安妮1022 personal page - To The Moon

安妮1022

安妮1022

No personal profile

539Follow

28Followers

0Topic

0Badge

2021-05-09

?

Fearing a repeat of 2013, investors are preparing for a tapering of bond purchases

2021-05-21

???

It is reported that JD Logistics has set the IPO price at HK $40.36

2021-07-14

???

Sorry, the original content has been removed

2021-05-16

?

Last night and this morning: Technology led the rebound in U.S. stocks for two days, Tesla fell 12% this week

2021-05-06

?

Why does "regulatory fighter" Musk always get away with it?

2021-05-05

?

Nio announces it will enter the Norwegian market in September

2021-09-01

?

Underwater Foam of "Maotai in the Water"

2021-07-13

?

Daily fresh "upgrade dimension"

2021-05-15

?

Ali's financial report after anti-monopoly penalties: fines bring losses, but certainty is back?

2021-05-10

?

"Sister Wood" laughed at ARK's plunge: it's better to fall, and the annual return can be higher

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3569319906313275","uuid":"3569319906313275","gmtCreate":1606226117642,"gmtModify":1608893158758,"name":"安妮1022","pinyin":"an1022anni1022","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":28,"headSize":539,"tweetSize":0,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.01.03","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.67%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.81%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":9907378196,"gmtCreate":1660149913917,"gmtModify":1703478433707,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/f8398eae8b398da9af0b088f6bae9dde","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907378196","isVote":1,"tweetType":1,"viewCount":1924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9904923496,"gmtCreate":1659981457217,"gmtModify":1703476576286,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/e93716864321515b5168ddce16163717","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9904923496","isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9906298465,"gmtCreate":1659546650460,"gmtModify":1705981455240,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/6e8791ccd32f2ed8138b56cde573be9d","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906298465","isVote":1,"tweetType":1,"viewCount":3622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9901064265,"gmtCreate":1659100029657,"gmtModify":1676536257449,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>up","text":"$Unity Software Inc.(U)$up","images":[{"img":"https://community-static.tradeup.com/news/6a8614cd15e528b7f3906d345b1bfdbd","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901064265","isVote":1,"tweetType":1,"viewCount":2575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9073239113,"gmtCreate":1657344208532,"gmtModify":1676535995833,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up up up&nbsp;","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up up up&nbsp;","text":"$Unity Software Inc.(U)$Up up up","images":[{"img":"https://community-static.tradeup.com/news/42705390a8e6af029ce2f63862863aab","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9073239113","isVote":1,"tweetType":1,"viewCount":1960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9049537636,"gmtCreate":1655814734125,"gmtModify":1676535709995,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>😊","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>😊","text":"$Unity Software Inc.(U)$😊","images":[{"img":"https://community-static.tradeup.com/news/8ac74478b566e55e407bee55889f5647","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049537636","isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":816109151,"gmtCreate":1630473209373,"gmtModify":1676530313217,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/816109151","repostId":"1186121597","repostType":4,"repost":{"id":"1186121597","kind":"news","pubTimestamp":1630468996,"share":"https://ttm.financial/m/news/1186121597?lang=en_US&edition=fundamental","pubTime":"2021-09-01 12:03","market":"hk","language":"zh","title":"Underwater Foam of \"Maotai in the Water\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1186121597","media":"新熵","summary":"在此之前，没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃，“代表中国财富的不是什么大数据等等的东西，而是普普通通的四瓶水。”这里的“四瓶水”，指的就是茅台、金龙鱼、","content":"<p>Before that, no one could have thought that a \"porter\" could actually become the richest man in Asia and stand out from the crowd.</p><p>Economist Ma Guangyuan once ridiculed, \"What represents China's wealth is not big data and so on, but ordinary four bottles of water.\" The \"four bottles of water\" here refers to Maotai,<a href=\"https://laohu8.com/S/300999\">Arowana</a>Haitian soy sauce, and<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>。</p><p>Nongfu Spring, with a unit price of 2 yuan, can be seen everywhere in supermarkets of all sizes, and it is these humble bottled waters that support a wealth myth of \"Maotai in the water\".</p><p>How profitable can bottled water be?</p><p>According to Nongfu Spring's financial report data over the years, the gross profit margin of bottled water can reach 60% in recent years. Even if other business segments are hindered, the overall gross profit margin can exceed 50%. Such a high gross profit margin is rare, and \"happy water\" is deeply loved by young people all over the world.<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, the gross profit margin is less than 40%, while the gross profit margin of Master Kong's drinks is only about 30%.</p><p>There is no doubt about Nongfu Spring's ability to attract gold, and it is nicknamed \"nature's money printing machine\" by netizens.</p><p>Since its listing, Nongfu Spring has attracted a lot of attention, and its stock price seems to be on a roller coaster. After the founder was awarded the richest man in Asia, he fell from the altar. The record in the first half of this year has attracted much attention.</p><p>Is \"Maotai in the Water\" still valuable? Is there a valuation risk for the current stock price? Will it be cut in half again in the future? We all hope to find the answers to these questions in the 2021 interim results announcement.</p><p><b>01</b><b>\"Maotai in the Water\" is worthy of its name</b></p><p>On August 26, 2021, Nongfu Spring released its fiscal year interim report. The revenue of 15.175 billion yuan lived up to the title of \"Moutai in the Water\", with a year-on-year growth rate of more than 30%, slightly exceeding market consensus expectations.</p><p>Judging from the financial report data, the 40% growth rate of net profit in the first half of this year is also very impressive. This surprising report card also brought Zhong Suisui back to the position of China's richest man. However, such a high growth rate is inseparable from the embarrassing posture of the same period last year.</p><p>In the first half of 2020, affected by the epidemic, the beverage market was bleak. Instead of rising, the overall revenue shrank by about 6%. If the abnormal performance data in 2020 is skipped and directly compared with the same period in 2019, within two years, Nongfu Spring's revenue only increased by about 20%.</p><p>This year's amazing stems from the tragic comparison with last year, and the financial report data from 2017 to 2019 show that Nongfu Spring's revenue growth rate has been stable at around 17% in the past three years. From this point of view, although this year's Nongfu Spring has been well controlled due to the domestic epidemic situation, the market has gradually picked up, and a good-looking report card has been handed over, but according to the current data, Nongfu Spring may still not recover.</p><p><img src=\"https://static.tigerbbs.com/fa1357083164446283d471e22ab837db\" tg-width=\"836\" tg-height=\"519\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of business data, drinking water is still the main revenue force, contributing nearly 60% of revenue by itself. From the 2020 interim financial report data, we can see that even in the bleak market environment in 2020, the drinking water business still rose firmly by 0.7% in the first half of the year, and the overall market recovered this year, and the drinking water business directly rose by 25%..</p><p>The growth rate of other categories of businesses is also very impressive, especially new products such as sparkling water and coffee, with a growth rate of 86%, but unfortunately the volume is too small, accounting for only 5.5% of all businesses, which has little impact on the overall revenue.</p><p>In recent years, Nongfu Spring has continued to make efforts in the beverage sector, constantly launching new products. Old-fashioned series such as Scream, Tea π, and Oriental Leaf have been constantly updated, showing lasting vitality. In the past two years, the emerging field of sparkling water also has the shadow of Nongfu Spring. But as far as financial data is concerned, in a short period of time, drinking water products are still the main theme.</p><p>For an enterprise, revenue is the table and cost is the inside. Good-looking face is very important, and good-looking lining is also very important, and the criterion to measure whether the two are equally good-looking is gross profit margin.</p><p>Nongfu Spring's gross profit margin has never disappointed, and it remains the same this year. According to the data of the interim report, the gross profit in the first half of the year was as high as 9.241 billion yuan, and the gross profit margin increased by 1% from the previous year to 60.9%.</p><p>Regarding the increase in gross profit margin, Nongfu Spring said at the performance exchange meeting that the main reason was that the cost of PET materials was well controlled in the first half of this year.</p><p>As an indispensable packaging, PET materials are of great significance to Nongfu Spring. In the prospectus released last year, Nongfu Spring gave the exact answer. Nearly 30% of the cost falls on PET materials. It is not difficult to understand why PET materials this year If the cost is well controlled, the overall gross profit margin can be increased.</p><p><img src=\"https://static.tigerbbs.com/0421104a92e863bfc42be28ac7c1a6cf\" tg-width=\"1080\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p><p>In response to the problem of PET materials, Nongfu Spring specifically pointed out that the material price lock-in preparations in the second half of this year are relatively sufficient. The cost in the second half of this year is expected to be similar to that in the first half of the year, but the situation next year is not optimistic, and the gross profit margin has been reduced to the level of 2019. Psychological preparation.</p><p>If this worry becomes a reality, then next year's profit growth rate may be affected to some extent.</p><p>In addition to the possible impact of PET material prices, the increase in marketing costs cannot be ignored. At the performance exchange meeting, Nongfu Spring said that due to the diversity of information acquisition channels, the company's promotion costs have increased a lot.</p><p>Promotion has an inseparable relationship with performance. If marketing costs are reduced, it is inevitable that performance will also be at risk of decline. What's more, Nongfu Spring's plan to increase SKUs has never stopped. When new products are launched and old series are launched, marketing costs will inevitably not be saved.</p><p>In the second half of this year, Henan, as a major sales province, suffered from rain disasters and epidemics successively. At the same time, Zhejiang and other places were also affected by typhoons. Although the performance pressure will increase, the still strong drinking water business may continue to tell \"Nongfu Spring is a bit sweet\" story.</p><p><b>02</b><b>The stock price cut in half, the bubble is still there</b></p><p>In this mid-year report card, Nongfu Spring got a good result, but in sharp contrast to this, the stock price was cut in half in the first half of the year.</p><p>Since its listing in September 2020, Nongfu Spring has relied on 2 yuan a bottle of natural water, and its market value once exceeded 700 billion Hong Kong dollars. In less than half a year, its stock price has soared, and its P/E once reached 138 times.</p><p>At the beginning of this year, Nongfu Spring's stock price reached its highest point, and then plummeted all the way. The falling stock price once caused panic among investors, but such a decline was not abrupt for Nongfu Spring. Enthusiastic investors need to calm down, and the rising stock price also needs to be pulled back.</p><p>At present, the market value of Nongfu Spring has evaporated by hundreds of billions, and Zhong Suisui has also stepped down from the altar of Asia's richest man. The overall stock price has fallen by nearly 40%, but the current P/E of Nongfu Spring is still as high as 71 times.</p><p>On the other hand, among the listed companies in the food and beverage sector, Master Kong P/E is only 17 times, focusing on the Lulu series<a href=\"https://laohu8.com/S/000848\">Chengde Lulu</a>P/E is only 27 times, even the ones that have ignited market sentiment again and again<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>, P/E is only about 40 times.</p><p>There is naturally a bubble behind the excessively high P/E. Nongfu Spring's stock price seems to be<a href=\"https://laohu8.com/S/603099\">Changbai Mountain</a>The fragile ice layer on the lake, in terms of financial data, Nongfu Spring's return ability does not catch up with investors' high expectations. Once expectations collapse, the stock price will be halved again.</p><p>Investors' high expectations come from Nongfu Spring's absolute advantage in the market, but when a company has made an absolute advantage in a market, the ceiling problem cannot be avoided.</p><p>From the financial report data, we can see that the growth rate of the drinking water business is significantly slower than other businesses. If we do not consider the impact of the market environment in 2020, the growth rate of this business in two years since 2019. The average annual growth rate only reaches 12%. At the performance exchange meeting, Nongfu Spring also admitted that the current growth rate has not yet returned to normal levels.</p><p>Before the drinking water business saw the ceiling, Nongfu Spring had already begun to deploy in other businesses, such as launching beverages such as Scream, Vitamin Water, and Farmer's Orchard, and entering business fields such as tea beverages, functional beverages, and fruit juice beverages. According to the data in the prospectus, In 2019, the market share of these businesses reached the third position.</p><p>In the interim financial report, Nongfu Spring also stated that \"it will continue to promote the development pattern of drinking water and beverage dual engines.\"</p><p><img src=\"https://static.tigerbbs.com/b5ae118491013a0ac57f72b00f5dfb9c\" tg-width=\"1035\" tg-height=\"132\" referrerpolicy=\"no-referrer\"></p><p>However, in terms of business revenue data, packaged drinking water products contributed nearly 60% of revenue, and tea drinks, functional drinks, fruit juice drinks and other products obviously did not get out of the momentum of the \"second engine\".</p><p>In the field of beverages, Nongfu Spring has always been the \"younger generation\". According to data from the Qianzhan Industry Research Institute, brands such as Master Kong and Uni-President have absolute advantages in the tea beverage market. Nongfu Spring's market share has dropped to sixth. In the field of functional beverages, Red Bull It is the absolute overlord, occupying more than 50% of the market share, while its rival is Dongpeng Special Drink. Nongfu Spring's products do not have much story.</p><p>Although the growth rate of the beverage business is very high, it is relatively small, and its growth in several years has not gone out of its own advantages. The beautiful vision of relying on twin engines to provide power for filling the stock price bubble may still need time to catalyze. In recent years, Nongfu Spring is probably the home of water.</p><p><b>03Is the future of Nongfu Spring or water?</b></p><p>Water is the source of life, and the same is true for Nongfu Spring.</p><p>The ceiling of the drinking water market is pressed over the head, and Nongfu Spring intends to rely on water sources again to break the deadlock.</p><p>When Nongfu Spring was just born, facing the pure water market that was already the Red Sea, Zhong Suisui chose to turn around and use pure water and natural water as the topic of debate, triggering a nationwide debate. Nongfu Spring became famous in the first battle, \"We don't produce water, we are just the porters of nature.\" To this day, this advertising slogan is still well known to women and children.</p><p>From the perspective of types of drinking water, it is generally divided into four types: natural water, natural mineral water, purified water and mineral water. Among them, purified water refers to artificially treated tap water, while mineral water is artificially added with certain mineral components on the basis of purified water. Since the water source is tap water, the cost price is relatively cheap. At present, these two types of low-priced water are the most common.</p><p>Natural water comes from nature, such as underground spring water, well water, etc. Nongfu Spring is the most typical representative. Natural mineral water has higher requirements for water sources, is more difficult to take water, and has higher natural costs. At present, the high-end drinking water on the market basically belongs to this category, such as Baisui Mountain and Evian.</p><p>In the field of natural water, Nongfu Spring has an absolute advantage, but in the natural mineral water track, Baisuishan, a subsidiary of Jingtian Group, is the leader. According to public information, the market share of Baisuishan is close to 40%, occupying the first position in the market for ten consecutive years.</p><p>In April this year, Nongfu Spring launched the first natural mineral water product Changbaixue with a unit price of 3 yuan, which is a benchmark against Baisui Mountain and hopes to expand its product matrix in the drinking water business. However, at present, 2 yuan water is the mainstream. In the minds of consumers, the quality of water quality may not be as important as the price.</p><p>At the same time, unlike ordinary natural water, Changbai Snow's water source is currently only Changbai Mountain. If it wants to cover the whole country, the transportation cost will inevitably rise. Although Nongfu Spring said that the current pricing of 3 yuan can cover the cost, considering the transportation cost, its profitability is inevitably worrying.</p><p>In addition to new products, Nongfu Spring also said at the performance exchange meeting that the performance of large-packaged water this year is very good. \"The growth rate is still slightly higher than that of small-packaged water, and it has not changed since before the IPO\", and believes that the competition of large-packaged water will become more and more fierce.</p><p><img src=\"https://static.tigerbbs.com/e011521fd4ddc42bbf3e97c3ec9824a6\" tg-width=\"1077\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p><p>As a national brand, Nongfu Spring's brand appeal is beyond doubt. Its absolute leading position in the small bottled drinking water market can still exert its waste heat in the large packaged water market and affect consumers' choices. However, when brand influence is excluded, Nongfu Spring still has no outstanding features in distribution services and production technology.</p><p>The confidence in the large-packaged water business still comes from the water sources distributed across the country, the national character of the brand, and a dealer network comparable to capillaries. With a solid \"storytelling\" foundation, Nongfu Spring tells consumers a full-scene story, rubbing the concept of natural water into life, in an attempt to cultivate consumers' dependence on natural water.</p><p>At present, large-packaged water is gradually invading life. After the epidemic and rain disaster, the enthusiasm for reserving will also bring large-packaged water to a small climax. However, it will take time to tell us whether large-packaged water can compete with small-bottle water in the future.</p><p>In the next few years, perhaps Nongfu Spring still needs to rely on the old bank to \"move water\" to ensure that the stock price bubble will not be punctured, but how to make the old bank develop into a new driving force will become a new problem for Nongfu Spring.</p>","source":"lsy1602476715181","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>Underwater Foam of \"Maotai in the Water\"</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\">\nUnderwater Foam of \"Maotai in the Water\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新熵</strong><span class=\"h-time small\">2021-09-01 12:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Before that, no one could have thought that a \"porter\" could actually become the richest man in Asia and stand out from the crowd.</p><p>Economist Ma Guangyuan once ridiculed, \"What represents China's wealth is not big data and so on, but ordinary four bottles of water.\" The \"four bottles of water\" here refers to Maotai,<a href=\"https://laohu8.com/S/300999\">Arowana</a>Haitian soy sauce, and<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>。</p><p>Nongfu Spring, with a unit price of 2 yuan, can be seen everywhere in supermarkets of all sizes, and it is these humble bottled waters that support a wealth myth of \"Maotai in the water\".</p><p>How profitable can bottled water be?</p><p>According to Nongfu Spring's financial report data over the years, the gross profit margin of bottled water can reach 60% in recent years. Even if other business segments are hindered, the overall gross profit margin can exceed 50%. Such a high gross profit margin is rare, and \"happy water\" is deeply loved by young people all over the world.<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, the gross profit margin is less than 40%, while the gross profit margin of Master Kong's drinks is only about 30%.</p><p>There is no doubt about Nongfu Spring's ability to attract gold, and it is nicknamed \"nature's money printing machine\" by netizens.</p><p>Since its listing, Nongfu Spring has attracted a lot of attention, and its stock price seems to be on a roller coaster. After the founder was awarded the richest man in Asia, he fell from the altar. The record in the first half of this year has attracted much attention.</p><p>Is \"Maotai in the Water\" still valuable? Is there a valuation risk for the current stock price? Will it be cut in half again in the future? We all hope to find the answers to these questions in the 2021 interim results announcement.</p><p><b>01</b><b>\"Maotai in the Water\" is worthy of its name</b></p><p>On August 26, 2021, Nongfu Spring released its fiscal year interim report. The revenue of 15.175 billion yuan lived up to the title of \"Moutai in the Water\", with a year-on-year growth rate of more than 30%, slightly exceeding market consensus expectations.</p><p>Judging from the financial report data, the 40% growth rate of net profit in the first half of this year is also very impressive. This surprising report card also brought Zhong Suisui back to the position of China's richest man. However, such a high growth rate is inseparable from the embarrassing posture of the same period last year.</p><p>In the first half of 2020, affected by the epidemic, the beverage market was bleak. Instead of rising, the overall revenue shrank by about 6%. If the abnormal performance data in 2020 is skipped and directly compared with the same period in 2019, within two years, Nongfu Spring's revenue only increased by about 20%.</p><p>This year's amazing stems from the tragic comparison with last year, and the financial report data from 2017 to 2019 show that Nongfu Spring's revenue growth rate has been stable at around 17% in the past three years. From this point of view, although this year's Nongfu Spring has been well controlled due to the domestic epidemic situation, the market has gradually picked up, and a good-looking report card has been handed over, but according to the current data, Nongfu Spring may still not recover.</p><p><img src=\"https://static.tigerbbs.com/fa1357083164446283d471e22ab837db\" tg-width=\"836\" tg-height=\"519\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of business data, drinking water is still the main revenue force, contributing nearly 60% of revenue by itself. From the 2020 interim financial report data, we can see that even in the bleak market environment in 2020, the drinking water business still rose firmly by 0.7% in the first half of the year, and the overall market recovered this year, and the drinking water business directly rose by 25%..</p><p>The growth rate of other categories of businesses is also very impressive, especially new products such as sparkling water and coffee, with a growth rate of 86%, but unfortunately the volume is too small, accounting for only 5.5% of all businesses, which has little impact on the overall revenue.</p><p>In recent years, Nongfu Spring has continued to make efforts in the beverage sector, constantly launching new products. Old-fashioned series such as Scream, Tea π, and Oriental Leaf have been constantly updated, showing lasting vitality. In the past two years, the emerging field of sparkling water also has the shadow of Nongfu Spring. But as far as financial data is concerned, in a short period of time, drinking water products are still the main theme.</p><p>For an enterprise, revenue is the table and cost is the inside. Good-looking face is very important, and good-looking lining is also very important, and the criterion to measure whether the two are equally good-looking is gross profit margin.</p><p>Nongfu Spring's gross profit margin has never disappointed, and it remains the same this year. According to the data of the interim report, the gross profit in the first half of the year was as high as 9.241 billion yuan, and the gross profit margin increased by 1% from the previous year to 60.9%.</p><p>Regarding the increase in gross profit margin, Nongfu Spring said at the performance exchange meeting that the main reason was that the cost of PET materials was well controlled in the first half of this year.</p><p>As an indispensable packaging, PET materials are of great significance to Nongfu Spring. In the prospectus released last year, Nongfu Spring gave the exact answer. Nearly 30% of the cost falls on PET materials. It is not difficult to understand why PET materials this year If the cost is well controlled, the overall gross profit margin can be increased.</p><p><img src=\"https://static.tigerbbs.com/0421104a92e863bfc42be28ac7c1a6cf\" tg-width=\"1080\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p><p>In response to the problem of PET materials, Nongfu Spring specifically pointed out that the material price lock-in preparations in the second half of this year are relatively sufficient. The cost in the second half of this year is expected to be similar to that in the first half of the year, but the situation next year is not optimistic, and the gross profit margin has been reduced to the level of 2019. Psychological preparation.</p><p>If this worry becomes a reality, then next year's profit growth rate may be affected to some extent.</p><p>In addition to the possible impact of PET material prices, the increase in marketing costs cannot be ignored. At the performance exchange meeting, Nongfu Spring said that due to the diversity of information acquisition channels, the company's promotion costs have increased a lot.</p><p>Promotion has an inseparable relationship with performance. If marketing costs are reduced, it is inevitable that performance will also be at risk of decline. What's more, Nongfu Spring's plan to increase SKUs has never stopped. When new products are launched and old series are launched, marketing costs will inevitably not be saved.</p><p>In the second half of this year, Henan, as a major sales province, suffered from rain disasters and epidemics successively. At the same time, Zhejiang and other places were also affected by typhoons. Although the performance pressure will increase, the still strong drinking water business may continue to tell \"Nongfu Spring is a bit sweet\" story.</p><p><b>02</b><b>The stock price cut in half, the bubble is still there</b></p><p>In this mid-year report card, Nongfu Spring got a good result, but in sharp contrast to this, the stock price was cut in half in the first half of the year.</p><p>Since its listing in September 2020, Nongfu Spring has relied on 2 yuan a bottle of natural water, and its market value once exceeded 700 billion Hong Kong dollars. In less than half a year, its stock price has soared, and its P/E once reached 138 times.</p><p>At the beginning of this year, Nongfu Spring's stock price reached its highest point, and then plummeted all the way. The falling stock price once caused panic among investors, but such a decline was not abrupt for Nongfu Spring. Enthusiastic investors need to calm down, and the rising stock price also needs to be pulled back.</p><p>At present, the market value of Nongfu Spring has evaporated by hundreds of billions, and Zhong Suisui has also stepped down from the altar of Asia's richest man. The overall stock price has fallen by nearly 40%, but the current P/E of Nongfu Spring is still as high as 71 times.</p><p>On the other hand, among the listed companies in the food and beverage sector, Master Kong P/E is only 17 times, focusing on the Lulu series<a href=\"https://laohu8.com/S/000848\">Chengde Lulu</a>P/E is only 27 times, even the ones that have ignited market sentiment again and again<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>, P/E is only about 40 times.</p><p>There is naturally a bubble behind the excessively high P/E. Nongfu Spring's stock price seems to be<a href=\"https://laohu8.com/S/603099\">Changbai Mountain</a>The fragile ice layer on the lake, in terms of financial data, Nongfu Spring's return ability does not catch up with investors' high expectations. Once expectations collapse, the stock price will be halved again.</p><p>Investors' high expectations come from Nongfu Spring's absolute advantage in the market, but when a company has made an absolute advantage in a market, the ceiling problem cannot be avoided.</p><p>From the financial report data, we can see that the growth rate of the drinking water business is significantly slower than other businesses. If we do not consider the impact of the market environment in 2020, the growth rate of this business in two years since 2019. The average annual growth rate only reaches 12%. At the performance exchange meeting, Nongfu Spring also admitted that the current growth rate has not yet returned to normal levels.</p><p>Before the drinking water business saw the ceiling, Nongfu Spring had already begun to deploy in other businesses, such as launching beverages such as Scream, Vitamin Water, and Farmer's Orchard, and entering business fields such as tea beverages, functional beverages, and fruit juice beverages. According to the data in the prospectus, In 2019, the market share of these businesses reached the third position.</p><p>In the interim financial report, Nongfu Spring also stated that \"it will continue to promote the development pattern of drinking water and beverage dual engines.\"</p><p><img src=\"https://static.tigerbbs.com/b5ae118491013a0ac57f72b00f5dfb9c\" tg-width=\"1035\" tg-height=\"132\" referrerpolicy=\"no-referrer\"></p><p>However, in terms of business revenue data, packaged drinking water products contributed nearly 60% of revenue, and tea drinks, functional drinks, fruit juice drinks and other products obviously did not get out of the momentum of the \"second engine\".</p><p>In the field of beverages, Nongfu Spring has always been the \"younger generation\". According to data from the Qianzhan Industry Research Institute, brands such as Master Kong and Uni-President have absolute advantages in the tea beverage market. Nongfu Spring's market share has dropped to sixth. In the field of functional beverages, Red Bull It is the absolute overlord, occupying more than 50% of the market share, while its rival is Dongpeng Special Drink. Nongfu Spring's products do not have much story.</p><p>Although the growth rate of the beverage business is very high, it is relatively small, and its growth in several years has not gone out of its own advantages. The beautiful vision of relying on twin engines to provide power for filling the stock price bubble may still need time to catalyze. In recent years, Nongfu Spring is probably the home of water.</p><p><b>03Is the future of Nongfu Spring or water?</b></p><p>Water is the source of life, and the same is true for Nongfu Spring.</p><p>The ceiling of the drinking water market is pressed over the head, and Nongfu Spring intends to rely on water sources again to break the deadlock.</p><p>When Nongfu Spring was just born, facing the pure water market that was already the Red Sea, Zhong Suisui chose to turn around and use pure water and natural water as the topic of debate, triggering a nationwide debate. Nongfu Spring became famous in the first battle, \"We don't produce water, we are just the porters of nature.\" To this day, this advertising slogan is still well known to women and children.</p><p>From the perspective of types of drinking water, it is generally divided into four types: natural water, natural mineral water, purified water and mineral water. Among them, purified water refers to artificially treated tap water, while mineral water is artificially added with certain mineral components on the basis of purified water. Since the water source is tap water, the cost price is relatively cheap. At present, these two types of low-priced water are the most common.</p><p>Natural water comes from nature, such as underground spring water, well water, etc. Nongfu Spring is the most typical representative. Natural mineral water has higher requirements for water sources, is more difficult to take water, and has higher natural costs. At present, the high-end drinking water on the market basically belongs to this category, such as Baisui Mountain and Evian.</p><p>In the field of natural water, Nongfu Spring has an absolute advantage, but in the natural mineral water track, Baisuishan, a subsidiary of Jingtian Group, is the leader. According to public information, the market share of Baisuishan is close to 40%, occupying the first position in the market for ten consecutive years.</p><p>In April this year, Nongfu Spring launched the first natural mineral water product Changbaixue with a unit price of 3 yuan, which is a benchmark against Baisui Mountain and hopes to expand its product matrix in the drinking water business. However, at present, 2 yuan water is the mainstream. In the minds of consumers, the quality of water quality may not be as important as the price.</p><p>At the same time, unlike ordinary natural water, Changbai Snow's water source is currently only Changbai Mountain. If it wants to cover the whole country, the transportation cost will inevitably rise. Although Nongfu Spring said that the current pricing of 3 yuan can cover the cost, considering the transportation cost, its profitability is inevitably worrying.</p><p>In addition to new products, Nongfu Spring also said at the performance exchange meeting that the performance of large-packaged water this year is very good. \"The growth rate is still slightly higher than that of small-packaged water, and it has not changed since before the IPO\", and believes that the competition of large-packaged water will become more and more fierce.</p><p><img src=\"https://static.tigerbbs.com/e011521fd4ddc42bbf3e97c3ec9824a6\" tg-width=\"1077\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p><p>As a national brand, Nongfu Spring's brand appeal is beyond doubt. Its absolute leading position in the small bottled drinking water market can still exert its waste heat in the large packaged water market and affect consumers' choices. However, when brand influence is excluded, Nongfu Spring still has no outstanding features in distribution services and production technology.</p><p>The confidence in the large-packaged water business still comes from the water sources distributed across the country, the national character of the brand, and a dealer network comparable to capillaries. With a solid \"storytelling\" foundation, Nongfu Spring tells consumers a full-scene story, rubbing the concept of natural water into life, in an attempt to cultivate consumers' dependence on natural water.</p><p>At present, large-packaged water is gradually invading life. After the epidemic and rain disaster, the enthusiasm for reserving will also bring large-packaged water to a small climax. However, it will take time to tell us whether large-packaged water can compete with small-bottle water in the future.</p><p>In the next few years, perhaps Nongfu Spring still needs to rely on the old bank to \"move water\" to ensure that the stock price bubble will not be punctured, but how to make the old bank develop into a new driving force will become a new problem for Nongfu Spring.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ\">新熵</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9c73365999f228bdf66df7f52d79a4b4","relate_stocks":{"600519":"贵州茅台"},"source_url":"https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186121597","content_text":"在此之前，没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃，“代表中国财富的不是什么大数据等等的东西，而是普普通通的四瓶水。”这里的“四瓶水”，指的就是茅台、金龙鱼、海天酱油，以及农夫山泉。\n单价2元的农夫山泉在大大小小的超市随处可见，而正是这些不起眼的瓶装水，撑起来一个“水中茅台”的财富神话。\n瓶装水的利润能有多高？\n据农夫山泉的历年财报数据显示，近几年瓶装水的毛利率可以达到60%，哪怕加上其他业务板块的拖后腿，整体毛利率也能够超过50%。这样的高毛利率并不多见，深受全球年轻人喜爱的“快乐水”可口可乐，毛利率不到40%，而康师傅旗下饮品的毛利率仅有30%上下。\n农夫山泉的吸金能力毋庸置疑，被网友们戏称为“大自然的印钞机”。\n自上市开始，农夫山泉就吸引到大批目光，股价彷佛坐上了过山车，创始人被捧上亚洲首富之后，又跌落神坛，今年上半年战绩如何，更是备受关注。\n“水中茅台”还值钱吗？目前股价有估值风险吗？未来还会再次腰斩吗？这些问题的答案我们都希望能够在2021年中期业绩公告中找到。\n01“水中茅台”名副其实\n2021年8月26日，农夫山泉发布财年中报，151.75亿的营收不负“水中茅台”的称号，同比增速超过30%，略微超出市场一致预期。\n就财报数据来看，今年上半年净利润40%的增长速度也十分亮眼，这份令人惊喜的成绩单也把钟睒睒重新捧回中国首富的位置。然而，这样的高增速离不开去年同时期狼狈姿态的衬托。\n2020年上半年，受疫情影响，饮料市场一片惨淡，整体营收不仅没有上升，反而缩减6%左右，如果跳过2020年不正常的业绩数据，直接与2019年同期相比，两年的时间内，农夫山泉的营收仅上涨20%左右。\n今年的惊艳源自与去年的惨烈对比，而2017年至2019年财报数据显示，三年间农夫山泉的营收增速稳定在17%左右。以此来看，今年的农夫山泉虽然因国内疫情受到良好控制，市场逐步回暖，交出一份好看的成绩单，但就目前数据来看，农夫山泉恐怕仍旧没有恢复元气。\n\n从业务数据来看，饮用水依旧是营收主力，凭借一己之力贡献了近60%的收入。从2020年中期财报数据中我们可以看到，哪怕在2020年的惨淡市场环境中，上半年饮用水业务仍旧坚挺地上涨0.7%，而今年的市场整体回暖，饮用水业务更是直接上涨了25%。\n其他品类业务的增速也非常亮眼，尤其是气泡水、咖啡等新产品，增速高达86%，但无奈体量过小，在所有业务中占比不过5.5%，对整体营收影响甚微。\n近几年农夫山泉在饮料板块持续发力，不断推出新品，尖叫、茶π、东方树叶等老牌系列均不断上新，展现出持久的生命力，近两年新兴的气泡水领域，也有农夫山泉的影子。但就财务数据来看，短时间内，饮用水产品依旧是主旋律。\n对于一家企业来说，营收是表，成本是里。面子好看很重要，里子好看也很重要，而衡量两者是否同样好看的标准，就是毛利率。\n农夫山泉的毛利率从来都不令人失望，今年依旧如此。据中报数据显示，上半年毛利高达92.41亿元，毛利率较上年增长1%，达到60.9%。