Soonsoon personal page - To The Moon

Soonsoon

Soonsoon

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2022-09-20

[微笑]

@杨德龙说财经:楊德龍：現在是佈局四季度行情的最佳時間窗口

2022-09-17

[微笑]

Sorry, the original content has been removed

2022-09-13

[微笑]

@澳洲马丁广场:查爾斯國王不必爲女王價值超過7.5億美元的私人財產支付遺產稅--由於一項規則允許資產從一個主權國家傳給另一個主權國家澳大利亞宣佈9月22日爲紀念英國女王伊麗莎白二世逝世的公共假期

2021-07-29

?

Zoom rose more than 6% after receiving a rating upgrade from Keban Capital.

2021-07-06

Omg

JD Logistics shares plunged during trading, now down more than 7%.

2021-07-03

Good

With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?

2021-06-26

Great

Several investment banks have raised their price targets for Nike, with a high of $192.

2021-06-22

Great

Spark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.

2021-06-19

?

Last night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply

2021-06-17

like and comment mine post

Youran Animal Husbandry has an 80% success rate in a single lot, with one lot guaranteed after subscribing to 3 lots.

2021-06-12

Wow

Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.

2021-06-07

Nice

What other good capital stories does Fangduoduo have after it "broke through its defenses"?

Go to Tiger App to see more news

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21:53","market":"other","language":"zh","title":"Zoom rose more than 6% after receiving a rating upgrade from Keban Capital.","url":"https://stock-news.laohu8.com/highlight/detail?id=1125795700","media":"老虎资讯综合","summary":"7月29日，Zoom涨超6%，此前获克班资本上调评级，目标价428美元。\n\n克班资本预计，Zoom将从当前和未来线上和线下混合工作模式中受益，因此上调其评级至“增持”，目标价428美元。\n该行分析师S","content":"<p>On July 29,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>It rose more than 6% after receiving an upgrade from Keban Capital with a target price of $428.</p><p><img src=\"https://static.tigerbbs.com/a24c4da4dfac9844612ebc9029260679\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Keban Capital expects Zoom to benefit from its current and future hybrid online and offline work model, and therefore upgraded its rating to \"overweight\" with a target price of $428.</p><p>According to Steve Enders, an analyst at the bank, video and cloud communications will be long-term priorities for enterprise IT departments to achieve hybrid working models. Furthermore, the rating upgrade was supported by surveys of the company's CIO and value-added resellers, as well as optimistic expectations regarding the company's acquisition of Five9. According to reports, Zoom previously spent $14.7 billion to acquire cloud-based software company Five9 in an effort to increase its appeal to business customers.</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>Zoom rose more than 6% after receiving a rating upgrade from Keban Capital.</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\">\nZoom rose more than 6% after receiving a rating upgrade from Keban Capital.\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\">2021-07-29 21:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 29,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>It rose more than 6% after receiving an upgrade from Keban Capital with a target price of $428.</p><p><img src=\"https://static.tigerbbs.com/a24c4da4dfac9844612ebc9029260679\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Keban Capital expects Zoom to benefit from its current and future hybrid online and offline work model, and therefore upgraded its rating to \"overweight\" with a target price of $428.</p><p>According to Steve Enders, an analyst at the bank, video and cloud communications will be long-term priorities for enterprise IT departments to achieve hybrid working models. Furthermore, the rating upgrade was supported by surveys of the company's CIO and value-added resellers, as well as optimistic expectations regarding the company's acquisition of Five9. According to reports, Zoom previously spent $14.7 billion to acquire cloud-based software company Five9 in an effort to increase its appeal to business customers.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"ZM":"Zoom"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125795700","content_text":"7月29日，Zoom涨超6%，此前获克班资本上调评级，目标价428美元。\n\n克班资本预计，Zoom将从当前和未来线上和线下混合工作模式中受益，因此上调其评级至“增持”，目标价428美元。\n该行分析师Steve Enders表示，视频和云通信将是企业IT部门为实现混合工作模式所长期优先考虑的。此外，通过对该公司首席信息官和增值经销商的调查、以及对该公司收购Five9的乐观预期，都支持了此次评级上调。资料显示，Zoom此前斥资147亿美元收购基于云计算的软件公司Five9，以提高其对商业客户的吸引力。","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":6560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154705347,"gmtCreate":1625543324989,"gmtModify":1703743388085,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154705347","repostId":"1160188319","repostType":4,"repost":{"id":"1160188319","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":1625542742,"share":"https://ttm.financial/m/news/1160188319?lang=en_US&edition=fundamental","pubTime":"2021-07-06 11:39","market":"hk","language":"zh","title":"JD Logistics shares plunged during trading, now down more than 7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1160188319","media":"老虎资讯综合","summary":"7月6日，京东物流盘中跳水，现跌超7%，报37.6港元。","content":"<p>On July 6,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>The stock plunged during trading and is now down more than 7% at HK$37.6.</p><p><img src=\"https://static.tigerbbs.com/4a135aa9846012412cf91022cb1ffcfa\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD Logistics shares plunged during trading, now down more than 7%.</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\">\nJD Logistics shares plunged during trading, now down more than 7%.\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\">2021-07-06 11:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>The stock plunged during trading and is now down more than 7% at HK$37.6.</p><p><img src=\"https://static.tigerbbs.com/4a135aa9846012412cf91022cb1ffcfa\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/25e108e80ab0d5329f36d3b166f67111","relate_stocks":{"02618":"京东物流","09618":"京东集团-SW","JD":"京东"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160188319","content_text":"7月6日，京东物流盘中跳水，现跌超7%，报37.6港元。","news_type":1,"symbols_score_info":{"02618":0.9,"09618":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":5996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152529677,"gmtCreate":1625315405699,"gmtModify":1703740344446,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152529677","repostId":"2148167804","repostType":4,"repost":{"id":"2148167804","kind":"highlight","pubTimestamp":1625284923,"share":"https://ttm.financial/m/news/2148167804?lang=en_US&edition=fundamental","pubTime":"2021-07-03 12:02","market":"us","language":"zh","title":"With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148167804","media":"智通财经网","summary":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站","content":"<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?</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 positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-03 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/506781.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d404e53536bd5bd25337ed01def7224","relate_stocks":{"159934":"黄金ETF","161125":"标普500","513500":"标普500ETF博时","518880":"黄金ETF华安","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","GLD":"黄金ETF-SPDR","UDOW":"三倍做多道指30ETF-ProShares","OEX":"标普100","SDOW":"三倍做空道指30ETF-ProShares","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","DJX":"1/100道琼斯","SPY":"标普500ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares",".DJI":"道琼斯","DDM":"2倍做多道指ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","GDX":"黄金矿业ETF-VanEck","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","IAU":"黄金信托ETF-iShares","DOG":"道指ETF-ProShares做空","IVV":"标普500ETF-iShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/506781.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2148167804","content_text":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站上75美元/桶，油价短期内易上难下，美国通胀或阶段性维持高位。在美联储收紧的节奏上，预计Taper进程或不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初，加息进程或将提前至2022年底。美债利率年内走势上，Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。\n居民求职意愿回升，非农就业人数高于市场预期。从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。尽管6月非农数据好于预期，但由于失业人数仍然较多、失业率上升以及劳动参与率处于低位，就业市场距离恢复到正常还有较远距离。\n休闲酒店业延续回暖，建筑业延续拖累就业增长。分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价短期内易上难下，美国通胀或阶段性维持高位。今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。美国当前通胀持续处于高位，主要来自能源和交通运输项拉动。在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。\n美联储收紧节奏：预计Taper进程或不会提前，加息进程或将提前。就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。就此后的加息而言，通胀将成为美联储关注的重点，在6月议息会议之后，美联储官员的鹰派声音也明显增加，市场对于提前加息的预期也有所增加，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息的可能。\n美债利率年内走势：Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。预计在Taper讨论开始后到正式实施Taper前，美债利率将小幅上行，或将到达1.8%-2.0%的水平。\n正文\n美国劳工部公布数据显示，美国6月季调后非农就业人口增85万人，预期增72万人，前值由增55.9万人上修为增58.3万人;6月失业率为5.9%，预期为5.7%，前值为5.8%;6月平均时薪年率增3.6%，预期增3.6%，前值增2%;6月劳动参与率为61.6%，前值为61.6%。\n居民求职意愿回升，非农高于市场预期\n从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。6月美国非农新增就业人数高于前值，同时今年4月和5月的非农数据分别经历了下修和上修，4月非农新增就业人数从27.8万人下修至26.9万人，5月非农新增就业人数从55.9万人上修至58.3万人。从非农新增就业人数走势来看，随着美国疫苗接种速度的加快，今年1月-3月，非农新增就业人数逐月增加，但是4月和5月非农新增就业人数受到失业救济金发放等影响，均低于市场预期，6月非农新增就业人数增长强劲，高于市场预期。\n我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。首先，由于此前失业救济金的发放导致劳动力供给不足，就业市场供不应求，职位空缺数较多。6月以来，美国大部分州宣布停止失业救济金的发放，导致因领取失业救济金而不工作的民众需要重新找到工作。其次，疫苗接种率不断增加使得因疫情造成的开工和社交限制逐渐被解除，增加民众开始工作的意愿。再次，由于劳动力市场供不应求，企业普遍提升工资水平，6月平均时薪年率增3.6%，前值增2%，这也进一步吸引人们重回劳动力市场。\n\n尽管6月非农数据好于预期，但就业市场距离恢复正常还有较远距离。首先，从就业人数上看，当前较2020年2月疫情以前的就业人数水平仍少近680万人。其次，6月失业率较此前有所上升，从5.6%上升至5.9%，我们认为这可能是暂时的摩擦性失业，民众求职意愿提升，寻找工作的人开始增加，但是找到自己满意同时技能匹配的工作仍需一段时间，因此失业率在6月有所上升。再次，6月的劳动参与率与5月相等仅为61.6%，仍然处于历史低位，就业市场供不应求的状况短期仍然存在。因此，当前就业市场还远未复苏到正常水平，对于感染病毒的担忧、照顾子女和老人的需求仍然制约着劳动力供给。不过，随着时间推移，疫苗接种率继续提升、学校开学、越来越多的州停发失业救济金，劳动力市场或将会得到进一步修复。\n休闲酒店业延续回暖，建筑业延续拖累增长\n分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。具体来看，6月休闲和酒店业就业人数为34.3万人，相较5月环比增加3.7万人，仍然为6月非农新增人数第一的行业。6月政府部门新增就业人数为18.8万人，环比增加约12.1万人;教育和保健服务就业人数环比不变，保持为5.9万人;专业和商业服务新增就业人数环比增加约3.6万人。6月建筑业就业人数减少约0.7万人，为6月非农就业人数减少最多的行业;6月金融服务就业人数减少约0.1万人，为6月非农就业人数减少第二多的行业。\n\n中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待。从行业数据上来看，随着更多人完成疫苗接种，部分地区继续放宽出行限制，更多人恢复旅游和外出就餐活动，对休闲和酒店业的就业产生持续的提振。此外，一些地区继续恢复线下教学，叠加门诊与保健服务的增加，导致教育和保健服务业就业人数均有所恢复。尽管如此，教育就业仍然处于低位，自2020年2月以来，地方政府教育部门的就业人数减少了41.4万人，州政府教育部门的就业人数减少了16.8万人，私立教育部门的就业人数减少了25.5万人，显示教育部门就业在接下来经济生活正常化中的更大恢复空间。不仅如此，随着教育部门就业和线下课程的恢复，大量居家看护儿童的以女性为主的劳动力将会增加，成为中期非农就业新增的一大重要潜力，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价飙升，通胀预期再起\n今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。3月开始，随着经济持续复苏，原油需求强劲，尽管OPEC+不断增产，但是原油供需缺口仍存，原油价格一路飙升，WTI原油和布油价格均从3月下旬的60美元/桶附近一路走上70美元/桶以上。本周四，OPEC+早先初步达成协议，2021年12月前平均每月增产40万桶/日。低于市场预期，后又因阿联酋反对而搁置，WTI和布油价格双双站上75美元/桶，其中WTI油价为2018年10月以来的新高。\n\n今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。6月30日，EIA最新数据显示，截至6月25日，当周原油库存减少671.8万桶，降幅高于预期的385万桶，为连续6周下降，连续下降的原油库存反映当前原油供需缺口较大。从本周OPEC+会议情况来看，OPEC+内部对于是否增产仍然存在一定分歧，同时，即便OPEC+对于增产达成协议，每月增加的原油产量也未必能够填补当前较大的供需缺口，因此短期来看，原油价格或将维持高位。目前最大变量或在伊核谈判，若短期内伊核谈判顺利，伊朗恢复原油供给和出口，将有助于缓解油价上行趋势;若短期内谈判不顺利，那么在新任强硬派总统易卜拉欣·莱希领导下，未来伊核谈判将有较大变数。\n\n美国通胀持续处于高位，主要来自能源和交通运输项拉动。在4月通胀数据远超市场预期后，美国5月通胀数据再次超市场预期，其主要拉动来自于交通运输和能源分项。5月美国未季调CPI同比录得5%，较前值4.2%上涨0.8pct，未季调核心CPI同比录得3.8%，较前值3%上涨0.8pct。一方面，去年受疫情影响导致的低基数效应是5月通胀同比读数大幅上涨的一项重要原因。另一方面，从CPI分项上来看，给5月份CPI同比带来拉动效应最强的分项是交通运输和能源项，5月美国CPI交通运输分项同比增速达20%，能源分项同比增速高达28.5%，主要反映了疫情修复下人们出行需求的增加。与此同时，美联储更加关心的PCE指标也创历史新高，5月PCE同比增3.9%，远高于美联储2%的通胀目标，核心PCE同比增3.4%，为1992年以来的新高。\n\n在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。在6月美联储议息会议偏鹰派态度下，市场通胀预期下行带动美债利率不升反降，在6月18日和21日到达阶段性低点后，近期随着油价连续上行，通胀预期再次抬头。从油价和通胀的关系来看，首先，油价与美国CPI细项中能源类商品的走势基本正相关;其次，CPI分项中能源项同比与CPI总体同比走势高度吻合。因此，在通胀预期上行和油价带动通胀的共同作用下，美国通胀或阶段性维持高位。同时，交通运输项、住房项维持高位，二手车价格短期内居高不下，同样会对通胀水平有所支撑。\n\n美联储会提前收紧吗?\n就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前。虽然当前通胀位于高位，并将在未来一定时间内维持高位，但是对于年内的Taper而言，通胀并不是美联储关注的重点。美联储当前关注的重点仍是就业市场，当前就业市场复苏进程较为稳定，但远未恢复到正常时期水平。在6月大部分州停发失业救济金后，居民就业意愿逐渐提升，同时叠加9月学校复学，看护小孩需求降低，预计就业市场或将在7、8月加速修复，届时或将触发美联储对于Taper的讨论。因此，6月的非农报告让我们保持此前的判断，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。\n就此后的加息而言，通胀将成为美联储关注的重点，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息。一方面，6月美联储点阵图显示所有决策者都预计到2021年底联邦基金利率将维持在接近零的水平，有7位官员预计将在2022年加息，13位委员预计将在2023年加息，相比3月点阵图，预计2022年加息的官员增加3人，预计2023年加息的官员增加6人。尽管点阵图和是否加息并无直接联系，但是依然反映出美联储官员对于加息态度的变化。另一方面，在议息会议之后，美联储官员的鹰派声音也明显增加，最具代表性的是以鸽派著称的圣路易斯联储主席布拉德突然转鹰，他表示，连他本人在内的7位政策制定者均预计美联储将采取激进的措施来遏制通胀，这是对通胀上升快于预期的自然反应。此外，达拉斯联储主席卡普兰、美联储理事沃勒、里士满联储主席巴尔金近期均发表鹰派言论。根据美联储对于通胀的最新预测以及鲍威尔对于通胀表述的边际变化，如果通胀以及通胀预期持续走高，那么不排除美联储将提前采取行动遏制通胀(即在2022年底前加息)的可能。\n\n年内美债走势如何?\n随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。根据我们此前的报告《债市启明系列20210622—美债利率为何跳水?》(2021-06-22)，近期美债利率的下行分为两个阶段，美联储6月议息会议之前是流动性过剩和拜登基建计划受阻推动的下行，议息会议之后是流动性过剩下通胀预期下行引发的利率下行。短期而言，预计美债利率将在1.4%-1.6%之间震荡。\n而根据上一轮Taper经验，在本轮Taper讨论开始后到正式实施Taper前，预计美债利率将小幅上行，或将到达1.8%-2.0%的水平。2013年5月22日，时任美联储主席伯南克在国会发表证词，在提问环节，伯南克表示，如果就业市场持续改善，并且我们对改善势头的持续有信心，那么将在未来几次会议上减少购买规模。在伯南克的讲话和议息会议纪要共同冲击下，市场反应剧烈，出现了所谓的“缩减恐慌(taper tantrum)”。在突如其来的Taper信号出现后，美债收益率快速大幅飙升，从2013年5月1日起，10年期美债收益率开始迅速飙升，到9月议息会议前夕已由月初的1.66%升至高点2.98%，上行超130bps。\n\n就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。鲍威尔在6月议息会议后的发布会上表示，会尽所能避免市场出现过度反应，在做出任何决定之前会提前告知市场。同时，拉达斯联储主席卡普兰也在近日表示，美联储将逐步减少资产购买，但这次将更加顺利，因为投资者已经知道该措施正被商议中，美联储这次将避免制造2013年的“缩减恐慌”。因此，我们认为在美联储正式释放Taper讨论信号后，美债利率将会有所上行，但是不会出现2013年高达130bps的幅度，或将达到1.8%-2.0%的水平。","news_type":1,"symbols_score_info":{"159934":0.9,"161125":0.9,"513500":0.9,"518880":0.9,"PSQ":0.9,"OEF":0.9,"DXD":0.9,"UPRO":0.9,"UDOW":0.9,"SDOW":0.9,"QQQ":0.9,"SGUmain":0.9,"OEX":0.9,"MGCmain":0.9,".DJI":0.9,".SPX":0.9,"ESmain":0.9,"IVV":0.9,"DDM":0.9,"GCmain":0.9,"SSO":0.9,"SPY":0.9,"NUGT":0.9,"QID":0.9,"DOG":0.9,"DJX":0.9,"SH":0.9,"SDS":0.9,"TQQQ":0.9,"SQQQ":0.9,"DUST":0.9,"GDX":0.9,".IXIC":0.9,"SGCmain":0.9,"QLD":0.9,"MNQmain":0.9,"SImain":0.9,"IAU":0.9,"NQmain":0.9,"SPXU":0.9,"GLD":0.9}},"isVote":1,"tweetType":1,"viewCount":6103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125114314,"gmtCreate":1624663943938,"gmtModify":1703842939081,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125114314","repostId":"2146105079","repostType":4,"repost":{"id":"2146105079","kind":"news","pubTimestamp":1624661887,"share":"https://ttm.financial/m/news/2146105079?lang=en_US&edition=fundamental","pubTime":"2021-06-26 06:58","market":"us","language":"zh","title":"Several investment banks have raised their price targets for Nike, with a high of $192.","url":"https://stock-news.laohu8.com/highlight/detail?id=2146105079","media":"智通财经","summary":"智通财经APP获悉，近日，耐克公布了2021财年第四财季及全年财报。财报公布后，多家投行上调了对该公司的目标价。该分析师目前认为，耐克股价未来三年的上涨潜力或将达到250美元以上。RBC Capital分析师Beth Reed将耐克目标价由165美元上调至183美元，维持“跑赢大市”评级。Murphy表示，其提高了对耐克的业绩预期，并称该公司第四季度的业绩“是多种战略杠杆共同作用的结果”。Kummetz表示，该公司第四季度业绩远超预期。","content":"<p>Recently,<a href=\"https://laohu8.com/S/NKE\">Nike</a>The company released its financial results for the fourth quarter and full year of fiscal year 2021. The financial report shows that the company's revenue in the fourth fiscal quarter increased by 96% year-on-year to $12.3 billion, compared with market expectations of $11.01 billion and $6.313 billion in the same period last year; Net income was $1.509 billion, compared to an expected $819 million and a loss of $790 million in the same period last year; Earnings per share were $0.93, compared to market expectations of $0.51, and a loss of $0.51 per share in the same period last year, both exceeding market expectations.</p><p>Following the release of the financial report, several investment banks raised their target prices for the company.</p><p><b>Baird analyst Jonathan Komp raised his price target for Nike from $150 to $192 and maintained his \"Outperform\" rating.</b>The analyst pointed out that Nike's fourth-quarter results nearly doubled, reflecting the company's strong momentum in North America, Europe, the Middle East and Africa, as well as better-than-expected performance in Greater China. The analyst currently believes that Nike's stock price has the potential to rise above $250 over the next three years.</p><p><b><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Analyst Paul Trussell raised his price target for Nike from $161 to $179 and maintained his \"buy\" rating.</b>Trussell pointed out that Nike released a “strong” fourth-quarter earnings report, showing that the company’s revenue growth and profitability in China and North America both exceeded expectations, indicating that the overall market is developing healthily.</p><p><b><a href=\"https://laohu8.com/S/UBS\">UBS</a>Analyst Jay Sole raised his price target for Nike from $170 to $185 and maintained his \"buy\" rating.</b>The analyst stated in the report that Nike's strong fourth-quarter profit performance and the company's guidance for fiscal year 2022 \"far exceeded market expectations\" highlight the company's ability to achieve significant profit growth despite challenges in the Chinese market. Sole added that the benefits of Nike's transformation into a digital, direct-to-consumer (DTC) company are \"only just beginning to emerge.\"</p><p><b>RBC Capital analyst Beth Reed raised her price target for Nike from $165 to $183, maintaining her \"Outperform\" rating.</b>The analyst said Nike reported \"strong\" fourth-quarter results and raised its revenue growth forecast for fiscal year 2025 from high single digits to low double digits, driven by digital markets, women's apparel, apparel, the Jordan brand, and international sales. Reed added that it is worth noting that Nike has also increased its sales target for DTC from the current 40% to 60%.</p><p><b>Piper Sandler analyst Erin Murphy raised her price target for Nike from $170 to $174 and maintained her \"overweight\" rating.</b>Murphy stated that he raised his earnings forecast for Nike, calling the company's fourth-quarter results \"the result of a combination of multiple strategic levers.\"</p><p><b>BMO Capital analyst Simeon Siegel raised his price target for Nike from $160 to $174, maintaining his \"Outperform\" rating.</b>The analyst pointed out that Nike's performance almost entirely exceeded expectations, and the company's overall profit margin also improved significantly as its EBIT margin reached its highest level in \"many years\". Siegel believes that the company's size provides it with a long-term competitive advantage.</p><p><b>Pivotal Research analyst Mitch Kummetz raised his price target for Nike from $167 to $175 while maintaining a \"buy\" rating.</b>Kummetz stated that the company's fourth-quarter results far exceeded expectations. Over the past two years, the company's sales increased by 21%, with sales in North America increasing by 29%. He stated that Nike's performance \"demonstrates its tremendous momentum,\" and its guidance for fiscal years 2022 and 2025 \"demonstrates its great confidence.\"</p>","source":"stock_zhitongcaijing","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>Several investment banks have raised their price targets for Nike, with a high of $192.</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\">\nSeveral investment banks have raised their price targets for Nike, with a high of $192.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-06-26 06:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recently,<a href=\"https://laohu8.com/S/NKE\">Nike</a>The company released its financial results for the fourth quarter and full year of fiscal year 2021. The financial report shows that the company's revenue in the fourth fiscal quarter increased by 96% year-on-year to $12.3 billion, compared with market expectations of $11.01 billion and $6.313 billion in the same period last year; Net income was $1.509 billion, compared to an expected $819 million and a loss of $790 million in the same period last year; Earnings per share were $0.93, compared to market expectations of $0.51, and a loss of $0.51 per share in the same period last year, both exceeding market expectations.