事会曾提倡实施不那么果断的监管方式。美联储的迎合姿态和立场转变妨碍到（针对硅谷银行等机构的）监管。呼吁针对更大范围的银行机构实施“更加强有力的标准”。限制银行回购和派息可能会是“适当之举”。应当考虑针对（银行业的）激励机制出台更加严苛的标准。更多的银行机构应当评估盈亏和待售资产。针对那些资产规模超过1000亿美元的银行重新评估制度。美联储主席鲍威尔支持Barr针对制度和监管的若干建议。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5087,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947321597,"gmtCreate":1682592027019,"gmtModify":1682592030942,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947321597","repostId":"1155302222","repostType":2,"repost":{"id":"1155302222","kind":"news","weMediaInfo":{"introduction":"提供即時金融資訊、行情、數據，旨在幫助投資者理解世界，做投資決策。","home_visible":1,"media_name":"老虎資訊","id":"1059071526","head_image":"https://community-static.tradeup.com/news/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1682591962,"share":"https://ttm.financial/m/news/1155302222?lang=en_US&edition=fundamental","pubTime":"2023-04-27 18:39","market":"hk","language":"zh","title":"North-South Water Trends | With the long holiday approaching, net northbound inflows were less than 100 million yuan, including 1.3 billion yuan in the Dagu China Index ETF; Nanshui Insurance's massive acquisition of Ping","url":"https://stock-news.laohu8.com/highlight/detail?id=1155302222","media":"老虎資訊","summary":"北水今日淨入0.8億港元。 全日最多淨入個股為 快手-W，全日有1.49億港元淨買； 中国神华 錄1.24億港元淨入； 中芯国际 有1.13億港元淨入。全日最多淨沽是 恒生中国企业 ，金額爲13.37","content":"<p><html><head></head><body>Northbound capital saw a net inflow of HK$0.8 billion today. The stock with the largest net inflow of the day was...<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>There was a net purchase of HK$149 million throughout the day;<a href=\"https://laohu8.com/S/01088\">China Shenhua</a>A net inflow of HK$124 million was recorded;<a href=\"https://laohu8.com/S/00981\">SMIC</a>There was a net inflow of HK$113 million.</p><p>The highest net sell throughout the day was<a href=\"https://laohu8.com/S/02828\">Hang Seng China Enterprises</a>The amount was HK$1.337 billion.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d8532a0f226e1c91f3d47f417d803a5\" title=\"\" tg-width=\"1104\" tg-height=\"2799\"/></p><p>Southbound capital saw a net outflow of 167 million RMB from A-shares today. The stock with the largest net purchase throughout the day was Ping An Insurance, with a net inflow of 505 million RMB today. The largest net seller throughout the day was China Merchants Bank, which recorded a net sale of 888 million RMB.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b389e78b013d6431761ec29758c2a110\" title=\"\" tg-width=\"1105\" tg-height=\"2799\"/></p><p></body></html></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>North-South Water Trends | With the long holiday approaching, net northbound inflows were less than 100 million yuan, including 1.3 billion yuan in the Dagu China Index ETF; Nanshui Insurance's massive acquisition of Ping</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\">\nNorth-South Water Trends | With the long holiday approaching, net northbound inflows were less than 100 million yuan, including 1.3 billion yuan in the Dagu China Index ETF; Nanshui Insurance's massive acquisition of Ping\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1059071526\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎資訊 </p>\n<p class=\"h-time smaller\">2023-04-27 18:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Northbound capital saw a net inflow of HK$0.8 billion today. The stock with the largest net inflow of the day was...<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>There was a net purchase of HK$149 million throughout the day;<a href=\"https://laohu8.com/S/01088\">China Shenhua</a>A net inflow of HK$124 million was recorded;<a href=\"https://laohu8.com/S/00981\">SMIC</a>There was a net inflow of HK$113 million.</p><p>The highest net sell throughout the day was<a href=\"https://laohu8.com/S/02828\">Hang Seng China Enterprises</a>The amount was HK$1.337 billion.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d8532a0f226e1c91f3d47f417d803a5\" title=\"\" tg-width=\"1104\" tg-height=\"2799\"/></p><p>Southbound capital saw a net outflow of 167 million RMB from A-shares today. The stock with the largest net purchase throughout the day was Ping An Insurance, with a net inflow of 505 million RMB today. The largest net seller throughout the day was China Merchants Bank, which recorded a net sale of 888 million RMB.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b389e78b013d6431761ec29758c2a110\" title=\"\" tg-width=\"1105\" tg-height=\"2799\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e1ae3d0f75bebef8011736e9031acae","relate_stocks":{"601318":"中国平安","00981":"中芯国际","HSCEI":"国企指数","00700":"腾讯控股","02318":"中国平安","01088":"中国神华","HSI":"恒生指数","01024":"快手-W","02828":"恒生中国企业","HSTECH":"恒生科技指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155302222","content_text":"北水今日淨入0.8億港元。 全日最多淨入個股為 快手-W，全日有1.49億港元淨買； 中国神华 錄1.24億港元淨入； 中芯国际 有1.13億港元淨入。全日最多淨沽是 恒生中国企业 ，金額爲13.37億港元。南水今日淨賣出A股1.67億人民幣。全日最多淨買個股為中國平安 ，今日有5.05億人民幣淨入。全日最多淨沽是招商銀行 ，全日錄8.88億人民幣淨賣。","news_type":1,"symbols_score_info":{"601318":0.9,"HSTECH":0.9,"01088":0.9,"HSI":0.9,"00981":0.9,"HSCEI":0.9,"00700":0.9,"02318":0.9,"02828":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":1568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947993001,"gmtCreate":1682424627104,"gmtModify":1682424630637,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947993001","repostId":"1181662804","repostType":2,"isVote":1,"tweetType":1,"viewCount":2127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944761387,"gmtCreate":1682162256950,"gmtModify":1682162260428,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944761387","repostId":"1144371077","repostType":2,"repost":{"id":"1144371077","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":1682132507,"share":"https://ttm.financial/m/news/1144371077?lang=en_US&edition=fundamental","pubTime":"2023-04-22 11:01","market":"sh","language":"zh","title":"Earnings Preview | Is there still room for disappointment in Google's performance? But AI guidance will be key.","url":"https://stock-news.laohu8.com/highlight/detail?id=1144371077","media":"老虎资讯综合","summary":"美国银行分析师预测谷歌搜索和云服务将获得在线收入，但 YouTube 将面临压力。该公司面临的主要挑战是 AI 整合到搜索中。互联网搜索引擎巨头谷歌母公司Alphabet Inc（纳斯达克股票代码：G","content":"<p><html><head></head><body><strong>Bank of America analysts predict that Google search and cloud services will generate online revenue, but YouTube will face pressure. The company's main challenge is integrating AI into search.</strong>Internet search engine giant<a href=\"https://laohu8.com/S/GOOG\">Google</a>The parent company, Alphabet Inc. (NASDAQ: GOOG), will release its first-quarter earnings results after the U.S. stock market closes on Tuesday, April 25.</p><p><strong>Five things to know before Alphabet's first-quarter earnings report:</strong></p><p><ul><li>Wall Street analysts consistently expect earnings per share of $1.08 on revenue of $68.87 billion for the quarter.</p><p></li><li>Revenue is expected to decline 9% from the fourth quarter of 2022 and 17% from the first quarter of 2022.</p><p></li><li>Sales estimates indicate a 10% decrease compared to the fourth quarter of 2022 and flat performance compared to the first quarter of 2022.</p><p></li><li>In the past four quarters, the company's earnings and revenue have not met expectations. Alphabet's earnings forecast for the fourth quarter of 2022 was below 11%.</p><p></li><li>Alphabet shares fell 2.75% after poor results in the fourth quarter of 2022 and 9.1% after poor results in the third quarter of 2022.</p><p></li></ul><strong><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Views on Alphabet's earnings report</strong></p><p>Bank of America analysts predict that Google search and cloud services will generate online revenue, but YouTube will face pressure.</p><p>Overall, Bank of America expects earnings of $1.07 per share, slightly below Wall Street's forecast of $1.08. Experts believe that the first quarter may show an improvement in Alphabet's costs.</p><p>The company's main challenge is the integration of AI into search, both in terms of timing and impact, so discussions about future plans and prospects may constitute the most important stock driver. According to Bank of America, Alphabet will become a more defensive self-help stock among internet groups by 2023, with greater relative earnings stability due to its spending flexibility, high profit margins, and the possibility of backing the stock through buybacks.</p><p><strong>Alphabet's stock performance and valuation</strong></p><p>Alphabet's stock price is $105 per share, and as of this writing, it has risen more than 19% year-to-date, outperforming the S&P 500's 7.7% gain.</p><p>The stock price is nearly 30% lower than the all-time high of $151 set in February 2022.</p><p>In the first quarter of 2023, the stock price rose 17.5%, marking its strongest quarterly performance since the second quarter of 2021.</p><p>According to Benzinga's professional data, the stock's forward P/E is 19.45.</p><p></body></html></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>Earnings Preview | Is there still room for disappointment in Google's performance? But AI guidance will be key.</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\">\nEarnings Preview | Is there still room for disappointment in Google's performance? But AI guidance will be key.\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\">2023-04-22 11:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>Bank of America analysts predict that Google search and cloud services will generate online revenue, but YouTube will face pressure. The company's main challenge is integrating AI into search.</strong>Internet search engine giant<a href=\"https://laohu8.com/S/GOOG\">Google</a>The parent company, Alphabet Inc. (NASDAQ: GOOG), will release its first-quarter earnings results after the U.S. stock market closes on Tuesday, April 25.</p><p><strong>Five things to know before Alphabet's first-quarter earnings report:</strong></p><p><ul><li>Wall Street analysts consistently expect earnings per share of $1.08 on revenue of $68.87 billion for the quarter.</p><p></li><li>Revenue is expected to decline 9% from the fourth quarter of 2022 and 17% from the first quarter of 2022.</p><p></li><li>Sales estimates indicate a 10% decrease compared to the fourth quarter of 2022 and flat performance compared to the first quarter of 2022.</p><p></li><li>In the past four quarters, the company's earnings and revenue have not met expectations. Alphabet's earnings forecast for the fourth quarter of 2022 was below 11%.</p><p></li><li>Alphabet shares fell 2.75% after poor results in the fourth quarter of 2022 and 9.1% after poor results in the third quarter of 2022.</p><p></li></ul><strong><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Views on Alphabet's earnings report</strong></p><p>Bank of America analysts predict that Google search and cloud services will generate online revenue, but YouTube will face pressure.</p><p>Overall, Bank of America expects earnings of $1.07 per share, slightly below Wall Street's forecast of $1.08. Experts believe that the first quarter may show an improvement in Alphabet's costs.</p><p>The company's main challenge is the integration of AI into search, both in terms of timing and impact, so discussions about future plans and prospects may constitute the most important stock driver. According to Bank of America, Alphabet will become a more defensive self-help stock among internet groups by 2023, with greater relative earnings stability due to its spending flexibility, high profit margins, and the possibility of backing the stock through buybacks.</p><p><strong>Alphabet's stock performance and valuation</strong></p><p>Alphabet's stock price is $105 per share, and as of this writing, it has risen more than 19% year-to-date, outperforming the S&P 500's 7.7% gain.</p><p>The stock price is nearly 30% lower than the all-time high of $151 set in February 2022.</p><p>In the first quarter of 2023, the stock price rose 17.5%, marking its strongest quarterly performance since the second quarter of 2021.</p><p>According to Benzinga's professional data, the stock's forward P/E is 19.45.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6d25e1a14780c2d1e6ec5ecf96395d05","relate_stocks":{"LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","BK4588":"碎股","GOOG":"谷歌","BK4507":"流媒体概念","GOOGL":"谷歌A","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","BK4525":"远程办公概念","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0079474960.USD":"联博美国增长基金A","BK4527":"明星科技股","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144371077","content_text":"美国银行分析师预测谷歌搜索和云服务将获得在线收入，但 YouTube 将面临压力。该公司面临的主要挑战是 AI 整合到搜索中。互联网搜索引擎巨头谷歌母公司Alphabet Inc（纳斯达克股票代码：GOOG）将于 4 月 25 日（周二）美股盘后发布其第一季度财报业绩。在 Alphabet 第一季度财报发布前，需要了解的五件事：华尔街分析师一致预计本季度每股收益为 1.08 美元，收入为 688.7 亿美元。预计收入将比 2022 年第四季度下降 9%，比 2022 年第一季度下降 17%。对销售额的估计表明，与 2022 年第四季度相比下降 10%，与 2022 年第一季度相比表现持平。在过去的四个季度中，该公司的收益和收入均未达到预期。在 2022 年第四季度，Alphabet 的盈利预测低于 11%。Alphabet 股价在 2022 年第四季度业绩不佳后下跌 2.75%，在 2022 年第三季度业绩不佳后下跌 9.1%。美国银行对 Alphabet 财报的看法美国银行分析师预测谷歌搜索和云服务将获得在线收入，但 YouTube 将面临压力。总体而言，美国银行预计每股收益为 1.07 美元，略低于华尔街预测的 1.08 美元。专家认为，第一季度可能会显示出 Alphabet 的成本有所改善。该公司面临的主要挑战是 AI 整合到搜索中，无论在时间还是在影响方面，因此对未来计划和前景的结果讨论可能构成最重要的股票驱动因素。据美国银行称，到 2023 年，Alphabet 将成为互联网集团中更具防御性的自助股票，由于支出灵活性、高利润率以及通过回购支持股票的可能性，其相对盈利稳定性更高。Alphabet 的股票表现和估值Alphabet 的股价为每股 105 美元，截至撰写本文时，今年迄今上涨逾19%，表现优于标准普尔 500 指数 7.7% 的涨幅。股价比 2022 年 2 月创下的历史高点 151 美元低了近 30%。2023 年第一季度，股价上涨 17.5%，创下 2021 年第二季度以来最强劲的季度表现。根据Benzinga 的专业数据，该股票的远期市盈率为 19.45 。","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944412752,"gmtCreate":1682005113676,"gmtModify":1682005116941,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944412752","repostId":"2328194710","repostType":2,"repost":{"id":"2328194710","kind":"highlight","pubTimestamp":1682004537,"share":"https://ttm.financial/m/news/2328194710?lang=en_US&edition=fundamental","pubTime":"2023-04-20 23:28","market":"us","language":"zh","title":"A surge of $11.4 billion in a single quarter! Under the pressure of economic recession, the growth rate of US junk bonds has returned to its peak.","url":"https://stock-news.laohu8.com/highlight/detail?id=2328194710","media":"华尔街见闻","summary":"随着经济衰退缓慢逼近，企业债券正以2020年以来最快的速度被降为垃圾债。4月19日周三，巴克莱策略师 Dominique Toublan 等的最新研究显示，今年第一季度，共有114亿美元的债券被降级为","content":"<p><html><head></head><body>As a recession slowly approaches, corporate bonds are being downgraded to junk bonds at the fastest pace since 2020.</p><p>On Wednesday, April 19th, the latest research by Barclays strategist Dominique Toublan and others showed that...<strong>In the first quarter of this year, a total of $11.4 billion in bonds were downgraded to junk status, representing approximately 60% of the total number of bonds downgraded to junk status for the entire year of 2022.</strong>。 The bank estimates that bond trading volume for the whole year is expected to reach its highest level since 2020, when the outbreak of the pandemic triggered a large-scale wave of bond downgrades.</p><p>This reflects the pressure many businesses are facing as the Federal Reserve embarks on its most aggressive rate hike cycle in decades. Companies whose ratings were downgraded to junk status will face additional financing costs as the number of investors eligible to purchase their bonds decreases.</p><p>Barclays predicts that,<strong>As slowing economic growth puts additional pressure on borrowers, the rate of increase in junk bonds will accelerate in the second half of this year.</strong>It is expected that $60 billion to $80 billion worth of bonds, known as \"fallen angels,\" will be downgraded to junk status this year.</p><p>In an interview, Toublan stated:</p><p>The downgrade from investment grade to junk grade indicates that the company's credit standing has deteriorated. The question is, is this just a company problem, or is it a more widespread phenomenon? But Barclays added,<strong>Although more and more companies are being downgraded to junk status, more and more bonds may also be upgraded to investment grade.</strong>。 The bank expects $60 billion to $70 billion to come from these \"rising stars\" this year, which would be the second-highest annual total on record. The pace of rating upgrades may not slow until the second half of this year.</p><p>Nissan contributed a significant portion of the downgraded bonds.<a href=\"https://laohu8.com/S/SPGI\">S&P Global</a>The rating agency downgraded it to speculative rating in March of this year. Companies whose ratings were downgraded also include<a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a>And Axos Financial.</p><p>Although trading volume on these downgraded bonds is increasing, the rating downgrade still appears to be relatively moderate. Barclays stated that the bank's forecast of $60 billion to $80 billion in rating downgrades represents approximately 2.2% of BBB-rated corporate bonds, compared to an average of nearly 6.6% since 2000.</p><p>Analysts believe that,<strong>The previous banking crisis could significantly reduce banks' lending activities. Data from the Federal Reserve shows that since mid-March, the total amount of loans on banks' books has decreased by about $95 billion. Credit conditions are generally tightening, which often drives more rating downgrades.</strong></p><p>Fitch Ratings wrote in a report on Monday that declining profits could erode those of corporate borrowers and potentially harm those of issuers who are more sensitive to economic changes. The agency predicts that the United States will begin to enter an economic recession at the end of the third quarter of this year.</p><p>Fitch stated:</p><p>Monetary tightening and slowing economic growth will negatively impact demand, while easing inflation will reduce pricing power, leading to slower revenue growth for some U.S. companies and a weakened ability to protect profit margins without cutting costs.</body></html></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>A surge of $11.4 billion in a single quarter! Under the pressure of economic recession, the growth rate of US junk bonds has returned to its peak.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA surge of $11.4 billion in a single quarter! Under the pressure of economic recession, the growth rate of US junk bonds has returned to its peak.\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\">2023-04-20 23:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>As a recession slowly approaches, corporate bonds are being downgraded to junk bonds at the fastest pace since 2020.</p><p>On Wednesday, April 19th, the latest research by Barclays strategist Dominique Toublan and others showed that...<strong>In the first quarter of this year, a total of $11.4 billion in bonds were downgraded to junk status, representing approximately 60% of the total number of bonds downgraded to junk status for the entire year of 2022.</strong>。 The bank estimates that bond trading volume for the whole year is expected to reach its highest level since 2020, when the outbreak of the pandemic triggered a large-scale wave of bond downgrades.</p><p>This reflects the pressure many businesses are facing as the Federal Reserve embarks on its most aggressive rate hike cycle in decades. Companies whose ratings were downgraded to junk status will face additional financing costs as the number of investors eligible to purchase their bonds decreases.</p><p>Barclays predicts that,<strong>As slowing economic growth puts additional pressure on borrowers, the rate of increase in junk bonds will accelerate in the second half of this year.</strong>It is expected that $60 billion to $80 billion worth of bonds, known as \"fallen angels,\" will be downgraded to junk status this year.</p><p>In an interview, Toublan stated:</p><p>The downgrade from investment grade to junk grade indicates that the company's credit standing has deteriorated. The question is, is this just a company problem, or is it a more widespread phenomenon? But Barclays added,<strong>Although more and more companies are being downgraded to junk status, more and more bonds may also be upgraded to investment grade.</strong>。 The bank expects $60 billion to $70 billion to come from these \"rising stars\" this year, which would be the second-highest annual total on record. The pace of rating upgrades may not slow until the second half of this year.</p><p>Nissan contributed a significant portion of the downgraded bonds.<a href=\"https://laohu8.com/S/SPGI\">S&P Global</a>The rating agency downgraded it to speculative rating in March of this year. Companies whose ratings were downgraded also include<a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a>And Axos Financial.</p><p>Although trading volume on these downgraded bonds is increasing, the rating downgrade still appears to be relatively moderate. Barclays stated that the bank's forecast of $60 billion to $80 billion in rating downgrades represents approximately 2.2% of BBB-rated corporate bonds, compared to an average of nearly 6.6% since 2000.</p><p>Analysts believe that,<strong>The previous banking crisis could significantly reduce banks' lending activities. Data from the Federal Reserve shows that since mid-March, the total amount of loans on banks' books has decreased by about $95 billion. Credit conditions are generally tightening, which often drives more rating downgrades.</strong></p><p>Fitch Ratings wrote in a report on Monday that declining profits could erode those of corporate borrowers and potentially harm those of issuers who are more sensitive to economic changes. The agency predicts that the United States will begin to enter an economic recession at the end of the third quarter of this year.</p><p>Fitch stated:</p><p>Monetary tightening and slowing economic growth will negatively impact demand, while easing inflation will reduce pricing power, leading to slower revenue growth for some U.S. companies and a weakened ability to protect profit margins without cutting costs.</body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3687055\">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/7e77c16b21cd06df0b4a3ec9f76087f1","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3687055","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2328194710","content_text":"随着经济衰退缓慢逼近，企业债券正以2020年以来最快的速度被降为垃圾债。4月19日周三，巴克莱策略师 Dominique Toublan 等的最新研究显示，今年第一季度，共有114亿美元的债券被降级为垃圾债券，这一数字约占2022年全年被降为垃圾级债券的60%。该行估计，今年全年的债券交易量有望达到自2020年以来的最高水平，当时疫情爆发引发了大规模的债券降级浪潮。这反映出，随着美联储开启数十年来最激进的加息周期，许多企业正面临着压力。由于有资格购买其债券的投资者数量减少，那些评级被下调至垃圾级的企业将面临额外的融资支出。巴克莱预计，随着经济增长放缓给借款人带来了额外的压力，垃圾级债券的增加速度将在今年下半年加快。预计今年将有600亿至800亿美元规模的债券将被降至垃圾级，这些债券被称为“堕落天使”。Toublan 在接受采访时表示：从投资级降至垃圾级，表明该公司的信用状况恶化。问题是，这只是一家公司的问题，还是一个更普遍的现象？但巴克莱补充称，尽管越来越多的企业被降至垃圾级，但可能也会有越来越多的债券被调高至投资级。该行预计，今年将有600亿至700亿美元来自这些“新星”，这将是有纪录以来第二高的年度总额。到今年下半年，评级上调的步伐才可能会放缓。在评级被下调的债券中，日产汽车贡献了相当一部分的份额。标普全球评级公司在今年3月将其下调至了投机级。评级被下调的企业还包括第一共和银行和Axos Financial公司。虽然有关这些被降级债券的交易量正在上升，但评级的下调似乎仍然是相对温和的。巴克莱称，该行预测的600亿至800亿美元的评级下调约占BBB级公司债券的2.2%，而2000年以来的平均水平接近6.6%。分析认为，此前的银行业危机可能会大幅削减银行的放贷活动。美联储的数据显示，自3月中旬以来，银行账面上的贷款总额已经减少了约950亿美元。信贷环境普遍趋紧，这往往会推动更多的评级下调。惠誉评级公司周一在一份报告中写道，利润下降可能会侵蚀企业借款人的利润，并可能损害对经济变化更为敏感的发行人的利润。该机构预计美国将在今年第三季度末开始步入经济衰退。惠誉表示：货币紧缩和经济增长放缓将对需求产生负面影响，而通胀缓解将降低定价能力，导致一些美国公司的收入增长放缓，在没有削减成本的情况下保护利润率的能力有所减弱。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944593405,"gmtCreate":1681905098408,"gmtModify":1681905102384,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944593405","repostId":"1140494965","repostType":2,"repost":{"id":"1140494965","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":1681903948,"share":"https://ttm.financial/m/news/1140494965?lang=en_US&edition=fundamental","pubTime":"2023-04-19 19:32","market":"us","language":"zh","title":"Morgan Stanley: Q1 revenue exceeded expectations, but total deposits fell short of forecasts.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140494965","media":"老虎资讯综合","summary":"4月19日，摩根士丹利盘前发布财报，财报显示：第一季度净营收145.2亿美元，预估140.7亿美元。摩根士丹利第一季度每股收益1.70美元。第一季度股票销售和交易业务营收27.3亿美元，预估28.6亿","content":"<p><html><head></head><body>On April 19, Morgan Stanley released its pre-market earnings report, which showed that net revenue for the first quarter was $14.52 billion, compared to the estimated $14.07 billion.</p><p>Morgan Stanley earned $1.70 per share in the first quarter.</p><p>First-quarter revenue from stock sales and trading was $2.73 billion, compared to an estimated $2.86 billion.</p><p>First-quarter sales and trading revenue from fixed income, foreign exchange and commodities businesses was $2.58 billion, compared to an estimated $2.42 billion.</p><p>Non-interest expenses for the first quarter were $10.52 billion, compared to an estimated $10.12 billion.</p><p>Compensation expenses for the first quarter were $6.41 billion, compared to an estimated $6.07 billion.</p><p>Non-compensation expenses for the first quarter were $4.11 billion, compared to an estimated $4.09 billion.</p><p>Assets under management in the first quarter were $1.36 trillion, compared to an estimated $1.33 trillion.</p><p>Total deposits in the first quarter were $347.52 billion, compared to market forecasts of $352.17 billion.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b3df79d2ba857cda7f345e7aa39630a\" title=\"\" tg-width=\"1158\" tg-height=\"728\"/></p><p>Morgan Stanley fell more than 2% in pre-market trading after the earnings report was released.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77cb9299a351c7228a81668c17136ca8\" title=\"\" tg-width=\"801\" tg-height=\"497\"/></p><p></body></html></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>Morgan Stanley: Q1 revenue exceeded expectations, but total deposits fell short of forecasts.</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\">\nMorgan Stanley: Q1 revenue exceeded expectations, but total deposits fell short of forecasts.\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\">2023-04-19 19:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On April 19, Morgan Stanley released its pre-market earnings report, which showed that net revenue for the first quarter was $14.52 billion, compared to the estimated $14.07 billion.</p><p>Morgan Stanley earned $1.70 per share in the first quarter.</p><p>First-quarter revenue from stock sales and trading was $2.73 billion, compared to an estimated $2.86 billion.</p><p>First-quarter sales and trading revenue from fixed income, foreign exchange and commodities businesses was $2.58 billion, compared to an estimated $2.42 billion.</p><p>Non-interest expenses for the first quarter were $10.52 billion, compared to an estimated $10.12 billion.</p><p>Compensation expenses for the first quarter were $6.41 billion, compared to an estimated $6.07 billion.</p><p>Non-compensation expenses for the first quarter were $4.11 billion, compared to an estimated $4.09 billion.</p><p>Assets under management in the first quarter were $1.36 trillion, compared to an estimated $1.33 trillion.</p><p>Total deposits in the first quarter were $347.52 billion, compared to market forecasts of $352.17 billion.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b3df79d2ba857cda7f345e7aa39630a\" title=\"\" tg-width=\"1158\" tg-height=\"728\"/></p><p>Morgan Stanley fell more than 2% in pre-market trading after the earnings report was released.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77cb9299a351c7228a81668c17136ca8\" title=\"\" tg-width=\"801\" tg-height=\"497\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24fa8350588843d92f819ac12ab5ce16","relate_stocks":{"MS":"摩根士丹利"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140494965","content_text":"4月19日，摩根士丹利盘前发布财报，财报显示：第一季度净营收145.2亿美元，预估140.7亿美元。摩根士丹利第一季度每股收益1.70美元。第一季度股票销售和交易业务营收27.3亿美元，预估28.6亿美元。第一季度固定收益、外汇和大宗商品业务销售和交易营收25.8亿美元，预估24.2亿美元。第一季度非利息支出105.2亿美元，预估101.2亿美元。第一季度薪酬费用64.1亿美元，预估60.7亿美元。第一季度非薪酬支出41.1亿美元，预估40.9亿美元。第一季度管理资产1.36万亿美元，预估1.33万亿美元。第一季度总存款为3475.2亿美元，市场预测为3521.7亿美元。财报发布后，摩根士丹利盘前跌超2%.","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":2192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944695281,"gmtCreate":1681818272043,"gmtModify":1681818275680,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944695281","repostId":"1125440795","repostType":2,"repost":{"id":"1125440795","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":1681817436,"share":"https://ttm.financial/m/news/1125440795?lang=en_US&edition=fundamental","pubTime":"2023-04-18 19:30","market":"us","language":"zh","title":"Lockheed Martin's first-quarter revenue was $15.1 billion, slightly exceeding expectations.","url":"https://stock-news.laohu8.com/highlight/detail?id=1125440795","media":"老虎资讯综合","summary":"Q1 净利润（亿美元）： 17，预期：15.36，前值：17.33。","content":"<p><html><head></head><body>Lockheed Martin's revenue for the first quarter of 2023 (US$100 million): 151, expected: 150.28, previous value: 149.64.