\n对于毛利率上涨，农夫山泉方在业绩交流会上表示，主要原因是今年上半年PET材料成本控制得好。\n作为必不可少的包装，PET材料对农夫山泉意义非凡，在去年发布的招股书中，农夫山泉给出了确切答案，近三成的成本都落在PET材料，这就不难理解，为何今年PET材料成本控制得好，就能够提高整体的毛利率。\n\n针对PET材料的问题，农夫山泉方特别提出，今年下半年的材料价格锁定准备较为充分，预计下半年的成本与上半年类似，但明年的情况不容乐观，已经做好毛利率下降至2019年水平的心理准备。\n如果这项担忧成了现实，那么明年的利润增速恐怕会受到一定影响。\n除了PET材料价格可能带来的影响，营销成本的提高也不容忽视，在业绩交流会上，农夫山泉方表示，由于信息获取渠道的多样性，公司的推广成本提升很多。\n推广跟业绩有不可分割的关系，如果缩减营销成本，不可避免的，业绩也将会有下降风险，更何况农夫山泉增加SKU的计划从未停止，新品上市、旧系列上新，营销成本必然不能节约。\n今年下半年，河南作为销售大省，先后遭遇雨灾和疫情，同时浙江等地也遭受台风影响，业绩压力固然会增大，但依旧坚挺的饮用水业务或许能够将继续讲着“农夫山泉有点甜”的故事。\n02股价腰斩，泡沫还在\n这份年中成绩单，农夫山泉拿到了一个不错的成绩，但与此形成鲜明对比的是，在上半年腰斩的股价。\n自2020年9月上市，农夫山泉靠着2元一瓶的天然水，市值一度超过7000亿港元，随后不到半年的时间，股价一路飙升，市盈率一度高达138倍。\n今年年初，农夫山泉的股价达到最高点，随后一路暴跌，跌跌不休的股价一度引发投资者的恐慌，但这样的跌幅，对于农夫山泉来说并不突兀，热情的投资者需要冷静，高涨的股价也需要回调。\n目前，农夫山泉的市值已经蒸发数千亿，钟睒睒也走下亚洲首富的神坛，股价整体跌幅近40%，但目前农夫山泉的市盈率仍旧高达71倍。\n反观同为食品饮料板块的一众上市公司，康师傅市盈率仅有17倍，主打露露系列的承德露露市盈率不过27倍，就连一次次引爆市场情绪的贵州茅台，市盈率也不过才40倍左右。\n过高的市盈率背后自然有泡沫存在，农夫山泉的股价像是长白山湖面上脆弱的冰层，就财务数据来看，农夫山泉的回报能力确实追不上投资者的高预期，一旦预期崩塌，股价将会再一次迎来腰斩。\n投资者的高预期源自农夫山泉在市场上的绝对优势，但当企业在一个市场做出了绝对优势，天花板的问题就无法回避。\n从财报数据中我们能够看到，饮用水业务增速相较于其它业务明显较慢，如果不考虑2020年市场环境带来的影响，自2019年至今，两年的时间中这项业务的增速平均每年仅达到12%，在业绩交流会上，农夫山泉也承认目前的增速仍旧没有恢复到正常水平。\n在饮用水业务看见天花板之前，农夫山泉就已经开始在其它业务上布局，如推出尖叫、维他命水、农夫果园等饮料，入局茶饮料、功能饮料、果汁饮料等业务领域，就招股书中数据显示，2019年时，这些业务的市场占有率均达到第三的位置。\n在中期财报中，农夫山泉也表示“将持续推动饮用水和饮料双引擎发展的格局”。\n\n但就业务营收数据来看，包装饮用水产品贡献近六成营收，茶饮料、功能饮料、果汁饮料以及其它产品明显没有走出“第二个引擎”的气势。\n在饮料领域，农夫山泉一直是“后辈”，据前瞻产业研究院数据显示，在茶饮料市场康师傅、统一等品牌占据绝对优势，农夫山泉市场占有率已降至第六，在功能饮料领域，红牛则是绝对的霸主，占据超50%的市场份额，而其对手则是东鹏特饮，农夫山泉旗下的产品并没有太多的故事。\n饮料业务虽然增速很高，无奈体量较小，几年的成长依旧没有走出自己的优势。靠双引擎为填充股价泡沫提供动力的美好愿景可能还需要时间的催化剂，近几年的农夫山泉大概还是水的主场。\n03农夫山泉的未来还是水？\n水是生命之源，对农夫山泉来说，也是如此。\n饮用水市场的天花板压在头顶，农夫山泉意欲再次靠水源打破僵局。\n在农夫山泉刚刚诞生时，面对已经是红海的纯净水市场，钟睒睒选择转身，以纯净水和天然水为辩题，引发一场全民性的辩论会，农夫山泉一战成名，“我们不生产水，我们只是大自然的搬运工”，时至今日，这句广告词仍旧妇孺皆知。\n从饮用水种类来看，普遍分为天然水、天然矿泉水、纯净水、矿物质水四种，其中纯净水指人工处理过的自来水，矿物质水则是在纯净水的基础上人工添加一定的矿物质成分，由于水源均是自来水，成本价较为便宜，目前低价水中最常见的也是这两种类型。\n而天然水则源自大自然，如地下泉水、井水等，农夫山泉就是最典型的代表。天然矿泉水对水源地要求更高，取水难度也更大，自然成本也更高，目前市面上的高端饮用水基本都属于此类，例如百岁山、依云等。\n在天然水领域中，农夫山泉拥有绝对优势，但是在天然矿泉水赛道，景田集团旗下的百岁山才是老大。据公开消息显示，百岁山市场占有率接近40%，连续十年占据市场第一的位置。\n今年4月，农夫山泉推出首款单价3元的天然矿泉水产品长白雪，对标百岁山，希望扩大自己在饮用水业务的产品矩阵，但目前2元水才是主流，在低价水面向的消费者心中，水质好坏可能并没有价格高低重要。\n同时，与普通天然水不同，长白雪的水源地目前仅有长白山一处，若想覆盖全国，运输成本不可避免会有所上升，虽然农夫山泉方表示，目前定价3元能够覆盖成本，但考虑到运输成本，其盈利能力不免令人担忧。\n除了新品，在业绩交流会上农夫山泉方也表示，今年大包装水成绩非常好，“增速仍然略高于小包装水，从IPO之前到现在都没有改变”，并认为接下来大包装水的竞争会越来越激烈。\n\n作为国民品牌，农夫山泉的品牌号召力毋庸置疑，在小瓶装饮用水市场的绝对领先地位，在大包装水市场依旧能够发挥余热，影响消费者的选择，但当排除品牌影响力，农夫山泉在配送服务、生产工艺等方面依旧没有突出的特点。\n在大包装水业务的底气依旧源自分布在全国的水源地、品牌的国民性、堪比毛细血管的经销商网络，配合扎实的“讲故事”功底，农夫山泉给消费者讲出一个全场景的故事，把天然水的概念揉进生活，企图培养消费者对天然水的依赖。\n目前大包装水正在逐渐入侵生活，疫情和雨灾过后，储备热情也会把大包装水碰上一个小高潮，但未来大包装水是否能够与小瓶水比肩，还需要时间告诉我们答案。\n未来几年内，或许农夫山泉还需要靠老本行“搬水”，来保障股价泡沫不会被刺破，但如何让老本行发展成新动力，将会成为农夫山泉新的问题。","news_type":1,"symbols_score_info":{"600519":0.9}},"isVote":1,"tweetType":1,"viewCount":3899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837134026,"gmtCreate":1629863062065,"gmtModify":1676530155686,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837134026","repostId":"2162332140","repostType":2,"repost":{"id":"2162332140","kind":"news","pubTimestamp":1629856211,"share":"https://ttm.financial/m/news/2162332140?lang=en_US&edition=fundamental","pubTime":"2021-08-25 09:50","market":"us","language":"zh","title":"Changes in Hong Kong stocks | JD Health (6618. HK) rose by more than 42% in three days, interim revenue increased by 55.4% year-on-year, annual activity","url":"https://stock-news.laohu8.com/highlight/detail?id=2162332140","media":"金融界网站","summary":"格隆汇8月25日丨京东健康(6618.HK)涨12.66%，报82.75港元，三日累涨逾42%，总市值2637亿港元。　　京东健康公布2021年中期业绩，收入约人民币136.38亿元，同比增长55.4%;毛利33.07亿元，同比增长49.1%；期间亏损4.54亿元，同比减少91.5%；期间非国际财务报告准则盈利6.67亿元，同比增长79.9%；公司所有者应占亏损约4.55亿元，同比减少约91.51%。","content":"<p><html><body><div>Gelonghui August 25th<a href=\"https://laohu8.com/S/06618\">JD Health</a>(6618. HK) rose 12.66% to HK $82.75, a cumulative increase of more than 42% in three days, with a total market value of HK $263.7 billion. JD Health announced its 2021 interim results, with revenue of approximately RMB 13.638 billion, a year-on-year increase of 55.4%; Gross profit was 3.307 billion yuan, a year-on-year increase of 49.1%; The loss during the period was 454 million yuan, a year-on-year decrease of 91.5%; During the period, non-IFRS profit was 667 million yuan, a year-on-year increase of 79.9%; The loss attributable to the company's owners was approximately 455 million yuan, a year-on-year decrease of approximately 91.51%.</p><p><div></div></div></body></html></p>","source":"jinrongjie_stock","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>Changes in Hong Kong stocks | JD Health (6618. HK) rose by more than 42% in three days, interim revenue increased by 55.4% year-on-year, annual activity</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\">\nChanges in Hong Kong stocks | JD Health (6618. HK) rose by more than 42% in three days, interim revenue increased by 55.4% year-on-year, annual activity\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-08-25 09:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Gelonghui August 25th<a href=\"https://laohu8.com/S/06618\">JD Health</a>(6618. HK) rose 12.66% to HK $82.75, a cumulative increase of more than 42% in three days, with a total market value of HK $263.7 billion. JD Health announced its 2021 interim results, with revenue of approximately RMB 13.638 billion, a year-on-year increase of 55.4%; Gross profit was 3.307 billion yuan, a year-on-year increase of 49.1%; The loss during the period was 454 million yuan, a year-on-year decrease of 91.5%; During the period, non-IFRS profit was 667 million yuan, a year-on-year increase of 79.9%; The loss attributable to the company's owners was approximately 455 million yuan, a year-on-year decrease of approximately 91.51%.</p><p><div></div></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://hk.jrj.com.cn/2021/08/25095033314604.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b904424fda58da24219d03c64923c79e","relate_stocks":{"06618":"京东健康"},"source_url":"http://hk.jrj.com.cn/2021/08/25095033314604.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162332140","content_text":"格隆汇8月25日丨京东健康(6618.HK)涨12.66%，报82.75港元，三日累涨逾42%，总市值2637亿港元。　　京东健康公布2021年中期业绩，收入约人民币136.38亿元，同比增长55.4%;毛利33.07亿元，同比增长49.1%；期间亏损4.54亿元，同比减少91.5%；期间非国际财务报告准则盈利6.67亿元，同比增长79.9%；公司所有者应占亏损约4.55亿元，同比减少约91.51%。","news_type":1,"symbols_score_info":{"06618":1}},"isVote":1,"tweetType":1,"viewCount":3475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832614488,"gmtCreate":1629619510444,"gmtModify":1676530081055,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/832614488","repostId":"1182861188","repostType":4,"repost":{"id":"1182861188","kind":"news","pubTimestamp":1629595474,"share":"https://ttm.financial/m/news/1182861188?lang=en_US&edition=fundamental","pubTime":"2021-08-22 09:24","market":"us","language":"zh","title":"The future of Chinese concept stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1182861188","media":"全球宏观投机","summary":"中概股近期的大幅偏离纳指，说明是其他宏观因子主导了价格运动。图四中概股指数与纳指的偏离达到历史极值。中概股的公司相当部分是中国最具成长性的公司。一句话，中概股的未来就是港股化和边缘化，这个过程可能要持续到中美地缘政治关系出现新阶段为止。比尔黄见证了中概股最辉煌的时期和亲历了辉煌开始结束。","content":"<p><b>What is a global macro perspective</b></p><p>As a distinctive investment and trading category, global macro focuses on seeking medium-term large-scale asset price movement opportunities from the perspective of global and national economic cycles, financial conditions and geopolitics. This price change direction can be upward or downward. Global macro ideas are used for asset allocation, the most typical of which is the Yale Endowment Fund in the Swenson era; For more flexible and changeable transactions, the most typical one is the quantum fund in the era when druckenmiller and Soros jointly managed.</p><p>After the financial crisis, the global macro-trading mode has been greatly questioned, because the performance of this style of funds in recent years has been unsatisfactory.<img src=\"https://static.tigerbbs.com/a56d17afac58a03d34f987776cb9caeb\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><b>Figure 1 Macro hedge funds underperform</b></p><p><b>Unique macro factors of Chinese concept stocks</b></p><p>We call the biases in investors' brains that actually affect asset prices macro factors, or price drivers. Investors with a little experience know that there are many factors that affect asset prices, many of which are micro or industrial factors. When we name it macro, we do not mean that it must be macroeconomic data or events that will affect prices, but generally refer to various variables that have a real impact on prices for a long time. For example, some people have studied the impact of Beijing's smog on investor sentiment. On smog days, investor sentiment is generally low, and it is easier to sell rather than buy. But this is not the macro factor we are talking about, because its impact on asset prices is not sustained and effective. However, the company's profit growth expectation is a macro factor that affects stock prices, because almost at any time, this variable will affect investors' perception of stocks and markets, thus prompting investors to buy and sell.</p><p>So, what are the macro factors that affect Chinese concept stocks?</p><p>First, examine the relationship between China's economic cycle, financial conditions and Chinese concept stocks. We found that Chinese concept stocks are closely related to China's economic cycle, no less than the A50 stock index, and in terms of market performance, the correlation between Chinese concept stocks and A50 is also slightly stronger.<img src=\"https://static.tigerbbs.com/300a12ca677a0fd4785103236eb19cfe\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><b>Figure 2 China's economic fundamentals and Chinese concept stock index</b><img src=\"https://static.tigerbbs.com/13e3524abfeebfafd9bb4c4c966d6998\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><b>Figure 3 Chinese concept stocks, A50 and GEM</b></p><p>China's concept stocks have a stronger correlation with large stocks, indicating that these companies are more correlated with the economic cycle. At the same time, investors' evaluation of stocks largely depends on the judgment of economic prospects.</p><p>Second, we examine the relationship between Chinese concept stocks and the Nasdaq index. On average, in the past five years, the linear correlation coefficient between Chinese concept stocks and the Nasdaq has reached 0.7, while the recent correlation coefficient has dropped to 0.44. The recent sharp deviation of Chinese concept stocks from the Nasdaq indicates that other macro factors dominate the price movement.<img src=\"https://static.tigerbbs.com/4efa4c73e5ae6b81ddfa0938211f2231\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"><b>Figure 4 The deviation between the concept stock index and the Nasdaq reaches a historical extreme value</b></p><p>Third, what is the reason for the current sharp drop in Chinese concept stocks?</p><p>Obviously, it is a series of recent regulatory policies in China that have greatly increased the uncertainty of the market. This characteristic of Chinese concept stocks is completely similar to that of A shares, and it is very sensitive to changes in economic policies and regulatory policies. However, the sharp drop in Chinese concept stocks this time has added an additional layer of uncertainty: Sino-US relations have seriously affected the performance of Chinese concept stocks, thus becoming a macro factor that really affects prices in the long term.</p><p>From this perspective, the future of Chinese concept stocks is full of bumps, because geopolitical uncertainty is the worst uncertainty, and it is difficult to plan in advance. Once it happens, the market will fluctuate extremely quickly. At the same time, the development process of uncertainty is also very tortuous. For example, tonight, the China Securities Regulatory Commission expressed its goodwill for the financial market and stabilizing the capital market expectations, and the market will rebound violently at this time. It is often difficult to assess the stage of uncertainty development and when confirmation ends.</p><p>So is the uncertainty of the moment gone? The short-term market tension should be eased, which may support a wave of rebound in Chinese concept stocks. However, in the medium and long term, changes in regulatory policies and geopolitics of China and the United States have become a basic impact on Chinese concept stock investment variable.</p><p>The future of Chinese concept stocks</p><p>A considerable number of companies in Chinese concept stocks are the most growing companies in China. This is Bill Huang's main reason for betting on these stocks, such as<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>, China's music payment market has just started, and there are countless consumption scenarios where paid music can be introduced. But this is indeed a long process full of twists and turns. From this perspective, there are still some very excellent listed companies in Chinese concept stocks, some of which will inevitably become great companies in the future, and their stocks will also create great value-added.</p><p>However, Chinese concept stocks face two huge challenges: one is the impact of China's economic policies, which have recently become frequent, and the other is the geopolitical impact. The capital market will become a battlefield for the competition between China and the United States, and Chinese concept stocks will become victims of it. In professional terms: the uncertainty of the future of Chinese concept stocks has been amplified, and the result is low valuation. Similar to it is Hong Kong stocks, which are the lowest-valued markets in the world, because Hong Kong stocks face a unique uncertain environment: the economies, finances, policies and geopolitics of China and the United States can affect Hong Kong stocks at any time and significantly.</p><p>In a word, the future of Chinese concept stocks is the marginalization and marginalization of Hong Kong stocks, and this process may continue until a new stage of Sino-US geopolitical relations emerges.</p><p>Bill Huang witnessed the most glorious period of Chinese concept stocks and witnessed the beginning and end of glory. For the capital market, we are all dead in the long run, so there is no need to discuss long-term issues.</p>","source":"qqggdh","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The future of Chinese concept stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe future of Chinese concept stocks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全球宏观投机</strong><span class=\"h-time small\">2021-08-22 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What is a global macro perspective</b></p><p>As a distinctive investment and trading category, global macro focuses on seeking medium-term large-scale asset price movement opportunities from the perspective of global and national economic cycles, financial conditions and geopolitics. This price change direction can be upward or downward. Global macro ideas are used for asset allocation, the most typical of which is the Yale Endowment Fund in the Swenson era; For more flexible and changeable transactions, the most typical one is the quantum fund in the era when druckenmiller and Soros jointly managed.</p><p>After the financial crisis, the global macro-trading mode has been greatly questioned, because the performance of this style of funds in recent years has been unsatisfactory.<img src=\"https://static.tigerbbs.com/a56d17afac58a03d34f987776cb9caeb\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><b>Figure 1 Macro hedge funds underperform</b></p><p><b>Unique macro factors of Chinese concept stocks</b></p><p>We call the biases in investors' brains that actually affect asset prices macro factors, or price drivers. Investors with a little experience know that there are many factors that affect asset prices, many of which are micro or industrial factors. When we name it macro, we do not mean that it must be macroeconomic data or events that will affect prices, but generally refer to various variables that have a real impact on prices for a long time. For example, some people have studied the impact of Beijing's smog on investor sentiment. On smog days, investor sentiment is generally low, and it is easier to sell rather than buy. But this is not the macro factor we are talking about, because its impact on asset prices is not sustained and effective. However, the company's profit growth expectation is a macro factor that affects stock prices, because almost at any time, this variable will affect investors' perception of stocks and markets, thus prompting investors to buy and sell.</p><p>So, what are the macro factors that affect Chinese concept stocks?</p><p>First, examine the relationship between China's economic cycle, financial conditions and Chinese concept stocks. We found that Chinese concept stocks are closely related to China's economic cycle, no less than the A50 stock index, and in terms of market performance, the correlation between Chinese concept stocks and A50 is also slightly stronger.<img src=\"https://static.tigerbbs.com/300a12ca677a0fd4785103236eb19cfe\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><b>Figure 2 China's economic fundamentals and Chinese concept stock index</b><img src=\"https://static.tigerbbs.com/13e3524abfeebfafd9bb4c4c966d6998\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><b>Figure 3 Chinese concept stocks, A50 and GEM</b></p><p>China's concept stocks have a stronger correlation with large stocks, indicating that these companies are more correlated with the economic cycle. At the same time, investors' evaluation of stocks largely depends on the judgment of economic prospects.</p><p>Second, we examine the relationship between Chinese concept stocks and the Nasdaq index. On average, in the past five years, the linear correlation coefficient between Chinese concept stocks and the Nasdaq has reached 0.7, while the recent correlation coefficient has dropped to 0.44. The recent sharp deviation of Chinese concept stocks from the Nasdaq indicates that other macro factors dominate the price movement.<img src=\"https://static.tigerbbs.com/4efa4c73e5ae6b81ddfa0938211f2231\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"><b>Figure 4 The deviation between the concept stock index and the Nasdaq reaches a historical extreme value</b></p><p>Third, what is the reason for the current sharp drop in Chinese concept stocks?</p><p>Obviously, it is a series of recent regulatory policies in China that have greatly increased the uncertainty of the market. This characteristic of Chinese concept stocks is completely similar to that of A shares, and it is very sensitive to changes in economic policies and regulatory policies. However, the sharp drop in Chinese concept stocks this time has added an additional layer of uncertainty: Sino-US relations have seriously affected the performance of Chinese concept stocks, thus becoming a macro factor that really affects prices in the long term.</p><p>From this perspective, the future of Chinese concept stocks is full of bumps, because geopolitical uncertainty is the worst uncertainty, and it is difficult to plan in advance. Once it happens, the market will fluctuate extremely quickly. At the same time, the development process of uncertainty is also very tortuous. For example, tonight, the China Securities Regulatory Commission expressed its goodwill for the financial market and stabilizing the capital market expectations, and the market will rebound violently at this time. It is often difficult to assess the stage of uncertainty development and when confirmation ends.</p><p>So is the uncertainty of the moment gone? The short-term market tension should be eased, which may support a wave of rebound in Chinese concept stocks. However, in the medium and long term, changes in regulatory policies and geopolitics of China and the United States have become a basic impact on Chinese concept stock investment variable.</p><p>The future of Chinese concept stocks</p><p>A considerable number of companies in Chinese concept stocks are the most growing companies in China. This is Bill Huang's main reason for betting on these stocks, such as<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>, China's music payment market has just started, and there are countless consumption scenarios where paid music can be introduced. But this is indeed a long process full of twists and turns. From this perspective, there are still some very excellent listed companies in Chinese concept stocks, some of which will inevitably become great companies in the future, and their stocks will also create great value-added.</p><p>However, Chinese concept stocks face two huge challenges: one is the impact of China's economic policies, which have recently become frequent, and the other is the geopolitical impact. The capital market will become a battlefield for the competition between China and the United States, and Chinese concept stocks will become victims of it. In professional terms: the uncertainty of the future of Chinese concept stocks has been amplified, and the result is low valuation. Similar to it is Hong Kong stocks, which are the lowest-valued markets in the world, because Hong Kong stocks face a unique uncertain environment: the economies, finances, policies and geopolitics of China and the United States can affect Hong Kong stocks at any time and significantly.</p><p>In a word, the future of Chinese concept stocks is the marginalization and marginalization of Hong Kong stocks, and this process may continue until a new stage of Sino-US geopolitical relations emerges.</p><p>Bill Huang witnessed the most glorious period of Chinese concept stocks and witnessed the beginning and end of glory. For the capital market, we are all dead in the long run, so there is no need to discuss long-term issues.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/0zufFWNGXYzP0f-XCuVHMg\">全球宏观投机</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bc9de4d397ebba7835e00e3691884586","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/0zufFWNGXYzP0f-XCuVHMg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182861188","content_text":"什么是全球宏观视角\n全球宏观作为一种富有特色的投资和交易类别，侧重从全球以及各国经济周期、金融条件和地缘政治的视角寻求中期的大型资产价格运动机会，这个价格变动方向，可以向上，也可以向下。全球宏观思路用于资产配置，最典型的是斯文森时代的耶鲁捐赠基金；而用于更加灵活多变的交易，最典型的是德鲁肯米勒和索罗斯共同管理时代的量子基金。\n金融危机以后，全球宏观交易方式受到很大的质疑，原因在于这种风格的基金近些年的表现不如人意。图一   宏观对冲基金表现不佳\n中概股的独特宏观因子\n我们把实际影响资产价格的投资者大脑中的偏见称之为宏观因子，或者价格驱动因素。略有经验的投资者都知道，影响资产价格的因素非常多，很多都是微观或者产业因素。我们命名为宏观，并不是说一定是宏观经济数据或者事件才会影响价格，而是泛指各种持续长期对价格产生真实影响的变量。比如，有人研究了北京雾霾对投资者情绪的影响，雾霾天投资者情绪总体偏低，更容易卖出而不是买进。但是这并不是我们所讲的宏观因子，因为它对资产价格的影响不是持续有效的。但是，公司盈利增速预期就是影响股票价格的宏观因子，因为几乎在任何时候，这个变量都会影响投资者对股票和市场的感知，从而促使投资者做出买卖行为。\n那么，影响中概股的宏观因子有哪些呢？\n首先考察中国经济周期、金融条件与中概股的关系。我们发现，中概股与中国经济周期关联之紧密，完全不亚于A50股票指数，而在市场表现方面，中概股与A50的相关性也略强。图二 中国经济基本面与中概股指数图三 中概股、A50与创业板\n我中概股与大股票相关性更强，说明这些公司与经济周期的关联度更高，同时，投资者对股票的评估很大程度上面依赖于经济前景的判断。\n其二、我们考察中概股与纳斯达克指数的关系。平均看，过去五年，中概股与纳指的线性相关系数达到了0.7，而最近的相关系数下降到0.44。中概股近期的大幅偏离纳指，说明是其他宏观因子主导了价格运动。图四中概股指数与纳指的偏离达到历史极值\n其三、中概股目前大跌的原因是什么？\n显然是中国最近出台的一系列监管政策，使得市场的不确定性大增。中概股这个特征跟A股完全类似，对经济政策、监管政策的变化非常敏感。但是，中概股这次大跌多了一层额外的不确定性：中美关系严重影响中概股的表现，从而成为一个真正长期影响价格的宏观因子。\n从这个角度讲，中概股未来充满颠簸，因为地缘政治的不确定性是最坏的不确定性，很难事先规划，一旦发生，市场波动的速度极快，同时，不确定性发展过程也非常曲折，比如今晚中国证监会表达对金融市场以及稳定资本市场预期的善意，这个时候市场就会猛烈的反弹。通常很难评估不确定性发展的阶段以及何时确认结束。\n那么当下的不确定性消失了吗？短期市场的紧张情绪应该得到了缓和，可能支持中概股有一波反弹，但是就中长期来看，中美两国的监管政策、地缘政治的变化，已经成为了中概股投资的一个基本影响变量。\n中概股的未来\n中概股的公司相当部分是中国最具成长性的公司。这是比尔黄押注这些股票的主要理由，比如腾讯音乐，中国的音乐付费市场才刚刚启动，还有无数消费场景可以引入付费音乐。但这的确是一个长期充满曲折的过程。从这个角度讲，中概股依然有一些非常优秀的上市公司，其中必然有一些在未来成为伟大的公司，其股票也会创造极大的增值。\n然而，中概股面临两个巨大的挑战：一是中国经济政策的冲击，这种冲击在最近开始变得频繁，二是地缘政治的冲击。资本市场会成为中美角逐的一个战场，而中概股会成为其中的受害者，从专业的术语讲：中概股未来的不确定性已经放大，带来的结果就是估值偏低。而与其类似的是港股，港股是世界上估值最低的市场，因为港股面临独特的不确定性环境：中美两国的经济、金融、政策和地缘政治都可以随时和大幅影响港股。\n一句话，中概股的未来就是港股化和边缘化，这个过程可能要持续到中美地缘政治关系出现新阶段为止。\n比尔黄见证了中概股最辉煌的时期和亲历了辉煌开始结束。对资本市场而言，长期我们都已经死了，所以不需要去讨论长期的问题。","news_type":1,"symbols_score_info":{"QNETCN":0.9,".IXIC":0.9,"TTTN":0.9}},"isVote":1,"tweetType":1,"viewCount":2833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836476740,"gmtCreate":1629518877780,"gmtModify":1676530064436,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836476740","repostId":"1169407618","repostType":4,"isVote":1,"tweetType":1,"viewCount":2282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831441517,"gmtCreate":1629343681039,"gmtModify":1676530009591,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/831441517","repostId":"2160734776","repostType":4,"isVote":1,"tweetType":1,"viewCount":1377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831440348,"gmtCreate":1629343379684,"gmtModify":1676530009520,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/831440348","repostId":"2160730619","repostType":4,"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830476690,"gmtCreate":1629094793110,"gmtModify":1676529927903,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830476690","repostId":"2159324637","repostType":4,"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894431299,"gmtCreate":1628845983911,"gmtModify":1676529873058,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894431299","repostId":"1140657992","repostType":4,"repost":{"id":"1140657992","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":1628844078,"share":"https://ttm.financial/m/news/1140657992?lang=en_US&edition=fundamental","pubTime":"2021-08-13 16:41","market":"other","language":"zh","title":"Hang Seng Index Company: Li Auto will be included in the Hang Seng Composite Index after August 25","url":"https://stock-news.laohu8.com/highlight/detail?id=1140657992","media":"老虎资讯综合","summary":"8月13日，恒生指数公司公告，理想汽车符合相关指数的快速纳入规则要求，将于2021年8月25日(星期三)收市后被纳入恒生综合指数（恒生综合行业指数 – 非必需性消费、恒生综合大型股指数、恒生综合大中型","content":"<p>On August 13, the Hang Seng Index Company announced that Li Auto meets the requirements of the rapid inclusion rules of relevant indexes and will be included in the Hang Seng Composite Index (Hang Seng Composite Industry Index-Discretionary Consumption, Hang Seng Composite Large Cap Index, Hang Seng Composite Large and Mid Cap Index), Hang Seng Consumer Goods Manufacturing and Services Index, and will take effect on August 26, 2021 (Thursday).</p><p><img src=\"https://static.tigerbbs.com/0699420bd90095b0930543caf54f9764\" tg-width=\"1012\" tg-height=\"705\" 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>Hang Seng Index Company: Li Auto will be included in the Hang Seng Composite Index after August 25</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\">\nHang Seng Index Company: Li Auto will be included in the Hang Seng Composite Index after August 25\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\">2021-08-13 16:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 13, the Hang Seng Index Company announced that Li Auto meets the requirements of the rapid inclusion rules of relevant indexes and will be included in the Hang Seng Composite Index (Hang Seng Composite Industry Index-Discretionary Consumption, Hang Seng Composite Large Cap Index, Hang Seng Composite Large and Mid Cap Index), Hang Seng Consumer Goods Manufacturing and Services Index, and will take effect on August 26, 2021 (Thursday).</p><p><img src=\"https://static.tigerbbs.com/0699420bd90095b0930543caf54f9764\" tg-width=\"1012\" tg-height=\"705\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3461c9400040bdfdce3ecdd4882fbed","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140657992","content_text":"8月13日，恒生指数公司公告，理想汽车符合相关指数的快速纳入规则要求，将于2021年8月25日(星期三)收市后被纳入恒生综合指数（恒生综合行业指数 – 非必需性消费、恒生综合大型股指数、恒生综合大中型股指数）、恒生消费品制造及服务业指数，并于2021年8月26日(星期四)起生效。","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896868569,"gmtCreate":1628569915651,"gmtModify":1703508301673,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896868569","repostId":"1182709857","repostType":4,"repost":{"id":"1182709857","kind":"news","pubTimestamp":1628555798,"share":"https://ttm.financial/m/news/1182709857?lang=en_US&edition=fundamental","pubTime":"2021-08-10 08:36","market":"sh","language":"zh","title":"Contemporary Amperex Technology Co., Limited: The truth about the rise of A-share trillion-dollar giants","url":"https://stock-news.laohu8.com/highlight/detail?id=1182709857","media":"苏宁金融研究院","summary":"“茅指数”似乎已经不香了。\n过去几年，各行各业的“茅”一直是公认的核心资产，受到各路投资者的竞相追捧。然而今年春节过后，“茅指数”突然集体哑火，反倒是新能源车、光伏、半导体、医美、医疗服务等赛道异军突","content":"<p>\"Mao Index\" seems to be no longer fragrant.</p><p>In the past few years, \"Mao\" from all walks of life has been recognized as a core asset and has been sought after by investors from all walks of life. However, after the Spring Festival this year, the \"Mao Index\" suddenly failed collectively. On the contrary, new energy vehicles, photovoltaics, semiconductors, medical beauty, medical services and other tracks suddenly emerged, and a large number of strong stocks emerged one after another, setting off a wave of market comparable to a bull market.</p><p>In this regard, some institutions have proposed a new concept to benchmark the \"Mao Index\"-\"Ning Combination\", which is used to characterize a package of leading companies that are on a high-growth track, have better prosperity, and are more in line with the future industry direction. Lithium battery leader<a href=\"https://laohu8.com/S/300750\">Ningde era</a>He is also the absolute leader in the \"Ning Group\".</p><p>Taking advantage of the east wind of new energy vehicles, the former \"hidden champion\" Ningde era has come to the center of the stage. Its market value has soared from about 240 billion yuan at the beginning of 2020 to 1.3 trillion yuan today, which has increased by 5 times in one and a half years. More than that, surpassed successively<a href=\"https://laohu8.com/S/601857\">PetroChina</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>And<a href=\"https://laohu8.com/S/601318\">China Ping An</a>Waiting for giants. The company's founder Zeng Yuqun's net worth has risen even more, not only leaving Li Ka-shing, Jack Ma, and Pony Ma behind, but even once sitting on the throne of the richest man in China.</p><p>What is the mystery behind the phenomenal rise of the Ningde era?</p><p><b>1</b></p><p>In 2011, Zeng Yuqun, then president and CEO of New Energy Technology Co., Ltd. (ATL), started his second entrepreneurial journey-he completely separated the automotive power part of ATL and founded CATL in his hometown of Ningde, Fujian. New Energy Technology Co., Ltd. (CATL) focuses on the research and development, production and sales of new energy vehicle power batteries and energy storage systems.</p><p>Relying on the strong lithium-ion battery technology background of the founding team, CATL has developed rapidly, its industrial system has become increasingly complete, its business boundaries have continued to expand, and its national and even global influence has been increasing day by day. In June 2018, it was successfully listed on the A-share GEM. Today, CATL has grown into an out-and-out leader in the lithium battery industry. It has core technological advantages and strong R&D capabilities in key fields such as battery systems, battery materials, and battery recycling, and has formed a complete production and service system. Looking at The world rarely sees rivals.</p><p><img src=\"https://static.tigerbbs.com/aef6c10e539c50cd43c9c9d2e40a85fb\" tg-width=\"625\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>In terms of performance,</b>From 2016 to 2020, CATL's operating income increased from 14.88 billion yuan to 50.32 billion yuan, with an average annual growth rate of 35.6%; The net profit attributable to the parent increased from 2.85 billion yuan to 5.58 billion yuan, with an average annual growth rate of 18.3%, showing extremely high-quality growth. Although the company's operations encountered some minor troubles due to the impact of the epidemic in the first half of 2020, in 2021, thanks to factors such as the stability of epidemic prevention and control, the continued high prosperity of the new energy vehicle industry, and the outbreak of carbon neutrality, the company once again Returning to the high growth track, the revenue and net profit attributable to the parent company in the first quarter achieved year-on-year growth rates of 112.24% and 163.38% respectively.</p><p>It is worth mentioning that in recent years, CATL has actively deployed the global market and actively expanded overseas customers, which has greatly promoted the rapid growth of overseas business. According to the company's financial report, 4.37% of CATL's revenue in 2019 came from overseas business, and in 2020, the proportion of overseas business soared to 15.7%. Statistics from SNEResearch show that the company's installed capacity in overseas markets was only 0.2 GWh in 2019, and increased to approximately 5.3 GWh in 2020, a year-on-year increase of 25 times.</p><p><b>In terms of specific business,</b>CATL has now formed a \"one body and two wings\" pattern based on power battery systems and extending to lithium battery materials and energy storage. Among them, power battery systems contribute nearly 80% of the company's revenue, and the revenue of lithium battery materials and energy storage The proportions are 6.81% and 3.86% respectively. Compared with the power battery business of other companies in the industry, although CATL's power battery gross profit margin has shown a downward trend in recent years due to factors such as falling battery prices and rising battery material costs, it is still higher than BYD,<a href=\"https://laohu8.com/S/300014\">EVE Lithium Energy</a>、<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>And other competitors.</p><p><img src=\"https://static.tigerbbs.com/0e96daa791f260abb81ccdcd76a2341c\" tg-width=\"686\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p>In addition, there are several sets of data that can reflect CATL's position in the domestic and global markets:</p><p>(1) In 2020, the Ministry of Industry and Information Technology announced a total of more than 6,800 effective catalogs of new energy models, of which more than 3,400 models are equipped with power batteries from CATL, accounting for about 50%. It is the power battery manufacturer with the largest number of supporting models; (2) The total installed capacity of domestic power batteries in 2020 will be 63.6 GWh, a year-on-year increase of 2%, of which the installed capacity of CATL will reach 31.9 GWh, with a market share of 50%; (3) In 2020, the global installed capacity of electric vehicle batteries will reach 142.8 GWh, and CATL will rank first with a market share of 24%, with an installed capacity of approximately 34.27 GWh; LG Energy Solutions, ranked second, has a market share of 23.5% and an installed capacity of approximately 33.56 GWh; (4) From 2017 to 2020, CATL ranked first in the world in terms of power battery usage for four consecutive years. At this point, the fundamentals of CATL have been roughly outlined.</p><p><b>2</b></p><p>It is no accident that Ningde era has achieved today's achievements. There are roughly three reasons for this.</p><p><b>First, focus on promoting technological innovation.</b></p><p>The company has always attached great importance to the research and development of products and technical processes. Data show that in 2020, CATL's R&D expenditure was 3.569 billion yuan, accounting for 7.1% of the company's revenue, and the compound growth rate in the past five years was as high as 33.2%. In contrast, LG Chem, another major international power battery giant, invested 2.42 billion yuan in R&D in the battery sector in 2020, accounting for only 3.3% of revenue, and the compound growth rate in the past five years was only 9.7%. Thanks to its generous investment in research and development, CATL's product performance and quality have been continuously improved, and its competitiveness has become increasingly prominent.</p><p><img src=\"https://static.tigerbbs.com/e847ddbfc60831dbf6cb3c467c5b58d0\" tg-width=\"611\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>At the same time, the company has vigorously expanded its R&D centers and production bases in recent years, and has now completed the comprehensive layout of four major R&D centers and five major production bases at home and abroad. In addition, the company has also established cooperative relationships with a number of research institutions and schools at home and abroad, and has made a preemptive layout for cutting-edge technologies with strong certainty in the future. For example, in January this year, the company successively disclosed three patents related to solid-state batteries. The current technical reserve is about 10 years; The company also spent 3.3 billion yuan to build a world-class 21C innovation laboratory, and established three main directions: new energy storage material chemical system, new energy storage system design and engineering, and new energy storage system application scenarios. It is expected that some facilities It will be put into use by the end of this year. This has built a higher technical barrier in the Ningde era.</p><p><img src=\"https://static.tigerbbs.com/528e051e41809a2abb65d31af120fa35\" tg-width=\"671\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the vertical integration layout of the industrial chain.</b></p><p>Since 2018, CATL has successively increased its efforts to extend the upstream of lithium batteries. Through joint ventures, equity participation, and signing strategic cooperation agreements, it has successively entered lithium, nickel, ternary materials, lithium iron phosphate materials, lithium battery equipment and other links. There are multiple high-quality supplier options in each link; At the same time, the company will also adopt independent research and development methods to enhance its ability to control intermediate links. For example, in the electrolyte link, CATL provides the core formula of the electrolyte, which is OEM by suppliers, among which<a href=\"https://laohu8.com/S/002709\">Godsend Materials</a>The supply accounts for half of the country, and CATL itself also has new lithium salt technology and self-built production capacity reserves. This has greatly strengthened the coordination and cooperation between the upstream and downstream of the industrial chain, and ensured the improvement of the supply and utilization efficiency of key resources.</p><p><img src=\"https://static.tigerbbs.com/135e1636f948e8779d6858e66bd3665f\" tg-width=\"666\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p>Not only that, CATL has also completed an important strategy of battery recycling. Relying on its subsidiary Guangdong Bangpu, it has joined hands with upstream and downstream customers in the industry chain to create a closed loop of \"battery production → use → echelon utilization → recycling and resource regeneration\". At present, the company has a processing capacity of 120,000 tons of used batteries, which can achieve a nickel-cobalt-manganese metal recovery rate of 99.3%. The domestic recycling of used batteries accounts for 51%, covering major power battery markets such as the Yangtze River Delta, Pearl River Delta, and central regions.