</p><p>Following the release of the financial report, several investment banks raised their target prices for the company.</p><p><b>Baird analyst Jonathan Komp raised his price target for Nike from $150 to $192 and maintained his \"Outperform\" rating.</b>The analyst pointed out that Nike's fourth-quarter results nearly doubled, reflecting the company's strong momentum in North America, Europe, the Middle East and Africa, as well as better-than-expected performance in Greater China. The analyst currently believes that Nike's stock price has the potential to rise above $250 over the next three years.</p><p><b><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Analyst Paul Trussell raised his price target for Nike from $161 to $179 and maintained his \"buy\" rating.</b>Trussell pointed out that Nike released a “strong” fourth-quarter earnings report, showing that the company’s revenue growth and profitability in China and North America both exceeded expectations, indicating that the overall market is developing healthily.</p><p><b><a href=\"https://laohu8.com/S/UBS\">UBS</a>Analyst Jay Sole raised his price target for Nike from $170 to $185 and maintained his \"buy\" rating.</b>The analyst stated in the report that Nike's strong fourth-quarter profit performance and the company's guidance for fiscal year 2022 \"far exceeded market expectations\" highlight the company's ability to achieve significant profit growth despite challenges in the Chinese market. Sole added that the benefits of Nike's transformation into a digital, direct-to-consumer (DTC) company are \"only just beginning to emerge.\"</p><p><b>RBC Capital analyst Beth Reed raised her price target for Nike from $165 to $183, maintaining her \"Outperform\" rating.</b>The analyst said Nike reported \"strong\" fourth-quarter results and raised its revenue growth forecast for fiscal year 2025 from high single digits to low double digits, driven by digital markets, women's apparel, apparel, the Jordan brand, and international sales. Reed added that it is worth noting that Nike has also increased its sales target for DTC from the current 40% to 60%.</p><p><b>Piper Sandler analyst Erin Murphy raised her price target for Nike from $170 to $174 and maintained her \"overweight\" rating.</b>Murphy stated that he raised his earnings forecast for Nike, calling the company's fourth-quarter results \"the result of a combination of multiple strategic levers.\"</p><p><b>BMO Capital analyst Simeon Siegel raised his price target for Nike from $160 to $174, maintaining his \"Outperform\" rating.</b>The analyst pointed out that Nike's performance almost entirely exceeded expectations, and the company's overall profit margin also improved significantly as its EBIT margin reached its highest level in \"many years\". Siegel believes that the company's size provides it with a long-term competitive advantage.</p><p><b>Pivotal Research analyst Mitch Kummetz raised his price target for Nike from $167 to $175 while maintaining a \"buy\" rating.</b>Kummetz stated that the company's fourth-quarter results far exceeded expectations. Over the past two years, the company's sales increased by 21%, with sales in North America increasing by 29%. He stated that Nike's performance \"demonstrates its tremendous momentum,\" and its guidance for fiscal years 2022 and 2025 \"demonstrates its great confidence.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/501577.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e7d64fe74200def49d40052d7e96014","relate_stocks":{"NKE":"耐克"},"source_url":"http://www.zhitongcaijing.com/content/detail/501577.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146105079","content_text":"近日，耐克公布了2021财年第四财季及全年财报。财报显示，公司四财季营收同比增长96%至123亿美元，市场预期110.1亿美元，去年同期63.13亿美元；净利润为15.09亿美元，预期为8.19亿美元，去年同期为亏损7.9亿美元；每股盈利0.93美元，市场预期每股盈利0.51美元，去年同期每股亏损0.51美元，均超出市场预期。\n财报公布后，多家投行上调了对该公司的目标价。\nBaird分析师Jonathan Komp将耐克目标价由150美元上调至192美元，维持“跑赢大市”评级。该分析师指出，耐克第四季度业绩几乎翻了一番，这反映出了该公司在北美、欧洲、中东和非洲地区的强劲势头，以及在大中华地区优于预期的表现。该分析师目前认为，耐克股价未来三年的上涨潜力或将达到250美元以上。\n德意志银行分析师Paul Trussell将耐克目标价由161美元上调至179美元，维持“买入”评级。Trussell指出，耐克发布了一份“强劲”的第四季度业绩报告，报告显示该公司在中国和北美市场的营收增长和盈利能力均优于预期，这表明整体市场正健康发展。\n瑞银分析师Jay Sole将耐克目标价由170美元上调至185美元，维持“买入”评级。该分析师在报告表示，耐克第四季度利润表现出色，并且该公司对2022财年的业绩指引“远高于市场预期”，这突显出了该公司尽管在中国市场面临挑战，但其仍有能力实现大幅盈利增长。Sole补充道，耐克转型为一家数字化、直接面向消费者(DTC)的公司所带来的好处“才刚刚开始显现”。\nRBC Capital分析师Beth Reed将耐克目标价由165美元上调至183美元，维持“跑赢大市”评级。该分析师表示，耐克公布了“强劲”的第四季度业绩，并在数字市场、女装产品、服装业务、乔丹品牌以及国际销售的推动下，将其2025财年的营收增长预期从高单位数上调至低双位数。Reed补充道，值得注意的是，耐克还将DTC的销售目标从目前的40%提高到60%。\nPiper Sandler分析师Erin Murphy将耐克目标价由170美元上调至174美元，维持“增持”评级。Murphy表示，其提高了对耐克的业绩预期，并称该公司第四季度的业绩“是多种战略杠杆共同作用的结果”。\nBMO Capital分析师Simeon Siegel将耐克目标价由160美元上调至174美元，维持“跑赢大市”评级。该分析师指出，耐克业绩表现几乎全部超出预期，并且，由于其EBIT利润率达到了“多年来”的最高水平，公司整体利润率也得到了显著提升。Siegel认为，该公司的规模为其提供了长期竞争优势。\nPivotal Research分析师Mitch Kummetz将耐克目标价由167美元上调至175美元，维持“买入”评级。Kummetz表示，该公司第四季度业绩远超预期。在过去两年的基础上，该公司的销售额增长了21%，其中北美地区的销售额增长了29%。他表示，耐克的业绩“显示出其巨大的势头”，而2022财年和2025财年的业绩指引“显示出了其极大的信心”。","news_type":1,"symbols_score_info":{"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":6499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120125424,"gmtCreate":1624316353468,"gmtModify":1703833070498,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/120125424","repostId":"1131452883","repostType":4,"repost":{"id":"1131452883","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":1624290305,"share":"https://ttm.financial/m/news/1131452883?lang=en_US&edition=fundamental","pubTime":"2021-06-21 23:45","market":"us","language":"zh","title":"Spark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1131452883","media":"老虎资讯综合","summary":"据美国证券交易委员会文件：火花思维教育科技公司提交在美IPO申请，拟筹资达1亿美元，寻求在纳斯达克上市，股票代码为SPRK。\n招股书显示，火花思维2019年营收为1.95亿元，2020年营收为11.7","content":"<p>According to U.S. Securities and Exchange Commission filings, Spark Thinking Education Technology has filed for an IPO in the United States, aiming to raise $100 million and seek to list on Nasdaq under the ticker symbol SPRK.</p><p>According to the prospectus, Spark Thinking's revenue was 195 million yuan in 2019 and 1.174 billion yuan in 2020, representing a year-on-year increase of 502.1%. Spark Thinking suffered a net loss of 771 million yuan in 2019, 952 million yuan in 2020, and a cumulative loss of 1.723 billion yuan in the past two years.</p><p>For the first quarter ending March 31, Spark Thinking's revenue was 454 million yuan, a year-on-year increase of 202.7%. In the first quarter, Spark Thinking reported a net loss of 374 million yuan, an increase of 78.95% compared to the first quarter of 2020.</p><p>The loss was mainly due to the rapid growth in selling and marketing expenses. According to the prospectus, in 2019, Spark Thinking's sales and marketing expenses, R&D expenses and general administrative expenses were RMB 236 million, RMB 240 million and RMB 128 million, respectively. In 2020, these three expenditures were 798 million yuan, 327 million yuan, and 178 million yuan, respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were RMB 343 million, an increase of 203.5% compared to the first quarter of 2020. R&D investment was 144 million yuan, an increase of 107.7% compared to the first quarter of 2020.</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>Spark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.</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\">\nSpark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-21 23:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to U.S. Securities and Exchange Commission filings, Spark Thinking Education Technology has filed for an IPO in the United States, aiming to raise $100 million and seek to list on Nasdaq under the ticker symbol SPRK.</p><p>According to the prospectus, Spark Thinking's revenue was 195 million yuan in 2019 and 1.174 billion yuan in 2020, representing a year-on-year increase of 502.1%. Spark Thinking suffered a net loss of 771 million yuan in 2019, 952 million yuan in 2020, and a cumulative loss of 1.723 billion yuan in the past two years.</p><p>For the first quarter ending March 31, Spark Thinking's revenue was 454 million yuan, a year-on-year increase of 202.7%. In the first quarter, Spark Thinking reported a net loss of 374 million yuan, an increase of 78.95% compared to the first quarter of 2020.</p><p>The loss was mainly due to the rapid growth in selling and marketing expenses. According to the prospectus, in 2019, Spark Thinking's sales and marketing expenses, R&D expenses and general administrative expenses were RMB 236 million, RMB 240 million and RMB 128 million, respectively. In 2020, these three expenditures were 798 million yuan, 327 million yuan, and 178 million yuan, respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were RMB 343 million, an increase of 203.5% compared to the first quarter of 2020. R&D investment was 144 million yuan, an increase of 107.7% compared to the first quarter of 2020.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7186383295e35dbeed76b7df4bae0d3b","relate_stocks":{".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131452883","content_text":"据美国证券交易委员会文件：火花思维教育科技公司提交在美IPO申请，拟筹资达1亿美元，寻求在纳斯达克上市，股票代码为SPRK。\n招股书显示，火花思维2019年营收为1.95亿元，2020年营收为11.74亿元，年比增幅为502.1%；火花思维在2019年的净亏损为7.71亿元，2020年净亏损9.52亿元，近两年累计亏损17.23亿元。\n截止3月31日的第一季度，火花思维营收为4.54亿元，同比增长202.7%。一季度，火花思维净亏损为3.74亿元，同比2020年第一季度扩大78.95%。\n亏损主要来自于销售及市场营销费用支出的快速增长。招股书显示，2019年火花思维的销售及市场营销费用、研发费用和一般行政管理支出费用分别是2.36亿元、2.4亿元及1.28亿元；2020年，这三项支出分别是7.98亿元、3.27亿元和1.78亿元。\n2021年第一季度，火花思维的销售及市场营销费用支出为3.43亿元，同比2020年第一季度增长203.5%。研发投入为1.44亿元，同比2020年第一季度增长107.7%。","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":6895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162224595,"gmtCreate":1624065517017,"gmtModify":1703827946936,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162224595","repostId":"1145549454","repostType":4,"repost":{"id":"1145549454","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":1624062837,"share":"https://ttm.financial/m/news/1145549454?lang=en_US&edition=fundamental","pubTime":"2021-06-19 08:33","market":"hk","language":"zh","title":"Last night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply","url":"https://stock-news.laohu8.com/highlight/detail?id=1145549454","media":"老虎资讯综合","summary":"摘要：道指本周累跌3.45%，创2020年10月以来最大周跌幅；欧洲三大股指全线收跌，$英国富时100$指数跌近2%；国际金价收跌，报于1770美元关口之下；美联储官员再发鹰派讲话，布拉德称最早明年加息；$爱回收$正式登陆纽交所，IPO首日收盘大涨近23%等。美东时间周五，美股全线下跌，道指连续五个交易日下滑，创2020年10月以来的最大周跌幅。卡什卡利的言论表明，在日益鹰派的美联储中，他属于明显的少数派。","content":"<p>Summary: The Dow Jones Industrial Average fell 3.45% this week, its biggest weekly drop since October 2020; All three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%; International gold prices closed lower, trading below the $1,770 mark; Federal Reserve officials delivered another hawkish speech, with Bullard stating that rate hike could begin as early as next year;<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>Officially listed on the New York Stock Exchange, the IPO closed up nearly 23% on its first day. Overseas markets</p><p>The Dow Jones Industrial Average fell 3.45% this week, marking its biggest weekly drop since October 2020.</p><p>On Friday, Eastern Time, U.S. stocks fell across the board, with the Dow Jones Industrial Average declining for the fifth consecutive trading day, marking its biggest weekly drop since October 2020. At the close of trading, the Dow Jones Industrial Average fell 533.37 points, or 1.58%, to 33,290.08. The Nasdaq fell 130.97 points, or 0.92%, to 14,030.38. The S&P 500 fell 55.41 points, or 1.31%, to 4,166.45. On the market, bank and energy stocks declined, most major US tech stocks closed lower, while Chinese concept stocks in the education sector rebounded.</p><p>All three major European stock indices closed lower, including the UK.<a href=\"https://laohu8.com/S/.100.UK\">FTSE 100 Index</a>Down nearly 2%</p><p>On Friday, European time, all three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%. At the close of trading, the Financial Times 100 Stock Average index in London closed at 7017.47 points on the 18th, down 135.96 points, or 1.90%, from the previous trading day. The CAC40 index in Paris closed at 6569.16 points on the 18th, down 97.10 points, or 1.46%, from the previous trading day. The DAX index in Frankfurt, Germany, fell 279.63 points, or 1.78%, to close at 15,448.04 on the 18th.</p><p>International gold prices closed lower below the $1,770 mark.</p><p>International gold prices closed lower on Friday, Eastern Time, below the $1,770 mark. At the close of trading, August gold futures, the most actively traded contract on the New York Mercantile Exchange, fell $5.80 from the previous trading day on the 18th to settle at $1,769 an ounce, a drop of 0.33%.</p><p>International oil prices rose slightly, with Brent crude closing up 0.59%.</p><p>International oil prices rose slightly on Friday, Eastern Time, with Brent crude closing up 0.59%. At the close of trading, July crude oil futures in New York rose $0.60, or 0.84%, to $71.64 a barrel. Brent crude oil futures for August delivery closed up $0.43, or 0.59%, at $73.51 a barrel.</p><p>International macro</p><p>Kashkari: We hope to keep interest rates unchanged at least until the end of 2023; the \"dot plot\" has become distorted and should be abolished.</p><p>On Friday (June 18), Minneapolis Fed President Neel Kashkari said he hopes to keep the Fed's benchmark short-term interest rate near zero until at least the end of 2023, in order to restore the labor market to pre-COVID-19 levels. Speaking about the \"dot plot,\" Kashkari said, \"It was originally intended to be a tool to provide forward guidance to doves.\" \"It eventually became a tool to provide forward guidance to hawks... I still think we should abolish the 'dot plot.'\" Kashkari's remarks indicate that he is in a clear minority in an increasingly hawkish Federal Reserve.</p><p>The new \"Eagle King\"? Federal Reserve Bullard expects rate hike as early as 2022.</p><p>St. Louis Federal Reserve President James Bullard told CNBC on Friday that he expects to raise interest rates for the first time in late 2022 as inflation rises faster than previously expected. The outlook released by the U.S. Federal Open Market Committee on Wednesday sent shockwaves through financial markets. The committee's median forecast for rate hike in 2023 is at most twice, after previously hinting in March that there would be no rate hike. Bullard has described the Federal Reserve's moves this week as \"hawkish\" on multiple occasions, meaning it tends to be tighter than the monetary policy generally adopted since the COVID-19 pandemic.</p><p>This central bank may hold rate hike in early 2023 and rate hike three times this year.</p><p>The Federal Reserve is not the leader in withdrawing easing, and other central banks around the world are not simply standing still. The Bank of Canada and the Reserve Bank of New Zealand are also shifting to a hardline stance, followed closely by the Bank of England. According to the latest forecasts from investment banks, the Reserve Bank of Australia will raise interest rates in early 2023, and raise rates three times within a year, with a total rate hike of 65 basis points. $west<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>The chief economist of the bank (WBC.AU) said that the Reserve Bank of Australia (RBA) is expected to begin raising key interest rates in early 2023, at which time key indicators set by policymakers for the economy will be met.</p><p>The Bank of England will ignore the temporary rise in inflation and focus on protecting the economic recovery.</p><p>The latest survey suggests that UK inflation could rise above 3%, until it makes the Bank of England uneasy. Analysts also said that the UK economy will expand faster than previously expected this quarter as more pandemic restrictions are lifted. The Bank of England set an inflation target of 2%, but the inflation rate unexpectedly exceeded this target in May this year, reaching 2.1%, marking the first time in nearly two years that inflation has exceeded the target.</p><p>Company News</p><p><a href=\"https://laohu8.com/NW/2144777835\" target=\"_blank\">Baker Hughes: U.S. drilling companies increase oil and gas rigs for the second consecutive week</a></p><p>American Oilfield Services<a href=\"https://laohu8.com/S/BKR\">Baker Hughes</a>The released data shows that as of the week ending June 18, the total number of oil rigs increased by 8 to 373, compared to the previous expectation of an increase of 3. The total number of natural gas wells drilled that week increased by 1 to 97; The total number of wells drilled increased by 9 to 470.<a href=\"https://laohu8.com/S/BHI\">Baker Hughes</a>Oilfield services stated that U.S. drilling companies have added oil and gas drilling platforms for the second consecutive week.</p><p><a href=\"https://laohu8.com/NW/2144774757\" target=\"_blank\">Following Didi, Uber, the \"Uber of China's truck industry,\" is also going public in the US.</a></p><p>According to the website of the U.S. Securities and Exchange Commission (SEC), the \"Uber of China's truck industry\"<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Fulltruck Alliance Co. Ltd. has launched an IPO, expecting to issue 82.5 million ADSs to list on the New York Stock Exchange, with the offering price potentially set between $17 and $19. According to reports, as China's largest vehicle-freight matching information platform,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The Group provides users with accurate and convenient information interaction platform services; Meanwhile, the company has also developed into the largest truck after-sales service platform in the country, providing one-stop services for truck drivers by covering service areas such as vehicle fuel, ETC, new cars, finance, insurance, and industrial parks.</p><p><a href=\"https://laohu8.com/NW/2144777702\" target=\"_blank\">AiRecycle officially listed on the New York Stock Exchange, surging nearly 23% on its first day of trading.</a></p><p>AiRecycle officially listed on the New York Stock Exchange on Friday. By the close of trading, AiRecycle's stock price was $17.21, up 22.93%, with a market capitalization of $3.793 billion. The prospectus shows that everything<a href=\"https://laohu8.com/S/RERE\">newly born</a>The Group's total revenue for the past 12 months (ending March 31, 2021) was RMB 5.68 billion, representing a year-on-year increase of 49.4%. In 2020, total revenue was RMB 4.858 billion, of which core business revenue was RMB 4.709 billion, representing a year-on-year increase of 38.2% compared to 2019.</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>Last night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply</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\">\nLast night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 08:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Summary: The Dow Jones Industrial Average fell 3.45% this week, its biggest weekly drop since October 2020; All three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%; International gold prices closed lower, trading below the $1,770 mark; Federal Reserve officials delivered another hawkish speech, with Bullard stating that rate hike could begin as early as next year;<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>Officially listed on the New York Stock Exchange, the IPO closed up nearly 23% on its first day. Overseas markets</p><p>The Dow Jones Industrial Average fell 3.45% this week, marking its biggest weekly drop since October 2020.