</p><p>First-quarter net profit (US$100 million): 17, expected: 15.36, previous value: 17.33.</p><p>Q1 EPS: $6.61, expected: $6.057, previous value: $6.44.</p><p>Lockheed Martin's pre-market share price rose rapidly in the short term, turning from a decline to a rise.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0bcce1a714321ac406ff7f02dc397b6f\" title=\"\" tg-width=\"1383\" tg-height=\"764\"/></p><p></body></html></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>Lockheed Martin's first-quarter revenue was $15.1 billion, slightly exceeding expectations.</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\">\nLockheed Martin's first-quarter revenue was $15.1 billion, slightly exceeding expectations.\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\">2023-04-18 19:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Lockheed Martin's revenue for the first quarter of 2023 (US$100 million): 151, expected: 150.28, previous value: 149.64.</p><p>First-quarter net profit (US$100 million): 17, expected: 15.36, previous value: 17.33.</p><p>Q1 EPS: $6.61, expected: $6.057, previous value: $6.44.</p><p>Lockheed Martin's pre-market share price rose rapidly in the short term, turning from a decline to a rise.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0bcce1a714321ac406ff7f02dc397b6f\" title=\"\" tg-width=\"1383\" tg-height=\"764\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c278da3656f121b0bf93d422677e9201","relate_stocks":{"LMT":"洛克希德马丁"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125440795","content_text":"洛克希德马丁2023年一季度营收（亿美元）： 151，预期：150.28，前值：149.64。一季度净利润（亿美元）： 17，预期：15.36，前值：17.33。一季度EPS： $6.61，预期：$6.057，前值：$6.44。洛克希德马丁盘前股价短线快速拉升，由跌转涨。","news_type":1,"symbols_score_info":{"LMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944343478,"gmtCreate":1681723720494,"gmtModify":1681723725217,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944343478","repostId":"1135442671","repostType":2,"repost":{"id":"1135442671","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":1681206474,"share":"https://ttm.financial/m/news/1135442671?lang=en_US&edition=fundamental","pubTime":"2023-04-11 17:47","market":"us","language":"zh","title":"Financial Report Preview | How long can Tesla's price reduction dividend last, and will it \"backfire\" on itself?","url":"https://stock-news.laohu8.com/highlight/detail?id=1135442671","media":"老虎资讯综合","summary":"特斯拉频繁的降价行动令分析人士更加关注其第一季度的毛利率。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The company will release its financial results for the first quarter of 2023, ending March 31, after the market closes on April 19 Eastern Time (April 20 Beijing Time).</p><p>In 2022, Tesla delivered a total of 1.31 million vehicles globally, a 40% increase compared to 2021; Production reached 1.37 million vehicles, a year-on-year increase of 47%, but neither reached the 50% annual growth target.</p><p><strong>The market currently generally expects the company to report first-quarter revenue of $23.46 billion, adjusted profit of $3.057 billion, and earnings per share of $0.86.</strong></p><p><p style=\"text-align: justify;\">Stronger-than-expected results would indicate Tesla's \"cost advantage\" and potential lower input costs, but if the first-quarter results are in line with or below expectations, it would mean overcapacity or product aging, which would put its stock price at risk. Of particular importance, the frequent price cuts have made analysts pay more attention to the electric vehicle manufacturer's gross profit margin in the first quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40f14e3cd0b9cf7c3134cc1be1537b19\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p><strong>First-quarter deliveries: Is the price reduction effect sustainable?</strong></p><p><p style=\"text-align: justify;\">Tesla to deliver globally in the first quarter of 2023<strong>More than 422,000 vehicles were delivered, breaking the single-quarter delivery record.</strong></p><p>The report shows that in the first quarter of 2023, Tesla produced 440,808 electric vehicles globally and delivered 422,875 units. Of these, 19,437 Model S and Model X units were produced and 10,695 units were delivered; Production of the Model 3 and Model Y was 421,371 units, and deliveries were 412,180 units.</p><p>Compared to the same period last year, Tesla's total production in the first quarter increased by 44% year-on-year, and its deliveries increased by 36% year-on-year, which is 6.69 times the deliveries in the same period of 2019.</p><p>The delivery report indicates that Tesla will continue its transition to \"more balanced mass production targeting different regional markets,\" including Model S/X models currently being shipped to EMEA (Europe/Middle East/Africa) and the Asia-Pacific region.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/206ca2a9f22472a9e476b926b9c14c33\" title=\"\" tg-width=\"690\" tg-height=\"365\"/></p><p><p style=\"text-align: justify;\">Musk's annual sales target of 1.8-2 million vehicles was achieved quite well in the first quarter. However, it cannot be ignored that in the Chinese market, its core production and sales base, the automotive market is facing more intense competition this year, and Tesla needs to respond more flexibly.</p><p>Industry analysts believe that<strong>Tesla's delivery growth is closely related to its price cuts at the beginning of this year, and the direct reason for the price cuts was to stimulate demand.</strong>In January of this year, Tesla lowered the prices of its models in both China and global markets, with an overall decrease of 9%.</p><p>On April 6 local time, Tesla again lowered the prices of its models sold in the United States, reducing the prices of all models by 2% to 6%. This is the fifth price cut by the automaker since January, with the most significant reduction in high-end models. The more popular Model Y has also seen a 4% price reduction, to $52,990.</p><p>At the same time, Tesla also announced that it will adjust the prices of the Model 3 and Model Y in Hong Kong on April 15, with the Model 3 Performance seeing the largest price reduction, by as much as 14.7%.</p><p><p style=\"text-align: justify;\">Tesla had previously launched a price war in the United States, which analysts viewed as a positive sign that the company was trying to boost sales.</p><p>According to Tesla's goal, it aims to increase production more than tenfold to 20 million vehicles per year by 2030. However, Tesla's current models, such as the Model 3/Y, have a maximum sales cycle of 6-7 years and have not undergone a mid-term update. As market competition intensifies, Tesla's products face even more severe challenges.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44ed93f64aaf0be3e65df77daffd77f9\" title=\"\" tg-width=\"597\" tg-height=\"712\"/></p><p><strong>Positive factors: New low-end models are imminent.</strong></p><p>Recent market news suggests that Tesla is planning a grand production capacity layout for its new low-priced models. \"This low-priced Model is a smaller Model Y,\" a source said.<strong>\"Tesla is building an annual production capacity plan of up to 4 million vehicles.\"</strong></p><p><p style=\"text-align: justify;\">It is understood that this is an early-stage production capacity strategy that Tesla is passing on to the supply chain:<strong>The production capacity of 4 million vehicles will be distributed in factories around the world, including 2 million vehicles in the North American Gigafactory, and 1 million vehicles each in the Berlin plant in Germany and the Lingang plant in Shanghai. Among the North American factories, the Monterrey plant in Mexico will be the main production capacity for this new model.</strong></p><p><p style=\"text-align: justify;\">At this year's investor day, Tesla unveiled its Monterrey factory in Mexico. Subsequently, media reports indicated that the factory covers nearly 4,200 acres, which is 68% more than the 2,500 acres of the Texas factory and about 20 times the size of the Shanghai factory.</p><p>If a Tesla car sells for 150,000 yuan, it could clearly trigger another sales frenzy.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d883a08243beba49992da0458236253e\" title=\"\" tg-width=\"640\" tg-height=\"430\"/></p><p><strong>Unfavorable factors: US electric vehicle tax rebate policy changes again</strong></p><p><p style=\"text-align: justify;\">Last Friday, the U.S. Treasury Department and the Internal Revenue Service released new rules for tax credits for electric vehicles. Automakers have found that unless a workaround is found, the outcome is likely to be:<strong>Starting with the new system taking effect on April 18, the tax credits available to electric vehicles will be significantly reduced.</strong></p><p><p style=\"text-align: justify;\">Ford said that starting April 18, its Mustang Mach-E and E-Transit will be eligible for an electric vehicle tax credit of $3,750, down from the current $7,500, after losing half of the tax credit due to not meeting domestic battery procurement requirements.</p><p><p style=\"text-align: justify;\">Starting April 18, the $7,500 tax credit...<strong>Half will depend on whether the battery components are primarily manufactured in North America.</strong>，<strong>The other half depends on whether the battery minerals primarily come from the United States' free trade partners.</strong>。 Over the next five years, to qualify for tax credits, the proportions of the aforementioned components and minerals in automotive batteries will be further increased from 50% and 40%, respectively.</p><p><strong>Major bank ratings</strong></p><p><strong>Wedbush Securities: Outperform rating, target price $225</strong></p><p>Dan Ives, a well-known Tesla bullish analyst at Wedbush Securities, maintained his \"Outperform\" rating on Tesla stock and his $225 price target. He stated that the Model Y/3 price reduction announced in early 2023 \"brought substantial benefits\" to Tesla, and despite macroeconomic uncertainty, demand appears to be stable. Whether Tesla's gross profit margin can exceed 20% remains a key hurdle in the coming quarters.</p><p><strong>Baird: Overweight rating, target price $252</strong></p><p><p style=\"text-align: left;\">Baird stated that he believes Tesla will be able to maintain industry-leading operating profit margins and be in the best position among its automotive peers to withstand economic headwinds. We maintain our \"Buy\" rating on Tesla stock and our $252 target price.</p><p><strong>Bernstein: Underperform rating, $150 target price</strong></p><p><p style=\"text-align: left;\">Bernstein stated that Tesla's price cuts were not surprising, but the timing and details were \"a bit surprising,\" suggesting that price cuts may continue in other markets around the world. The agency stated that the price reduction reflects Tesla's need to stimulate market demand. We maintain our underperform rating on Tesla stock and our price target of $150.</p><p><strong>Wolfe Research: Peer Performance Ratings</strong></p><p><p style=\"text-align: left;\">Wolfe Research analyst Rod Lache said that while price cuts in the United States may raise questions about demand for cars, Tesla \"will significantly reduce costs in the future.\" The company stated that investors may have underestimated the new investment in Tesla Energy. We maintain our peer performance rating on Tesla stock, and investors should not be surprised if a price cut triggers a negative short-term reaction to the stock price.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Financial Report Preview | How long can Tesla's price reduction dividend last, and will it \"backfire\" on itself?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFinancial Report Preview | How long can Tesla's price reduction dividend last, and will it \"backfire\" on itself?\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\">2023-04-11 17:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The company will release its financial results for the first quarter of 2023, ending March 31, after the market closes on April 19 Eastern Time (April 20 Beijing Time).</p><p>In 2022, Tesla delivered a total of 1.31 million vehicles globally, a 40% increase compared to 2021; Production reached 1.37 million vehicles, a year-on-year increase of 47%, but neither reached the 50% annual growth target.</p><p><strong>The market currently generally expects the company to report first-quarter revenue of $23.46 billion, adjusted profit of $3.057 billion, and earnings per share of $0.86.</strong></p><p><p style=\"text-align: justify;\">Stronger-than-expected results would indicate Tesla's \"cost advantage\" and potential lower input costs, but if the first-quarter results are in line with or below expectations, it would mean overcapacity or product aging, which would put its stock price at risk. Of particular importance, the frequent price cuts have made analysts pay more attention to the electric vehicle manufacturer's gross profit margin in the first quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40f14e3cd0b9cf7c3134cc1be1537b19\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p><strong>First-quarter deliveries: Is the price reduction effect sustainable?</strong></p><p><p style=\"text-align: justify;\">Tesla to deliver globally in the first quarter of 2023<strong>More than 422,000 vehicles were delivered, breaking the single-quarter delivery record.</strong></p><p>The report shows that in the first quarter of 2023, Tesla produced 440,808 electric vehicles globally and delivered 422,875 units. Of these, 19,437 Model S and Model X units were produced and 10,695 units were delivered; Production of the Model 3 and Model Y was 421,371 units, and deliveries were 412,180 units.</p><p>Compared to the same period last year, Tesla's total production in the first quarter increased by 44% year-on-year, and its deliveries increased by 36% year-on-year, which is 6.69 times the deliveries in the same period of 2019.</p><p>The delivery report indicates that Tesla will continue its transition to \"more balanced mass production targeting different regional markets,\" including Model S/X models currently being shipped to EMEA (Europe/Middle East/Africa) and the Asia-Pacific region.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/206ca2a9f22472a9e476b926b9c14c33\" title=\"\" tg-width=\"690\" tg-height=\"365\"/></p><p><p style=\"text-align: justify;\">Musk's annual sales target of 1.8-2 million vehicles was achieved quite well in the first quarter. However, it cannot be ignored that in the Chinese market, its core production and sales base, the automotive market is facing more intense competition this year, and Tesla needs to respond more flexibly.</p><p>Industry analysts believe that<strong>Tesla's delivery growth is closely related to its price cuts at the beginning of this year, and the direct reason for the price cuts was to stimulate demand.</strong>In January of this year, Tesla lowered the prices of its models in both China and global markets, with an overall decrease of 9%.</p><p>On April 6 local time, Tesla again lowered the prices of its models sold in the United States, reducing the prices of all models by 2% to 6%. This is the fifth price cut by the automaker since January, with the most significant reduction in high-end models. The more popular Model Y has also seen a 4% price reduction, to $52,990.</p><p>At the same time, Tesla also announced that it will adjust the prices of the Model 3 and Model Y in Hong Kong on April 15, with the Model 3 Performance seeing the largest price reduction, by as much as 14.7%.</p><p><p style=\"text-align: justify;\">Tesla had previously launched a price war in the United States, which analysts viewed as a positive sign that the company was trying to boost sales.</p><p>According to Tesla's goal, it aims to increase production more than tenfold to 20 million vehicles per year by 2030. However, Tesla's current models, such as the Model 3/Y, have a maximum sales cycle of 6-7 years and have not undergone a mid-term update. As market competition intensifies, Tesla's products face even more severe challenges.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44ed93f64aaf0be3e65df77daffd77f9\" title=\"\" tg-width=\"597\" tg-height=\"712\"/></p><p><strong>Positive factors: New low-end models are imminent.</strong></p><p>Recent market news suggests that Tesla is planning a grand production capacity layout for its new low-priced models. \"This low-priced Model is a smaller Model Y,\" a source said.<strong>\"Tesla is building an annual production capacity plan of up to 4 million vehicles.\"</strong></p><p><p style=\"text-align: justify;\">It is understood that this is an early-stage production capacity strategy that Tesla is passing on to the supply chain:<strong>The production capacity of 4 million vehicles will be distributed in factories around the world, including 2 million vehicles in the North American Gigafactory, and 1 million vehicles each in the Berlin plant in Germany and the Lingang plant in Shanghai. Among the North American factories, the Monterrey plant in Mexico will be the main production capacity for this new model.</strong></p><p><p style=\"text-align: justify;\">At this year's investor day, Tesla unveiled its Monterrey factory in Mexico. Subsequently, media reports indicated that the factory covers nearly 4,200 acres, which is 68% more than the 2,500 acres of the Texas factory and about 20 times the size of the Shanghai factory.</p><p>If a Tesla car sells for 150,000 yuan, it could clearly trigger another sales frenzy.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d883a08243beba49992da0458236253e\" title=\"\" tg-width=\"640\" tg-height=\"430\"/></p><p><strong>Unfavorable factors: US electric vehicle tax rebate policy changes again</strong></p><p><p style=\"text-align: justify;\">Last Friday, the U.S. Treasury Department and the Internal Revenue Service released new rules for tax credits for electric vehicles. Automakers have found that unless a workaround is found, the outcome is likely to be:<strong>Starting with the new system taking effect on April 18, the tax credits available to electric vehicles will be significantly reduced.</strong></p><p><p style=\"text-align: justify;\">Ford said that starting April 18, its Mustang Mach-E and E-Transit will be eligible for an electric vehicle tax credit of $3,750, down from the current $7,500, after losing half of the tax credit due to not meeting domestic battery procurement requirements.</p><p><p style=\"text-align: justify;\">Starting April 18, the $7,500 tax credit...<strong>Half will depend on whether the battery components are primarily manufactured in North America.</strong>，<strong>The other half depends on whether the battery minerals primarily come from the United States' free trade partners.</strong>。 Over the next five years, to qualify for tax credits, the proportions of the aforementioned components and minerals in automotive batteries will be further increased from 50% and 40%, respectively.</p><p><strong>Major bank ratings</strong></p><p><strong>Wedbush Securities: Outperform rating, target price $225</strong></p><p>Dan Ives, a well-known Tesla bullish analyst at Wedbush Securities, maintained his \"Outperform\" rating on Tesla stock and his $225 price target. He stated that the Model Y/3 price reduction announced in early 2023 \"brought substantial benefits\" to Tesla, and despite macroeconomic uncertainty, demand appears to be stable. Whether Tesla's gross profit margin can exceed 20% remains a key hurdle in the coming quarters.</p><p><strong>Baird: Overweight rating, target price $252</strong></p><p><p style=\"text-align: left;\">Baird stated that he believes Tesla will be able to maintain industry-leading operating profit margins and be in the best position among its automotive peers to withstand economic headwinds. We maintain our \"Buy\" rating on Tesla stock and our $252 target price.</p><p><strong>Bernstein: Underperform rating, $150 target price</strong></p><p><p style=\"text-align: left;\">Bernstein stated that Tesla's price cuts were not surprising, but the timing and details were \"a bit surprising,\" suggesting that price cuts may continue in other markets around the world. The agency stated that the price reduction reflects Tesla's need to stimulate market demand. We maintain our underperform rating on Tesla stock and our price target of $150.</p><p><strong>Wolfe Research: Peer Performance Ratings</strong></p><p><p style=\"text-align: left;\">Wolfe Research analyst Rod Lache said that while price cuts in the United States may raise questions about demand for cars, Tesla \"will significantly reduce costs in the future.\" The company stated that investors may have underestimated the new investment in Tesla Energy. We maintain our peer performance rating on Tesla stock, and investors should not be surprised if a price cut triggers a negative short-term reaction to the stock price.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8350896f4f33c86bc28f200b67ab82b4","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135442671","content_text":"特斯拉将于美国东部时间4月19日收盘后（北京时间4月20日）发布截至3月31日的2023年第一季度财报。在过去的2022年，特斯拉全球共计交付汽车131万辆，相比2021年增长40%；生产量为137万辆，同比增长47%，但均未达到50%的年增长量目标。市场目前普遍预计该公司一季度的营收为234.6亿美元，调整后利润为30.57亿美元，每股收益为0.86美元。强于预期的结果将表明特斯拉的“成本优势地位”和潜在的投入成本下降，但如果第一季度的结果与预期持平或低于预期，则意味着产能过剩或产品老化，这将使其股价面临风险。尤其重要的是，频繁的降价行动令分析人士更加关注这家电动汽车制造商一季度的毛利率情况。一季度交付量：降价效应可持续吗？特斯拉2023年第一季度在全球交付超过42.2万辆汽车，打破了单季度的交付纪录。报告显示，2023年第一季度，特斯拉在全球生产电动车440808台，交付422875台。其中，Model S和Model X生产19437台，交付10695台；Model 3和Model Y的产量为421371台，交付量为412180台。与去年同期相比，特斯拉第一季度总产量同比增长44%，交付量同比增长36%，是2019年同期交付量的6.69倍。交付报告中显示，特斯拉将继续向“针对不同区域市场更加均衡的批量生产”过渡，其中包括正在运往EMEA地区（欧洲/中东/非洲)以及亚太地区的Model S/X车型。马斯克定下的全年180-200万辆的销量目标，第一季度完成得不差。但不容忽视的是，在其产销的核心阵地——中国市场，今年的汽车市场正迎来更为激烈的竞争，特斯拉也需要更灵活地应对。业内分析认为，特斯拉交付量增长与今年年初的降价活动密切相关，而降价的直接原因则是为了刺激需求。今年1月，特斯拉在中国和全球市场均调低了在售车型价格，整体降幅达到9%。当地时间4月6日，特斯拉再次下调了其美国在售车型的售价，将所有车型的价格下调了2%至6%，这是该汽车制造商自1月份以来的第五次降价，其中高端车型的降幅最为显著。较受欢迎的Model Y降价幅度也达到了4%，降至52990美元。与此同时，特斯拉还宣布将于4月15日调整香港地区Model 3和Model Y的售价，价格调整减幅最大的是Model 3 Performance，幅度多达14.7%。此前特斯拉发起在美国的价格战，分析师们都将其视为该公司努力提振销量的积极信号。根据特斯拉的目标，到2030年将产量提高10倍以上，达到2000万辆/年。不过，目前特斯拉在售的Model 3/Y等车型最长销售周期达6-7年，且一直没有进行中期改款。随着市场竞争的加剧，特斯拉的产品面临着更为严峻的挑战。积极因素：新低级车型呼之欲出最近传出市场消息，特斯拉正在为其新的低价车型，规划一副宏大的产能版图。“这款低价车型是一个小号Model Y。”消息人士称，“特斯拉正在为其构建一个高达400万辆的年产能计划。”据了解这是一项早期的产能策略，特斯拉正在向产业链传递：400万辆产能会分布在全球工厂，其中，北美的超级工厂将承担200万辆，德国柏林工厂和上海临港工厂分别承担100万辆。而在北美工厂当中，墨西哥的蒙特雷工厂会是这款新车型的产能主力。在今年投资者日上，特斯拉揭秘了墨西哥的蒙特雷工厂，此后，有媒体报道称，该工厂占地近4200英亩，这比德克萨斯州工厂的2500英亩多出68%，也是上海工厂面积的约20倍。如果一款特斯拉汽车卖到15万元，显然可能再次掀起销量狂潮。不利因素：美国电动车退税政策再生变上周五，美国财政部和国税局公布了新的电动汽车税收抵免细则，各家车企发现，除非找到变通方法，否则结果很可能是：从4月18日新制度生效起，电动汽车享受的税收抵免将大幅减少。福特公司表示，从4月18日开始，其 Mustang Mach-E 和 E-Transit 将有资格获得3750美元的电动汽车税收抵免，低于目前的 7500 美元，因为不符合国内电池采购要求而损失了一半的税收抵免。从4月18日起，7500美元的税收抵免额中有一半将取决于电池组件是否主要由北美制造，另一半取决于电池矿物是否主要来源于美国的自自由贸易伙伴。未来五年，想要符合税收抵免资格，汽车电池中上述组件及矿物占比将分别从50%和40%进一步提高。大行评级韦德布什证券：跑赢大盘评级，目标价225美元知名特斯拉多头分析师、韦德布什证券公司的丹·艾夫斯维持对特斯拉股票的“跑赢大盘”评级和225美元的目标价。他表示，2023年初宣布的Model Y/3降价为特斯拉“带来了丰厚的红利”，尽管宏观经济不确定，但需求似乎很稳定。未来几个季度，特斯拉的汽车毛利率能否超过20%仍是关键门槛。贝尔德：增持评级，目标价252美元贝尔德表示，相信特斯拉将能够保持行业领先的营业利润率，并且在汽车同行中处于最佳位置以抵御经济逆风。维持对特斯拉股票的增持评级和252美元的目标价。伯恩斯坦：表现不佳评级，150美元目标价伯恩斯坦表示，特斯拉降价并不令人意外，但时间和细节“有点令人惊讶”，可能在全球其它市场继续降价。该机构表示，降价反映了特斯拉刺激市场需求的需要。维持特斯拉股票的表现不佳评级和150美元的目标价。Wolfe Research：同业表现评级Wolfe Research 分析师 Rod Lache 表示，虽然美国的降价可能会引发对汽车需求的质疑，但特斯拉“未来会大幅降低成本”。该公司表示，投资者可能低估了对特斯拉能源的新投资。保持对特斯拉股票的同业表现评级，如果降价引发股价负面短期反应，投资者不应感到惊讶。","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":9944999242,"gmtCreate":1681658519586,"gmtModify":1681658523308,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944999242","repostId":"1102189876","repostType":2,"repost":{"id":"1102189876","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1681641413,"share":"https://ttm.financial/m/news/1102189876?lang=en_US&edition=fundamental","pubTime":"2023-04-16 18:36","market":"us","language":"zh","title":"Don't miss this bull market.","url":"https://stock-news.laohu8.com/highlight/detail?id=1102189876","media":"格隆汇投资学苑","summary":"经济似乎还略显冷意，但股市已经迫不及待要热起来。经过一个多月的调整，上周五上证指数再一次逼近3月7日的高位，并显示要突破的态势，而A股成交额更是连续9个交易日超越1万亿。无独有偶，即使是深受美国经济衰","content":"<p><html><head></head><body>The economy still seems somewhat sluggish, but the stock market is eager to heat up.</p><p>After more than a month of adjustment, the Shanghai Composite Index once again approached the high of March 7 last Friday and showed signs of breaking through, while the turnover of A-shares exceeded 1 trillion yuan for nine consecutive trading days.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf2ddeaaf9c0cf410a1d4bebe3f835e3\" tg-width=\"560\" tg-height=\"240\"/></p><p>Coincidentally, even the S&P 500, which has been heavily affected by the US economic recession, has quietly approached the high level of February 2.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/182ff406e03a8e27b8016acc2b1653c4\" tg-width=\"560\" tg-height=\"240\"/></p><p>The stock market has the keenest sense of smell, and capital doesn't lie. The fact that it continues to rise already speaks volumes.</p><p>That's our simple view on the market in 2023:<strong>Don't miss this bull market.</strong></p><p><strong>macro aspect</strong></p><p>Every bull market is predicated on a super low.</p><p>Every investor can feel what a low point 2022 was. With the recurring pandemic, economic downturn, ongoing external wars, and frenzied rate hike, the capital market is truly suffering greatly.</p><p>But everything comes to an end, and several major macroeconomic risks have now basically reversed or are about to reverse. First, there's the Russia-Ukraine war, which has already weakened the capital market. Second, the pandemic has become insignificant. The only thing that's bad now is the global rate hike, especially the official end of the Federal Reserve. Fortunately, this end is already clearly visible, just a matter of official announcement at the May meeting.</p><p>There are two fundamental factors affecting the stock market. One is...<strong>Economic fundamentals,</strong>One is<strong>Liquidity.</strong></p><p><strong>In terms of domestic economic fundamentals, recovery is a foregone conclusion.</strong>On the surface, domestic macroeconomic data does not seem too exciting, but signs of improvement are gradually emerging, especially in terms of consumption. With the May Day holiday approaching, booking data for travel, flights and hotels has strengthened the logic of consumption recovery. The market is now waiting for the macroeconomic data for the first quarter of 2023 to be released in two days. Considering that there was a wave of widespread infection after the epidemic was lifted at the beginning of the year, the data may not be very strong, but it is basically predictable. This should be considered the bottom of this year.</p><p><strong>Externally, a US economic recession is highly likely.</strong>This will have a negative impact on China's exports. As China's third-largest trading partner, China's exports to the United States still reached $536.8 billion despite such difficult circumstances in 2022. However, China itself is also expanding its ties with other economies around the world in an effort to offset the negative impact of the United States. Looking at a longer timeframe, even if a US recession is expected to arrive, according to Federal Reserve officials, the impact will mainly be this year, with a recovery expected in the next two years. So, once we get through this year, we'll basically be fine.</p><p>While there will indeed be some disturbances in China's economic fundamentals in the short term, there is no reason to be pessimistic in the medium to long term, nor is it likely to fall back to last year's low levels. Even if some deep-seated problems, such as great power rivalry and technological innovation, are not resolved immediately, fortunately, these problems will not worsen again, and the country is working hard to break through step by step.</p><p><strong>In terms of liquidity, China's CPI remained low, at only 0.7% in March, which seems to indicate that the economy still needs a stronger recovery, but conversely, it increases the possibility of stimulating the economy and continuing monetary easing.</strong>In fact, there has been significant easing at the monetary level, especially in the recently released social financing and M2 data. However, the transmission from the monetary level to the economy will take time. In addition, the Federal Reserve's aggressive rate hike is gradually coming to an end, providing more room for our monetary policy to maneuver.</p><p>The macroeconomy is in a recovery phase, and the general direction of liquidity is loose. A bull market in the stock market provides the most basic support.