</p><p><img src=\"https://static.tigerbbs.com/98f96f577122e14585a292f67d3566e6\" tg-width=\"737\" tg-height=\"526\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Third, it is deeply bound with many high-quality customers.</b></p><p>Contemporary Amperex Technology Co., Limited has the widest and most high-quality customer base in the industry. At home,<a href=\"https://laohu8.com/S/NIO\">Nio</a>New car-making forces such as, XPeng, and Ideal have all chosen CATL's power battery products, while first-line traditional passenger car manufacturers such as SAIC, GAC, FAW, Geely, and Dongfeng have also carried out business cooperation with CATL and established joint ventures. Establish a close cooperative relationship. Overseas, CATL has successfully entered the global leader in new energy vehicles<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The supply chain indirectly realizes product exports with the help of domestic Model 3 sales to Europe. At the same time, the company also holds large orders from internationally renowned car companies such as BMW and Dylem. The company has also established strategic partnerships with large central enterprises such as State Grid, China Energy Construction, and State Power Investment Corporation. Through strong alliances and complementary advantages, it is jointly committed to in-depth research on energy storage projects, scientific and technological research and development and other fields. These not only laid the foundation for digesting the rapidly expanding production capacity of CATL, but also opened up the company's broader growth space.</p><p>In addition, CATL also has a professional, diversified and international management team. The core management personnel have accumulated profound professional knowledge and rich practical experience in power batteries and related fields. The company also pays special attention to the introduction and training of professional talents, and has formed a sound qualification management system and training mechanism to provide good incentives for employees' career development.</p><p>All the above also constitute a wide enough moat in the Ningde era.</p><p><b>3</b></p><p>The phenomenal rise of the Ningde era is largely due to the high prosperity of the track to which it belongs. In the foreseeable future, this high boom will continue.</p><p>At present, global climate change caused by greenhouse gas emissions such as carbon dioxide has become one of the biggest challenges facing all mankind, and problems such as energy shortage and environmental pollution are also becoming increasingly prominent. In this context, the development concept of \"green, energy-saving, and environmentally friendly\" has become a global consensus, and my country has also officially proposed the \"double carbon\" goal of \"peaking carbon emissions in 2030 and becoming carbon neutral in 2060\", which is not only related to my country. The transformation and upgrading of industries, breakthroughs in scientific and technological strength, and even the high-quality and sustainable development of the economy and society are also closely related to the fate of all mankind and cannot be neglected.</p><p>The electrification transformation of automobiles is a key link to achieve the \"double carbon\" goal.</p><p>In fact, in recent years, with the support of policies, the domestic new energy vehicle market has shown explosive growth. Nowadays, the subsidy policy has entered a period of decline, and the main theme of the development of the new energy vehicle market is gradually changing from subsidy incentives to product and market-driven directions. This has also attracted the influx of cross-border giants such as traditional car companies, the Internet and mobile phones. In addition, with the increasing changes in the understanding and concepts of the majority of users, the penetration rate of new energy vehicles on the C-end continues to increase. Data shows that in 2020, I<a href=\"https://laohu8.com/S/600617\">National New Energy</a>The proportion of passenger cars has climbed to more than 90%. Considering that the current overall market penetration rate of new energy vehicles in my country is just over 6%, and there is still a certain gap from the industrial goal of \"20% penetration rate in 2025\", it is expected that new energy vehicles will continue to maintain rapid growth in the next few years.</p><p><img src=\"https://static.tigerbbs.com/a459757b14c77877f9b7c902808490da\" tg-width=\"718\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>At the same time, overseas new energy vehicles are also entering the fast lane of growth. Take the United States as an example. Previously, due to various reasons, the share of electric vehicles in the United States in the global market has been low, and only Tesla is the dominant company on the track. However, in the face of the menacing global new energy vehicle industry, the United States obviously does not want to lag behind. So we can see that Biden recently signed an executive order, clarifying the goal of 50% of electric vehicle sales in the United States by 2030, which is undoubtedly a strong boost to the global new energy vehicle market.</p><p>Based on the above background, the demand for lithium battery products in domestic and overseas markets will inevitably rise. This is of course a historic opportunity and a great benefit for CATL, the industry leader.</p><p>Not only that, under the general trend of energy transformation, the proportion of renewable energy continues to increase, wind power generation and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>The rapid growth of power generation has objectively formed a large-scale potential demand for energy storage applications, and Contemporary Amperex Technology Co., Limited is increasing the layout of energy storage business-you know, this is another track worth 100 billions or even trillions.</p><p>From this point of view, the development of Contemporary Amperex Technology Co., Limited in the next few years is very worth looking forward to. The strong certainty of performance growth also gives the company greater investment value. This is why among the top ten heavyweight stocks of mainland public funds in the second quarter, Contemporary Amperex Technology Co., Limited rushed to the second place among heavyweight stocks, and topped the list for many consecutive quarters<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The distance is getting closer.</p><p>However, from another perspective, the reason why Contemporary Amperex Technology Co., Limited's stock price has soared in the past year and a half is the result of the \"Davis double-click\" effect triggered by the joint rise in profits and valuations. It also reflects investors' past optimistic expectations for the company's development prospects, but it is still unknown whether the company's performance will continue to exceed market expectations in the future.</p><p>From the current point of view, the company's P/E quantile is as high as 93.66%, which is at an absolute high level since its listing and does not have a high margin of safety; Moreover, the company's stock price has reached about 540 yuan per share. Even if you only buy one lot, the price is really expensive. Therefore, for ordinary investors, although Contemporary Amperex Technology Co., Limited is the industry leader, it may not be an ideal investment target.</p><p>So, what should people who don't want to miss the investment trend of the new energy vehicle track do?</p><p>I suggest that you pay more attention to the upstream and downstream of the Ningde era industry chain, and explore those cost-effective companies that also have high growth potential and relatively reasonable stock prices and valuations. Operate rationally, and avoid blindly chasing highs. I believe you will definitely be able to get Satisfactory returns.</p>","source":"lsy1568689437122","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>Contemporary Amperex Technology Co., Limited: The truth about the rise of A-share trillion-dollar giants</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\">\nContemporary Amperex Technology Co., Limited: The truth about the rise of A-share trillion-dollar giants\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">苏宁金融研究院</strong><span class=\"h-time small\">2021-08-10 08:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Mao Index\" seems to be no longer fragrant.</p><p>In the past few years, \"Mao\" from all walks of life has been recognized as a core asset and has been sought after by investors from all walks of life. However, after the Spring Festival this year, the \"Mao Index\" suddenly failed collectively. On the contrary, new energy vehicles, photovoltaics, semiconductors, medical beauty, medical services and other tracks suddenly emerged, and a large number of strong stocks emerged one after another, setting off a wave of market comparable to a bull market.</p><p>In this regard, some institutions have proposed a new concept to benchmark the \"Mao Index\"-\"Ning Combination\", which is used to characterize a package of leading companies that are on a high-growth track, have better prosperity, and are more in line with the future industry direction. Lithium battery leader<a href=\"https://laohu8.com/S/300750\">Ningde era</a>He is also the absolute leader in the \"Ning Group\".</p><p>Taking advantage of the east wind of new energy vehicles, the former \"hidden champion\" Ningde era has come to the center of the stage. Its market value has soared from about 240 billion yuan at the beginning of 2020 to 1.3 trillion yuan today, which has increased by 5 times in one and a half years. More than that, surpassed successively<a href=\"https://laohu8.com/S/601857\">PetroChina</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>And<a href=\"https://laohu8.com/S/601318\">China Ping An</a>Waiting for giants. The company's founder Zeng Yuqun's net worth has risen even more, not only leaving Li Ka-shing, Jack Ma, and Pony Ma behind, but even once sitting on the throne of the richest man in China.</p><p>What is the mystery behind the phenomenal rise of the Ningde era?</p><p><b>1</b></p><p>In 2011, Zeng Yuqun, then president and CEO of New Energy Technology Co., Ltd. (ATL), started his second entrepreneurial journey-he completely separated the automotive power part of ATL and founded CATL in his hometown of Ningde, Fujian. New Energy Technology Co., Ltd. (CATL) focuses on the research and development, production and sales of new energy vehicle power batteries and energy storage systems.</p><p>Relying on the strong lithium-ion battery technology background of the founding team, CATL has developed rapidly, its industrial system has become increasingly complete, its business boundaries have continued to expand, and its national and even global influence has been increasing day by day. In June 2018, it was successfully listed on the A-share GEM. Today, CATL has grown into an out-and-out leader in the lithium battery industry. It has core technological advantages and strong R&D capabilities in key fields such as battery systems, battery materials, and battery recycling, and has formed a complete production and service system. Looking at The world rarely sees rivals.</p><p><img src=\"https://static.tigerbbs.com/aef6c10e539c50cd43c9c9d2e40a85fb\" tg-width=\"625\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>In terms of performance,</b>From 2016 to 2020, CATL's operating income increased from 14.88 billion yuan to 50.32 billion yuan, with an average annual growth rate of 35.6%; The net profit attributable to the parent increased from 2.85 billion yuan to 5.58 billion yuan, with an average annual growth rate of 18.3%, showing extremely high-quality growth. Although the company's operations encountered some minor troubles due to the impact of the epidemic in the first half of 2020, in 2021, thanks to factors such as the stability of epidemic prevention and control, the continued high prosperity of the new energy vehicle industry, and the outbreak of carbon neutrality, the company once again Returning to the high growth track, the revenue and net profit attributable to the parent company in the first quarter achieved year-on-year growth rates of 112.24% and 163.38% respectively.</p><p>It is worth mentioning that in recent years, CATL has actively deployed the global market and actively expanded overseas customers, which has greatly promoted the rapid growth of overseas business. According to the company's financial report, 4.37% of CATL's revenue in 2019 came from overseas business, and in 2020, the proportion of overseas business soared to 15.7%. Statistics from SNEResearch show that the company's installed capacity in overseas markets was only 0.2 GWh in 2019, and increased to approximately 5.3 GWh in 2020, a year-on-year increase of 25 times.</p><p><b>In terms of specific business,</b>CATL has now formed a \"one body and two wings\" pattern based on power battery systems and extending to lithium battery materials and energy storage. Among them, power battery systems contribute nearly 80% of the company's revenue, and the revenue of lithium battery materials and energy storage The proportions are 6.81% and 3.86% respectively. Compared with the power battery business of other companies in the industry, although CATL's power battery gross profit margin has shown a downward trend in recent years due to factors such as falling battery prices and rising battery material costs, it is still higher than BYD,<a href=\"https://laohu8.com/S/300014\">EVE Lithium Energy</a>、<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>And other competitors.</p><p><img src=\"https://static.tigerbbs.com/0e96daa791f260abb81ccdcd76a2341c\" tg-width=\"686\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p>In addition, there are several sets of data that can reflect CATL's position in the domestic and global markets:</p><p>(1) In 2020, the Ministry of Industry and Information Technology announced a total of more than 6,800 effective catalogs of new energy models, of which more than 3,400 models are equipped with power batteries from CATL, accounting for about 50%. It is the power battery manufacturer with the largest number of supporting models; (2) The total installed capacity of domestic power batteries in 2020 will be 63.6 GWh, a year-on-year increase of 2%, of which the installed capacity of CATL will reach 31.9 GWh, with a market share of 50%; (3) In 2020, the global installed capacity of electric vehicle batteries will reach 142.8 GWh, and CATL will rank first with a market share of 24%, with an installed capacity of approximately 34.27 GWh; LG Energy Solutions, ranked second, has a market share of 23.5% and an installed capacity of approximately 33.56 GWh; (4) From 2017 to 2020, CATL ranked first in the world in terms of power battery usage for four consecutive years. At this point, the fundamentals of CATL have been roughly outlined.</p><p><b>2</b></p><p>It is no accident that Ningde era has achieved today's achievements. There are roughly three reasons for this.</p><p><b>First, focus on promoting technological innovation.</b></p><p>The company has always attached great importance to the research and development of products and technical processes. Data show that in 2020, CATL's R&D expenditure was 3.569 billion yuan, accounting for 7.1% of the company's revenue, and the compound growth rate in the past five years was as high as 33.2%. In contrast, LG Chem, another major international power battery giant, invested 2.42 billion yuan in R&D in the battery sector in 2020, accounting for only 3.3% of revenue, and the compound growth rate in the past five years was only 9.7%. Thanks to its generous investment in research and development, CATL's product performance and quality have been continuously improved, and its competitiveness has become increasingly prominent.</p><p><img src=\"https://static.tigerbbs.com/e847ddbfc60831dbf6cb3c467c5b58d0\" tg-width=\"611\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>At the same time, the company has vigorously expanded its R&D centers and production bases in recent years, and has now completed the comprehensive layout of four major R&D centers and five major production bases at home and abroad. In addition, the company has also established cooperative relationships with a number of research institutions and schools at home and abroad, and has made a preemptive layout for cutting-edge technologies with strong certainty in the future. For example, in January this year, the company successively disclosed three patents related to solid-state batteries. The current technical reserve is about 10 years; The company also spent 3.3 billion yuan to build a world-class 21C innovation laboratory, and established three main directions: new energy storage material chemical system, new energy storage system design and engineering, and new energy storage system application scenarios. It is expected that some facilities It will be put into use by the end of this year. This has built a higher technical barrier in the Ningde era.</p><p><img src=\"https://static.tigerbbs.com/528e051e41809a2abb65d31af120fa35\" tg-width=\"671\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the vertical integration layout of the industrial chain.</b></p><p>Since 2018, CATL has successively increased its efforts to extend the upstream of lithium batteries. Through joint ventures, equity participation, and signing strategic cooperation agreements, it has successively entered lithium, nickel, ternary materials, lithium iron phosphate materials, lithium battery equipment and other links. There are multiple high-quality supplier options in each link; At the same time, the company will also adopt independent research and development methods to enhance its ability to control intermediate links. For example, in the electrolyte link, CATL provides the core formula of the electrolyte, which is OEM by suppliers, among which<a href=\"https://laohu8.com/S/002709\">Godsend Materials</a>The supply accounts for half of the country, and CATL itself also has new lithium salt technology and self-built production capacity reserves. This has greatly strengthened the coordination and cooperation between the upstream and downstream of the industrial chain, and ensured the improvement of the supply and utilization efficiency of key resources.</p><p><img src=\"https://static.tigerbbs.com/135e1636f948e8779d6858e66bd3665f\" tg-width=\"666\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p>Not only that, CATL has also completed an important strategy of battery recycling. Relying on its subsidiary Guangdong Bangpu, it has joined hands with upstream and downstream customers in the industry chain to create a closed loop of \"battery production → use → echelon utilization → recycling and resource regeneration\". At present, the company has a processing capacity of 120,000 tons of used batteries, which can achieve a nickel-cobalt-manganese metal recovery rate of 99.3%. The domestic recycling of used batteries accounts for 51%, covering major power battery markets such as the Yangtze River Delta, Pearl River Delta, and central regions.</p><p><img src=\"https://static.tigerbbs.com/98f96f577122e14585a292f67d3566e6\" tg-width=\"737\" tg-height=\"526\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Third, it is deeply bound with many high-quality customers.</b></p><p>Contemporary Amperex Technology Co., Limited has the widest and most high-quality customer base in the industry. At home,<a href=\"https://laohu8.com/S/NIO\">Nio</a>New car-making forces such as, XPeng, and Ideal have all chosen CATL's power battery products, while first-line traditional passenger car manufacturers such as SAIC, GAC, FAW, Geely, and Dongfeng have also carried out business cooperation with CATL and established joint ventures. Establish a close cooperative relationship. Overseas, CATL has successfully entered the global leader in new energy vehicles<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The supply chain indirectly realizes product exports with the help of domestic Model 3 sales to Europe. At the same time, the company also holds large orders from internationally renowned car companies such as BMW and Dylem. The company has also established strategic partnerships with large central enterprises such as State Grid, China Energy Construction, and State Power Investment Corporation. Through strong alliances and complementary advantages, it is jointly committed to in-depth research on energy storage projects, scientific and technological research and development and other fields. These not only laid the foundation for digesting the rapidly expanding production capacity of CATL, but also opened up the company's broader growth space.</p><p>In addition, CATL also has a professional, diversified and international management team. The core management personnel have accumulated profound professional knowledge and rich practical experience in power batteries and related fields. The company also pays special attention to the introduction and training of professional talents, and has formed a sound qualification management system and training mechanism to provide good incentives for employees' career development.</p><p>All the above also constitute a wide enough moat in the Ningde era.</p><p><b>3</b></p><p>The phenomenal rise of the Ningde era is largely due to the high prosperity of the track to which it belongs. In the foreseeable future, this high boom will continue.</p><p>At present, global climate change caused by greenhouse gas emissions such as carbon dioxide has become one of the biggest challenges facing all mankind, and problems such as energy shortage and environmental pollution are also becoming increasingly prominent. In this context, the development concept of \"green, energy-saving, and environmentally friendly\" has become a global consensus, and my country has also officially proposed the \"double carbon\" goal of \"peaking carbon emissions in 2030 and becoming carbon neutral in 2060\", which is not only related to my country. The transformation and upgrading of industries, breakthroughs in scientific and technological strength, and even the high-quality and sustainable development of the economy and society are also closely related to the fate of all mankind and cannot be neglected.</p><p>The electrification transformation of automobiles is a key link to achieve the \"double carbon\" goal.</p><p>In fact, in recent years, with the support of policies, the domestic new energy vehicle market has shown explosive growth. Nowadays, the subsidy policy has entered a period of decline, and the main theme of the development of the new energy vehicle market is gradually changing from subsidy incentives to product and market-driven directions. This has also attracted the influx of cross-border giants such as traditional car companies, the Internet and mobile phones. In addition, with the increasing changes in the understanding and concepts of the majority of users, the penetration rate of new energy vehicles on the C-end continues to increase. Data shows that in 2020, I<a href=\"https://laohu8.com/S/600617\">National New Energy</a>The proportion of passenger cars has climbed to more than 90%. Considering that the current overall market penetration rate of new energy vehicles in my country is just over 6%, and there is still a certain gap from the industrial goal of \"20% penetration rate in 2025\", it is expected that new energy vehicles will continue to maintain rapid growth in the next few years.</p><p><img src=\"https://static.tigerbbs.com/a459757b14c77877f9b7c902808490da\" tg-width=\"718\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>At the same time, overseas new energy vehicles are also entering the fast lane of growth. Take the United States as an example. Previously, due to various reasons, the share of electric vehicles in the United States in the global market has been low, and only Tesla is the dominant company on the track. However, in the face of the menacing global new energy vehicle industry, the United States obviously does not want to lag behind. So we can see that Biden recently signed an executive order, clarifying the goal of 50% of electric vehicle sales in the United States by 2030, which is undoubtedly a strong boost to the global new energy vehicle market.</p><p>Based on the above background, the demand for lithium battery products in domestic and overseas markets will inevitably rise. This is of course a historic opportunity and a great benefit for CATL, the industry leader.</p><p>Not only that, under the general trend of energy transformation, the proportion of renewable energy continues to increase, wind power generation and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>The rapid growth of power generation has objectively formed a large-scale potential demand for energy storage applications, and Contemporary Amperex Technology Co., Limited is increasing the layout of energy storage business-you know, this is another track worth 100 billions or even trillions.</p><p>From this point of view, the development of Contemporary Amperex Technology Co., Limited in the next few years is very worth looking forward to. The strong certainty of performance growth also gives the company greater investment value. This is why among the top ten heavyweight stocks of mainland public funds in the second quarter, Contemporary Amperex Technology Co., Limited rushed to the second place among heavyweight stocks, and topped the list for many consecutive quarters<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The distance is getting closer.</p><p>However, from another perspective, the reason why Contemporary Amperex Technology Co., Limited's stock price has soared in the past year and a half is the result of the \"Davis double-click\" effect triggered by the joint rise in profits and valuations. It also reflects investors' past optimistic expectations for the company's development prospects, but it is still unknown whether the company's performance will continue to exceed market expectations in the future.</p><p>From the current point of view, the company's P/E quantile is as high as 93.66%, which is at an absolute high level since its listing and does not have a high margin of safety; Moreover, the company's stock price has reached about 540 yuan per share. Even if you only buy one lot, the price is really expensive. Therefore, for ordinary investors, although Contemporary Amperex Technology Co., Limited is the industry leader, it may not be an ideal investment target.</p><p>So, what should people who don't want to miss the investment trend of the new energy vehicle track do?</p><p>I suggest that you pay more attention to the upstream and downstream of the Ningde era industry chain, and explore those cost-effective companies that also have high growth potential and relatively reasonable stock prices and valuations. Operate rationally, and avoid blindly chasing highs. I believe you will definitely be able to get Satisfactory returns.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nR466duKz_3kFBYJopa3dw\">苏宁金融研究院</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/983e0432c72ee1117f6c5b8a19ed6e25","relate_stocks":{"300750":"宁德时代"},"source_url":"https://mp.weixin.qq.com/s/nR466duKz_3kFBYJopa3dw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182709857","content_text":"“茅指数”似乎已经不香了。\n过去几年，各行各业的“茅”一直是公认的核心资产，受到各路投资者的竞相追捧。然而今年春节过后，“茅指数”突然集体哑火，反倒是新能源车、光伏、半导体、医美、医疗服务等赛道异军突起，一大批强势个股纷纷涌现，掀起了一波堪比牛市的行情。\n对此，有机构提出了一个对标“茅指数”的新概念——“宁组合”，用以表征那些处于高成长性赛道、景气度更好、更符合未来产业方向的一揽子龙头公司，而锂电龙头宁德时代又是“宁组合”里绝对的带头大哥。\n借着新能源汽车的东风，曾经的“隐形冠军”宁德时代来到了舞台中央，其市值由2020年初的2400亿元左右一路飙升到今天的1.3万亿元，一年半的时间里翻了5倍有余，先后超越中国石油、招商银行和中国平安等巨头。公司创始人曾毓群的身价更是水涨船高，不仅把李嘉诚、马云、马化腾甩在了身后，甚至还一度坐上了中国首富的宝座。\n宁德时代的现象级崛起，背后究竟有何奥秘？\n1\n2011年，时任新能源科技有限公司（ATL）总裁兼CEO的曾毓群开启了自己的二次创业之路——他将ATL的汽车动力部分完全剥离出来，在自己的家乡福建宁德创立了宁德时代新能源科技有限公司（CATL)，专注于新能源汽车动力电池、储能系统的研发、生产和销售。\n依托创始团队雄厚的锂离子电池技术背景，宁德时代发展迅速，产业体系日益完备，业务边界不断扩张，全国乃至全球影响力日益提升，2018年6月顺利登陆A股创业板上市。如今，宁德时代已成长为锂电行业不折不扣的领军企业，在电池系统、电池材料、电池回收等关键领域都拥有核心技术优势和强大的研发能力，并且形成了完善的生产服务体系，放眼世界都鲜逢敌手。\n\n业绩方面，2016~2020年，宁德时代的营业收入由148.8亿元增至503.2亿元，年均增速高达35.6%；归母净利润由28.5亿元增至55.8亿元，年均增速为18.3%，表现出极为优质的成长性。虽然2020年上半年受疫情影响，公司经营遇到了一些小麻烦，不过到了2021年，得益于疫情防控稳定、新能源汽车行业持续高景气、碳中和风口爆发等因素，公司再度重回高成长轨道，一季度的营收和归母净利润分别实现了112.24%和163.38%的同比增速。\n值得一提的是，宁德时代近年来积极布局全球市场，并积极拓展海外客户，极大地推动了海外业务的迅猛增长。根据公司财报，宁德时代2019年营收中的4.37%来自于海外业务，而在2020年，海外业务所占比重暴涨至15.7%。来自SNEResearch的统计显示，2019年公司海外市场装机量仅0.2GWh，2020年增加至约5.3GWh，同比增幅高达25倍。\n具体业务方面，宁德时代目前已经形成了以动力电池系统为基础、向着锂电池材料和储能延伸的“一体两翼”格局，其中动力电池系统贡献了公司接近80%的收入，锂电池材料和储能的营收占比则分别为6.81%和3.86%。对比业内其他公司的动力电池业务，尽管受电池价格下降、电池材料成本上涨等因素影响，近几年宁德时代的动力电池毛利率呈现出下滑之势，但整体上依然高于比亚迪、亿纬锂能、国轩高科等竞争对手。\n\n此外，还有几组数据可以反映宁德时代在国内以及全球市场中的地位：\n\n （1）2020年工信部公布的新能源车型有效目录共6800余款，其中由宁德时代配套动力电池的车型有3400余款，占比约50%，是配套车型最多的动力电池厂商；（2）2020年国内动力电池装机总量为63.6GWh，同比增长2%，其中宁德时代装机量达31.9GWh，市占率达到50%；（3）2020年全球电动汽车电池装机量达到142.8GWh，宁德时代以24%的市占率位居第一，装机量约34.27GWh；排名第二的LG能源解决方案公司，市场份额23.5%，装机量约33.56GWh；（4）2017~2020年，宁德时代动力电池使用量连续四年排名全球第一。\n\n至此，宁德时代的基本面已大体勾勒完毕。\n2\n宁德时代能有今天的成就绝非偶然，究其原因大体有三。\n其一，着力推动技术创新。\n公司向来非常重视产品和技术工艺的研发。数据显示，2020年宁德时代研发支出35.69亿元，占公司营收比重为7.1%，近五年复合增速高达33.2%。相比之下，国际另一大动力电池巨头LG化学，2020年电池板块研发投入为24.2亿元，占营收比重仅有3.3%，且近五年复合增速只有9.7%。得益于在研发方面的不吝投入，宁德时代的产品性能和质量不断提升，竞争力日益凸显。\n\n与此同时，公司近些年大力拓展研发中心和生产基地，现已在海内外完成了四大研发中心、五大生产基地的全面布局。另外，公司还与国内外多家研究机构和学校建立了合作关系，并对未来确定性较强的前沿技术进行了抢先布局，比如今年1月，公司相继公开了三项固体电池相关专利，目前技术储备在10年左右；公司还斥资数33亿元筹建了对标国际一流的21C创新实验室，确立了新储能材料化学体系、新储能系统设计和工程、新储能系统应用场景三大主攻方向，预计部分设施将于今年年底投入使用。如此便构筑了宁德时代较高的技术壁垒。\n\n其二，产业链垂直一体化布局。\n自2018年以来，宁德时代陆续加大对于锂电池上游的延伸力度，以合资、参股、签署战略合作协议等方式，先后进入锂、镍、三元材料、磷酸铁锂材料、锂电设备等环节，在每个环节都拥有多个优质供应商选择；同时，公司也会采用自主研发的方式来增强对中间环节的把控能力。例如在电解液环节，宁德时代提供电解液核心配方，由供应商代工，其中天赐材料的供应占据半壁江山，而宁德时代自己也拥有新型锂盐技术及自建产能储备。如此便极大程度地加强了产业链上下游协同与合作，确保了关键资源的供应和利用效率的提高。\n\n不仅如此，宁德时代还完成了布局电池回收的重要战略，依托子公司广东邦普，与产业链上下游客户携手打造了“电池生产→使用→梯次利用→回收与资源再生”的闭环。目前，公司已有12万吨废旧电池处理能力，可实现99.3%的镍钴锰金属回收率，废旧电池回收国内占比达51%，覆盖长三角、珠三角、中部地区等主要动力电池市场。\n\n其三，与众多优质客户深度绑定。\n宁德时代拥有业内最为广泛且优质的客户群体。在国内，蔚来、小鹏、理想等造车新势力均选用了宁德时代的动力电池产品，而上汽、广汽、一汽、吉利、东风等一线传统乘用车厂商也纷纷与宁德时代开展业务合作，设立合资企业，建立起紧密的合作关系。在海外，宁德时代成功进入全球新能车龙头特斯拉的供应链，借助国产Model 3销往欧洲来间接实现产品出口，同时公司还手握宝马、戴勒姆等国际知名车企的大订单。公司还与国家电网、中国能建、国家电投等大央企都建立起了战略合作伙伴关系，通过强强联合与优势互补，共同致力于储能项目、科技研发等领域的深入攻关。这些不仅为消化宁德时代迅猛扩张的产能奠定了基础，还打开了公司更广阔的增长空间。\n此外，宁德时代还拥有专业化、多元化、国际化的管理团队，核心管理人员在动力电池及相关领域积累了深厚的专业知识和丰富的实践经验。公司还格外注重专业人才的引进和培养，并形成了完善的任职资格管理体系和培训机制，为员工的职业发展提供良好的激励。\n上述种种，也构成了宁德时代足够宽阔的护城河。\n3\n宁德时代的现象级崛起，很大程度上要归因于所属赛道的高景气。而在可预见的未来，这一高景气还将继续保持下去。\n放眼当下，由二氧化碳等温室气体排放引起的全球气候变化已经成为全人类面临的最大挑战之一，而能源紧缺、环境污染等问题同样日益突出。在此背景下，“绿色、节能、环保”的发展理念已成为全球共识，我国也正式提出了“2030年碳排放达峰、2060 年碳中和”的“双碳”目标，不仅关乎到我国产业的转型升级、科技实力的突破乃至经济社会的高质量可持续发展，还与全人类的命运息息相关，怠慢不得。\n汽车的电动化转型，正是实现“双碳”目标的关键一环。\n事实上，近些年在政策的扶持下，国内新能源汽车市场呈现出爆发式增长。而今，补贴政策已进入退坡期，新能源汽车市场发展的主旋律正逐步从补贴激励向着产品与市场驱动方向转变，这也吸引着传统车企、互联网与手机等跨界巨头的纷纷涌入。另外，伴随着广大用户的认识和观念日益转变，致使新能源汽车在C端的渗透率不断提高，数据显示，2020年我国新能源乘用车占比已攀升至90%以上。考虑到目前我国新能源汽车整体市场渗透率刚刚超过6%，距离“2025年渗透率达到20%”的产业目标还有一定差距，预计接下来几年新能源汽车将继续保持高速增长。\n\n与此同时，海外新能源汽车也在步入增长的快车道。以美国为例，此前由于种种原因，美国电动汽车在全球市场中所占份额一直较低，赛道上也仅有特斯拉一家独大。不过，面对全球新能源汽车产业的来势汹汹，美国显然不想落后。于是我们看到，近日拜登签署了行政命令，明确了2030年美国电动汽车销量占比达到50%的目标，无疑是为全球新能源汽车市场狠狠地助了一把力。\n基于上述背景，海内外市场对于锂电池产品的需求必然也会水涨船高，这对于业内龙头宁德时代而言，当然是历史性的机遇和极大的利好。\n不仅如此，在能源转型的大趋势下，可再生能源占比不断提高，风力发电量和太阳能发电量迅猛增长，客观上形成了对于储能应用的大规模潜在需求，而宁德时代正在加大储能业务方面的布局力度——要知道，这又是一个千亿乃至万亿级别的赛道。\n如此看来，宁德时代未来几年的发展是非常值得期待的，业绩增长的较强确定性，也赋予了公司更大的投资价值，这便是为什么在内地公募基金二季度十大重仓股当中，宁德时代冲至重仓股的第二位，与蝉联多季榜首的贵州茅台距离越来越近。\n然而从另一个角度看，宁德时代之所以能在过去一年半的时间里股价大涨，是盈利和估值共同上升引发“戴维斯双击”效应的结果，也反映出投资者过去对于公司发展前景的乐观预期，但未来公司业绩能否持续超出市场预期，尚且不得而知。\n从目前来看，公司市盈率分位数高达93.66%，处于上市以来的绝对高位，不具备较高的安全边际；而且公司股价已高达540元左右/股，哪怕只买一手，价格也着实不菲。因此对于普通投资者来说，宁德时代虽然是行业龙头，却未必是理想的投资标的。\n那么，不想错过新能源汽车赛道投资风口的人又该怎么办呢？\n在此建议各位不妨多关注一下宁德时代产业链上下游，去挖掘那些同样具有高成长性、且股价和估值都相对合理的高性价比公司，理性操作，避免盲目追高，相信你一定能获得满意的回报。","news_type":1,"symbols_score_info":{"300750":0.9}},"isVote":1,"tweetType":1,"viewCount":1057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891420154,"gmtCreate":1628413859478,"gmtModify":1703506043954,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891420154","repostId":"1183672765","repostType":4,"repost":{"id":"1183672765","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":1628396628,"share":"https://ttm.financial/m/news/1183672765?lang=en_US&edition=fundamental","pubTime":"2021-08-08 12:23","market":"hk","language":"zh","title":"Market news: ByteDance restarts listing plan","url":"https://stock-news.laohu8.com/highlight/detail?id=1183672765","media":"老虎资讯综合","summary":"8月8日，英国金融时报援引消息人士称，字节跳动已经重启其上市计划，计划在2022年年初在香港上市。字节跳动目前估值约1800亿美元，消息人士透露，字节跳动可能在9月提交上市最终指引信，并预计最快可能在","content":"<p>On August 8, the Financial Times quoted sources as saying that ByteDance has restarted its listing plan and plans to list in Hong Kong in early 2022. ByteDance is currently valued at about US $180 billion. According to sources, ByteDance may submit a final guidance letter for listing in September, and it is expected that it may be listed as soon as the fourth quarter of this year or early 2022.</p><p>It is reported that ByteDance was valued at US $180 billion in a round of financing in December last year. Since last year, the company has been rumored to be considering an initial public offering plan for all or part of its business in the United States or Hong Kong, but never acknowledged.</p><p>In late March this year, ByteDance hired former Xiaomi executive Zhou Shouzi to serve as the newly established chief financial officer (CFO) position. During his tenure as CFO of Xiaomi, Zhou Shouzi helped Xiaomi complete its listing in Hong Kong.</p><p>But before hiring Zhou Shouzi, ByteDance did not have a chief financial officer. This move has been widely interpreted as ByteDance preparing for an IPO.</p><p>In addition, in mid-April this year, the media reported that ByteDance submitted an underwriter's employment letter to the Hong Kong Stock Exchange, started the listing process in Hong Kong, and will submit a listing application in the second quarter. ByteDance responded at the time: It would not comment on this.</p><p>On June 17, ByteDance counted and disclosed its financial situation on an official basis for the first time: the actual revenue in 2020 reached 236.6 billion yuan, a year-on-year increase of 111%; Operating loss was 14.7 billion yuan.</p><p>On the same day, Liang Rubo, the new CEO who succeeded Zhang Yiming, said: \"The company is getting bigger and entering a new stage. We hope to be more transparent and open internally and externally, so while updating the business progress, we will also announce our business data and financial situation to all employees, including revenue and profit.\"</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>Market news: ByteDance restarts listing plan</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\">\nMarket news: ByteDance restarts listing plan\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\">2021-08-08 12:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 8, the Financial Times quoted sources as saying that ByteDance has restarted its listing plan and plans to list in Hong Kong in early 2022. ByteDance is currently valued at about US $180 billion. According to sources, ByteDance may submit a final guidance letter for listing in September, and it is expected that it may be listed as soon as the fourth quarter of this year or early 2022.</p><p>It is reported that ByteDance was valued at US $180 billion in a round of financing in December last year. Since last year, the company has been rumored to be considering an initial public offering plan for all or part of its business in the United States or Hong Kong, but never acknowledged.</p><p>In late March this year, ByteDance hired former Xiaomi executive Zhou Shouzi to serve as the newly established chief financial officer (CFO) position. During his tenure as CFO of Xiaomi, Zhou Shouzi helped Xiaomi complete its listing in Hong Kong.</p><p>But before hiring Zhou Shouzi, ByteDance did not have a chief financial officer. This move has been widely interpreted as ByteDance preparing for an IPO.</p><p>In addition, in mid-April this year, the media reported that ByteDance submitted an underwriter's employment letter to the Hong Kong Stock Exchange, started the listing process in Hong Kong, and will submit a listing application in the second quarter. ByteDance responded at the time: It would not comment on this.</p><p>On June 17, ByteDance counted and disclosed its financial situation on an official basis for the first time: the actual revenue in 2020 reached 236.6 billion yuan, a year-on-year increase of 111%; Operating loss was 14.7 billion yuan.</p><p>On the same day, Liang Rubo, the new CEO who succeeded Zhang Yiming, said: \"The company is getting bigger and entering a new stage. We hope to be more transparent and open internally and externally, so while updating the business progress, we will also announce our business data and financial situation to all employees, including revenue and profit.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/57922dcc5f7a43f1fddaf18d1a519025","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183672765","content_text":"8月8日，英国金融时报援引消息人士称，字节跳动已经重启其上市计划，计划在2022年年初在香港上市。字节跳动目前估值约1800亿美元，消息人士透露，字节跳动可能在9月提交上市最终指引信，并预计最快可能在今年第四季度或者2022年年初实现上市。\n据悉，字节跳动在去年12月的一轮融资中估值为1800亿美元，从去年去该公司一直被传出在考虑于美国或香港进行全部或部分业务的首次公开募股上市计划，但从未承认。\n今年3月下旬，字节跳动聘请小米前高管周受资担任新设立的首席财务官（CFO）一职。而周受资在小米担任CFO期间，帮助小米完成了赴港上市。\n但在聘请周受资之前，字节跳动并没有首席财务官。此举曾被广泛解读为字节跳动在为IPO事宜做准备。\n此外，在今年4月中旬媒体报道称，字节跳动向港交所提交了承销商聘用函，启动了赴港上市流程，并将于第二季度递交上市申请。字节跳动当时回应：对此不予置评。\n6月17日，字节跳动首次以官方口径统计并披露了财务情况：2020年实际收入达2366亿元，同比增长111%；经营亏损147亿元。\n当日，接任张一鸣的新任CEO梁汝波表示：“公司变大，也在进入新阶段，我们希望对内对外更加透明、开放，所以在更新业务进展的同时，也会向全员公布我们的业务数据和财务情况，包括收入和利润。”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899785405,"gmtCreate":1628215555407,"gmtModify":1703503300233,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899785405","repostId":"1186213069","repostType":4,"isVote":1,"tweetType":1,"viewCount":1092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809656986,"gmtCreate":1627368101645,"gmtModify":1703488505006,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809656986","repostId":"2154544996","repostType":4,"isVote":1,"tweetType":1,"viewCount":1469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174939651,"gmtCreate":1627056190773,"gmtModify":1703483576461,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174939651","repostId":"1129536436","repostType":4,"isVote":1,"tweetType":1,"viewCount":1195,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172239577,"gmtCreate":1626961784399,"gmtModify":1703481441156,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172239577","repostId":"1174948099","repostType":4,"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":107749648,"gmtCreate":1620543462884,"gmtModify":1704344835350,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/107749648","repostId":"2133968366","repostType":4,"repost":{"id":"2133968366","kind":"news","pubTimestamp":1620524343,"share":"https://ttm.financial/m/news/2133968366?lang=en_US&edition=fundamental","pubTime":"2021-05-09 09:39","market":"hk","language":"zh","title":"Fearing a repeat of 2013, investors are preparing for a tapering of bond purchases","url":"https://stock-news.laohu8.com/highlight/detail?id=2133968366","media":"金融界网站","summary":"美联储还没开始讨论缩减购债，一些投资者已经未雨绸缪了……　　随着美联储缩减量化宽松的步伐越来越近，对2013年的市场动荡记忆犹新的投资者们正努力减少投资组合的风险。