</p><p>On Friday, Eastern Time, U.S. stocks fell across the board, with the Dow Jones Industrial Average declining for the fifth consecutive trading day, marking its biggest weekly drop since October 2020. At the close of trading, the Dow Jones Industrial Average fell 533.37 points, or 1.58%, to 33,290.08. The Nasdaq fell 130.97 points, or 0.92%, to 14,030.38. The S&P 500 fell 55.41 points, or 1.31%, to 4,166.45. On the market, bank and energy stocks declined, most major US tech stocks closed lower, while Chinese concept stocks in the education sector rebounded.</p><p>All three major European stock indices closed lower, including the UK.<a href=\"https://laohu8.com/S/.100.UK\">FTSE 100 Index</a>Down nearly 2%</p><p>On Friday, European time, all three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%. At the close of trading, the Financial Times 100 Stock Average index in London closed at 7017.47 points on the 18th, down 135.96 points, or 1.90%, from the previous trading day. The CAC40 index in Paris closed at 6569.16 points on the 18th, down 97.10 points, or 1.46%, from the previous trading day. The DAX index in Frankfurt, Germany, fell 279.63 points, or 1.78%, to close at 15,448.04 on the 18th.</p><p>International gold prices closed lower below the $1,770 mark.</p><p>International gold prices closed lower on Friday, Eastern Time, below the $1,770 mark. At the close of trading, August gold futures, the most actively traded contract on the New York Mercantile Exchange, fell $5.80 from the previous trading day on the 18th to settle at $1,769 an ounce, a drop of 0.33%.</p><p>International oil prices rose slightly, with Brent crude closing up 0.59%.</p><p>International oil prices rose slightly on Friday, Eastern Time, with Brent crude closing up 0.59%. At the close of trading, July crude oil futures in New York rose $0.60, or 0.84%, to $71.64 a barrel. Brent crude oil futures for August delivery closed up $0.43, or 0.59%, at $73.51 a barrel.</p><p>International macro</p><p>Kashkari: We hope to keep interest rates unchanged at least until the end of 2023; the \"dot plot\" has become distorted and should be abolished.</p><p>On Friday (June 18), Minneapolis Fed President Neel Kashkari said he hopes to keep the Fed's benchmark short-term interest rate near zero until at least the end of 2023, in order to restore the labor market to pre-COVID-19 levels. Speaking about the \"dot plot,\" Kashkari said, \"It was originally intended to be a tool to provide forward guidance to doves.\" \"It eventually became a tool to provide forward guidance to hawks... I still think we should abolish the 'dot plot.'\" Kashkari's remarks indicate that he is in a clear minority in an increasingly hawkish Federal Reserve.</p><p>The new \"Eagle King\"? Federal Reserve Bullard expects rate hike as early as 2022.</p><p>St. Louis Federal Reserve President James Bullard told CNBC on Friday that he expects to raise interest rates for the first time in late 2022 as inflation rises faster than previously expected. The outlook released by the U.S. Federal Open Market Committee on Wednesday sent shockwaves through financial markets. The committee's median forecast for rate hike in 2023 is at most twice, after previously hinting in March that there would be no rate hike. Bullard has described the Federal Reserve's moves this week as \"hawkish\" on multiple occasions, meaning it tends to be tighter than the monetary policy generally adopted since the COVID-19 pandemic.</p><p>This central bank may hold rate hike in early 2023 and rate hike three times this year.</p><p>The Federal Reserve is not the leader in withdrawing easing, and other central banks around the world are not simply standing still. The Bank of Canada and the Reserve Bank of New Zealand are also shifting to a hardline stance, followed closely by the Bank of England. According to the latest forecasts from investment banks, the Reserve Bank of Australia will raise interest rates in early 2023, and raise rates three times within a year, with a total rate hike of 65 basis points. $west<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>The chief economist of the bank (WBC.AU) said that the Reserve Bank of Australia (RBA) is expected to begin raising key interest rates in early 2023, at which time key indicators set by policymakers for the economy will be met.</p><p>The Bank of England will ignore the temporary rise in inflation and focus on protecting the economic recovery.</p><p>The latest survey suggests that UK inflation could rise above 3%, until it makes the Bank of England uneasy. Analysts also said that the UK economy will expand faster than previously expected this quarter as more pandemic restrictions are lifted. The Bank of England set an inflation target of 2%, but the inflation rate unexpectedly exceeded this target in May this year, reaching 2.1%, marking the first time in nearly two years that inflation has exceeded the target.</p><p>Company News</p><p><a href=\"https://laohu8.com/NW/2144777835\" target=\"_blank\">Baker Hughes: U.S. drilling companies increase oil and gas rigs for the second consecutive week</a></p><p>American Oilfield Services<a href=\"https://laohu8.com/S/BKR\">Baker Hughes</a>The released data shows that as of the week ending June 18, the total number of oil rigs increased by 8 to 373, compared to the previous expectation of an increase of 3. The total number of natural gas wells drilled that week increased by 1 to 97; The total number of wells drilled increased by 9 to 470.<a href=\"https://laohu8.com/S/BHI\">Baker Hughes</a>Oilfield services stated that U.S. drilling companies have added oil and gas drilling platforms for the second consecutive week.</p><p><a href=\"https://laohu8.com/NW/2144774757\" target=\"_blank\">Following Didi, Uber, the \"Uber of China's truck industry,\" is also going public in the US.</a></p><p>According to the website of the U.S. Securities and Exchange Commission (SEC), the \"Uber of China's truck industry\"<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Fulltruck Alliance Co. Ltd. has launched an IPO, expecting to issue 82.5 million ADSs to list on the New York Stock Exchange, with the offering price potentially set between $17 and $19. According to reports, as China's largest vehicle-freight matching information platform,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The Group provides users with accurate and convenient information interaction platform services; Meanwhile, the company has also developed into the largest truck after-sales service platform in the country, providing one-stop services for truck drivers by covering service areas such as vehicle fuel, ETC, new cars, finance, insurance, and industrial parks.</p><p><a href=\"https://laohu8.com/NW/2144777702\" target=\"_blank\">AiRecycle officially listed on the New York Stock Exchange, surging nearly 23% on its first day of trading.</a></p><p>AiRecycle officially listed on the New York Stock Exchange on Friday. By the close of trading, AiRecycle's stock price was $17.21, up 22.93%, with a market capitalization of $3.793 billion. The prospectus shows that everything<a href=\"https://laohu8.com/S/RERE\">newly born</a>The Group's total revenue for the past 12 months (ending March 31, 2021) was RMB 5.68 billion, representing a year-on-year increase of 49.4%. In 2020, total revenue was RMB 4.858 billion, of which core business revenue was RMB 4.709 billion, representing a year-on-year increase of 38.2% compared to 2019.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPY":"标普500ETF",".DJI":"道琼斯","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite","SDS":"两倍做空标普500 ETF-ProShares",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","DDM":"2倍做多道指ETF-ProShares","OEF":"标普100指数ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空","TQQQ":"纳指三倍做多ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","IVV":"标普500ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145549454","content_text":"摘要：道指本周累跌3.45%，创2020年10月以来最大周跌幅；欧洲三大股指全线收跌，英国富时100指数跌近2%；国际金价收跌，报于1770美元关口之下；美联储官员再发鹰派讲话，布拉德称最早明年加息；爱回收正式登陆纽交所，IPO首日收盘大涨近23%等。\n\n海外市场\n道指本周累跌3.45% 创2020年10月以来最大周跌幅\n美东时间周五，美股全线下跌，道指连续五个交易日下滑，创2020年10月以来的最大周跌幅。截止收盘，道指跌533.37点，跌幅1.58%，报33290.08点；纳指跌130.97点，跌幅0.92%，报14030.38点；标普500指数跌55.41点，跌幅1.31%，报4166.45点。盘面上，银行股、能源股走低，美股大型科技股多数收跌，中概教育股反弹。\n欧洲三大股指全线收跌 英国富时100指数跌近2%\n欧洲时间周五，欧洲三大股指全线收跌，英国富时100指数跌近2%。截止收盘，英国伦敦股市《金融时报》100种股票平均价格指数18日报收于7017.47点，比前一交易日下跌135.96点，跌幅为1.90%。法国巴黎股市CAC40指数18日报收于6569.16点，较前一交易日下跌97.10点，跌幅为1.46%。德国法兰克福股市DAX指数18日下跌279.63点，跌幅为1.78%，报收于15448.04点。\n国际金价收跌 报于1770美元关口之下\n美东时间周五，国际金价收跌，报于1770美元关口之下。截止收盘，纽约商品交易所黄金期货市场交投最活跃的8月黄金期价18日比前一交易日下跌5.8美元，收于每盎司1769美元，跌幅为0.33%。\n国际油价小幅上涨 布油收涨0.59%\n美东时间周五，国际油价小幅上涨，布油收涨0.59%。截止收盘，纽约7月原油期货收涨0.60美元，涨幅0.84%，报71.64美元/桶；布伦特8月原油期货收涨0.43美元，涨幅0.59%，报73.51美元/桶。\n国际宏观\n卡什卡利：希望至少在2023年底前维持利率不变 “点阵图”已变味应该废除\n周五(6月18日)，明尼阿波利斯联储主席卡什卡利(Neel Kashkari)表示，他希望至少在2023年底前将美联储指标短期利率维持在接近零的水准，以使劳动力市场恢复到新冠大流行前的水平。卡什卡利谈到“点阵图”时说：“它本来是一个提供鸽派前瞻性指导的工具。”“它最终成为了一种工具，为鹰派提供了前瞻性指导……我仍然认为我们应该废除‘点阵图’。”卡什卡利的言论表明，在日益鹰派的美联储中，他属于明显的少数派。\n新的“鹰王”？美联储布拉德预计最早将在2022年加息\n圣路易斯联储(St.Louis Federal Reserve)主席布拉德(James Bullard)周五对CNBC表示，他预计将在2022年末首次升息，因通胀上升速度快于此前预期。美国联邦公开市场委员会(Federal Open Market Committee)周三发布的前景预测对金融市场造成了冲击。该委员会对2023年加息的预期中值为最多两次，此前在3月曾暗示不会加息。布拉德在多个场合将美联储本周的举措描述为“鹰派”，即倾向于比新冠大流行以来普遍采取的货币政策更紧缩。\n这一央行或将在2023年初加息 且年内加息3次\n在撤出宽松方面，美联储并不是领头羊，全球其他央行并没有仅仅停留在原地。加拿大央行和新西兰联储也在转向强硬立场，英国央行也紧随其后。而据投行最新预测，澳洲联储将在2023年初升息，且一年内升息三次，共加息65个基点。$西太平洋银行(WBC.AU)$首席经济学家表示，预计澳洲联储(RBA)将于2023年初开始提高关键利率，届时决策者为经济设定的关键指标将得到满足。\n英国央行将忽略通胀暂时性上升 专心保护经济复苏\n最新调查显示，英国通胀率可能升至3%以上，直到让英国央行感到不安。分析师还表示，随着更多防疫限制措施被取消，英国经济本季度的扩张速度将高于此前预期。英国央行设定的通胀目标为2%，但今年5月通胀率出人意料地超过了这一目标，达到2.1%，这是近两年来通胀首次超越目标。\n公司新闻\n贝克休斯：美国钻井公司连续第二周增加石油和天然气钻井平台\n美国油服公司贝克休斯公布的数据显示，截至6月18日当周，石油钻井总数增加8座，至373座，此前预期增加3座；当周天然气钻井总数增加1座，至97座；总钻井数增加9座，至470座。贝克休斯油服表示，美国钻井公司连续第二周增加石油和天然气钻井平台。\n继滴滴后，“中国货车界Uber”也要赴美IPO了\n从美国证券交易委员会(SEC)官网获悉，“中国货车界Uber”满帮集团(FullTruckAllianceCo.Ltd.)已启动招股，预计发行8250万股ADS在纽交所上市，发行价或定在17美元-19美元之间。据介绍，作为中国最大的车货匹配信息平台，满帮集团为用户提供准确便捷的信息交互平台服务；同时，公司也已发展成全国最大的货车车后服务平台，通过覆盖车油、ETC、新车、金融、保险、园区等服务领域，为货车司机提供一站式服务。\n爱回收正式登陆纽交所 IPO首日收盘大涨近23%\n爱回收周五正式登陆纽交所，截至收盘，爱回股价报17.21美元，涨幅22.93%，市值37.93亿美元。招股书显示，万物新生集团过去12个月(截至2021年3月31日)的整体营收为56.80亿元，同比增长49.4%。2020年整体营收为48.58亿元，其中核心业务营收为47.09亿元，较2019年同比增长38.2%。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"TQQQ":0.9,"SDOW":0.9,"MNQmain":0.9,".IXIC":0.9,"PSQ":0.9,"DDM":0.9,"SQQQ":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9,"ESmain":0.9,"OEF":0.9,"DXD":0.9,"QLD":0.9,"QID":0.9,"IVV":0.9,"SH":0.9,"SDS":0.9,"UDOW":0.9,"UPRO":0.9,"DOG":0.9,"SSO":0.9,"NQmain":0.9,"SPXU":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":4965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161369303,"gmtCreate":1623905500102,"gmtModify":1703823179289,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"like and comment mine post","listText":"like and comment mine post","text":"like and comment mine post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161369303","repostId":"1186688505","repostType":4,"repost":{"id":"1186688505","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":1623891302,"share":"https://ttm.financial/m/news/1186688505?lang=en_US&edition=fundamental","pubTime":"2021-06-17 08:55","market":"hk","language":"zh","title":"Youran Animal Husbandry has an 80% success rate in a single lot, with one lot guaranteed after subscribing to 3 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1186688505","media":"老虎资讯综合","summary":"6月17日消息，本周四优然牧业发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。\n公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目","content":"<p>June 17th news, this Thursday<a href=\"https://laohu8.com/S/09858\">Youran Animal Husbandry</a>The company issued an announcement stating that it will issue 715 million shares at a price of HK$6.98 per share, with 1,000 shares per lot, and is expected to list on June 18.</p><p>During the public offering phase, Youran Dairy was subscribed 3.73 times, and the final number of offer shares allocated to the public offering was 71.544 million shares, accounting for 10% of the total number of offer shares (before any over-allotment option was exercised). A total of 28,283 valid applications were received, with an 80% success rate per lot, and one lot was guaranteed to be successful after subscribing to 3 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 644 million (excluding over-allocated shares), representing 90% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/a2349a0d398ab0b7c627322586dc1995\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot consists of 1,000 shares, with an entry fee of HK$8,747.26. The winning rate for one lot is 80%, and subscribing to three lots is guaranteed to win one lot.</p><p>The threshold for Group B is 600,000 shares, and the funds required for subscription are approximately HK$5,248,360.09.<img src=\"https://static.tigerbbs.com/183b55b260a699e4eed6d62b7a2b20d9\" tg-width=\"713\" tg-height=\"208\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/baef5fa28b0cc392f49dad86d7d64628\" tg-width=\"721\" tg-height=\"786\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/46328b4384685df91ed4359f3713a90a\" tg-width=\"714\" tg-height=\"329\" referrerpolicy=\"no-referrer\">During the public offering phase, Youran Dairy was subscribed 3.73 times, and the final number of offer shares allocated to the public offering was 71.544 million shares, accounting for 10% of the total number of offer shares (before any over-allotment option was exercised). A total of 28,283 valid applications were received, with an 80% success rate per lot, and one lot was guaranteed to be successful after subscribing to 3 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 644 million (excluding over-allocated shares), representing 90% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:</p><p>Regarding the use of funds, the company plans to use the net proceeds of approximately HK$3.238 billion from the global offering for the following purposes: approximately 75% will be allocated to fund investment projects over the next two years, including the construction of ranches under construction, newly built ranches and feed production bases and the purchase of necessary facilities and equipment for them; Approximately 15% may be allocated to pastures to purchase dairy cows; Approximately 10% will be allocated for working capital and general corporate purposes.</p><p>It is understood that Youran Dairy was founded in 1984 and was once a wholly-owned subsidiary of Yili, the world's fifth-largest dairy manufacturer. In 2015, it spun off its business from Yili for operation. The company has now developed into a leader in China's upstream dairy market, with its business layout covering the entire upstream dairy industry chain from breeding to feed and raw milk production.</p><p>According to Frost & Sullivan,<b>Based on 2020 revenue, the company is China's largest upstream integrated dairy product and service provider.</b>The company provides high-quality raw milk to large dairy manufacturers and ruminant farming products and services to ranches through two business segments: raw milk and ruminant farming systematic solutions. Yili is Youran Dairy's largest customer.</p><p>In terms of financial data, the company's total revenue was RMB 6.334 billion, RMB 7.668 billion and RMB 11.781 billion from 2018 to 2020, respectively, with a compound annual growth rate of 36.4%; During the same period, the company recorded net profits of RMB 653 million, RMB 802 million and RMB 1.541 billion, respectively, with a compound annual growth rate of 53.6%.</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>Youran Animal Husbandry has an 80% success rate in a single lot, with one lot guaranteed after subscribing to 3 lots.</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\">\nYouran Animal Husbandry has an 80% success rate in a single lot, with one lot guaranteed after subscribing to 3 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-17 08:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 17th news, this Thursday<a href=\"https://laohu8.com/S/09858\">Youran Animal Husbandry</a>The company issued an announcement stating that it will issue 715 million shares at a price of HK$6.98 per share, with 1,000 shares per lot, and is expected to list on June 18.</p><p>During the public offering phase, Youran Dairy was subscribed 3.73 times, and the final number of offer shares allocated to the public offering was 71.544 million shares, accounting for 10% of the total number of offer shares (before any over-allotment option was exercised). A total of 28,283 valid applications were received, with an 80% success rate per lot, and one lot was guaranteed to be successful after subscribing to 3 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 644 million (excluding over-allocated shares), representing 90% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/a2349a0d398ab0b7c627322586dc1995\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot consists of 1,000 shares, with an entry fee of HK$8,747.26. The winning rate for one lot is 80%, and subscribing to three lots is guaranteed to win one lot.</p><p>The threshold for Group B is 600,000 shares, and the funds required for subscription are approximately HK$5,248,360.09.<img src=\"https://static.tigerbbs.com/183b55b260a699e4eed6d62b7a2b20d9\" tg-width=\"713\" tg-height=\"208\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/baef5fa28b0cc392f49dad86d7d64628\" tg-width=\"721\" tg-height=\"786\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/46328b4384685df91ed4359f3713a90a\" tg-width=\"714\" tg-height=\"329\" referrerpolicy=\"no-referrer\">During the public offering phase, Youran Dairy was subscribed 3.73 times, and the final number of offer shares allocated to the public offering was 71.544 million shares, accounting for 10% of the total number of offer shares (before any over-allotment option was exercised). A total of 28,283 valid applications were received, with an 80% success rate per lot, and one lot was guaranteed to be successful after subscribing to 3 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 644 million (excluding over-allocated shares), representing 90% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:</p><p>Regarding the use of funds, the company plans to use the net proceeds of approximately HK$3.238 billion from the global offering for the following purposes: approximately 75% will be allocated to fund investment projects over the next two years, including the construction of ranches under construction, newly built ranches and feed production bases and the purchase of necessary facilities and equipment for them; Approximately 15% may be allocated to pastures to purchase dairy cows; Approximately 10% will be allocated for working capital and general corporate purposes.</p><p>It is understood that Youran Dairy was founded in 1984 and was once a wholly-owned subsidiary of Yili, the world's fifth-largest dairy manufacturer. In 2015, it spun off its business from Yili for operation. The company has now developed into a leader in China's upstream dairy market, with its business layout covering the entire upstream dairy industry chain from breeding to feed and raw milk production.