</p><p><strong>microscopic plane</strong></p><p>At the micro level, the main focus is on corporate profitability, which coincides with the collective release of first-quarter reports by listed companies.</p><p>As of today, more than 200 A-share companies have released their first-quarter earnings forecasts. Among them, consumer stocks Langzi Fashion and Yanjing Beer have seen very strong growth. Langzi Fashion's net profit attributable to the parent company has increased by 377-566 times year-on-year, while Yanjing Beer has increased by 71-75 times year-on-year. Although it may seem extreme, it also represents a strong rebound in consumer stocks from being suppressed by the pandemic last year to this year after the pandemic was lifted. And<strong>Technology stocks, represented by semiconductors, also showed strong growth momentum.</strong>A typical example is semiconductor equipment manufacturer North China Electronics, which expects its net profit attributable to the parent company to increase by 1.71-2 times year-on-year.</p><p>In our articles at the beginning of the year, we mentioned investment opportunities in semiconductors several times. However, at that time, it was mainly based on the fact that the semiconductor inventory cycle bottomed out in the first half of this year and entered an upward channel in the second half of the year, which was based on the logic of cyclical reversal. The subsequent chatGPT craze accelerated the cyclical reversal of the semiconductor industry. More importantly, the popularity of chatGPT also marked the beginning of a new round of technological revolution led by AI. This technological revolution, which can rival mechanization, electrification and informatization, and is even larger in scale, has brought new growth space to the technology industry, including semiconductors, and a new blue ocean has slowly unfolded.</p><p>This is also why we keep repeating this year's investment theme: the digital economy is definitely the biggest one.</p><p>In the past, China has basically followed others in terms of technology, but this time, China is the most likely to become one of the leaders. This is because the digital economy has been established as a key industry for national development and support. More importantly, China's strength in the digital economy has greatly improved. Even though it still lags behind the United States in some key technology areas, its advantages compared with most countries in the world are still very obvious.</p><p>Although there are many companies in the A-share market that are riding the wave of concepts, overall, it is highly likely that China will produce corresponding true bull stocks due to this technological revolution, which undoubtedly provides a greater possibility for a bull market. At least from a financial perspective, this technological revolution, with its broad growth prospects and expected returns, can easily attract incremental funds into the stock market.</p><p>As investors, we need to pay more attention to this quarterly report, because it will not only confirm the degree of recovery of the domestic economy, but also become an important basis for predicting the future performance of the economy and listed companies, as well as evidence to verify the entry of incremental funds into the stock market. Although not everything has been released yet, and it is not advisable to draw conclusions too early, given that there is no longer any disruption from the epidemic this year, it is at least certain that overall it will only be better than the same period last year.</p><p>If the final result is indeed like this, it is only a matter of time before the Shanghai Composite Index breaks through the previous month's high.</p><p><strong>There is no doubt that the market will continue to bull.</strong></p><p>There's a famous saying in the investment world:<strong>The future is more important than the past</strong></p><p>This means that the most important factor in whether the stock market will rise or fall is expectations.</p><p>One thing that has struck me most about review over the past year is that it all happened in October last year, when US stocks fell to their lowest point for the year, and A-shares and Hong Kong stocks also bottomed out in that month.</p><p>If we look at it from a simple linear perspective, the US federal interest rate was not very high at that time, and the economy was still very strong, so why did it fall to a low level so early? With the domestic epidemic and economic pressures so great that there were even rumors of a confidence crisis in foreign capital, the rapid decline is understandable, but why did it rebound so strongly in just a few days? Shouldn't it continue to fall?</p><p><strong>In fact, the stock market has another characteristic: it reacts to the real economy in advance. This reaction usually takes six months, and the process is also affected by other factors, which can be accelerated or slowed down.</strong></p><p>The bottom of the Chinese and American stock markets in October last year was influenced by this pattern, and it is now being verified step by step. First, there is the rate hike behavior of the United States. If it ends as scheduled in May this year, it will be exactly six months from October last year. Secondly, in China, that rapid decline did indeed bottom out ahead of schedule. Of course, the easing of the pandemic in November was also the most important factor in the stock market rebound. If the lockdown had continued, the rebound would not have arrived so quickly.</p><p>Regardless of the circumstances, the possibility of the stock market, whether A-shares, Hong Kong stocks, or US stocks, returning to last year's bottom is slim. Not to mention the domestic economic recovery and loose liquidity, even if the US stock market enters a \"profit-killing\" phase, it is unlikely to happen unless the performance of listed companies collapses on a large scale. When bank stocks crashed in March, it triggered a wave of panic, but so far, the expected collapse has not occurred. Instead, the performance of large banks like JPMorgan Chase has increased significantly. In terms of indices, the Dow Jones Industrial Average, which was the hardest hit, fluctuated by around 10%, while the Nasdaq and S&P 500 were far below 10%, and all three major indices had fully recovered their March losses and risen significantly.</p><p>It can be said that the biggest macroeconomic risk right now is the US economic recession. If we reflect the future characteristics of the stock market in advance, we are trading now six months from now. In other words, the stock market is pricing in a recession six months from now. Of course, whether it will be fully priced depends on other economic and listed company data, as well as the release of subsequent policies. If these data decline beyond expectations, the stock market will still follow suit. If it meets expectations, the stock market can remain flat. However, if it improves beyond expectations, a rebound could occur at any time.</p><p>If we consider the two factors mentioned earlier—economic fundamentals and liquidity—the tightening of liquidity in US stocks is basically priced in by the market. The only downside is waiting for the economy to bottom out. The situation in China is better, because our economic fundamentals have bottomed out and are in a recovery phase.</p><p><strong>epilogue</strong></p><p>If last year was the moment of collapse for global capital markets, then this year's upward resonance in global capital markets is probably the most anticipated and highly probable event.</p><p>Currently, signs of a bull market may not be very obvious, because apart from the AI sector, other sectors are still relatively low-key and need some catalysts and time. But just as a wind rises from a drizzle and a wave forms from a gentle ripple, the stock market won't directly tell you that a bull market is coming. However, since expectations for the future are positive and valuations are low, keeping a low profile is actually a good thing, which is equivalent to giving investors an opportunity to get on board. If it's already skyrocketing, there's no chance.</p><p>Chinese people often say that adversity leads to turnaround, and the same applies to the stock market. If one sentence suffices to describe this year's stock market investment strategy, it is:</p><p><strong>Don't miss this bull market!</strong></p><p></body></html></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>Don't miss this bull market.</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\">\nDon't miss this bull market.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2023-04-16 18:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The economy still seems somewhat sluggish, but the stock market is eager to heat up.</p><p>After more than a month of adjustment, the Shanghai Composite Index once again approached the high of March 7 last Friday and showed signs of breaking through, while the turnover of A-shares exceeded 1 trillion yuan for nine consecutive trading days.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf2ddeaaf9c0cf410a1d4bebe3f835e3\" tg-width=\"560\" tg-height=\"240\"/></p><p>Coincidentally, even the S&P 500, which has been heavily affected by the US economic recession, has quietly approached the high level of February 2.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/182ff406e03a8e27b8016acc2b1653c4\" tg-width=\"560\" tg-height=\"240\"/></p><p>The stock market has the keenest sense of smell, and capital doesn't lie. The fact that it continues to rise already speaks volumes.</p><p>That's our simple view on the market in 2023:<strong>Don't miss this bull market.</strong></p><p><strong>macro aspect</strong></p><p>Every bull market is predicated on a super low.</p><p>Every investor can feel what a low point 2022 was. With the recurring pandemic, economic downturn, ongoing external wars, and frenzied rate hike, the capital market is truly suffering greatly.</p><p>But everything comes to an end, and several major macroeconomic risks have now basically reversed or are about to reverse. First, there's the Russia-Ukraine war, which has already weakened the capital market. Second, the pandemic has become insignificant. The only thing that's bad now is the global rate hike, especially the official end of the Federal Reserve. Fortunately, this end is already clearly visible, just a matter of official announcement at the May meeting.</p><p>There are two fundamental factors affecting the stock market. One is...<strong>Economic fundamentals,</strong>One is<strong>Liquidity.</strong></p><p><strong>In terms of domestic economic fundamentals, recovery is a foregone conclusion.</strong>On the surface, domestic macroeconomic data does not seem too exciting, but signs of improvement are gradually emerging, especially in terms of consumption. With the May Day holiday approaching, booking data for travel, flights and hotels has strengthened the logic of consumption recovery. The market is now waiting for the macroeconomic data for the first quarter of 2023 to be released in two days. Considering that there was a wave of widespread infection after the epidemic was lifted at the beginning of the year, the data may not be very strong, but it is basically predictable. This should be considered the bottom of this year.</p><p><strong>Externally, a US economic recession is highly likely.</strong>This will have a negative impact on China's exports. As China's third-largest trading partner, China's exports to the United States still reached $536.8 billion despite such difficult circumstances in 2022. However, China itself is also expanding its ties with other economies around the world in an effort to offset the negative impact of the United States. Looking at a longer timeframe, even if a US recession is expected to arrive, according to Federal Reserve officials, the impact will mainly be this year, with a recovery expected in the next two years. So, once we get through this year, we'll basically be fine.</p><p>While there will indeed be some disturbances in China's economic fundamentals in the short term, there is no reason to be pessimistic in the medium to long term, nor is it likely to fall back to last year's low levels. Even if some deep-seated problems, such as great power rivalry and technological innovation, are not resolved immediately, fortunately, these problems will not worsen again, and the country is working hard to break through step by step.</p><p><strong>In terms of liquidity, China's CPI remained low, at only 0.7% in March, which seems to indicate that the economy still needs a stronger recovery, but conversely, it increases the possibility of stimulating the economy and continuing monetary easing.</strong>In fact, there has been significant easing at the monetary level, especially in the recently released social financing and M2 data. However, the transmission from the monetary level to the economy will take time. In addition, the Federal Reserve's aggressive rate hike is gradually coming to an end, providing more room for our monetary policy to maneuver.</p><p>The macroeconomy is in a recovery phase, and the general direction of liquidity is loose. A bull market in the stock market provides the most basic support.</p><p><strong>microscopic plane</strong></p><p>At the micro level, the main focus is on corporate profitability, which coincides with the collective release of first-quarter reports by listed companies.</p><p>As of today, more than 200 A-share companies have released their first-quarter earnings forecasts. Among them, consumer stocks Langzi Fashion and Yanjing Beer have seen very strong growth. Langzi Fashion's net profit attributable to the parent company has increased by 377-566 times year-on-year, while Yanjing Beer has increased by 71-75 times year-on-year. Although it may seem extreme, it also represents a strong rebound in consumer stocks from being suppressed by the pandemic last year to this year after the pandemic was lifted. And<strong>Technology stocks, represented by semiconductors, also showed strong growth momentum.</strong>A typical example is semiconductor equipment manufacturer North China Electronics, which expects its net profit attributable to the parent company to increase by 1.71-2 times year-on-year.</p><p>In our articles at the beginning of the year, we mentioned investment opportunities in semiconductors several times. However, at that time, it was mainly based on the fact that the semiconductor inventory cycle bottomed out in the first half of this year and entered an upward channel in the second half of the year, which was based on the logic of cyclical reversal. The subsequent chatGPT craze accelerated the cyclical reversal of the semiconductor industry. More importantly, the popularity of chatGPT also marked the beginning of a new round of technological revolution led by AI. This technological revolution, which can rival mechanization, electrification and informatization, and is even larger in scale, has brought new growth space to the technology industry, including semiconductors, and a new blue ocean has slowly unfolded.</p><p>This is also why we keep repeating this year's investment theme: the digital economy is definitely the biggest one.</p><p>In the past, China has basically followed others in terms of technology, but this time, China is the most likely to become one of the leaders. This is because the digital economy has been established as a key industry for national development and support. More importantly, China's strength in the digital economy has greatly improved. Even though it still lags behind the United States in some key technology areas, its advantages compared with most countries in the world are still very obvious.</p><p>Although there are many companies in the A-share market that are riding the wave of concepts, overall, it is highly likely that China will produce corresponding true bull stocks due to this technological revolution, which undoubtedly provides a greater possibility for a bull market. At least from a financial perspective, this technological revolution, with its broad growth prospects and expected returns, can easily attract incremental funds into the stock market.</p><p>As investors, we need to pay more attention to this quarterly report, because it will not only confirm the degree of recovery of the domestic economy, but also become an important basis for predicting the future performance of the economy and listed companies, as well as evidence to verify the entry of incremental funds into the stock market. Although not everything has been released yet, and it is not advisable to draw conclusions too early, given that there is no longer any disruption from the epidemic this year, it is at least certain that overall it will only be better than the same period last year.</p><p>If the final result is indeed like this, it is only a matter of time before the Shanghai Composite Index breaks through the previous month's high.</p><p><strong>There is no doubt that the market will continue to bull.</strong></p><p>There's a famous saying in the investment world:<strong>The future is more important than the past</strong></p><p>This means that the most important factor in whether the stock market will rise or fall is expectations.</p><p>One thing that has struck me most about review over the past year is that it all happened in October last year, when US stocks fell to their lowest point for the year, and A-shares and Hong Kong stocks also bottomed out in that month.</p><p>If we look at it from a simple linear perspective, the US federal interest rate was not very high at that time, and the economy was still very strong, so why did it fall to a low level so early? With the domestic epidemic and economic pressures so great that there were even rumors of a confidence crisis in foreign capital, the rapid decline is understandable, but why did it rebound so strongly in just a few days? Shouldn't it continue to fall?</p><p><strong>In fact, the stock market has another characteristic: it reacts to the real economy in advance. This reaction usually takes six months, and the process is also affected by other factors, which can be accelerated or slowed down.</strong></p><p>The bottom of the Chinese and American stock markets in October last year was influenced by this pattern, and it is now being verified step by step. First, there is the rate hike behavior of the United States. If it ends as scheduled in May this year, it will be exactly six months from October last year. Secondly, in China, that rapid decline did indeed bottom out ahead of schedule. Of course, the easing of the pandemic in November was also the most important factor in the stock market rebound. If the lockdown had continued, the rebound would not have arrived so quickly.</p><p>Regardless of the circumstances, the possibility of the stock market, whether A-shares, Hong Kong stocks, or US stocks, returning to last year's bottom is slim. Not to mention the domestic economic recovery and loose liquidity, even if the US stock market enters a \"profit-killing\" phase, it is unlikely to happen unless the performance of listed companies collapses on a large scale. When bank stocks crashed in March, it triggered a wave of panic, but so far, the expected collapse has not occurred. Instead, the performance of large banks like JPMorgan Chase has increased significantly. In terms of indices, the Dow Jones Industrial Average, which was the hardest hit, fluctuated by around 10%, while the Nasdaq and S&P 500 were far below 10%, and all three major indices had fully recovered their March losses and risen significantly.</p><p>It can be said that the biggest macroeconomic risk right now is the US economic recession. If we reflect the future characteristics of the stock market in advance, we are trading now six months from now. In other words, the stock market is pricing in a recession six months from now. Of course, whether it will be fully priced depends on other economic and listed company data, as well as the release of subsequent policies. If these data decline beyond expectations, the stock market will still follow suit. If it meets expectations, the stock market can remain flat. However, if it improves beyond expectations, a rebound could occur at any time.</p><p>If we consider the two factors mentioned earlier—economic fundamentals and liquidity—the tightening of liquidity in US stocks is basically priced in by the market. The only downside is waiting for the economy to bottom out. The situation in China is better, because our economic fundamentals have bottomed out and are in a recovery phase.</p><p><strong>epilogue</strong></p><p>If last year was the moment of collapse for global capital markets, then this year's upward resonance in global capital markets is probably the most anticipated and highly probable event.</p><p>Currently, signs of a bull market may not be very obvious, because apart from the AI sector, other sectors are still relatively low-key and need some catalysts and time. But just as a wind rises from a drizzle and a wave forms from a gentle ripple, the stock market won't directly tell you that a bull market is coming. However, since expectations for the future are positive and valuations are low, keeping a low profile is actually a good thing, which is equivalent to giving investors an opportunity to get on board. If it's already skyrocketing, there's no chance.</p><p>Chinese people often say that adversity leads to turnaround, and the same applies to the stock market. If one sentence suffices to describe this year's stock market investment strategy, it is:</p><p><strong>Don't miss this bull market!</strong></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2a3253accc7322a3db322a8557ee9834","relate_stocks":{"000001.SH":"上证指数",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102189876","content_text":"经济似乎还略显冷意，但股市已经迫不及待要热起来。经过一个多月的调整，上周五上证指数再一次逼近3月7日的高位，并显示要突破的态势，而A股成交额更是连续9个交易日超越1万亿。无独有偶，即使是深受美国经济衰退影响的标普指数，也已经悄无声息地逼近2月2日的高位。股市的嗅觉最灵敏，资本也不会骗人，持续向上攻的事实，已经说明问题。那就是我们对于2023年市场的一个简单观点：不要错过这一轮牛市。宏观面每一轮牛市的发生，都有一个超级低谷作为前提。2022年是何等的低谷，每一个投资者都能感受得到。疫情反复、经济下滑，外围战事不断、加息疯狂，资本市场真的是苦不堪言。但任何事都会有了结的时刻，几个大的宏观风险，现在基本已经或者即将反转。首先是俄乌战争，资本市场早已钝化，其次是疫情也已经无关痛痒，现在唯一差的，就是全球的加息，尤其是美联储的正式结束。幸运的是，这个结束已经清晰可见，只差5月份会议的官宣。影响股市的两个基本因素，一个是经济基本面，一个是流动性。国内的经济基本面，复苏已成定局，表面上看国内的宏观经济数据似乎并没有太令人激动，但好转的迹象正在一步步呈现，特别是消费层面，“五一”将至，旅游机票酒店的预定数据增强了消费回暖的逻辑。现在市场都在等待两天后公布的2023年一季度的宏观经济数据，考虑到年初疫情放开后出现过一轮全民感染，数据未必很强劲，但基本也可以预见，这应该算是今年的底部了。外围方面，美国经济衰退大概率会出现，对于中国出口会有负面作用。因为作为中国第三大贸易伙伴，2022年如此艰难的情况下，中国出口美国依然高达5368亿美元。不过，中国本身也在扩大和全球其他经济体的联系，努力对冲美国的负面影响。而拉长时间看，即使美国衰退预约而至，根据美联储官员的预计，影响主要在今年，明后两年会走向复苏。所以，熬过今年基本也就没事了。对于中国经济基本面，短期看确实会有一些扰动，但中长期确实没有理由悲观，也不可能再下探到去年的低位。即使一些深层次的问题，例如大国博弈、科技创新，不会马上得到解决，可幸的是，这些问题也不至于再度恶化，而且国家也在努力一步步突围。流动性方面，中国的CPI维持在较低的位置，3月份只有0.7%，这似乎预示着经济仍有待更强劲的复苏，但反过来说，为刺激经济以及继续宽松货币增加更多的可能性。实际上，货币层面已经看到明显的宽松，特别是不久前公布的社融、M2数据，只不过从货币层面到经济的传导需要时间。另外，美联储的激进加息一步步走向终结，也为我们的货币政策提供更多的施展空间。宏观经济处于复苏通道，流动性的大方向是宽松，股市走牛，就有了最基本的支持。微观面微观层面，主要是企业的盈利，恰逢上市公司集体披露一季报。截至今天，A股披露一季度业绩预告的公司超过200家，其中消费股的朗姿股份、燕京啤酒增长非常强劲，其中朗姿股份归母净利润同比增长达到377-566倍，燕京啤酒同比增长71-75倍。虽然看上去极端，但也代表了消费股从去年被疫情压制，到今年放开疫情后强势的反弹态势。而以半导体为代表的科技股，同样显示出强劲的增长态势。典型的是半导体设备商北方华创，预计归母净利润同比增长1.71--2倍。在年初的文章中，我们就多次提及半导体的投资机会，不过彼时主要是基于半导体的库存周期在今年上半年见底，下半年进入上升通道，炒的是周期反转的逻辑。其后出现的chatGPT热潮，加速了半导体的周期反转，更重要的是，chatGPT的大热，也标志着以AI为首的新一轮技术革命进入快车道，这个可以比肩机械化、电气化和信息化，而且比它们规模更大的技术革命，给包括半导体在内的科技行业带来新的增长空间，一个新的蓝海序幕已经徐徐展开。这也是我们不断重复今年的投资主线，数字经济必定是最大的一个的理由。如果说以往中国在科技方面基本都是跟着别人走，但这一次，中国是最有希望成为其中一位领跑者，因为数字经济已经被确立为国家重点发展和扶持的产业，更重要的是，中国在数字经济方面的实力已经大大提高，即使在一些关键技术领域和美国尚有差距，但和全球大部分国家相比，优势还是很明显。虽然A股上也存在不少蹭概念的公司，但总体上看，这一个技术革命，中国出现相对应的真牛股是大概率的，这无疑也为股市走牛提供了更大的可能性。至少从资金面上看，这种拥有广阔增长前景和预期收益的技术革命，是很容易吸引增量资金进入股市的。作为投资者，需要更多地关注这一次的季报，因为这不但会印证国内经济的复苏程度，也会成为预测接下来经济以及上市公司业绩的重要依据，还是验证增量资金进入股市的证据。虽然现在尚未全部公布，过早下结论不可取，但鉴于今年没有已经没有疫情扰动，至少可以肯定，整体上比起去年同期，只会好不会差。而如果最后的结果确实如此的话，上证突围前月高点，只是时间问题。后市走牛无悬念投资界有句名言：未来比过去重要。意思是，股市后面是涨是跌，最重要的是预期。复盘过去一年，有一点是笔者体会最为深刻的，都发生去年10月，美股跌入年内低点，A股港股也是在那个月见底。如果简单的线性思维去看，那时美国的联邦利率并没有很高，经济也还很强劲，但为何早早就跌入低位呢？而国内疫情压力、经济压力又那么大，甚至一度传出外资出现信心危机，快速下跌可以理解，但为何没过几天就强力反弹了呢？难道不应该继续下跌吗？实际上，股市还有另一个特征，就是提前对实体经济做出反应，这种反应通常以半年为常，而且过程当中还会受其他因素的影响，可以加快也可以减慢。去年10月份中美股市的底部，就受到这个规律的影响，现在也一步步得到验证，首先是美国的加息行为，如果今年5月份如期结束，距离去年10月份，正好半年；其次是中国，那一次快速下跌，确实起到了提前见底的作用，当然，11月疫情放开是股市反弹也是最重要的一个因素，如果继续封控，反弹未至于那么快到来。但不管如何，想要股市，不管是A股、港股还是美股，回到去年的底部位置，可能性都不高了，国内经济复苏，流动性宽松就不说了，即使是美股进入“杀盈利”阶段，除非上市公司业绩大面积崩溃，否则很难会出现。3月份银行股暴雷的时候，曾经引发过一轮恐慌，但到现在为止，也没有出现预期中的崩溃现象，摩根大通这种大银行业绩反而大增。指数方面，最受伤的道琼斯波幅在10%左右，而纳斯达克、标普500远低于10%，并且三大指数都已经完全收复3月份跌幅并上涨不少。可以说，现在最大的宏观风险只是美国的经济衰退，如果按照股市提前反应未来的特征，现在交易的正是半年之后。换句话说，股市正在定价半年之后的经济衰退。当然，是否完全定价还有待于其他经济、上市公司数据，以及后续政策的公布，如果这些数据超预期下滑，那股市还是会跟着，如果符合预期，那股市可以持平，但如果超预期向好，反弹就会随时发生。如果用前文所说的两个因素——经济基本面和流动性，美股的流动性紧缩基本被市场定价，唯一差的就是等经济面见底。而中国的情况，要更好一些，因为我们的经济基本面已经见底，并处于回升阶段。结语如果说去年是全球资本市场的崩溃时刻，那今年出现全球资本市场向上共振，应该是最值得期待，也是大概率的事情。现在看，后市走牛的迹象可能还不至于很明显，因为除了AI板块，其他板块都还相对低调，需要一些催化因素，也需要一些时日。但正如风起于青萍之末，浪成于微澜之间，股市不会直接告诉你牛市来了，但既然对于未来的预期向好，估值上又处于低位，表现低调反而是好事，这等于给了投资者上车的机会。如果已经狂飙起来了，机会就没有了。中国人常常说否极泰来，放在股市也是如此。如果说对于今年股市的投资策略，一句话足矣，那就是：不要错过这一轮牛市！","news_type":1,"symbols_score_info":{"000001.SH":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945444267,"gmtCreate":1681571184659,"gmtModify":1681571188772,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945444267","repostId":"1137337807","repostType":2,"isVote":1,"tweetType":1,"viewCount":1995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945235973,"gmtCreate":1681481913492,"gmtModify":1681481917939,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945235973","repostId":"1150662233","repostType":2,"repost":{"id":"1150662233","kind":"news","pubTimestamp":1681480084,"share":"https://ttm.financial/m/news/1150662233?lang=en_US&edition=fundamental","pubTime":"2023-04-14 21:48","market":"us","language":"zh","title":"Middle Eastern tycoons go on a shopping spree! Latest A-share holdings revealed","url":"https://stock-news.laohu8.com/highlight/detail?id=1150662233","media":"ETF进化论","summary":"2006年有一则新闻令人印象深刻——中东客6亿元狂扫上海顶级豪宅。来自中东的基金 Gateway Capital，斥资约6亿元人民币，买下上海市中心新天地----翠湖天地御苑二期102 套住房，每平方","content":"<p><html><head></head><body><strong>In 2006, there was a news story that left a deep impression – Middle Eastern tourists spent 600 million yuan to snap up top luxury homes in Shanghai.</strong></p><p><p style=\"text-align: justify;\">Gateway Capital, a fund from the Middle East, invested approximately 600 million yuan to acquire 102 units in Phase II of Cuihu Tiandi Yuyuan, a new development in downtown Shanghai, with an average transaction price of 40,000 yuan per square meter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fda7d94604cc78530f8e950784b338ee\" alt=\"\" title=\"\" tg-width=\"831\" tg-height=\"773\"/></p><p><p style=\"text-align: justify;\">The transaction price of second-hand homes in Phase II of Cuihu Tiandi Yuyuan reached 264,000 yuan per square meter in 2022.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1447d82193e227d3818b05eb306a13c5\" alt=\"\" title=\"\" tg-width=\"830\" tg-height=\"696\"/></p><p><p style=\"text-align: justify;\">Since the two \"oil crises\" of the 1970s, the continuous rise in oil prices has led to a significant increase in the income of foreign exchange countries in the Middle East and Arab countries. In order to smooth consumption and preserve wealth for future generations, many Arab countries have begun to establish sovereign wealth funds to begin their global expansion.</p><p><p style=\"text-align: justify;\"><strong>The 10 largest sovereign wealth funds in the Arab Gulf states have a total asset size of $3.7 trillion, with the Abu Dhabi Investment Authority (ADIA) ranking third in the world and first in the Arab region.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/07c2310479ae72fb953f23928abe4910\" alt=\"\" title=\"\" tg-width=\"1046\" tg-height=\"532\"/></p><p><p style=\"text-align: justify;\">According to data from Global SWF, a Global sovereign wealth fund data platform, the Abu Dhabi Investment Authority has a size of $993 billion. Secondly, there is the Kuwait Investment Authority, with a scale exceeding $769 billion.</p><p><strong>The investment trends of Middle Eastern tycoons have attracted global attention.</strong></p><p><strong>1. Unveiling the Secrets of Middle Eastern Tycoons</strong></p><p><p style=\"text-align: justify;\">The Abu Dhabi Investment Authority is the largest sovereign wealth fund in the Middle East and the third largest in the world. Its funding comes from the government of the Emirate of Abu Dhabi, primarily from the country's oil revenues.</p><p><p style=\"text-align: justify;\">To mitigate the impact of oil price fluctuations on the economy, and out of concern for the fate of their countries after the depletion of oil and gas resources, countries in the Middle East have launched sovereign wealth funds to seek economic solutions, converting non-renewable assets into a more diversified asset portfolio to save for the next generation.