2013年5月，时任美联储主席伯南克发出将开始缩减购债的信号，随后全球债券收益率飙升，风险资产大跌。　　在2月底小幅上涨后，衡量货币、国债和美国股市隐含波动性的指标有所回落，这表明投资者认为美联储不会立即宣布削减购债。","content":"<p>The Fed hasn't started discussing tapering bond purchases yet, and some investors are already preparing for a rainy day...</p><p>As the Fed's tapering of quantitative easing gets closer,<b>Investors with fresh memories of the market turmoil in 2013 are trying to reduce the risk of their portfolios.</b>In May 2013, then-Federal Reserve Chairman Ben Bernanke signaled that he would begin to reduce bond purchases. Subsequently, global bond yields soared and risky assets plummeted.<b>Some fund managers are worried that volatility will soar again, so they turn to longer-term high-yield bonds for safe havens; Other fund managers believe that tapering bond purchases will not cause panic and are betting on emerging market assets.</b></p><p>Economists expect the Fed to start cutting back on asset purchases before the end of the year. But Fed officials said it was too early to change monetary policy in response to COVID-19 pandemic. However, as the British and Canadian economies improved, monetary authorities in both countries began to slow down bond purchases. This makes investors think that the Federal Reserve may also reduce its quantitative easing when the economy is growing.</p><p>Pilar Gomez-Bravo, head of investment at MFS investment Management, said: \"The biggest threat to the market remains the volatility of bond yields. Risky asset valuations are high, and investors don't have much room for complacency.\"</p><p>Gomez-Bravo believes that junk bonds can also be invested as an asset compared to investment-grade bonds. Junk bonds aren't so vulnerable when yields reset. Investment-grade bonds have longer maturities and are more sensitive to interest rates.<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Sherif Hamid, a credit strategist at Jefferies Financial Group Inc., believes leveraged loans are even a better option.</p><p>Bloomberg data shows that investment-grade bonds are already under pressure,<b>The largest high-rated credit exchange-traded funds (ETFs) are experiencing their longest outflows since 2013.</b></p><p>In the market turmoil in 2013, the bond market was the first to be affected. In the month following Bernanke's speech, 10-year U.S. Treasury Bond yields jumped 50 basis points. During the same period, the MSCI International Emerging Markets Index fell 14% and the Nasdaq 100 Index fell 4%. Currently, the tech-dominated index expects a P/E of 26 times, while the expected P/E at that time was only 15 times.</p><p>The world's largest asset manager<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>(BlackRock Inc.) Think that,<b>Much of the volatility in the bond market may have already occurred, and emerging market assets should do much better.</b></p><p>Ben Powell, chief Asia-Pacific investment strategist at BlackRock investment Institute, believes that there are no major events at present, and the yield may rise slightly.</p><p>The 10-year U.S. Treasury Bond yield has risen about 66 basis points this year and is currently around 1.53%. Since the beginning of this year, the Bloomberg Barclays U.S. Treasury Bond Total Return Index has fallen by more than 3%.</p><p>BlackRock said factors such as an economic recovery, a massive stimulus package and the general stability of the US dollar were enough to insulate risky assets, including those in developing countries, from the impact of the Fed's tapering of quantitative easing.</p><p>Ben Powell said that the company increased its holdings of developed and emerging market stocks. In terms of fixed income, they actually increased their holdings of emerging market local currency bonds last week.</p><p>Measures of implied volatility in currencies, Treasury Bond and U.S. stocks pulled back after modest gains at the end of February, suggesting investors don't think the Federal Reserve will announce a reduction in bond purchases immediately. But trading activity in the options market suggests that the annual meeting of central bankers at Jackson Hole in August may be the beginning of discussions on tightening bond purchases.</p><p><img src=\"http://img.jrjimg.cn/2021/05/cms_20210508015903792.jpg\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Meanwhile, Win Thin, head of global foreign exchange strategy at Brown Brothers Harriman & Co., said investors should carefully analyze the minutes of the Federal Open Market Committee meeting, which, based on past experience, will discuss tapering first. The minutes of the April meeting will be published on May 19.</p>","source":"jinrongjie_stock","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>Fearing a repeat of 2013, investors are preparing for a tapering of bond purchases</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\">\nFearing a repeat of 2013, investors are preparing for a tapering of bond purchases\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-05-09 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Fed hasn't started discussing tapering bond purchases yet, and some investors are already preparing for a rainy day...</p><p>As the Fed's tapering of quantitative easing gets closer,<b>Investors with fresh memories of the market turmoil in 2013 are trying to reduce the risk of their portfolios.</b>In May 2013, then-Federal Reserve Chairman Ben Bernanke signaled that he would begin to reduce bond purchases. Subsequently, global bond yields soared and risky assets plummeted.<b>Some fund managers are worried that volatility will soar again, so they turn to longer-term high-yield bonds for safe havens; Other fund managers believe that tapering bond purchases will not cause panic and are betting on emerging market assets.</b></p><p>Economists expect the Fed to start cutting back on asset purchases before the end of the year. But Fed officials said it was too early to change monetary policy in response to COVID-19 pandemic. However, as the British and Canadian economies improved, monetary authorities in both countries began to slow down bond purchases. This makes investors think that the Federal Reserve may also reduce its quantitative easing when the economy is growing.</p><p>Pilar Gomez-Bravo, head of investment at MFS investment Management, said: \"The biggest threat to the market remains the volatility of bond yields. Risky asset valuations are high, and investors don't have much room for complacency.\"</p><p>Gomez-Bravo believes that junk bonds can also be invested as an asset compared to investment-grade bonds. Junk bonds aren't so vulnerable when yields reset. Investment-grade bonds have longer maturities and are more sensitive to interest rates.<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Sherif Hamid, a credit strategist at Jefferies Financial Group Inc., believes leveraged loans are even a better option.</p><p>Bloomberg data shows that investment-grade bonds are already under pressure,<b>The largest high-rated credit exchange-traded funds (ETFs) are experiencing their longest outflows since 2013.</b></p><p>In the market turmoil in 2013, the bond market was the first to be affected. In the month following Bernanke's speech, 10-year U.S. Treasury Bond yields jumped 50 basis points. During the same period, the MSCI International Emerging Markets Index fell 14% and the Nasdaq 100 Index fell 4%. Currently, the tech-dominated index expects a P/E of 26 times, while the expected P/E at that time was only 15 times.</p><p>The world's largest asset manager<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>(BlackRock Inc.) Think that,<b>Much of the volatility in the bond market may have already occurred, and emerging market assets should do much better.</b></p><p>Ben Powell, chief Asia-Pacific investment strategist at BlackRock investment Institute, believes that there are no major events at present, and the yield may rise slightly.</p><p>The 10-year U.S. Treasury Bond yield has risen about 66 basis points this year and is currently around 1.53%. Since the beginning of this year, the Bloomberg Barclays U.S. Treasury Bond Total Return Index has fallen by more than 3%.</p><p>BlackRock said factors such as an economic recovery, a massive stimulus package and the general stability of the US dollar were enough to insulate risky assets, including those in developing countries, from the impact of the Fed's tapering of quantitative easing.</p><p>Ben Powell said that the company increased its holdings of developed and emerging market stocks. In terms of fixed income, they actually increased their holdings of emerging market local currency bonds last week.</p><p>Measures of implied volatility in currencies, Treasury Bond and U.S. stocks pulled back after modest gains at the end of February, suggesting investors don't think the Federal Reserve will announce a reduction in bond purchases immediately. But trading activity in the options market suggests that the annual meeting of central bankers at Jackson Hole in August may be the beginning of discussions on tightening bond purchases.</p><p><img src=\"http://img.jrjimg.cn/2021/05/cms_20210508015903792.jpg\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Meanwhile, Win Thin, head of global foreign exchange strategy at Brown Brothers Harriman & Co., said investors should carefully analyze the minutes of the Federal Open Market Committee meeting, which, based on past experience, will discuss tapering first. The minutes of the April meeting will be published on May 19.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://usstock.jrj.com.cn/2021/05/08015932714137.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/af1d75a2b7a7bd95e0102711f4f871de","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares","UDOW":"三倍做多道指30ETF-ProShares","QQQ":"纳指100ETF","SDOW":"三倍做空道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","SQQQ":"纳指三倍做空ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEF":"标普100指数ETF-iShares",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares",".IXIC":"NASDAQ Composite","OEX":"标普100","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","DOG":"道指ETF-ProShares做空","IVV":"标普500ETF-iShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DJX":"1/100道琼斯","SPY":"标普500ETF","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"http://usstock.jrj.com.cn/2021/05/08015932714137.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133968366","content_text":"美联储还没开始讨论缩减购债，一些投资者已经未雨绸缪了……随着美联储缩减量化宽松的步伐越来越近，对2013年的市场动荡记忆犹新的投资者们正努力减少投资组合的风险。2013年5月，时任美联储主席伯南克发出将开始缩减购债的信号，随后全球债券收益率飙升，风险资产大跌。一些基金经理担心波动率再次飙升，故转向较长期限的高收益债券寻求避险；而另一些基金经理则认为，缩减购债规模不会引发恐慌，并押注新兴市场资产。经济学家预计美联储将在今年年底前开始削减资产购买规模。但美联储官员表示，现在改变应对新冠疫情的货币政策还为时过早。然而，随着英国和加拿大经济的改善，两国货币当局开始减缓债券购买。这让投资者们觉得美联储也有可能会在经济增长的时候缩减量化宽松。美富信投资管理（MFS investment Management）投资主管Pilar Gomez-Bravo表示：“对市场而言，最大的威胁仍是债券收益率的波动性。风险资产的估值较高，投资者并没有太多自满的空间。”Gomez-Bravo认为，与投资级债券相比，垃圾债券也可以作为一种资产投资。在收益率重置时，垃圾债并不那么容易受到影响。投资级债券的期限更长，对利率的敏感性也更高。杰富瑞金融集团（Jefferies Financial Group Inc．）信贷策略师哈米德（Sherif Hamid）认为，杠杆贷款甚至是一个更好的选择。彭博的数据显示，投资级债券已经面临压力，最大的高评级信用交易所交易基金（ETF）正经历着2013年以来最长时间的资金外流。在2013年市场动荡中，债券市场最先受到影响。在伯南克发表讲话后的一个月里，10年期美国国债收益率跃升了50个基点。同期MSCI国际新兴市场指数下跌14%，纳斯达克100指数下跌4%。目前，以科技股为主的指数预期市盈率为26倍，而当时的预期市盈率仅为15倍。全球最大的资产管理公司贝莱德（BlackRock Inc．）认为，债券市场的大部分波动可能已经发生，新兴市场资产的表现应该会好得多。贝莱德投资研究所（BlackRock investment Institute）首席亚太投资策略师本・鲍威尔（Ben Powell）认为目前已经没有什么重大事件发生，收益率可能会小幅走高。10年期美国国债收益率今年以来上涨了约66个基点，目前在1.53%附近。今年以来，彭博巴克莱美国国债总回报指数（Bloomberg Barclays U.S． Treasury Total Return Index）下跌超过3%。贝莱德表示，经济复苏、大规模刺激计划和美元总体稳定等因素，足以让风险资产（包括发展中国家的风险资产）免受美联储缩减量化宽松的影响。本・鲍威尔表示，该公司增持了发达国家和新兴市场股票，在固定收益方面，他们上周实际上增持了新兴市场本币债券。在2月底小幅上涨后，衡量货币、国债和美国股市隐含波动性的指标有所回落，这表明投资者认为美联储不会立即宣布削减购债。但期权市场交易活动表明，8月份在Jackson Hole举行的央行行长年会或许是讨论收紧购债计划的开始。与此同时，布朗兄弟哈里曼公司（Brown Brothers Harriman &Co．）全球外汇策略主管Win Thin表示，投资者应仔细分析联邦公开市场委员会（FOMC）会议纪要，根据以往经验，会议将首先讨论缩减规模。4月份的会议记录将于5月19日公布。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".DJI":0.9,"UPRO":0.9,"SQQQ":0.9,"DXD":0.9,"SDOW":0.9,"SSO":0.9,".SPX":0.9,"SPY":0.9,"OEF":0.9,"NQmain":0.9,"PSQ":0.9,"QQQ":0.9,"IVV":0.9,"SDS":0.9,".IXIC":0.9,"DJX":0.9,"DOG":0.9,"SH":0.9,"SPXU":0.9,"OEX":0.9,"UDOW":0.9,"TQQQ":0.9,"DDM":0.9,"QLD":0.9,"QID":0.9,"MNQmain":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130477050,"gmtCreate":1621563522070,"gmtModify":1704359722822,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130477050","repostId":"1197907753","repostType":4,"repost":{"id":"1197907753","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":1621562334,"share":"https://ttm.financial/m/news/1197907753?lang=en_US&edition=fundamental","pubTime":"2021-05-21 09:58","market":"us","language":"zh","title":"It is reported that JD Logistics has set the IPO price at HK $40.36","url":"https://stock-news.laohu8.com/highlight/detail?id=1197907753","media":"老虎资讯综合","summary":"5月21日讯，京东物流据悉将IPO发行价定为40.36港元/股，位于招股价区间低端。5月17日，京东物流在港交所发布公告，正式启动股份全球公开发售。根据公告，本次全球公开发售总计6.092亿股，每股发","content":"<p>On May 21, JD Logistics reportedly set the IPO issue price at HK $40.36 per share, which is at the low end of the IPO price range.</p><p>May 17,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>An announcement was issued on the Hong Kong Stock Exchange to officially launch the global public offering of shares. According to the announcement, this global public offering totals 609.2 million shares, with a price range of HK $39.36 to HK $43.36 per share. The offering period is from May 17 to May 21, and it is expected to be officially listed and traded on May 28. This is also<a href=\"https://laohu8.com/S/JD\">JD.com</a>Its third listed subsidiary. According to market sources, the international placement part of the first day IPO has been fully subscribed.</p><p>The JD Logistics IPO is sponsored by Bank of America Securities,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>、<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Joint sponsorship. At the same time, named cornerstone investors agreed to subscribe for approximately HK $11.9 billion in shares, including SoftBank, Temasek, China Chengtong Investment, etc. For the purpose of fundraising, the prospectus shows that 55% of the fundraising will be used to upgrade and expand the six major logistics networks; 20% of the funds raised will be used to develop advanced technologies related to supply chain solutions and logistics services; 15% of the funds raised will be used to expand the breadth and depth of integrated supply chain solutions.</p><p>In the prospectus, JD Logistics also mentioned the challenges brought about by the current fierce external competition. On the whole, at present, JD Logistics cannot show its advantages compared with established logistics manufacturers in terms of customer volume, and it has no overwhelming advantages in the face of new logistics manufacturers. Future development opportunities and risks coexist.</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>It is reported that JD Logistics has set the IPO price at HK $40.36</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIt is reported that JD Logistics has set the IPO price at HK $40.36\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-21 09:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 21, JD Logistics reportedly set the IPO issue price at HK $40.36 per share, which is at the low end of the IPO price range.</p><p>May 17,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>An announcement was issued on the Hong Kong Stock Exchange to officially launch the global public offering of shares. According to the announcement, this global public offering totals 609.2 million shares, with a price range of HK $39.36 to HK $43.36 per share. The offering period is from May 17 to May 21, and it is expected to be officially listed and traded on May 28. This is also<a href=\"https://laohu8.com/S/JD\">JD.com</a>Its third listed subsidiary. According to market sources, the international placement part of the first day IPO has been fully subscribed.</p><p>The JD Logistics IPO is sponsored by Bank of America Securities,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>、<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Joint sponsorship. At the same time, named cornerstone investors agreed to subscribe for approximately HK $11.9 billion in shares, including SoftBank, Temasek, China Chengtong Investment, etc. For the purpose of fundraising, the prospectus shows that 55% of the fundraising will be used to upgrade and expand the six major logistics networks; 20% of the funds raised will be used to develop advanced technologies related to supply chain solutions and logistics services; 15% of the funds raised will be used to expand the breadth and depth of integrated supply chain solutions.</p><p>In the prospectus, JD Logistics also mentioned the challenges brought about by the current fierce external competition. On the whole, at present, JD Logistics cannot show its advantages compared with established logistics manufacturers in terms of customer volume, and it has no overwhelming advantages in the face of new logistics manufacturers. Future development opportunities and risks coexist.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"02618":"京东物流"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197907753","content_text":"5月21日讯，京东物流据悉将IPO发行价定为40.36港元/股，位于招股价区间低端。5月17日，京东物流在港交所发布公告，正式启动股份全球公开发售。根据公告，本次全球公开发售总计6.092亿股，每股发售价格区间39.36港元至43.36港元，发售时间段为5月17日至5月21日，预计将于5月28日正式上市交易，这也是京东旗下第三家上市的子公司。有市场消息称，首日招股国际配售部分已录得足额认购。本次京东物流IPO由美银证券、高盛、海通国际联席保荐。同时，名基石投资者同意认购约119亿港元股票，包括软银、淡马锡、中国诚通投资等。对于募资用途，招股书显示，55%的募资将用于升级和扩展六大物流网络；20%的募资将用于开发与供应链解决方案和物流服务相关的先进技术；15%的募资将用于扩展一体化供应链解决方案的广度与深度。招股书中，京东物流也提及当下激烈的外部竞争所带来的挑战。综合来看，目前京东物流在客户量方面对比老牌物流厂商无法体现优势，面对新型物流厂商又无压倒性优势，未来发展机遇与风险并存。","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145695116,"gmtCreate":1626220353335,"gmtModify":1703755651329,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/145695116","repostId":"1179493532","repostType":4,"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192100096,"gmtCreate":1621154674215,"gmtModify":1704353452604,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192100096","repostId":"1164480285","repostType":4,"repost":{"id":"1164480285","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":1621039073,"share":"https://ttm.financial/m/news/1164480285?lang=en_US&edition=fundamental","pubTime":"2021-05-15 08:37","market":"us","language":"zh","title":"Last night and this morning: Technology led the rebound in U.S. stocks for two days, Tesla fell 12% this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1164480285","media":"老虎资讯综合","summary":"摘要：美债收益率大跌提升投资者风险偏好，纳指大涨逾2％，中概股集体反弹；美国输油管道重开，美油、布油双双大涨逾2％；14个月牛市后，贝佐斯等亿万富豪纷纷减持股票 ，大佬Q1持仓 ：桥水建仓特斯拉抛黄金","content":"<p><b>Summary:</b></p><p><ul><li>The sharp drop in U.S. bond yields increased investors' risk appetite, the Nasdaq rose by more than 2%, and Chinese concept stocks rebounded collectively;</li><li>The U.S. oil pipeline reopened, and both U.S. oil and Brent oil rose by more than 2%;</li><li>After a 14-month bull market, billionaires such as Bezos have reduced their stock holdings,</li><li>Big boss Q1 positions: Bridgewater builds positions<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Throw gold, Soros builds a position<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Clearance Palantir.</li></ul><b>Overseas Market</b></p><p><b>1. The decline in U.S. bond yields helped U.S. stocks record second consecutive gains! The Nasdaq rose more than 2%, and Chinese concept stocks rebounded collectively</b></p><p>The three major U.S. stock indexes opened higher and closed higher across the board on Friday. As U.S. retail sales did not increase in April and were worse than expected, U.S. bond yields fell sharply, boosting investors' risk appetite. As of the close, the Dow rose 360.68 points to 34382.13 points, an increase of 1.06%; The Nasdaq rose 304.99 points to 13429.98 points, an increase of 2.32%; The S&P 500 index rose 61.35 points, or 1.49%, to 4,173.85 points.</p><p>Chinese concept stocks as a whole showed a relatively strong rebound. As of Friday's close,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up 1.66%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>ADR rose 3.64%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up 3.85%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Up 1.67%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Up 3.77%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up 10.72%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up 9.08%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automobiles rose 7.05%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 6.50%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>Up 11.25%,<a href=\"https://laohu8.com/S/JKS\">JinkoSolar</a>Up 2.47%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 2.69%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Up 5.38%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Up 5.99%,<a href=\"https://laohu8.com/S/DAO\">Youdao</a>Up 8.64%.</p><p><b>2. The governor of the Bank of England said inflation will not continue European stocks closed higher across the board on Friday</b></p><p>Investor concerns about inflation European stocks continued to rebound sharply on Friday (May 14) as the pullback in commodity prices slowed, after stocks suffered a sell-off at the start of trading this week.</p><p><b>3. The U.S. oil pipeline reopened, and both U.S. oil and Brent oil rose by more than 2%! All higher for the third straight week this week</b></p><p>Crude oil futures prices closed higher on Friday and were similarly higher this week as a key U.S. fuel delivery pipeline reopened after being forced to close last weekend due to a ransomware attack.</p><p><b>4. The strength of the US dollar pushed the price of gold to close up 0.8%, recording the second consecutive rise! Hit a new closing high in more than 3 months</b></p><p>The price of gold futures for June delivery on the New York Mercantile Exchange rose by $14.10 to close at $1,838.10 per ounce, an increase of 0.8%, the highest closing price since February 10, after the contract was traded on Thursday. It also closed up nearly 0.1%. In the overall trading this week, based on the main contract, the price of gold futures rose by about 0.4% cumulatively.</p><p><b>5. Dogecoin soared by more than 40%! Musk speaks out again: will cooperate with Dogecoin developers</b></p><p>Dogecoin price surged on Friday after a social media message from Tesla (NASDAQ: TSLA) CEO Elon Musk, a supporter of the cryptocurrency, and cryptocurrency exchange Coinbase said it would offer Dogecoin trading.</p><p><b>6、</b><a href=\"https://laohu8.com/NW/2135988454\" target=\"_blank\"><b>Big boss Q1 investment: Bridgewater builds a position in Tesla, Soros builds a position in Vipshop</b></a></p><p>Bridgewater, the world's largest hedge fund, increased its holdings of consumer stocks and banking stocks in the first quarter of this year, sold gold ETFs and technology stocks, but built positions<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>。 Soros's family office also sold some technology stocks, among which big data star Palantir directly cleared its positions, but at the same time increased its holdings of many Chinese concept stocks, including new long positions<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>。</p><p><b>7、</b><a href=\"https://laohu8.com/NW/2135600444\" target=\"_blank\"><b>Bridgewater Fund's Q1 holdings: Increased consumption to buy back Tesla, Chinese concept stocks were reduced</b></a></p><p>According to statistics from the 13F data platform Whalewisdom, among Bridgewater's Q1 positions, a total of 204 targets were increased, 123 targets were reduced, 127 targets were newly added, and 197 targets were cleared. From the perspective of overall operation, Bridgewater's main direction of increasing positions in the first quarter was consumer stocks. For<a href=\"https://laohu8.com/S/SPY\">S&P 500ETF</a>, gold ETFs and other fund instruments have made significant reductions in holdings.</p><p><b>International macro</b></p><p><b>1. Fed Mester: Policy is in good shape Now is not the time to make adjustments</b></p><p>Cleveland Fed President Loretta Mester said the Fed's policy is in good shape right now. She also downplayed the signal sent by the economic data, saying that as the economy restarts, the data will be volatile.</p><p><b>2. Americans are unwilling to spend money? Retail sales failed to increase in April and worse than expected</b></p><p>Data released by the U.S. Department of Commerce on Friday showed that overall retail sales in April were basically flat month-on-month, and were revised up to an increase of 10.7% in March. According to a Bloomberg survey, the median estimate of economists is a 1% increase in April.</p><p><b>3. Is the Fed ready to surrender? Big Short Schiff: US inflation will \"explode\" and the dollar is losing purchasing power</b></p><p>According to Peter Schiff, a famous investor and financial commentator, the Fed will not fight inflation. This was because even if they tried to fight, they were doomed to fail. Therefore, they wouldn't even try. For that reason, I've been telling everyone that there will be no war on inflation. The Fed is ready to surrender now. Inflation will undoubtedly win big. In fact, the future inflation problem will be much more dire than the market expects. If the weakness of gold prices is really due to higher-than-expected inflation, then investors should seize the opportunity to buy now.</p><p><b>4、</b><a href=\"https://laohu8.com/NW/2135600094\" target=\"_blank\"><b>Be safe in your pocket! After 14-month bull market, billionaires like Bezos are trimming their holdings</b></a></p><p>The world's richest shareholders are selling their shares and settling in. Includes<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Of Jeff Bezos and<a href=\"https://laohu8.com/S/GOOG\">Google</a>Corporate insiders, including co-founder Sergey Brin, have recently accelerated the pace of reducing their holdings, seizing the opportunity of the 14-month bull market to cash in.</p><p><b>5. I can't tell whether inflation is good news or bad news. U.S. investors have reason to be scared</b></p><p>It is widely believed that inflation is a positive factor for the stock market. But over the past week, inflation climbed far beyond economists' expectations, sending investors in U.S. stocks panicking. A Wall Street analyst said that a closer look at the historical record may show why investors behaved like this.</p><p><b>6. New debt king Gundlach: There is reason to worry about inflation, which may force the Fed to rate hike</b></p><p>\"It seems to me that markets are starting to get a little worried about (inflation) this week,\" Gundlach said, who then added: \"This is the biggest difference in the CPI from economists'expectations in years, and maybe even in my entire career.\"</p><p><b>Company News</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/2135860760\" target=\"_blank\"><b>Disney, Airbnb, and DoorDash's earnings reveal a new post-pandemic economic normal</b></a><b></b></p><p>Airbnb said interest in travel has soared again as vaccines become more widely available. The company noted that travel bookings in the UK increased sharply immediately after Prime Minister Boris Johnson announced a phase-out of lockdown in February. For U.S. customers aged 60 and older, searches for summer travel on Airbnb grew more than 60% between February and March of this year.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2135860665\" target=\"_blank\"><b>Amazon plans to recruit 10,000 permanent employees in the UK again on a large scale</b></a></p><p>A large number of companies have laid off employees during the new crown period, but Amazon, the world's largest online retailer, has become a company swimming against the current. Amazon announced today that it will recruit an additional 10,000 people in the UK. By the end of 2021, the company's total number of employees in the UK will reach 55,000.</p><p><b>3、</b><a href=\"https://laohu8.com/NW/2135607690\" target=\"_blank\"><b>Following Musk's trend, media say Square has no intention of buying more Bitcoin</b></a></p><p>Among the companies that had previously purchased Bitcoin as reserves, some chose to stop. According to reports, after losing $20 million on related investments, Square, a payment financial technology company, said it had no intention of buying more Bitcoin for reserves.</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: Technology led the rebound in U.S. stocks for two days, Tesla fell 12% this week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLast night and this morning: Technology led the rebound in U.S. stocks for two days, Tesla fell 12% this week\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-15 08:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Summary:</b></p><p><ul><li>The sharp drop in U.S. bond yields increased investors' risk appetite, the Nasdaq rose by more than 2%, and Chinese concept stocks rebounded collectively;</li><li>The U.S. oil pipeline reopened, and both U.S. oil and Brent oil rose by more than 2%;</li><li>After a 14-month bull market, billionaires such as Bezos have reduced their stock holdings,</li><li>Big boss Q1 positions: Bridgewater builds positions<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Throw gold, Soros builds a position<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Clearance Palantir.</li></ul><b>Overseas Market</b></p><p><b>1. The decline in U.S. bond yields helped U.S. stocks record second consecutive gains! The Nasdaq rose more than 2%, and Chinese concept stocks rebounded collectively</b></p><p>The three major U.S. stock indexes opened higher and closed higher across the board on Friday. As U.S. retail sales did not increase in April and were worse than expected, U.S. bond yields fell sharply, boosting investors' risk appetite. As of the close, the Dow rose 360.68 points to 34382.13 points, an increase of 1.06%; The Nasdaq rose 304.99 points to 13429.98 points, an increase of 2.32%; The S&P 500 index rose 61.35 points, or 1.49%, to 4,173.85 points.</p><p>Chinese concept stocks as a whole showed a relatively strong rebound. As of Friday's close,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up 1.66%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>ADR rose 3.64%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up 3.85%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Up 1.67%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Up 3.77%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up 10.72%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up 9.08%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automobiles rose 7.05%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 6.50%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>Up 11.25%,<a href=\"https://laohu8.com/S/JKS\">JinkoSolar</a>Up 2.47%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 2.69%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Up 5.38%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Up 5.99%,<a href=\"https://laohu8.com/S/DAO\">Youdao</a>Up 8.64%.</p><p><b>2. The governor of the Bank of England said inflation will not continue European stocks closed higher across the board on Friday</b></p><p>Investor concerns about inflation European stocks continued to rebound sharply on Friday (May 14) as the pullback in commodity prices slowed, after stocks suffered a sell-off at the start of trading this week.</p><p><b>3. The U.S. oil pipeline reopened, and both U.S. oil and Brent oil rose by more than 2%! All higher for the third straight week this week</b></p><p>Crude oil futures prices closed higher on Friday and were similarly higher this week as a key U.S. fuel delivery pipeline reopened after being forced to close last weekend due to a ransomware attack.</p><p><b>4. The strength of the US dollar pushed the price of gold to close up 0.8%, recording the second consecutive rise! Hit a new closing high in more than 3 months</b></p><p>The price of gold futures for June delivery on the New York Mercantile Exchange rose by $14.10 to close at $1,838.10 per ounce, an increase of 0.8%, the highest closing price since February 10, after the contract was traded on Thursday. It also closed up nearly 0.1%. In the overall trading this week, based on the main contract, the price of gold futures rose by about 0.4% cumulatively.</p><p><b>5. Dogecoin soared by more than 40%! Musk speaks out again: will cooperate with Dogecoin developers</b></p><p>Dogecoin price surged on Friday after a social media message from Tesla (NASDAQ: TSLA) CEO Elon Musk, a supporter of the cryptocurrency, and cryptocurrency exchange Coinbase said it would offer Dogecoin trading.</p><p><b>6、</b><a href=\"https://laohu8.com/NW/2135988454\" target=\"_blank\"><b>Big boss Q1 investment: Bridgewater builds a position in Tesla, Soros builds a position in Vipshop</b></a></p><p>Bridgewater, the world's largest hedge fund, increased its holdings of consumer stocks and banking stocks in the first quarter of this year, sold gold ETFs and technology stocks, but built positions<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>。 Soros's family office also sold some technology stocks, among which big data star Palantir directly cleared its positions, but at the same time increased its holdings of many Chinese concept stocks, including new long positions<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>。</p><p><b>7、</b><a href=\"https://laohu8.com/NW/2135600444\" target=\"_blank\"><b>Bridgewater Fund's Q1 holdings: Increased consumption to buy back Tesla, Chinese concept stocks were reduced</b></a></p><p>According to statistics from the 13F data platform Whalewisdom, among Bridgewater's Q1 positions, a total of 204 targets were increased, 123 targets were reduced, 127 targets were newly added, and 197 targets were cleared. From the perspective of overall operation, Bridgewater's main direction of increasing positions in the first quarter was consumer stocks. For<a href=\"https://laohu8.com/S/SPY\">S&P 500ETF</a>, gold ETFs and other fund instruments have made significant reductions in holdings.</p><p><b>International macro</b></p><p><b>1. Fed Mester: Policy is in good shape Now is not the time to make adjustments</b></p><p>Cleveland Fed President Loretta Mester said the Fed's policy is in good shape right now. She also downplayed the signal sent by the economic data, saying that as the economy restarts, the data will be volatile.</p><p><b>2. Americans are unwilling to spend money? Retail sales failed to increase in April and worse than expected</b></p><p>Data released by the U.S. Department of Commerce on Friday showed that overall retail sales in April were basically flat month-on-month, and were revised up to an increase of 10.7% in March. According to a Bloomberg survey, the median estimate of economists is a 1% increase in April.</p><p><b>3. Is the Fed ready to surrender? Big Short Schiff: US inflation will \"explode\" and the dollar is losing purchasing power</b></p><p>According to Peter Schiff, a famous investor and financial commentator, the Fed will not fight inflation. This was because even if they tried to fight, they were doomed to fail. Therefore, they wouldn't even try. For that reason, I've been telling everyone that there will be no war on inflation. The Fed is ready to surrender now. Inflation will undoubtedly win big. In fact, the future inflation problem will be much more dire than the market expects. If the weakness of gold prices is really due to higher-than-expected inflation, then investors should seize the opportunity to buy now.</p><p><b>4、</b><a href=\"https://laohu8.com/NW/2135600094\" target=\"_blank\"><b>Be safe in your pocket! After 14-month bull market, billionaires like Bezos are trimming their holdings</b></a></p><p>The world's richest shareholders are selling their shares and settling in. Includes<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Of Jeff Bezos and<a href=\"https://laohu8.com/S/GOOG\">Google</a>Corporate insiders, including co-founder Sergey Brin, have recently accelerated the pace of reducing their holdings, seizing the opportunity of the 14-month bull market to cash in.</p><p><b>5. I can't tell whether inflation is good news or bad news. U.S. investors have reason to be scared</b></p><p>It is widely believed that inflation is a positive factor for the stock market. But over the past week, inflation climbed far beyond economists' expectations, sending investors in U.S. stocks panicking. A Wall Street analyst said that a closer look at the historical record may show why investors behaved like this.</p><p><b>6. New debt king Gundlach: There is reason to worry about inflation, which may force the Fed to rate hike</b></p><p>\"It seems to me that markets are starting to get a little worried about (inflation) this week,\" Gundlach said, who then added: \"This is the biggest difference in the CPI from economists'expectations in years, and maybe even in my entire career.\"</p><p><b>Company News</b></p><p><b>1、</b><a href=\"https://laohu8.com/NW/2135860760\" target=\"_blank\"><b>Disney, Airbnb, and DoorDash's earnings reveal a new post-pandemic economic normal</b></a><b></b></p><p>Airbnb said interest in travel has soared again as vaccines become more widely available. The company noted that travel bookings in the UK increased sharply immediately after Prime Minister Boris Johnson announced a phase-out of lockdown in February. For U.S. customers aged 60 and older, searches for summer travel on Airbnb grew more than 60% between February and March of this year.</p><p><b>2、</b><a href=\"https://laohu8.com/NW/2135860665\" target=\"_blank\"><b>Amazon plans to recruit 10,000 permanent employees in the UK again on a large scale</b></a></p><p>A large number of companies have laid off employees during the new crown period, but Amazon, the world's largest online retailer, has become a company swimming against the current. Amazon announced today that it will recruit an additional 10,000 people in the UK. By the end of 2021, the company's total number of employees in the UK will reach 55,000.</p><p><b>3、</b><a href=\"https://laohu8.com/NW/2135607690\" target=\"_blank\"><b>Following Musk's trend, media say Square has no intention of buying more Bitcoin</b></a></p><p>Among the companies that had previously purchased Bitcoin as reserves, some chose to stop. According to reports, after losing $20 million on related investments, Square, a payment financial technology company, said it had no intention of buying more Bitcoin for reserves.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"QQQ":"纳指100ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","03086":"华夏纳指","TQQQ":"纳指三倍做多ETF","TTTN":"老虎中美互联网巨头ETF",".IXIC":"NASDAQ Composite","BABA":"阿里巴巴","NTES":"网易","QID":"两倍做空纳斯达克指数ETF-ProShares","PDD":"拼多多","JD":"京东","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164480285","content_text":"摘要：美债收益率大跌提升投资者风险偏好，纳指大涨逾2％，中概股集体反弹；美国输油管道重开，美油、布油双双大涨逾2％；14个月牛市后，贝佐斯等亿万富豪纷纷减持股票 ，大佬Q1持仓 ：桥水建仓特斯拉抛黄金，索罗斯建仓唯品会清仓Palantir。