</p><p>According to Frost & Sullivan,<b>Based on 2020 revenue, the company is China's largest upstream integrated dairy product and service provider.</b>The company provides high-quality raw milk to large dairy manufacturers and ruminant farming products and services to ranches through two business segments: raw milk and ruminant farming systematic solutions. Yili is Youran Dairy's largest customer.</p><p>In terms of financial data, the company's total revenue was RMB 6.334 billion, RMB 7.668 billion and RMB 11.781 billion from 2018 to 2020, respectively, with a compound annual growth rate of 36.4%; During the same period, the company recorded net profits of RMB 653 million, RMB 802 million and RMB 1.541 billion, respectively, with a compound annual growth rate of 53.6%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"09858":"优然牧业"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186688505","content_text":"6月17日消息，本周四优然牧业发布公告，公司发行7.15亿股股份，每股定价6.98港元，每手1000股，预期将于6月18日上市。\n公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。\n此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：申购阶梯：\n每手1000股，入场费8,747.26港元。一手中签率80%，认购3手稳中一手。\n乙组门槛为60万股，申购所需资金约5,248,360.09港元。公开发售阶段优然牧业获3.73倍认购，分配至公开发售的发售股份最终数目为7154.4万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获28283份有效申请，一手中签率80%，认购3手稳中一手。\n此外，国际发售获超额认购，发售股份最终数目为6.44亿股（不包括超额分配股份），相当于发售股份总数的90%。老虎资讯整理相关数据如下表：\n筹资用途方面，公司拟将全球发售所得款项净额约32.38亿港元用于以下用途：约75%将分配用于拨付未来两年的投资项目，包括兴建正在建设的牧场、新建的牧场及饲料生产基地并为其购置所需设施设备；约15%或将分配用于牧场购买奶牛；约10%将分配用于营运资金及一般企业用途。\n据悉，优然牧业成立于1984年，曾作为全球排名第五的大型乳制品制造商伊利旗下全资附属公司，2015年将业务从伊利分拆出来运营。目前公司已发展成为中国乳业上游市场的领导者，业务布局覆盖由育种到饲料再到原料奶生产的乳业上游全产业链。\n根据弗若斯特沙利文的资料，按2020年收入计，公司是中国规模最大的乳业上游综合产品和服务提供商。公司通过原料奶及反刍动物养殖系统化解决方案两个业务分部，向大型乳制品制造商提供优质原料奶并向牧场提供反刍动物养殖产品及服务，伊利是优然牧业最大的客户。\n财务数据方面，2018年至2020年公司总营收分别为人民币63.34亿元、76.68亿元及117.81亿元，复合年增长率为36.4%；同期录得净利润6.53亿元、8.02亿元及15.41亿元，复合年增长率为53.6%。","news_type":1,"symbols_score_info":{"09858":0.9}},"isVote":1,"tweetType":1,"viewCount":4703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188219592,"gmtCreate":1623446643016,"gmtModify":1704203810989,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188219592","repostId":"1156959915","repostType":4,"repost":{"id":"1156959915","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":1623429803,"share":"https://ttm.financial/m/news/1156959915?lang=en_US&edition=fundamental","pubTime":"2021-06-12 00:43","market":"us","language":"zh","title":"Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156959915","media":"老虎资讯综合","summary":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科","content":"<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></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>Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":2122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115268613,"gmtCreate":1623011781232,"gmtModify":1704194231678,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115268613","repostId":"2141285413","repostType":4,"repost":{"id":"2141285413","kind":"news","pubTimestamp":1622971587,"share":"https://ttm.financial/m/news/2141285413?lang=en_US&edition=fundamental","pubTime":"2021-06-06 17:26","market":"us","language":"zh","title":"What other good capital stories does Fangduoduo have after it \"broke through its defenses\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2141285413","media":"节点财经","summary":"从2001年至今，房多多刚好走过了10年时间。从最初借鉴Groupon模式启程，几经演变后，房多多顶着“产业互联网SaaS第一股”的光环上市。\n如今，光环开始褪去，房多多的自身的定位、持续的亏损以及二","content":"<p>From 2001 to present,<a href=\"https://laohu8.com/S/DUO\">Fang Duoduo</a>Exactly 10 years have passed. Starting with the Groupon model, after several evolutions, Fangduoduo went public with the halo of being the \"first SaaS stock in the industrial internet\".</p><p>Today, its halo is fading, and Fangduoduo's own positioning, continuous losses, and performance in the secondary market have faced several unfavorable factors. In addition to the SaaS story not working, the stock price in the capital market being lukewarm, and intensifying competition in the industry, Fangduoduo's profitability has weakened.</p><p>Recently, Fangduoduo released its financial report for the first quarter of this year, which showed that Fangduoduo had an adjusted net loss of 93 million yuan. Losses have worsened again, and Fangduoduo seems to be facing a complete \"breakdown\"?</p><p> / 01 /</p><p>Story breaks down</p><p>How can we continue talking about \"the first real estate SaaS stock\"?</p><p>In 2010, the three founders of Fangduoduo believed that although the Internet was booming, it was far from two industries: real estate and healthcare. Among the three founders, Zeng Xi and Duan Yi both came from real estate sales backgrounds. Transforming the real estate market through the Internet became their entrepreneurial direction, and Fangduoduo was born in response.</p><p>Fangduoduo's rapid growth was largely due to the industry environment at the time. At that time, the efficiency of real estate transactions in China was extremely low, and the penetration of the Internet into the real estate industry was still in a very weak stage. The industry has pain points and a need for transformation. With the original intention of \"improving the efficiency of brokers through internet-based tools\", Fangduoduo has just filled the missing link in this industry chain.</p><p>In its early stages of development, Fangduoduo generated profits by selling coupons to homebuyers. This involved partnering with developers to obtain coupons, then selling the coupons to customers through brokers, with the brokers sharing the profits. After this model continued for four or five years, the industry underwent significant changes—houses became easier to sell, and people were rushing to buy them without needing discounts.</p><p>So Fangduoduo started collecting commissions from developers, with agents referring customers and paying commissions to Fangduoduo after the transaction was completed. To this day, this remains Fangduoduo's main source of revenue.</p><p>In recent years, under the high pressure of the \"three red lines\", the real estate industry has gradually entered an era of existing stock. Fangduoduo has launched its own new label: \"SaaS\" service. Simply put, it helps developers achieve digitalization and connects brokers with a digital platform. In other words, after creating the platform, Fangduoduo began To develop standardized products and provide B2B services.</p><p>Zeng Xi, co-CEO of Fangduoduo, once said, \"Fangduoduo aims to be a SaaS service company that helps both upstream developers achieve Internet integration and downstream brokerage companies achieve SaaS integration.\"</p><p>After telling this \"story,\" Fangduoduo transformed from a real estate transaction platform into a technology company. When Fangduoduo went public on NASDAQ in 2019, it was already known as the \"first SaaS stock in the industrial internet industry\".</p><p>But this \"story\" is not so easy to tell; there are many shadows behind the halo. In recent years, Fangduoduo's SaaS attributes have been questioned by the industry. The reason is that, in terms of revenue structure, Fangduoduo's commissions and handling fees have long accounted for more than 90%, while its innovative business revenue, including SaaS services, accounts for less than 10%.</p><p>From 2017 to 2020, commission and fee income and innovative business income accounted for 91.9% and 8.1%, respectively; 89.1%、10.9%； 96.0%、4.0%； 90.7%、9.3%。 From 2017 to 2020, revenue from innovative businesses was 146 million, 248 million, 144 million, and 228 million respectively. It can be seen that the revenue generated by SaaS services is not high and accounts for a very small proportion. Fangduoduo is also a company that makes money through commissions.</p><p><img src=\"https://static.tigerbbs.com/797e193abbaff10e77690a5e46d9d36c\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>American real estate technology company<a href=\"https://laohu8.com/S/Z\">Zillow</a>It also focuses on SaaS, but SaaS tools and solutions contribute nearly 70% of its revenue. It is clear that Fangduoduo is still quite far from its proposed goal of becoming a \"real estate Taobao\".</p><p>In the fourth quarter of last year, Fangduoduo fully upgraded its SaaS to Fangyun SaaS, which serves all scenarios of digital marketing in the upstream and downstream of the industry. It helps developers connect directly and quickly with brokers online, attempting to improve the matching efficiency of real estate transactions with customers while controlling marketing costs. However, judging from the recently released first-quarter financial report, it did not meet Fangduoduo's expectations.</p><p> / 02 /</p><p>Profit breakdown</p><p>It shone brightly upon its IPO, but its profitability declined steadily.</p><p>Recently, Fangduoduo released its latest quarterly financial report. Financial reports show that in the first quarter of 2021, Fangduoduo's revenue was 291 million yuan, and its net loss was 102 million yuan. Under Non-GAAP accounting standards, Fangduoduo reported an adjusted net loss of RMB 93 million in the first quarter of 2021.</p><p>If we take the IPO as a watershed moment, then before the IPO, Fangduoduo's revenue was growing year by year, while since the IPO, Fangduoduo's losses have been widening.</p><p>Before its IPO, Fangduoduo's revenue was RMB 1.7985 billion, RMB 2.2822 billion, and RMB 3.6 billion in 2017, 2017, and 2019, respectively. After listing, the company began to decline. Starting from the first quarter of 2020, its quarterly revenue was 272.1 million yuan, 737.7 million yuan, 819.1 million yuan, and 622.4 million yuan, respectively. The year-on-year declines were -58.52%, -22.20%, -13.59%, and -40.57%, respectively.</p><p>In the first quarter of this year, Fangduoduo's revenue declined to 291 million yuan. Instead of taking off with the help of the capital market, Fangduoduo experienced a downward trend, with its net profit attributable to the parent company declining. From the first quarter of 2020 to the first quarter of 2021, Fangduoduo's net profit attributable to the parent company was -136 million yuan, -13.99 million yuan, 21.91 million yuan, -91.76 million yuan, and -102 million yuan, respectively.</p><p><img src=\"https://static.tigerbbs.com/82dd656d8813a53e71e2eaf71afcdac4\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>Is the decline in performance due to the pandemic?</p><p>Although the pandemic has had some impact, the decline in Fangduoduo's revenue does not seem to be entirely attributable to the pandemic. According to data from the National Bureau of Statistics, in 2020, national sales of commercial housing reached nearly 17.4 trillion yuan, a year-on-year increase of 8.7%. During the same period, the number of housing transactions facilitated on the Fangduoduo platform decreased by 14%.</p><p>At the same time,<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Operating revenue was 70.5 billion yuan, a year-on-year increase of 53.2%; Net profit for the year reached 2.778 billion yuan, marking the first time it has achieved full-year profitability under U.S. accounting standards. By the end of 2020, Beike's GTV (total annual platform transaction volume) had exceeded 3.5 trillion yuan, with GTV growing to 3.0 times.</p><p>Excluding the influence of external factors, another crucial factor remains—the intensification of industry competition.</p><p>Fangduoduo has always prided itself on being an independent third-party platform, but the emergence of Beike and Anjuke has disrupted this balance. When Zuo Hui decided to become Beike, the industry criticized him for being both a referee and an athlete, but judging from the results, Zuo Hui's choice was correct. Back then, the loudest criticism<a href=\"https://laohu8.com/S/WUBA\">58.com</a>Now, it is also developing its subsidiary Anjuke in the same direction.</p><p>Competitors were strong and willing to invest heavily, quickly capturing the market through subsidies and commissions, which became a way for Beike and others to quickly capture users' minds. However, Fangduoduo believed that malicious subsidies would not bring sustainable growth, so it abandoned the decision to pay subsidies. This decision put pressure on Fangduoduo's business. Zeng Xi also stated that not participating in malicious subsidies put temporary pressure on the company.</p><p>In 2020, both Fangduoduo's transaction volume and revenue declined. In 2020, the total closed-loop transaction GMV facilitated by Fangduoduo was RMB 181.1 billion, a year-on-year decrease of 14.0%; Revenue reached 2.45 billion yuan, a year-on-year decrease of 31.9%.</p><p>Although it has given up subsidies, Fangduoduo is not in a hurry to see that Beike's market value has reached $64.439 billion and is heading towards a market value of 100 billion. In the fourth quarter of last year, Fangduoduo began to carry out large-scale brand promotion and advertising, with sales expenses reaching 32 million yuan, an increase of 88%. It may not seem like much, but it should be noted that its annual sales expenses were only 38 million yuan.</p><p>Nowadays, real estate developers are also starting to sell properties online, and with the entry of internet giants, Fangduoduo has had to change. Previously, Fangduoduo had always emphasized its independent third-party nature. Duan Yi promised the outside world, \"To build an independent platform, we will not hire an agent or open an offline store; we will safeguard the legitimate interests of every merchant on the platform; and we will not infringe on the private data of any merchant.\"</p><p>However, this positioning is also changing subtly. Last November, Fangduoduo announced its investment in Yuancui, a franchise service operation platform under Zhongyuan Group. Through this investment, Fangduoduo completed its transformation from online to...<a href=\"https://laohu8.com/S/300959\">Online and offline</a>During its integrated transformation, it also lost its attribute as an \"independent third-party platform\".</p><p>Giving up \"independence\" is to gain stronger leverage in competition and embrace a larger market. This is the most fundamental means and method for Fangduoduo to turn a profit.</p><p> / 03 /</p><p>Valuation \"breaks through\"</p><p>Competition intensifies, capital markets are not buying it.</p><p>The initial high-profile IPO stemmed from secondary market investors' enthusiasm for SaaS projects. Especially in the US market,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>、<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Slack are both superstars in this field. The integration of SaaS with industry has given real estate, which has a lower technological value, an imaginative tomorrow.</p><p>After several quarters of operation, the quality of Fangduoduo's SaaS business has surfaced. In November 2019, Fangduoduo's IPO price was $13. By the close of trading on June 4, the quoted price was $3.17, a drop of more than 70%.</p><p>SaaS-related innovative service businesses have not yielded results for several years. Currently, Fangduoduo faces two problems.</p><p>First, will innovative services continue to exert their efforts?</p><p>The founding team gave a positive answer. Zeng Xi once stated that Fangduoduo has two core advantages: first, it has gathered the largest group of agents in China and is frequently online; Secondly, the capability to provide system solutions has been accumulated over the past decade. \"Based on these two advantages, we will unswervingly push developers to go online faster and help them build the systems and operational services they need to go online.\"</p><p>Secondly, how high are the barriers to entry for Fangduoduo's core competencies?</p><p>There are many service providers in the industry, such as Beike. Currently, Beike's ecosystem has nearly 300 brands, 47,000 stores, and nearly 500,000 agents. The massive amount of data gives Beike a powerful data system that can serve brokers, store managers, and platform service personnel on the platform, making operational processes online. Overall, this service remains an online operating system within the scope of real estate transactions.</p><p>Another representative type is...<a href=\"https://laohu8.com/S/00909\">Mingyuan Cloud</a>。 Mingyuan Cloud started as an enterprise ERP company and has now transformed into a marketing SaaS service provider. The main service targets are real estate companies.</p><p>It can be said that most mainstream traditional real estate companies have used Mingyuan Cloud's ERP system.</p><p>Mingyuan Cloud's SaaS business is mainly sub-divided into cloud customers, cloud chains, cloud procurement, and cloud space, covering all aspects of real estate developers' operations. Among them, Yunke (which is a marketing SaaS system) has grown rapidly in the pandemic environment. In 2020, Mingyuan Cloud quickly launched its mobile sales platform, which integrates functions such as online communication, digital showrooms, and online sales openings.</p><p>It is worth mentioning that in the fourth quarter of 2020, Fangduoduo also launched Fangyun SaaS. In terms of functionality, Fangyun SaaS's Ziqubao product has been launched in stores.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>New features such as recommendations, merchant updates, salesperson online stores, and high-intention visitor reach reminders help on-site sales quickly launch brokerage merchants on the B2B side. Meanwhile, private domain marketing tools were also launched simultaneously on the Fangyun APP, supporting new features such as developers launching live streams, short video customer acquisition, one-click VR generation of real estate projects, and online viewing by C-end users.</p><p>Since everyone's gameplay is similar, the competition will undoubtedly be more intense.</p><p>From an industry perspective, there are giants such as Beike and Anjuke. From a SaaS service perspective, there are also Mingyuan Cloud, which has transformed from ERP, and a number of small and medium-sized players.</p><p>Does Fangduoduo still have a chance? From the former perspective, real estate brokerage exhibits an internet attribute where the strong get stronger; the larger the scale, the stronger the strength. Looking at the latter, among the top 100 real estate companies in 2020, Mingyuan Cloud cooperated with 97 companies, and the average order value increased from 3.7 million yuan to 6.1 million yuan. In summary, in the fiercely competitive industry, Fangduoduo's performance is not considered a top student. In the future, it needs stronger team execution and faster speed to have a chance to overtake.</p><p>This year, Fangduoduo underwent a significant personnel change, with Liu Tianyang officially assuming the position of Senior Vice President of Fangduoduo. The newly appointed vice president currently also serves as a director of Centaline Group, vice president of Centaline Property (Mainland China), president of Yuancui, and president of Jimu Real Estate.</p><p>Fang Duoduo is the major shareholder of Yuancui. What is the deeper meaning of Liu Tianyang's joining? It is understood that Liu Tianyang will be responsible for the second-hand housing and innovation business, including the second-hand housing transaction business unit, Tinghaozhu and Haofanghui business units.</p><p>The second-hand housing market is very likely to be Fangduoduo's next key business focus after its innovative business.