</p><p><p style=\"text-align: justify;\">In 1976, the Emirate of Abu Dhabi established the Abu Dhabi Investment Authority, the oldest and largest of the many sovereign wealth funds in the Middle East.</p><p><p style=\"text-align: justify;\">Over the past 40 years, the Abu Dhabi Investment Authority has consistently adhered to the management objective of seeking economic solutions and converting non-renewable assets into a more diversified asset portfolio.</p><p><p style=\"text-align: justify;\">The Abu Dhabi Investment Authority's 20-year annualized return fluctuates between 5% and 8%, while its 30-year annualized return fluctuates between 6% and 9%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d14ae4d22d16b6c78a7965dea31d43\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"724\"/></p><p><p style=\"text-align: justify;\"><strong>The Abu Dhabi Investment Authority can be considered the most secretive sovereign wealth fund. It operates discreetly, does not disclose the value of its assets, and never discloses its investment methods and portfolios.</strong>\"Within the UAE, the Abu Dhabi Investment Authority basically doesn't disclose any information to the public, rarely attracts any controversy, and they don't advertise,\" said David Mark, former U.S. ambassador to the UAE.</p><p><strong>2. Abu Dhabi Investment Authority buys up A-shares</strong></p><p>The Abu Dhabi Investment Authority is an old friend of ours. As early as 1992, when the Chinese market was first opened to overseas investors, the Abu Dhabi Investment Authority began investing in China, and it has been doing so for 30 years.</p><p><strong>Currently, the Abu Dhabi Investment Authority is involved in A-shares, B-shares, real estate investment, and private equity. Judging from the recently released annual reports of listed companies, the Abu Dhabi Investment Authority continued to buy A-shares at the end of 2022.</strong></p><p>As of April 13, among the listed companies that have disclosed their annual reports,<strong>The Abu Dhabi Investment Authority appears in the top ten circulating shareholders list of 12 A-share listed companies, holding over 5.8 billion yuan in A-shares.</strong>They are Zijin Mining, Eastmoney, Oriental Yuhong, China Shenhua, Daquan Energy, Beixin Building Materials, Shengyi Technology, China Merchants Jiyu, Universal Scientific Industrial, Pudong Jinqiao, Health Yuan, and Bailong Oriental.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c61fbad404945bbd82d5f69aeace25ec\" alt=\"(本文内容均为客观数据信息罗列，不构成任何投资建议）\" title=\"(本文内容均为客观数据信息罗列，不构成任何投资建议）\" tg-width=\"518\" tg-height=\"613\"/><span>(The content of this article is a list of objective data and information and does not constitute any investment advice.)</span></p><p>Specifically, compared with the end of the third quarter of 2022, the Abu Dhabi Investment Authority appeared on the list of the top ten circulating shareholders of China Shenhua, Zijin Mining and Oriental Yuhong for the first time at the end of 2022, holding approximately 18.29 million shares, 163 million shares and 23.68 million shares respectively at the end of the year.</p><p>At the end of the fourth quarter, the Abu Dhabi Investment Authority increased its holdings in Eastmoney, Universal Scientific Industrial, and Bailong Oriental by approximately 7.16 million shares, 610,000 shares, and 170,000 shares, respectively. The company reduced its holdings in Beijing New Building Materials, Health Yuan, Daquan Energy, and Pudong Jinqiao by approximately 120,000 shares, 410,000 shares, 5.24 million shares, and 742,000 shares, respectively.</p><p>The 2022 annual report has not yet been fully released. According to the reports of listed companies in the third quarter of 2022, in the third quarter of last year, Abu Dhabi entered the list of the top ten shareholders of 26 listed companies, including Eastmoney, Gree Electric Appliances, Daquan Energy, Haid Group, Sanhua Intelligent Control, Pioneer Intelligent, Hengli Hydraulics, Laobaixing, Beixin Building Materials, and Tonghua Dongbao, with a market value of 7.316 billion yuan at the end of the period.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14598e9358dd5c35ef20302ee0161edd\" alt=\"\" title=\"\" tg-width=\"704\" tg-height=\"641\"/></p><p><p style=\"text-align: justify;\"><strong>Abu Dhabi is optimistic about the growth opportunities in emerging markets and may increase its investment in them in the future.</strong>According to media interviews with the chairman of the Abu Dhabi Investment Authority, Abu Dhabi has consistently overweighted emerging markets, represented by China, over the past 15 years due to the continued growth of emerging market economies and populations, as well as the increasing openness of these markets to foreign investors.</p><p><strong>3. Is \"patient capital\" losing patience in the A-share market?</strong></p><p><strong>Since 2010, Abu Dhabi's investments in A-shares have mainly covered industries such as pharmaceuticals and biotechnology, non-ferrous metals, construction and decoration, chemicals, and machinery and equipment. Looking at the industries of the top-ranked companies, upstream manufacturing appears more frequently on the investment list.</strong></p><p>The Abu Dhabi Investment Authority stated that its investment team focuses on investing in companies with strong management teams, reasonable valuations, and growth potential.</p><p>In terms of timing, the Abu Dhabi Investment Authority (ADIA) has historically preferred contrarian trading. A comparison of the market capitalization of the CSI 300 and the ADIA's A-share portfolios reveals that since the ADIA increased its A-share investments, the market capitalization of its portfolios has not converged with the trend of the CSI 300, and often even shows opposite trends.</p><p>In the first half of 2015, amidst the frenzy in the A-share market, the Abu Dhabi Investment Authority, taking a long-term perspective, did not blindly increase its investment in the overheated Chinese market. Instead, it adopted a relatively conservative investment approach and maintained its shareholding scale.</p><p>Therefore, the Abu Dhabi Investment Authority's asset size did not suffer a significant reduction in 2015. When the A-share market, after nearly a year of decline, was at a relative bottom, the Abu Dhabi Investment Authority (ADIA) increased its investment in the A-share market again, buying stocks on dips. At this time, the ADIA's A-share holdings and market value also ushered in a small peak.</p><p>Then, starting in 2016, the A-share market rebounded, but the Abu Dhabi Investment Authority continued to reduce its holdings and shrink its asset size. It wasn't until the A-share market hit another low in the second half of 2018 that the Abu Dhabi Investment Authority's shareholding size saw another small peak.</p><p><strong>In the past, when the A-share market overheated, the Abu Dhabi Investment Authority invested cautiously and even reduced its holdings. When the A-share market was at its bottom, the Abu Dhabi Investment Authority increased its investment and continued to buy shares.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7d72367661ee8a9293d43d0300e37d35\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"724\"/></p><p>Although the Abu Dhabi Investment Authority is a long-term investor, described by the market as \"patient capital,\" it does not hold specific stocks for long when investing in A-shares.<strong>Among the A-share companies invested in by the Abu Dhabi Investment Authority, very few have held shares for more than three years.</strong></p><p>The holding period is not long, and the research on the A-share market may not be sufficient. The fact that Middle Eastern tycoons Abu Dhabi and Saudi Arabia still chose to open offices in China during the pandemic illustrates this trend.</p><p>According to reports, Bank of America Securities recently met with Middle Eastern investors, who are inclined to make medium- to long-term investments in the Chinese mainland market. Local sovereign wealth funds already have teams dedicated to investing in the Chinese mainland market, with some recently establishing related investment teams in Beijing and Singapore.</p><p><strong>In recent years, Middle Eastern tycoons have been increasing their investments in the A-share market, with petrochemical giants with assets exceeding 100 billion yuan introducing Middle Eastern tycoons.</strong>On March 27, Saudi oil giant Saudi Aramco spent 24.6 billion yuan to acquire a 10% stake in Rongsheng Petrochemical, which translates to a cost of 24.13 yuan per share. Based on the closing price that day, the acquisition represented a premium of nearly 90%.</p><p>As Middle Eastern tycoons increase their investments in China, domestic venture capital firms are flocking to the Middle East to raise funds. More than 4,000 global millionaires are expected to flock to Dubai last year, far exceeding the 1,300 in 2019.</p><p>In 2021, bilateral trade between China and Arab countries exceeded US$300 billion, a year-on-year increase of about 37%. China is Saudi Arabia's largest trading partner. At the same time, Saudi Arabia has become China's largest trading partner in North Africa.</p><p></body></html></p>","source":"lsy1653219549182","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>Middle Eastern tycoons go on a shopping spree! Latest A-share holdings revealed</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\">\nMiddle Eastern tycoons go on a shopping spree! Latest A-share holdings revealed\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">ETF进化论</strong><span class=\"h-time small\">2023-04-14 21:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong>In 2006, there was a news story that left a deep impression – Middle Eastern tourists spent 600 million yuan to snap up top luxury homes in Shanghai.</strong></p><p><p style=\"text-align: justify;\">Gateway Capital, a fund from the Middle East, invested approximately 600 million yuan to acquire 102 units in Phase II of Cuihu Tiandi Yuyuan, a new development in downtown Shanghai, with an average transaction price of 40,000 yuan per square meter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fda7d94604cc78530f8e950784b338ee\" alt=\"\" title=\"\" tg-width=\"831\" tg-height=\"773\"/></p><p><p style=\"text-align: justify;\">The transaction price of second-hand homes in Phase II of Cuihu Tiandi Yuyuan reached 264,000 yuan per square meter in 2022.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1447d82193e227d3818b05eb306a13c5\" alt=\"\" title=\"\" tg-width=\"830\" tg-height=\"696\"/></p><p><p style=\"text-align: justify;\">Since the two \"oil crises\" of the 1970s, the continuous rise in oil prices has led to a significant increase in the income of foreign exchange countries in the Middle East and Arab countries. In order to smooth consumption and preserve wealth for future generations, many Arab countries have begun to establish sovereign wealth funds to begin their global expansion.</p><p><p style=\"text-align: justify;\"><strong>The 10 largest sovereign wealth funds in the Arab Gulf states have a total asset size of $3.7 trillion, with the Abu Dhabi Investment Authority (ADIA) ranking third in the world and first in the Arab region.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/07c2310479ae72fb953f23928abe4910\" alt=\"\" title=\"\" tg-width=\"1046\" tg-height=\"532\"/></p><p><p style=\"text-align: justify;\">According to data from Global SWF, a Global sovereign wealth fund data platform, the Abu Dhabi Investment Authority has a size of $993 billion. Secondly, there is the Kuwait Investment Authority, with a scale exceeding $769 billion.</p><p><strong>The investment trends of Middle Eastern tycoons have attracted global attention.</strong></p><p><strong>1. Unveiling the Secrets of Middle Eastern Tycoons</strong></p><p><p style=\"text-align: justify;\">The Abu Dhabi Investment Authority is the largest sovereign wealth fund in the Middle East and the third largest in the world. Its funding comes from the government of the Emirate of Abu Dhabi, primarily from the country's oil revenues.</p><p><p style=\"text-align: justify;\">To mitigate the impact of oil price fluctuations on the economy, and out of concern for the fate of their countries after the depletion of oil and gas resources, countries in the Middle East have launched sovereign wealth funds to seek economic solutions, converting non-renewable assets into a more diversified asset portfolio to save for the next generation.</p><p><p style=\"text-align: justify;\">In 1976, the Emirate of Abu Dhabi established the Abu Dhabi Investment Authority, the oldest and largest of the many sovereign wealth funds in the Middle East.</p><p><p style=\"text-align: justify;\">Over the past 40 years, the Abu Dhabi Investment Authority has consistently adhered to the management objective of seeking economic solutions and converting non-renewable assets into a more diversified asset portfolio.</p><p><p style=\"text-align: justify;\">The Abu Dhabi Investment Authority's 20-year annualized return fluctuates between 5% and 8%, while its 30-year annualized return fluctuates between 6% and 9%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d14ae4d22d16b6c78a7965dea31d43\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"724\"/></p><p><p style=\"text-align: justify;\"><strong>The Abu Dhabi Investment Authority can be considered the most secretive sovereign wealth fund. It operates discreetly, does not disclose the value of its assets, and never discloses its investment methods and portfolios.</strong>\"Within the UAE, the Abu Dhabi Investment Authority basically doesn't disclose any information to the public, rarely attracts any controversy, and they don't advertise,\" said David Mark, former U.S. ambassador to the UAE.</p><p><strong>2. Abu Dhabi Investment Authority buys up A-shares</strong></p><p>The Abu Dhabi Investment Authority is an old friend of ours. As early as 1992, when the Chinese market was first opened to overseas investors, the Abu Dhabi Investment Authority began investing in China, and it has been doing so for 30 years.</p><p><strong>Currently, the Abu Dhabi Investment Authority is involved in A-shares, B-shares, real estate investment, and private equity. Judging from the recently released annual reports of listed companies, the Abu Dhabi Investment Authority continued to buy A-shares at the end of 2022.</strong></p><p>As of April 13, among the listed companies that have disclosed their annual reports,<strong>The Abu Dhabi Investment Authority appears in the top ten circulating shareholders list of 12 A-share listed companies, holding over 5.8 billion yuan in A-shares.</strong>They are Zijin Mining, Eastmoney, Oriental Yuhong, China Shenhua, Daquan Energy, Beixin Building Materials, Shengyi Technology, China Merchants Jiyu, Universal Scientific Industrial, Pudong Jinqiao, Health Yuan, and Bailong Oriental.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c61fbad404945bbd82d5f69aeace25ec\" alt=\"(本文内容均为客观数据信息罗列，不构成任何投资建议）\" title=\"(本文内容均为客观数据信息罗列，不构成任何投资建议）\" tg-width=\"518\" tg-height=\"613\"/><span>(The content of this article is a list of objective data and information and does not constitute any investment advice.)</span></p><p>Specifically, compared with the end of the third quarter of 2022, the Abu Dhabi Investment Authority appeared on the list of the top ten circulating shareholders of China Shenhua, Zijin Mining and Oriental Yuhong for the first time at the end of 2022, holding approximately 18.29 million shares, 163 million shares and 23.68 million shares respectively at the end of the year.</p><p>At the end of the fourth quarter, the Abu Dhabi Investment Authority increased its holdings in Eastmoney, Universal Scientific Industrial, and Bailong Oriental by approximately 7.16 million shares, 610,000 shares, and 170,000 shares, respectively. The company reduced its holdings in Beijing New Building Materials, Health Yuan, Daquan Energy, and Pudong Jinqiao by approximately 120,000 shares, 410,000 shares, 5.24 million shares, and 742,000 shares, respectively.</p><p>The 2022 annual report has not yet been fully released. According to the reports of listed companies in the third quarter of 2022, in the third quarter of last year, Abu Dhabi entered the list of the top ten shareholders of 26 listed companies, including Eastmoney, Gree Electric Appliances, Daquan Energy, Haid Group, Sanhua Intelligent Control, Pioneer Intelligent, Hengli Hydraulics, Laobaixing, Beixin Building Materials, and Tonghua Dongbao, with a market value of 7.316 billion yuan at the end of the period.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14598e9358dd5c35ef20302ee0161edd\" alt=\"\" title=\"\" tg-width=\"704\" tg-height=\"641\"/></p><p><p style=\"text-align: justify;\"><strong>Abu Dhabi is optimistic about the growth opportunities in emerging markets and may increase its investment in them in the future.</strong>According to media interviews with the chairman of the Abu Dhabi Investment Authority, Abu Dhabi has consistently overweighted emerging markets, represented by China, over the past 15 years due to the continued growth of emerging market economies and populations, as well as the increasing openness of these markets to foreign investors.</p><p><strong>3. Is \"patient capital\" losing patience in the A-share market?</strong></p><p><strong>Since 2010, Abu Dhabi's investments in A-shares have mainly covered industries such as pharmaceuticals and biotechnology, non-ferrous metals, construction and decoration, chemicals, and machinery and equipment. Looking at the industries of the top-ranked companies, upstream manufacturing appears more frequently on the investment list.</strong></p><p>The Abu Dhabi Investment Authority stated that its investment team focuses on investing in companies with strong management teams, reasonable valuations, and growth potential.</p><p>In terms of timing, the Abu Dhabi Investment Authority (ADIA) has historically preferred contrarian trading. A comparison of the market capitalization of the CSI 300 and the ADIA's A-share portfolios reveals that since the ADIA increased its A-share investments, the market capitalization of its portfolios has not converged with the trend of the CSI 300, and often even shows opposite trends.</p><p>In the first half of 2015, amidst the frenzy in the A-share market, the Abu Dhabi Investment Authority, taking a long-term perspective, did not blindly increase its investment in the overheated Chinese market. Instead, it adopted a relatively conservative investment approach and maintained its shareholding scale.</p><p>Therefore, the Abu Dhabi Investment Authority's asset size did not suffer a significant reduction in 2015. When the A-share market, after nearly a year of decline, was at a relative bottom, the Abu Dhabi Investment Authority (ADIA) increased its investment in the A-share market again, buying stocks on dips. At this time, the ADIA's A-share holdings and market value also ushered in a small peak.</p><p>Then, starting in 2016, the A-share market rebounded, but the Abu Dhabi Investment Authority continued to reduce its holdings and shrink its asset size. It wasn't until the A-share market hit another low in the second half of 2018 that the Abu Dhabi Investment Authority's shareholding size saw another small peak.</p><p><strong>In the past, when the A-share market overheated, the Abu Dhabi Investment Authority invested cautiously and even reduced its holdings. When the A-share market was at its bottom, the Abu Dhabi Investment Authority increased its investment and continued to buy shares.</strong></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7d72367661ee8a9293d43d0300e37d35\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"724\"/></p><p>Although the Abu Dhabi Investment Authority is a long-term investor, described by the market as \"patient capital,\" it does not hold specific stocks for long when investing in A-shares.<strong>Among the A-share companies invested in by the Abu Dhabi Investment Authority, very few have held shares for more than three years.</strong></p><p>The holding period is not long, and the research on the A-share market may not be sufficient. The fact that Middle Eastern tycoons Abu Dhabi and Saudi Arabia still chose to open offices in China during the pandemic illustrates this trend.</p><p>According to reports, Bank of America Securities recently met with Middle Eastern investors, who are inclined to make medium- to long-term investments in the Chinese mainland market. Local sovereign wealth funds already have teams dedicated to investing in the Chinese mainland market, with some recently establishing related investment teams in Beijing and Singapore.</p><p><strong>In recent years, Middle Eastern tycoons have been increasing their investments in the A-share market, with petrochemical giants with assets exceeding 100 billion yuan introducing Middle Eastern tycoons.</strong>On March 27, Saudi oil giant Saudi Aramco spent 24.6 billion yuan to acquire a 10% stake in Rongsheng Petrochemical, which translates to a cost of 24.13 yuan per share. Based on the closing price that day, the acquisition represented a premium of nearly 90%.</p><p>As Middle Eastern tycoons increase their investments in China, domestic venture capital firms are flocking to the Middle East to raise funds. More than 4,000 global millionaires are expected to flock to Dubai last year, far exceeding the 1,300 in 2019.</p><p>In 2021, bilateral trade between China and Arab countries exceeded US$300 billion, a year-on-year increase of about 37%. China is Saudi Arabia's largest trading partner. At the same time, Saudi Arabia has become China's largest trading partner in North Africa.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/0qIbIsgimZ0N8fJQTV013w\">ETF进化论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cfe8ba21c8b5ac2b562fdf822ed7fcb2","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/0qIbIsgimZ0N8fJQTV013w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150662233","content_text":"2006年有一则新闻令人印象深刻——中东客6亿元狂扫上海顶级豪宅。来自中东的基金 Gateway Capital，斥资约6亿元人民币，买下上海市中心新天地----翠湖天地御苑二期102 套住房，每平方米成交均价4万元人民币。翠湖天地御苑二期二手房2022年成交价格达到26.4万每平方米。自20世纪70年代爆发两次“石油危机”后，多年来石油价格持续高涨使得中东阿拉伯这些外汇国家的收入大增，为了平滑消费以及为后代保留财富，众多阿拉伯国家开始兴起设立主权财富基金开启全球布局。阿拉伯海湾国家的10大主权财富基金总资产规模达3.7万亿美元，其中阿布扎比投资局（ADIA）的资产位居全球第三、阿拉伯地区之首。根据全球主权财富基金数据平台Global SWF的数据，阿布扎比投资局规模达到9930亿美元；其次是科威特投资局，规模超过7690亿美元。中东土豪投资动向，备受全球瞩目。1、揭秘中东土豪阿布扎比投资局是中东地区最大的主权财富基金，也是全球第三大的主权财富基金，其资金来源阿布扎比酋长国政府，主要为该国的石油收益。为了抵御石油价格波动对经济的冲击，也出于对油气资源耗尽后国家命运的担忧，中东地区的国家纷纷发起主权财富基金寻求经济出路，将不可再生资产转换为更多样化的资产组合，实现为下一代储蓄的目的。1976年，阿布扎比酋长国成立了阿布扎比投资局，是中东众多主权财富基金中历史最悠久、规模最大的一家。在过去40多年的发展过程中，阿布扎比投资局一直坚持的管理目的是寻求经济出路，将不可再生资产转换为更多样化的资产组合。阿布扎比投资局的20年年化回报率在5%-8%的区间浮动，30年年化回报率在6%-9%的区间波动。阿布扎比投资局可以称得上是最神秘的主权投资基金，行事低调，不披露自己的资产价值，投资方法与投资组合也未公开过。美国前驻阿联酋大使戴维·马克说：“在阿联酋国内，阿布扎比投资局基本上不对公众披露什么信息，也很少招致什么非议，他们更不做广告。”2、阿布扎比投资局扫货A股阿布扎比投资局是我们的老朋友了，早在1992年，当中国市场首次向海外投资者开放的时候，阿布扎比投资局就开始在中国投资了，至今已有30年之久。目前，阿布扎比投资局在A股、B股、房地产投资和私募股权领域均有涉足。从近期陆续披露的上市公司年报看，阿布扎比投资局在2022年末继续扫货A股。截至4月13日，在已披露年报的上市公司中，阿布扎比投资局的身影出现在12家A股上市公司的前十大流通股东名单，持仓A股市值超58亿元，分别为紫金矿业、东方财富、东方雨虹、中国神华、大全能源、北新建材、生益科技、招商积余、环旭电子、浦东金桥、健康元和百隆东方。(本文内容均为客观数据信息罗列，不构成任何投资建议）具体来看，与2022年三季度末相比，2022年末阿布扎比投资局首次出现在中国神华、紫金矿业、东方雨虹前十大流通股东名单上，年末分别持有约1829万股、1.63亿股、2368万股。四季度末，阿布扎比投资局对东方财富、环旭电子、百隆东方分别增持约716万股、61万股、17万股;对北新建材、健康元、大全能源、浦东金桥分别减持约12万股、41万股、524万股、74.2万股。2022年年报还未披露完毕。从2022年3季度上市公司报告看，去年3季度，阿布达比进入东方财富、格力电器、大全能源、海大集团、三花智控、先导智能、恒立液压、老百姓、北新建材、通化东宝等26家上市公司十大股东明细，期末持仓市值达73.16亿。阿布扎比对新兴市场的增长机会持乐观态度，并有可能在未来增加对新兴市场的投资。根据媒体对阿布扎比投资局董事长的采访内容，过去15年中阿布达比一直超配了以中国为代表的新兴市场，其原因是新兴市场经济和人口持续增长的趋势，以及这些市场持续加强对外国投资者开放。3、“有耐心的资本”在A股没耐心了？2010年至今，阿布扎比对A股投资涵盖的行业主要为医药生物、有色金属、建筑装饰、化工、机械设备等，从排名靠前的公司所处行业看，上游制造业在投资名单中出现的频率较高。阿布扎比投资局表示，其投资团队专注于投资拥有强大管理团队、估值合理、具有增长潜力的公司。在择时方面，过去阿布扎比投资局偏好逆向操作，对比沪深300和阿布扎比投资局的A股投资组合市值可以发现，自阿布扎比投资局加大A股投资以来，其投资组合市值与沪深300走势方向并不趋同，甚至常常出现相反趋势。2015年上半年，A股市场狂热之际，阿布扎比投资局以长期的眼光进行考量，并没有盲目加大在中国过热市场上的投资，而仍采取较为稳健的投资手段，维持着持股规模。因此，2015年阿布扎比投资局的资产规模并没有遭受较大幅度的缩减。而当A股市场在经历了近一年的下跌，处于相对底部之际，阿布扎比投资局重新加大了对A股市场的投资，逢低买入股票，此时阿布扎比投资局的A股持股规模和持股市值也迎来了小高峰。而后2016年开始，A股市场有所回升，而阿布扎比投资局却不断减持，缩小资产规模。直至A股市场于2018年下半年迎来又一个低点时，阿布扎比投资局的持股规模才又出现了一个小高峰。过去A股市场过热时，阿布扎比投资局谨慎投资，甚至有所减持；在A股市场处于底部阶段时，阿布扎比投资局则在加大布局，不断买进。尽管阿布扎比投资局是一个长期投资者，市场将阿布扎比投资局描述为“有耐心的资本”，但其在进行A股投资时，对特定股票的持有时间并不长。在阿布扎比投资局投资过的A股公司中，仅有很少公司持股时间超3年。持股周期不长，可能对A股市场研究还不够。中东土豪阿布扎比和沙特在疫情期间仍选择开设中国办公室，说明了这种趋势。据报道，美银证券近期与中东投资者会面，当地投资者对中国内地市场倾向于进行中长期部署。当地的主权财富基金已有专门投资中国内地市场的团队，部分于近期在北京和新加坡建立相关投资团队。中东土豪近年来在加大A股市场的投资，千亿石化巨头引入中东土豪。3月27日，沙特石油巨头沙特阿美花费246亿人民币买下荣盛石化10%的股份，折算下来每股成本为24.13元。按照当日的收盘价计算，这笔收购溢价近9成。在中东土豪加码中国之际，国内创投机构则扎堆飞中东找钱。去年预计逾4000位全球百万富翁涌入迪拜，远远超过2019年的1300位。2021年，中国与阿拉伯国家双边贸易额突破3000亿美元大关，同比增长约37%。中国是沙特最大的贸易伙伴国。与此同时，沙特也已经成为中国在北非地区最大的贸易伙伴。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1864,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":100666191,"gmtCreate":1619610198813,"gmtModify":1704726734880,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/100666191","repostId":"1168466915","repostType":4,"repost":{"id":"1168466915","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":1619609260,"share":"https://ttm.financial/m/news/1168466915?lang=en_US&edition=fundamental","pubTime":"2021-04-28 19:27","market":"us","language":"zh","title":"Yum! Brands' global same-store sales increased by 9% in the first quarter.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168466915","media":"老虎资讯综合","summary":"百胜餐饮集团公布2021年第一季度业绩：\n第一季度营收14.86亿美元，市场预期14.54亿美元，去年同期12.63亿美元。\n第一季度净利润（亿美元）：3.26，预期：2.62，前值：0.83。\n第一","content":"<p>Yum! Brands announced its first-quarter 2021 results:</p><p>First-quarter revenue was $1.486 billion, compared to market expectations of $1.454 billion and $1.263 billion in the same period last year.</p><p>First quarter net profit (US$100 million):<b>3.26，</b>Expected: 2.62, previous value: 0.83.</p><p>Global same-store sales increased by 9% year-on-year in the first quarter, compared to market expectations of 9.7%.</p><p>KFC's revenue increased by 11% year-on-year in the first quarter, while Pizza Hut's revenue increased by 7%.</p><p><img src=\"https://static.tigerbbs.com/cff4bbbdd791898eb0a4fdca0553574d\" tg-width=\"840\" tg-height=\"470\"></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>Yum! Brands' global same-store sales increased by 9% in the first quarter.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYum! Brands' global same-store sales increased by 9% in the first quarter.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-28 19:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Yum! Brands announced its first-quarter 2021 results:</p><p>First-quarter revenue was $1.486 billion, compared to market expectations of $1.454 billion and $1.263 billion in the same period last year.</p><p>First quarter net profit (US$100 million):<b>3.26，</b>Expected: 2.62, previous value: 0.83.</p><p>Global same-store sales increased by 9% year-on-year in the first quarter, compared to market expectations of 9.7%.</p><p>KFC's revenue increased by 11% year-on-year in the first quarter, while Pizza Hut's revenue increased by 7%.</p><p><img src=\"https://static.tigerbbs.com/cff4bbbdd791898eb0a4fdca0553574d\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e5143d74b8318bad5956eede9f4c79af","relate_stocks":{"YUMC":"百胜中国","YUM":"Yum Brands"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168466915","content_text":"百胜餐饮集团公布2021年第一季度业绩：\n第一季度营收14.86亿美元，市场预期14.54亿美元，去年同期12.63亿美元。\n第一季度净利润（亿美元）：3.26，预期：2.62，前值：0.83。\n第一季度全球同店销售额同比增长9%，市场预期增长9.7%。\n第一季度肯德基营收同比增长11%，必胜客营收增长7%。","news_type":1,"symbols_score_info":{"YUMC":0.9,"YUM":0.9}},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9953172035,"gmtCreate":1673199827127,"gmtModify":1676538798408,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9953172035","repostId":"2301176455","repostType":4,"repost":{"id":"2301176455","kind":"news","pubTimestamp":1673176984,"share":"https://ttm.financial/m/news/2301176455?lang=en_US&edition=fundamental","pubTime":"2023-01-08 19:23","market":"us","language":"zh","title":"\"Sister Wood\" is once again bullish on Tesla: its stock price will nearly quadruple by 2026!","url":"https://stock-news.laohu8.com/highlight/detail?id=2301176455","media":"环球市场播报","summary":"当地时间周五，特斯拉坚定多头凯茜-伍德旗下的方舟投资管理公司对这家电动汽车制造商的长期目标股价给出了新的看法，认为该股到2026年将上涨近四倍，达到500美元。这还是一个相当保守的估计，只是基于特斯拉","content":"<p><html><head></head><body>On Friday local time,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Ark Investment Management, owned by staunch bull Cathy Wood, has given a new perspective on the electric vehicle manufacturer's long-term price target, believing the stock will nearly quadruple to $500 by 2026. This is still a fairly conservative estimate, based solely on Tesla's electric vehicle business.