海外市场1、美债收益率下跌助美股录得二连涨！纳指大涨逾2％，中概股集体反弹美股三大指数周五高开高走全线收涨，因美国4月零售销售未见增长并逊于预期，美债收益率大跌，提升了投资者的风险偏好情绪。截至收盘，道指涨360.68点，报34382.13点，涨幅为1.06%；纳指涨304.99点，报13429.98点，涨幅为2.32%；标普500指数涨61.35点，报4173.85点，涨幅为1.49%。中概股整体出现了较为强劲的反弹。截至周五收盘，阿里巴巴涨1.66%、腾讯ADR涨3.64%、百度涨3.85%、京东涨1.67%、网易涨3.77%、哔哩哔哩涨10.72%、小鹏汽车涨9.08%、蔚来汽车涨7.05%、理想汽车涨6.50%、嘉楠科技涨11.25%、晶科能源涨2.47%、拼多多涨2.69%、好未来涨5.38%、新东方涨5.99%、有道涨8.64%。2、英国央行行长称通胀不会持续 欧股周五全线收涨投资者对通胀的担忧随着大宗商品价格的回落放缓，欧洲股市周五（5月14日）继续大幅反弹，此前股市在本周交易开始时遭遇抛售。3、美国输油管道重开，美油、布油双双大涨逾2％！本周均连续第三周走高原油期货价格周五收盘上涨，本周也同样走高，原因是美国一条关键的燃油输送管道在上周末因受到勒索软件攻击而被迫关闭后重新开放。4、美元走强推动金价收高0.8％，录得二连涨！创3个多月收盘新高纽约商品交易所6月份交割的黄金期货价格上涨14.10美元，报收于每盎司1838.10美元，涨幅为0.8%，创下了自2月10日以来的最高收盘价，此前该合约在周四的交易中也收盘上涨近0.1%在本周的整体交易中，按主力合约计算，黄金期货价格累计上涨了0.4%左右。5、狗狗币飙涨逾40％！马斯克再发声：将与狗狗币开发商合作狗狗币价格周五飙升，原因是这种加密货币的支持者、特斯拉（NASDAQ:TSLA）首席执行官埃隆·马斯克（Elon Musk）在社交媒体上发布了一条消息，且加密货币交易所Coinbase称其将提供狗狗币交易。6、大佬Q1投资：桥水建仓特斯拉，索罗斯建仓唯品会全球最大对冲基金桥水今年一季度增持消费类股和银行股，抛售黄金ETF和科技股，但建仓了特斯拉。索罗斯的家族办公室也抛售了一些科技股，其中大数据明星Palantir直接清仓，但同时增持了不少中概股，包括新进做多唯品会。7、桥水基金Q1持仓：加仓消费买回特斯拉，中概股遭减持根据13F数据平台Whalewisdom统计，在桥水Q1持仓中，总共增持204个标的、减持123个标的、新进127个标的、清仓197个标的。从整体操作来看，桥水一季度主要加仓方向为消费股，对于标普500ETF、黄金ETF等基金工具做出了较大减持。国际宏观1、美联储梅斯特：政策处于良好状态 现在不是进行调整的时候克里夫兰联邦储备银行行长洛蕾塔·梅斯特（Loretta Mester）表示，美联储的政策目前处于良好状态。她还淡化了经济数据发出的信号，称随着经济重启，数据将会表现不稳定。2、美国人不愿意花钱了？4月零售销售未见增长，并逊于预期美国商务部周五公布的数据显示，4月整体零售额环比基本持平，3月上修为增长10.7%。彭博调查显示，经济学家预估中值为4月增长1%。3、美联储已准备投降？大空头席夫：美国通胀将“爆炸”，美元正丧失购买力在著名投资人、财经评论家席夫（Peter Schiff）看来美，联储不会和通货膨胀作战的。这么说是因为，哪怕他们尝试去作战，也注定将会失败，所以，他们根本就连尝试都不会去尝试。出于这个原因，我一直在告诉大家，不会有针对通货膨胀的战争。联储现在就已经准备好投降了。通货膨胀毫无疑问将大获全胜。事实上，未来的通胀问题将比市场所预计的可怕得多。如果金价的疲软真的是因为通货膨胀高过预期的缘故，那么投资者现在就应该抓住机会买进。4、落袋为安！14个月牛市后，贝佐斯等亿万富豪纷纷减持股票全世界最富有的股东们纷纷出售持股、落袋为安。包括亚马逊的杰夫·贝佐斯和谷歌联合创始人Sergey Brin在内，企业内部人士最近加快减持步伐，抓住14个月大牛市的机会变现。5、分不清通胀到底是喜讯还是噩耗 美国投资者有理由心惊肉跳人们普遍认为，对于股市来说，通货膨胀是个利好因素。但是，在过去的一周内，远超经济学家预期的通胀攀升，让美国股市的投资者们惊慌失措。一位华尔街分析师表示，仔细翻看历史记录，或许就能知道投资者们为何会有如此表现了。6、新债王冈拉克：有理由担心通胀，可能迫使美联储加息冈拉克表示：“在我看来，本周市场开始有点担心（通胀）了。”他随后补充说：“这是多年来消费者物价指数与经济学家预期相差最大的一次，甚至可能是我整个职业生涯中最大的一次。”公司新闻1、迪士尼、爱彼迎和DoorDash的财报揭示了疫情后的经济新常态爱彼迎表示，随着疫苗变得更加普及，人们对旅游的兴趣再次飙升。该公司指出，在英国首相鲍里斯-约翰逊2月份宣布逐步退出封锁后，英国的旅游预订量立即大幅增加。对于60岁及以上的美国客户来说，今年2月至3月，Airbnb上夏季旅游的搜索量增长了60%以上。2、亚马逊再次大规模招聘 计划在英吸纳10000名永久雇员新冠期间大量企业纷纷裁员，但全球最大在线零售商亚马逊却成为逆流而上的公司。亚马逊今日宣布将在英国增加招聘1万人，到2021年底，公司在英国的总雇员人数将达到5.5万人。3、跟风马斯克收手，媒体称Square无意购买更多比特币此前曾经购买比特币作为储备的企业当中，有人选择了停手。根据报道，在相关投资上损失了2000万美元之后，支付金融技术公司Square表示无意购买更多的比特币作储备。","news_type":1,"symbols_score_info":{"QQQ":0.9,"MNQmain":0.9,"JD":0.9,"03086":0.9,"NQmain":0.9,"PSQ":0.9,"NTES":0.9,"QID":0.9,"PDD":0.9,"QNETCN":0.9,"TQQQ":0.9,"TTTN":0.9,"QLD":0.9,".IXIC":0.9,"BABA":0.9,"SQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581608528633395","authorId":"3581608528633395","name":"林癸源","avatar":"https://community-static.tradeup.com/news/64ab6cd5db62119f730277b3a65da70c","crmLevel":1,"crmLevelSwitch":1,"authorIdStr":"3581608528633395","idStr":"3581608528633395"},"content":"[smile] [smile]","text":"[smile] [smile]","html":"[smile] [smile]"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102727944,"gmtCreate":1620255953988,"gmtModify":1704340742232,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/102727944","repostId":"2133541023","repostType":4,"repost":{"id":"2133541023","kind":"news","pubTimestamp":1620204124,"share":"https://ttm.financial/m/news/2133541023?lang=en_US&edition=fundamental","pubTime":"2021-05-05 16:42","market":"us","language":"zh","title":"Why does \"regulatory fighter\" Musk always get away with it?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133541023","media":"腾讯新闻","summary":"【划重点】\n1美国联邦机构认为马斯克违反了法律规定，危及公众安全。马斯克则表示，是他们阻碍了项目进展。2马斯克惯于通过个人社交媒体公开贬低监管机构，其中不乏粗俗用语。3马斯克称，当和监管机构出现分歧时","content":"<p>[Key points]</p><p>1 U.S. federal agencies believe that Musk violated the law and endangered public safety. Musk said that they hindered the progress of the project. 2 Musk is used to publicly belittling regulatory agencies through personal social media, and there are many vulgar terms among them. 3 Musk said that when there is a disagreement with regulators, it is \"almost always because of new technologies that are not considered by outdated regulations.\" On March 21, after listening to commercial space companies such as SpaceX, the FAA simplified launch licensing rules. 5<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After meeting with state officials, including the Nevada Attorney General, Nevada officials finally agreed to let Tesla limit investigators' access to the factory for inspections. 6In 2018, after Tesla made the data public, the NTSB chairman asked Tesla to stop leaking information about the investigation, and Musk hung up his phone directly.</p><p>[Editor's note] From Tesla electric vehicles to SpaceX starships, Musk has become one of the most successful entrepreneurs in the world. At the same time, he also rewrote the rules for dealing with American regulators. As CEO of Tesla and SpaceX, Musk has always clashed with a whole bunch of U.S. government agencies, and usually gets away with it.</p><p>The following is the text of the article:</p><p><img src=\"https://static.tigerbbs.com/a6977b2195dd8bc1ff8fc9036c761b9f\" tg-width=\"480\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Elon Musk, CEO of electric car maker Tesla and space exploration technology company SpaceX, is in the spotlight of many U.S. regulators. These agencies have been paying attention to Musk's practice of bypassing regulations or ignoring law enforcement, but Musk can always be the ultimate winner. Arguably, Musk won over a whole bunch of agencies that regulate financial markets and workplace conditions, and keep highways and space flights safe.</p><p>Most company CEOs always deliberately avoid regulators, or at least keep themselves in their eyes. Many people accused by regulators of crossing the line always choose to pay fines or agree to make improvements.</p><p>Musk, the world's richest man, is accustomed to breaking the tradition and is sought after by some investors. He took a completely different strategy, not letting regulations hinder his ambitious goal of disrupting transportation with Tesla electric vehicles or conquering Mars with SpaceX starships.</p><p>U.S. federal agencies believe Musk has violated the law and endangered public safety. Musk, for his part, said that they were hindering progress.</p><p>The National Transportation Safety Board (NTSB) found that Tesla and its main regulator, the National Highway Traffic Safety Administration (NHTSA), failed to implement the board's recommendations to prevent the company's advanced assisted driving systems from being abused. Both agencies are currently investigating a recent fatal crash involving a Tesla Model S electric vehicle in Texas.</p><p><img src=\"https://static.tigerbbs.com/a85e9dc41ddb1885dfeb0aa70bdba2f4\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">SpaceX's Starship Prototype SN8 Launches</p><p>The Federal Aviation Administration (FAA) also criticized Musk-led SpaceX for launching a prototype Starship in December last year without FAA permission at all. Musk ridiculed the FAA space department on his personal social media as \"completely bad to the root\".</p><p>A lot of foul language</p><p>Even compared to other tech giants in Silicon Valley who have expressed dissatisfaction with regulators, Musk looks different. Its way of doing things is not to compromise with regulators, but to publicly belittle regulators through personal social media, with many vulgar terms.</p><p>The U.S. Securities and Exchange Commission (SEC) had asked Musk to provide information on whether Tesla reviews Musk's public information. This is also the main content of the legal proceedings caused by Musk's random tweets in 2018, and the final settlement agreement was reached. But a tweet Musk posted last summer clearly insinuated the SEC in vulgar language: \"SEC, a three-letter acronym with the middle word Elon's.\"</p><p>When contacted for comment, Musk simply replied with a \"poop\" emoticon. When asked to elaborate, Musk declined to provide any input on his communications with regulators or his views on regulation. Musk said on his personal social media on Tuesday that he approved of regulators' opinions \"99.9% of the time.\" But he also added that when there is a disagreement, it is \"almost always because of new technologies that have not been considered by outdated regulations.\"</p><p>Tesla and SpaceX also didn't return requests for comment.</p><p>NHTSA said it is \"closely evaluating potential measures to ensure that drivers can take the most effective measures to ensure their own safety, including making them fully understand that they are fully responsible for the operation of their vehicles.\" An FAA spokesperson said that since the launch in December last year, SpaceX has taken \"corrective actions\" to strengthen public safety. An SEC spokesperson declined to comment.</p><p>Instead of encouraging Musk to follow the regulatory trend, some investors are blindly intoxicated by his abnormal behavior. Musk's fans \"see him as a freedom fighter and cheer on him,\" said Nathan Weiss, an independent research analyst who has followed Tesla for a long time.</p><p>SpaceX has designed rockets and spacecraft to send cargo and people into space, which have been successfully put into service. Just last week, a SpaceX-owned Falcon 9 rocket sent four astronauts to the International Space Station, marking the company's first manned space mission using used spacecraft and rockets. Earlier this month, NASA awarded SpaceX a contract totaling approximately $2.89 billion to build a lunar landing spacecraft for astronauts' lunar exploration program.</p><p>SpaceX is also developing reusable Starship systems to transport humans and cargo to Mars. SpaceX's website shows that the company has clashed with regulators when testing its latest Starship prototype.</p><p>Tensions between the company and the FAA increased late last year as the December 9 test launch date approached. On December 7, Musk stated on his personal social media that the chance of a complete success of this launch is only one-third. After all, it is a common fact that the spacecraft makes mistakes in the early test flight stage. For the FAA, the most severe test is whether the possible explosion will pose a threat to the surrounding communities.</p><p>Aviation experts say that atmospheric conditions such as temperature, wind direction and clouds can all affect the distance that explosion shock waves can travel. The FAA calculated that the risk of injury to the public from this launch test could exceed the threshold. SpaceX submitted its own risk analysis assessment report to the FAA. An FAA spokesman said that the agency refused to accept SpaceX's analysis report and would not give in to established safety standards.</p><p>Fireball flies</p><p>In the end, SpaceX sent the prototype starship to an altitude of 10 kilometers above the earth. SN8 returned to the ground nearly 7 minutes after its launch. As a result, a violent explosion occurred during the impact, and fireballs took off at the scene. No one was injured and no property damage was reported.</p><p>After the FAA asked SpaceX to postpone flight tests originally scheduled for January this year, Musk publicly accused the regulator of hindering research and development progress, saying its regulations are outdated. On January 28, Musk wrote on his personal social media: \"Their regulations are for one-time launches made in small quantities from some government facilities every year. If these rules are followed, humans will never reach Mars.\"</p><p>An FAA spokesman said that on March 12, FAA Administrator Stephen Dickson called Musk to protest, stressing that he must comply with FAA regulations. According to FAA briefings to three congressional panels, SpaceX finally revised its pre-launch procedures to avoid another unlicensed launch. The FAA said SpaceX is now required to have an inspector on hand to supervise when the spacecraft is launched, rather than remote observation.</p><p>On March 21, after hearing from commercial space companies such as SpaceX, the FAA simplified its rules for launch licensing.</p><p>Since the flight test in December last year, SpaceX has conducted flight tests on three Starship prototypes in Boca Chica on the premise of obtaining FAA launch license. But each prototype exploded as it returned to the launch pad.</p><p>In March of this year, the National Labor Relations Board (NLRB) ruled that Tesla violated U.S. labor laws by hindering employees from forming unions, and ordered Musk to delete a tweet that discouraged employees from forming unions. Tesla appealed the decision this month, calling the NLRB's ruling \"violates the law.\"</p><p>At present, Musk's tweet has not been deleted. NLRB also declined to comment.</p><p>Tesla vs. Partners<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Production of vehicle battery packs at Gigafactory Nevada. Tesla also rejected a request from U.S. Occupational Safety and Health Administration (OSHA) officials to inspect Gigafactory in Nevada.</p><p><img src=\"https://static.tigerbbs.com/c668d08a4400c79c1b54fc8dd46b3288\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Electric vehicles produced at Tesla's Fremont, California factory are loaded</p><p>Relevant records show that in 2019, the Nevada Occupational Safety and Health Administration (OSHA) tried to conduct a comprehensive inspection of the Gigafactory, but was blocked by Tesla for nearly three months. This gigafactory, which makes batteries, is one of the largest in Nevada and employs about 7,800 people.</p><p>The reason was that on the same day that year, an employee working at the factory was cut and another employee lost a finger. OSHA in Nevada requires Tesla to apply to a third-party agency to evaluate the safety of its machines. But Tesla missed a deadline to file a report with OSHA, and Jess Lankford, the chief administrative officer of OSHA in Nevada, ordered a full inspection of the plant in March 2019.</p><p>OSHA investigators wrote that they were unable to make recommendations on nine potential hazards discovered in initial attempts to inspect the factory because Tesla refused to let employees be interviewed to determine whether company management was aware of the problems. According to the report submitted by OSHA investigators, they were barred from continuing their work when they returned to the plant the next day. Tesla lawyer Yesenia Villase or said that according to the inspection report and emails to and from, OSHA had no legal basis to conduct the inspection, so Tesla \"shelved\" OSHA's inspection of the factory until the problem was resolved.</p><p>An investigator pointed out in the report that when they asked to sign a statement that Tesla refused to conduct the inspection, they were rejected by company representatives.</p><p>A spokesman for OSHA in Nevada said that most employers communicate with Tesla completely differently, and they will cooperate at the request of investigators. Business employers are required by law to comply with OSHA's inspection, interview and document submission requirements, she said. But OSHA in Nevada ran into difficulties when it inspected Tesla.</p><p>Lankford declined to comment outside of the OSHA statement. Villiaceno did not return a request for comment.</p><p>Following the following weeks-long standoff, OSHA Nevada received an administrative clearance from a judge on May 20, 2019, to conduct a full inspection of Tesla's Gigafactory.</p><p>The next morning, an OSHA supervisor inspected the Tesla factory with a search warrant and a deputy sheriff, according to video footage captured by a local police law enforcement recorder.</p><p>The video shows the deputy expressing sympathy for what happened to OSHA investigators as they waited for a Tesla representative at the factory gate.</p><p>Still rejected</p><p>\"They're hard to deal with, almost as good as us,\" the deputy said.</p><p>A Tesla manager denied them access to the factory even though investigators were armed with a search warrant.</p><p>Tesla then met with state officials, including Nevada's attorney general, according to Ray Fierro, a former Nevada Department of Commerce and Industry official who attended the meeting.</p><p>Fierro revealed that in the end, Nevada officials agreed to let Tesla restrict investigators from entering the factory for inspections, and at the same time reported to the judge that OSHA had received necessary cooperation. Subsequent inspections resulted in three ancillary reports, two of which were about Tesla's refusal to provide documents such as injury records, and the other that there was a fall hazard at the factory. Again, investigators pointed out that Tesla did not allow investigators to conduct interviews with employees.</p><p>OSHA has not been able to conduct a comprehensive inspection of Tesla's factory so far, an agency spokesman said.</p><p><img src=\"https://static.tigerbbs.com/d77788e3bad8c8fcaba4494edf114a14\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Tesla Gigafactory Nevada</p><p>One of the more prominent issues facing Tesla right now involves its advanced assisted driving features. This assisted driving system, called Autopilot, has been linked to a series of car accidents and has been repeatedly reviewed by regulatory authorities.</p><p>Kris Poland, the NTSB's deputy director for highway safety, said that to some extent, this reflects the lack of clear regulatory rules in the emerging safety field. He applauded Tesla engineers for sharing data and technical expertise upon request.</p><p>After a fatal crash involving a Tesla electric vehicle in Florida in 2016, the NTSB found that Tesla technology was inseparable from the crash because it allowed drivers to leave their hands on the steering wheel for long periods of time. NHTSA said that Tesla had tried to design a system to prevent drivers from abusing the Autopilot system.</p><p>The NTSB had urged six automakers to limit the way drivers use assisted driving systems. With the exception of Tesla, each company listed the steps they took to reduce system abuse, which was also recognized by the NTSB. The NTSB made it clear that by failing to prevent drivers from using Autopilot for purposes other than it was designed for, Tesla developed a \"failed system with obvious foreseeable misuse.\"</p><p>Texas Car Accident</p><p>After a fatal Tesla Model S electric car crash in Texas this month, local police said they found two men in the car involved, but neither of them was in the driver's seat.</p><p>The accident made people question whether and how the vehicle involved could drive without driving. A Tesla executive said last Monday that someone may have been in the driver's seat at the time of the crash. The car accident is still under investigation. Musk said on his personal social media that early data showed that the Autopilot system on the car was not activated.</p><p><img src=\"https://static.tigerbbs.com/dc3ecb6ea883d096458dea41295824b6\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Musk attends press conference after SpaceX's Dragon spacecraft's first manned space mission was successful</p><p>In 2018, the NTSB conducted an investigation into an accident involving a Tesla vehicle. After that, Tesla released preliminary data on the accident and stated on its website that drivers were 3.7 times less likely to have a fatal car accident while using Autopilot. Car safety experts and statisticians question Tesla's claims.</p><p>After Tesla made the data public, NTSB Chairman Robert Sumwalt called Musk to ask his company to stop leaking information about the investigation, according to the NTSB's letter to Tesla. When Tesla shared information publicly again, Sumwater told Musk that it would no longer cooperate with Tesla on the crash investigation.</p><p>Sumwater later said in a remark that Musk hung up on him directly. In response to criticism, Tesla said it had opted out of the investigation, saying that the NTSB was \"more concerned with headlines than really improving safety.\" (Jiao Han)</p>","source":"TXXW","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why does \"regulatory fighter\" Musk always get away with it?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy does \"regulatory fighter\" Musk always get away with it?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-05-05 16:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>[Key points]</p><p>1 U.S. federal agencies believe that Musk violated the law and endangered public safety. Musk said that they hindered the progress of the project. 2 Musk is used to publicly belittling regulatory agencies through personal social media, and there are many vulgar terms among them. 3 Musk said that when there is a disagreement with regulators, it is \"almost always because of new technologies that are not considered by outdated regulations.\" On March 21, after listening to commercial space companies such as SpaceX, the FAA simplified launch licensing rules. 5<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After meeting with state officials, including the Nevada Attorney General, Nevada officials finally agreed to let Tesla limit investigators' access to the factory for inspections. 6In 2018, after Tesla made the data public, the NTSB chairman asked Tesla to stop leaking information about the investigation, and Musk hung up his phone directly.</p><p>[Editor's note] From Tesla electric vehicles to SpaceX starships, Musk has become one of the most successful entrepreneurs in the world. At the same time, he also rewrote the rules for dealing with American regulators. As CEO of Tesla and SpaceX, Musk has always clashed with a whole bunch of U.S. government agencies, and usually gets away with it.</p><p>The following is the text of the article:</p><p><img src=\"https://static.tigerbbs.com/a6977b2195dd8bc1ff8fc9036c761b9f\" tg-width=\"480\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Elon Musk, CEO of electric car maker Tesla and space exploration technology company SpaceX, is in the spotlight of many U.S. regulators. These agencies have been paying attention to Musk's practice of bypassing regulations or ignoring law enforcement, but Musk can always be the ultimate winner. Arguably, Musk won over a whole bunch of agencies that regulate financial markets and workplace conditions, and keep highways and space flights safe.</p><p>Most company CEOs always deliberately avoid regulators, or at least keep themselves in their eyes. Many people accused by regulators of crossing the line always choose to pay fines or agree to make improvements.</p><p>Musk, the world's richest man, is accustomed to breaking the tradition and is sought after by some investors. He took a completely different strategy, not letting regulations hinder his ambitious goal of disrupting transportation with Tesla electric vehicles or conquering Mars with SpaceX starships.</p><p>U.S. federal agencies believe Musk has violated the law and endangered public safety. Musk, for his part, said that they were hindering progress.</p><p>The National Transportation Safety Board (NTSB) found that Tesla and its main regulator, the National Highway Traffic Safety Administration (NHTSA), failed to implement the board's recommendations to prevent the company's advanced assisted driving systems from being abused. Both agencies are currently investigating a recent fatal crash involving a Tesla Model S electric vehicle in Texas.</p><p><img src=\"https://static.tigerbbs.com/a85e9dc41ddb1885dfeb0aa70bdba2f4\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">SpaceX's Starship Prototype SN8 Launches</p><p>The Federal Aviation Administration (FAA) also criticized Musk-led SpaceX for launching a prototype Starship in December last year without FAA permission at all. Musk ridiculed the FAA space department on his personal social media as \"completely bad to the root\".</p><p>A lot of foul language</p><p>Even compared to other tech giants in Silicon Valley who have expressed dissatisfaction with regulators, Musk looks different. Its way of doing things is not to compromise with regulators, but to publicly belittle regulators through personal social media, with many vulgar terms.</p><p>The U.S. Securities and Exchange Commission (SEC) had asked Musk to provide information on whether Tesla reviews Musk's public information. This is also the main content of the legal proceedings caused by Musk's random tweets in 2018, and the final settlement agreement was reached. But a tweet Musk posted last summer clearly insinuated the SEC in vulgar language: \"SEC, a three-letter acronym with the middle word Elon's.\"</p><p>When contacted for comment, Musk simply replied with a \"poop\" emoticon. When asked to elaborate, Musk declined to provide any input on his communications with regulators or his views on regulation. Musk said on his personal social media on Tuesday that he approved of regulators' opinions \"99.9% of the time.\" But he also added that when there is a disagreement, it is \"almost always because of new technologies that have not been considered by outdated regulations.\"</p><p>Tesla and SpaceX also didn't return requests for comment.</p><p>NHTSA said it is \"closely evaluating potential measures to ensure that drivers can take the most effective measures to ensure their own safety, including making them fully understand that they are fully responsible for the operation of their vehicles.\" An FAA spokesperson said that since the launch in December last year, SpaceX has taken \"corrective actions\" to strengthen public safety. An SEC spokesperson declined to comment.</p><p>Instead of encouraging Musk to follow the regulatory trend, some investors are blindly intoxicated by his abnormal behavior. Musk's fans \"see him as a freedom fighter and cheer on him,\" said Nathan Weiss, an independent research analyst who has followed Tesla for a long time.</p><p>SpaceX has designed rockets and spacecraft to send cargo and people into space, which have been successfully put into service. Just last week, a SpaceX-owned Falcon 9 rocket sent four astronauts to the International Space Station, marking the company's first manned space mission using used spacecraft and rockets. Earlier this month, NASA awarded SpaceX a contract totaling approximately $2.89 billion to build a lunar landing spacecraft for astronauts' lunar exploration program.</p><p>SpaceX is also developing reusable Starship systems to transport humans and cargo to Mars. SpaceX's website shows that the company has clashed with regulators when testing its latest Starship prototype.</p><p>Tensions between the company and the FAA increased late last year as the December 9 test launch date approached. On December 7, Musk stated on his personal social media that the chance of a complete success of this launch is only one-third. After all, it is a common fact that the spacecraft makes mistakes in the early test flight stage. For the FAA, the most severe test is whether the possible explosion will pose a threat to the surrounding communities.</p><p>Aviation experts say that atmospheric conditions such as temperature, wind direction and clouds can all affect the distance that explosion shock waves can travel. The FAA calculated that the risk of injury to the public from this launch test could exceed the threshold. SpaceX submitted its own risk analysis assessment report to the FAA. An FAA spokesman said that the agency refused to accept SpaceX's analysis report and would not give in to established safety standards.</p><p>Fireball flies</p><p>In the end, SpaceX sent the prototype starship to an altitude of 10 kilometers above the earth. SN8 returned to the ground nearly 7 minutes after its launch. As a result, a violent explosion occurred during the impact, and fireballs took off at the scene. No one was injured and no property damage was reported.</p><p>After the FAA asked SpaceX to postpone flight tests originally scheduled for January this year, Musk publicly accused the regulator of hindering research and development progress, saying its regulations are outdated. On January 28, Musk wrote on his personal social media: \"Their regulations are for one-time launches made in small quantities from some government facilities every year. If these rules are followed, humans will never reach Mars.\"</p><p>An FAA spokesman said that on March 12, FAA Administrator Stephen Dickson called Musk to protest, stressing that he must comply with FAA regulations. According to FAA briefings to three congressional panels, SpaceX finally revised its pre-launch procedures to avoid another unlicensed launch. The FAA said SpaceX is now required to have an inspector on hand to supervise when the spacecraft is launched, rather than remote observation.</p><p>On March 21, after hearing from commercial space companies such as SpaceX, the FAA simplified its rules for launch licensing.</p><p>Since the flight test in December last year, SpaceX has conducted flight tests on three Starship prototypes in Boca Chica on the premise of obtaining FAA launch license. But each prototype exploded as it returned to the launch pad.</p><p>In March of this year, the National Labor Relations Board (NLRB) ruled that Tesla violated U.S. labor laws by hindering employees from forming unions, and ordered Musk to delete a tweet that discouraged employees from forming unions. Tesla appealed the decision this month, calling the NLRB's ruling \"violates the law.\"</p><p>At present, Musk's tweet has not been deleted. NLRB also declined to comment.</p><p>Tesla vs. Partners<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Production of vehicle battery packs at Gigafactory Nevada. Tesla also rejected a request from U.S. Occupational Safety and Health Administration (OSHA) officials to inspect Gigafactory in Nevada.</p><p><img src=\"https://static.tigerbbs.com/c668d08a4400c79c1b54fc8dd46b3288\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Electric vehicles produced at Tesla's Fremont, California factory are loaded</p><p>Relevant records show that in 2019, the Nevada Occupational Safety and Health Administration (OSHA) tried to conduct a comprehensive inspection of the Gigafactory, but was blocked by Tesla for nearly three months. This gigafactory, which makes batteries, is one of the largest in Nevada and employs about 7,800 people.</p><p>The reason was that on the same day that year, an employee working at the factory was cut and another employee lost a finger. OSHA in Nevada requires Tesla to apply to a third-party agency to evaluate the safety of its machines. But Tesla missed a deadline to file a report with OSHA, and Jess Lankford, the chief administrative officer of OSHA in Nevada, ordered a full inspection of the plant in March 2019.</p><p>OSHA investigators wrote that they were unable to make recommendations on nine potential hazards discovered in initial attempts to inspect the factory because Tesla refused to let employees be interviewed to determine whether company management was aware of the problems. According to the report submitted by OSHA investigators, they were barred from continuing their work when they returned to the plant the next day. Tesla lawyer Yesenia Villase or said that according to the inspection report and emails to and from, OSHA had no legal basis to conduct the inspection, so Tesla \"shelved\" OSHA's inspection of the factory until the problem was resolved.</p><p>An investigator pointed out in the report that when they asked to sign a statement that Tesla refused to conduct the inspection, they were rejected by company representatives.</p><p>A spokesman for OSHA in Nevada said that most employers communicate with Tesla completely differently, and they will cooperate at the request of investigators. Business employers are required by law to comply with OSHA's inspection, interview and document submission requirements, she said. But OSHA in Nevada ran into difficulties when it inspected Tesla.</p><p>Lankford declined to comment outside of the OSHA statement. Villiaceno did not return a request for comment.</p><p>Following the following weeks-long standoff, OSHA Nevada received an administrative clearance from a judge on May 20, 2019, to conduct a full inspection of Tesla's Gigafactory.</p><p>The next morning, an OSHA supervisor inspected the Tesla factory with a search warrant and a deputy sheriff, according to video footage captured by a local police law enforcement recorder.</p><p>The video shows the deputy expressing sympathy for what happened to OSHA investigators as they waited for a Tesla representative at the factory gate.</p><p>Still rejected</p><p>\"They're hard to deal with, almost as good as us,\" the deputy said.</p><p>A Tesla manager denied them access to the factory even though investigators were armed with a search warrant.</p><p>Tesla then met with state officials, including Nevada's attorney general, according to Ray Fierro, a former Nevada Department of Commerce and Industry official who attended the meeting.</p><p>Fierro revealed that in the end, Nevada officials agreed to let Tesla restrict investigators from entering the factory for inspections, and at the same time reported to the judge that OSHA had received necessary cooperation. Subsequent inspections resulted in three ancillary reports, two of which were about Tesla's refusal to provide documents such as injury records, and the other that there was a fall hazard at the factory. Again, investigators pointed out that Tesla did not allow investigators to conduct interviews with employees.</p><p>OSHA has not been able to conduct a comprehensive inspection of Tesla's factory so far, an agency spokesman said.</p><p><img src=\"https://static.tigerbbs.com/d77788e3bad8c8fcaba4494edf114a14\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Tesla Gigafactory Nevada</p><p>One of the more prominent issues facing Tesla right now involves its advanced assisted driving features. This assisted driving system, called Autopilot, has been linked to a series of car accidents and has been repeatedly reviewed by regulatory authorities.</p><p>Kris Poland, the NTSB's deputy director for highway safety, said that to some extent, this reflects the lack of clear regulatory rules in the emerging safety field. He applauded Tesla engineers for sharing data and technical expertise upon request.</p><p>After a fatal crash involving a Tesla electric vehicle in Florida in 2016, the NTSB found that Tesla technology was inseparable from the crash because it allowed drivers to leave their hands on the steering wheel for long periods of time. NHTSA said that Tesla had tried to design a system to prevent drivers from abusing the Autopilot system.</p><p>The NTSB had urged six automakers to limit the way drivers use assisted driving systems. With the exception of Tesla, each company listed the steps they took to reduce system abuse, which was also recognized by the NTSB. The NTSB made it clear that by failing to prevent drivers from using Autopilot for purposes other than it was designed for, Tesla developed a \"failed system with obvious foreseeable misuse.\"</p><p>Texas Car Accident</p><p>After a fatal Tesla Model S electric car crash in Texas this month, local police said they found two men in the car involved, but neither of them was in the driver's seat.</p><p>The accident made people question whether and how the vehicle involved could drive without driving. A Tesla executive said last Monday that someone may have been in the driver's seat at the time of the crash. The car accident is still under investigation. Musk said on his personal social media that early data showed that the Autopilot system on the car was not activated.</p><p><img src=\"https://static.tigerbbs.com/dc3ecb6ea883d096458dea41295824b6\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Musk attends press conference after SpaceX's Dragon spacecraft's first manned space mission was successful</p><p>In 2018, the NTSB conducted an investigation into an accident involving a Tesla vehicle. After that, Tesla released preliminary data on the accident and stated on its website that drivers were 3.7 times less likely to have a fatal car accident while using Autopilot. Car safety experts and statisticians question Tesla's claims.</p><p>After Tesla made the data public, NTSB Chairman Robert Sumwalt called Musk to ask his company to stop leaking information about the investigation, according to the NTSB's letter to Tesla. When Tesla shared information publicly again, Sumwater told Musk that it would no longer cooperate with Tesla on the crash investigation.</p><p>Sumwater later said in a remark that Musk hung up on him directly. In response to criticism, Tesla said it had opted out of the investigation, saying that the NTSB was \"more concerned with headlines than really improving safety.\" (Jiao Han)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/JqJZMJs3P1gPGeeBCUVX1g\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/738db90100dde472164b78d670af0821","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/JqJZMJs3P1gPGeeBCUVX1g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133541023","content_text":"【划重点】\n1美国联邦机构认为马斯克违反了法律规定，危及公众安全。马斯克则表示，是他们阻碍了项目进展。2马斯克惯于通过个人社交媒体公开贬低监管机构，其中不乏粗俗用语。3马斯克称，当和监管机构出现分歧时，“几乎总是因为过时法规未曾考虑过的新技术。”43月21日，在听取了SpaceX等商业太空公司的意见后，FAA简化了发射许可的规定。5特斯拉会见了包括内华达州总检察长在内的州官，最终内华达州官员们同意让特斯拉限制调查员进入工厂的检查范围。62018年，在特斯拉公开数据后，NTSB主席要求特斯拉停止泄露有关调查的信息，结果马斯克直接挂断了他的电话。\n【编者按】从特斯拉电动汽车到SpaceX星际飞船，马斯克已经成为世界上最成功的企业家之一。与此同时他还改写了与美国监管机构打交道的规则。作为特斯拉和SpaceX的首席执行官，马斯克总是与一大堆美国政府机构发生冲突，通常还都能侥幸逃脱。\n以下为文章正文：\n电动汽车制造商特斯拉和太空探索技术公司SpaceX的首席执行官埃隆·马斯克(Elon Musk)是很多美国监管机构眼中的焦点人物。这些机构一直在关注马斯克绕开法规监管或者无视执法行为的做法，但马斯克总能成为最终的赢家。可以说，马斯克战胜了一大堆监管金融市场和工作场所条件、保证高速公路和太空飞行安全的机构。\n大多数公司首席执行官总是刻意避开监管机构，或者至少会让自己在他们眼中保持一定好感。许多被监管机构指控越界的人总是选择缴纳罚款或同意作出改进。\n世界首富马斯克惯于打破传统的举动受到一些投资者的追捧。他采取了完全不同的策略，根本不让法规监管阻碍他用特斯拉电动汽车颠覆交通运输或用SpaceX星际飞船征服火星的宏大目标。\n美国联邦机构认为马斯克违反了法律规定，危及公众安全。马斯克则表示，是他们阻碍了进展。\n美国国家运输安全委员会(NTSB)认定，特斯拉和其主要监管机构美国国家公路交通安全管理局(NHTSA)未能执行该委员会的建议，去防止公司高级辅助驾驶系统被滥用。目前两家机构都在调查最近发生在德克萨斯州的一起涉及特斯拉Model S电动汽车致命车祸。\nSpaceX旗下星际飞船原型SN8发射升空\n美国联邦航空管理局(FAA)也批评马斯克领导的SpaceX去年12月份在根本没有获得FAA许可的情况下将星际飞船原型发射升空。马斯克则在个人社交媒体上嘲讽FAA太空部门“完全坏到根上”。\n粗话连篇\n即便与硅谷其他对监管机构表示不满的科技大佬相比，马斯克也显得与众不同。其行事方式不是与监管机构相互妥协，而是惯于通过个人社交媒体公开贬低监管机构，其中不乏粗俗用语。\n美国证券交易委员会(SEC)曾要求马斯克提供信息，说明特斯拉是否审查马斯克的公开信息。这也是2018年双方就马斯克乱发推文引起法律诉讼、最终达成和解协议的主要内容。但马斯克去年夏天发布的一条推文明显用粗俗语言暗讽SEC：“SEC，三个字母的首字母缩写，中间单词是埃隆的（Elon’s）。”\n当联系马斯克发表评论时，他只是回复了一个“便便”的表情。当被要求详细说明时，马斯克拒绝就他与监管机构的沟通或对监管的看法提供任何意见。马斯克周二在个人社交媒体上说，自己在“99.9%的情况下”认可监管机构的意见。但他还补充说，当出现分歧时，“几乎总是因为过时法规未曾考虑过的新技术。”\n特斯拉和SpaceX也没有回复置评请求。\nNHTSA表示，他们正在“密切评估潜在措施，以确保司机能够采取最有效手段确保自身安全，包括让他们充分理解自己对车辆运行负有全部责任。”FAA一位发言人则表示，自去年12月份的发射活动以来，SpaceX已经采取了“纠正措施”，加强了公共安全。SEC发言人拒绝置评。\n一些投资者非但没有鼓励马斯克顺应监管大势，反而一味对其反常行为感到陶醉。长期关注特斯拉的独立研究分析师内森·韦斯(Nathan Weiss)说，马斯克的粉丝们“把他视为自由斗士，为他加油助威”。\nSpaceX已经设计出将货物和人员送入太空的火箭和飞船，并已成功投入使用。就在上周，SpaceX旗下一枚猎鹰9号火箭将四名宇航员送入国际空间站，这是该公司首次使用二手飞船和火箭完成载人航天任务。本月早些时候，美国宇航局（NASA）授予SpaceX一份总额约28.9亿美元的合同，为宇航员探月计划打造登月飞船。\nSpaceX还在开发将人类和货物运往火星的可重复使用星际飞船系统。SpaceX网站显示，公司在测试其最新的星际飞船原型时曾与监管机构发生过冲突。