</p><p>In 2020, Fangduoduo's cumulative closed-loop GMV of second-hand homes reached 73.1 billion yuan, a year-on-year increase of 15.26%. In 2020, the total transaction volume of second-hand homes nationwide reached 7.3 trillion yuan, setting a new record for the largest transaction volume since 2015.</p><p>As early as 2014, Fangduoduo invested a lot of resources in the second-hand business. However, business development was not smooth. In 2016, Fangduoduo completely scaled back its second-hand housing business and returned to the new homeowner market. Is Fangduoduo really ready to bring up the second-hand housing business again this time?</p><p>Currently, Fangduoduo's market capitalization is $263 million, while Beike's market capitalization is 245 times that. In April, Anjuke submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of another giant in the real estate transaction market. Facing a \"breakdown in its defenses,\" Fangduoduo needs more changes to meet the challenges.</p>","source":"jdcj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What other good capital stories does Fangduoduo have after it \"broke through its defenses\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat other good capital stories does Fangduoduo have after it \"broke through its defenses\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">节点财经</strong><span class=\"h-time small\">2021-06-06 17:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>From 2001 to present,<a href=\"https://laohu8.com/S/DUO\">Fang Duoduo</a>Exactly 10 years have passed. Starting with the Groupon model, after several evolutions, Fangduoduo went public with the halo of being the \"first SaaS stock in the industrial internet\".</p><p>Today, its halo is fading, and Fangduoduo's own positioning, continuous losses, and performance in the secondary market have faced several unfavorable factors. In addition to the SaaS story not working, the stock price in the capital market being lukewarm, and intensifying competition in the industry, Fangduoduo's profitability has weakened.</p><p>Recently, Fangduoduo released its financial report for the first quarter of this year, which showed that Fangduoduo had an adjusted net loss of 93 million yuan. Losses have worsened again, and Fangduoduo seems to be facing a complete \"breakdown\"?</p><p> / 01 /</p><p>Story breaks down</p><p>How can we continue talking about \"the first real estate SaaS stock\"?</p><p>In 2010, the three founders of Fangduoduo believed that although the Internet was booming, it was far from two industries: real estate and healthcare. Among the three founders, Zeng Xi and Duan Yi both came from real estate sales backgrounds. Transforming the real estate market through the Internet became their entrepreneurial direction, and Fangduoduo was born in response.</p><p>Fangduoduo's rapid growth was largely due to the industry environment at the time. At that time, the efficiency of real estate transactions in China was extremely low, and the penetration of the Internet into the real estate industry was still in a very weak stage. The industry has pain points and a need for transformation. With the original intention of \"improving the efficiency of brokers through internet-based tools\", Fangduoduo has just filled the missing link in this industry chain.</p><p>In its early stages of development, Fangduoduo generated profits by selling coupons to homebuyers. This involved partnering with developers to obtain coupons, then selling the coupons to customers through brokers, with the brokers sharing the profits. After this model continued for four or five years, the industry underwent significant changes—houses became easier to sell, and people were rushing to buy them without needing discounts.</p><p>So Fangduoduo started collecting commissions from developers, with agents referring customers and paying commissions to Fangduoduo after the transaction was completed. To this day, this remains Fangduoduo's main source of revenue.</p><p>In recent years, under the high pressure of the \"three red lines\", the real estate industry has gradually entered an era of existing stock. Fangduoduo has launched its own new label: \"SaaS\" service. Simply put, it helps developers achieve digitalization and connects brokers with a digital platform. In other words, after creating the platform, Fangduoduo began To develop standardized products and provide B2B services.</p><p>Zeng Xi, co-CEO of Fangduoduo, once said, \"Fangduoduo aims to be a SaaS service company that helps both upstream developers achieve Internet integration and downstream brokerage companies achieve SaaS integration.\"</p><p>After telling this \"story,\" Fangduoduo transformed from a real estate transaction platform into a technology company. When Fangduoduo went public on NASDAQ in 2019, it was already known as the \"first SaaS stock in the industrial internet industry\".</p><p>But this \"story\" is not so easy to tell; there are many shadows behind the halo. In recent years, Fangduoduo's SaaS attributes have been questioned by the industry. The reason is that, in terms of revenue structure, Fangduoduo's commissions and handling fees have long accounted for more than 90%, while its innovative business revenue, including SaaS services, accounts for less than 10%.</p><p>From 2017 to 2020, commission and fee income and innovative business income accounted for 91.9% and 8.1%, respectively; 89.1%、10.9%； 96.0%、4.0%； 90.7%、9.3%。 From 2017 to 2020, revenue from innovative businesses was 146 million, 248 million, 144 million, and 228 million respectively. It can be seen that the revenue generated by SaaS services is not high and accounts for a very small proportion. Fangduoduo is also a company that makes money through commissions.</p><p><img src=\"https://static.tigerbbs.com/797e193abbaff10e77690a5e46d9d36c\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>American real estate technology company<a href=\"https://laohu8.com/S/Z\">Zillow</a>It also focuses on SaaS, but SaaS tools and solutions contribute nearly 70% of its revenue. It is clear that Fangduoduo is still quite far from its proposed goal of becoming a \"real estate Taobao\".</p><p>In the fourth quarter of last year, Fangduoduo fully upgraded its SaaS to Fangyun SaaS, which serves all scenarios of digital marketing in the upstream and downstream of the industry. It helps developers connect directly and quickly with brokers online, attempting to improve the matching efficiency of real estate transactions with customers while controlling marketing costs. However, judging from the recently released first-quarter financial report, it did not meet Fangduoduo's expectations.</p><p> / 02 /</p><p>Profit breakdown</p><p>It shone brightly upon its IPO, but its profitability declined steadily.</p><p>Recently, Fangduoduo released its latest quarterly financial report. Financial reports show that in the first quarter of 2021, Fangduoduo's revenue was 291 million yuan, and its net loss was 102 million yuan. Under Non-GAAP accounting standards, Fangduoduo reported an adjusted net loss of RMB 93 million in the first quarter of 2021.</p><p>If we take the IPO as a watershed moment, then before the IPO, Fangduoduo's revenue was growing year by year, while since the IPO, Fangduoduo's losses have been widening.</p><p>Before its IPO, Fangduoduo's revenue was RMB 1.7985 billion, RMB 2.2822 billion, and RMB 3.6 billion in 2017, 2017, and 2019, respectively. After listing, the company began to decline. Starting from the first quarter of 2020, its quarterly revenue was 272.1 million yuan, 737.7 million yuan, 819.1 million yuan, and 622.4 million yuan, respectively. The year-on-year declines were -58.52%, -22.20%, -13.59%, and -40.57%, respectively.</p><p>In the first quarter of this year, Fangduoduo's revenue declined to 291 million yuan. Instead of taking off with the help of the capital market, Fangduoduo experienced a downward trend, with its net profit attributable to the parent company declining. From the first quarter of 2020 to the first quarter of 2021, Fangduoduo's net profit attributable to the parent company was -136 million yuan, -13.99 million yuan, 21.91 million yuan, -91.76 million yuan, and -102 million yuan, respectively.</p><p><img src=\"https://static.tigerbbs.com/82dd656d8813a53e71e2eaf71afcdac4\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p>Data source: Fangduoduo financial report, wind</p><p>Is the decline in performance due to the pandemic?</p><p>Although the pandemic has had some impact, the decline in Fangduoduo's revenue does not seem to be entirely attributable to the pandemic. According to data from the National Bureau of Statistics, in 2020, national sales of commercial housing reached nearly 17.4 trillion yuan, a year-on-year increase of 8.7%. During the same period, the number of housing transactions facilitated on the Fangduoduo platform decreased by 14%.</p><p>At the same time,<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Operating revenue was 70.5 billion yuan, a year-on-year increase of 53.2%; Net profit for the year reached 2.778 billion yuan, marking the first time it has achieved full-year profitability under U.S. accounting standards. By the end of 2020, Beike's GTV (total annual platform transaction volume) had exceeded 3.5 trillion yuan, with GTV growing to 3.0 times.</p><p>Excluding the influence of external factors, another crucial factor remains—the intensification of industry competition.</p><p>Fangduoduo has always prided itself on being an independent third-party platform, but the emergence of Beike and Anjuke has disrupted this balance. When Zuo Hui decided to become Beike, the industry criticized him for being both a referee and an athlete, but judging from the results, Zuo Hui's choice was correct. Back then, the loudest criticism<a href=\"https://laohu8.com/S/WUBA\">58.com</a>Now, it is also developing its subsidiary Anjuke in the same direction.</p><p>Competitors were strong and willing to invest heavily, quickly capturing the market through subsidies and commissions, which became a way for Beike and others to quickly capture users' minds. However, Fangduoduo believed that malicious subsidies would not bring sustainable growth, so it abandoned the decision to pay subsidies. This decision put pressure on Fangduoduo's business. Zeng Xi also stated that not participating in malicious subsidies put temporary pressure on the company.</p><p>In 2020, both Fangduoduo's transaction volume and revenue declined. In 2020, the total closed-loop transaction GMV facilitated by Fangduoduo was RMB 181.1 billion, a year-on-year decrease of 14.0%; Revenue reached 2.45 billion yuan, a year-on-year decrease of 31.9%.</p><p>Although it has given up subsidies, Fangduoduo is not in a hurry to see that Beike's market value has reached $64.439 billion and is heading towards a market value of 100 billion. In the fourth quarter of last year, Fangduoduo began to carry out large-scale brand promotion and advertising, with sales expenses reaching 32 million yuan, an increase of 88%. It may not seem like much, but it should be noted that its annual sales expenses were only 38 million yuan.</p><p>Nowadays, real estate developers are also starting to sell properties online, and with the entry of internet giants, Fangduoduo has had to change. Previously, Fangduoduo had always emphasized its independent third-party nature. Duan Yi promised the outside world, \"To build an independent platform, we will not hire an agent or open an offline store; we will safeguard the legitimate interests of every merchant on the platform; and we will not infringe on the private data of any merchant.\"</p><p>However, this positioning is also changing subtly. Last November, Fangduoduo announced its investment in Yuancui, a franchise service operation platform under Zhongyuan Group. Through this investment, Fangduoduo completed its transformation from online to...<a href=\"https://laohu8.com/S/300959\">Online and offline</a>During its integrated transformation, it also lost its attribute as an \"independent third-party platform\".</p><p>Giving up \"independence\" is to gain stronger leverage in competition and embrace a larger market. This is the most fundamental means and method for Fangduoduo to turn a profit.</p><p> / 03 /</p><p>Valuation \"breaks through\"</p><p>Competition intensifies, capital markets are not buying it.</p><p>The initial high-profile IPO stemmed from secondary market investors' enthusiasm for SaaS projects. Especially in the US market,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>、<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Slack are both superstars in this field. The integration of SaaS with industry has given real estate, which has a lower technological value, an imaginative tomorrow.</p><p>After several quarters of operation, the quality of Fangduoduo's SaaS business has surfaced. In November 2019, Fangduoduo's IPO price was $13. By the close of trading on June 4, the quoted price was $3.17, a drop of more than 70%.</p><p>SaaS-related innovative service businesses have not yielded results for several years. Currently, Fangduoduo faces two problems.</p><p>First, will innovative services continue to exert their efforts?</p><p>The founding team gave a positive answer. Zeng Xi once stated that Fangduoduo has two core advantages: first, it has gathered the largest group of agents in China and is frequently online; Secondly, the capability to provide system solutions has been accumulated over the past decade. \"Based on these two advantages, we will unswervingly push developers to go online faster and help them build the systems and operational services they need to go online.\"</p><p>Secondly, how high are the barriers to entry for Fangduoduo's core competencies?</p><p>There are many service providers in the industry, such as Beike. Currently, Beike's ecosystem has nearly 300 brands, 47,000 stores, and nearly 500,000 agents. The massive amount of data gives Beike a powerful data system that can serve brokers, store managers, and platform service personnel on the platform, making operational processes online. Overall, this service remains an online operating system within the scope of real estate transactions.</p><p>Another representative type is...<a href=\"https://laohu8.com/S/00909\">Mingyuan Cloud</a>。 Mingyuan Cloud started as an enterprise ERP company and has now transformed into a marketing SaaS service provider. The main service targets are real estate companies.</p><p>It can be said that most mainstream traditional real estate companies have used Mingyuan Cloud's ERP system.</p><p>Mingyuan Cloud's SaaS business is mainly sub-divided into cloud customers, cloud chains, cloud procurement, and cloud space, covering all aspects of real estate developers' operations. Among them, Yunke (which is a marketing SaaS system) has grown rapidly in the pandemic environment. In 2020, Mingyuan Cloud quickly launched its mobile sales platform, which integrates functions such as online communication, digital showrooms, and online sales openings.</p><p>It is worth mentioning that in the fourth quarter of 2020, Fangduoduo also launched Fangyun SaaS. In terms of functionality, Fangyun SaaS's Ziqubao product has been launched in stores.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>New features such as recommendations, merchant updates, salesperson online stores, and high-intention visitor reach reminders help on-site sales quickly launch brokerage merchants on the B2B side. Meanwhile, private domain marketing tools were also launched simultaneously on the Fangyun APP, supporting new features such as developers launching live streams, short video customer acquisition, one-click VR generation of real estate projects, and online viewing by C-end users.</p><p>Since everyone's gameplay is similar, the competition will undoubtedly be more intense.</p><p>From an industry perspective, there are giants such as Beike and Anjuke. From a SaaS service perspective, there are also Mingyuan Cloud, which has transformed from ERP, and a number of small and medium-sized players.</p><p>Does Fangduoduo still have a chance? From the former perspective, real estate brokerage exhibits an internet attribute where the strong get stronger; the larger the scale, the stronger the strength. Looking at the latter, among the top 100 real estate companies in 2020, Mingyuan Cloud cooperated with 97 companies, and the average order value increased from 3.7 million yuan to 6.1 million yuan. In summary, in the fiercely competitive industry, Fangduoduo's performance is not considered a top student. In the future, it needs stronger team execution and faster speed to have a chance to overtake.</p><p>This year, Fangduoduo underwent a significant personnel change, with Liu Tianyang officially assuming the position of Senior Vice President of Fangduoduo. The newly appointed vice president currently also serves as a director of Centaline Group, vice president of Centaline Property (Mainland China), president of Yuancui, and president of Jimu Real Estate.</p><p>Fang Duoduo is the major shareholder of Yuancui. What is the deeper meaning of Liu Tianyang's joining? It is understood that Liu Tianyang will be responsible for the second-hand housing and innovation business, including the second-hand housing transaction business unit, Tinghaozhu and Haofanghui business units.</p><p>The second-hand housing market is very likely to be Fangduoduo's next key business focus after its innovative business.</p><p>In 2020, Fangduoduo's cumulative closed-loop GMV of second-hand homes reached 73.1 billion yuan, a year-on-year increase of 15.26%. In 2020, the total transaction volume of second-hand homes nationwide reached 7.3 trillion yuan, setting a new record for the largest transaction volume since 2015.</p><p>As early as 2014, Fangduoduo invested a lot of resources in the second-hand business. However, business development was not smooth. In 2016, Fangduoduo completely scaled back its second-hand housing business and returned to the new homeowner market. Is Fangduoduo really ready to bring up the second-hand housing business again this time?</p><p>Currently, Fangduoduo's market capitalization is $263 million, while Beike's market capitalization is 245 times that. In April, Anjuke submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of another giant in the real estate transaction market. Facing a \"breakdown in its defenses,\" Fangduoduo needs more changes to meet the challenges.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/stockzmt/2021-06-06/doc-ikqciyzi7997555.shtml\">节点财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1b5d60c72c5bab028f3d7d10da10eef2","relate_stocks":{"DUO":"房多多"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/stockzmt/2021-06-06/doc-ikqciyzi7997555.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141285413","content_text":"从2001年至今，房多多刚好走过了10年时间。从最初借鉴Groupon模式启程，几经演变后，房多多顶着“产业互联网SaaS第一股”的光环上市。\n如今，光环开始褪去，房多多的自身的定位、持续的亏损以及二级市场的表现等多个方面出现了不利因素——SaaS故事“不灵”、资本市场股价不温不火、行业的竞争也在加剧之外，房多多的盈利能力转弱。\n近期，房多多发布了今年一季度财报，财报显示，房多多经调整后的净亏损为9300万元。亏损再一次加剧，房多多似乎正在面临全线“破防”？\n / 01 /\n故事破防\n“房产SaaS第一股”如何讲下去？\n2010年时，房多多的三位创始人认为互联网虽然发展如火如荼，但是距离两个行业很远，其一是房地产，其二是医疗。三位创始人中，曾熙和段毅都是房产销售出身，通过互联网改造房地产市场就成为他们创业的方向，房多多应运而生。\n房多多能快速成长，与当时行业的环境有极大的关系。当时，中国房地产交易效率极低，互联网对房地产行业的渗透还处在非常弱的阶段。行业有痛点和改造的需求，房多多以“通过互联网化的工具为经纪人提高效率”为初衷，刚好补上了这个产业链上所欠缺的环节。\n在发展最初阶段，房多多通过向买房者卖优惠券的方式来实现盈利，即通过与开发商合作获得购房优惠券，然后把优惠券通过经纪人卖给客户，与经纪人进行分成。这种模式延续了4、5年后，行业发生了重要的变化——房子好卖了，不需要打折也有人抢着买。\n于是房多多开始向开发商收佣金，由经纪人带客，成交以后给房多多付佣金。时至今日，这仍然是房多多最主要的收入来源。\n近几年，“三道红线”的高压之下，房地产行业逐步走进存量时代。房多多打出了自己新的标签：“SaaS”服务。简单理解，就是帮助开发商实现数字化，打通经纪人的数字化平台。也就是说房多多在做出了平台之后，开始做标准化的产品，提供To B服务。