</p><p>According to Tasha Keeney, an analyst at the company, Ark has set its 2026 target price at $500 per share based solely on Tesla's electric vehicle business. This forecast is adjusted based on the 3-for-1 stock split that took effect on August 25, 2022.</p><p>Last April, Ark set Tesla's 2026 target price (before the stock split) at $4,600.</p><p>Gini points out that Ark's new target price removes autonomous driving and any form of ride-hailing business from its valuation framework for Tesla. The company believes that these two factors will drive Tesla's value by more than 60% over the next five years.</p><p>She pointed out that a target price of $500 per share means that Tesla's stock price will soar nearly fourfold from current levels. Tesla shares rose 2.47% on Friday to close at $113.06.</p><p>Wood reiterated the analysts' view, saying that Tesla does not need an automated ride-hailing service to succeed, adding, \"The opportunities for electric vehicles alone are enormous.\"</p><p>The fund manager stated that Tesla's goal is to lower prices and increase the use of electric vehicles. She said that at investor day on March 1, Tesla CEO Elon Musk may announce a reduction in the price of the next-generation electric vehicle to $25,000.</p><p>Wood stated that based on the historical demand response of $25,000 for gasoline-powered vehicles, Ark expects the number of electric vehicles to expand from around 8.5 million in 2022 to around 60 million over the next five years, representing approximately 75% of the market share. She added that this estimate may be conservative.</p><p>The analyst stated that Tesla is three to four years ahead of its competitors in battery costs and has a dominant position in chip design and data assets for autonomous driving. To explain this further, she said it was like putting<a href=\"https://laohu8.com/S/AAPL\">Apple</a>of<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mobile chip design and<a href=\"https://laohu8.com/S/0HAF.UK\">Nokia</a>Motorola,<a href=\"https://laohu8.com/S/ERIC\">Ericsson</a>and<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Make a comparison.</p><p></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Sister Wood\" is once again bullish on Tesla: its stock price will nearly quadruple by 2026!</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\">\n\"Sister Wood\" is once again bullish on Tesla: its stock price will nearly quadruple by 2026!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2023-01-08 19:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Friday local time,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Ark Investment Management, owned by staunch bull Cathy Wood, has given a new perspective on the electric vehicle manufacturer's long-term price target, believing the stock will nearly quadruple to $500 by 2026. This is still a fairly conservative estimate, based solely on Tesla's electric vehicle business.</p><p>According to Tasha Keeney, an analyst at the company, Ark has set its 2026 target price at $500 per share based solely on Tesla's electric vehicle business. This forecast is adjusted based on the 3-for-1 stock split that took effect on August 25, 2022.</p><p>Last April, Ark set Tesla's 2026 target price (before the stock split) at $4,600.</p><p>Gini points out that Ark's new target price removes autonomous driving and any form of ride-hailing business from its valuation framework for Tesla. The company believes that these two factors will drive Tesla's value by more than 60% over the next five years.</p><p>She pointed out that a target price of $500 per share means that Tesla's stock price will soar nearly fourfold from current levels. Tesla shares rose 2.47% on Friday to close at $113.06.</p><p>Wood reiterated the analysts' view, saying that Tesla does not need an automated ride-hailing service to succeed, adding, \"The opportunities for electric vehicles alone are enormous.\"</p><p>The fund manager stated that Tesla's goal is to lower prices and increase the use of electric vehicles. She said that at investor day on March 1, Tesla CEO Elon Musk may announce a reduction in the price of the next-generation electric vehicle to $25,000.</p><p>Wood stated that based on the historical demand response of $25,000 for gasoline-powered vehicles, Ark expects the number of electric vehicles to expand from around 8.5 million in 2022 to around 60 million over the next five years, representing approximately 75% of the market share. She added that this estimate may be conservative.</p><p>The analyst stated that Tesla is three to four years ahead of its competitors in battery costs and has a dominant position in chip design and data assets for autonomous driving. To explain this further, she said it was like putting<a href=\"https://laohu8.com/S/AAPL\">Apple</a>of<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mobile chip design and<a href=\"https://laohu8.com/S/0HAF.UK\">Nokia</a>Motorola,<a href=\"https://laohu8.com/S/ERIC\">Ericsson</a>and<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Make a comparison.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2023-01-08/doc-imxznhkq2482927.shtml\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9782c8f9c98821504f9514296a0d19da","relate_stocks":{"LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4585":"ETF&股票定投概念","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4099":"汽车制造商","BK4511":"特斯拉概念","LU0823411888.USD":"法巴消费创新基金 Cap","BK4555":"新能源车","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0097036916.USD":"贝莱德美国增长A2 USD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","TSLA":"特斯拉","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1548497426.USD":"安联环球人工智能AT Acc","BK4550":"红杉资本持仓","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU2063271972.USD":"富兰克林创新领域基金","BK4548":"巴美列捷福持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4574":"无人驾驶","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4551":"寇图资本持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4581":"高盛持仓","LU0823414478.USD":"法巴经典能源转换基金","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4527":"明星科技股","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4534":"瑞士信贷持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2023-01-08/doc-imxznhkq2482927.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2301176455","content_text":"当地时间周五，特斯拉坚定多头凯茜-伍德旗下的方舟投资管理公司对这家电动汽车制造商的长期目标股价给出了新的看法，认为该股到2026年将上涨近四倍，达到500美元。这还是一个相当保守的估计，只是基于特斯拉的电动汽车业务。该公司分析师塔莎·基尼（Tasha Keeney）表示，仅基于特斯拉的电动汽车业务，方舟将其2026年的目标价定在每股500美元。这一预测是根据2022年8月25日生效的3拆1的股票分拆进行调整的。去年4月，方舟曾将特斯拉2026年目标价（拆股前）定在4600美元。基尼指出，方舟新的目标价将自动驾驶和任何形式的叫车业务从其对特斯拉的估值框架中剔除。而该公司认为，这两个因素将在未来五年推动特斯拉超过60%的价值。她指出，每股500美元的目标价意味着特斯拉股价将在目前水平上飙升近四倍。特斯拉股价周五上涨2.47%，收于113.06美元。伍德重申了分析师的观点，她说，特斯拉不需要自动叫车服务就能取得成功，并补充说：“单是电动汽车的机会就非常巨大。”这位基金经理表示，特斯拉的目标是压低价格，增加电动汽车的使用。她说，在3月1日的投资者日上，特斯拉CEO埃隆·马斯克可能会宣布将下一代电动汽车的定价降至2.5万美元。伍德表示，根据汽油动力汽车2.5万美元的历史需求反应，方舟预计电动汽车数量将在未来五年内从2022年的850万辆左右扩大到6000万辆左右，约占市场份额的75%。她补充说，这一估计可能是保守的。这位分析师表示，特斯拉在电池成本方面领先竞争对手三到四年，在芯片设计和用于自动驾驶的数据资产方面独领风骚。为了进一步解释这一点，她说这就像把苹果的智能手机芯片设计与诺基亚、摩托罗拉、爱立信和黑莓进行比较。","news_type":1,"symbols_score_info":{"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9988895352,"gmtCreate":1666711274176,"gmtModify":1676537794267,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9988895352","repostId":"1131897083","repostType":4,"repost":{"id":"1131897083","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":1666710614,"share":"https://ttm.financial/m/news/1131897083?lang=en_US&edition=fundamental","pubTime":"2022-10-25 23:10","market":"us","language":"zh","title":"U.S. new energy vehicle stocks generally rose, with Tesla up over 5% and Li Auto up 11%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1131897083","media":"老虎资讯综合","summary":"周二盘中，美股新能源车股涨幅扩大，特斯拉涨超5%，理想汽车涨11%，蔚来、小鹏汽车涨超8%。","content":"<p><html><head></head><body>On Tuesday, U.S. new energy vehicle stocks extended their gains.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose more than 5%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 11%<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It rose by more than 8%.</p><p><img src=\"https://static.tigerbbs.com/578f273232d90d5ea35b562472f8c8f1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d550e311602c3ce18b996c1fd442cde0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>U.S. new energy vehicle stocks generally rose, with Tesla up over 5% and Li Auto up 11%.</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\">\nU.S. new energy vehicle stocks generally rose, with Tesla up over 5% and Li Auto up 11%.\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\">2022-10-25 23:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Tuesday, U.S. new energy vehicle stocks extended their gains.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It rose more than 5%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 11%<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It rose by more than 8%.</p><p><img src=\"https://static.tigerbbs.com/578f273232d90d5ea35b562472f8c8f1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d550e311602c3ce18b996c1fd442cde0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/470c7cb7483c270761f6679ffa0ee057","relate_stocks":{"XPEV":"小鹏集团","NIO":"蔚来","LI":"理想汽车","TSLA":"特斯拉"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131897083","content_text":"周二盘中，美股新能源车股涨幅扩大，特斯拉涨超5%，理想汽车涨11%，蔚来、小鹏汽车涨超8%。","news_type":1,"symbols_score_info":{"XPEV":0.9,"NIO":0.9,"TSLA":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":1230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9916597322,"gmtCreate":1664622954666,"gmtModify":1676537486053,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9916597322","repostId":"1164598982","repostType":4,"repost":{"id":"1164598982","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":1664617915,"share":"https://ttm.financial/m/news/1164598982?lang=en_US&edition=fundamental","pubTime":"2022-10-01 17:51","market":"other","language":"zh","title":"XPeng delivered a total of 8,468 vehicles in September, with cumulative deliveries from January to September exceeding those for the entire previous year.","url":"https://stock-news.laohu8.com/highlight/detail?id=1164598982","media":"老虎资讯综合","summary":"2022年10月1日，我们公布最新交付成绩。2022年9月，小鹏汽车总交付8,468台。其中，小鹏P7交付4,634台，小鹏P5交付2,417台，小鹏G3i交付1,233台。三季度小鹏汽车总交付29,","content":"<p><html><head></head><body>On October 1, 2022, we announced our latest delivery results. September 2022,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>A total of 8,468 units were delivered. Among them, XPeng delivered 4,634 P7 units, XPeng delivered 2,417 P5 units, and XPeng delivered 1,233 G3i units. XPeng delivered a total of 29,570 vehicles in the third quarter, a year-on-year increase of 15%. From January to September this year,<b>XPeng has delivered a total of 98,553 vehicles, representing a year-on-year increase of 75%.</b>，<b>Exceeding deliveries for the entire year of 2021</b>。</p><p>On September 21, XPeng Motors' new flagship SUV, the XPeng G9, was officially launched.<b>In September, we completed the first delivery of 184 XPeng G9s, marking the full completion of G9 production preparations to accelerate mass delivery in October.</b>。 Currently, the XPeng G9 display and test drive vehicles have arrived across the country. We welcome friends to visit our stores or make online reservations through multiple channels to experience and test drive your favorite XPeng G9.</p><p>To provide customers with a better driving experience, XPeng Automotive in September...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Significant achievements have been made in both assisted driving and ultra-fast charging. Guangzhou's NGP intelligent navigation assisted driving system has been piloted in XPeng, marking the first time in China that advanced intelligent assisted driving has been mass-produced and implemented in urban scenarios. In the same month, XPeng Automobiles launched its first batch of S4 Superfast Charging stations in five cities: BEIJING, SHANGHAI, GUANGZHOU, SHENZHEN, and WUHAN. We expect to have built more than 50 S4 ultra-fast charging stations by the end of this year, covering the city's core business districts.</p><p><img src=\"https://static.tigerbbs.com/30b70c01de05aca364fa916952c3dcf7\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>XPeng delivered a total of 8,468 vehicles in September, with cumulative deliveries from January to September exceeding those for the entire previous 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\">\nXPeng delivered a total of 8,468 vehicles in September, with cumulative deliveries from January to September exceeding those for the entire previous 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\">2022-10-01 17:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On October 1, 2022, we announced our latest delivery results. September 2022,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>A total of 8,468 units were delivered. Among them, XPeng delivered 4,634 P7 units, XPeng delivered 2,417 P5 units, and XPeng delivered 1,233 G3i units. XPeng delivered a total of 29,570 vehicles in the third quarter, a year-on-year increase of 15%. From January to September this year,<b>XPeng has delivered a total of 98,553 vehicles, representing a year-on-year increase of 75%.</b>，<b>Exceeding deliveries for the entire year of 2021</b>。</p><p>On September 21, XPeng Motors' new flagship SUV, the XPeng G9, was officially launched.<b>In September, we completed the first delivery of 184 XPeng G9s, marking the full completion of G9 production preparations to accelerate mass delivery in October.</b>。 Currently, the XPeng G9 display and test drive vehicles have arrived across the country. We welcome friends to visit our stores or make online reservations through multiple channels to experience and test drive your favorite XPeng G9.</p><p>To provide customers with a better driving experience, XPeng Automotive in September...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Significant achievements have been made in both assisted driving and ultra-fast charging. Guangzhou's NGP intelligent navigation assisted driving system has been piloted in XPeng, marking the first time in China that advanced intelligent assisted driving has been mass-produced and implemented in urban scenarios. In the same month, XPeng Automobiles launched its first batch of S4 Superfast Charging stations in five cities: BEIJING, SHANGHAI, GUANGZHOU, SHENZHEN, and WUHAN. We expect to have built more than 50 S4 ultra-fast charging stations by the end of this year, covering the city's core business districts.</p><p><img src=\"https://static.tigerbbs.com/30b70c01de05aca364fa916952c3dcf7\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"BK4099":"汽车制造商","BK4526":"热门中概股","BK1588":"回港中概股","BK1119":"汽车制造商","BK4505":"高瓴资本持仓","BK1587":"次新股","09868":"小鹏集团-W","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","XPEV":"小鹏集团","BK4555":"新能源车","BK1575":"同股不同权","BK1539":"汽车股","BK4551":"寇图资本持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164598982","content_text":"2022年10月1日，我们公布最新交付成绩。2022年9月，小鹏汽车总交付8,468台。其中，小鹏P7交付4,634台，小鹏P5交付2,417台，小鹏G3i交付1,233台。三季度小鹏汽车总交付29,570台，同比增长15%。今年1-9月，小鹏汽车已累计交付98,553台，同比增长75%，超过2021年全年交付量。9月21日，小鹏汽车全新旗舰SUV小鹏G9正式上市。9月我们完成了184台小鹏G9的首批交付，这也标志着G9的生产准备工作已全面就绪，以加速迎接10月的批量交付。目前，小鹏G9展车和试驾车也已经陆续到达全国各地，欢迎鹏友们光临门店或通过多渠道的线上预约，品鉴试驾你心仪的小鹏G9。为了让鹏友们有更好的用车体验，9月小鹏汽车在智能辅助驾驶和超快充方面均有重磅成果落地。小鹏城市NGP智能导航辅助驾驶已在广州开始试点，这也是国内首次实现高阶智能辅助驾驶在城市场景中量产落地。同月，小鹏汽车首批S4超快充站在北京、上海、广州、深圳和武汉5城上线。预计到今年底我们将建成超过50座S4超快充站，覆盖城市核心商圈。","news_type":1,"symbols_score_info":{"XPEV":0.9,"EVS.SI":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":1012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9981049076,"gmtCreate":1666356629495,"gmtModify":1676537746050,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9981049076","repostId":"1141051861","repostType":4,"isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9916001582,"gmtCreate":1664466041946,"gmtModify":1676537461015,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9916001582","repostId":"1110631384","repostType":4,"repost":{"id":"1110631384","kind":"news","pubTimestamp":1664464935,"share":"https://ttm.financial/m/news/1110631384?lang=en_US&edition=fundamental","pubTime":"2022-09-29 23:22","market":"uk","language":"zh","title":"The UK bond market is experiencing epic volatility; why is pensions the biggest \"powder keg\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1110631384","media":"华尔街见闻","summary":"若养老基金大规模撤出英国国债，英国债市或面临灭顶之灾。","content":"<p><html><head></head><body>Author: Bu Shuqing</p><p>As previously mentioned by Wall Street Insights, one of the most important reasons the Bank of England intervened in the bond market on Wednesday was that UK pension funds were facing large-scale additional margin requirements. Media reports, citing sources familiar with the matter, revealed that investment banks and fund managers have warned the Bank of England in recent days that additional margin requirements could trigger a collapse in the UK bond market.</p><p>Pension funds are able to wreak havoc on the UK bond market because they hedge their debt with high leverage through debt-driven investment strategies. As yields on Phnom Penh bonds (Treasury Bond issued by the UK government) continue to soar, pension funds holding trillions of pounds in assets may sell off Phnom Penh bonds on a large scale in order to pay huge margins.</p><p>LDI + High Leverage Hedging</p><p>Liability-driven investing (LDI) was the first major landmine planted by pension funds for the UK bond market.</p><p>For a long time, most pension funds in the UK have used liability-driven investing to hedge liabilities (future payments to pension clients), a strategy that allows pension funds to match their liabilities with the assets of the scheme.</p><p>This can be explained in a simple model:</p><p>If a pension fund needs to pay a client £1 million in pensions in 2046, then the fund can purchase gilt bonds maturing that year. If it buys high-quality, higher-yielding corporate bonds, the fund can use additional funds to invest in the stock market, real estate, or other growth assets in addition to purchasing bonds. Furthermore,<b>Pension funds can use interest rate swaps or inflation swaps to match long-term liabilities.</b>This means that pension funds only need to invest initial margin to trade, and the direction of Treasury Bond yield changes determines whether the fund pays or receives margin. Specifically, when Treasury Bond yields rise, pension funds need to pay margin to counterparties, and vice versa, they win the counterparties' margin. Therefore, pension funds that hedge through interest rate swaps face a certain level of leverage.</p><p>How much leverage is this?</p><p>According to a 2019 survey conducted by the UK's pensions regulator, among the top 600 pension funds in the UK (with total assets of approximately £700 billion),<b>62% of pension funds leverage their investments through interest rate swaps, which account for 43% of all leveraged investments. The maximum leverage allowed is 1 to 7 times!</b></p><p>Once yields rise, pension funds will face additional margin requirements and be forced to provide more collateral.</p><p>In fact, as early as July, media reports indicated that UK pension funds were facing additional margin requirements. Over the past year, UK Treasury Bond yields have continued to rise, with the UK 30-year Treasury Bond yield surging from 1.12% in October last year to 3.93% in July this year.</p><p><img src=\"https://static.tigerbbs.com/a7bfd9ed4efd73df53dfa7fe47cb6c4f\" tg-width=\"991\" tg-height=\"609\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If pension funds withdraw on a large scale, the UK bond market could face annihilation.</p><p>The massive amount of capital is the second landmine planted by pension funds for the UK bond market.</p><p>Despite the extremely high risks, the LDI strategy helped UK pension funds expand rapidly during days of declining Phnom Penh bond yields. Data from the Investment Association shows that in the 10 years to 2020, UK pension funds held UK assets through LDI strategies tripled to £1.5 trillion.</p><p>What does this number correspond to?</p><p>Excluding the Treasury Bond held by the Bank of England,<b>Pension funds hold 40% of the UK's institutional asset management market, two-thirds of the UK's GDP, and the size of the entire Phnom Penh bond market.</b></p><p>It is currently unclear exactly how much of British Treasury Bond the pension fund holds, but analysts believe it is enormous.<b>If pension funds withdraw from the UK Treasury Bond on a large scale, the UK bond market could face annihilation.</b></p><p>Trigger: Britain's most radical tax cut plan in half a century</p><p>Last Friday, Britain announced its most aggressive tax cut plan in half a century, which sparked a sell-off in the Phnom Penh bond market, sending the yield on the 30-year Treasury Bond surging 120 basis points in just a few days.</p><p>Treasury Bond yields soared, and pension funds faced rising margin calls.</p><p>Ben Gold, head of investment at pension consultancy XPS, estimates that UK pension funds have received at least £1 billion in additional margin notices since the UK government announced its tax cut plans. He stated that approximately two-thirds of the 400 pension plans his company advises on have been affected.</p><p>To pay the huge deposit,<b>UK pension funds may have to sell large amounts of gilt bonds and other liquid assets, further putting pressure on the UK bond market and pushing up Treasury Bond yields, which will cause margin requirements to snowball.</b></p><p>In response, Kerrin Rosenberg, Chief Investment Officer of Cardano Investments, stated:</p><p><b>If the Bank of England does not intervene today, gilt bond yields could rise from 4.5% this morning to 7-8%, in which case approximately 90% of UK pension funds would run out of collateral and be wiped out!</b>As Wall Street Insights previously analyzed, in order to prevent a large-scale exodus of pension funds from the UK Treasury Bond from dealing a fatal blow to the bond market, the Bank of England reversed its long-standing \"no intervention\" strategy and announced unlimited purchases of UK Treasury Bond.</p><p>The Bank of England issued a statement on Wednesday saying it would temporarily purchase long-term UK Treasury Bond \"at any necessary scale\" to restore order in the UK bond market. Subsequently, the Bank of England stated that it would purchase traditional British Treasury Bond with a remaining maturity of more than 20 years in the secondary market.</p><p>As a result, the UK Treasury Bond surged, and the yield on the UK 30-year Treasury Bond fell by 100 basis points at one point.</p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The UK bond market is experiencing epic volatility; why is pensions the biggest \"powder keg\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe UK bond market is experiencing epic volatility; why is pensions the biggest \"powder keg\"?\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\">2022-09-29 23:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Bu Shuqing</p><p>As previously mentioned by Wall Street Insights, one of the most important reasons the Bank of England intervened in the bond market on Wednesday was that UK pension funds were facing large-scale additional margin requirements. Media reports, citing sources familiar with the matter, revealed that investment banks and fund managers have warned the Bank of England in recent days that additional margin requirements could trigger a collapse in the UK bond market.</p><p>Pension funds are able to wreak havoc on the UK bond market because they hedge their debt with high leverage through debt-driven investment strategies. As yields on Phnom Penh bonds (Treasury Bond issued by the UK government) continue to soar, pension funds holding trillions of pounds in assets may sell off Phnom Penh bonds on a large scale in order to pay huge margins.</p><p>LDI + High Leverage Hedging</p><p>Liability-driven investing (LDI) was the first major landmine planted by pension funds for the UK bond market.</p><p>For a long time, most pension funds in the UK have used liability-driven investing to hedge liabilities (future payments to pension clients), a strategy that allows pension funds to match their liabilities with the assets of the scheme.</p><p>This can be explained in a simple model:</p><p>If a pension fund needs to pay a client £1 million in pensions in 2046, then the fund can purchase gilt bonds maturing that year. If it buys high-quality, higher-yielding corporate bonds, the fund can use additional funds to invest in the stock market, real estate, or other growth assets in addition to purchasing bonds. Furthermore,<b>Pension funds can use interest rate swaps or inflation swaps to match long-term liabilities.</b>This means that pension funds only need to invest initial margin to trade, and the direction of Treasury Bond yield changes determines whether the fund pays or receives margin. Specifically, when Treasury Bond yields rise, pension funds need to pay margin to counterparties, and vice versa, they win the counterparties' margin. Therefore, pension funds that hedge through interest rate swaps face a certain level of leverage.</p><p>How much leverage is this?</p><p>According to a 2019 survey conducted by the UK's pensions regulator, among the top 600 pension funds in the UK (with total assets of approximately £700 billion),<b>62% of pension funds leverage their investments through interest rate swaps, which account for 43% of all leveraged investments. The maximum leverage allowed is 1 to 7 times!</b></p><p>Once yields rise, pension funds will face additional margin requirements and be forced to provide more collateral.</p><p>In fact, as early as July, media reports indicated that UK pension funds were facing additional margin requirements. Over the past year, UK Treasury Bond yields have continued to rise, with the UK 30-year Treasury Bond yield surging from 1.12% in October last year to 3.93% in July this year.</p><p><img src=\"https://static.tigerbbs.com/a7bfd9ed4efd73df53dfa7fe47cb6c4f\" tg-width=\"991\" tg-height=\"609\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If pension funds withdraw on a large scale, the UK bond market could face annihilation.</p><p>The massive amount of capital is the second landmine planted by pension funds for the UK bond market.</p><p>Despite the extremely high risks, the LDI strategy helped UK pension funds expand rapidly during days of declining Phnom Penh bond yields. Data from the Investment Association shows that in the 10 years to 2020, UK pension funds held UK assets through LDI strategies tripled to £1.5 trillion.</p><p>What does this number correspond to?</p><p>Excluding the Treasury Bond held by the Bank of England,<b>Pension funds hold 40% of the UK's institutional asset management market, two-thirds of the UK's GDP, and the size of the entire Phnom Penh bond market.</b></p><p>It is currently unclear exactly how much of British Treasury Bond the pension fund holds, but analysts believe it is enormous.<b>If pension funds withdraw from the UK Treasury Bond on a large scale, the UK bond market could face annihilation.</b></p><p>Trigger: Britain's most radical tax cut plan in half a century</p><p>Last Friday, Britain announced its most aggressive tax cut plan in half a century, which sparked a sell-off in the Phnom Penh bond market, sending the yield on the 30-year Treasury Bond surging 120 basis points in just a few days.</p><p>Treasury Bond yields soared, and pension funds faced rising margin calls.</p><p>Ben Gold, head of investment at pension consultancy XPS, estimates that UK pension funds have received at least £1 billion in additional margin notices since the UK government announced its tax cut plans. He stated that approximately two-thirds of the 400 pension plans his company advises on have been affected.</p><p>To pay the huge deposit,<b>UK pension funds may have to sell large amounts of gilt bonds and other liquid assets, further putting pressure on the UK bond market and pushing up Treasury Bond yields, which will cause margin requirements to snowball.</b></p><p>In response, Kerrin Rosenberg, Chief Investment Officer of Cardano Investments, stated:</p><p><b>If the Bank of England does not intervene today, gilt bond yields could rise from 4.5% this morning to 7-8%, in which case approximately 90% of UK pension funds would run out of collateral and be wiped out!