\n去年年底，随着12月9日测试发射日期的临近，公司与FAA的紧张气氛加剧。12月7日，马斯克在个人社交媒体上表示，这次发射完全成功的几率只有三分之一，毕竟飞船在早期试飞阶段出错是司空见惯的事实。对FAA来说，最严峻的考验在于可能发生的爆炸是否会对周围社区造成威胁。\n航空专家说，温度、风向和云层等大气条件都会影响爆炸冲击波传播的距离。FAA计算出，这次发射测试造成公众受伤的风险可能会超过阈值。SpaceX向FAA提交了自己的风险分析评估报告。FAA发言人表示，本机构拒绝接受SpaceX的分析报告，并且不会在既定的安全标准面前让步。\n火球腾空\n最终SpaceX还是将这艘星际飞船原型送上了距地10公里的高空。SN8发射近7分钟后返回地面，结果在撞击中发生剧烈爆炸，现场火球腾空而起。没有人受伤，也没有财产损失的报告。\n在FAA要求SpaceX推迟原定于今年1月份的飞行测试后，马斯克公开指责这家监管机构阻碍研发进展，并称其法规已经过时。1月28日，马斯克在个人社交媒体上写道：“他们的规定是针对每年从一些政府设施少量进行的一次性发射。如果遵循这些规则，人类永远不会到达火星。”\nFAA发言人说，3月12日FAA局长斯蒂芬·迪克森(Stephen Dickson)给马斯克打电话提出抗议，强调他必须遵守FAA的规定。根据FAA向三个国会小组提交的简报，SpaceX最终修改了发射前程序，避免再有未经许可的发射出现。FAA表示，现在要求SpaceX在飞船发射时有一名检查员到场监督，而不是远程观察。\n3月21日，在听取了SpaceX等商业太空公司的意见后，FAA简化了发射许可的规定。\n自去年12月份进行飞行测试以来，SpaceX在获得FAA发射许可的前提下，又在博卡奇卡对三艘星际飞船原型进行了飞行测试。但每艘原型都在返回发射台时发生爆炸。\n今年3月份，美国国家劳工关系委员会(NLRB)裁定，特斯拉阻碍员工成立工会，违反了美国劳动法，并命令马斯克删除一条不鼓励员工成立工会的推文。特斯拉本月对这一决定提出上诉，称NLRB的裁决“违反法律规定”。\n目前马斯克的推文仍没有删除。NLRB也拒绝置评。\n特斯拉与合作伙伴松下在内华达州超级工厂生产车用电池组。特斯拉还拒绝了美国职业安全与健康管理局(OSHA)官员检查内华达州超级工厂的要求。\n特斯拉加州弗里蒙特工厂生产的电动汽车装车\n相关记录显示，2019年内华达州职业安全与健康管理局(OSHA)试图对超级工厂进行全面检查，但被特斯拉阻挠了近三个月的时间。这家生产电池的超级工厂是内华达州最大工厂之一，约有7800名员工。\n原因是当年同一天，一名在工厂工作的员工被割伤，另一名员工失去了一根手指。内华达州OSHA要求特斯拉申请第三方机构评估其机器安全性。但特斯拉错过了向OSHA提交报告的最后期限，内华达州OSHA首席行政官杰西·兰克福德(Jess Lankford)于2019年3月下令对工厂进行全面检查。\nOSHA调查员写道，他们无法就最初尝试检查工厂时发现的9方面潜在危险提出建议，因为特斯拉拒绝让员工接受采访，以确定公司管理层是否知晓这些问题。根据OSHA调查员提交的报告，他们第二天再到工厂时就被禁止继续工作。特斯拉律师耶森尼亚·比利亚塞诺（YeseniaVillase or）表示，根据检查报告和往来的电子邮件，OSHA并没有进行检查的合法依据，因此特斯拉在问题解决前“搁置”了OSHA对工厂的检查。\n一名调查员在报告中指出，当他们要求签署一份是特斯拉拒绝进行检查的声明时，遭到公司代表的拒绝。\n内华达州OSHA一名发言人表示，大多数雇主与特斯拉进行沟通的方式完全不同，它们都会应调查员要求给予配合。她说，法律要求企业雇主遵守OSHA的检查、面谈和提交文件要求。但内华达州OSHA检查特斯拉时却遇到了困难。\n兰克福德拒绝在OSHA声明之外发表评论。比利亚塞诺没有回复置评请求。\n在接下来长达几周的对峙之后，内华达州OSHA于2019年5月20日从一名法官那里获得了行政许可，对特斯拉超级工厂进行全面检查。\n据当地警用执法记录仪所拍摄的视频画面显示，第二天早上，一名OSHA主管带着搜查令和一名副警长一道检查了特斯拉工厂。\n视频显示，当他们在厂门口等待特斯拉代表时，这位副警长对OSHA调查员的遭遇表示同情。\n仍然遭拒\n“他们很难对付,快和我们差不多了，”这位副警长说。\n尽管调查员手持搜查令，但一名特斯拉经理还是拒绝他们进入工厂。\n据参加会议的内华达商业和工业部前官员雷·菲耶罗(Ray Fierro)说，特斯拉随后会见了包括内华达州总检察长在内的州官。\n菲耶罗透露，最终内华达州官员们同意让特斯拉限制调查员进入工厂的检查范围，同时向法官报告OSHA获得了必要配合。随后进行的检查产生了三项附属报告，其中两份是关于特斯拉拒绝提供受伤记录等文件，另一份是工厂存在坠落危险。调查人员再次指出，特斯拉不允许调查员与员工进行面谈。\n机构发言人说，迄今为止OSHA还没能对特斯拉工厂进行全面检查。\n特斯拉内华达州超级工厂\n特斯拉目前面临的一个更突出问题涉及其高级辅助驾驶功能。这个名为Autopilot的辅助驾驶系统与一系列车祸相关，已多次受到监管部门的审查。\nNTSB负责公路安全的副主任克里斯·波兰德(Kris Poland)表示，从某种程度上说，这反映新兴安全领域缺乏明确的监管规则。他对特斯拉工程师应要求共享数据和技术专业知识的做法表示赞赏。\n2016年佛罗里达州发生一起涉及特斯拉电动汽车的致命车祸后，NTSB发现，特斯拉技术和这起事故脱不开干系，因为其允许司机长时间不把手放在方向盘上。NHTSA则表示，特斯拉曾试图设计一套系统，防止驾驶员滥用Autopilot系统。\nNTSB曾敦促六家汽车制造商限制司机使用辅助驾驶系统的方式。除特斯拉外，每家公司都列出了它们为减少系统滥用所采取的措施，也获得了NTSB的认可。NTSB明确表示，由于没能阻止司机在非设计目的下使用Autopilot，特斯拉开发的是一个“显然存在可预见误用性的失败系统”。\n德州车祸\n本月，德克萨斯州发生一起特斯拉Model S电动汽车致命车祸后，当地警方称他们在涉事汽车里发现了两名男子，但两人都不在驾驶座上。\n这次事故让人们质疑，涉事车辆在无人驾驶情况下是否能够行驶以及如何行驶。一名特斯拉高管上周一表示，事故发生时可能有人在驾驶位上。目前车祸仍在调查当中。马斯克则在个人社交媒体上说，早期数据显示，这辆车上的Autopilot系统没有激活。\nSpaceX龙飞船首次载人航天任务成功后，马斯克出席新闻发布会\n2018年，NTSB对一起涉及特斯拉汽车的事故进行了调查。之后特斯拉公布了事故的初步数据，并在其网站上表示，驾驶员在使用Autopilot情况下发生致命车祸的可能性降低了3.7倍。汽车安全专家和统计学家质疑特斯拉的说法。\n据NTSB写给特斯拉的信显示，在特斯拉公开数据后，NTSB主席罗伯特·萨姆沃特(Robert Sumwalt)致电马斯克，要求他的公司停止泄露有关调查的信息。当特斯拉再次公开分享信息时，萨姆沃特告诉马斯克将不再与特斯拉就事故调查进行合作。\n萨姆沃特后来在一次讲话中说，马斯克直接挂断了他的电话。在回应批评时，特斯拉表示，自己选择退出调查，说NTSB“更关心的是头条新闻，而不是真正提高安全性”。（皎晗）","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102688090,"gmtCreate":1620206384410,"gmtModify":1704340169579,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/102688090","repostId":"1145122586","repostType":4,"repost":{"id":"1145122586","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":1620206045,"share":"https://ttm.financial/m/news/1145122586?lang=en_US&edition=fundamental","pubTime":"2021-05-05 17:14","market":"us","language":"zh","title":"Nio announces it will enter the Norwegian market in September","url":"https://stock-news.laohu8.com/highlight/detail?id=1145122586","media":"老虎资讯综合","summary":"蔚来发布挪威战略：蔚来宣布将于今年9月在挪威开启首款车型——智能电动旗舰SUV——全新ES8的交付。智能电动旗舰轿车ET7将于明年登陆挪威市场。这是蔚来进入中国以外市场的第一步。CEO李斌表示：蔚来从","content":"<p><a href=\"https://laohu8.com/S/NIO\">Nio</a>Released Norway strategy: Nio announced that it will launch its first model in Norway in September this year-<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Delivery of the electric flagship SUV-the all-new ES8. The smart electric flagship sedan ET7 will hit the Norwegian market next year. This is Nio's first step in entering markets outside China.</p><p>CEO Li Bin said: Nio has been committed to becoming a global brand since its establishment, providing good products and services to users all over the world. Norway was chosen as the first market outside China not only because Norway is the most friendly country to electric vehicles, but also because Norway's culture of loving environmental protection and pursuing innovation has a lot in common with NIO's vision.</p><p>Marius Hayler, General Manager of Nio Motors Norway: Nio is about to enter the Norwegian market, create a pleasant lifestyle for Norwegian users, and create a community that starts with cars, shares joy and grows together.</p><p>Affected by this news, Nio rose more than 1% before the market.</p><p><img src=\"https://static.tigerbbs.com/fe13ffd9d4898378d3681a117d919eba\" tg-width=\"858\" tg-height=\"701\" 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>Nio announces it will enter the Norwegian market in September</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\">\nNio announces it will enter the Norwegian market in September\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-05 17:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/NIO\">Nio</a>Released Norway strategy: Nio announced that it will launch its first model in Norway in September this year-<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Delivery of the electric flagship SUV-the all-new ES8. The smart electric flagship sedan ET7 will hit the Norwegian market next year. This is Nio's first step in entering markets outside China.</p><p>CEO Li Bin said: Nio has been committed to becoming a global brand since its establishment, providing good products and services to users all over the world. Norway was chosen as the first market outside China not only because Norway is the most friendly country to electric vehicles, but also because Norway's culture of loving environmental protection and pursuing innovation has a lot in common with NIO's vision.</p><p>Marius Hayler, General Manager of Nio Motors Norway: Nio is about to enter the Norwegian market, create a pleasant lifestyle for Norwegian users, and create a community that starts with cars, shares joy and grows together.</p><p>Affected by this news, Nio rose more than 1% before the market.</p><p><img src=\"https://static.tigerbbs.com/fe13ffd9d4898378d3681a117d919eba\" tg-width=\"858\" tg-height=\"701\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145122586","content_text":"蔚来发布挪威战略：蔚来宣布将于今年9月在挪威开启首款车型——智能电动旗舰SUV——全新ES8的交付。智能电动旗舰轿车ET7将于明年登陆挪威市场。这是蔚来进入中国以外市场的第一步。CEO李斌表示：蔚来从成立一开始就致力于成为一个全球品牌，为全世界的用户提供好的产品和服务。选择挪威作为中国以外的第一个市场，不仅仅因为挪威是对电动汽车最友好的国家，更因为挪威热爱环保，追求创新的文化与NIO的愿景有很多的共同之处 。蔚来汽车挪威总经理Marius Hayler：蔚来即将进入挪威市场，为挪威用户创造愉悦的生活方式，打造一个以车为起点，分享欢乐、共同成长的社区。受此消息影响，蔚来盘前涨超1%。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816109151,"gmtCreate":1630473209373,"gmtModify":1676530313217,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/816109151","repostId":"1186121597","repostType":4,"repost":{"id":"1186121597","kind":"news","pubTimestamp":1630468996,"share":"https://ttm.financial/m/news/1186121597?lang=en_US&edition=fundamental","pubTime":"2021-09-01 12:03","market":"hk","language":"zh","title":"Underwater Foam of \"Maotai in the Water\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1186121597","media":"新熵","summary":"在此之前，没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃，“代表中国财富的不是什么大数据等等的东西，而是普普通通的四瓶水。”这里的“四瓶水”，指的就是茅台、金龙鱼、","content":"<p>Before that, no one could have thought that a \"porter\" could actually become the richest man in Asia and stand out from the crowd.</p><p>Economist Ma Guangyuan once ridiculed, \"What represents China's wealth is not big data and so on, but ordinary four bottles of water.\" The \"four bottles of water\" here refers to Maotai,<a href=\"https://laohu8.com/S/300999\">Arowana</a>Haitian soy sauce, and<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>。</p><p>Nongfu Spring, with a unit price of 2 yuan, can be seen everywhere in supermarkets of all sizes, and it is these humble bottled waters that support a wealth myth of \"Maotai in the water\".</p><p>How profitable can bottled water be?</p><p>According to Nongfu Spring's financial report data over the years, the gross profit margin of bottled water can reach 60% in recent years. Even if other business segments are hindered, the overall gross profit margin can exceed 50%. Such a high gross profit margin is rare, and \"happy water\" is deeply loved by young people all over the world.<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, the gross profit margin is less than 40%, while the gross profit margin of Master Kong's drinks is only about 30%.</p><p>There is no doubt about Nongfu Spring's ability to attract gold, and it is nicknamed \"nature's money printing machine\" by netizens.</p><p>Since its listing, Nongfu Spring has attracted a lot of attention, and its stock price seems to be on a roller coaster. After the founder was awarded the richest man in Asia, he fell from the altar. The record in the first half of this year has attracted much attention.</p><p>Is \"Maotai in the Water\" still valuable? Is there a valuation risk for the current stock price? Will it be cut in half again in the future? We all hope to find the answers to these questions in the 2021 interim results announcement.</p><p><b>01</b><b>\"Maotai in the Water\" is worthy of its name</b></p><p>On August 26, 2021, Nongfu Spring released its fiscal year interim report. The revenue of 15.175 billion yuan lived up to the title of \"Moutai in the Water\", with a year-on-year growth rate of more than 30%, slightly exceeding market consensus expectations.</p><p>Judging from the financial report data, the 40% growth rate of net profit in the first half of this year is also very impressive. This surprising report card also brought Zhong Suisui back to the position of China's richest man. However, such a high growth rate is inseparable from the embarrassing posture of the same period last year.</p><p>In the first half of 2020, affected by the epidemic, the beverage market was bleak. Instead of rising, the overall revenue shrank by about 6%. If the abnormal performance data in 2020 is skipped and directly compared with the same period in 2019, within two years, Nongfu Spring's revenue only increased by about 20%.</p><p>This year's amazing stems from the tragic comparison with last year, and the financial report data from 2017 to 2019 show that Nongfu Spring's revenue growth rate has been stable at around 17% in the past three years. From this point of view, although this year's Nongfu Spring has been well controlled due to the domestic epidemic situation, the market has gradually picked up, and a good-looking report card has been handed over, but according to the current data, Nongfu Spring may still not recover.</p><p><img src=\"https://static.tigerbbs.com/fa1357083164446283d471e22ab837db\" tg-width=\"836\" tg-height=\"519\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of business data, drinking water is still the main revenue force, contributing nearly 60% of revenue by itself. From the 2020 interim financial report data, we can see that even in the bleak market environment in 2020, the drinking water business still rose firmly by 0.7% in the first half of the year, and the overall market recovered this year, and the drinking water business directly rose by 25%..</p><p>The growth rate of other categories of businesses is also very impressive, especially new products such as sparkling water and coffee, with a growth rate of 86%, but unfortunately the volume is too small, accounting for only 5.5% of all businesses, which has little impact on the overall revenue.</p><p>In recent years, Nongfu Spring has continued to make efforts in the beverage sector, constantly launching new products. Old-fashioned series such as Scream, Tea π, and Oriental Leaf have been constantly updated, showing lasting vitality. In the past two years, the emerging field of sparkling water also has the shadow of Nongfu Spring. But as far as financial data is concerned, in a short period of time, drinking water products are still the main theme.</p><p>For an enterprise, revenue is the table and cost is the inside. Good-looking face is very important, and good-looking lining is also very important, and the criterion to measure whether the two are equally good-looking is gross profit margin.</p><p>Nongfu Spring's gross profit margin has never disappointed, and it remains the same this year. According to the data of the interim report, the gross profit in the first half of the year was as high as 9.241 billion yuan, and the gross profit margin increased by 1% from the previous year to 60.9%.</p><p>Regarding the increase in gross profit margin, Nongfu Spring said at the performance exchange meeting that the main reason was that the cost of PET materials was well controlled in the first half of this year.</p><p>As an indispensable packaging, PET materials are of great significance to Nongfu Spring. In the prospectus released last year, Nongfu Spring gave the exact answer. Nearly 30% of the cost falls on PET materials. It is not difficult to understand why PET materials this year If the cost is well controlled, the overall gross profit margin can be increased.</p><p><img src=\"https://static.tigerbbs.com/0421104a92e863bfc42be28ac7c1a6cf\" tg-width=\"1080\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p><p>In response to the problem of PET materials, Nongfu Spring specifically pointed out that the material price lock-in preparations in the second half of this year are relatively sufficient. The cost in the second half of this year is expected to be similar to that in the first half of the year, but the situation next year is not optimistic, and the gross profit margin has been reduced to the level of 2019. Psychological preparation.</p><p>If this worry becomes a reality, then next year's profit growth rate may be affected to some extent.</p><p>In addition to the possible impact of PET material prices, the increase in marketing costs cannot be ignored. At the performance exchange meeting, Nongfu Spring said that due to the diversity of information acquisition channels, the company's promotion costs have increased a lot.</p><p>Promotion has an inseparable relationship with performance. If marketing costs are reduced, it is inevitable that performance will also be at risk of decline. What's more, Nongfu Spring's plan to increase SKUs has never stopped. When new products are launched and old series are launched, marketing costs will inevitably not be saved.</p><p>In the second half of this year, Henan, as a major sales province, suffered from rain disasters and epidemics successively. At the same time, Zhejiang and other places were also affected by typhoons. Although the performance pressure will increase, the still strong drinking water business may continue to tell \"Nongfu Spring is a bit sweet\" story.</p><p><b>02</b><b>The stock price cut in half, the bubble is still there</b></p><p>In this mid-year report card, Nongfu Spring got a good result, but in sharp contrast to this, the stock price was cut in half in the first half of the year.</p><p>Since its listing in September 2020, Nongfu Spring has relied on 2 yuan a bottle of natural water, and its market value once exceeded 700 billion Hong Kong dollars. In less than half a year, its stock price has soared, and its P/E once reached 138 times.</p><p>At the beginning of this year, Nongfu Spring's stock price reached its highest point, and then plummeted all the way. The falling stock price once caused panic among investors, but such a decline was not abrupt for Nongfu Spring. Enthusiastic investors need to calm down, and the rising stock price also needs to be pulled back.</p><p>At present, the market value of Nongfu Spring has evaporated by hundreds of billions, and Zhong Suisui has also stepped down from the altar of Asia's richest man. The overall stock price has fallen by nearly 40%, but the current P/E of Nongfu Spring is still as high as 71 times.</p><p>On the other hand, among the listed companies in the food and beverage sector, Master Kong P/E is only 17 times, focusing on the Lulu series<a href=\"https://laohu8.com/S/000848\">Chengde Lulu</a>P/E is only 27 times, even the ones that have ignited market sentiment again and again<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>, P/E is only about 40 times.</p><p>There is naturally a bubble behind the excessively high P/E. Nongfu Spring's stock price seems to be<a href=\"https://laohu8.com/S/603099\">Changbai Mountain</a>The fragile ice layer on the lake, in terms of financial data, Nongfu Spring's return ability does not catch up with investors' high expectations. Once expectations collapse, the stock price will be halved again.</p><p>Investors' high expectations come from Nongfu Spring's absolute advantage in the market, but when a company has made an absolute advantage in a market, the ceiling problem cannot be avoided.</p><p>From the financial report data, we can see that the growth rate of the drinking water business is significantly slower than other businesses. If we do not consider the impact of the market environment in 2020, the growth rate of this business in two years since 2019. The average annual growth rate only reaches 12%. At the performance exchange meeting, Nongfu Spring also admitted that the current growth rate has not yet returned to normal levels.</p><p>Before the drinking water business saw the ceiling, Nongfu Spring had already begun to deploy in other businesses, such as launching beverages such as Scream, Vitamin Water, and Farmer's Orchard, and entering business fields such as tea beverages, functional beverages, and fruit juice beverages. According to the data in the prospectus, In 2019, the market share of these businesses reached the third position.</p><p>In the interim financial report, Nongfu Spring also stated that \"it will continue to promote the development pattern of drinking water and beverage dual engines.\"</p><p><img src=\"https://static.tigerbbs.com/b5ae118491013a0ac57f72b00f5dfb9c\" tg-width=\"1035\" tg-height=\"132\" referrerpolicy=\"no-referrer\"></p><p>However, in terms of business revenue data, packaged drinking water products contributed nearly 60% of revenue, and tea drinks, functional drinks, fruit juice drinks and other products obviously did not get out of the momentum of the \"second engine\".</p><p>In the field of beverages, Nongfu Spring has always been the \"younger generation\". According to data from the Qianzhan Industry Research Institute, brands such as Master Kong and Uni-President have absolute advantages in the tea beverage market. Nongfu Spring's market share has dropped to sixth. In the field of functional beverages, Red Bull It is the absolute overlord, occupying more than 50% of the market share, while its rival is Dongpeng Special Drink. Nongfu Spring's products do not have much story.</p><p>Although the growth rate of the beverage business is very high, it is relatively small, and its growth in several years has not gone out of its own advantages. The beautiful vision of relying on twin engines to provide power for filling the stock price bubble may still need time to catalyze. In recent years, Nongfu Spring is probably the home of water.</p><p><b>03Is the future of Nongfu Spring or water?</b></p><p>Water is the source of life, and the same is true for Nongfu Spring.</p><p>The ceiling of the drinking water market is pressed over the head, and Nongfu Spring intends to rely on water sources again to break the deadlock.</p><p>When Nongfu Spring was just born, facing the pure water market that was already the Red Sea, Zhong Suisui chose to turn around and use pure water and natural water as the topic of debate, triggering a nationwide debate. Nongfu Spring became famous in the first battle, \"We don't produce water, we are just the porters of nature.\" To this day, this advertising slogan is still well known to women and children.</p><p>From the perspective of types of drinking water, it is generally divided into four types: natural water, natural mineral water, purified water and mineral water. Among them, purified water refers to artificially treated tap water, while mineral water is artificially added with certain mineral components on the basis of purified water. Since the water source is tap water, the cost price is relatively cheap. At present, these two types of low-priced water are the most common.</p><p>Natural water comes from nature, such as underground spring water, well water, etc. Nongfu Spring is the most typical representative. Natural mineral water has higher requirements for water sources, is more difficult to take water, and has higher natural costs. At present, the high-end drinking water on the market basically belongs to this category, such as Baisui Mountain and Evian.</p><p>In the field of natural water, Nongfu Spring has an absolute advantage, but in the natural mineral water track, Baisuishan, a subsidiary of Jingtian Group, is the leader. According to public information, the market share of Baisuishan is close to 40%, occupying the first position in the market for ten consecutive years.</p><p>In April this year, Nongfu Spring launched the first natural mineral water product Changbaixue with a unit price of 3 yuan, which is a benchmark against Baisui Mountain and hopes to expand its product matrix in the drinking water business. However, at present, 2 yuan water is the mainstream. In the minds of consumers, the quality of water quality may not be as important as the price.</p><p>At the same time, unlike ordinary natural water, Changbai Snow's water source is currently only Changbai Mountain. If it wants to cover the whole country, the transportation cost will inevitably rise. Although Nongfu Spring said that the current pricing of 3 yuan can cover the cost, considering the transportation cost, its profitability is inevitably worrying.</p><p>In addition to new products, Nongfu Spring also said at the performance exchange meeting that the performance of large-packaged water this year is very good. \"The growth rate is still slightly higher than that of small-packaged water, and it has not changed since before the IPO\", and believes that the competition of large-packaged water will become more and more fierce.</p><p><img src=\"https://static.tigerbbs.com/e011521fd4ddc42bbf3e97c3ec9824a6\" tg-width=\"1077\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p><p>As a national brand, Nongfu Spring's brand appeal is beyond doubt. Its absolute leading position in the small bottled drinking water market can still exert its waste heat in the large packaged water market and affect consumers' choices. However, when brand influence is excluded, Nongfu Spring still has no outstanding features in distribution services and production technology.</p><p>The confidence in the large-packaged water business still comes from the water sources distributed across the country, the national character of the brand, and a dealer network comparable to capillaries. With a solid \"storytelling\" foundation, Nongfu Spring tells consumers a full-scene story, rubbing the concept of natural water into life, in an attempt to cultivate consumers' dependence on natural water.</p><p>At present, large-packaged water is gradually invading life. After the epidemic and rain disaster, the enthusiasm for reserving will also bring large-packaged water to a small climax. However, it will take time to tell us whether large-packaged water can compete with small-bottle water in the future.</p><p>In the next few years, perhaps Nongfu Spring still needs to rely on the old bank to \"move water\" to ensure that the stock price bubble will not be punctured, but how to make the old bank develop into a new driving force will become a new problem for Nongfu Spring.</p>","source":"lsy1602476715181","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>Underwater Foam of \"Maotai in the Water\"</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\">\nUnderwater Foam of \"Maotai in the Water\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新熵</strong><span class=\"h-time small\">2021-09-01 12:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Before that, no one could have thought that a \"porter\" could actually become the richest man in Asia and stand out from the crowd.</p><p>Economist Ma Guangyuan once ridiculed, \"What represents China's wealth is not big data and so on, but ordinary four bottles of water.\" The \"four bottles of water\" here refers to Maotai,<a href=\"https://laohu8.com/S/300999\">Arowana</a>Haitian soy sauce, and<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>。</p><p>Nongfu Spring, with a unit price of 2 yuan, can be seen everywhere in supermarkets of all sizes, and it is these humble bottled waters that support a wealth myth of \"Maotai in the water\".</p><p>How profitable can bottled water be?</p><p>According to Nongfu Spring's financial report data over the years, the gross profit margin of bottled water can reach 60% in recent years. Even if other business segments are hindered, the overall gross profit margin can exceed 50%. Such a high gross profit margin is rare, and \"happy water\" is deeply loved by young people all over the world.<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, the gross profit margin is less than 40%, while the gross profit margin of Master Kong's drinks is only about 30%.</p><p>There is no doubt about Nongfu Spring's ability to attract gold, and it is nicknamed \"nature's money printing machine\" by netizens.</p><p>Since its listing, Nongfu Spring has attracted a lot of attention, and its stock price seems to be on a roller coaster. After the founder was awarded the richest man in Asia, he fell from the altar. The record in the first half of this year has attracted much attention.</p><p>Is \"Maotai in the Water\" still valuable? Is there a valuation risk for the current stock price? Will it be cut in half again in the future? We all hope to find the answers to these questions in the 2021 interim results announcement.</p><p><b>01</b><b>\"Maotai in the Water\" is worthy of its name</b></p><p>On August 26, 2021, Nongfu Spring released its fiscal year interim report. The revenue of 15.175 billion yuan lived up to the title of \"Moutai in the Water\", with a year-on-year growth rate of more than 30%, slightly exceeding market consensus expectations.</p><p>Judging from the financial report data, the 40% growth rate of net profit in the first half of this year is also very impressive. This surprising report card also brought Zhong Suisui back to the position of China's richest man. However, such a high growth rate is inseparable from the embarrassing posture of the same period last year.</p><p>In the first half of 2020, affected by the epidemic, the beverage market was bleak. Instead of rising, the overall revenue shrank by about 6%. If the abnormal performance data in 2020 is skipped and directly compared with the same period in 2019, within two years, Nongfu Spring's revenue only increased by about 20%.</p><p>This year's amazing stems from the tragic comparison with last year, and the financial report data from 2017 to 2019 show that Nongfu Spring's revenue growth rate has been stable at around 17% in the past three years. From this point of view, although this year's Nongfu Spring has been well controlled due to the domestic epidemic situation, the market has gradually picked up, and a good-looking report card has been handed over, but according to the current data, Nongfu Spring may still not recover.</p><p><img src=\"https://static.tigerbbs.com/fa1357083164446283d471e22ab837db\" tg-width=\"836\" tg-height=\"519\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of business data, drinking water is still the main revenue force, contributing nearly 60% of revenue by itself. From the 2020 interim financial report data, we can see that even in the bleak market environment in 2020, the drinking water business still rose firmly by 0.7% in the first half of the year, and the overall market recovered this year, and the drinking water business directly rose by 25%..</p><p>The growth rate of other categories of businesses is also very impressive, especially new products such as sparkling water and coffee, with a growth rate of 86%, but unfortunately the volume is too small, accounting for only 5.5% of all businesses, which has little impact on the overall revenue.</p><p>In recent years, Nongfu Spring has continued to make efforts in the beverage sector, constantly launching new products. Old-fashioned series such as Scream, Tea π, and Oriental Leaf have been constantly updated, showing lasting vitality. In the past two years, the emerging field of sparkling water also has the shadow of Nongfu Spring. But as far as financial data is concerned, in a short period of time, drinking water products are still the main theme.</p><p>For an enterprise, revenue is the table and cost is the inside. Good-looking face is very important, and good-looking lining is also very important, and the criterion to measure whether the two are equally good-looking is gross profit margin.</p><p>Nongfu Spring's gross profit margin has never disappointed, and it remains the same this year. According to the data of the interim report, the gross profit in the first half of the year was as high as 9.241 billion yuan, and the gross profit margin increased by 1% from the previous year to 60.9%.</p><p>Regarding the increase in gross profit margin, Nongfu Spring said at the performance exchange meeting that the main reason was that the cost of PET materials was well controlled in the first half of this year.</p><p>As an indispensable packaging, PET materials are of great significance to Nongfu Spring. In the prospectus released last year, Nongfu Spring gave the exact answer. Nearly 30% of the cost falls on PET materials. It is not difficult to understand why PET materials this year If the cost is well controlled, the overall gross profit margin can be increased.</p><p><img src=\"https://static.tigerbbs.com/0421104a92e863bfc42be28ac7c1a6cf\" tg-width=\"1080\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p><p>In response to the problem of PET materials, Nongfu Spring specifically pointed out that the material price lock-in preparations in the second half of this year are relatively sufficient. The cost in the second half of this year is expected to be similar to that in the first half of the year, but the situation next year is not optimistic, and the gross profit margin has been reduced to the level of 2019. Psychological preparation.</p><p>If this worry becomes a reality, then next year's profit growth rate may be affected to some extent.</p><p>In addition to the possible impact of PET material prices, the increase in marketing costs cannot be ignored. At the performance exchange meeting, Nongfu Spring said that due to the diversity of information acquisition channels, the company's promotion costs have increased a lot.</p><p>Promotion has an inseparable relationship with performance. If marketing costs are reduced, it is inevitable that performance will also be at risk of decline. What's more, Nongfu Spring's plan to increase SKUs has never stopped. When new products are launched and old series are launched, marketing costs will inevitably not be saved.</p><p>In the second half of this year, Henan, as a major sales province, suffered from rain disasters and epidemics successively. At the same time, Zhejiang and other places were also affected by typhoons. Although the performance pressure will increase, the still strong drinking water business may continue to tell \"Nongfu Spring is a bit sweet\" story.</p><p><b>02</b><b>The stock price cut in half, the bubble is still there</b></p><p>In this mid-year report card, Nongfu Spring got a good result, but in sharp contrast to this, the stock price was cut in half in the first half of the year.</p><p>Since its listing in September 2020, Nongfu Spring has relied on 2 yuan a bottle of natural water, and its market value once exceeded 700 billion Hong Kong dollars. In less than half a year, its stock price has soared, and its P/E once reached 138 times.</p><p>At the beginning of this year, Nongfu Spring's stock price reached its highest point, and then plummeted all the way. The falling stock price once caused panic among investors, but such a decline was not abrupt for Nongfu Spring. Enthusiastic investors need to calm down, and the rising stock price also needs to be pulled back.</p><p>At present, the market value of Nongfu Spring has evaporated by hundreds of billions, and Zhong Suisui has also stepped down from the altar of Asia's richest man. The overall stock price has fallen by nearly 40%, but the current P/E of Nongfu Spring is still as high as 71 times.</p><p>On the other hand, among the listed companies in the food and beverage sector, Master Kong P/E is only 17 times, focusing on the Lulu series<a href=\"https://laohu8.com/S/000848\">Chengde Lulu</a>P/E is only 27 times, even the ones that have ignited market sentiment again and again<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>, P/E is only about 40 times.</p><p>There is naturally a bubble behind the excessively high P/E. Nongfu Spring's stock price seems to be<a href=\"https://laohu8.com/S/603099\">Changbai Mountain</a>The fragile ice layer on the lake, in terms of financial data, Nongfu Spring's return ability does not catch up with investors' high expectations. Once expectations collapse, the stock price will be halved again.</p><p>Investors' high expectations come from Nongfu Spring's absolute advantage in the market, but when a company has made an absolute advantage in a market, the ceiling problem cannot be avoided.</p><p>From the financial report data, we can see that the growth rate of the drinking water business is significantly slower than other businesses. If we do not consider the impact of the market environment in 2020, the growth rate of this business in two years since 2019. The average annual growth rate only reaches 12%. At the performance exchange meeting, Nongfu Spring also admitted that the current growth rate has not yet returned to normal levels.</p><p>Before the drinking water business saw the ceiling, Nongfu Spring had already begun to deploy in other businesses, such as launching beverages such as Scream, Vitamin Water, and Farmer's Orchard, and entering business fields such as tea beverages, functional beverages, and fruit juice beverages. According to the data in the prospectus, In 2019, the market share of these businesses reached the third position.</p><p>In the interim financial report, Nongfu Spring also stated that \"it will continue to promote the development pattern of drinking water and beverage dual engines.\"</p><p><img src=\"https://static.tigerbbs.com/b5ae118491013a0ac57f72b00f5dfb9c\" tg-width=\"1035\" tg-height=\"132\" referrerpolicy=\"no-referrer\"></p><p>However, in terms of business revenue data, packaged drinking water products contributed nearly 60% of revenue, and tea drinks, functional drinks, fruit juice drinks and other products obviously did not get out of the momentum of the \"second engine\".</p><p>In the field of beverages, Nongfu Spring has always been the \"younger generation\". According to data from the Qianzhan Industry Research Institute, brands such as Master Kong and Uni-President have absolute advantages in the tea beverage market. Nongfu Spring's market share has dropped to sixth. In the field of functional beverages, Red Bull It is the absolute overlord, occupying more than 50% of the market share, while its rival is Dongpeng Special Drink. Nongfu Spring's products do not have much story.</p><p>Although the growth rate of the beverage business is very high, it is relatively small, and its growth in several years has not gone out of its own advantages. The beautiful vision of relying on twin engines to provide power for filling the stock price bubble may still need time to catalyze. In recent years, Nongfu Spring is probably the home of water.</p><p><b>03Is the future of Nongfu Spring or water?</b></p><p>Water is the source of life, and the same is true for Nongfu Spring.</p><p>The ceiling of the drinking water market is pressed over the head, and Nongfu Spring intends to rely on water sources again to break the deadlock.</p><p>When Nongfu Spring was just born, facing the pure water market that was already the Red Sea, Zhong Suisui chose to turn around and use pure water and natural water as the topic of debate, triggering a nationwide debate. Nongfu Spring became famous in the first battle, \"We don't produce water, we are just the porters of nature.\" To this day, this advertising slogan is still well known to women and children.</p><p>From the perspective of types of drinking water, it is generally divided into four types: natural water, natural mineral water, purified water and mineral water. Among them, purified water refers to artificially treated tap water, while mineral water is artificially added with certain mineral components on the basis of purified water. Since the water source is tap water, the cost price is relatively cheap. At present, these two types of low-priced water are the most common.</p><p>Natural water comes from nature, such as underground spring water, well water, etc. Nongfu Spring is the most typical representative. Natural mineral water has higher requirements for water sources, is more difficult to take water, and has higher natural costs. At present, the high-end drinking water on the market basically belongs to this category, such as Baisui Mountain and Evian.</p><p>In the field of natural water, Nongfu Spring has an absolute advantage, but in the natural mineral water track, Baisuishan, a subsidiary of Jingtian Group, is the leader. According to public information, the market share of Baisuishan is close to 40%, occupying the first position in the market for ten consecutive years.</p><p>In April this year, Nongfu Spring launched the first natural mineral water product Changbaixue with a unit price of 3 yuan, which is a benchmark against Baisui Mountain and hopes to expand its product matrix in the drinking water business. However, at present, 2 yuan water is the mainstream. In the minds of consumers, the quality of water quality may not be as important as the price.</p><p>At the same time, unlike ordinary natural water, Changbai Snow's water source is currently only Changbai Mountain. If it wants to cover the whole country, the transportation cost will inevitably rise. Although Nongfu Spring said that the current pricing of 3 yuan can cover the cost, considering the transportation cost, its profitability is inevitably worrying.