\n房多多联席CEO曾熙曾表示，“房多多就是想做一家既帮助上游开发商实现互联网化的SaaS服务公司，又帮助下游经纪公司实现SaaS化的服务公司。”\n讲出这个“故事”后，房多多从一家房产交易平台摇身一变成了科技企业。2019年，房多多在纳斯达克上市时，就顶着“产业互联网SaaS第一股”的超级光环。\n但这个“故事”并不是那么好讲，光环背后阴影面不小。近几年，房多多一直被业内质疑SaaS的属性。原因是，从收入结构看，房多多佣金及手续费占比长期维持在90%以上，包含SaaS服务的创新业务收入占比不足10%。\n2017-2020年，佣金及手续费收入及创新业务收入占比分别为91.9%、8.1%；89.1%、10.9%；96.0%、4.0%；90.7%、9.3%。2017年到2020年，创新业务收入分别为1.46亿、2.48亿、1.44亿、2.28亿，可以看出，SaaS服务所带来的营收并不高，且占比很小。房多多还是一家靠佣金赚钱的公司。\n\n数据来源：房多多财报、wind\n美国房产科技公司Zillow也以SaaS为核心，但营收中，SaaS工具及解决方案贡献收入接近70%。可见房多多距离自己提出的“房地产淘宝”目标还有相当的距离。\n去年四季度，房多多将旗下SaaS全面升级为服务产业上下游全场景数字化营销的房云SaaS，帮助开发商在线精准直连、快速启动经纪人，试图通过这一方式一边提升房地产交易的房源和客源的匹配效率，另一边控制营销成本。但从刚刚发布的一季度财报看，并未如达到房多多的期待。\n / 02 /\n盈利破防\n上市即高光，盈利能力一路下滑\n近期，房多多公布了最新的季度财报。财报显示，2021年一季度，房多多营收为2.910亿元，净亏损为1.02亿元。非美国会计准则（Non-GAAP）下，房多多2021年第一季度经调整后的净亏损为9300万元。\n如果将上市作为分水岭，那么上市前，房多多的营收呈逐年增长，而自上市后，房多多的亏损正在不断扩大。\n上市前的房多多，2017-2019年营收分别为17.985亿元、22.822亿元、36亿元。而上市后则开始走下坡路，从2020年第一季度开始，单季度营收分别为2.721亿元、7.377亿元、8.191亿元、6.224亿元。同比分别下滑了-58.52%、-22.20%、-13.59%和-40.57%。\n今年一季度，房多多的营收更下滑至2.91亿元。房多多非但没有借助资本市场腾飞，反而一个下冲，归母净利润负增长，从2020年第一季度至2021年第一季度，房多多归母净利润分别为-1.36亿元、-1399万、2191万元、-9176万元、-1.02亿元。\n\n数据来源：房多多财报、wind\n业绩下滑原因是疫情吗？\n虽然疫情有所影响，但房多多营收的下降似乎不能完全扣在疫情上。国家统计局数据显示，2020年，全国商品房销售额接近17.4万亿元，同比增长了8.7%。同期，房多多平台上促成的房屋交易额下降了14%。\n同一时间，贝壳营业收入为705亿元，同比增长53.2%；全年净利润达27.78亿元，首次实现美国会计准则下的全年盈利。而截至2020年末，贝壳GTV（全年平台总交易额）突破3.5万亿元，GTV增长至3.0倍。\n排除外界因素影响，就剩下另一个至关重要的因素——行业竞争的加剧。\n房多多一直自诩为独立第三方平台，但贝壳、安居客的出现打破这样的平衡。在左晖决定做贝壳时，业内都指责他既做裁判，又做运动员，但从结果看，左晖的选择是正确的。当初，责难声最重的58同城，如今也将旗下的安居客向同样的方向发展。\n对手们实力强劲，还舍得大手笔投放，通过补贴和佣金迅速占领市场，成为贝壳们快速占领用户心智的方法，但房多多认为恶性补贴不会带来可持续的增长，便放弃了支付补贴的决定。而这一决定让房多多在业务上承压。曾熙也表示，不参与恶性补贴给公司带来了短暂的压力。\n2020年，房多多的交易规模和收入均出现下滑。2020年，房多多促成的总闭环交易GMV(交易总额)1811亿元，同比下降14.0%；实现收入24.5亿元，同比下降31.9%。\n虽然放弃补贴，但是眼看着贝壳市值已经达到644.39亿美元、正在朝向千亿市值进发，房多多也并非不急，去年第四季度，房多多开始大规模的进行品牌推广和宣传，销售费用达到0.32亿元，增幅高达88%，看上去不多，但要知道，而其全年销售费用也只有0.38亿元。\n如今，房地产商也开始在线卖楼，加上互联网巨头的加入，房多多不得不变。此前，房多多一直强调独立第三方的属性，段毅对外界承诺，“做独立平台，不自雇一个经纪人，不开一个线下店；捍卫每一个平台商户的正当利益；不侵占任何一个商户的私有数据。”\n但潜移默化中，这一定位也在改变。去年11月，房多多宣布入股中原集团旗下加盟服务运营平台原萃，借由入股，房多多完成了由线上到线上线下的一体化转型之际，但也丢掉了“独立第三方平台”的属性。\n放弃“独立”，是为了有更强的筹码参与竞争，拥抱更大的市场，这是房多多当前想要扭亏最根本的手段和方法。\n / 03 /\n估值“破防”\n竞争加剧、资本市场不买账\n当初顶着高光上市，源自二级市场投资人对SaaS类项目的追捧。尤其是在美国市场，Salesforce、Zoom、Slack都是这一领域的超级明星。SaaS与产业相结合，给了科技含金量较低的房地产一个充满想象力的明天。\n房多多的SaaS业务跑了几个季度后，业务质地浮上水面。2019年11月，房多多上市时的发行价为13美元，截至6月4日收盘，报价为3.17美元，跌去超过7成。\nSaaS相关的创新服务业务发展几年仍然不见成效，当前，房多多面临两个问题，\n其一、创新服务是否还会持续发力？\n创始团队给出了肯定的答案。曾熙曾表示，房多多有两个核心优势，第一是聚集了中国最大的经纪人群体且高频在线；第二是过去十年积累了提供系统解决方案的能力。“基于这两个优势，我们会坚定不移地去推动开发商更快地上线，帮助开发商建设上线所需要的系统和运营服务。”\n其二、房多多所拥有的核心能力壁垒有多高？\n业内做服务的不少，比如贝壳。目前，贝壳的生态内已经有将近300个品牌，4.7万家门店和近50万经纪人入驻。大量的数据让贝壳拥有强大的数据体系，可以为平台上的经纪人、门店经理还有平台服务人员进行服务，将作业流程线上化。从整体看，这种服务仍然是在房地产交易范围内的线上化操作系统。\n另外一类比较具备代表性的就是明源云。明源云从企业ERP起家，如今转型为营销SaaS服务商。主要服务对象就是房地产企业。\n可以说目前，主流的传统房地产企业都曾经使用过明源云的ERP系统。\n明源云的SaaS业务主要细分为云客、云链、云采购、云空间等，涵盖房地产开发商运行的各个环节。其中云客（也就是营销端SaaS系统）在疫情环境下增长迅猛。2020年，明源云迅速推出了掌上售楼，集合线上传播、数字展厅、线上开盘等功能。\n值得一提的是，2020年第四季度，房多多也推出房云SaaS。在功能上，房云SaaS旗下自渠宝产品上线门店智能推荐、商户动态、销售员网店、高意向访客触达提醒等全新功能，帮助案场销售在B端快速启动经纪商户。同时，私域营销工具也同步上线至房云APP，支持开发商发起直播、短视频获客、楼盘一键生成VR、C端用户在线带看等新玩法。\n大家的玩法相似，竞争也无疑会更加激烈。\n从产业端看，有贝壳、安居客等巨头，从SaaS服务看，还有从ERP转型而来的明源云和一众中小玩家。\n房多多还有机会吗？从前者看，房地产经纪呈现强者恒强的互联网属性，规模越大，则实力将越强；而从后者看，2020 年百强房企中，明源云合作了 97 家，客单价从 370 万提升到 610 万元。两个方面总结下来，竞争激烈的行业中，房多多的成绩单算不上优等生，未来需要更强的团队执行力和更快的速度，方有反超的机会。\n今年，房多多发生了一项重要人事变化，刘天旸正式担任房多多高级副总裁。而这位新任的副总裁，目前还任中原集团董事、中原地产（中国内地）副总裁、原萃总裁和几亩置业总裁。\n房多多是原萃的大股东，刘天旸的加盟有何深意？据了解，刘天旸将负责二手房及创新业务，包括二手房交易事业部、挺好住和好房汇业务部。\n二手房，极有可能是房多多继创新业务外下一个业务重点。\n2020年，房多多二手房累计闭环GMV为731亿，同比增长15.26%。而在2020年全年，全国二手房交易金额7.3万亿，创下了自2015年以来最大值的交易额。\n早在2014年，房多多曾投入了大量的资源在二手业务上。但业务发展并不顺利，房多多在2016年把二手房的业务全面地收缩掉，回到了新房主赛道。这一次，重提二手房业务，房多多真的准备好了吗？\n当前，房多多的市值为2.63亿美元，贝壳市值是其245倍。4月份，安居客向港交所提交了上市申请，房产交易市场将迎来又一个巨无霸。面临“破防”的房多多，需要更多变化应对挑战。","news_type":1,"symbols_score_info":{"DUO":0.9}},"isVote":1,"tweetType":1,"viewCount":2086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":808833056,"gmtCreate":1627567901575,"gmtModify":1703492568503,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/808833056","repostId":"1125795700","repostType":4,"repost":{"id":"1125795700","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":1627566816,"share":"https://ttm.financial/m/news/1125795700?lang=en_US&edition=fundamental","pubTime":"2021-07-29 21:53","market":"other","language":"zh","title":"Zoom rose more than 6% after receiving a rating upgrade from Keban Capital.","url":"https://stock-news.laohu8.com/highlight/detail?id=1125795700","media":"老虎资讯综合","summary":"7月29日，Zoom涨超6%，此前获克班资本上调评级，目标价428美元。\n\n克班资本预计，Zoom将从当前和未来线上和线下混合工作模式中受益，因此上调其评级至“增持”，目标价428美元。\n该行分析师S","content":"<p>On July 29,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>It rose more than 6% after receiving an upgrade from Keban Capital with a target price of $428.</p><p><img src=\"https://static.tigerbbs.com/a24c4da4dfac9844612ebc9029260679\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Keban Capital expects Zoom to benefit from its current and future hybrid online and offline work model, and therefore upgraded its rating to \"overweight\" with a target price of $428.</p><p>According to Steve Enders, an analyst at the bank, video and cloud communications will be long-term priorities for enterprise IT departments to achieve hybrid working models. Furthermore, the rating upgrade was supported by surveys of the company's CIO and value-added resellers, as well as optimistic expectations regarding the company's acquisition of Five9. According to reports, Zoom previously spent $14.7 billion to acquire cloud-based software company Five9 in an effort to increase its appeal to business customers.</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>Zoom rose more than 6% after receiving a rating upgrade from Keban Capital.</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\">\nZoom rose more than 6% after receiving a rating upgrade from Keban Capital.\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\">2021-07-29 21:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 29,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>It rose more than 6% after receiving an upgrade from Keban Capital with a target price of $428.</p><p><img src=\"https://static.tigerbbs.com/a24c4da4dfac9844612ebc9029260679\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Keban Capital expects Zoom to benefit from its current and future hybrid online and offline work model, and therefore upgraded its rating to \"overweight\" with a target price of $428.</p><p>According to Steve Enders, an analyst at the bank, video and cloud communications will be long-term priorities for enterprise IT departments to achieve hybrid working models. Furthermore, the rating upgrade was supported by surveys of the company's CIO and value-added resellers, as well as optimistic expectations regarding the company's acquisition of Five9. According to reports, Zoom previously spent $14.7 billion to acquire cloud-based software company Five9 in an effort to increase its appeal to business customers.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"ZM":"Zoom"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125795700","content_text":"7月29日，Zoom涨超6%，此前获克班资本上调评级，目标价428美元。\n\n克班资本预计，Zoom将从当前和未来线上和线下混合工作模式中受益，因此上调其评级至“增持”，目标价428美元。\n该行分析师Steve Enders表示，视频和云通信将是企业IT部门为实现混合工作模式所长期优先考虑的。此外，通过对该公司首席信息官和增值经销商的调查、以及对该公司收购Five9的乐观预期，都支持了此次评级上调。资料显示，Zoom此前斥资147亿美元收购基于云计算的软件公司Five9，以提高其对商业客户的吸引力。","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":6560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152529677,"gmtCreate":1625315405699,"gmtModify":1703740344446,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152529677","repostId":"2148167804","repostType":4,"repost":{"id":"2148167804","kind":"highlight","pubTimestamp":1625284923,"share":"https://ttm.financial/m/news/2148167804?lang=en_US&edition=fundamental","pubTime":"2021-07-03 12:02","market":"us","language":"zh","title":"With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148167804","media":"智通财经网","summary":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站","content":"<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?</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 positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-03 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/506781.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d404e53536bd5bd25337ed01def7224","relate_stocks":{"159934":"黄金ETF","161125":"标普500","513500":"标普500ETF博时","518880":"黄金ETF华安","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","GLD":"黄金ETF-SPDR","UDOW":"三倍做多道指30ETF-ProShares","OEX":"标普100","SDOW":"三倍做空道指30ETF-ProShares","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","DJX":"1/100道琼斯","SPY":"标普500ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares",".DJI":"道琼斯","DDM":"2倍做多道指ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","GDX":"黄金矿业ETF-VanEck","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","IAU":"黄金信托ETF-iShares","DOG":"道指ETF-ProShares做空","IVV":"标普500ETF-iShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/506781.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2148167804","content_text":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站上75美元/桶，油价短期内易上难下，美国通胀或阶段性维持高位。在美联储收紧的节奏上，预计Taper进程或不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初，加息进程或将提前至2022年底。美债利率年内走势上，Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。\n居民求职意愿回升，非农就业人数高于市场预期。从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。尽管6月非农数据好于预期，但由于失业人数仍然较多、失业率上升以及劳动参与率处于低位，就业市场距离恢复到正常还有较远距离。\n休闲酒店业延续回暖，建筑业延续拖累就业增长。分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价短期内易上难下，美国通胀或阶段性维持高位。今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。美国当前通胀持续处于高位，主要来自能源和交通运输项拉动。在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。\n美联储收紧节奏：预计Taper进程或不会提前，加息进程或将提前。就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。就此后的加息而言，通胀将成为美联储关注的重点，在6月议息会议之后，美联储官员的鹰派声音也明显增加，市场对于提前加息的预期也有所增加，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息的可能。\n美债利率年内走势：Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。预计在Taper讨论开始后到正式实施Taper前，美债利率将小幅上行，或将到达1.8%-2.0%的水平。\n正文\n美国劳工部公布数据显示，美国6月季调后非农就业人口增85万人，预期增72万人，前值由增55.9万人上修为增58.3万人;6月失业率为5.9%，预期为5.7%，前值为5.8%;6月平均时薪年率增3.6%，预期增3.6%，前值增2%;6月劳动参与率为61.6%，前值为61.6%。\n居民求职意愿回升，非农高于市场预期\n从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。6月美国非农新增就业人数高于前值，同时今年4月和5月的非农数据分别经历了下修和上修，4月非农新增就业人数从27.8万人下修至26.9万人，5月非农新增就业人数从55.9万人上修至58.3万人。从非农新增就业人数走势来看，随着美国疫苗接种速度的加快，今年1月-3月，非农新增就业人数逐月增加，但是4月和5月非农新增就业人数受到失业救济金发放等影响，均低于市场预期，6月非农新增就业人数增长强劲，高于市场预期。\n我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。首先，由于此前失业救济金的发放导致劳动力供给不足，就业市场供不应求，职位空缺数较多。6月以来，美国大部分州宣布停止失业救济金的发放，导致因领取失业救济金而不工作的民众需要重新找到工作。其次，疫苗接种率不断增加使得因疫情造成的开工和社交限制逐渐被解除，增加民众开始工作的意愿。再次，由于劳动力市场供不应求，企业普遍提升工资水平，6月平均时薪年率增3.6%，前值增2%，这也进一步吸引人们重回劳动力市场。\n\n尽管6月非农数据好于预期，但就业市场距离恢复正常还有较远距离。首先，从就业人数上看，当前较2020年2月疫情以前的就业人数水平仍少近680万人。其次，6月失业率较此前有所上升，从5.6%上升至5.9%，我们认为这可能是暂时的摩擦性失业，民众求职意愿提升，寻找工作的人开始增加，但是找到自己满意同时技能匹配的工作仍需一段时间，因此失业率在6月有所上升。再次，6月的劳动参与率与5月相等仅为61.6%，仍然处于历史低位，就业市场供不应求的状况短期仍然存在。因此，当前就业市场还远未复苏到正常水平，对于感染病毒的担忧、照顾子女和老人的需求仍然制约着劳动力供给。不过，随着时间推移，疫苗接种率继续提升、学校开学、越来越多的州停发失业救济金，劳动力市场或将会得到进一步修复。\n休闲酒店业延续回暖，建筑业延续拖累增长\n分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。具体来看，6月休闲和酒店业就业人数为34.3万人，相较5月环比增加3.7万人，仍然为6月非农新增人数第一的行业。6月政府部门新增就业人数为18.8万人，环比增加约12.1万人;教育和保健服务就业人数环比不变，保持为5.9万人;专业和商业服务新增就业人数环比增加约3.6万人。6月建筑业就业人数减少约0.7万人，为6月非农就业人数减少最多的行业;6月金融服务就业人数减少约0.1万人，为6月非农就业人数减少第二多的行业。\n\n中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待。从行业数据上来看，随着更多人完成疫苗接种，部分地区继续放宽出行限制，更多人恢复旅游和外出就餐活动，对休闲和酒店业的就业产生持续的提振。此外，一些地区继续恢复线下教学，叠加门诊与保健服务的增加，导致教育和保健服务业就业人数均有所恢复。尽管如此，教育就业仍然处于低位，自2020年2月以来，地方政府教育部门的就业人数减少了41.4万人，州政府教育部门的就业人数减少了16.8万人，私立教育部门的就业人数减少了25.5万人，显示教育部门就业在接下来经济生活正常化中的更大恢复空间。不仅如此，随着教育部门就业和线下课程的恢复，大量居家看护儿童的以女性为主的劳动力将会增加，成为中期非农就业新增的一大重要潜力，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价飙升，通胀预期再起\n今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。3月开始，随着经济持续复苏，原油需求强劲，尽管OPEC+不断增产，但是原油供需缺口仍存，原油价格一路飙升，WTI原油和布油价格均从3月下旬的60美元/桶附近一路走上70美元/桶以上。本周四，OPEC+早先初步达成协议，2021年12月前平均每月增产40万桶/日。低于市场预期，后又因阿联酋反对而搁置，WTI和布油价格双双站上75美元/桶，其中WTI油价为2018年10月以来的新高。\n\n今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。6月30日，EIA最新数据显示，截至6月25日，当周原油库存减少671.8万桶，降幅高于预期的385万桶，为连续6周下降，连续下降的原油库存反映当前原油供需缺口较大。从本周OPEC+会议情况来看，OPEC+内部对于是否增产仍然存在一定分歧，同时，即便OPEC+对于增产达成协议，每月增加的原油产量也未必能够填补当前较大的供需缺口，因此短期来看，原油价格或将维持高位。目前最大变量或在伊核谈判，若短期内伊核谈判顺利，伊朗恢复原油供给和出口，将有助于缓解油价上行趋势;若短期内谈判不顺利，那么在新任强硬派总统易卜拉欣·莱希领导下，未来伊核谈判将有较大变数。\n\n美国通胀持续处于高位，主要来自能源和交通运输项拉动。在4月通胀数据远超市场预期后，美国5月通胀数据再次超市场预期，其主要拉动来自于交通运输和能源分项。5月美国未季调CPI同比录得5%，较前值4.2%上涨0.8pct，未季调核心CPI同比录得3.8%，较前值3%上涨0.8pct。一方面，去年受疫情影响导致的低基数效应是5月通胀同比读数大幅上涨的一项重要原因。另一方面，从CPI分项上来看，给5月份CPI同比带来拉动效应最强的分项是交通运输和能源项，5月美国CPI交通运输分项同比增速达20%，能源分项同比增速高达28.5%，主要反映了疫情修复下人们出行需求的增加。与此同时，美联储更加关心的PCE指标也创历史新高，5月PCE同比增3.9%，远高于美联储2%的通胀目标，核心PCE同比增3.4%，为1992年以来的新高。\n\n在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。在6月美联储议息会议偏鹰派态度下，市场通胀预期下行带动美债利率不升反降，在6月18日和21日到达阶段性低点后，近期随着油价连续上行，通胀预期再次抬头。从油价和通胀的关系来看，首先，油价与美国CPI细项中能源类商品的走势基本正相关;其次，CPI分项中能源项同比与CPI总体同比走势高度吻合。因此，在通胀预期上行和油价带动通胀的共同作用下，美国通胀或阶段性维持高位。同时，交通运输项、住房项维持高位，二手车价格短期内居高不下，同样会对通胀水平有所支撑。\n\n美联储会提前收紧吗?\n就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前。虽然当前通胀位于高位，并将在未来一定时间内维持高位，但是对于年内的Taper而言，通胀并不是美联储关注的重点。美联储当前关注的重点仍是就业市场，当前就业市场复苏进程较为稳定，但远未恢复到正常时期水平。在6月大部分州停发失业救济金后，居民就业意愿逐渐提升，同时叠加9月学校复学，看护小孩需求降低，预计就业市场或将在7、8月加速修复，届时或将触发美联储对于Taper的讨论。因此，6月的非农报告让我们保持此前的判断，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。\n就此后的加息而言，通胀将成为美联储关注的重点，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息。一方面，6月美联储点阵图显示所有决策者都预计到2021年底联邦基金利率将维持在接近零的水平，有7位官员预计将在2022年加息，13位委员预计将在2023年加息，相比3月点阵图，预计2022年加息的官员增加3人，预计2023年加息的官员增加6人。尽管点阵图和是否加息并无直接联系，但是依然反映出美联储官员对于加息态度的变化。另一方面，在议息会议之后，美联储官员的鹰派声音也明显增加，最具代表性的是以鸽派著称的圣路易斯联储主席布拉德突然转鹰，他表示，连他本人在内的7位政策制定者均预计美联储将采取激进的措施来遏制通胀，这是对通胀上升快于预期的自然反应。此外，达拉斯联储主席卡普兰、美联储理事沃勒、里士满联储主席巴尔金近期均发表鹰派言论。根据美联储对于通胀的最新预测以及鲍威尔对于通胀表述的边际变化，如果通胀以及通胀预期持续走高，那么不排除美联储将提前采取行动遏制通胀(即在2022年底前加息)的可能。\n\n年内美债走势如何?\n随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。根据我们此前的报告《债市启明系列20210622—美债利率为何跳水?》(2021-06-22)，近期美债利率的下行分为两个阶段，美联储6月议息会议之前是流动性过剩和拜登基建计划受阻推动的下行，议息会议之后是流动性过剩下通胀预期下行引发的利率下行。短期而言，预计美债利率将在1.4%-1.6%之间震荡。\n而根据上一轮Taper经验，在本轮Taper讨论开始后到正式实施Taper前，预计美债利率将小幅上行，或将到达1.8%-2.0%的水平。2013年5月22日，时任美联储主席伯南克在国会发表证词，在提问环节，伯南克表示，如果就业市场持续改善，并且我们对改善势头的持续有信心，那么将在未来几次会议上减少购买规模。在伯南克的讲话和议息会议纪要共同冲击下，市场反应剧烈，出现了所谓的“缩减恐慌(taper tantrum)”。在突如其来的Taper信号出现后，美债收益率快速大幅飙升，从2013年5月1日起，10年期美债收益率开始迅速飙升，到9月议息会议前夕已由月初的1.66%升至高点2.98%，上行超130bps。\n\n就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。鲍威尔在6月议息会议后的发布会上表示，会尽所能避免市场出现过度反应，在做出任何决定之前会提前告知市场。同时，拉达斯联储主席卡普兰也在近日表示，美联储将逐步减少资产购买，但这次将更加顺利，因为投资者已经知道该措施正被商议中，美联储这次将避免制造2013年的“缩减恐慌”。因此，我们认为在美联储正式释放Taper讨论信号后，美债利率将会有所上行，但是不会出现2013年高达130bps的幅度，或将达到1.8%-2.0%的水平。","news_type":1,"symbols_score_info":{"159934":0.9,"161125":0.9,"513500":0.9,"518880":0.9,"PSQ":0.9,"OEF":0.9,"DXD":0.9,"UPRO":0.9,"UDOW":0.9,"SDOW":0.9,"QQQ":0.9,"SGUmain":0.9,"OEX":0.9,"MGCmain":0.9,".DJI":0.9,".SPX":0.9,"ESmain":0.9,"IVV":0.9,"DDM":0.9,"GCmain":0.9,"SSO":0.9,"SPY":0.9,"NUGT":0.9,"QID":0.9,"DOG":0.9,"DJX":0.9,"SH":0.9,"SDS":0.9,"TQQQ":0.9,"SQQQ":0.9,"DUST":0.9,"GDX":0.9,".IXIC":0.9,"SGCmain":0.9,"QLD":0.9,"MNQmain":0.9,"SImain":0.9,"IAU":0.9,"NQmain":0.9,"SPXU":0.9,"GLD":0.9}},"isVote":1,"tweetType":1,"viewCount":6103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125114314,"gmtCreate":1624663943938,"gmtModify":1703842939081,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125114314","repostId":"2146105079","repostType":4,"repost":{"id":"2146105079","kind":"news","pubTimestamp":1624661887,"share":"https://ttm.financial/m/news/2146105079?lang=en_US&edition=fundamental","pubTime":"2021-06-26 06:58","market":"us","language":"zh","title":"Several investment banks have raised their price targets for Nike, with a high of $192.","url":"https://stock-news.laohu8.com/highlight/detail?id=2146105079","media":"智通财经","summary":"智通财经APP获悉，近日，耐克公布了2021财年第四财季及全年财报。财报公布后，多家投行上调了对该公司的目标价。该分析师目前认为，耐克股价未来三年的上涨潜力或将达到250美元以上。RBC Capital分析师Beth Reed将耐克目标价由165美元上调至183美元，维持“跑赢大市”评级。Murphy表示，其提高了对耐克的业绩预期，并称该公司第四季度的业绩“是多种战略杠杆共同作用的结果”。Kummetz表示，该公司第四季度业绩远超预期。","content":"<p>Recently,<a href=\"https://laohu8.com/S/NKE\">Nike</a>The company released its financial results for the fourth quarter and full year of fiscal year 2021. The financial report shows that the company's revenue in the fourth fiscal quarter increased by 96% year-on-year to $12.3 billion, compared with market expectations of $11.01 billion and $6.313 billion in the same period last year; Net income was $1.509 billion, compared to an expected $819 million and a loss of $790 million in the same period last year; Earnings per share were $0.93, compared to market expectations of $0.51, and a loss of $0.51 per share in the same period last year, both exceeding market expectations.</p><p>Following the release of the financial report, several investment banks raised their target prices for the company.</p><p><b>Baird analyst Jonathan Komp raised his price target for Nike from $150 to $192 and maintained his \"Outperform\" rating.</b>The analyst pointed out that Nike's fourth-quarter results nearly doubled, reflecting the company's strong momentum in North America, Europe, the Middle East and Africa, as well as better-than-expected performance in Greater China. The analyst currently believes that Nike's stock price has the potential to rise above $250 over the next three years.</p><p><b><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Analyst Paul Trussell raised his price target for Nike from $161 to $179 and maintained his \"buy\" rating.</b>Trussell pointed out that Nike released a “strong” fourth-quarter earnings report, showing that the company’s revenue growth and profitability in China and North America both exceeded expectations, indicating that the overall market is developing healthily.</p><p><b><a href=\"https://laohu8.com/S/UBS\">UBS</a>Analyst Jay Sole raised his price target for Nike from $170 to $185 and maintained his \"buy\" rating.</b>The analyst stated in the report that Nike's strong fourth-quarter profit performance and the company's guidance for fiscal year 2022 \"far exceeded market expectations\" highlight the company's ability to achieve significant profit growth despite challenges in the Chinese market. Sole added that the benefits of Nike's transformation into a digital, direct-to-consumer (DTC) company are \"only just beginning to emerge.\"</p><p><b>RBC Capital analyst Beth Reed raised her price target for Nike from $165 to $183, maintaining her \"Outperform\" rating.</b>The analyst said Nike reported \"strong\" fourth-quarter results and raised its revenue growth forecast for fiscal year 2025 from high single digits to low double digits, driven by digital markets, women's apparel, apparel, the Jordan brand, and international sales. Reed added that it is worth noting that Nike has also increased its sales target for DTC from the current 40% to 60%.</p><p><b>Piper Sandler analyst Erin Murphy raised her price target for Nike from $170 to $174 and maintained her \"overweight\" rating.</b>Murphy stated that he raised his earnings forecast for Nike, calling the company's fourth-quarter results \"the result of a combination of multiple strategic levers.\"</p><p><b>BMO Capital analyst Simeon Siegel raised his price target for Nike from $160 to $174, maintaining his \"Outperform\" rating.</b>The analyst pointed out that Nike's performance almost entirely exceeded expectations, and the company's overall profit margin also improved significantly as its EBIT margin reached its highest level in \"many years\". Siegel believes that the company's size provides it with a long-term competitive advantage.</p><p><b>Pivotal Research analyst Mitch Kummetz raised his price target for Nike from $167 to $175 while maintaining a \"buy\" rating.