</b>As Wall Street Insights previously analyzed, in order to prevent a large-scale exodus of pension funds from the UK Treasury Bond from dealing a fatal blow to the bond market, the Bank of England reversed its long-standing \"no intervention\" strategy and announced unlimited purchases of UK Treasury Bond.</p><p>The Bank of England issued a statement on Wednesday saying it would temporarily purchase long-term UK Treasury Bond \"at any necessary scale\" to restore order in the UK bond market. Subsequently, the Bank of England stated that it would purchase traditional British Treasury Bond with a remaining maturity of more than 20 years in the secondary market.</p><p>As a result, the UK Treasury Bond surged, and the yield on the UK 30-year Treasury Bond fell by 100 basis points at one point.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3671538\">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/741a7a9152b273ef524b8d371b44958e","relate_stocks":{"EWU":"英国ETF-iShares MSCI"},"source_url":"https://wallstreetcn.com/articles/3671538","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1110631384","content_text":"作者：卜淑情据华尔街见闻此前提及，英国央行周三出手干预债市最重要的一个原因在于英国养老基金面临大规模追加保证金的要求。媒体援引知情人士透露，投资银行和基金经理最近几天警告英国央行，追加保证金的要求可能引发英国债市崩盘。养老基金之所以能对英国债市产生摧枯拉朽的破坏力，是因为它通过负债驱动型投资策略对其债务进行了高杠杆对冲，在金边债券（英国政府发行的国债）收益率持续飙升的情况下，为支付巨额保证金，持有万亿英镑资产的养老基金可能会大规模抛售金边债券。LDI+高杠杆对冲负债驱动型投资（LDI）是养老基金为英国债市埋下的第一颗大雷。长期以来，英国多数养老基金一直采用负债驱动型投资来对冲负债（未来支付给养老金客户的款项），通过该策略，养老基金可以将其负债与计划的资产相匹配。这可以通过一个简单的模型中说明：如果养老基金需要在2046年向客户支付100万英镑的养老金，那么基金可以购买于该年到期的金边债券。如果买到优质的收益率更高的企业债券，基金可以在购买债券之余使用额外的资金投资股市、房地产或其他成长型资产。更进一步，养老基金可以使用利率掉期或通胀掉期来匹配长期负债。这就意味着，养老基金只需要投入初始保证金进行交易，而国债收益率变动方向决定该基金是缴纳还是收获保证金。具体来看，在国债收益率上行时，养老基金需要向交易对手缴纳保证金，相反则赢得交易对手的保证金。因此，通过利率掉期进行对冲的养老基金面临一定的杠杆。这个杠杆有多大？根据英国养老金监管机构2019年进行的调查，在英国前600家养老基金（总资产约为7000亿英镑）中，有62%的养老金通过利率掉期进行杠杆投资，利率掉期投资规模占所有杠杆投资的43%，允许的最大杠杆水平为1倍至7倍！一旦收益率上行，养老基金将面临追加保证金的要求，被迫提供更多抵押品。实际上，早在7月就有媒体报道，英国养老基金面临追加保证金通知。在过去一年中，英国国债收益率持续上升，其中英国30年期国债收益率从去年10月的1.12%飙升至今年七月的3.93%。若养老基金大规模撤出，英国债市或面临灭顶之灾庞大的资金规模是养老基金为英国债市埋下的第二颗雷。虽然风险极高，LDI策略在金边债券收益率下降的日子里仍帮助英国养老基金迅速扩张。投资协会（Investment Association）的数据显示，在截至2020年的10年中，英国养老基金通过LDI策略持有的英国资产增加了两倍，达到1.5万亿英镑。这一数字相当于什么概念？除去英格兰银行持有的国债后，养老基金持有的资产占英国机构资产管理市场的40%，占英国GDP的三分之二以及整个金边债券市场的规模。目前尚不清楚养老基金到底持有多大规模的英国国债，但分析认为这一规模十分巨大，如果养老基金大规模撤出英国国债，英国债市或面临灭顶之灾。导火索：英国半世纪以来最激进的减税计划上周五，英国宣布了半个世纪以来最激进的减税计划，该计划在英国金边债券市场掀起了抛售浪潮，英国30年期国债收益率在短短几天内飙升了120个基点。国债收益率飙升，养老基金面临的追加保证金水涨船高。养老金咨询公司XPS投资主管Ben Gold估计，自英国政府公布减税计划以来，英国养老基金已收到至少10亿英镑的追加保证金通知。他表示，在其公司提供咨询服务的400个养老金计划中，大约有三分之二受到了影响。为支付巨额保证金，英国养老基金可能不得不抛售大量金边债券和其他流动资产，进一步使英国债市承压，推高国债收益率，这将导致需缴纳的保证金像滚雪球一样越来越大。对此，卡尔达诺投资公司首席投资官Kerrin Rosenberg表示：如果英国央行今天没有干预，金边债券收益率可能会从早上的4.5%上升到7-8%，在这种情况下，大约90%的英国养老基金将用完抵押品，他们会被消灭！正如华尔街见闻此前分析，为防止养老基金大规模出逃英国国债给债市带来致命打击，英国央行扭转了长期以来的“不干预”策略，并宣布无限量购买英国国债。英国央行周三发布声明称，将“以任何必要的规模”临时购买英国长期国债，以恢复英国债券市场秩序。随后，英国央行表示将在二级市场购买剩余期限超过20年的传统英国国债。受此影响，英国国债暴涨，英国30年期国债收益率一度下行100个基点。","news_type":1,"symbols_score_info":{"EWU":0.9}},"isVote":1,"tweetType":1,"viewCount":1219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932146718,"gmtCreate":1662905495934,"gmtModify":1676537160665,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9932146718","repostId":"1156732473","repostType":4,"repost":{"id":"1156732473","kind":"news","pubTimestamp":1662864340,"share":"https://ttm.financial/m/news/1156732473?lang=en_US&edition=fundamental","pubTime":"2022-09-11 10:45","market":"us","language":"zh","title":"Another \"gold-buying frenzy\" has emerged! \"A difficult summer for gold,\" yet giants are making their moves!","url":"https://stock-news.laohu8.com/highlight/detail?id=1156732473","media":"华尔街见闻","summary":"外资巨头的出手意味着什么？在业内分析人士看来，当前黄金市场的悲观预期正被市场充分计价，黄金或在未来迎来探底回升的窗口。尽管美元的持续走强给黄金带来不小压力，但更喜欢逆势布局的外资巨头们，却已开始出手，","content":"<p><html><head></head><body>What does the move by foreign giants mean? Industry analysts believe that the current pessimistic expectations in the gold market are being fully priced in by the market, and gold may see a window of opportunity for a bottoming out and rebound in the future. Despite the continued strengthening of the US dollar putting considerable pressure on gold, foreign giants who prefer to buck the trend have already begun to take action, significantly increasing their holdings of gold ETFs.</p><p>According to the latest semi-annual reports of funds, private equity products from Bridgewater Associates, the world's largest hedge fund, appeared on the list of the top ten holders of several gold ETFs. Data shows that as of the end of June this year, Bridgewater (China) Investment Management Co., Ltd. held a total of 214 million units of Bosera Gold ETF, Huaan Gold Easy ETF and E Fund Gold ETF, with a market value of 814 million yuan.</p><p>What does the move by foreign giants mean? Industry analysts believe that the current pessimistic expectations in the gold market are being fully priced in by the market, and gold may see a window of opportunity for a bottoming out and rebound in the future.</p><p><b>Major institutions have stepped in to purchase gold.</b></p><p>According to the Bosera Gold ETF's semi-annual report, as of the end of the first half of the year, Bridgewater All-Weather Enhanced China Private Equity Fund No. 3, Bridgewater All-Weather Enhanced China Private Equity Fund No. 1, and Bridgewater All-Weather Enhanced China Private Equity Fund No. 2 held 46.6248 million, 9.2942 million, and 8.7106 million units of the fund respectively, ranking as its second, fifth, and sixth largest holders.<img src=\"https://static.tigerbbs.com/d84e9ebb320e0c5cf942975e5d8f6409\" tg-width=\"800\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/></p><p>The three funds mentioned above from Bridgewater China also appeared on the list of top ten holders of HuaAn Gold ETF and E Fund Gold ETF.</p><p><img src=\"https://static.tigerbbs.com/d923e513e32f394e52f117fd17238ef7\" tg-width=\"800\" tg-height=\"377\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/f132a9df386c1583a50ba16302ccabe1\" tg-width=\"800\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p>In fact, besides Bridgewater Associates, many domestic and foreign institutions are also \"buying up\" gold ETFs.<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>He also appeared in Bosera Gold ETF and Huaan Gold Easy ETF, holding 4.4452 million and 21.1 million units of these two ETFs respectively.</p><p>In addition,<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>、<a href=\"https://laohu8.com/S/000776\">GF Securities</a>、<a href=\"https://laohu8.com/S/601688\">Huatai Securities</a>It appeared on the Bosera Gold ETF at the same time as Guosheng Securities, holding a total of 25.67 million units; Xingquan Youxuan Aggressive Three-Month Holding Period Hybrid Fund-of-Funds and Huashang Jiayue Steady Retirement Target One-Year Holding Period Hybrid Initiated Fund-of-Funds (FOF) are the ninth and tenth largest holders of Huaan Gold Easy ETF, respectively.</p><p>Public information shows that all three gold ETFs have achieved positive returns this year. Especially during the first quarter, with the volatility of global stock and commodity markets, gold's safe-haven function became prominent, and gold ETFs achieved good returns as a result.</p><p><b>Gold prices fall into a short-term slump</b></p><p>It is worth noting that, against the backdrop of continuously rising inflation, central banks in Europe and the United States have generally adopted more aggressive monetary policies to respond.</p><p>After the Federal Reserve's interest rate meeting in June this year saw a sharp rate hike of 75 basis points, marking the largest single rate hike in nearly 30 years, the dot plot showed that the subsequent rate hike path was relatively aggressive. Coupled with the Fed's official shrinking balance sheet in June, US real interest rates rebounded sharply in the second quarter, causing international gold prices to continue to be under pressure and weaken in the second quarter.</p><p>In response, the World Gold Council described the performance of gold prices over the past month as \"a difficult summer for gold.\" Statistics from the World Gold Council show that as of August, gold prices fell 2% month-on-month to $1,715.9 per ounce, marking the fifth consecutive month of decline. The rebound that began in mid-July failed to break through the resistance level of $1,800 per ounce before losing momentum again in mid-August.</p><p>Data also shows that, in terms of overall holdings, global gold ETFs saw an outflow of 51 tons in August, consistent with the performance of gold prices. This marks the fourth consecutive month that gold ETFs have experienced outflows.</p><p><img src=\"https://static.tigerbbs.com/91085dcbf94672dadd6ad1d385fbd9ec\" tg-width=\"800\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p>The World Gold Council believes that this performance occurred against the backdrop of continued rise in yields and a stronger dollar, and the underlying reason is that the Federal Reserve reiterated its commitment to further tighten monetary policy.</p><p><b>Buying on dips may be a good strategy.</b></p><p>On the evening of September 8, Beijing time, the European Central Bank held its monetary policy meeting and announced a 75 basis point increase in its three key interest rates. The adjusted rates will take effect on September 14. The European Central Bank stated that the current inflation rate remains too high and expects further rate hike to curb inflation.</p><p>In response, a research report from Huatai Futures stated that although the European Central Bank held rate hike as scheduled and the hawkish stance of Federal Reserve officials remained unchanged, the significant increase in holdings of gold ETFs by well-known funds such as Bridgewater shows that institutions still have demand for gold asset allocation, and gold can be appropriately allocated on dips.</p><p>Statistics from the World Gold Council show that two-thirds of the cumulative inflows into gold ETFs between January and April this year have been offset by recent outflows. Nevertheless, the World Gold Council still believes that gold trading volume is expected to rebound in September.</p><p>“In August, gold trading volume fell to $109 billion per day, far below July levels ($149 billion) and the monthly average for the second quarter ($126 billion). As market activity picks up, we will continue to monitor futures positions and ETF flows,” the World Gold Council stated, adding that these two indicators are key to observing gold market sentiment. They also anticipate that seasonal factors will lead to increased consumer demand and may also boost gold trading levels.</p><p><a href=\"https://laohu8.com/S/600016\">Minsheng Bank</a>Financial markets analyst Tang Xiangbin believes that in the short term, international gold prices will still be suppressed by the strength of the US dollar. Currently, international gold prices are still in a state of bottoming out and are expected to gradually rebound after the fourth quarter. \"International gold prices are expected to fluctuate between $1,680 and $1,740 per ounce ahead of the Federal Reserve's September policy meeting. After the September policy meeting concludes, international gold prices are expected to rebound. It is recommended to enter the market when international gold prices are under pressure to fall below $1,720.\"</p><p></body></html></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>Another \"gold-buying frenzy\" has emerged! \"A difficult summer for gold,\" yet giants are making their moves!</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\">\nAnother \"gold-buying frenzy\" has emerged! \"A difficult summer for gold,\" yet giants are making their moves!\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\">2022-09-11 10:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>What does the move by foreign giants mean? Industry analysts believe that the current pessimistic expectations in the gold market are being fully priced in by the market, and gold may see a window of opportunity for a bottoming out and rebound in the future. Despite the continued strengthening of the US dollar putting considerable pressure on gold, foreign giants who prefer to buck the trend have already begun to take action, significantly increasing their holdings of gold ETFs.</p><p>According to the latest semi-annual reports of funds, private equity products from Bridgewater Associates, the world's largest hedge fund, appeared on the list of the top ten holders of several gold ETFs. Data shows that as of the end of June this year, Bridgewater (China) Investment Management Co., Ltd. held a total of 214 million units of Bosera Gold ETF, Huaan Gold Easy ETF and E Fund Gold ETF, with a market value of 814 million yuan.</p><p>What does the move by foreign giants mean? Industry analysts believe that the current pessimistic expectations in the gold market are being fully priced in by the market, and gold may see a window of opportunity for a bottoming out and rebound in the future.</p><p><b>Major institutions have stepped in to purchase gold.</b></p><p>According to the Bosera Gold ETF's semi-annual report, as of the end of the first half of the year, Bridgewater All-Weather Enhanced China Private Equity Fund No. 3, Bridgewater All-Weather Enhanced China Private Equity Fund No. 1, and Bridgewater All-Weather Enhanced China Private Equity Fund No. 2 held 46.6248 million, 9.2942 million, and 8.7106 million units of the fund respectively, ranking as its second, fifth, and sixth largest holders.<img src=\"https://static.tigerbbs.com/d84e9ebb320e0c5cf942975e5d8f6409\" tg-width=\"800\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/></p><p>The three funds mentioned above from Bridgewater China also appeared on the list of top ten holders of HuaAn Gold ETF and E Fund Gold ETF.</p><p><img src=\"https://static.tigerbbs.com/d923e513e32f394e52f117fd17238ef7\" tg-width=\"800\" tg-height=\"377\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/f132a9df386c1583a50ba16302ccabe1\" tg-width=\"800\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p>In fact, besides Bridgewater Associates, many domestic and foreign institutions are also \"buying up\" gold ETFs.<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>He also appeared in Bosera Gold ETF and Huaan Gold Easy ETF, holding 4.4452 million and 21.1 million units of these two ETFs respectively.</p><p>In addition,<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>、<a href=\"https://laohu8.com/S/000776\">GF Securities</a>、<a href=\"https://laohu8.com/S/601688\">Huatai Securities</a>It appeared on the Bosera Gold ETF at the same time as Guosheng Securities, holding a total of 25.67 million units; Xingquan Youxuan Aggressive Three-Month Holding Period Hybrid Fund-of-Funds and Huashang Jiayue Steady Retirement Target One-Year Holding Period Hybrid Initiated Fund-of-Funds (FOF) are the ninth and tenth largest holders of Huaan Gold Easy ETF, respectively.</p><p>Public information shows that all three gold ETFs have achieved positive returns this year. Especially during the first quarter, with the volatility of global stock and commodity markets, gold's safe-haven function became prominent, and gold ETFs achieved good returns as a result.</p><p><b>Gold prices fall into a short-term slump</b></p><p>It is worth noting that, against the backdrop of continuously rising inflation, central banks in Europe and the United States have generally adopted more aggressive monetary policies to respond.</p><p>After the Federal Reserve's interest rate meeting in June this year saw a sharp rate hike of 75 basis points, marking the largest single rate hike in nearly 30 years, the dot plot showed that the subsequent rate hike path was relatively aggressive. Coupled with the Fed's official shrinking balance sheet in June, US real interest rates rebounded sharply in the second quarter, causing international gold prices to continue to be under pressure and weaken in the second quarter.</p><p>In response, the World Gold Council described the performance of gold prices over the past month as \"a difficult summer for gold.\" Statistics from the World Gold Council show that as of August, gold prices fell 2% month-on-month to $1,715.9 per ounce, marking the fifth consecutive month of decline. The rebound that began in mid-July failed to break through the resistance level of $1,800 per ounce before losing momentum again in mid-August.</p><p>Data also shows that, in terms of overall holdings, global gold ETFs saw an outflow of 51 tons in August, consistent with the performance of gold prices. This marks the fourth consecutive month that gold ETFs have experienced outflows.</p><p><img src=\"https://static.tigerbbs.com/91085dcbf94672dadd6ad1d385fbd9ec\" tg-width=\"800\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p>The World Gold Council believes that this performance occurred against the backdrop of continued rise in yields and a stronger dollar, and the underlying reason is that the Federal Reserve reiterated its commitment to further tighten monetary policy.</p><p><b>Buying on dips may be a good strategy.</b></p><p>On the evening of September 8, Beijing time, the European Central Bank held its monetary policy meeting and announced a 75 basis point increase in its three key interest rates. The adjusted rates will take effect on September 14. The European Central Bank stated that the current inflation rate remains too high and expects further rate hike to curb inflation.</p><p>In response, a research report from Huatai Futures stated that although the European Central Bank held rate hike as scheduled and the hawkish stance of Federal Reserve officials remained unchanged, the significant increase in holdings of gold ETFs by well-known funds such as Bridgewater shows that institutions still have demand for gold asset allocation, and gold can be appropriately allocated on dips.</p><p>Statistics from the World Gold Council show that two-thirds of the cumulative inflows into gold ETFs between January and April this year have been offset by recent outflows. Nevertheless, the World Gold Council still believes that gold trading volume is expected to rebound in September.</p><p>“In August, gold trading volume fell to $109 billion per day, far below July levels ($149 billion) and the monthly average for the second quarter ($126 billion). As market activity picks up, we will continue to monitor futures positions and ETF flows,” the World Gold Council stated, adding that these two indicators are key to observing gold market sentiment. They also anticipate that seasonal factors will lead to increased consumer demand and may also boost gold trading levels.</p><p><a href=\"https://laohu8.com/S/600016\">Minsheng Bank</a>Financial markets analyst Tang Xiangbin believes that in the short term, international gold prices will still be suppressed by the strength of the US dollar. Currently, international gold prices are still in a state of bottoming out and are expected to gradually rebound after the fourth quarter. \"International gold prices are expected to fluctuate between $1,680 and $1,740 per ounce ahead of the Federal Reserve's September policy meeting. After the September policy meeting concludes, international gold prices are expected to rebound. It is recommended to enter the market when international gold prices are under pressure to fall below $1,720.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3670050\">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/4be30a3c11bd91e9d1f864c6a098fab1","relate_stocks":{"159831":"黄金","159934":"黄金ETF","518880":"黄金ETF华安","IAU":"黄金信托ETF-iShares","GDX":"黄金矿业ETF-VanEck","GLD":"黄金ETF-SPDR","NUGT":"二倍做多黄金矿业指数ETF-Direxion","DUST":"二倍做空黄金矿业指数ETF-Direxion"},"source_url":"https://wallstreetcn.com/articles/3670050","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156732473","content_text":"外资巨头的出手意味着什么？在业内分析人士看来，当前黄金市场的悲观预期正被市场充分计价，黄金或在未来迎来探底回升的窗口。尽管美元的持续走强给黄金带来不小压力，但更喜欢逆势布局的外资巨头们，却已开始出手，大幅加仓黄金ETF。根据最新披露的基金半年报，全球最大对冲基金桥水旗下私募产品现身多只黄金ETF的前十大持有人名单。数据显示，截至今年6月底，桥水（中国）投资管理有限公司持有博时黄金ETF、华安黄金易ETF和易方达黄金ETF合计2.14亿份，持有市值达8.14亿元。外资巨头的出手意味着什么？在业内分析人士看来，当前黄金市场的悲观预期正被市场充分计价，黄金或在未来迎来探底回升的窗口。各大机构纷纷出手购金博时黄金ETF半年报显示，截至上半年末，桥水全天候增强型中国私募证券投资基金三号、桥水全天候增强型中国私募证券投资基金一号和桥水全天候增强型中国私募证券投资基金二号分别持有该基金4662.48万份、929.42万份和871.06万份，分列其第二、第五和第六大持有人。桥水中国的上述3只基金也出现在华安黄金易ETF和易方达黄金ETF的十大持有人名单中。实际上，除了桥水基金，多家内外资机构也在“扫货”黄金ETF。巴克莱银行同时现身博时黄金ETF和华安黄金易ETF，对这两只ETF的持有份额分别为444.52万份和2110万份。此外，中信证券、广发证券、华泰证券和国盛证券同时现身博时黄金ETF，合计持有2567万份；兴全优选进取三个月持有期混合型基金中基金和华商嘉悦稳健养老目标一年持有期混合型发起式基金中基金(FOF)则分列华安黄金易ETF第九和第十大持有人。公开资料显示，今年以来，上述3只黄金ETF均取得正收益。尤其是第一季度期间，伴随着全球股市及商品市场的震荡，黄金的避险功能凸显，黄金ETF也因此获得不错的收益。金价短期陷入低迷值得关注的是，在通胀持续走高的背景下，欧美央行普遍采取更为激进的货币政策来应对。今年6月美联储议息会议大幅加息 75个基点，创下近30年以来最大幅度的单次加息后，点阵图显示后续加息路径较为激进，叠加美联储6月正式开启缩表，美国实际利率在二季度出现大幅回升，导致国际金价二季度持续承压走弱。对此，世界黄金协会用“黄金艰难的夏天”来形容刚刚过去的这1个月的金价表现。来自世界黄金协会的统计显示，截至8月，金价环比走低，下跌2%至1715.9美元/盎司，已是连续第5个月下跌。而自7月中旬开始的反弹在未能突破1800美元/盎司的阻力位后，在8月中旬再度失去动力。数据同时显示，从整体持仓看，8月全球黄金ETF流出51吨，与金价表现相一致，这也是黄金ETF连续第4个月出现外流。世界黄金协会分析认为，这一表现是在收益率持续上升和美元走强的背景下出现的，背后原因正是因为美联储重申了其进一步收紧货币政策的承诺。逢低配置或是良策北京时间9月8日晚，欧洲央行召开货币政策会议，宣布将三大关键利率上调75个基点，调整后的利率将于9月14日生效。欧洲央行表示，当前通胀率仍过高，预计后续将进一步加息以抑制通胀。对此，华泰期货的研报称，虽然欧洲央行如期加息，美联储官员的鹰派态度也不曾改变，但从桥水等知名基金大举增持黄金ETF的动作可以看出，目前机构对于黄金资产的配置仍存需求，黄金可适当逢低多配。世界黄金协会的统计显示，今年1至4月份之间黄金ETF累计流入量的三分之二已被近期的流出相抵消。尽管如此，世界黄金协会仍认为，黄金交易量有望在9月份出现回升。“在8月，黄金的交易量降至每天1090亿美元，远低于7月份的水平（1490亿美元）和第二季度的月均值（1260亿美元）。随着市场活动的回升，我们将继续关注期货头寸和ETF流量。”世界黄金协会表示，这两个指标是观察黄金市场情绪的关键指标。他们也预计，随着季节性因素的影响，将导致消费者需求增加，也可能使得黄金的交易水平提升。民生银行金融市场部分析师汤湘滨认为，短期看国际金价依然受美元强势的压制，目前国际金价还处于底部震荡状态，四季度后有望逐步反弹。“预计在美联储9月议息会议前，国际金价仍会在每盎司1680美元至1740美元这一底部区间震荡。而在9月议息会议靴子落地后，预计国际金价将转向反弹，建议在国际金价承压回落至1720美元下方时入场。”","news_type":1,"symbols_score_info":{"159831":0.9,"159934":0.9,"518880":0.9,"NUGT":0.9,"GDX":0.9,"IAU":0.9,"SGCmain":0.9,"GCmain":0.9,"GLD":0.9,"MGCmain":0.9,"SGUmain":0.9,"DUST":0.9}},"isVote":1,"tweetType":1,"viewCount":1114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957488594,"gmtCreate":1677491604419,"gmtModify":1677491611611,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9957488594","repostId":"1129466723","repostType":4,"repost":{"id":"1129466723","kind":"news","pubTimestamp":1677490560,"share":"https://ttm.financial/m/news/1129466723?lang=en_US&edition=fundamental","pubTime":"2023-02-27 17:36","market":"us","language":"zh","title":"Is the turning point of global inflation still far away? UBS: Supply chain pressures are nearing a ten-year low","url":"https://stock-news.laohu8.com/highlight/detail?id=1129466723","media":"华尔街见闻","summary":"瑞银认为全球供应链压力是通胀飙升的原因，随着需求不平衡的改善，航空、船运成本下降等因素，全球供应链瓶颈缓解，通胀或开始降温。供应链压力的缓解或使此前飙升的通胀迎来降温的的拐点。瑞银经济学家Arend ","content":"<p><html><head></head><body>UBS believes that global supply chain pressures are the reason for soaring inflation. With the improvement of demand imbalances and the decline in aviation and shipping costs, global supply chain bottlenecks have eased, and inflation may begin to cool down.</p><p>The easing of supply chain pressures may bring about a turning point in cooling down previously soaring inflation.</p><p>In a report released on February 24, a team led by UBS economist Arend Kapteyn pointed out that global supply chain bottlenecks are gradually easing as demand imbalances improve and air and shipping costs decline, with pressure at its lowest level in 10 years. The report stated:</p><p>According to the Global Supply Chain Stress Composite Index we track, it is below normal, and except for one month in 2019, it is now at its lowest level since 2013.<img src=\"https://static.tigerbbs.com/8bbd1c9d1fd34f7dc4f3054efb1dee3d\" tg-width=\"640\" tg-height=\"559\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Gradually easing supply chain pressures</p><p>UBS pointed out in its report that<b>Supply chain pressures are one of the sources of inflation, and as these pressures gradually ease, inflation may be approaching a turning point.</b>：</p><p>We found that freight rates on the China-US route are now below the historical average, but freight rates on other routes are still higher than normal. Inventory turnover (the ratio of the total amount (total quantity) shipped over a period of time to the average amount (or quantity) of inventory over that period) has begun to move in the other direction, which has reduced inflation to some extent, but inventory levels are still increasing. UBS believes that the decline in demand for goods has improved the previous demand imbalance. The decline in export volumes has put pressure on freight costs, but not all routes have reduced costs to pre-pandemic levels:</p><p>The decline in order volume is easing the pressure on shipping volume. Transportation costs from China to the US West Coast have fallen back to pre-pandemic levels, but some routes still have higher transportation costs than before the pandemic. For example, freight costs from Europe to the US East Coast are still 2.6 times higher than before, due to exceptionally strong US demand for European imports.<img src=\"https://static.tigerbbs.com/3f5fe98d9af13c34a57efbec94144106\" tg-width=\"640\" tg-height=\"386\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>UBS pointed out that<b>From an air transport perspective, the recovery in passenger flight volume is reducing air cargo costs.</b>According to the International Air Transport Association's air connectivity index, global flights have recovered to around 74% of pre-pandemic levels, but available air cargo tonnage is still 8.2% lower than in 2019, resulting in a month-on-month decline in cargo volume due to weak demand.</p><p><img src=\"https://static.tigerbbs.com/c07ae4156dd4e6966c858cf51f78a819\" tg-width=\"640\" tg-height=\"336\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><b>From a shipping perspective, UBS stated that port congestion has improved and shipping queues are gradually decreasing.</b>：</p><p>Congestion in the ports of Los Angeles and Long Beach, which account for 41% of U.S. imports, has completely disappeared. The queuing for ships to load and unload cargo has disappeared since June 2021 (more than 120 container ships have been reduced since the beginning of January), and congestion at East Coast ports has also disappeared.<img src=\"https://static.tigerbbs.com/4fbcb0c384f36a3738b852949af3758b\" tg-width=\"640\" tg-height=\"381\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/44f1f15013206d4f15b8dfee89add256\" tg-width=\"640\" tg-height=\"329\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Looking at the semiconductor industry, UBS pointed out that<b>Increased supply coupled with decreased demand in the industry has led to continuous advancements in delivery times and a significant rebound in inventory.</b>：</p><p><img src=\"https://static.tigerbbs.com/77ff9d72f6c8dc5951076d5fdffd7f76\" tg-width=\"640\" tg-height=\"496\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>UBS pointed out that during the pandemic, car production was also limited due to chip shortages. As a result, as chip inventories improved, car production in the United States surged to pre-pandemic levels, but has now begun to decline. In Europe, the chip shortage lasted longer than in the United States, so the recovery took longer than in the US. However, starting in August, production began to recover significantly.</p><p>Another decline in U.S. production suggests that once the backlog of work is completed, the strength of production may be short-lived. This also suggests that automakers may tend to keep inventory levels lower than before in the face of weak demand.<img src=\"https://static.tigerbbs.com/04ba8412ffc200970b0723cb88b47af0\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>UBS previously pointed out in a report that<b>Supply chain bottlenecks in the United States were eased earlier than in Europe.</b>This process in Europe was delayed by 4-5 months:</p><p>The same applies to the services sector, where a clear cooling trend has emerged in the United States, while the Eurozone has not yet fully confirmed this, despite a sharp decline in December. Before the Russia-Ukraine conflict, even during the pandemic, energy prices in all countries were closely linked. However, since the Russia-Ukraine conflict, Eurozone countries have experienced a much larger proportion of inflationary shocks, but recent data suggests that this shock has completely subsided.<img src=\"https://static.tigerbbs.com/be872e177a2a11efc2ee3b425deee84a\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Most sub-indicators suggest a shift in inflation.</p><p>UBS points out that the shift in energy and commodity prices is most convincing, even in services prices, especially if housing is not included. The conclusions hold true whether the revised average, the GDP-weighted average, or the principal components are used.