</p><p>In addition to new products, Nongfu Spring also said at the performance exchange meeting that the performance of large-packaged water this year is very good. \"The growth rate is still slightly higher than that of small-packaged water, and it has not changed since before the IPO\", and believes that the competition of large-packaged water will become more and more fierce.</p><p><img src=\"https://static.tigerbbs.com/e011521fd4ddc42bbf3e97c3ec9824a6\" tg-width=\"1077\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p><p>As a national brand, Nongfu Spring's brand appeal is beyond doubt. Its absolute leading position in the small bottled drinking water market can still exert its waste heat in the large packaged water market and affect consumers' choices. However, when brand influence is excluded, Nongfu Spring still has no outstanding features in distribution services and production technology.</p><p>The confidence in the large-packaged water business still comes from the water sources distributed across the country, the national character of the brand, and a dealer network comparable to capillaries. With a solid \"storytelling\" foundation, Nongfu Spring tells consumers a full-scene story, rubbing the concept of natural water into life, in an attempt to cultivate consumers' dependence on natural water.</p><p>At present, large-packaged water is gradually invading life. After the epidemic and rain disaster, the enthusiasm for reserving will also bring large-packaged water to a small climax. However, it will take time to tell us whether large-packaged water can compete with small-bottle water in the future.</p><p>In the next few years, perhaps Nongfu Spring still needs to rely on the old bank to \"move water\" to ensure that the stock price bubble will not be punctured, but how to make the old bank develop into a new driving force will become a new problem for Nongfu Spring.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ\">新熵</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9c73365999f228bdf66df7f52d79a4b4","relate_stocks":{"600519":"贵州茅台"},"source_url":"https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186121597","content_text":"在此之前，没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃，“代表中国财富的不是什么大数据等等的东西，而是普普通通的四瓶水。”这里的“四瓶水”，指的就是茅台、金龙鱼、海天酱油，以及农夫山泉。\n单价2元的农夫山泉在大大小小的超市随处可见，而正是这些不起眼的瓶装水，撑起来一个“水中茅台”的财富神话。\n瓶装水的利润能有多高？\n据农夫山泉的历年财报数据显示，近几年瓶装水的毛利率可以达到60%，哪怕加上其他业务板块的拖后腿，整体毛利率也能够超过50%。这样的高毛利率并不多见，深受全球年轻人喜爱的“快乐水”可口可乐，毛利率不到40%，而康师傅旗下饮品的毛利率仅有30%上下。\n农夫山泉的吸金能力毋庸置疑，被网友们戏称为“大自然的印钞机”。\n自上市开始，农夫山泉就吸引到大批目光，股价彷佛坐上了过山车，创始人被捧上亚洲首富之后，又跌落神坛，今年上半年战绩如何，更是备受关注。\n“水中茅台”还值钱吗？目前股价有估值风险吗？未来还会再次腰斩吗？这些问题的答案我们都希望能够在2021年中期业绩公告中找到。\n01“水中茅台”名副其实\n2021年8月26日，农夫山泉发布财年中报，151.75亿的营收不负“水中茅台”的称号，同比增速超过30%，略微超出市场一致预期。\n就财报数据来看，今年上半年净利润40%的增长速度也十分亮眼，这份令人惊喜的成绩单也把钟睒睒重新捧回中国首富的位置。然而，这样的高增速离不开去年同时期狼狈姿态的衬托。\n2020年上半年，受疫情影响，饮料市场一片惨淡，整体营收不仅没有上升，反而缩减6%左右，如果跳过2020年不正常的业绩数据，直接与2019年同期相比，两年的时间内，农夫山泉的营收仅上涨20%左右。\n今年的惊艳源自与去年的惨烈对比，而2017年至2019年财报数据显示，三年间农夫山泉的营收增速稳定在17%左右。以此来看，今年的农夫山泉虽然因国内疫情受到良好控制，市场逐步回暖，交出一份好看的成绩单，但就目前数据来看，农夫山泉恐怕仍旧没有恢复元气。\n\n从业务数据来看，饮用水依旧是营收主力，凭借一己之力贡献了近60%的收入。从2020年中期财报数据中我们可以看到，哪怕在2020年的惨淡市场环境中，上半年饮用水业务仍旧坚挺地上涨0.7%，而今年的市场整体回暖，饮用水业务更是直接上涨了25%。\n其他品类业务的增速也非常亮眼，尤其是气泡水、咖啡等新产品，增速高达86%，但无奈体量过小，在所有业务中占比不过5.5%，对整体营收影响甚微。\n近几年农夫山泉在饮料板块持续发力，不断推出新品，尖叫、茶π、东方树叶等老牌系列均不断上新，展现出持久的生命力，近两年新兴的气泡水领域，也有农夫山泉的影子。但就财务数据来看，短时间内，饮用水产品依旧是主旋律。\n对于一家企业来说，营收是表，成本是里。面子好看很重要，里子好看也很重要，而衡量两者是否同样好看的标准，就是毛利率。\n农夫山泉的毛利率从来都不令人失望，今年依旧如此。据中报数据显示，上半年毛利高达92.41亿元，毛利率较上年增长1%，达到60.9%。\n对于毛利率上涨，农夫山泉方在业绩交流会上表示，主要原因是今年上半年PET材料成本控制得好。\n作为必不可少的包装，PET材料对农夫山泉意义非凡，在去年发布的招股书中，农夫山泉给出了确切答案，近三成的成本都落在PET材料，这就不难理解，为何今年PET材料成本控制得好，就能够提高整体的毛利率。\n\n针对PET材料的问题，农夫山泉方特别提出，今年下半年的材料价格锁定准备较为充分，预计下半年的成本与上半年类似，但明年的情况不容乐观，已经做好毛利率下降至2019年水平的心理准备。\n如果这项担忧成了现实，那么明年的利润增速恐怕会受到一定影响。\n除了PET材料价格可能带来的影响，营销成本的提高也不容忽视，在业绩交流会上，农夫山泉方表示，由于信息获取渠道的多样性，公司的推广成本提升很多。\n推广跟业绩有不可分割的关系，如果缩减营销成本，不可避免的，业绩也将会有下降风险，更何况农夫山泉增加SKU的计划从未停止，新品上市、旧系列上新，营销成本必然不能节约。\n今年下半年，河南作为销售大省，先后遭遇雨灾和疫情，同时浙江等地也遭受台风影响，业绩压力固然会增大，但依旧坚挺的饮用水业务或许能够将继续讲着“农夫山泉有点甜”的故事。\n02股价腰斩，泡沫还在\n这份年中成绩单，农夫山泉拿到了一个不错的成绩，但与此形成鲜明对比的是，在上半年腰斩的股价。\n自2020年9月上市，农夫山泉靠着2元一瓶的天然水，市值一度超过7000亿港元，随后不到半年的时间，股价一路飙升，市盈率一度高达138倍。\n今年年初，农夫山泉的股价达到最高点，随后一路暴跌，跌跌不休的股价一度引发投资者的恐慌，但这样的跌幅，对于农夫山泉来说并不突兀，热情的投资者需要冷静，高涨的股价也需要回调。\n目前，农夫山泉的市值已经蒸发数千亿，钟睒睒也走下亚洲首富的神坛，股价整体跌幅近40%，但目前农夫山泉的市盈率仍旧高达71倍。\n反观同为食品饮料板块的一众上市公司，康师傅市盈率仅有17倍，主打露露系列的承德露露市盈率不过27倍，就连一次次引爆市场情绪的贵州茅台，市盈率也不过才40倍左右。\n过高的市盈率背后自然有泡沫存在，农夫山泉的股价像是长白山湖面上脆弱的冰层，就财务数据来看，农夫山泉的回报能力确实追不上投资者的高预期，一旦预期崩塌，股价将会再一次迎来腰斩。\n投资者的高预期源自农夫山泉在市场上的绝对优势，但当企业在一个市场做出了绝对优势，天花板的问题就无法回避。\n从财报数据中我们能够看到，饮用水业务增速相较于其它业务明显较慢，如果不考虑2020年市场环境带来的影响，自2019年至今，两年的时间中这项业务的增速平均每年仅达到12%，在业绩交流会上，农夫山泉也承认目前的增速仍旧没有恢复到正常水平。\n在饮用水业务看见天花板之前，农夫山泉就已经开始在其它业务上布局，如推出尖叫、维他命水、农夫果园等饮料，入局茶饮料、功能饮料、果汁饮料等业务领域，就招股书中数据显示，2019年时，这些业务的市场占有率均达到第三的位置。\n在中期财报中，农夫山泉也表示“将持续推动饮用水和饮料双引擎发展的格局”。\n\n但就业务营收数据来看，包装饮用水产品贡献近六成营收，茶饮料、功能饮料、果汁饮料以及其它产品明显没有走出“第二个引擎”的气势。\n在饮料领域，农夫山泉一直是“后辈”，据前瞻产业研究院数据显示，在茶饮料市场康师傅、统一等品牌占据绝对优势，农夫山泉市场占有率已降至第六，在功能饮料领域，红牛则是绝对的霸主，占据超50%的市场份额，而其对手则是东鹏特饮，农夫山泉旗下的产品并没有太多的故事。\n饮料业务虽然增速很高，无奈体量较小，几年的成长依旧没有走出自己的优势。靠双引擎为填充股价泡沫提供动力的美好愿景可能还需要时间的催化剂，近几年的农夫山泉大概还是水的主场。\n03农夫山泉的未来还是水？\n水是生命之源，对农夫山泉来说，也是如此。\n饮用水市场的天花板压在头顶，农夫山泉意欲再次靠水源打破僵局。\n在农夫山泉刚刚诞生时，面对已经是红海的纯净水市场，钟睒睒选择转身，以纯净水和天然水为辩题，引发一场全民性的辩论会，农夫山泉一战成名，“我们不生产水，我们只是大自然的搬运工”，时至今日，这句广告词仍旧妇孺皆知。\n从饮用水种类来看，普遍分为天然水、天然矿泉水、纯净水、矿物质水四种，其中纯净水指人工处理过的自来水，矿物质水则是在纯净水的基础上人工添加一定的矿物质成分，由于水源均是自来水，成本价较为便宜，目前低价水中最常见的也是这两种类型。\n而天然水则源自大自然，如地下泉水、井水等，农夫山泉就是最典型的代表。天然矿泉水对水源地要求更高，取水难度也更大，自然成本也更高，目前市面上的高端饮用水基本都属于此类，例如百岁山、依云等。\n在天然水领域中，农夫山泉拥有绝对优势，但是在天然矿泉水赛道，景田集团旗下的百岁山才是老大。据公开消息显示，百岁山市场占有率接近40%，连续十年占据市场第一的位置。\n今年4月，农夫山泉推出首款单价3元的天然矿泉水产品长白雪，对标百岁山，希望扩大自己在饮用水业务的产品矩阵，但目前2元水才是主流，在低价水面向的消费者心中，水质好坏可能并没有价格高低重要。\n同时，与普通天然水不同，长白雪的水源地目前仅有长白山一处，若想覆盖全国，运输成本不可避免会有所上升，虽然农夫山泉方表示，目前定价3元能够覆盖成本，但考虑到运输成本，其盈利能力不免令人担忧。\n除了新品，在业绩交流会上农夫山泉方也表示，今年大包装水成绩非常好，“增速仍然略高于小包装水，从IPO之前到现在都没有改变”，并认为接下来大包装水的竞争会越来越激烈。\n\n作为国民品牌，农夫山泉的品牌号召力毋庸置疑，在小瓶装饮用水市场的绝对领先地位，在大包装水市场依旧能够发挥余热，影响消费者的选择，但当排除品牌影响力，农夫山泉在配送服务、生产工艺等方面依旧没有突出的特点。\n在大包装水业务的底气依旧源自分布在全国的水源地、品牌的国民性、堪比毛细血管的经销商网络，配合扎实的“讲故事”功底，农夫山泉给消费者讲出一个全场景的故事，把天然水的概念揉进生活，企图培养消费者对天然水的依赖。\n目前大包装水正在逐渐入侵生活，疫情和雨灾过后，储备热情也会把大包装水碰上一个小高潮，但未来大包装水是否能够与小瓶水比肩，还需要时间告诉我们答案。\n未来几年内，或许农夫山泉还需要靠老本行“搬水”，来保障股价泡沫不会被刺破，但如何让老本行发展成新动力，将会成为农夫山泉新的问题。","news_type":1,"symbols_score_info":{"600519":0.9}},"isVote":1,"tweetType":1,"viewCount":3899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142427314,"gmtCreate":1626170308138,"gmtModify":1703754734920,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/142427314","repostId":"1117185498","repostType":4,"repost":{"id":"1117185498","kind":"news","pubTimestamp":1626170117,"share":"https://ttm.financial/m/news/1117185498?lang=en_US&edition=fundamental","pubTime":"2021-07-13 17:55","market":"us","language":"zh","title":"Daily fresh \"upgrade dimension\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1117185498","media":" 虎嗅APP","summary":"2021年6月25日晚，每日优鲜正式以“MF”为证券代码在纳斯达克挂牌上市，而在2021 年 6 月 29 日，叮咚买菜正式也以 \"DDL\" 为证券代码在纽约证券交易所挂牌上市。每日优鲜是“前置仓模式","content":"<p>On the evening of June 25, 2021, Daily Youxian was officially listed on NASDAQ with \"MF\" as the stock code, and on June 29, 2021, Dingdong Maicai officially listed on NASDAQ with \"DDL\" as the stock code. Listed on the New York Stock Exchange.<img src=\"https://static.tigerbbs.com/767b9cf77863e436be7a6d19423d17e5\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">Daily Youxian is the pioneer of the \"front warehouse model\". In 2019, the total transaction value (GMV) reached 7.6 billion, and Dingdong Maicai's GMV was 4.7 billion. In 2020, the growth rate of daily fresh food will slow down, Dingdong Maicai will expand rapidly, and GMV will soar to 13 billion.</p><p>Entering 2021, Dingdong Maicai is more aggressive, with Q1 cash outflows from operating activities reaching 1.01 billion, equivalent to 50% of the whole year of 2020. During the same period, the daily cash outflow of Youxian's operating activities was less than 600 million.</p><p>Daily Youxian must have its own plans to slow down its expansion speed.</p><p>The front warehouse mode aims at \"first and second lines\"</p><p>Daily Youxian was founded in October 2014, and began to set up/operate a \"distributed micro-warehouse\" in May of the following year, becoming the pioneer of the DMW model. As of the end of March 2021, it operated 631 front-end warehouses (with a total area of 200,000 square meters) in 16 cities, with more than 4,300 SKUs.</p><p>The core team of Daily Youxian was born in Lenovo Joyvio and has a deep understanding and operational experience of the entire fruit industry chain. Daily Youxian has established a perfect traceable quality control system, and more than 80% of them are directly purchased from the place of origin. DMW's standing products (4,300 SKUs) can be delivered within 39 minutes after the user places an order (as of March 31, 2021, 22,000 riders participated in the delivery); There are also more than 20,000 next-day delivery SKUs on the platform.</p><p>In 2019, the daily Youxian GMV (total turnover) was 7.6 billion; Slowing down the pace of expansion in 2020 (without acting rashly during the epidemic), GMV was the same as the previous year;<b>It will suddenly accelerate in 2021, with GMV reaching 710 million in April, a year-on-year increase of 37.8%.</b></p><p>In 2020, the number of effective users of Youxian every day (the actual payment amount exceeds the purchase cost) will reach 8.7 million, and the per capita annual consumption will be 713 yuan;<img src=\"https://static.tigerbbs.com/eb17afe3a0e9203ee66cf91defd9366f\" tg-width=\"806\" tg-height=\"508\" referrerpolicy=\"no-referrer\"><b>In 2020, the number of daily excellent fresh orders reached 65.1 million, with an average of 8.2 items per order, and the unit price per customer was 94.6 yuan, which was higher than other players in the front-end warehouse field.</b><img src=\"https://static.tigerbbs.com/3812567b9a7cd9a8b732d60cc1871115\" tg-width=\"918\" tg-height=\"566\" referrerpolicy=\"no-referrer\">According to the data provided in the prospectus document, in the 12 months to the end of March 2021, the average price of each commodity was 11.8 yuan; On average, each DMW serves 12,500 users, and each rider sends 50 orders per day.</p><p>The \"front-end warehouse\" opened by Daily Youxian is mainly aimed at groups with relatively high income in first-and second-tier cities. The unit price of nearly 100 yuan per customer is much higher than that of many front-end warehouses or community group buying players.</p><p>Where did all the money go?</p><p>Daily Youxian is mainly engaged in online retail (through APP and mini programs).</p><p>Revenue in 2020 will be 6.13 billion, of which 97.9% will be commodity sales; In 2021, Q1 revenue will be 1.53 billion, of which 1.49 billion will be commodity sales.</p><p><b>90% of cost of sales is used for procurement</b></p><p>Cost of sales includes purchases, processing, packaging, impairment of inventories and freight charges for imported goods.</p><p>The procurement cost in 2019 was 5.33 billion, accounting for 97.2% of the total cost; In 2020, the procurement cost dropped to 4.74 billion, accounting for 96% of the total cost; In Q1 of 2020, the procurement cost was 1.27 billion, accounting for 94.8% of the total cost and 85.1% of the commodity sales revenue.</p><p>The procurement cost accounts for a very high proportion of the total cost (about 95%), which means that other costs such as processing, packaging, and damage are extremely low (about 5%), indicating the management level and operational efficiency of Daily Fresh.</p><p>For example, the problem of goods damage that has plagued fresh food retail for a long time, the prospectus document shows that the turnover days of DMW products in 2020 will be 1.8 days, and the average goods damage rate is as low as 2.5%, which is lower than that of competitors.<img src=\"https://static.tigerbbs.com/730e740e90114d3f25324c062918a7f3\" tg-width=\"726\" tg-height=\"456\" referrerpolicy=\"no-referrer\"><b>60% of performance expenses are used for logistics</b></p><p>The performance cost includes three parts: first, logistics (including transportation, warehousing and distribution); The second is DMW and quality control center leasing; The third is the handling fee related to payment.</p><p>The main body of daily Youxian performance expenses is logistics expenditures.</p><p>In 2018, the logistics expenditure was 836 million, accounting for 67.4% of the performance expenses; Other expenditures are 400 million; Compliance expenses totaled 1.24 billion, accounting for 34.9% of net income in 2018.</p><p>In 2019, the logistics expenditure was 1.173 billion, accounting for 64% of the performance expenses; Other expenditures of 660 million; The total performance expenses were 1.83 billion, accounting for 30.5% of the net income in 2019.</p><p>In 2020, logistics expenditures will be 940 million, accounting for 59.7% of contract performance costs; Other expenditures of 640 million; Compliance expenses totaled 1.58 billion, accounting for 25.7% of net income in 2020.</p><p>The proportion of Dingdong Maicai fulfillment expenses to commodity sales revenue is roughly 10 percentage points higher than that of Daily Fresh, perhaps due to the extensive use of outsourcing services.</p><p>In 2019, the outsourcing expenditure was 1.26 billion, accounting for 65.1% of the performance expenses; Other expenditures 680 million; The total performance expenses were 1.94 billion, accounting for 50.3% of commodity sales revenue, 18.6 percentage points higher than Daily Fresh. Dingdong did not disclose the number of front warehouses, and related expenses should be included in outsourcing expenses.</p><p>In 2020, outsourcing expenditures were 2.51 billion, accounting for 62.2% of contract performance expenses; Other expenditures 1.53 billion; The total performance expenses were 4.04 billion, accounting for 36.1% of the commodity sales revenue, but it was still nearly 10 percentage points higher than Daily Fresh.</p><p>In 2021, Q1 outsourcing expenditure will be 890 million, accounting for 59.7% of the performance expenses; Other expenditures of 600 million; The total performance expenses were 1.48 billion, accounting for 39.5% of commodity sales revenue, 10 percentage points higher than Daily Fresh.<img src=\"https://static.tigerbbs.com/6f950907118cfce3e404c62bebd87fd2\" tg-width=\"704\" tg-height=\"442\" referrerpolicy=\"no-referrer\"><b>Marketing fees are only 10% of revenue</b></p><p>On any track of the \"new economy\", high market fees are the favorite \"killer\" of players. From Pinduoduo to Nio, from TAL to Kuaishou, market fees can easily range from billions to tens of billions.</p><p>The absolute amount of daily excellent fresh market fees has been declining year after year, and there is no second such new economy company. In 2018, market expenses were nearly 800 million, accounting for 22.4% of revenue; Market expenses in 2019 were 740 million, accounting for 12.3% of revenue; Market expenses in 2020 will be less than 600 million, accounting for 9.6% of revenue;<b>In 2021, the market expense in Q1 will be 170 million, accounting for a slight rebound to 11% of revenue.</b></p><p><img src=\"https://static.tigerbbs.com/3b92c40560833423cd9a3a33b36ef44a\" tg-width=\"946\" tg-height=\"594\" referrerpolicy=\"no-referrer\">In 2019, the daily R&D expenses of Youxian reached 470 million, accounting for 7.8% of revenue (in the same year, Dingdong Maicai's R&D expenses were 91.15 million); In 2020, R&D expenses will fall back to 370 million (Dingdong Maicai's R&D expenses will increase to 320 million), accounting for 6% of revenue;<b>In Q1 of 2021, research and development expenses will be 95 million, accounting for 6.2% of revenue.</b><img src=\"https://static.tigerbbs.com/cd0956c79f09168c93a6c6e73026c31c\" tg-width=\"960\" tg-height=\"588\" referrerpolicy=\"no-referrer\">In Q1 of 2021, procurement costs accounted for 85% of commodity sales revenue, and consumers got benefits, but Daily Youxian began to \"upgrade\".</p><p>Daily fresh \"upgrade dimension\"</p><p>Why do you want to upgrade the dimension? Take a look at the cost and fee structure of Daily Youxian.</p><p>In 2018, the performance expense ratio was 35%, the market expense ratio was 22.4%, the administrative expense ratio was 8.1%, the research and development expense ratio was 6.5%, and the total expense ratio was 72%.</p><p>The total expense ratio dropped to 57% in 2019, and the gross profit margin was 8.7%.</p><p><b>In 2020, the total expense ratio will further drop to 46.3%, the gross profit margin will increase significantly to 19.4%, and the operating loss ratio will narrow to 26.8%. Although it lost the title of \"No. 1 in scale\", 2020 will be the year with the greatest improvement in Daily Youxian's operating conditions.</b></p><p>From the quarterly data, the peak total expense ratio in 2019 and 2020 both appeared in the third quarter: in Q3 of 2019, the performance expense ratio was 33%, the market expense ratio was 13%, and the total expense ratio was 60.8%; In Q3 of 2020, the performance expense ratio was 28%, the market expense ratio was 12%, and the total expense ratio was 50.6%, a decrease of 10 percentage points from Q3 of 2019.</p><p><img src=\"https://static.tigerbbs.com/8d547d49a3878be04fe08ce576609ffb\" tg-width=\"804\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Dingdong Maicai's quarterly data reflects another mentality:</p><p><b>The operating loss rate in Q1 2020 is only 11.4%; In Q4 of 2020 and Q1 of 2021, Dingdong's operating losses increased sharply, reaching 1.23 billion and 1.33 billion respectively. The intention to seize the \"highest point of scale\" is very obvious.</b></p><p><img src=\"https://static.tigerbbs.com/090043c22803052bb73ec528f3838c8a\" tg-width=\"808\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Daily Youxian and Dingdong Maicai are the \"class representatives\" of the front warehouse model. The advantages of this model are self-evident. It gives full play to the advantages of near-field retail, faster service timeliness and more stable service experience. However, there are also different choices of scale or business quality.</p><p><b>In Q1 of 2021, the daily fresh purchase cost accounted for 85.1% of commodity sales revenue, and the fulfillment cost accounted for 29.5%. Dingdong Maicai was about 10 percentage points higher.</b></p><p>In the second half of 2020, Dingdong Maicai burned money aggressively, surpassing Daily Youxian in scale, but its operating losses also surpassed in proportion.</p><p>Therefore, the front-end warehouse model should not be the whole thing, but a certain node in the business layout, or a business prototype before the formation of a business model with stronger coverage.</p><p>Open up the track</p><p><b>The focus of Daily Youxian's work in the past two years is not to burn money to acquire customers and increase GMV, but to build a smart retail system-RAIN</b>Retail AI Network.</p><p>After four years of running-in, the RAIN system has covered all links such as suppliers, logistics and retail, and has undertaken 98% of replenishment, 97% of procurement and 85% of inventory turnover management.</p><p>\"The front warehouse is the first step\", and the second step is to use the core capabilities obtained from operating the front warehouse to help the traditional vegetable market. According to the prospectus, Daily Fresh has cooperated with 54 vegetable markets in 14 cities, and 33 vegetable markets in another 10 cities are ready.</p><p>\"We will directly help them do e-commerce business, set up front-end warehouses and in-store warehouses, and fully take over end-to-end operations, not just selling a piece of software, but building a platform.\" Wang Jun, CFO of Daily Youxian, said.</p><p>JD.com's self-operated gross profit margin is less than 10%, and the cost of fulfillment is almost unprofitable. The gross profit mainly comes from improving logistics, financial and other services to third-party sellers. What many people don't know is that Starbucks' self-operated stores don't make money either, and all profits come from franchise stores (half of Starbucks' American stores are self-operated and half franchised, and all of them are self-operated in China because of competition). Self-operated word-of-mouth, running through the model, training the team, and making profits on the platform. The idea of Daily Youxian is similar to that of JD.com and Starbucks.</p><p>What Daily Youxian really wants to do is to transform the \"vegetable markets\" all over the country through the knowledge and ability accumulated by operating DMW.</p><p><b>Daily Youxian is undergoing transformation. One is to switch from the front-end warehouse track, which is mainly engaged in fresh food, to the community retail track, and the other is to switch from self-operation to platform.</b></p><p>More than 630 DMWs are placed in China with a population of 1.4 billion, which is really a drop in the ocean. In 2020, the scale of community retail in China will be close to 12 trillion. Facing such a large market, the difference between 7 billion GMV and 10 billion GMV is like 50 steps and 100 steps in a long march.</p>","source":"lsy1571189977230","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>Daily fresh \"upgrade dimension\"</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\">\nDaily fresh \"upgrade dimension\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 虎嗅APP</strong><span class=\"h-time small\">2021-07-13 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of June 25, 2021, Daily Youxian was officially listed on NASDAQ with \"MF\" as the stock code, and on June 29, 2021, Dingdong Maicai officially listed on NASDAQ with \"DDL\" as the stock code. Listed on the New York Stock Exchange.<img src=\"https://static.tigerbbs.com/767b9cf77863e436be7a6d19423d17e5\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">Daily Youxian is the pioneer of the \"front warehouse model\". In 2019, the total transaction value (GMV) reached 7.6 billion, and Dingdong Maicai's GMV was 4.7 billion. In 2020, the growth rate of daily fresh food will slow down, Dingdong Maicai will expand rapidly, and GMV will soar to 13 billion.</p><p>Entering 2021, Dingdong Maicai is more aggressive, with Q1 cash outflows from operating activities reaching 1.01 billion, equivalent to 50% of the whole year of 2020. During the same period, the daily cash outflow of Youxian's operating activities was less than 600 million.</p><p>Daily Youxian must have its own plans to slow down its expansion speed.</p><p>The front warehouse mode aims at \"first and second lines\"</p><p>Daily Youxian was founded in October 2014, and began to set up/operate a \"distributed micro-warehouse\" in May of the following year, becoming the pioneer of the DMW model. As of the end of March 2021, it operated 631 front-end warehouses (with a total area of 200,000 square meters) in 16 cities, with more than 4,300 SKUs.</p><p>The core team of Daily Youxian was born in Lenovo Joyvio and has a deep understanding and operational experience of the entire fruit industry chain. Daily Youxian has established a perfect traceable quality control system, and more than 80% of them are directly purchased from the place of origin. DMW's standing products (4,300 SKUs) can be delivered within 39 minutes after the user places an order (as of March 31, 2021, 22,000 riders participated in the delivery); There are also more than 20,000 next-day delivery SKUs on the platform.</p><p>In 2019, the daily Youxian GMV (total turnover) was 7.6 billion; Slowing down the pace of expansion in 2020 (without acting rashly during the epidemic), GMV was the same as the previous year;<b>It will suddenly accelerate in 2021, with GMV reaching 710 million in April, a year-on-year increase of 37.8%.</b></p><p>In 2020, the number of effective users of Youxian every day (the actual payment amount exceeds the purchase cost) will reach 8.7 million, and the per capita annual consumption will be 713 yuan;<img src=\"https://static.tigerbbs.com/eb17afe3a0e9203ee66cf91defd9366f\" tg-width=\"806\" tg-height=\"508\" referrerpolicy=\"no-referrer\"><b>In 2020, the number of daily excellent fresh orders reached 65.1 million, with an average of 8.2 items per order, and the unit price per customer was 94.6 yuan, which was higher than other players in the front-end warehouse field.</b><img src=\"https://static.tigerbbs.com/3812567b9a7cd9a8b732d60cc1871115\" tg-width=\"918\" tg-height=\"566\" referrerpolicy=\"no-referrer\">According to the data provided in the prospectus document, in the 12 months to the end of March 2021, the average price of each commodity was 11.8 yuan; On average, each DMW serves 12,500 users, and each rider sends 50 orders per day.</p><p>The \"front-end warehouse\" opened by Daily Youxian is mainly aimed at groups with relatively high income in first-and second-tier cities. The unit price of nearly 100 yuan per customer is much higher than that of many front-end warehouses or community group buying players.</p><p>Where did all the money go?</p><p>Daily Youxian is mainly engaged in online retail (through APP and mini programs).</p><p>Revenue in 2020 will be 6.13 billion, of which 97.9% will be commodity sales; In 2021, Q1 revenue will be 1.53 billion, of which 1.49 billion will be commodity sales.</p><p><b>90% of cost of sales is used for procurement</b></p><p>Cost of sales includes purchases, processing, packaging, impairment of inventories and freight charges for imported goods.</p><p>The procurement cost in 2019 was 5.33 billion, accounting for 97.2% of the total cost; In 2020, the procurement cost dropped to 4.74 billion, accounting for 96% of the total cost; In Q1 of 2020, the procurement cost was 1.27 billion, accounting for 94.8% of the total cost and 85.1% of the commodity sales revenue.</p><p>The procurement cost accounts for a very high proportion of the total cost (about 95%), which means that other costs such as processing, packaging, and damage are extremely low (about 5%), indicating the management level and operational efficiency of Daily Fresh.</p><p>For example, the problem of goods damage that has plagued fresh food retail for a long time, the prospectus document shows that the turnover days of DMW products in 2020 will be 1.8 days, and the average goods damage rate is as low as 2.5%, which is lower than that of competitors.<img src=\"https://static.tigerbbs.com/730e740e90114d3f25324c062918a7f3\" tg-width=\"726\" tg-height=\"456\" referrerpolicy=\"no-referrer\"><b>60% of performance expenses are used for logistics</b></p><p>The performance cost includes three parts: first, logistics (including transportation, warehousing and distribution); The second is DMW and quality control center leasing; The third is the handling fee related to payment.</p><p>The main body of daily Youxian performance expenses is logistics expenditures.</p><p>In 2018, the logistics expenditure was 836 million, accounting for 67.4% of the performance expenses; Other expenditures are 400 million; Compliance expenses totaled 1.24 billion, accounting for 34.9% of net income in 2018.</p><p>In 2019, the logistics expenditure was 1.173 billion, accounting for 64% of the performance expenses; Other expenditures of 660 million; The total performance expenses were 1.83 billion, accounting for 30.5% of the net income in 2019.</p><p>In 2020, logistics expenditures will be 940 million, accounting for 59.7% of contract performance costs; Other expenditures of 640 million; Compliance expenses totaled 1.58 billion, accounting for 25.7% of net income in 2020.</p><p>The proportion of Dingdong Maicai fulfillment expenses to commodity sales revenue is roughly 10 percentage points higher than that of Daily Fresh, perhaps due to the extensive use of outsourcing services.</p><p>In 2019, the outsourcing expenditure was 1.26 billion, accounting for 65.1% of the performance expenses; Other expenditures 680 million; The total performance expenses were 1.94 billion, accounting for 50.3% of commodity sales revenue, 18.6 percentage points higher than Daily Fresh. Dingdong did not disclose the number of front warehouses, and related expenses should be included in outsourcing expenses.</p><p>In 2020, outsourcing expenditures were 2.51 billion, accounting for 62.2% of contract performance expenses; Other expenditures 1.53 billion; The total performance expenses were 4.04 billion, accounting for 36.1% of the commodity sales revenue, but it was still nearly 10 percentage points higher than Daily Fresh.</p><p>In 2021, Q1 outsourcing expenditure will be 890 million, accounting for 59.7% of the performance expenses; Other expenditures of 600 million; The total performance expenses were 1.48 billion, accounting for 39.5% of commodity sales revenue, 10 percentage points higher than Daily Fresh.<img src=\"https://static.tigerbbs.com/6f950907118cfce3e404c62bebd87fd2\" tg-width=\"704\" tg-height=\"442\" referrerpolicy=\"no-referrer\"><b>Marketing fees are only 10% of revenue</b></p><p>On any track of the \"new economy\", high market fees are the favorite \"killer\" of players. From Pinduoduo to Nio, from TAL to Kuaishou, market fees can easily range from billions to tens of billions.</p><p>The absolute amount of daily excellent fresh market fees has been declining year after year, and there is no second such new economy company. In 2018, market expenses were nearly 800 million, accounting for 22.4% of revenue; Market expenses in 2019 were 740 million, accounting for 12.3% of revenue; Market expenses in 2020 will be less than 600 million, accounting for 9.6% of revenue;<b>In 2021, the market expense in Q1 will be 170 million, accounting for a slight rebound to 11% of revenue.</b></p><p><img src=\"https://static.tigerbbs.com/3b92c40560833423cd9a3a33b36ef44a\" tg-width=\"946\" tg-height=\"594\" referrerpolicy=\"no-referrer\">In 2019, the daily R&D expenses of Youxian reached 470 million, accounting for 7.8% of revenue (in the same year, Dingdong Maicai's R&D expenses were 91.15 million); In 2020, R&D expenses will fall back to 370 million (Dingdong Maicai's R&D expenses will increase to 320 million), accounting for 6% of revenue;<b>In Q1 of 2021, research and development expenses will be 95 million, accounting for 6.2% of revenue.</b><img src=\"https://static.tigerbbs.com/cd0956c79f09168c93a6c6e73026c31c\" tg-width=\"960\" tg-height=\"588\" referrerpolicy=\"no-referrer\">In Q1 of 2021, procurement costs accounted for 85% of commodity sales revenue, and consumers got benefits, but Daily Youxian began to \"upgrade\".</p><p>Daily fresh \"upgrade dimension\"</p><p>Why do you want to upgrade the dimension? Take a look at the cost and fee structure of Daily Youxian.</p><p>In 2018, the performance expense ratio was 35%, the market expense ratio was 22.4%, the administrative expense ratio was 8.1%, the research and development expense ratio was 6.5%, and the total expense ratio was 72%.</p><p>The total expense ratio dropped to 57% in 2019, and the gross profit margin was 8.7%.</p><p><b>In 2020, the total expense ratio will further drop to 46.3%, the gross profit margin will increase significantly to 19.4%, and the operating loss ratio will narrow to 26.8%. Although it lost the title of \"No. 1 in scale\", 2020 will be the year with the greatest improvement in Daily Youxian's operating conditions.</b></p><p>From the quarterly data, the peak total expense ratio in 2019 and 2020 both appeared in the third quarter: in Q3 of 2019, the performance expense ratio was 33%, the market expense ratio was 13%, and the total expense ratio was 60.8%; In Q3 of 2020, the performance expense ratio was 28%, the market expense ratio was 12%, and the total expense ratio was 50.6%, a decrease of 10 percentage points from Q3 of 2019.</p><p><img src=\"https://static.tigerbbs.com/8d547d49a3878be04fe08ce576609ffb\" tg-width=\"804\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Dingdong Maicai's quarterly data reflects another mentality:</p><p><b>The operating loss rate in Q1 2020 is only 11.4%; In Q4 of 2020 and Q1 of 2021, Dingdong's operating losses increased sharply, reaching 1.23 billion and 1.33 billion respectively. The intention to seize the \"highest point of scale\" is very obvious.</b></p><p><img src=\"https://static.tigerbbs.com/090043c22803052bb73ec528f3838c8a\" tg-width=\"808\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Daily Youxian and Dingdong Maicai are the \"class representatives\" of the front warehouse model. The advantages of this model are self-evident. It gives full play to the advantages of near-field retail, faster service timeliness and more stable service experience. However, there are also different choices of scale or business quality.</p><p><b>In Q1 of 2021, the daily fresh purchase cost accounted for 85.1% of commodity sales revenue, and the fulfillment cost accounted for 29.5%. Dingdong Maicai was about 10 percentage points higher.</b></p><p>In the second half of 2020, Dingdong Maicai burned money aggressively, surpassing Daily Youxian in scale, but its operating losses also surpassed in proportion.</p><p>Therefore, the front-end warehouse model should not be the whole thing, but a certain node in the business layout, or a business prototype before the formation of a business model with stronger coverage.</p><p>Open up the track</p><p><b>The focus of Daily Youxian's work in the past two years is not to burn money to acquire customers and increase GMV, but to build a smart retail system-RAIN</b>Retail AI Network.</p><p>After four years of running-in, the RAIN system has covered all links such as suppliers, logistics and retail, and has undertaken 98% of replenishment, 97% of procurement and 85% of inventory turnover management.</p><p>\"The front warehouse is the first step\", and the second step is to use the core capabilities obtained from operating the front warehouse to help the traditional vegetable market. According to the prospectus, Daily Fresh has cooperated with 54 vegetable markets in 14 cities, and 33 vegetable markets in another 10 cities are ready.</p><p>\"We will directly help them do e-commerce business, set up front-end warehouses and in-store warehouses, and fully take over end-to-end operations, not just selling a piece of software, but building a platform.\" Wang Jun, CFO of Daily Youxian, said.</p><p>JD.com's self-operated gross profit margin is less than 10%, and the cost of fulfillment is almost unprofitable. The gross profit mainly comes from improving logistics, financial and other services to third-party sellers. What many people don't know is that Starbucks' self-operated stores don't make money either, and all profits come from franchise stores (half of Starbucks' American stores are self-operated and half franchised, and all of them are self-operated in China because of competition). Self-operated word-of-mouth, running through the model, training the team, and making profits on the platform. The idea of Daily Youxian is similar to that of JD.com and Starbucks.</p><p>What Daily Youxian really wants to do is to transform the \"vegetable markets\" all over the country through the knowledge and ability accumulated by operating DMW.</p><p><b>Daily Youxian is undergoing transformation. One is to switch from the front-end warehouse track, which is mainly engaged in fresh food, to the community retail track, and the other is to switch from self-operation to platform.</b></p><p>More than 630 DMWs are placed in China with a population of 1.4 billion, which is really a drop in the ocean. In 2020, the scale of community retail in China will be close to 12 trillion. Facing such a large market, the difference between 7 billion GMV and 10 billion GMV is like 50 steps and 100 steps in a long march.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yweGz4PVifmvU7Eb6UjTsA\"> 虎嗅APP</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/767b9cf77863e436be7a6d19423d17e5","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/yweGz4PVifmvU7Eb6UjTsA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117185498","content_text":"2021年6月25日晚，每日优鲜正式以“MF”为证券代码在纳斯达克挂牌上市，而在2021 年 6 月 29 日，叮咚买菜正式也以 \"DDL\" 为证券代码在纽约证券交易所挂牌上市。每日优鲜是“前置仓模式”的先驱，2019年总交易金额（GMV）达到76亿，叮咚买菜GMV为47亿。2020年每日优鲜增速放缓，叮咚买菜极速扩张、GMV冲高到130亿。\n进入2021年，叮咚买菜更加激进，Q1经营活动现金流出达10.1亿，相当于2020全年的50%。同期，每日优鲜经营活动现金流出不到6亿。\n每日优鲜放缓扩张速度，想必有自己的打算。\n前置仓模式瞄准“一二线”\n每日优鲜创立于2014年10月，次年5月开始设立/运营“分布式微仓”，成为DMW模式的先行者。截至2021年3月末，在16个城市运营631个前置仓（总面积20万平方米），SKU超过4300个。\n每日优鲜核心团队出身联想佳沃，对水果全产业链有很深的理解和运营经验。每日优鲜建立了完善的可追溯品控体系，80%以上自原产地直接采购。DMW常备的商品（4300个SKU），可在用户下单39分钟内送达（截至2021年3月31日，参与配送的骑手有2.2万人）；平台上还有超2万款次日达SKU。\n2019年，每日优鲜GMV（总成交额）为76亿；2020年放慢扩张步伐（疫情中没有冒然行事），GMV与上年持平；2021年骤然加速，4月份GMV达到7.1亿、同比增长37.8%。\n2020年，每日优鲜有效用户（实付金额超过采购成本）数达870万，人均年消费713元；2020年，每日优鲜订单数达6510万，平均每单8.2件商品，客单价94.6元，客单价高于前置仓领域的其他玩家。根据招股文件提供的数据测算，截至2021年3月末的12个月内，每件商品平均价格为11.8元；平均每个DMW服务1.25万用户、每位骑手每天送50单。\n每日优鲜开启的“前置仓库”主要面向一、二线城市收入相对较高的群体，近百元的客单价远高于众多前置仓或社区团购玩家。\n钱都去哪儿了？\n每日优鲜主营线上零售（通过APP及小程序）。\n2020年营收61.3亿，其中97.9%为商品销售；2021年Q1营收15.3亿、其中14.9亿为商品销售。\n销售成本九成用于采购\n销售成本包括采购、加工、包装、存货减值及进口商品运费。\n2019年采购成本53.3亿、占总成本的97.2%；2020年采购成本降至47.4亿、占总成本的96%；2020年Q1，采购成本12.7亿、占总成本的94.8%，占商品销售收入的85.1%。\n采购成本占总成本的比例极高（约为95%），意味着加工、包装、货损等其它成本极低（约为5%），说明每日优鲜的管理水平和运营效率。\n例如困扰生鲜零售已久的货损问题，招股文件显示2020年DMW商品周转天数为1.8天，平均货损率低至2.5%，低于友商。履约费用六成用于物流\n履约费用包括三个部分：一是物流（含运输、仓储、配送）；二是DMW及品控中心租赁；三是与支付相关的手续费。\n每日优鲜履约费用的主体是物流支出。\n2018年物流支出8.36亿、占履约费用的67.4%；其它支出为4亿；履约费用总额12.4亿，占2018年净收入的34.9%。\n2019年物流支出11.73亿、占履约费用的64%；其它支出6.6亿；履约费用总额18.3亿，占2019年净收入的比例降至30.5%。\n2020年物流支出9.4亿、占履约费用的59.7%；其它支出6.4亿；履约费用总额15.8亿，占2020年净收入的25.7%。\n叮咚买菜履约费用占商品销售收入的比例大致比每日优鲜高10个百分点，原因或许是大量采用外包服务。\n2019年外包支出12.6亿、占履约费用的65.1%；其它支出6.8亿；履约费用总额19.4亿，占商品销售收入的50.3%，比每日优鲜高18.6个百分点。叮咚没有披露前置仓数量，相关费用应该包含在外包支出中。\n2020年外包支出25.1亿、占履约费用的62.2%；其它支出15.3亿；履约费用总额40.4亿，占商品销售收入的比例降至36.1%，但仍比每日优鲜高将近10个百分点。\n2021年Q1外包支出8.9亿、占履约费用的59.7%；其它支出6亿；履约费用总额14.8亿，占商品销售收入的39.5%，比每日优鲜高10个百分点。市场费用仅为营收的一成\n在“新经济”的任何一条赛道上，高额市场费用是选手们最爱使用的“杀手锏”，从拼多多到蔚来，从好未来到快手，市场费用动辄几十亿、几百亿。\n每日优鲜市场费用的绝对金额连年下降，这样的新经济公司找不出第二家。2018年市场费用近8个亿，占营收的22.4%；2019年市场费用7.4亿，占营收的12.3%；2020年市场费用不到6亿，占营收的9.6%；2021年Q1市场费用1.7亿，占营收的比例略微回升到11%。\n2019年，每日优鲜研发费用达到4.7亿、占营收的7.8%（同年叮咚买菜研发费用为9115万）；2020年，研发费用回落到3.7亿（叮咚买菜研发费用增至3.2亿）、占营收的6%；2021年Q1，研发费用9500万、占营收的6.2%。2021年Q1，采购成本占商品销售收入的85%，消费者得到实惠，每日优鲜却开始“升维”了。\n每日优鲜“升维”\n为什么要升维，看看每日优鲜的成本、费用结构。\n2018年履约费用率35%，市场费用率22.4%，行政费用率8.1%，研发费用率6.5%，总费用率72%。\n2019年总费用率降至57%，毛利润率8.7%。\n2020年总费用率进一步降至46.3%，毛利润率大幅提高到19.4%，经营亏损率收窄至26.8%。虽然失去“规模第一”桂冠，2020年却是每日优鲜经营状况改善最大的一年。\n从季度数据看，2019年、2020年总费用率峰值均出现在第三季度：2019年Q3，履约费用率33%、市场费用率13%，总费用率60.8%；2020年Q3，履约费用率28%、市场费用率12%，总费用率50.6%、较2019年Q3下降10个百分点。\n\n叮咚买菜季度数据折射出另一番心态：\n2020年Q1营亏损率只有11.4%；2020年Q4、2021年Q1，叮咚经营亏损急剧放大，分别为12.3亿、13.3亿，抢占“规模至高点”意图十分明显。\n\n每日优鲜与叮咚买菜与是前置仓模式的“课代表”。该模式的优点自不待言，发挥了近场零售的优势，更快的服务时效、更稳定的服务体验，但也存在着是要规模还是要经营质量的不同选择。\n2021年Q1，每日优鲜采购成本占商品销售收入的85.1%，履约费用占29.5%，叮咚买菜还要高大约10个百分点。\n2020下半年，叮咚买菜大肆烧钱，规模反超每日优鲜，但经营亏损亦成比例反超。\n所以前置仓模式不应该是全部，而应该是业务布局中的某一个节点，或是覆盖性更强的业务模式形成前的业务原型。\n开辟赛道\n每日优鲜近两年的工作重点不是烧钱获客、拔高GMV，而是打造智慧零售系统——RAIN（Retail AI Network）。\n经过四年磨合，RAIN系统已经涵盖供应商、物流、零售等所有环节，承担了98%的补货、97%的采购和85%的库存周转管理。\n“前置仓是第一步”，第二步是将运营前置仓库获得的核心能力用于帮助传统菜市场。招股文件披露，每日优鲜已经在14座城市与54个菜市场展开合作，另有10座城市的33个菜市场已准备就绪。\n“我们会直接帮他们做电商业务，把前置仓、店内仓搭起来，全面接管端到端的运营，不只是卖一个软件，而是搭一个平台。”每日优鲜CFO王珺如是说。\n京东自营毛利润率不到10%，加上履约成本几乎不赚钱，毛利润主要来自向第三方卖家提高物流、金融等服务。许多人不知道的是星巴克自营店也不赚钱，利润全部来自加盟店（星巴克美国门店一半自营一半加盟，在中国因为竞争需要全部为自营）。自营赚口碑、跑通模式、练团伍，平台赚利润，每日优鲜的思路与京东、星巴克异曲同工。