</b>Kummetz stated that the company's fourth-quarter results far exceeded expectations. Over the past two years, the company's sales increased by 21%, with sales in North America increasing by 29%. He stated that Nike's performance \"demonstrates its tremendous momentum,\" and its guidance for fiscal years 2022 and 2025 \"demonstrates its great confidence.\"</p>","source":"stock_zhitongcaijing","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>Several investment banks have raised their price targets for Nike, with a high of $192.</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\">\nSeveral investment banks have raised their price targets for Nike, with a high of $192.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-06-26 06:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recently,<a href=\"https://laohu8.com/S/NKE\">Nike</a>The company released its financial results for the fourth quarter and full year of fiscal year 2021. The financial report shows that the company's revenue in the fourth fiscal quarter increased by 96% year-on-year to $12.3 billion, compared with market expectations of $11.01 billion and $6.313 billion in the same period last year; Net income was $1.509 billion, compared to an expected $819 million and a loss of $790 million in the same period last year; Earnings per share were $0.93, compared to market expectations of $0.51, and a loss of $0.51 per share in the same period last year, both exceeding market expectations.</p><p>Following the release of the financial report, several investment banks raised their target prices for the company.</p><p><b>Baird analyst Jonathan Komp raised his price target for Nike from $150 to $192 and maintained his \"Outperform\" rating.</b>The analyst pointed out that Nike's fourth-quarter results nearly doubled, reflecting the company's strong momentum in North America, Europe, the Middle East and Africa, as well as better-than-expected performance in Greater China. The analyst currently believes that Nike's stock price has the potential to rise above $250 over the next three years.</p><p><b><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Analyst Paul Trussell raised his price target for Nike from $161 to $179 and maintained his \"buy\" rating.</b>Trussell pointed out that Nike released a “strong” fourth-quarter earnings report, showing that the company’s revenue growth and profitability in China and North America both exceeded expectations, indicating that the overall market is developing healthily.</p><p><b><a href=\"https://laohu8.com/S/UBS\">UBS</a>Analyst Jay Sole raised his price target for Nike from $170 to $185 and maintained his \"buy\" rating.</b>The analyst stated in the report that Nike's strong fourth-quarter profit performance and the company's guidance for fiscal year 2022 \"far exceeded market expectations\" highlight the company's ability to achieve significant profit growth despite challenges in the Chinese market. Sole added that the benefits of Nike's transformation into a digital, direct-to-consumer (DTC) company are \"only just beginning to emerge.\"</p><p><b>RBC Capital analyst Beth Reed raised her price target for Nike from $165 to $183, maintaining her \"Outperform\" rating.</b>The analyst said Nike reported \"strong\" fourth-quarter results and raised its revenue growth forecast for fiscal year 2025 from high single digits to low double digits, driven by digital markets, women's apparel, apparel, the Jordan brand, and international sales. Reed added that it is worth noting that Nike has also increased its sales target for DTC from the current 40% to 60%.</p><p><b>Piper Sandler analyst Erin Murphy raised her price target for Nike from $170 to $174 and maintained her \"overweight\" rating.</b>Murphy stated that he raised his earnings forecast for Nike, calling the company's fourth-quarter results \"the result of a combination of multiple strategic levers.\"</p><p><b>BMO Capital analyst Simeon Siegel raised his price target for Nike from $160 to $174, maintaining his \"Outperform\" rating.</b>The analyst pointed out that Nike's performance almost entirely exceeded expectations, and the company's overall profit margin also improved significantly as its EBIT margin reached its highest level in \"many years\". Siegel believes that the company's size provides it with a long-term competitive advantage.</p><p><b>Pivotal Research analyst Mitch Kummetz raised his price target for Nike from $167 to $175 while maintaining a \"buy\" rating.</b>Kummetz stated that the company's fourth-quarter results far exceeded expectations. Over the past two years, the company's sales increased by 21%, with sales in North America increasing by 29%. He stated that Nike's performance \"demonstrates its tremendous momentum,\" and its guidance for fiscal years 2022 and 2025 \"demonstrates its great confidence.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/501577.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e7d64fe74200def49d40052d7e96014","relate_stocks":{"NKE":"耐克"},"source_url":"http://www.zhitongcaijing.com/content/detail/501577.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146105079","content_text":"近日，耐克公布了2021财年第四财季及全年财报。财报显示，公司四财季营收同比增长96%至123亿美元，市场预期110.1亿美元，去年同期63.13亿美元；净利润为15.09亿美元，预期为8.19亿美元，去年同期为亏损7.9亿美元；每股盈利0.93美元，市场预期每股盈利0.51美元，去年同期每股亏损0.51美元，均超出市场预期。\n财报公布后，多家投行上调了对该公司的目标价。\nBaird分析师Jonathan Komp将耐克目标价由150美元上调至192美元，维持“跑赢大市”评级。该分析师指出，耐克第四季度业绩几乎翻了一番，这反映出了该公司在北美、欧洲、中东和非洲地区的强劲势头，以及在大中华地区优于预期的表现。该分析师目前认为，耐克股价未来三年的上涨潜力或将达到250美元以上。\n德意志银行分析师Paul Trussell将耐克目标价由161美元上调至179美元，维持“买入”评级。Trussell指出，耐克发布了一份“强劲”的第四季度业绩报告，报告显示该公司在中国和北美市场的营收增长和盈利能力均优于预期，这表明整体市场正健康发展。\n瑞银分析师Jay Sole将耐克目标价由170美元上调至185美元，维持“买入”评级。该分析师在报告表示，耐克第四季度利润表现出色，并且该公司对2022财年的业绩指引“远高于市场预期”，这突显出了该公司尽管在中国市场面临挑战，但其仍有能力实现大幅盈利增长。Sole补充道，耐克转型为一家数字化、直接面向消费者(DTC)的公司所带来的好处“才刚刚开始显现”。\nRBC Capital分析师Beth Reed将耐克目标价由165美元上调至183美元，维持“跑赢大市”评级。该分析师表示，耐克公布了“强劲”的第四季度业绩，并在数字市场、女装产品、服装业务、乔丹品牌以及国际销售的推动下，将其2025财年的营收增长预期从高单位数上调至低双位数。Reed补充道，值得注意的是，耐克还将DTC的销售目标从目前的40%提高到60%。\nPiper Sandler分析师Erin Murphy将耐克目标价由170美元上调至174美元，维持“增持”评级。Murphy表示，其提高了对耐克的业绩预期，并称该公司第四季度的业绩“是多种战略杠杆共同作用的结果”。\nBMO Capital分析师Simeon Siegel将耐克目标价由160美元上调至174美元，维持“跑赢大市”评级。该分析师指出，耐克业绩表现几乎全部超出预期，并且，由于其EBIT利润率达到了“多年来”的最高水平，公司整体利润率也得到了显著提升。Siegel认为，该公司的规模为其提供了长期竞争优势。\nPivotal Research分析师Mitch Kummetz将耐克目标价由167美元上调至175美元，维持“买入”评级。Kummetz表示，该公司第四季度业绩远超预期。在过去两年的基础上，该公司的销售额增长了21%，其中北美地区的销售额增长了29%。他表示，耐克的业绩“显示出其巨大的势头”，而2022财年和2025财年的业绩指引“显示出了其极大的信心”。","news_type":1,"symbols_score_info":{"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":6499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154705347,"gmtCreate":1625543324989,"gmtModify":1703743388085,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154705347","repostId":"1160188319","repostType":4,"repost":{"id":"1160188319","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":1625542742,"share":"https://ttm.financial/m/news/1160188319?lang=en_US&edition=fundamental","pubTime":"2021-07-06 11:39","market":"hk","language":"zh","title":"JD Logistics shares plunged during trading, now down more than 7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1160188319","media":"老虎资讯综合","summary":"7月6日，京东物流盘中跳水，现跌超7%，报37.6港元。","content":"<p>On July 6,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>The stock plunged during trading and is now down more than 7% at HK$37.6.</p><p><img src=\"https://static.tigerbbs.com/4a135aa9846012412cf91022cb1ffcfa\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD Logistics shares plunged during trading, now down more than 7%.</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\">\nJD Logistics shares plunged during trading, now down more than 7%.\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\">2021-07-06 11:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>The stock plunged during trading and is now down more than 7% at HK$37.6.</p><p><img src=\"https://static.tigerbbs.com/4a135aa9846012412cf91022cb1ffcfa\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/25e108e80ab0d5329f36d3b166f67111","relate_stocks":{"02618":"京东物流","09618":"京东集团-SW","JD":"京东"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160188319","content_text":"7月6日，京东物流盘中跳水，现跌超7%，报37.6港元。","news_type":1,"symbols_score_info":{"02618":0.9,"09618":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":5996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120125424,"gmtCreate":1624316353468,"gmtModify":1703833070498,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/120125424","repostId":"1131452883","repostType":4,"repost":{"id":"1131452883","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":1624290305,"share":"https://ttm.financial/m/news/1131452883?lang=en_US&edition=fundamental","pubTime":"2021-06-21 23:45","market":"us","language":"zh","title":"Spark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1131452883","media":"老虎资讯综合","summary":"据美国证券交易委员会文件：火花思维教育科技公司提交在美IPO申请，拟筹资达1亿美元，寻求在纳斯达克上市，股票代码为SPRK。\n招股书显示，火花思维2019年营收为1.95亿元，2020年营收为11.7","content":"<p>According to U.S. Securities and Exchange Commission filings, Spark Thinking Education Technology has filed for an IPO in the United States, aiming to raise $100 million and seek to list on Nasdaq under the ticker symbol SPRK.</p><p>According to the prospectus, Spark Thinking's revenue was 195 million yuan in 2019 and 1.174 billion yuan in 2020, representing a year-on-year increase of 502.1%. Spark Thinking suffered a net loss of 771 million yuan in 2019, 952 million yuan in 2020, and a cumulative loss of 1.723 billion yuan in the past two years.</p><p>For the first quarter ending March 31, Spark Thinking's revenue was 454 million yuan, a year-on-year increase of 202.7%. In the first quarter, Spark Thinking reported a net loss of 374 million yuan, an increase of 78.95% compared to the first quarter of 2020.</p><p>The loss was mainly due to the rapid growth in selling and marketing expenses. According to the prospectus, in 2019, Spark Thinking's sales and marketing expenses, R&D expenses and general administrative expenses were RMB 236 million, RMB 240 million and RMB 128 million, respectively. In 2020, these three expenditures were 798 million yuan, 327 million yuan, and 178 million yuan, respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were RMB 343 million, an increase of 203.5% compared to the first quarter of 2020. R&D investment was 144 million yuan, an increase of 107.7% compared to the first quarter of 2020.</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>Spark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.</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\">\nSpark Thinking submitted its IPO application in the US, with first-quarter revenue growing by 202.7%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-21 23:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to U.S. Securities and Exchange Commission filings, Spark Thinking Education Technology has filed for an IPO in the United States, aiming to raise $100 million and seek to list on Nasdaq under the ticker symbol SPRK.</p><p>According to the prospectus, Spark Thinking's revenue was 195 million yuan in 2019 and 1.174 billion yuan in 2020, representing a year-on-year increase of 502.1%. Spark Thinking suffered a net loss of 771 million yuan in 2019, 952 million yuan in 2020, and a cumulative loss of 1.723 billion yuan in the past two years.</p><p>For the first quarter ending March 31, Spark Thinking's revenue was 454 million yuan, a year-on-year increase of 202.7%. In the first quarter, Spark Thinking reported a net loss of 374 million yuan, an increase of 78.95% compared to the first quarter of 2020.</p><p>The loss was mainly due to the rapid growth in selling and marketing expenses. According to the prospectus, in 2019, Spark Thinking's sales and marketing expenses, R&D expenses and general administrative expenses were RMB 236 million, RMB 240 million and RMB 128 million, respectively. In 2020, these three expenditures were 798 million yuan, 327 million yuan, and 178 million yuan, respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were RMB 343 million, an increase of 203.5% compared to the first quarter of 2020. R&D investment was 144 million yuan, an increase of 107.7% compared to the first quarter of 2020.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7186383295e35dbeed76b7df4bae0d3b","relate_stocks":{".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131452883","content_text":"据美国证券交易委员会文件：火花思维教育科技公司提交在美IPO申请，拟筹资达1亿美元，寻求在纳斯达克上市，股票代码为SPRK。\n招股书显示，火花思维2019年营收为1.95亿元，2020年营收为11.74亿元，年比增幅为502.1%；火花思维在2019年的净亏损为7.71亿元，2020年净亏损9.52亿元，近两年累计亏损17.23亿元。\n截止3月31日的第一季度，火花思维营收为4.54亿元，同比增长202.7%。一季度，火花思维净亏损为3.74亿元，同比2020年第一季度扩大78.95%。\n亏损主要来自于销售及市场营销费用支出的快速增长。招股书显示，2019年火花思维的销售及市场营销费用、研发费用和一般行政管理支出费用分别是2.36亿元、2.4亿元及1.28亿元；2020年，这三项支出分别是7.98亿元、3.27亿元和1.78亿元。\n2021年第一季度，火花思维的销售及市场营销费用支出为3.43亿元，同比2020年第一季度增长203.5%。研发投入为1.44亿元，同比2020年第一季度增长107.7%。","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":6895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162224595,"gmtCreate":1624065517017,"gmtModify":1703827946936,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162224595","repostId":"1145549454","repostType":4,"repost":{"id":"1145549454","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":1624062837,"share":"https://ttm.financial/m/news/1145549454?lang=en_US&edition=fundamental","pubTime":"2021-06-19 08:33","market":"hk","language":"zh","title":"Last night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply","url":"https://stock-news.laohu8.com/highlight/detail?id=1145549454","media":"老虎资讯综合","summary":"摘要：道指本周累跌3.45%，创2020年10月以来最大周跌幅；欧洲三大股指全线收跌，$英国富时100$指数跌近2%；国际金价收跌，报于1770美元关口之下；美联储官员再发鹰派讲话，布拉德称最早明年加息；$爱回收$正式登陆纽交所，IPO首日收盘大涨近23%等。美东时间周五，美股全线下跌，道指连续五个交易日下滑，创2020年10月以来的最大周跌幅。卡什卡利的言论表明，在日益鹰派的美联储中，他属于明显的少数派。","content":"<p>Summary: The Dow Jones Industrial Average fell 3.45% this week, its biggest weekly drop since October 2020; All three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%; International gold prices closed lower, trading below the $1,770 mark; Federal Reserve officials delivered another hawkish speech, with Bullard stating that rate hike could begin as early as next year;<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>Officially listed on the New York Stock Exchange, the IPO closed up nearly 23% on its first day. Overseas markets</p><p>The Dow Jones Industrial Average fell 3.45% this week, marking its biggest weekly drop since October 2020.</p><p>On Friday, Eastern Time, U.S. stocks fell across the board, with the Dow Jones Industrial Average declining for the fifth consecutive trading day, marking its biggest weekly drop since October 2020. At the close of trading, the Dow Jones Industrial Average fell 533.37 points, or 1.58%, to 33,290.08. The Nasdaq fell 130.97 points, or 0.92%, to 14,030.38. The S&P 500 fell 55.41 points, or 1.31%, to 4,166.45. On the market, bank and energy stocks declined, most major US tech stocks closed lower, while Chinese concept stocks in the education sector rebounded.</p><p>All three major European stock indices closed lower, including the UK.<a href=\"https://laohu8.com/S/.100.UK\">FTSE 100 Index</a>Down nearly 2%</p><p>On Friday, European time, all three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%. At the close of trading, the Financial Times 100 Stock Average index in London closed at 7017.47 points on the 18th, down 135.96 points, or 1.90%, from the previous trading day. The CAC40 index in Paris closed at 6569.16 points on the 18th, down 97.10 points, or 1.46%, from the previous trading day. The DAX index in Frankfurt, Germany, fell 279.63 points, or 1.78%, to close at 15,448.04 on the 18th.</p><p>International gold prices closed lower below the $1,770 mark.</p><p>International gold prices closed lower on Friday, Eastern Time, below the $1,770 mark. At the close of trading, August gold futures, the most actively traded contract on the New York Mercantile Exchange, fell $5.80 from the previous trading day on the 18th to settle at $1,769 an ounce, a drop of 0.33%.</p><p>International oil prices rose slightly, with Brent crude closing up 0.59%.</p><p>International oil prices rose slightly on Friday, Eastern Time, with Brent crude closing up 0.59%. At the close of trading, July crude oil futures in New York rose $0.60, or 0.84%, to $71.64 a barrel. Brent crude oil futures for August delivery closed up $0.43, or 0.59%, at $73.51 a barrel.</p><p>International macro</p><p>Kashkari: We hope to keep interest rates unchanged at least until the end of 2023; the \"dot plot\" has become distorted and should be abolished.</p><p>On Friday (June 18), Minneapolis Fed President Neel Kashkari said he hopes to keep the Fed's benchmark short-term interest rate near zero until at least the end of 2023, in order to restore the labor market to pre-COVID-19 levels. Speaking about the \"dot plot,\" Kashkari said, \"It was originally intended to be a tool to provide forward guidance to doves.\" \"It eventually became a tool to provide forward guidance to hawks... I still think we should abolish the 'dot plot.'\" Kashkari's remarks indicate that he is in a clear minority in an increasingly hawkish Federal Reserve.</p><p>The new \"Eagle King\"? Federal Reserve Bullard expects rate hike as early as 2022.</p><p>St. Louis Federal Reserve President James Bullard told CNBC on Friday that he expects to raise interest rates for the first time in late 2022 as inflation rises faster than previously expected. The outlook released by the U.S. Federal Open Market Committee on Wednesday sent shockwaves through financial markets. The committee's median forecast for rate hike in 2023 is at most twice, after previously hinting in March that there would be no rate hike. Bullard has described the Federal Reserve's moves this week as \"hawkish\" on multiple occasions, meaning it tends to be tighter than the monetary policy generally adopted since the COVID-19 pandemic.</p><p>This central bank may hold rate hike in early 2023 and rate hike three times this year.</p><p>The Federal Reserve is not the leader in withdrawing easing, and other central banks around the world are not simply standing still. The Bank of Canada and the Reserve Bank of New Zealand are also shifting to a hardline stance, followed closely by the Bank of England. According to the latest forecasts from investment banks, the Reserve Bank of Australia will raise interest rates in early 2023, and raise rates three times within a year, with a total rate hike of 65 basis points. $west<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>The chief economist of the bank (WBC.AU) said that the Reserve Bank of Australia (RBA) is expected to begin raising key interest rates in early 2023, at which time key indicators set by policymakers for the economy will be met.</p><p>The Bank of England will ignore the temporary rise in inflation and focus on protecting the economic recovery.</p><p>The latest survey suggests that UK inflation could rise above 3%, until it makes the Bank of England uneasy. Analysts also said that the UK economy will expand faster than previously expected this quarter as more pandemic restrictions are lifted. The Bank of England set an inflation target of 2%, but the inflation rate unexpectedly exceeded this target in May this year, reaching 2.1%, marking the first time in nearly two years that inflation has exceeded the target.