</p><p><img src=\"https://static.tigerbbs.com/6a722e4d40981b876b1e15cd745b9cdf\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Nearly a quarter of the “core sub-items” have reversed their upward trend, and in particular, nearly two-thirds of overall energy price inflation has fallen to zero (adjusted average, 3-month annualized change basis), which is about the 30th percentile since 2005. Commodity price inflation (revised average) fell from 6.3% in June to 4.8% in December (i.e., the 90th percentile), but rebounded slightly in January. GDP-based measures show that U.S. commodity inflation has cooled the most, falling 3.5% from its peak in January to 2.3%, but remaining in the 90th percentile. The shift in global services inflation is somewhat tentative, actually reflecting changes in commodity prices once the housing component is excluded. Over the past three months, for the revised average version, we have so far only reversed the approximately 20% increase in goods (compared to the historical average), the 28% increase in services (excluding housing), the 22% increase in core inflation, and the 63% increase in global overall inflation.</body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the turning point of global inflation still far away? UBS: Supply chain pressures are nearing a ten-year low</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the turning point of global inflation still far away? UBS: Supply chain pressures are nearing a ten-year low\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\">2023-02-27 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>UBS believes that global supply chain pressures are the reason for soaring inflation. With the improvement of demand imbalances and the decline in aviation and shipping costs, global supply chain bottlenecks have eased, and inflation may begin to cool down.</p><p>The easing of supply chain pressures may bring about a turning point in cooling down previously soaring inflation.</p><p>In a report released on February 24, a team led by UBS economist Arend Kapteyn pointed out that global supply chain bottlenecks are gradually easing as demand imbalances improve and air and shipping costs decline, with pressure at its lowest level in 10 years. The report stated:</p><p>According to the Global Supply Chain Stress Composite Index we track, it is below normal, and except for one month in 2019, it is now at its lowest level since 2013.<img src=\"https://static.tigerbbs.com/8bbd1c9d1fd34f7dc4f3054efb1dee3d\" tg-width=\"640\" tg-height=\"559\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Gradually easing supply chain pressures</p><p>UBS pointed out in its report that<b>Supply chain pressures are one of the sources of inflation, and as these pressures gradually ease, inflation may be approaching a turning point.</b>：</p><p>We found that freight rates on the China-US route are now below the historical average, but freight rates on other routes are still higher than normal. Inventory turnover (the ratio of the total amount (total quantity) shipped over a period of time to the average amount (or quantity) of inventory over that period) has begun to move in the other direction, which has reduced inflation to some extent, but inventory levels are still increasing. UBS believes that the decline in demand for goods has improved the previous demand imbalance. The decline in export volumes has put pressure on freight costs, but not all routes have reduced costs to pre-pandemic levels:</p><p>The decline in order volume is easing the pressure on shipping volume. Transportation costs from China to the US West Coast have fallen back to pre-pandemic levels, but some routes still have higher transportation costs than before the pandemic. For example, freight costs from Europe to the US East Coast are still 2.6 times higher than before, due to exceptionally strong US demand for European imports.<img src=\"https://static.tigerbbs.com/3f5fe98d9af13c34a57efbec94144106\" tg-width=\"640\" tg-height=\"386\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>UBS pointed out that<b>From an air transport perspective, the recovery in passenger flight volume is reducing air cargo costs.</b>According to the International Air Transport Association's air connectivity index, global flights have recovered to around 74% of pre-pandemic levels, but available air cargo tonnage is still 8.2% lower than in 2019, resulting in a month-on-month decline in cargo volume due to weak demand.</p><p><img src=\"https://static.tigerbbs.com/c07ae4156dd4e6966c858cf51f78a819\" tg-width=\"640\" tg-height=\"336\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><b>From a shipping perspective, UBS stated that port congestion has improved and shipping queues are gradually decreasing.</b>：</p><p>Congestion in the ports of Los Angeles and Long Beach, which account for 41% of U.S. imports, has completely disappeared. The queuing for ships to load and unload cargo has disappeared since June 2021 (more than 120 container ships have been reduced since the beginning of January), and congestion at East Coast ports has also disappeared.<img src=\"https://static.tigerbbs.com/4fbcb0c384f36a3738b852949af3758b\" tg-width=\"640\" tg-height=\"381\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/44f1f15013206d4f15b8dfee89add256\" tg-width=\"640\" tg-height=\"329\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Looking at the semiconductor industry, UBS pointed out that<b>Increased supply coupled with decreased demand in the industry has led to continuous advancements in delivery times and a significant rebound in inventory.</b>：</p><p><img src=\"https://static.tigerbbs.com/77ff9d72f6c8dc5951076d5fdffd7f76\" tg-width=\"640\" tg-height=\"496\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>UBS pointed out that during the pandemic, car production was also limited due to chip shortages. As a result, as chip inventories improved, car production in the United States surged to pre-pandemic levels, but has now begun to decline. In Europe, the chip shortage lasted longer than in the United States, so the recovery took longer than in the US. However, starting in August, production began to recover significantly.</p><p>Another decline in U.S. production suggests that once the backlog of work is completed, the strength of production may be short-lived. This also suggests that automakers may tend to keep inventory levels lower than before in the face of weak demand.<img src=\"https://static.tigerbbs.com/04ba8412ffc200970b0723cb88b47af0\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>UBS previously pointed out in a report that<b>Supply chain bottlenecks in the United States were eased earlier than in Europe.</b>This process in Europe was delayed by 4-5 months:</p><p>The same applies to the services sector, where a clear cooling trend has emerged in the United States, while the Eurozone has not yet fully confirmed this, despite a sharp decline in December. Before the Russia-Ukraine conflict, even during the pandemic, energy prices in all countries were closely linked. However, since the Russia-Ukraine conflict, Eurozone countries have experienced a much larger proportion of inflationary shocks, but recent data suggests that this shock has completely subsided.<img src=\"https://static.tigerbbs.com/be872e177a2a11efc2ee3b425deee84a\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Most sub-indicators suggest a shift in inflation.</p><p>UBS points out that the shift in energy and commodity prices is most convincing, even in services prices, especially if housing is not included. The conclusions hold true whether the revised average, the GDP-weighted average, or the principal components are used.</p><p><img src=\"https://static.tigerbbs.com/6a722e4d40981b876b1e15cd745b9cdf\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Nearly a quarter of the “core sub-items” have reversed their upward trend, and in particular, nearly two-thirds of overall energy price inflation has fallen to zero (adjusted average, 3-month annualized change basis), which is about the 30th percentile since 2005. Commodity price inflation (revised average) fell from 6.3% in June to 4.8% in December (i.e., the 90th percentile), but rebounded slightly in January. GDP-based measures show that U.S. commodity inflation has cooled the most, falling 3.5% from its peak in January to 2.3%, but remaining in the 90th percentile. The shift in global services inflation is somewhat tentative, actually reflecting changes in commodity prices once the housing component is excluded. Over the past three months, for the revised average version, we have so far only reversed the approximately 20% increase in goods (compared to the historical average), the 28% increase in services (excluding housing), the 22% increase in core inflation, and the 63% increase in global overall inflation.</body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3682831\">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/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3682831","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129466723","content_text":"瑞银认为全球供应链压力是通胀飙升的原因，随着需求不平衡的改善，航空、船运成本下降等因素，全球供应链瓶颈缓解，通胀或开始降温。供应链压力的缓解或使此前飙升的通胀迎来降温的的拐点。瑞银经济学家Arend Kapteyn领导的团队在2月24日的报告中指出，随着需求不平衡现象的改善，航空、船运成本的下降等因素，全球供应链瓶颈正逐步缓解，其压力为10年来的最低水平，报告称：根据我们跟踪的全球供应链压力综合指数来看，其已低于正常值，除了2019年的1个月外，现在该值为2013年以来的最低水平。逐步缓解的供应链压力瑞银在报告中指出，供应链的压力是通胀的来源之一，随着压力的逐步缓解，通胀或许正逐步接近拐点：我们发现，现在中国—美国航线的运费低于历史平均水平，但其他航线的运费仍高于正常水平。库存周转率（某时间段的出库总金额（总数量）与该时间段库存平均金额（或数量）的比）已经开始向另一个方向移动，这一定程度上降低了通胀，但库存水平仍在增加。瑞银认为，对于货物需求量的下降使得此前需求不平衡的现象得到了改善。出口量的下降使货运成本承压，但并不是所有的路线的成本都已下降至疫情前的水平：订单量的下降正在减轻航运量的压力。从中国到美国西海岸的运输成本已经回落到疫情前的水平，但仍有航线的运输成本高于疫情前的水平，如从欧洲到美国东海岸的货运成本仍是此前的2.6倍，因美国对欧洲进口的需求异常强劲。瑞银指出，从空中运输来看，客运航班量的恢复正在降低航空货运成本，根据国际航空运输协会的航空连通性指数示，全球航班已复到疫情前的74%左右，但可用航空货运吨数仍比2019年的水平低8.2%，因需求疲软，导致货机量环比下降：从航运来看，瑞银称港口的拥堵情况改善，航运排队现象逐步减少：洛杉矶和长滩港（占美国进口的41%）的拥堵情况已经完全消失。自2021年6月以来轮船装载卸货需要排队的现象已经消失（自1月初以来减少了120多艘集装箱船），东海岸港口的拥堵情况也已不存在。从半导体行业来看，瑞银指出，该行业的供应增加叠加需求下降 ，使得交货时间不断提前，也使其库存开始大幅回升：瑞银指出，在疫情间，因芯片的短缺汽车生产也受到了限制，因此，随着芯片库存的改善，在美国，汽车产量猛增到疫情前的水平，但现在已开始下滑。在欧洲，由于芯片短缺现象持续的时间比美国长，所以复苏的时间晚于美国，但从8月开始，生产也开始大幅恢复：美国生产的再次下降表明，一旦积压的工作完成，生产的力量可能是短暂的。这也表明，在需求疲软的情况下，汽车生产商可能会倾向于使库存水平低于此前的水平。瑞银此前在报告中指出，美国的供应链瓶颈压比欧洲更早得到缓解，欧洲的这一过程滞后了4—5个月：服务业也是如此，美国出现了明显的降温趋势，而欧元区尚未得到完全证实，尽管12月出现了大幅下跌。在俄乌冲突之前，即使在疫情期间，所有国家的能源价格都是紧密联动的。但自俄乌冲突以后，欧元区国家经历了比例大得多的通胀冲击，但最近的数据表明，这一冲击已经完全回落。大部分分项指标都在暗示通胀转向瑞银指出，能源和商品价格转向是最令人信服的，即使是服务业价格，尤其是如果不包括住房的话，转向也较明显。无论是修正平均值、GDP加权平均值还是主要成分，结论都成立。近四分之一的“核心分项”上涨趋势逆转，特别是近三分之二的总体能源价格通胀已回落至零（调整后的平均值，3个月的年化变化基础），约为2005年以来的30%分位点。商品价格通胀率（修正后的平均值）从6月的6.3%降至12月的4.8%（即90%分位点），但在1月略有回升。基于GDP的衡量指标显示，美国商品通胀降温最大，从去年1月的峰值下降了3.5%，降至2.3%，但仍处于90%分位点。全球服务业通胀的转向稍显试探性，实际上反映了一旦剔除住房部分，商品价格的转变。即在过去三个月里，对于修正后的平均值版本，我们迄今为止只扭转了商品(与历史平均水平相比)约20%的涨幅、服务业（不含住房）28%的涨幅、核心通胀22%的涨幅、全球整体通胀63%的涨幅。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9958522409,"gmtCreate":1673783087702,"gmtModify":1676538884865,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9958522409","repostId":"1134981435","repostType":4,"repost":{"id":"1134981435","kind":"news","weMediaInfo":{"introduction":"美股研究社，一个专注研究美股的平台，专业的美股投资人都在这。想了解美国股市行情、美股开户、美股资讯、美股公司；想获得一手美股重磅信息；想加入美股交流社群，敬请关注我们吧。","home_visible":0,"media_name":"美股研究社","id":"1074069735","head_image":"https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6"},"pubTimestamp":1673776814,"share":"https://ttm.financial/m/news/1134981435?lang=en_US&edition=fundamental","pubTime":"2023-01-15 18:00","market":"us","language":"zh","title":"With the earnings release period approaching again, is Nvidia's worries only getting worse?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134981435","media":"美股研究社","summary":"英伟达公布的第三季度业绩喜忧参半，并计划于2023年2月22日公布其23财年第四季度财务业绩。第三季度收入降至59.3亿美元，新的出口管制措施和挥之不去的供应链中断给它的营收带来了压力，我预计这些逆风","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The company reported mixed third-quarter results and plans to announce its fourth-quarter financial results for fiscal year 2023 on February 22, 2023. Revenue fell to $5.93 billion in the third quarter as new export controls and lingering supply chain disruptions put pressure on its revenue, and I expect these headwinds to continue into the fourth quarter.</p><p>In addition, game revenue decreased by 51% compared to the same period last year. This may be related to cryptocurrency headwinds, which I expect to continue into another headwind in 2023.</p><p>Finally, profits were also dragged down by high inflation, increased salary costs, growing headcount, and increased infrastructure spending. On the positive side, the negative impact of the aforementioned headwinds has been partially offset by higher demand from cloud providers and the automotive industry. In particular, the automotive business performed very well, with revenue increasing by 86% year-on-year.</p><p>Overall, I think Nvidia's outlook is quite uncertain, and I don't expect Nvidia to see much of a recovery in the fourth quarter. I expect the global PC market to remain weak in the fourth quarter. The global PC market has seen unexpected growth due to the impact of Covid-19.</p><p>With PC demand returning to normal, even if the PC market recovers, as I mentioned in my previous article, Nvidia still has a large amount of inventory to clear first (which may lead to price reductions) and cannot immediately benefit from the recovery.</p><p>These uncertainties are reflected in the significant divergence of analysts' opinions, as shown in the chart below, their consensus estimates. As you can see, 36 analysts have made revenue revisions to Nvidia in the past three months. Of these, 24 were revised downwards and 12 were revised upwards.</p><p><img src=\"https://static.tigerbbs.com/5cce9afacd5cf6b8961c75263287988c\" tg-width=\"800\" tg-height=\"225\" referrerpolicy=\"no-referrer\"/></p><p>Source: Seeking Alpha data</p><p><b>01</b></p><p><b>Nvidia's historical performance and return drivers</b></p><p>Despite the significant correction this year, Nvidia investors who have held the stock for the past five years have still reaped substantial returns, as shown in the chart below. Even though about half of its cumulative earnings evaporated during 2022, Nvidia investors still achieved a total return of 187% over the past five years, equivalent to a compound annual growth rate of 23.5%, which is more than double the overall return of the technology industry.</p><p><img src=\"https://static.tigerbbs.com/5e7dd20b4193f62fed04057cacdf2b4c\" tg-width=\"800\" tg-height=\"493\" referrerpolicy=\"no-referrer\"/></p><p>Source: Seeking Alpha data</p><p>Looking deeper, the potential drivers are mainly profit growth and P/E expansion. Over the past five years, Nvidia's profits have grown at a compound annual growth rate of 14.7%, from $3 billion five years ago to $6 billion now.</p><p>On an earnings per share basis, stock dilution offset some of the profit growth. As shown at the bottom of the chart, Nvidia's number of outstanding shares has climbed slightly from 2.42 billion in 2018 to 2.53 billion currently, equivalent to an annualized dilution rate of 0.7%. As a result, its earnings per share grew at a CAGR of approximately 14.0%. Then, valuation expansion does the rest, contributing 9.47% to total returns annually, as shown in Figure 2 below.</p><p>The next question is: Will the above continue in the next 5 years?</p><p>In the remainder of this article, you will see that my answer is twofold. I expect earnings per share growth to remain in the teens. However, I expect P/E to contract rather than expand, thus offsetting a large portion of the earnings per share growth.</p><p><img src=\"https://static.tigerbbs.com/ffa0bfcf52d50f85f9f1c264a31966eb\" tg-width=\"800\" tg-height=\"503\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><img src=\"https://static.tigerbbs.com/4cf4d32325325d0537501bb9c3f20c29\" tg-width=\"800\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><b>02</b></p><p><b>P/E remains at a high level</b></p><p>First, let me explain why I expect its P/E to decline in the coming years. The image below shows<a href=\"https://laohu8.com/S/INTC\">Intel</a>P/E over the past five years, and the P/E of its similarly strong peers AMD (NASDAQ:AMD) and Intel (NASDAQ:INTC). As can be seen, Nvidia's P/E is currently hovering around 67 times, which is not only very high in absolute terms, but also far higher than its peers. In other words, AMD's trading price is only 40.7 times, while Intel's trading price is only 9 times.</p><p>In fact, the recent sharp price adjustment has greatly reduced its valuation risk. The problem is that before the adjustment, its valuation was in such a bubble state (over 100+ P/E) that even though its price was almost halved in 2022, I still see some valuation risks.</p><p>Next, I will say that its profitability is not superior to AMD's, and I find it difficult to justify its huge valuation premium over AMD.</p><p><img src=\"https://static.tigerbbs.com/b77f31026b2c3a5b3134a3f10ff21bcb\" tg-width=\"800\" tg-height=\"509\" referrerpolicy=\"no-referrer\"/></p><p>Source: Seeking Alpha data</p><p><b>03</b></p><p><b>Profitability and Earnings Per Share Growth Forecast</b></p><p>As we have seen, it is widely predicted that its earnings per share will grow at a compound annual growth rate of 19.3% over the next 5 years. At this rate, earnings per share are expected to more than double from $3.30 in 2023 to $8 by 2027.</p><p><img src=\"https://static.tigerbbs.com/e4143c3bbe8f822a55fca5900f1b6284\" tg-width=\"800\" tg-height=\"303\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p>Readers familiar with my methodology know that I always prefer to form my own estimates based on ROCE (Return on Employed Capital) and Reinvestment Rate (RR). My estimate is a little lower than the general estimate above. Its essence is long-term growth rate, or simply put, ROCE * reinvestment rate.</p><p>Here, I will reference the results directly in the next chart. As we have seen, Nvidia's ROCE has remained around 60% on average in recent years. The chart also shows AMD's ROCE, which currently averages 49%. Therefore, some of Nvidia's valuations are certainly reasonable, as its ROCE is about 20% higher than AMD's. But I think the 70% premium for P/E is too high (67 times P/E vs. 40 times P/E for AMD).</p><p><img src=\"https://static.tigerbbs.com/7bef2448f744ed9cf50e0beefc0db9f7\" tg-width=\"800\" tg-height=\"464\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p>In recent years, the company's RR has remained around 15%. The CHIPS Act is likely to further increase its RR to the 20% range. This stimulus will be achieved both directly (such as direct subsidies) and indirectly (such as tax credits and meeting their research and development needs by national laboratories and/or universities).</p><p>Based on ROCE and RR, the table below shows my forecast for its growth rate over the next few years. As mentioned earlier, I expect the growth rate to be between 11.5% and 15.5%, slightly lower than the aforementioned general expectation. It should also be noted that in these forecasts, I added a 2.5% inflation factor to the growth rate. The growth rate calculated by ROCE*RR is the real growth rate after adjusting for inflation.</p><p><img src=\"https://static.tigerbbs.com/1916f094d3f01aec5a0604e3da79ce26\" tg-width=\"800\" tg-height=\"320\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><b>04</b></p><p><b>Return potential over the next 5 years</b></p><p>The chart below summarizes all of the above and summarizes my return projections for the next five years. Here are some key comments:</p><p>1. My forecast adopts the generally expected earnings per share growth rate of 19.3%. As mentioned earlier, it is the radical side.</p><p>2. My prediction is based on the assumption that P/E will shrink to 40 times. As mentioned earlier, I believe that Nvidia's current 67-fold P/E is difficult to justify, while a 40-fold P/E is still quite high. From a broader perspective, the semiconductor industry, represented by SMH, has an average P/E of about 20 times, as does the overall technology industry, represented by QQQ. Such a contraction in P/E will offset the 11.1% earnings per share growth.</p><p>3. Overall, I predict that the total return potential over the next 5 years will be in the range of 8%.</p><p><img src=\"https://static.tigerbbs.com/e51aad3288754ad55ef0e13df49781bf\" tg-width=\"800\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><b>06</b></p><p><b>Risks and final thoughts</b></p><p>In short, I believe Nvidia will face many uncertainties in the near future. These headwinds include recently implemented export controls, lingering supply chain disruptions, slowing game revenue, cryptocurrency headwinds, and the overall recovery of the global PC market. These are issues I am particularly focused on in my upcoming fourth-quarter earnings report.</p><p>On the positive side, this business will take full advantage of the strong long-term growth curve of the chip industry. Sometimes it is easier to predict long-term returns than short-term returns. The business boasts strong ROCE and sustainable reinvestment rates, and will be further boosted by the CHIPS Act in the coming years. Therefore, I wouldn't be surprised if earnings per share grew rapidly between 15% and 20%.</p><p>In summary, I expect Nvidia's annual return to reach single digits over the next five years. The recent sharp price correction has significantly reduced its valuation risk (from 100+ P/E to the current 67 times). But in my opinion, a P/E of 67 times is still quite high. Moreover, I do expect some contraction in P/E over the next few years, which will offset a large portion of Nvidia's earnings per share growth.</p><p></body></html></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>With the earnings release period approaching again, is Nvidia's worries only getting worse?</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 the earnings release period approaching again, is Nvidia's worries only getting worse?\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美股研究社 </p>\n<p class=\"h-time smaller\">2023-01-15 18:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The company reported mixed third-quarter results and plans to announce its fourth-quarter financial results for fiscal year 2023 on February 22, 2023. Revenue fell to $5.93 billion in the third quarter as new export controls and lingering supply chain disruptions put pressure on its revenue, and I expect these headwinds to continue into the fourth quarter.</p><p>In addition, game revenue decreased by 51% compared to the same period last year. This may be related to cryptocurrency headwinds, which I expect to continue into another headwind in 2023.</p><p>Finally, profits were also dragged down by high inflation, increased salary costs, growing headcount, and increased infrastructure spending. On the positive side, the negative impact of the aforementioned headwinds has been partially offset by higher demand from cloud providers and the automotive industry. In particular, the automotive business performed very well, with revenue increasing by 86% year-on-year.</p><p>Overall, I think Nvidia's outlook is quite uncertain, and I don't expect Nvidia to see much of a recovery in the fourth quarter. I expect the global PC market to remain weak in the fourth quarter. The global PC market has seen unexpected growth due to the impact of Covid-19.</p><p>With PC demand returning to normal, even if the PC market recovers, as I mentioned in my previous article, Nvidia still has a large amount of inventory to clear first (which may lead to price reductions) and cannot immediately benefit from the recovery.</p><p>These uncertainties are reflected in the significant divergence of analysts' opinions, as shown in the chart below, their consensus estimates. As you can see, 36 analysts have made revenue revisions to Nvidia in the past three months. Of these, 24 were revised downwards and 12 were revised upwards.</p><p><img src=\"https://static.tigerbbs.com/5cce9afacd5cf6b8961c75263287988c\" tg-width=\"800\" tg-height=\"225\" referrerpolicy=\"no-referrer\"/></p><p>Source: Seeking Alpha data</p><p><b>01</b></p><p><b>Nvidia's historical performance and return drivers</b></p><p>Despite the significant correction this year, Nvidia investors who have held the stock for the past five years have still reaped substantial returns, as shown in the chart below. Even though about half of its cumulative earnings evaporated during 2022, Nvidia investors still achieved a total return of 187% over the past five years, equivalent to a compound annual growth rate of 23.5%, which is more than double the overall return of the technology industry.</p><p><img src=\"https://static.tigerbbs.com/5e7dd20b4193f62fed04057cacdf2b4c\" tg-width=\"800\" tg-height=\"493\" referrerpolicy=\"no-referrer\"/></p><p>Source: Seeking Alpha data</p><p>Looking deeper, the potential drivers are mainly profit growth and P/E expansion. Over the past five years, Nvidia's profits have grown at a compound annual growth rate of 14.7%, from $3 billion five years ago to $6 billion now.</p><p>On an earnings per share basis, stock dilution offset some of the profit growth. As shown at the bottom of the chart, Nvidia's number of outstanding shares has climbed slightly from 2.42 billion in 2018 to 2.53 billion currently, equivalent to an annualized dilution rate of 0.7%. As a result, its earnings per share grew at a CAGR of approximately 14.0%. Then, valuation expansion does the rest, contributing 9.47% to total returns annually, as shown in Figure 2 below.</p><p>The next question is: Will the above continue in the next 5 years?</p><p>In the remainder of this article, you will see that my answer is twofold. I expect earnings per share growth to remain in the teens. However, I expect P/E to contract rather than expand, thus offsetting a large portion of the earnings per share growth.</p><p><img src=\"https://static.tigerbbs.com/ffa0bfcf52d50f85f9f1c264a31966eb\" tg-width=\"800\" tg-height=\"503\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><img src=\"https://static.tigerbbs.com/4cf4d32325325d0537501bb9c3f20c29\" tg-width=\"800\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><b>02</b></p><p><b>P/E remains at a high level</b></p><p>First, let me explain why I expect its P/E to decline in the coming years. The image below shows<a href=\"https://laohu8.com/S/INTC\">Intel</a>P/E over the past five years, and the P/E of its similarly strong peers AMD (NASDAQ:AMD) and Intel (NASDAQ:INTC). As can be seen, Nvidia's P/E is currently hovering around 67 times, which is not only very high in absolute terms, but also far higher than its peers. In other words, AMD's trading price is only 40.7 times, while Intel's trading price is only 9 times.</p><p>In fact, the recent sharp price adjustment has greatly reduced its valuation risk. The problem is that before the adjustment, its valuation was in such a bubble state (over 100+ P/E) that even though its price was almost halved in 2022, I still see some valuation risks.</p><p>Next, I will say that its profitability is not superior to AMD's, and I find it difficult to justify its huge valuation premium over AMD.</p><p><img src=\"https://static.tigerbbs.com/b77f31026b2c3a5b3134a3f10ff21bcb\" tg-width=\"800\" tg-height=\"509\" referrerpolicy=\"no-referrer\"/></p><p>Source: Seeking Alpha data</p><p><b>03</b></p><p><b>Profitability and Earnings Per Share Growth Forecast</b></p><p>As we have seen, it is widely predicted that its earnings per share will grow at a compound annual growth rate of 19.3% over the next 5 years. At this rate, earnings per share are expected to more than double from $3.30 in 2023 to $8 by 2027.</p><p><img src=\"https://static.tigerbbs.com/e4143c3bbe8f822a55fca5900f1b6284\" tg-width=\"800\" tg-height=\"303\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p>Readers familiar with my methodology know that I always prefer to form my own estimates based on ROCE (Return on Employed Capital) and Reinvestment Rate (RR). My estimate is a little lower than the general estimate above. Its essence is long-term growth rate, or simply put, ROCE * reinvestment rate.</p><p>Here, I will reference the results directly in the next chart. As we have seen, Nvidia's ROCE has remained around 60% on average in recent years. The chart also shows AMD's ROCE, which currently averages 49%. Therefore, some of Nvidia's valuations are certainly reasonable, as its ROCE is about 20% higher than AMD's. But I think the 70% premium for P/E is too high (67 times P/E vs. 40 times P/E for AMD).</p><p><img src=\"https://static.tigerbbs.com/7bef2448f744ed9cf50e0beefc0db9f7\" tg-width=\"800\" tg-height=\"464\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p>In recent years, the company's RR has remained around 15%. The CHIPS Act is likely to further increase its RR to the 20% range. This stimulus will be achieved both directly (such as direct subsidies) and indirectly (such as tax credits and meeting their research and development needs by national laboratories and/or universities).