</p><p>Company News</p><p><a href=\"https://laohu8.com/NW/2144777835\" target=\"_blank\">Baker Hughes: U.S. drilling companies increase oil and gas rigs for the second consecutive week</a></p><p>American Oilfield Services<a href=\"https://laohu8.com/S/BKR\">Baker Hughes</a>The released data shows that as of the week ending June 18, the total number of oil rigs increased by 8 to 373, compared to the previous expectation of an increase of 3. The total number of natural gas wells drilled that week increased by 1 to 97; The total number of wells drilled increased by 9 to 470.<a href=\"https://laohu8.com/S/BHI\">Baker Hughes</a>Oilfield services stated that U.S. drilling companies have added oil and gas drilling platforms for the second consecutive week.</p><p><a href=\"https://laohu8.com/NW/2144774757\" target=\"_blank\">Following Didi, Uber, the \"Uber of China's truck industry,\" is also going public in the US.</a></p><p>According to the website of the U.S. Securities and Exchange Commission (SEC), the \"Uber of China's truck industry\"<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Fulltruck Alliance Co. Ltd. has launched an IPO, expecting to issue 82.5 million ADSs to list on the New York Stock Exchange, with the offering price potentially set between $17 and $19. According to reports, as China's largest vehicle-freight matching information platform,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The Group provides users with accurate and convenient information interaction platform services; Meanwhile, the company has also developed into the largest truck after-sales service platform in the country, providing one-stop services for truck drivers by covering service areas such as vehicle fuel, ETC, new cars, finance, insurance, and industrial parks.</p><p><a href=\"https://laohu8.com/NW/2144777702\" target=\"_blank\">AiRecycle officially listed on the New York Stock Exchange, surging nearly 23% on its first day of trading.</a></p><p>AiRecycle officially listed on the New York Stock Exchange on Friday. By the close of trading, AiRecycle's stock price was $17.21, up 22.93%, with a market capitalization of $3.793 billion. The prospectus shows that everything<a href=\"https://laohu8.com/S/RERE\">newly born</a>The Group's total revenue for the past 12 months (ending March 31, 2021) was RMB 5.68 billion, representing a year-on-year increase of 49.4%. In 2020, total revenue was RMB 4.858 billion, of which core business revenue was RMB 4.709 billion, representing a year-on-year increase of 38.2% compared to 2019.</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>Last night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply</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\">\nLast night and this morning: The Federal Reserve's dovish stance turned hawkish! European and American stock markets fell sharply\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 08:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Summary: The Dow Jones Industrial Average fell 3.45% this week, its biggest weekly drop since October 2020; All three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%; International gold prices closed lower, trading below the $1,770 mark; Federal Reserve officials delivered another hawkish speech, with Bullard stating that rate hike could begin as early as next year;<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>Officially listed on the New York Stock Exchange, the IPO closed up nearly 23% on its first day. Overseas markets</p><p>The Dow Jones Industrial Average fell 3.45% this week, marking its biggest weekly drop since October 2020.</p><p>On Friday, Eastern Time, U.S. stocks fell across the board, with the Dow Jones Industrial Average declining for the fifth consecutive trading day, marking its biggest weekly drop since October 2020. At the close of trading, the Dow Jones Industrial Average fell 533.37 points, or 1.58%, to 33,290.08. The Nasdaq fell 130.97 points, or 0.92%, to 14,030.38. The S&P 500 fell 55.41 points, or 1.31%, to 4,166.45. On the market, bank and energy stocks declined, most major US tech stocks closed lower, while Chinese concept stocks in the education sector rebounded.</p><p>All three major European stock indices closed lower, including the UK.<a href=\"https://laohu8.com/S/.100.UK\">FTSE 100 Index</a>Down nearly 2%</p><p>On Friday, European time, all three major European stock indices closed lower.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell nearly 2%. At the close of trading, the Financial Times 100 Stock Average index in London closed at 7017.47 points on the 18th, down 135.96 points, or 1.90%, from the previous trading day. The CAC40 index in Paris closed at 6569.16 points on the 18th, down 97.10 points, or 1.46%, from the previous trading day. The DAX index in Frankfurt, Germany, fell 279.63 points, or 1.78%, to close at 15,448.04 on the 18th.</p><p>International gold prices closed lower below the $1,770 mark.</p><p>International gold prices closed lower on Friday, Eastern Time, below the $1,770 mark. At the close of trading, August gold futures, the most actively traded contract on the New York Mercantile Exchange, fell $5.80 from the previous trading day on the 18th to settle at $1,769 an ounce, a drop of 0.33%.</p><p>International oil prices rose slightly, with Brent crude closing up 0.59%.</p><p>International oil prices rose slightly on Friday, Eastern Time, with Brent crude closing up 0.59%. At the close of trading, July crude oil futures in New York rose $0.60, or 0.84%, to $71.64 a barrel. Brent crude oil futures for August delivery closed up $0.43, or 0.59%, at $73.51 a barrel.</p><p>International macro</p><p>Kashkari: We hope to keep interest rates unchanged at least until the end of 2023; the \"dot plot\" has become distorted and should be abolished.</p><p>On Friday (June 18), Minneapolis Fed President Neel Kashkari said he hopes to keep the Fed's benchmark short-term interest rate near zero until at least the end of 2023, in order to restore the labor market to pre-COVID-19 levels. Speaking about the \"dot plot,\" Kashkari said, \"It was originally intended to be a tool to provide forward guidance to doves.\" \"It eventually became a tool to provide forward guidance to hawks... I still think we should abolish the 'dot plot.'\" Kashkari's remarks indicate that he is in a clear minority in an increasingly hawkish Federal Reserve.</p><p>The new \"Eagle King\"? Federal Reserve Bullard expects rate hike as early as 2022.</p><p>St. Louis Federal Reserve President James Bullard told CNBC on Friday that he expects to raise interest rates for the first time in late 2022 as inflation rises faster than previously expected. The outlook released by the U.S. Federal Open Market Committee on Wednesday sent shockwaves through financial markets. The committee's median forecast for rate hike in 2023 is at most twice, after previously hinting in March that there would be no rate hike. Bullard has described the Federal Reserve's moves this week as \"hawkish\" on multiple occasions, meaning it tends to be tighter than the monetary policy generally adopted since the COVID-19 pandemic.</p><p>This central bank may hold rate hike in early 2023 and rate hike three times this year.</p><p>The Federal Reserve is not the leader in withdrawing easing, and other central banks around the world are not simply standing still. The Bank of Canada and the Reserve Bank of New Zealand are also shifting to a hardline stance, followed closely by the Bank of England. According to the latest forecasts from investment banks, the Reserve Bank of Australia will raise interest rates in early 2023, and raise rates three times within a year, with a total rate hike of 65 basis points. $west<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>The chief economist of the bank (WBC.AU) said that the Reserve Bank of Australia (RBA) is expected to begin raising key interest rates in early 2023, at which time key indicators set by policymakers for the economy will be met.</p><p>The Bank of England will ignore the temporary rise in inflation and focus on protecting the economic recovery.</p><p>The latest survey suggests that UK inflation could rise above 3%, until it makes the Bank of England uneasy. Analysts also said that the UK economy will expand faster than previously expected this quarter as more pandemic restrictions are lifted. The Bank of England set an inflation target of 2%, but the inflation rate unexpectedly exceeded this target in May this year, reaching 2.1%, marking the first time in nearly two years that inflation has exceeded the target.</p><p>Company News</p><p><a href=\"https://laohu8.com/NW/2144777835\" target=\"_blank\">Baker Hughes: U.S. drilling companies increase oil and gas rigs for the second consecutive week</a></p><p>American Oilfield Services<a href=\"https://laohu8.com/S/BKR\">Baker Hughes</a>The released data shows that as of the week ending June 18, the total number of oil rigs increased by 8 to 373, compared to the previous expectation of an increase of 3. The total number of natural gas wells drilled that week increased by 1 to 97; The total number of wells drilled increased by 9 to 470.<a href=\"https://laohu8.com/S/BHI\">Baker Hughes</a>Oilfield services stated that U.S. drilling companies have added oil and gas drilling platforms for the second consecutive week.</p><p><a href=\"https://laohu8.com/NW/2144774757\" target=\"_blank\">Following Didi, Uber, the \"Uber of China's truck industry,\" is also going public in the US.</a></p><p>According to the website of the U.S. Securities and Exchange Commission (SEC), the \"Uber of China's truck industry\"<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Fulltruck Alliance Co. Ltd. has launched an IPO, expecting to issue 82.5 million ADSs to list on the New York Stock Exchange, with the offering price potentially set between $17 and $19. According to reports, as China's largest vehicle-freight matching information platform,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>The Group provides users with accurate and convenient information interaction platform services; Meanwhile, the company has also developed into the largest truck after-sales service platform in the country, providing one-stop services for truck drivers by covering service areas such as vehicle fuel, ETC, new cars, finance, insurance, and industrial parks.</p><p><a href=\"https://laohu8.com/NW/2144777702\" target=\"_blank\">AiRecycle officially listed on the New York Stock Exchange, surging nearly 23% on its first day of trading.</a></p><p>AiRecycle officially listed on the New York Stock Exchange on Friday. By the close of trading, AiRecycle's stock price was $17.21, up 22.93%, with a market capitalization of $3.793 billion. The prospectus shows that everything<a href=\"https://laohu8.com/S/RERE\">newly born</a>The Group's total revenue for the past 12 months (ending March 31, 2021) was RMB 5.68 billion, representing a year-on-year increase of 49.4%. In 2020, total revenue was RMB 4.858 billion, of which core business revenue was RMB 4.709 billion, representing a year-on-year increase of 38.2% compared to 2019.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPY":"标普500ETF",".DJI":"道琼斯","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite","SDS":"两倍做空标普500 ETF-ProShares",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","DDM":"2倍做多道指ETF-ProShares","OEF":"标普100指数ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空","TQQQ":"纳指三倍做多ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","IVV":"标普500ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145549454","content_text":"摘要：道指本周累跌3.45%，创2020年10月以来最大周跌幅；欧洲三大股指全线收跌，英国富时100指数跌近2%；国际金价收跌，报于1770美元关口之下；美联储官员再发鹰派讲话，布拉德称最早明年加息；爱回收正式登陆纽交所，IPO首日收盘大涨近23%等。\n\n海外市场\n道指本周累跌3.45% 创2020年10月以来最大周跌幅\n美东时间周五，美股全线下跌，道指连续五个交易日下滑，创2020年10月以来的最大周跌幅。截止收盘，道指跌533.37点，跌幅1.58%，报33290.08点；纳指跌130.97点，跌幅0.92%，报14030.38点；标普500指数跌55.41点，跌幅1.31%，报4166.45点。盘面上，银行股、能源股走低，美股大型科技股多数收跌，中概教育股反弹。\n欧洲三大股指全线收跌 英国富时100指数跌近2%\n欧洲时间周五，欧洲三大股指全线收跌，英国富时100指数跌近2%。截止收盘，英国伦敦股市《金融时报》100种股票平均价格指数18日报收于7017.47点，比前一交易日下跌135.96点，跌幅为1.90%。法国巴黎股市CAC40指数18日报收于6569.16点，较前一交易日下跌97.10点，跌幅为1.46%。德国法兰克福股市DAX指数18日下跌279.63点，跌幅为1.78%，报收于15448.04点。\n国际金价收跌 报于1770美元关口之下\n美东时间周五，国际金价收跌，报于1770美元关口之下。截止收盘，纽约商品交易所黄金期货市场交投最活跃的8月黄金期价18日比前一交易日下跌5.8美元，收于每盎司1769美元，跌幅为0.33%。\n国际油价小幅上涨 布油收涨0.59%\n美东时间周五，国际油价小幅上涨，布油收涨0.59%。截止收盘，纽约7月原油期货收涨0.60美元，涨幅0.84%，报71.64美元/桶；布伦特8月原油期货收涨0.43美元，涨幅0.59%，报73.51美元/桶。\n国际宏观\n卡什卡利：希望至少在2023年底前维持利率不变 “点阵图”已变味应该废除\n周五(6月18日)，明尼阿波利斯联储主席卡什卡利(Neel Kashkari)表示，他希望至少在2023年底前将美联储指标短期利率维持在接近零的水准，以使劳动力市场恢复到新冠大流行前的水平。卡什卡利谈到“点阵图”时说：“它本来是一个提供鸽派前瞻性指导的工具。”“它最终成为了一种工具，为鹰派提供了前瞻性指导……我仍然认为我们应该废除‘点阵图’。”卡什卡利的言论表明，在日益鹰派的美联储中，他属于明显的少数派。\n新的“鹰王”？美联储布拉德预计最早将在2022年加息\n圣路易斯联储(St.Louis Federal Reserve)主席布拉德(James Bullard)周五对CNBC表示，他预计将在2022年末首次升息，因通胀上升速度快于此前预期。美国联邦公开市场委员会(Federal Open Market Committee)周三发布的前景预测对金融市场造成了冲击。该委员会对2023年加息的预期中值为最多两次，此前在3月曾暗示不会加息。布拉德在多个场合将美联储本周的举措描述为“鹰派”，即倾向于比新冠大流行以来普遍采取的货币政策更紧缩。\n这一央行或将在2023年初加息 且年内加息3次\n在撤出宽松方面，美联储并不是领头羊，全球其他央行并没有仅仅停留在原地。加拿大央行和新西兰联储也在转向强硬立场，英国央行也紧随其后。而据投行最新预测，澳洲联储将在2023年初升息，且一年内升息三次，共加息65个基点。$西太平洋银行(WBC.AU)$首席经济学家表示，预计澳洲联储(RBA)将于2023年初开始提高关键利率，届时决策者为经济设定的关键指标将得到满足。\n英国央行将忽略通胀暂时性上升 专心保护经济复苏\n最新调查显示，英国通胀率可能升至3%以上，直到让英国央行感到不安。分析师还表示，随着更多防疫限制措施被取消，英国经济本季度的扩张速度将高于此前预期。英国央行设定的通胀目标为2%，但今年5月通胀率出人意料地超过了这一目标，达到2.1%，这是近两年来通胀首次超越目标。\n公司新闻\n贝克休斯：美国钻井公司连续第二周增加石油和天然气钻井平台\n美国油服公司贝克休斯公布的数据显示，截至6月18日当周，石油钻井总数增加8座，至373座，此前预期增加3座；当周天然气钻井总数增加1座，至97座；总钻井数增加9座，至470座。贝克休斯油服表示，美国钻井公司连续第二周增加石油和天然气钻井平台。\n继滴滴后，“中国货车界Uber”也要赴美IPO了\n从美国证券交易委员会(SEC)官网获悉，“中国货车界Uber”满帮集团(FullTruckAllianceCo.Ltd.)已启动招股，预计发行8250万股ADS在纽交所上市，发行价或定在17美元-19美元之间。据介绍，作为中国最大的车货匹配信息平台，满帮集团为用户提供准确便捷的信息交互平台服务；同时，公司也已发展成全国最大的货车车后服务平台，通过覆盖车油、ETC、新车、金融、保险、园区等服务领域，为货车司机提供一站式服务。\n爱回收正式登陆纽交所 IPO首日收盘大涨近23%\n爱回收周五正式登陆纽交所，截至收盘，爱回股价报17.21美元，涨幅22.93%，市值37.93亿美元。招股书显示，万物新生集团过去12个月(截至2021年3月31日)的整体营收为56.80亿元，同比增长49.4%。2020年整体营收为48.58亿元，其中核心业务营收为47.09亿元，较2019年同比增长38.2%。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"TQQQ":0.9,"SDOW":0.9,"MNQmain":0.9,".IXIC":0.9,"PSQ":0.9,"DDM":0.9,"SQQQ":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9,"ESmain":0.9,"OEF":0.9,"DXD":0.9,"QLD":0.9,"QID":0.9,"IVV":0.9,"SH":0.9,"SDS":0.9,"UDOW":0.9,"UPRO":0.9,"DOG":0.9,"SSO":0.9,"NQmain":0.9,"SPXU":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":4965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188219592,"gmtCreate":1623446643016,"gmtModify":1704203810989,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188219592","repostId":"1156959915","repostType":4,"repost":{"id":"1156959915","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":1623429803,"share":"https://ttm.financial/m/news/1156959915?lang=en_US&edition=fundamental","pubTime":"2021-06-12 00:43","market":"us","language":"zh","title":"Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156959915","media":"老虎资讯综合","summary":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科","content":"<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></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>Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":2122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910780345,"gmtCreate":1663683573587,"gmtModify":1676537315083,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910780345","repostId":"661391372","repostType":1,"repost":{"id":661391372,"gmtCreate":1663682263898,"gmtModify":1676537314935,"author":{"id":"3529363284825114","authorId":"3529363284825114","name":"杨德龙说财经","avatar":"https://static.tigerbbs.com/cde3fe8d8fdba3297698dcfdc7297f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3529363284825114","idStr":"3529363284825114"},"themes":[],"title":"楊德龍：現在是佈局四季度行情的最佳時間窗口","htmlText":"大盤出現震盪反彈走勢，特別是新能源板塊表現較爲突出，形成了比較強的反彈趨勢，結束了之前市場比較大的調整。近期大盤調整已經具備了接近尾聲的跡象，從幾個方面可以看出來。一個就是市場的成交量萎縮比較厲害，基本上和今年高峯期上萬億的成交相比，成交量已經萎縮到5000億到6000億左右，這個成交量一般是地量見地價，這是市場見底的一個重要信號。第二個就是市場的估值上處於比較低的位置，滬深兩市主要的估值均處於歷史上比較低的水平，這從估值上來看已經是基本調整到位。第三的話就是說從新基金的發行量來看，這段時間新基金髮行量整體來看是比較低迷的，這也表明新資金入場意願不強，因爲市場從6月份開始就持續調整了三個月的時間，所以在之前我提出9月份可能是下半年市場的一個拐點，9月份也是佈局四季度行情的一個重要的窗口。對於四季度的行情，我認爲大家可以更加積極樂觀一點。雖然影響市場的一些利空因素沒有完全消除，但是出現了邊際改善。比方說第一個就是美聯儲加息的影響，本週美聯儲9月份的議息可能會如期加息75個基點，主要是因爲美國現在通脹率依然比較高。8月份CPI高達8.3%，雖然和7月份8.5%相比略有下降，但是下降幅度並不大，核心通脹率依然比較高，美聯儲可能會堅定加息以抗通脹，但是其實對市場的影響已經在之前的下跌中得到了充分的反應，如果9月21號美聯儲議息會議加息75個基點，美國的基準利率將會回升到3%。根據現在華爾街一致預期，加息最高預期就是基準利率提到4%到4.4%，也就意味着這一次加息之後最多還有2到3次加息，之後就會停止加息，甚至明年如果考慮到經濟增速下降，股市下跌的影響，美聯儲有可能會改變加息週期，甚至進入到降息週期，所以對於市場的影響在四季度正在減少。第二的話就是我國經濟面在復甦，上半年國務院出臺了六大方面33條刺激經濟的政策，這段時間國常會又再次出臺了接續的19項穩經濟增長的政策。這一系列政策在三","listText":"大盤出現震盪反彈走勢，特別是新能源板塊表現較爲突出，形成了比較強的反彈趨勢，結束了之前市場比較大的調整。近期大盤調整已經具備了接近尾聲的跡象，從幾個方面可以看出來。一個就是市場的成交量萎縮比較厲害，基本上和今年高峯期上萬億的成交相比，成交量已經萎縮到5000億到6000億左右，這個成交量一般是地量見地價，這是市場見底的一個重要信號。第二個就是市場的估值上處於比較低的位置，滬深兩市主要的估值均處於歷史上比較低的水平，這從估值上來看已經是基本調整到位。第三的話就是說從新基金的發行量來看，這段時間新基金髮行量整體來看是比較低迷的，這也表明新資金入場意願不強，因爲市場從6月份開始就持續調整了三個月的時間，所以在之前我提出9月份可能是下半年市場的一個拐點，9月份也是佈局四季度行情的一個重要的窗口。對於四季度的行情，我認爲大家可以更加積極樂觀一點。雖然影響市場的一些利空因素沒有完全消除，但是出現了邊際改善。比方說第一個就是美聯儲加息的影響，本週美聯儲9月份的議息可能會如期加息75個基點，主要是因爲美國現在通脹率依然比較高。8月份CPI高達8.3%，雖然和7月份8.5%相比略有下降，但是下降幅度並不大，核心通脹率依然比較高，美聯儲可能會堅定加息以抗通脹，但是其實對市場的影響已經在之前的下跌中得到了充分的反應，如果9月21號美聯儲議息會議加息75個基點，美國的基準利率將會回升到3%。根據現在華爾街一致預期，加息最高預期就是基準利率提到4%到4.4%，也就意味着這一次加息之後最多還有2到3次加息，之後就會停止加息，甚至明年如果考慮到經濟增速下降，股市下跌的影響，美聯儲有可能會改變加息週期，甚至進入到降息週期，所以對於市場的影響在四季度正在減少。第二的話就是我國經濟面在復甦，上半年國務院出臺了六大方面33條刺激經濟的政策，這段時間國常會又再次出臺了接續的19項穩經濟增長的政策。這一系列政策在三","text":"大盤出現震盪反彈走勢，特別是新能源板塊表現較爲突出，形成了比較強的反彈趨勢，結束了之前市場比較大的調整。近期大盤調整已經具備了接近尾聲的跡象，從幾個方面可以看出來。一個就是市場的成交量萎縮比較厲害，基本上和今年高峯期上萬億的成交相比，成交量已經萎縮到5000億到6000億左右，這個成交量一般是地量見地價，這是市場見底的一個重要信號。第二個就是市場的估值上處於比較低的位置，滬深兩市主要的估值均處於歷史上比較低的水平，這從估值上來看已經是基本調整到位。第三的話就是說從新基金的發行量來看，這段時間新基金髮行量整體來看是比較低迷的，這也表明新資金入場意願不強，因爲市場從6月份開始就持續調整了三個月的時間，所以在之前我提出9月份可能是下半年市場的一個拐點，9月份也是佈局四季度行情的一個重要的窗口。對於四季度的行情，我認爲大家可以更加積極樂觀一點。雖然影響市場的一些利空因素沒有完全消除，但是出現了邊際改善。比方說第一個就是美聯儲加息的影響，本週美聯儲9月份的議息可能會如期加息75個基點，主要是因爲美國現在通脹率依然比較高。8月份CPI高達8.3%，雖然和7月份8.5%相比略有下降，但是下降幅度並不大，核心通脹率依然比較高，美聯儲可能會堅定加息以抗通脹，但是其實對市場的影響已經在之前的下跌中得到了充分的反應，如果9月21號美聯儲議息會議加息75個基點，美國的基準利率將會回升到3%。根據現在華爾街一致預期，加息最高預期就是基準利率提到4%到4.4%，也就意味着這一次加息之後最多還有2到3次加息，之後就會停止加息，甚至明年如果考慮到經濟增速下降，股市下跌的影響，美聯儲有可能會改變加息週期，甚至進入到降息週期，所以對於市場的影響在四季度正在減少。第二的話就是我國經濟面在復甦，上半年國務院出臺了六大方面33條刺激經濟的政策，這段時間國常會又再次出臺了接續的19項穩經濟增長的政策。這一系列政策在三","images":[{"img":"https://static.tigerbbs.com/18a5b1b809acb044d41ac2b722559d44"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661391372","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937630566,"gmtCreate":1663412439655,"gmtModify":1676537267490,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937630566","repostId":"663798633","repostType":1,"isVote":1,"tweetType":1,"viewCount":5680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935863521,"gmtCreate":1663068981363,"gmtModify":1676537195495,"author":{"id":"3586104114548426","authorId":"3586104114548426","name":"Soonsoon","avatar":"https://static.tigerbbs.com/1df389cc63fd9969b0cf7f3f8c4c5507","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586104114548426","idStr":"3586104114548426"},"themes":[],"title":"","htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935863521","repostId":"663801655","repostType":1,"repost":{"id":663801655,"gmtCreate":1663068424579,"gmtModify":1676537195362,"author":{"id":"3537140997665248","authorId":"3537140997665248","name":"澳洲马丁广场","avatar":"https://static.tigerbbs.com/52276135bd781e7fb04c4261cd3d95bb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3537140997665248","idStr":"3537140997665248"},"themes":[],"title":"","htmlText":"查爾斯國王不必爲女王價值超過7.5億美元的私人財產支付遺產稅--由於一項規則允許資產從一個主權國家傳給另一個主權國家澳大利亞宣佈9月22日爲紀念英國女王伊麗莎白二世逝世的公共假期","listText":"查爾斯國王不必爲女王價值超過7.5億美元的私人財產支付遺產稅--由於一項規則允許資產從一個主權國家傳給另一個主權國家澳大利亞宣佈9月22日爲紀念英國女王伊麗莎白二世逝世的公共假期","text":"查爾斯國王不必爲女王價值超過7.5億美元的私人財產支付遺產稅--由於一項規則允許資產從一個主權國家傳給另一個主權國家澳大利亞宣佈9月22日爲紀念英國女王伊麗莎白二世逝世的公共假期","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/663801655","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}