</p><p>Based on ROCE and RR, the table below shows my forecast for its growth rate over the next few years. As mentioned earlier, I expect the growth rate to be between 11.5% and 15.5%, slightly lower than the aforementioned general expectation. It should also be noted that in these forecasts, I added a 2.5% inflation factor to the growth rate. The growth rate calculated by ROCE*RR is the real growth rate after adjusting for inflation.</p><p><img src=\"https://static.tigerbbs.com/1916f094d3f01aec5a0604e3da79ce26\" tg-width=\"800\" tg-height=\"320\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><b>04</b></p><p><b>Return potential over the next 5 years</b></p><p>The chart below summarizes all of the above and summarizes my return projections for the next five years. Here are some key comments:</p><p>1. My forecast adopts the generally expected earnings per share growth rate of 19.3%. As mentioned earlier, it is the radical side.</p><p>2. My prediction is based on the assumption that P/E will shrink to 40 times. As mentioned earlier, I believe that Nvidia's current 67-fold P/E is difficult to justify, while a 40-fold P/E is still quite high. From a broader perspective, the semiconductor industry, represented by SMH, has an average P/E of about 20 times, as does the overall technology industry, represented by QQQ. Such a contraction in P/E will offset the 11.1% earnings per share growth.</p><p>3. Overall, I predict that the total return potential over the next 5 years will be in the range of 8%.</p><p><img src=\"https://static.tigerbbs.com/e51aad3288754ad55ef0e13df49781bf\" tg-width=\"800\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/></p><p>Source: Author based on Seeking Alpha data</p><p><b>06</b></p><p><b>Risks and final thoughts</b></p><p>In short, I believe Nvidia will face many uncertainties in the near future. These headwinds include recently implemented export controls, lingering supply chain disruptions, slowing game revenue, cryptocurrency headwinds, and the overall recovery of the global PC market. These are issues I am particularly focused on in my upcoming fourth-quarter earnings report.</p><p>On the positive side, this business will take full advantage of the strong long-term growth curve of the chip industry. Sometimes it is easier to predict long-term returns than short-term returns. The business boasts strong ROCE and sustainable reinvestment rates, and will be further boosted by the CHIPS Act in the coming years. Therefore, I wouldn't be surprised if earnings per share grew rapidly between 15% and 20%.</p><p>In summary, I expect Nvidia's annual return to reach single digits over the next five years. The recent sharp price correction has significantly reduced its valuation risk (from 100+ P/E to the current 67 times). But in my opinion, a P/E of 67 times is still quite high. Moreover, I do expect some contraction in P/E over the next few years, which will offset a large portion of Nvidia's earnings per share growth.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/228bba2b767cdc535690060c2aa243be","relate_stocks":{"NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134981435","content_text":"英伟达公布的第三季度业绩喜忧参半，并计划于2023年2月22日公布其23财年第四季度财务业绩。第三季度收入降至59.3亿美元，新的出口管制措施和挥之不去的供应链中断给它的营收带来了压力，我预计这些逆风将持续到第四季度。此外，游戏收入较上年同期下降了51%。这可能与加密货币逆风有关，我预计将持续到2023年的另一个逆风。最后，利润也受到高通胀、薪酬支出增加、员工人数增长以及基础设施支出增加的拖累。从好的方面来看，上述不利因素带来的负面影响被云提供商和汽车行业的更高需求部分抵消了。特别是汽车业务表现非常好，收入同比增长86%。总体而言，我认为英伟达的前景相当不确定，预计第四季度英伟达不会有太大的复苏。我预计第四季度全球个人电脑市场将继续疲软。受Covid-19的影响，全球PC市场出现了意想不到的增长。PC需求重新正常化，即使PC市场复苏，正如我之前的文章所述，英伟达也有大量库存需要首先清理(可能会降价)，而且无法立即从复苏中受益。这些不确定性反映在分析师意见的巨大分歧上，如下图所示，他们的共识估计。如你所见，在过去三个月里，共有36位分析师对英伟达进行了营收修正。其中24个向下修正，12个向上修正。Source: Seeking Alpha data01英伟达历史业绩和回报驱动因素尽管今年出现了大幅调整，但在过去5年里一直持有该股票的英伟达投资者仍获得了丰厚的回报，如下图所示。即使在2022年期间累计收益蒸发了约一半，但英伟达投资者在过去5年里仍然获得了187%的总回报，折合成年复合年增长率为23.5%，是科技行业整体回报率的两倍多。Source: Seeking Alpha data更深入地看，潜在的驱动因素主要是利润增长和市盈率扩张。在过去的5年里，英伟达的利润以14.7%的复合年增长率增长，从5年前的30亿美元增长到现在的60亿美元。按每股收益计算，股票稀释抵消了部分利润增长。如图表底部所示，英伟达的流通股数量从2018年的24.2亿股小幅攀升至目前的25.3亿股，折合成年稀释率为0.7%。因此，其每股收益的复合年增长率约为14.0%。然后，估值扩张完成了剩下的工作，每年为总回报贡献9.47%，如下图2所示。下一个问题是:上述这些会在未来5年继续保持下去吗?在本文的剩余部分，您将看到我的答案是双重的。我预计每股收益的增长将保持在十几位数左右。然而，我预计市盈率将会收缩，而不是扩大，因此抵消了很大一部分每股收益的增长。Source: Author based on Seeking Alpha dataSource: Author based on Seeking Alpha data02市盈率依然处于高位首先让我解释一下为什么我预计它的市盈率在未来几年将会下降。下图展示了英特尔过去5年的市盈率，以及与其实力相近的同行AMD(NASDAQ:AMD)和英特尔(NASDAQ:INTC)的市盈率。可以看到，英伟达的市盈率目前徘徊在67倍左右，不仅在绝对意义上很高，而且远高于同行。也就是说，AMD的交易价格仅为40.7倍，而英特尔的交易价格仅为9倍。事实上，最近的大幅价格调整大大降低了其估值风险。但问题是，在调整之前，它的估值处于这样一个泡沫状态(超过100+市盈率)，即使在2022年它的价格几乎减半，我仍然看到一些估值风险。接下来，我还会说，它的盈利能力并不比AMD优越，而且我发现它相对于AMD的巨大估值溢价很难证明是合理的。Source: Seeking Alpha data03盈利能力和每股收益增长预测正如我们所看到的，普遍预测其每股收益在未来5年的复合年增长率为19.3%。按照这个速度，预计每股收益将比2023年的3.3美元增加一倍多，到2027年达到8美元。Source: Author based on Seeking Alpha data熟悉我的方法的读者知道，我总是喜欢根据ROCE(已动用资本回报率)和再投资率(RR)来形成我自己的估计。我的估计比上面的普遍估计要低一些。其本质是长期增长率,简单地说就是ROCE *再投资率。在这里，我将直接在下一张图表中引用结果。如我们所见，近年来，英伟达的ROCE平均保持在60%左右。该图表还显示了AMD的ROCE，其目前的ROCE平均为49%。因此，英伟达的一些估值肯定是合理的，因为它的ROCE比AMD高出20%左右。但我认为70%的市盈率溢价太高了(67倍的市盈率vs AMD的40倍的市盈率)。Source: Author based on Seeking Alpha data近年来，该公司的RR一直保持在15%左右。CHIPS法案很可能会进一步将其RR提高到20%的范围。这种刺激将以直接方式(如直接补贴)和间接方式(如税收抵免和由国家实验室和/或大学满足其研发需求)来实现。根据ROCE和RR，下表显示了我对其未来几年增长率的预测。如前所述，我预计增长率将在11.5%至15.5%之间，略低于上述普遍预期。还要注意的是，在这些预测中，我在增长率中添加了2.5%的通胀因素。ROCE*RR计算的增长率是剔除通货膨胀后的实际增长率。Source: Author based on Seeking Alpha data04未来5年的回报潜力下面的图表汇总了上述所有部分，并总结了我对未来五年的回报预测。以下是一些关键的评论:1.我的预测采用了普遍预期的19.3%的每股收益增长率。正如刚才提到的，它是激进的一面。2.我的预测是基于市盈率收缩至40倍的假设。如前所述，我认为英伟达目前67倍的市盈率很难证明其合理性，40倍的市盈率仍然相当高。从更广泛的角度来看，以SMH为代表的半导体行业的平均市盈率约为20倍，以QQQ为代表的整体科技行业也是如此。这样的市盈率收缩将抵消11.1%的每股收益增长。3.总的来说，我预测未来5年的总回报潜力在8%的范围内。Source: Author based on Seeking Alpha data06风险和最后的想法总之，我认为在不久的将来，英伟达将面临许多不确定性。这些不利因素包括最近实施的出口管制、挥之不去的供应链中断、游戏收入放缓、加密货币不利因素以及全球PC市场的整体复苏。这些是我在即将到来的第四季度收益报告中特别关注的问题。从积极的方面来看，该业务将充分利用芯片行业强劲的长期增长曲线。有时候，预测长期收益比预测短期收益更容易。该业务拥有强劲的ROCE和可持续的再投资率，并在未来几年受到CHIPS法案的进一步推动。因此，如果每股收益的快速增长在15%到20%之间，我不会感到惊讶。总之，我预计未来5年英伟达的年回报率将达到个位数以上。最近的大幅价格调整大幅降低了其估值风险(从100+市盈率降至目前的67倍)。但在我看来，67倍的市盈率仍相当高。而且我确实预计未来几年市盈率会出现一些收缩，这将抵消英伟达每股收益增长的很大一部分。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966764734,"gmtCreate":1669649196829,"gmtModify":1676538218586,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581665781703479","idStr":"3581665781703479"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9966764734","repostId":"1108660263","repostType":4,"repost":{"id":"1108660263","kind":"news","pubTimestamp":1669649163,"share":"https://ttm.financial/m/news/1108660263?lang=en_US&edition=fundamental","pubTime":"2022-11-28 23:26","market":"hk","language":"zh","title":"Under the pressure of industry competition, how many cards does Bilibili still have to play?","url":"https://stock-news.laohu8.com/highlight/detail?id=1108660263","media":"老虎资讯综合","summary":"哔哩哔哩的用户参与度指标和收入继续增加。然而，增长是伴随着急剧的损失，而且没有什么改善的迹象。相对不友好的监管环境和激烈的竞争可能使哔哩哔哩的盈利之路成为一场艰苦的战斗。由阿里巴巴和腾讯支持的视频平台","content":"<p><html><head></head><body>Bilibili's user engagement metrics and revenue continue to increase.</p><p>However, growth has been accompanied by sharp losses, and there is little sign of improvement.</p><p>A relatively unfriendly regulatory environment and fierce competition could make Bilibili's path to profitability an uphill battle.</p><p><img src=\"https://static.tigerbbs.com/2e4d7957cbf095493e57eea867540a19\" tg-width=\"1012\" tg-height=\"570\" referrerpolicy=\"no-referrer\"/>Bilibili, a video platform backed by Alibaba and Tencent, appears to be achieving its goal of expanding and enriching its user base. However, losses continue to swell, and with the regulatory environment shifting in favor of outdoor games and sports, coupled with extremely fierce competition, the company's path to profitability may be a difficult one.</p><p><b>Rapid growth in revenue, MAU, and engagement</b></p><p>In the second quarter of 2022, Bilibili's net revenue increased by 9% year-on-year to RMB 4.9 billion. All sectors except mobile games reported strong growth; Bilibili's largest source of revenue—value-added services (including premium subscription services that provide exclusive access to premium content)—saw revenue grow by 29% year-on-year to RMB 2.1 billion. Advertising revenue increased by 10% year-on-year to RMB 1.1 billion.</p><p>E-commerce and other revenue increased by 4% year-on-year to 600 million yuan; Mobile game revenue decreased by 15% year-on-year to RMB 1 billion due to the freeze on game license approvals in July 2021.<img src=\"https://static.tigerbbs.com/894cb0308a83fa4472426c259c1df764\" tg-width=\"640\" tg-height=\"251\" referrerpolicy=\"no-referrer\"/>Bilibili Q2 2022 quarterly report</p><p>In the second quarter of 2022, MAUs (monthly active users) reached a record 306 million, a year-on-year increase of 29%, while the platform's average monthly content submissions totaled 13.2 million, a year-on-year increase of 56%, from 3.6 million monthly active content creators, a year-on-year increase of 50%. Average monthly paying users (MPU) increased by 32% year-on-year to 27.5 million.</p><p>As of the second quarter of 2022, Bilibili users spent 89 minutes per day on the platform (an increase of 9 minutes compared to the same period last year), which is higher than the engagement of Youtube users (who spent approximately 74 minutes per day).</p><p>Looking ahead, Bilibili continues to focus on its strategy to drive future growth.</p><p><b>Digital ad spend opportunities usher in opportunities</b></p><p>Bilibili aims to grow its MAU to 400 million by 2023 (considering that its domestic short video competitor Douban has about 715 million MAU, while the global video giant Youtube has about 2.6 billion MAU, there is ample room for growth).</p><p>To this end, the company is expanding its content offerings to meet the needs of the elderly population. Original content (known as OGV or career-generating videos), including documentaries and educational content, has helped increase the popularity of the Bilibili platform beyond its core ACG (anime, comics, games) audience, which in turn has opened up opportunities for monetization, particularly through advertising (especially OGV getting the most expensive ads).</p><p>Digital advertising spending in Bilibili's market is expected to grow by about 10% in the next few years. As the only medium- to long-form video platform with a large amount of user-generated content, Bilibili is expected to account for a portion of digital advertising spending.</p><p><img src=\"https://static.tigerbbs.com/ee35377054d08845662637d21e3cf9b6\" tg-width=\"462\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/>China.com</p><p><b>International expansion</b></p><p>Bilibili has been expanding overseas, seemingly starting in Southeast Asia, which is not surprising given the region's large Chinese-speaking diaspora (more than 80% of the world's approximately 50 million overseas Chinese live in Southeast Asia).</p><p>In December 2020, Bilibili launched localized operations in Thailand and Malaysia. In 2022, the company continued to strengthen its recruitment efforts in other Southeast Asian countries, including Vietnam, Indonesia, and the Philippines.</p><p><b>Risks and Challenges</b></p><p>Since its inception, Bilibili has never been profitable, and while the company has grown rapidly, its losses have also been expanding.</p><p><img src=\"https://static.tigerbbs.com/6c3a2a512a49107462ad35c6b72b2e97\" tg-width=\"596\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/>Author</p><p>Profit margins are also basically trending horizontally.<img src=\"https://static.tigerbbs.com/19ef7549df03d83441d0f6aa6077fc0b\" tg-width=\"606\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/>Author</p><p>However, if domestic competitors like iQiyi have anything to learn from, Bilibili's heavy investment in original content may help attract a larger audience. Such strategies can lead to huge losses and serious cash drains, especially in emerging markets where consumers have lower purchasing power.</p><p>Rising content development costs, coupled with Bilibili's marketing and user acquisition costs in its international expansion (so far primarily concentrated in emerging markets in Southeast Asia), suggest that Bilibili may remain unprofitable for the foreseeable future.</p><p><b>The recently reinstated game restrictions have provided temporary relief, but the long-term trajectory appears weak.</b></p><p>Bilibili's mobile games division has been largely hit by the tech industry, which suspended the approval of game licenses. However, the resumption of license approvals this year is a near-term relief for gaming companies like Bilibili, but the long-term outlook does not seem optimistic.</p><p>The number of licenses approved has been steadily declining over the years.</p><p><img src=\"https://static.tigerbbs.com/cb596ffd15b61ddfb39ec441dfc1a28b\" tg-width=\"620\" tg-height=\"349\" referrerpolicy=\"no-referrer\"/>Statesman</p><p>Now, more emphasis is placed on encouraging their citizens to engage in physical games rather than virtual, i.e., online games.</p><p>More time is spent playing outdoor games than indoor games, indicating a soft outlook for the country's video game space. This could also mean less time spent watching videos in general, which could also hurt advertising revenue.</p><p><b>Advertising budgets are affected by recent macro challenges</b></p><p>Macroeconomic headwinds can limit advertising budgets, which in turn may affect advertising revenue. Although Bilibili's advertising division has bucked the trend so far, this performance may slow or even reverse as the economy deteriorates. Due to the severe situation in the global digital media advertising market, global media giants have announced weak results. Google (GOOG, GOOGL) reported weaker-than-expected earnings and revenue, mainly due to weaker-than-expected YouTube advertising revenue, which grew by only 14% (compared to the expected 25% growth).</p><p>Meanwhile, Tencent's revenue has declined for two consecutive quarters, mainly due to weak advertising revenue (social advertising declined by 5% year-on-year in the third quarter of 2022, and video advertising declined by 26% year-on-year).</p><p><b>Fierce competition</b></p><p>In the long run, fierce competition will hinder growth prospects; There are plenty of ad-supported online video platforms, ranging from those offering original video content (such as Youku, Tencent Video, iQiyi (IQ), and global video streaming giant Netflix, which launched an ad-supported tier this month) to those offering user-generated content (including medium- and long-form video platforms such as Youtube, Xigua Video, and Bilibi, as well as Kugou (OTCPK.KUASF) and Douban, and internationally, TikTok).</p><p><b>sum up</b></p><p>The blow to the tech industry has affected game revenue, and Bilibili has had a difficult year. The resumption of mobile game licensing approvals may provide relief in the short term, but video game licensing approvals have been on a downward trend over the past few years.</p><p>With the government aiming to encourage outdoor rather than virtual gaming, the gaming industry may face growth headwinds. Meanwhile, as companies cut advertising budgets, macro challenges may impact advertising revenue.</p><p>In the long run, Bilibili is expanding its user base, which may help increase advertising revenue. However, increased content development costs as part of its attempt to diversify its user base, as well as increased user acquisition costs as part of its international growth ambitions, indicate that the company may continue to be unprofitable for the foreseeable future. In addition, fierce competition may further challenge the company's ability to achieve profitability.</p><p>Bilibili's stock price has fallen by nearly 80% this year, reaching its lowest level since 2019. However, due to macroeconomic trends and uncertain earnings prospects, recent conditions are challenging, and investors should choose to wait and see.</p><p>Analysts are generally bullish on the stock.</p><p><img src=\"https://static.tigerbbs.com/0a2d67ed3cc25b02bd3e4436bf6d58be\" tg-width=\"528\" tg-height=\"266\" referrerpolicy=\"no-referrer\"/>WSJ</p><p></body></html></p>","source":"mgyjs","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>Under the pressure of industry competition, how many cards does Bilibili still have to play?</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\">\nUnder the pressure of industry competition, how many cards does Bilibili still have to play?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">老虎资讯综合</strong><span class=\"h-time small\">2022-11-28 23:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Bilibili's user engagement metrics and revenue continue to increase.</p><p>However, growth has been accompanied by sharp losses, and there is little sign of improvement.</p><p>A relatively unfriendly regulatory environment and fierce competition could make Bilibili's path to profitability an uphill battle.</p><p><img src=\"https://static.tigerbbs.com/2e4d7957cbf095493e57eea867540a19\" tg-width=\"1012\" tg-height=\"570\" referrerpolicy=\"no-referrer\"/>Bilibili, a video platform backed by Alibaba and Tencent, appears to be achieving its goal of expanding and enriching its user base. However, losses continue to swell, and with the regulatory environment shifting in favor of outdoor games and sports, coupled with extremely fierce competition, the company's path to profitability may be a difficult one.</p><p><b>Rapid growth in revenue, MAU, and engagement</b></p><p>In the second quarter of 2022, Bilibili's net revenue increased by 9% year-on-year to RMB 4.9 billion. All sectors except mobile games reported strong growth; Bilibili's largest source of revenue—value-added services (including premium subscription services that provide exclusive access to premium content)—saw revenue grow by 29% year-on-year to RMB 2.1 billion. Advertising revenue increased by 10% year-on-year to RMB 1.1 billion.</p><p>E-commerce and other revenue increased by 4% year-on-year to 600 million yuan; Mobile game revenue decreased by 15% year-on-year to RMB 1 billion due to the freeze on game license approvals in July 2021.<img src=\"https://static.tigerbbs.com/894cb0308a83fa4472426c259c1df764\" tg-width=\"640\" tg-height=\"251\" referrerpolicy=\"no-referrer\"/>Bilibili Q2 2022 quarterly report</p><p>In the second quarter of 2022, MAUs (monthly active users) reached a record 306 million, a year-on-year increase of 29%, while the platform's average monthly content submissions totaled 13.2 million, a year-on-year increase of 56%, from 3.6 million monthly active content creators, a year-on-year increase of 50%. Average monthly paying users (MPU) increased by 32% year-on-year to 27.5 million.</p><p>As of the second quarter of 2022, Bilibili users spent 89 minutes per day on the platform (an increase of 9 minutes compared to the same period last year), which is higher than the engagement of Youtube users (who spent approximately 74 minutes per day).</p><p>Looking ahead, Bilibili continues to focus on its strategy to drive future growth.</p><p><b>Digital ad spend opportunities usher in opportunities</b></p><p>Bilibili aims to grow its MAU to 400 million by 2023 (considering that its domestic short video competitor Douban has about 715 million MAU, while the global video giant Youtube has about 2.6 billion MAU, there is ample room for growth).</p><p>To this end, the company is expanding its content offerings to meet the needs of the elderly population. Original content (known as OGV or career-generating videos), including documentaries and educational content, has helped increase the popularity of the Bilibili platform beyond its core ACG (anime, comics, games) audience, which in turn has opened up opportunities for monetization, particularly through advertising (especially OGV getting the most expensive ads).</p><p>Digital advertising spending in Bilibili's market is expected to grow by about 10% in the next few years. As the only medium- to long-form video platform with a large amount of user-generated content, Bilibili is expected to account for a portion of digital advertising spending.</p><p><img src=\"https://static.tigerbbs.com/ee35377054d08845662637d21e3cf9b6\" tg-width=\"462\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/>China.com</p><p><b>International expansion</b></p><p>Bilibili has been expanding overseas, seemingly starting in Southeast Asia, which is not surprising given the region's large Chinese-speaking diaspora (more than 80% of the world's approximately 50 million overseas Chinese live in Southeast Asia).</p><p>In December 2020, Bilibili launched localized operations in Thailand and Malaysia. In 2022, the company continued to strengthen its recruitment efforts in other Southeast Asian countries, including Vietnam, Indonesia, and the Philippines.</p><p><b>Risks and Challenges</b></p><p>Since its inception, Bilibili has never been profitable, and while the company has grown rapidly, its losses have also been expanding.</p><p><img src=\"https://static.tigerbbs.com/6c3a2a512a49107462ad35c6b72b2e97\" tg-width=\"596\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/>Author</p><p>Profit margins are also basically trending horizontally.<img src=\"https://static.tigerbbs.com/19ef7549df03d83441d0f6aa6077fc0b\" tg-width=\"606\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/>Author</p><p>However, if domestic competitors like iQiyi have anything to learn from, Bilibili's heavy investment in original content may help attract a larger audience. Such strategies can lead to huge losses and serious cash drains, especially in emerging markets where consumers have lower purchasing power.</p><p>Rising content development costs, coupled with Bilibili's marketing and user acquisition costs in its international expansion (so far primarily concentrated in emerging markets in Southeast Asia), suggest that Bilibili may remain unprofitable for the foreseeable future.</p><p><b>The recently reinstated game restrictions have provided temporary relief, but the long-term trajectory appears weak.</b></p><p>Bilibili's mobile games division has been largely hit by the tech industry, which suspended the approval of game licenses. However, the resumption of license approvals this year is a near-term relief for gaming companies like Bilibili, but the long-term outlook does not seem optimistic.</p><p>The number of licenses approved has been steadily declining over the years.</p><p><img src=\"https://static.tigerbbs.com/cb596ffd15b61ddfb39ec441dfc1a28b\" tg-width=\"620\" tg-height=\"349\" referrerpolicy=\"no-referrer\"/>Statesman</p><p>Now, more emphasis is placed on encouraging their citizens to engage in physical games rather than virtual, i.e., online games.</p><p>More time is spent playing outdoor games than indoor games, indicating a soft outlook for the country's video game space. This could also mean less time spent watching videos in general, which could also hurt advertising revenue.</p><p><b>Advertising budgets are affected by recent macro challenges</b></p><p>Macroeconomic headwinds can limit advertising budgets, which in turn may affect advertising revenue. Although Bilibili's advertising division has bucked the trend so far, this performance may slow or even reverse as the economy deteriorates. Due to the severe situation in the global digital media advertising market, global media giants have announced weak results. Google (GOOG, GOOGL) reported weaker-than-expected earnings and revenue, mainly due to weaker-than-expected YouTube advertising revenue, which grew by only 14% (compared to the expected 25% growth).</p><p>Meanwhile, Tencent's revenue has declined for two consecutive quarters, mainly due to weak advertising revenue (social advertising declined by 5% year-on-year in the third quarter of 2022, and video advertising declined by 26% year-on-year).</p><p><b>Fierce competition</b></p><p>In the long run, fierce competition will hinder growth prospects; There are plenty of ad-supported online video platforms, ranging from those offering original video content (such as Youku, Tencent Video, iQiyi (IQ), and global video streaming giant Netflix, which launched an ad-supported tier this month) to those offering user-generated content (including medium- and long-form video platforms such as Youtube, Xigua Video, and Bilibi, as well as Kugou (OTCPK.KUASF) and Douban, and internationally, TikTok).</p><p><b>sum up</b></p><p>The blow to the tech industry has affected game revenue, and Bilibili has had a difficult year. The resumption of mobile game licensing approvals may provide relief in the short term, but video game licensing approvals have been on a downward trend over the past few years.</p><p>With the government aiming to encourage outdoor rather than virtual gaming, the gaming industry may face growth headwinds. Meanwhile, as companies cut advertising budgets, macro challenges may impact advertising revenue.</p><p>In the long run, Bilibili is expanding its user base, which may help increase advertising revenue. However, increased content development costs as part of its attempt to diversify its user base, as well as increased user acquisition costs as part of its international growth ambitions, indicate that the company may continue to be unprofitable for the foreseeable future. In addition, fierce competition may further challenge the company's ability to achieve profitability.</p><p>Bilibili's stock price has fallen by nearly 80% this year, reaching its lowest level since 2019. However, due to macroeconomic trends and uncertain earnings prospects, recent conditions are challenging, and investors should choose to wait and see.</p><p>Analysts are generally bullish on the stock.</p><p><img src=\"https://static.tigerbbs.com/0a2d67ed3cc25b02bd3e4436bf6d58be\" tg-width=\"528\" tg-height=\"266\" referrerpolicy=\"no-referrer\"/>WSJ</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/e6GGHLy9Lm_K2wbiXblekQ\">老虎资讯综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2e4d7957cbf095493e57eea867540a19","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"source_url":"https://mp.weixin.qq.com/s/e6GGHLy9Lm_K2wbiXblekQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108660263","content_text":"哔哩哔哩的用户参与度指标和收入继续增加。然而，增长是伴随着急剧的损失，而且没有什么改善的迹象。相对不友好的监管环境和激烈的竞争可能使哔哩哔哩的盈利之路成为一场艰苦的战斗。由阿里巴巴和腾讯支持的视频平台哔哩哔哩，其扩大和丰富用户群的目标似乎正在实现。然而，亏损继续膨胀，随着监管环境向有利于户外游戏和体育的方向变化，加上极其激烈的竞争，该公司的盈利之路可能是一个艰难的过程。收入、MAU和参与度的快速增长2022年第二季度，哔哩哔哩的净收入同比增长9%，达到49亿元人民币。除移动游戏外，所有部门都报告了强劲的增长；哔哩哔哩最大的收入来源——增值服务（包括高级订阅服务，提供对高级内容的独家访问）的收入同比增长29%，达到21亿元人民币；而广告收入同比增长10%，达到11亿元人民币。电子商务和其他收入同比增长4%，达到6亿元人民币；移动游戏收入由于受到2021年7月冻结游戏许可证审批的影响，同比下降15%，达到10亿元人民币。Bilibili Q2 2022 quarterly report2022年第二季度，MAU（月活跃用户）达到创纪录的3.06亿，同比增长29%，而该平台的月平均内容提交总量为1320万，同比增长56%，来自360万月活跃内容创作者，同比增长50%。平均每月付费用户（MPU）同比增长32%，达到2750万。截至2022年第二季度，哔哩哔哩用户每天在平台上花费89分钟（与去年同期相比增加了9分钟），比Youtube用户（每天花费约74分钟）的参与度更高。展望未来，哔哩哔哩继续致力于推动未来增长的战略。数字广告支出机会迎来机会哔哩哔哩的目标是到2023年将MAU增长到4亿（考虑到国内短视频竞争对手豆瓣拥有约7.15亿MAU，而全球视频巨头Youtube拥有约26亿MAU，因此有充足的增长空间）。为此，该公司正在扩大其内容供应，以满足老年群体的需求。原创内容（被称为（OGV或职业生成视频），包括纪录片和教育内容，帮助提高了哔哩哔哩平台在其核心ACG（动漫、漫画、游戏）受众之外的受欢迎程度，而这反过来又打开了货币化的机会，特别是通过广告（尤其是OGV获得最昂贵的广告）。哔哩哔哩所在市场的数字广告支出预计在未来几年将增长10%左右，作为唯一一个拥有大量用户生成内容的中长篇视频平台，而作为唯一拥有大量用户生成内容组合的中长视频平台，哔哩哔哩有望占据部分数字广告支出。Sina.com国际扩张哔哩哔哩一直在向海外扩张，似乎从东南亚开始，考虑到该地区庞大的讲中文的侨民（全球5000万左右的海外华裔中80%以上居住在东南亚），这并不令人意外。2020年12月，哔哩哔哩在泰国和马来西亚启动了本地化运营，2022年，该公司一直在加强在其他东南亚国家的招聘工作，包括越南、印度尼西亚和菲律宾。风险和挑战自成立以来，哔哩哔哩一直没有盈利，公司在快速增长的同时，损失也在不断膨胀。Author利润率也基本上呈横向趋势。Author然而，如果爱奇艺等国内竞争对手有什么可以借鉴的，那么哔哩哔哩对原创内容的大量投资可能有助于吸引更多的观众。这样的策略可能会导致巨大的损失和严重的现金消耗，尤其是在消费者购买力更低的新兴市场。不断上升的内容开发成本加上哔哩哔哩在国际扩张中的营销和用户获取成本（到目前为止主要集中在东南亚的新兴市场）表明哔哩哔哩在可预见的未来可能会继续无利可图。最近恢复的游戏限制提供了暂时的缓解，但长期的发展轨迹似乎很薄弱哔哩哔哩的移动游戏部门在很大程度上受到了科技行业的打击，即暂停对游戏许可证的批准。然而，今年恢复了许可证审批，这对像哔哩哔哩这样的游戏公司来说是一个近期的缓解，但长期前景似乎并不乐观。这些年来，批准的许可证数量一直在稳步下降。Statista现在，更强调鼓励他们的公民从事实体游戏，而不是虚拟的，即网络游戏。更多的时间用于玩户外游戏而不是室内游戏，表明该国的视频游戏空间前景柔和。这也可能意味着花在观看视频上的时间普遍减少，这可能也会损害广告收入。广告预算受到近期宏观挑战的影响宏观逆风会限制广告预算，反过来可能会影响广告收入，虽然哔哩哔哩的广告部门到目前为止已经逆势而上，但随着经济状况的恶化，这种表现可能会减缓甚至逆转。由于全球数字媒体广告市场形势严峻，全球媒体巨头纷纷公布了疲软的业绩；谷歌（GOOG, GOOGL）公布的盈利和收入弱于预期，主要是因为YouTube广告收入比预期的要弱，仅增长14%（预期增长25%）。同时，腾讯的收入已经连续两个季度下降，主要是受广告收入疲软的影响（2022年第三季度社交广告同比下降5%，视频广告同比下滑26%）。激烈的竞争长期来看，激烈的竞争会阻碍增长前景；不乏有广告支持的在线视频平台，从提供原创视频内容的平台（如优酷、腾讯视频、爱奇艺（IQ），以及本月推出广告支持层的全球视频流媒体巨头Netflix）到提供用户生成内容的平台（包括Youtube、西瓜视频和Bilibi等中长篇视频平台，以及酷狗（OTCPK。KUASF）和豆瓣网，以及国际上的TikTok）。总结科技行业的打击影响了游戏收入，哔哩哔哩度过了艰难的一年。移动游戏许可审批的恢复可以在短期内提供缓解，但在过去的几年里，视频游戏许可审批一直处于下降趋势。随着政府旨在鼓励户外游戏而非虚拟游戏，游戏业可能面临增长阻力。同时，随着公司削减广告预算，宏观挑战可能会影响广告收入。长期来看，哔哩哔哩正在扩大其用户群，这可能有助于增加广告收入，但作为其试图使用户群多样化的一部分，其内容开发成本的增加，以及作为其国际增长雄心的一部分，用户获取成本的增加，表明该公司在可预见的未来可能会继续无利可图。此外，激烈的竞争可能进一步挑战该公司实现盈利的能力。哔哩哔哩的股价今年以来下跌了近80%，处于2019年以来的最低水平，但由于宏观风向和不确定的盈利前景，近期条件具有挑战性，投资者应该选择等待和观察。分析师们普遍看好该股。WSJ","news_type":1,"symbols_score_info":{"09626":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}