\n每日优鲜真正想做的是通过运营DMW积累的知识、获得的能力去改造遍布全国大小城镇的“菜市场”。\n每日优鲜正在经历转型，一是从主营生鲜的前置仓赛道切换到社区零售赛道，二是从自营转向平台。\n630多个DMW放到14亿人口的中国，实在是沧海一粟。2020年中国社区零售规模接近12万亿。面对如此大的市场，70亿GMV与100亿GMV之间的区别，犹如万里长征中的50步和100步。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196502452,"gmtCreate":1621067127176,"gmtModify":1704352657889,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/196502452","repostId":"2135983925","repostType":4,"repost":{"id":"2135983925","kind":"highlight","weMediaInfo":{"introduction":"有品好玩的科技，一切与你有关","home_visible":1,"media_name":"品玩","id":"1086141561","head_image":"https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8"},"pubTimestamp":1621054056,"share":"https://ttm.financial/m/news/2135983925?lang=en_US&edition=fundamental","pubTime":"2021-05-15 12:47","market":"us","language":"zh","title":"Ali's financial report after anti-monopoly penalties: fines bring losses, but certainty is back?","url":"https://stock-news.laohu8.com/highlight/detail?id=2135983925","media":"品玩","summary":"4月10日，市场监管总局判定阿里巴巴自2015年以来滥用其市场支配地位，对平台内商家提出“二选一”要求，从而获取了不正当竞争优势。这一罚款创下了中国反垄断罚款的记录。此次罚款的依据很多指向淘系电商，阿里巴巴的核心商业业务。此次财报在不考虑一次性反垄断罚款的前提下，阿里巴巴的营收增长较为稳定。同时从上个季度开始明确规划出了较为长期的整体战略，看起来阿里巴巴的确定性正在回来。","content":"<p>May 13th,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>(NYSE: BABA) announced its earnings results for the quarter ended March 31, 2021 and its fiscal 2021 results in the premarket. Affected by the anti-monopoly fine of 18.228 billion yuan (4% of Alibaba's sales in 2019), Alibaba's net loss in the quarter was 7.654 billion yuan, breaking the annual profit record; Excluding the penalty and other influencing factors, the non-GAAP net profit for the quarter should be 26.216 billion, a year-on-year increase of 18%.<img src=\"https://cdn.pingwest.com/portal/2021/05/14/A6312p6RPp9t6Q1dSe4Kx29K58S79QPX.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>This is Alibaba's first financial report after the anti-monopoly fine. In addition to the losses caused by the one-time fine, the market has a clearer understanding of Alibaba's regulatory environment in the future. Alibaba itself is emphasizing that its business is regaining its stability--</p><p>\"The potential of the market is still very large, whether in core business or other areas. If we say that we will maintain profits today, for real long-term investors, Alibaba will be stupid,\" said Wu Wei, CFO of Alibaba, during the earnings conference call. \"We can guarantee that when we invest, we are highly targeted, disciplined, and we are expanding our potential market.\"</p><p>On the whole, Alibaba has continued the strategic direction of the previous quarter, but the focus of specific measures has changed slightly: in terms of core business, strengthen merchant operations, continue to use Taobao special edition to develop sinking markets, tap the value of existing users, etc.; On the other hand, it continues to make efforts in the new retail business, begins to integrate Box Horse, Sun Art and external supply chain resources, strengthens the construction of \"digital commerce infrastructure\", and at the same time establishes an MMC business group to show the outside world once again that it is determined to win community group buying.</p><p><b>Core Business, Alibaba's \"Repertoire\"</b></p><p>According to this financial report, Alibaba's revenue for the quarter was 187.395 billion yuan, excluding<a href=\"https://laohu8.com/S/06808\">Sun Art Retail</a>After the growth, the revenue was 159.952 billion yuan, a year-on-year increase of 40%.</p><p>Specifically, as of March 31, Alibaba's revenue in core business, cloud computing, digital media and entertainment, innovation and other four businesses was 161.365 billion yuan, 16.761 billion yuan, 8.047 billion yuan, and 1.222 billion yuan respectively. Among them, core commercial revenue accounted for 86% of total revenue, a slight increase year-on-year, but the overall revenue structure did not change much. In comparison, core commercial revenue decreased by 17.5% quarter-on-quarter in this quarter, which was due to the seasonal revenue growth brought by Double 11 last year, which returned to normal levels this quarter.</p><p><img src=\"https://cdn.pingwest.com/portal/2021/05/13/JBMcSb22_2x6z74tKJj6eT6AjMQ43bzF.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p>In terms of user data, Alibaba had 925 million mobile monthly active users in the quarter, an increase of 23 million from the previous quarter. In the 12 months to the end of March 2021, the global annual active consumers (AAC) of the Alibaba ecosystem exceeded 1 billion, of which the AAC of the Chinese retail market including Taobao and Tmall was 811 million, an increase of 32 million from the previous month. Overseas AAC It reached 240 million. In addition, the financial report shows that the commodity transaction volume (GMV) in Alibaba's ecosystem reached 8.119 trillion yuan.</p><p><img src=\"https://cdn.pingwest.com/portal/2021/05/13/2Q6Z2GCCmCAxi2h025cH_Y7Mhfpk1j5i.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>After years of development, how to maintain the growth rate of Taobao e-commerce has always been a topic of great concern.</p><p>On April 10th, the State Administration for Market Regulation determined that Alibaba had abused its dominant market position since 2015 and put forward a \"choose one\" requirement for merchants on the platform, thus gaining an unfair competitive advantage. The fine set a record for China's antitrust fines. Many of the bases for this fine point to Taobao e-commerce, Alibaba's core commercial business.</p><p>In addition to the single anti-monopoly penalty, what is more important is the change of China's regulatory environment. Many corresponding measures introduced by Alibaba in core business areas reflect the response to these changes: for example, lowering the entry threshold for merchants and reducing their operating costs in various ways, so as to enhance their attractiveness to the supply side.</p><p>At the same time, although Alibaba's mobile MAU in China's retail market exceeded the 900 million mark for the first time in the fourth quarter of last year, the year-on-year growth rate was only 9.4%. In other words, Taobao e-commerce users are also facing a slowdown in growth. They cannot only rely on extensive traffic growth. How to refine operations is the key to future business growth.</p><p>Therefore, Alibaba has recently launched new policies continuously. For example, Tmall will begin to implement the \"trial operation\" period for the first time in many industries, and the operating tools \"three treasures and one coupon\" (i.e. shop treasure, single product treasure, matching treasure and coupon), which are very important to Taobao merchants, will also be changed from the original charging mode to free. On the one hand, these are in response to anti-monopoly rectification, and on the other hand, they are also exploring new growth points for the Taobao platform. In fact, since last year, Taobao platforms including Tmall and Juhuasuan have also attached great importance to the support and cultivation of new brands. Recently, Cave, the head of Taobao industry, pointed out at a media exchange meeting that \"Taobao's increment lies in new categories and new supplies\". Reducing the burden on merchants and cultivating new brands are undoubtedly in order to activate new demand with new supply and bring greater growth to Taobao.</p><p>On the consumer side, Taobao e-commerce pays more attention to tapping the potential of users. Alibaba CEO Zhang Yong pointed out in the earnings conference call,<b>“</b>After acquiring new consumers, another key consideration for us is how to maximize the life cycle value of each customer, which requires a lot of cross-selling. For this reason, we will build a portrait of each user and provide them with personalized customization.<b>”</b></p><p>In addition, the Taobao special edition is also an important layout of Alibaba in e-commerce, which can continue to exert its strength in the sinking market, realize the construction of an e-commerce matrix, and cover the needs of all kinds of consumers. In the past year, the MAU of Taobao Special Edition reached 130 million.</p><p>\"Taobao Special Edition focuses on factories and fields in terms of supply, and then directly supplies goods to price-sensitive consumers,\" Zhang Yong made it clear. \"In the vast low-tier cities and rural areas, there is still a huge population space. Just like in the whole fiscal year, we added 84 million users in China's retail market, 70% of whom are from low-tier areas. We hope to take the lead in achieving 1 billion buyers in China in the next fiscal year, which is also our second investment area.\"</p><p><b>New retail strategy: e-commerce infrastructure</b></p><p>Investment will not be limited to \"defense\", but also start attacking. Alibaba once again emphasized its investment in new retail.</p><p>In October last year, Alibaba Group announced that it would invest 28 billion Hong Kong dollars (about 3.6 billion US dollars) to acquire about 72% of Sun Art Retail's shares, becoming the largest controlling shareholder. According to reports, in December of the same year, three Ali executives joined the management of Sun Art Group. With the blessing of Sun Art Retail, Alibaba continues to increase its investment in the new retail field.</p><p>Different from the previous one, Alibaba put forward a clearer concept of new retail business in this financial report, that is, strengthening the construction of \"Digital Commerce Infrastructure\" by integrating online and offline resources, covering different service radii and enhancing consumer experience. On the basis of the original one-hour delivery (Hema Fresh), half-day and same-day delivery (Tmall Supermarket, Sun Art Retail), and multi-day delivery (Cainiao Yizhan), Alibaba has recently begun to make efforts in the community group buying track to serve consumers Provide the service of \"place an order today and pick up the goods tomorrow\" to enrich the form of new retail business.</p><p><img src=\"https://cdn.pingwest.com/portal/2021/05/13/fHjQa05jth21rxs6Q43C6X9636xSfnzd.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"335\" referrerpolicy=\"no-referrer\">According to a Late Late Post report, Alibaba established the MMC business group on March 1 to integrate the community group buying business of Retail Link and Hema Market, focusing on the community group buying business. The person in charge of this business group is Dai Shan (nickname: Su Quan), one of Ali's eighteen arhats. She is also the president of Ali's B2B business group. At an internal meeting, Dai Shan said that there will be no upper limit on investment in community group buying.</p><p>On the earnings conference call in February this year, Zhang Yong once said, \"Shopping through Taobao can help consumers, especially those in low-tier cities, get local dishes more easily, and it can help us acquire new users. We will continue to make use of different resources, including new retail, enterprises and diverse supply channels\". At the same time, he emphasized that Taobao grocery shopping will not rely on burning money subsidies for business expansion, but will pay more attention to user experience and business sustainability. In the future, Taobao grocery shopping will be promoted to the whole country.</p><p>Although the vision is beautiful, judging from the current competition in the community group buying track, Taobao Maicai started late, lagging behind competitors such as Meituan Maicai and Orange Heart Preferred. What is even more worrying is that community group buying is still a big pit that burns money, and it is still difficult to see \"money back\". In the past few days, there has been news in the market that Didi will divest the Orange Heart Preferred Business and go public separately. Although there is no confirmed hammer yet, it is vaguely seen that the community group buying business has dragged down the company more than helped it. Even if it is as large as Alibaba, it is difficult to guarantee that it can truly make community group buying bigger and stronger.</p><p>This financial report does not consider the one-time antitrust fine, and Alibaba's revenue growth is relatively stable. At the same time, a relatively long-term overall strategy has been clearly planned since last quarter. It seems that Alibaba's certainty is coming back.</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>Ali's financial report after anti-monopoly penalties: fines bring losses, but certainty is back?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAli's financial report after anti-monopoly penalties: fines bring losses, but certainty is back?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086141561\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">品玩 </p>\n<p class=\"h-time smaller\">2021-05-15 12:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 13th,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>(NYSE: BABA) announced its earnings results for the quarter ended March 31, 2021 and its fiscal 2021 results in the premarket. Affected by the anti-monopoly fine of 18.228 billion yuan (4% of Alibaba's sales in 2019), Alibaba's net loss in the quarter was 7.654 billion yuan, breaking the annual profit record; Excluding the penalty and other influencing factors, the non-GAAP net profit for the quarter should be 26.216 billion, a year-on-year increase of 18%.<img src=\"https://cdn.pingwest.com/portal/2021/05/14/A6312p6RPp9t6Q1dSe4Kx29K58S79QPX.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>This is Alibaba's first financial report after the anti-monopoly fine. In addition to the losses caused by the one-time fine, the market has a clearer understanding of Alibaba's regulatory environment in the future. Alibaba itself is emphasizing that its business is regaining its stability--</p><p>\"The potential of the market is still very large, whether in core business or other areas. If we say that we will maintain profits today, for real long-term investors, Alibaba will be stupid,\" said Wu Wei, CFO of Alibaba, during the earnings conference call. \"We can guarantee that when we invest, we are highly targeted, disciplined, and we are expanding our potential market.\"</p><p>On the whole, Alibaba has continued the strategic direction of the previous quarter, but the focus of specific measures has changed slightly: in terms of core business, strengthen merchant operations, continue to use Taobao special edition to develop sinking markets, tap the value of existing users, etc.; On the other hand, it continues to make efforts in the new retail business, begins to integrate Box Horse, Sun Art and external supply chain resources, strengthens the construction of \"digital commerce infrastructure\", and at the same time establishes an MMC business group to show the outside world once again that it is determined to win community group buying.</p><p><b>Core Business, Alibaba's \"Repertoire\"</b></p><p>According to this financial report, Alibaba's revenue for the quarter was 187.395 billion yuan, excluding<a href=\"https://laohu8.com/S/06808\">Sun Art Retail</a>After the growth, the revenue was 159.952 billion yuan, a year-on-year increase of 40%.</p><p>Specifically, as of March 31, Alibaba's revenue in core business, cloud computing, digital media and entertainment, innovation and other four businesses was 161.365 billion yuan, 16.761 billion yuan, 8.047 billion yuan, and 1.222 billion yuan respectively. Among them, core commercial revenue accounted for 86% of total revenue, a slight increase year-on-year, but the overall revenue structure did not change much. In comparison, core commercial revenue decreased by 17.5% quarter-on-quarter in this quarter, which was due to the seasonal revenue growth brought by Double 11 last year, which returned to normal levels this quarter.</p><p><img src=\"https://cdn.pingwest.com/portal/2021/05/13/JBMcSb22_2x6z74tKJj6eT6AjMQ43bzF.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p>In terms of user data, Alibaba had 925 million mobile monthly active users in the quarter, an increase of 23 million from the previous quarter. In the 12 months to the end of March 2021, the global annual active consumers (AAC) of the Alibaba ecosystem exceeded 1 billion, of which the AAC of the Chinese retail market including Taobao and Tmall was 811 million, an increase of 32 million from the previous month. Overseas AAC It reached 240 million. In addition, the financial report shows that the commodity transaction volume (GMV) in Alibaba's ecosystem reached 8.119 trillion yuan.</p><p><img src=\"https://cdn.pingwest.com/portal/2021/05/13/2Q6Z2GCCmCAxi2h025cH_Y7Mhfpk1j5i.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>After years of development, how to maintain the growth rate of Taobao e-commerce has always been a topic of great concern.</p><p>On April 10th, the State Administration for Market Regulation determined that Alibaba had abused its dominant market position since 2015 and put forward a \"choose one\" requirement for merchants on the platform, thus gaining an unfair competitive advantage. The fine set a record for China's antitrust fines. Many of the bases for this fine point to Taobao e-commerce, Alibaba's core commercial business.</p><p>In addition to the single anti-monopoly penalty, what is more important is the change of China's regulatory environment. Many corresponding measures introduced by Alibaba in core business areas reflect the response to these changes: for example, lowering the entry threshold for merchants and reducing their operating costs in various ways, so as to enhance their attractiveness to the supply side.</p><p>At the same time, although Alibaba's mobile MAU in China's retail market exceeded the 900 million mark for the first time in the fourth quarter of last year, the year-on-year growth rate was only 9.4%. In other words, Taobao e-commerce users are also facing a slowdown in growth. They cannot only rely on extensive traffic growth. How to refine operations is the key to future business growth.</p><p>Therefore, Alibaba has recently launched new policies continuously. For example, Tmall will begin to implement the \"trial operation\" period for the first time in many industries, and the operating tools \"three treasures and one coupon\" (i.e. shop treasure, single product treasure, matching treasure and coupon), which are very important to Taobao merchants, will also be changed from the original charging mode to free. On the one hand, these are in response to anti-monopoly rectification, and on the other hand, they are also exploring new growth points for the Taobao platform. In fact, since last year, Taobao platforms including Tmall and Juhuasuan have also attached great importance to the support and cultivation of new brands. Recently, Cave, the head of Taobao industry, pointed out at a media exchange meeting that \"Taobao's increment lies in new categories and new supplies\". Reducing the burden on merchants and cultivating new brands are undoubtedly in order to activate new demand with new supply and bring greater growth to Taobao.</p><p>On the consumer side, Taobao e-commerce pays more attention to tapping the potential of users. Alibaba CEO Zhang Yong pointed out in the earnings conference call,<b>“</b>After acquiring new consumers, another key consideration for us is how to maximize the life cycle value of each customer, which requires a lot of cross-selling. For this reason, we will build a portrait of each user and provide them with personalized customization.<b>”</b></p><p>In addition, the Taobao special edition is also an important layout of Alibaba in e-commerce, which can continue to exert its strength in the sinking market, realize the construction of an e-commerce matrix, and cover the needs of all kinds of consumers. In the past year, the MAU of Taobao Special Edition reached 130 million.</p><p>\"Taobao Special Edition focuses on factories and fields in terms of supply, and then directly supplies goods to price-sensitive consumers,\" Zhang Yong made it clear. \"In the vast low-tier cities and rural areas, there is still a huge population space. Just like in the whole fiscal year, we added 84 million users in China's retail market, 70% of whom are from low-tier areas. We hope to take the lead in achieving 1 billion buyers in China in the next fiscal year, which is also our second investment area.\"</p><p><b>New retail strategy: e-commerce infrastructure</b></p><p>Investment will not be limited to \"defense\", but also start attacking. Alibaba once again emphasized its investment in new retail.</p><p>In October last year, Alibaba Group announced that it would invest 28 billion Hong Kong dollars (about 3.6 billion US dollars) to acquire about 72% of Sun Art Retail's shares, becoming the largest controlling shareholder. According to reports, in December of the same year, three Ali executives joined the management of Sun Art Group. With the blessing of Sun Art Retail, Alibaba continues to increase its investment in the new retail field.</p><p>Different from the previous one, Alibaba put forward a clearer concept of new retail business in this financial report, that is, strengthening the construction of \"Digital Commerce Infrastructure\" by integrating online and offline resources, covering different service radii and enhancing consumer experience. On the basis of the original one-hour delivery (Hema Fresh), half-day and same-day delivery (Tmall Supermarket, Sun Art Retail), and multi-day delivery (Cainiao Yizhan), Alibaba has recently begun to make efforts in the community group buying track to serve consumers Provide the service of \"place an order today and pick up the goods tomorrow\" to enrich the form of new retail business.</p><p><img src=\"https://cdn.pingwest.com/portal/2021/05/13/fHjQa05jth21rxs6Q43C6X9636xSfnzd.png?x-oss-process=style/article-body\" tg-width=\"750\" tg-height=\"335\" referrerpolicy=\"no-referrer\">According to a Late Late Post report, Alibaba established the MMC business group on March 1 to integrate the community group buying business of Retail Link and Hema Market, focusing on the community group buying business. The person in charge of this business group is Dai Shan (nickname: Su Quan), one of Ali's eighteen arhats. She is also the president of Ali's B2B business group. At an internal meeting, Dai Shan said that there will be no upper limit on investment in community group buying.</p><p>On the earnings conference call in February this year, Zhang Yong once said, \"Shopping through Taobao can help consumers, especially those in low-tier cities, get local dishes more easily, and it can help us acquire new users. We will continue to make use of different resources, including new retail, enterprises and diverse supply channels\". At the same time, he emphasized that Taobao grocery shopping will not rely on burning money subsidies for business expansion, but will pay more attention to user experience and business sustainability. In the future, Taobao grocery shopping will be promoted to the whole country.</p><p>Although the vision is beautiful, judging from the current competition in the community group buying track, Taobao Maicai started late, lagging behind competitors such as Meituan Maicai and Orange Heart Preferred. What is even more worrying is that community group buying is still a big pit that burns money, and it is still difficult to see \"money back\". In the past few days, there has been news in the market that Didi will divest the Orange Heart Preferred Business and go public separately. Although there is no confirmed hammer yet, it is vaguely seen that the community group buying business has dragged down the company more than helped it. Even if it is as large as Alibaba, it is difficult to guarantee that it can truly make community group buying bigger and stronger.</p><p>This financial report does not consider the one-time antitrust fine, and Alibaba's revenue growth is relatively stable. At the same time, a relatively long-term overall strategy has been clearly planned since last quarter. It seems that Alibaba's certainty is coming back.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/79b711513c169934e01f1d8bdaae6fad","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2135983925","content_text":"5月13日，阿里巴巴（NYSE:BABA）在盘前公布了截至2021年3月31日的季度财报和2021财年业绩。受182.28亿元反垄断罚款的影响（阿里巴巴2019年销售额的4%），阿里巴巴当季净亏损为76.54亿人民币，打破常年盈利记录；若不计该罚款及其他影响因素，当季非公认会计准则（non-GAAP）净利润应为262.16亿，同比增长18%。这是反垄断罚款后阿里巴巴的首份财报，在一次性罚款带来的亏损之外，市场对于阿里巴巴今后所处的监管环境有了更清晰认知，阿里巴巴自己也在强调业务正重新找回稳定性——“市场的潜力还非常大，无论是在核心商业，还是在其他领域。如果今天我们说会保利润，对于真正的长期投资人来讲，会认为阿里巴巴很愚蠢。”在财报的电话会议上，阿里巴巴CFO武卫表示。“我们可以保证在投入的时候是highly targeted（高度针对性的），是有纪律性的，而且是在扩大我们的潜力市场。”综合来看，阿里巴巴延续了上一季度的战略方向，但在具体措施的侧重点稍有变化：在核心商业方面，加强商家运营，继续用淘宝特价版开发下沉市场， 挖掘存量用户价值等；另一方面则是在新零售业务上持续发力，开始整合盒马、高鑫和外部供应链资源，加强“电商基础设施（digital commerce infrastructure）”的建设，同时组建MMC事业群，再次向外界展示自己对于社区团购的志在必得。核心商业，阿里巴巴的“保留节目”根据这份财报，阿里巴巴当季营收为1873.95亿元人民币，剔除高鑫零售带来的增长后，收入为1599.52亿元，同比增长40%。具体来看，截至3月31日，阿里巴巴在核心商业、云计算、数字媒体及娱乐、创新及其他四项业务中的收入分别为1613.65亿元、167.61亿元、80.47亿元、12.22亿元，其中核心商业收入占总营收的86%，同比略有增加，但整体营收结构没有太大变化。比较而言，本季度核心商业收入环比下降17.5%，这是由于去年双11带来了季节性营收增长，本季度回归正常水平。在用户数据方面，阿里巴巴当季移动月活用户9.25亿，环比增加2300万。截至2021年3月底的12个月中，阿里巴巴生态体系全球年度活跃消费者（AAC）超10亿，其中包括淘宝天猫在内的中国零售市场AAC为8.11亿，环比增加3200万，海外AAC则达到2.4亿。另外，财报显示阿里巴巴生态体系中的商品交易额（GMV）达到8.119万亿元。在经历了多年的发展之后，淘系电商如何保持增速一直是备受关注的话题。4月10日，市场监管总局判定阿里巴巴自2015年以来滥用其市场支配地位，对平台内商家提出“二选一”要求，从而获取了不正当竞争优势。这一罚款创下了中国反垄断罚款的记录。此次罚款的依据很多指向淘系电商，阿里巴巴的核心商业业务。反垄断的单次处罚之外，更重要的是中国监管环境的变化。阿里巴巴在核心商业领域推出的许多相应措施，反映出对这些变化的应对：例如通过多种方式为商家降低准入门槛，减少商家经营成本，以此来提升对供给侧的吸引力等。同时，去年四季度阿里巴巴在中国零售市场的移动端MAU虽然首次突破9亿大关，同比增长率却仅为9.4%。也就是说，淘系电商用户也在面对增速放缓，它不能只依靠粗放的流量增长，如何精细化运营才是未来业务增长的关键。因此，阿里巴巴最近连续推出新政，例如天猫将开始在多个行业首次实施“试运营”期，对淘宝商家非常重要的运营工具“三宝一券”（即店铺宝、单品宝、搭配宝、优惠券）也将从原先的收费模式改为免费等。这些一方面是为了响应反垄断整改，另一方面也是为淘系平台挖掘新的增长点。事实上，从去年开始，包括天猫、聚划算在内的淘系平台也非常注重对新品牌的扶持和培养。近期淘宝行业负责人凯夫在一次媒体交流会上指出，“淘宝的增量在新品类、新供给”，为商家减负和培养新品牌无疑都是为了用新供给激活新需求，为淘系带来更大的增长。在消费端，淘系电商更注重挖掘用户潜力。阿里巴巴CEO张勇在财报电话会议上指出，“在获得新的消费者之后，我们另一个关键的考虑就是如何把每一个客户的生命周期价值最大化，这里面要进行很多的交叉销售，为此我们会建立每个用户的画像，为其提供个性化的定制。”除此之外，淘宝特价版也是阿里巴巴在电商方面的重要布局，能够持续在下沉市场发力，实现电商矩阵的搭建，覆盖各类消费者的需求。在过去一年中，淘宝特价版的MAU达到1.3亿。“淘宝特价版在供给方面的聚焦点是工厂和田地，继而将商品直供给价格敏感型的消费者，”张勇明确表示，“在广大的低线级城市和农村，还是有巨大的人口空间，就像整个财年当中，我们在中国零售市场增加了8400万的用户，70%是来自于低层级的地区。我们希望在未来的财年在中国率先做到10亿的购买用户，这也是我们第二个投入的领域。”新零售战略：电商基建投资不会局限在“防守”，也要开始进攻。阿里巴巴再次强调对新零售的投入。去年10月，阿里巴巴集团宣布投入280亿港币(约合36亿美元)收购高鑫零售约72%的股份，成为最大控股股东。据报道，同年12月三名阿里系高管进入高鑫集团管理层。在高鑫零售的加持下，阿里巴巴在新零售领域不断加码。与之前不同的是，阿里巴巴在这次的财报中就新零售业务提出了一个更明确的概念，即通过整合线上和线下资源来加强“电商基础设施（Digital Commerce Infrastructure）”的建设，覆盖不同的服务半径，提升消费者体验。在原有的一小时配送（盒马鲜生）、半日和当日达（天猫超市、高鑫零售）、多日达（菜鸟驿站）的基础上，阿里巴巴新近开始在社区团购赛道发力，为消费者提供“今日下单，明天取货”的服务，丰富新零售业务的形式。据晚点Late Post报道，阿里巴巴于3月1日成立MMC事业群，整合零售通的社区团购业务和盒马集市，聚焦社区团购业务。该事业群的负责人由阿里十八罗汉之一的戴珊（花名：苏荃）担任，她同时也是阿里 B2B 事业群总裁。在一次内部会议上，戴珊表示对社区团购的投入将不设上限。在今年2月份的财报电话会议上张勇曾表示，“通过淘宝买菜可以帮助消费者，尤其是低线城市的消费者更容易地获得本地菜品，并且能够帮助我们获得新用户。我们会继续利用不同资源，包括新零售、企业和多样的供应渠道”。同时他强调，淘宝买菜并不会依赖烧钱补贴来进行业务拓展，而是更重视用户体验和业务的可持续性，未来淘宝买菜将会推广到全国。虽然愿景是美好的，但从目前社区团购赛道的竞争中看，淘宝买菜的起步还是晚了，落后于美团买菜、橙心优选等对手。更让人忧心的是，社区团购依然是个烧钱的大坑，目前还很难看到“回头钱”。就在这几天，市场上传出了滴滴将要剥离橙心优选业务单独上市的消息，虽然还没有实锤，但隐约可见社区团购业务对公司的拖累大于助益。即使是体量庞大如阿里巴巴，也很难保证能真正把社区团购做大做强。此次财报在不考虑一次性反垄断罚款的前提下，阿里巴巴的营收增长较为稳定。同时从上个季度开始明确规划出了较为长期的整体战略，看起来阿里巴巴的确定性正在回来。","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190107954,"gmtCreate":1620604078678,"gmtModify":1704345273645,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569319906313275","idStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/190107954","repostId":"1124499400","repostType":4,"repost":{"id":"1124499400","kind":"news","pubTimestamp":1620461113,"share":"https://ttm.financial/m/news/1124499400?lang=en_US&edition=fundamental","pubTime":"2021-05-08 16:05","market":"us","language":"zh","title":"\"Sister Wood\" laughed at ARK's plunge: it's better to fall, and the annual return can be higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1124499400","media":"华尔街见闻","summary":"摘要：木头姐在采访中透露，今年家族基金Archegos暴雷事件的始作俑者Bill Hwang，曾在其2014年创立ARK时发挥过核心作用，为ARK首批四只ETF提供了种子资金。\n\n近期美股市场大幅抛售","content":"<p>Abstract: Sister Mumu revealed in an interview that Bill Hwang, the initiator of this year's family fund Archegos thunderstorm, played a central role when he founded ARK in 2014, providing seed funds for ARK's first four ETFs. Recently, the U.S. stock market has sold off high-valued technology stocks sharply, causing Cathie Wood's Ark Fund to suffer a heavy setback.</p><p>This week, Ark's flagship fund ARKK fell by more than 9%. It had previously fallen for 8 consecutive days, recording the largest consecutive decline in two and a half years. This fund is known for its heavy holdings in innovative technology stocks such as Tesla and Zoom. Last year, it won the U.S. fund performance crown with an annual return of about 150%. However, this year it fell to the altar following the fluctuation of technology stocks, and its net value has dropped by 30% from its peak in February. above.</p><p>However, Sister Wood is still calm about this.</p><p>On Friday, she reiterated her long-term investment philosophy in an interview with CNBC, saying that the pullback in tech stocks is not something to worry about,<b>If you look at long-term returns over 5 years, \"nothing has changed except the price\".</b></p><p>She even believes that an appropriate decline signals a healthier outlook for her fund. In a CNBC program called Closing Bell, Sister Wood said:</p><p><b>I like this situation (after the correction of technology stocks). For us, if the market is squeezed into the innovation areas we are focusing on, that's the worst case scenario.</b>Therefore,<b>She raised her annual earnings forecast, which expects to generate a compound annual return of 25%-30% this year,</b>It was more than 10 percentage points higher than her February forecast of 15%.</p><p>It is also based on this that Sister Mumu has recently been selling Apple stocks and increasing positions in other innovative companies.<b>The move is equivalent to adding to innovative stocks on dips.</b></p><p>In Sister Mu's eyes, Apple is a very conservative technology stock. Buying Apple is not much different from holding cash. Since its ETF is not allowed to hold any cash, she previously used buying Apple stocks as an alternative to cash.</p><p>In the current period of volatility, we will sell stocks like (Apple) and invest more purely in innovative businesses, or innovative companies in the early stages, which are being hit by market risk aversion. On Friday, ARKK net worth rebounded slightly by 1.3%. Previously, Saut Strategy technical analyst Andrew Adams pointed out in the report that ARKK is obviously oversold, and the current net value has fallen below a bottom trend line since September (the red dotted line in the figure below). If it cannot rebound as soon as possible and return to above the trend line, It may suffer a larger \"waterfall decline\", causing trouble to the entire market.</p><p><img src=\"https://static.tigerbbs.com/fd95e936956985c63c8e23b7f3f70475\" tg-width=\"799\" tg-height=\"483\" referrerpolicy=\"no-referrer\"></p><p><b>Bill Huang has provided seed funding for ARK</b></p><p>It is worth mentioning that Sister Mu revealed in an interview that Bill Hwang, the initiator of this year's family fund Archegos thunderstorm, played a central role when she founded ARK in 2014.</p><p>At the beginning, Bill Hwang provided seed funding for ARK's first four ETFs. As early as 2013, the two exchanged investment ideas about US stocks, especially in the media field.</p><p>We are very grateful to him. At that time, market makers were tired of investing in new strategies, and they were unwilling to trap $2 million in an ETF that didn't pay anything back. So we needed to look for seed funding elsewhere. Bill heard the entrepreneurial ideas I said... and was also very interested in the stocks we were paying attention to. He was just beginning to understand them at that time. In fact, there is a closer connection between the two. They also live in immigrant families, do the same business, prefer high-risk investments, and are both headquartered in Manhattan, which is very close to each other. But most importantly, two people who also believe in Christ have together set off a wind of \"faith\" in the American financial world.</p><p>Before the pandemic, they would hold weekly Bible study meetings in their offices, and invite many Wall Street people to attend. At about seven o'clock on a Friday morning, everyone gathered around a long table, sipping coffee and eating snacks such as Danish pastry, and listening to the recording of the Bible.</p><p>Bill also often attends the regular meetings of Wood ARK Fund as a mentor.</p><p>They all preach the idea that investment is a means of serving God by allocating money to areas beneficial to mankind and the benefit of God's \"kingdom\". Bill once said that he didn't make money for the money itself, but to help people change their lives through capital.</p><p>In the past few years, Archegos, founded by Bill Hwang, has made a large number of highly leveraged investments in stocks. Until the end of March this year, it liquidated its position due to the inability to meet the margin recovery requirements, causing huge losses of tens of billions of dollars to several big banks on Wall Street.</p><p>Sister Wood said that she does not know whether Bill Hwang is still a shareholder of ARK. She revealed that after the Archegos incident, the two had never talked. She only sent a note to Bill Hwang wishing him all the best.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Sister Wood\" laughed at ARK's plunge: it's better to fall, and the annual return can be higher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Sister Wood\" laughed at ARK's plunge: it's better to fall, and the annual return can be higher\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-05-08 16:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Abstract: Sister Mumu revealed in an interview that Bill Hwang, the initiator of this year's family fund Archegos thunderstorm, played a central role when he founded ARK in 2014, providing seed funds for ARK's first four ETFs. Recently, the U.S. stock market has sold off high-valued technology stocks sharply, causing Cathie Wood's Ark Fund to suffer a heavy setback.</p><p>This week, Ark's flagship fund ARKK fell by more than 9%. It had previously fallen for 8 consecutive days, recording the largest consecutive decline in two and a half years. This fund is known for its heavy holdings in innovative technology stocks such as Tesla and Zoom. Last year, it won the U.S. fund performance crown with an annual return of about 150%. However, this year it fell to the altar following the fluctuation of technology stocks, and its net value has dropped by 30% from its peak in February. above.</p><p>However, Sister Wood is still calm about this.</p><p>On Friday, she reiterated her long-term investment philosophy in an interview with CNBC, saying that the pullback in tech stocks is not something to worry about,<b>If you look at long-term returns over 5 years, \"nothing has changed except the price\".</b></p><p>She even believes that an appropriate decline signals a healthier outlook for her fund. In a CNBC program called Closing Bell, Sister Wood said:</p><p><b>I like this situation (after the correction of technology stocks). For us, if the market is squeezed into the innovation areas we are focusing on, that's the worst case scenario.</b>Therefore,<b>She raised her annual earnings forecast, which expects to generate a compound annual return of 25%-30% this year,</b>It was more than 10 percentage points higher than her February forecast of 15%.</p><p>It is also based on this that Sister Mumu has recently been selling Apple stocks and increasing positions in other innovative companies.<b>The move is equivalent to adding to innovative stocks on dips.</b></p><p>In Sister Mu's eyes, Apple is a very conservative technology stock. Buying Apple is not much different from holding cash. Since its ETF is not allowed to hold any cash, she previously used buying Apple stocks as an alternative to cash.</p><p>In the current period of volatility, we will sell stocks like (Apple) and invest more purely in innovative businesses, or innovative companies in the early stages, which are being hit by market risk aversion. On Friday, ARKK net worth rebounded slightly by 1.3%. Previously, Saut Strategy technical analyst Andrew Adams pointed out in the report that ARKK is obviously oversold, and the current net value has fallen below a bottom trend line since September (the red dotted line in the figure below). If it cannot rebound as soon as possible and return to above the trend line, It may suffer a larger \"waterfall decline\", causing trouble to the entire market.</p><p><img src=\"https://static.tigerbbs.com/fd95e936956985c63c8e23b7f3f70475\" tg-width=\"799\" tg-height=\"483\" referrerpolicy=\"no-referrer\"></p><p><b>Bill Huang has provided seed funding for ARK</b></p><p>It is worth mentioning that Sister Mu revealed in an interview that Bill Hwang, the initiator of this year's family fund Archegos thunderstorm, played a central role when she founded ARK in 2014.</p><p>At the beginning, Bill Hwang provided seed funding for ARK's first four ETFs. As early as 2013, the two exchanged investment ideas about US stocks, especially in the media field.</p><p>We are very grateful to him. At that time, market makers were tired of investing in new strategies, and they were unwilling to trap $2 million in an ETF that didn't pay anything back. So we needed to look for seed funding elsewhere. Bill heard the entrepreneurial ideas I said... and was also very interested in the stocks we were paying attention to. He was just beginning to understand them at that time. In fact, there is a closer connection between the two. They also live in immigrant families, do the same business, prefer high-risk investments, and are both headquartered in Manhattan, which is very close to each other. But most importantly, two people who also believe in Christ have together set off a wind of \"faith\" in the American financial world.</p><p>Before the pandemic, they would hold weekly Bible study meetings in their offices, and invite many Wall Street people to attend. At about seven o'clock on a Friday morning, everyone gathered around a long table, sipping coffee and eating snacks such as Danish pastry, and listening to the recording of the Bible.</p><p>Bill also often attends the regular meetings of Wood ARK Fund as a mentor.</p><p>They all preach the idea that investment is a means of serving God by allocating money to areas beneficial to mankind and the benefit of God's \"kingdom\". Bill once said that he didn't make money for the money itself, but to help people change their lives through capital.</p><p>In the past few years, Archegos, founded by Bill Hwang, has made a large number of highly leveraged investments in stocks. Until the end of March this year, it liquidated its position due to the inability to meet the margin recovery requirements, causing huge losses of tens of billions of dollars to several big banks on Wall Street.</p><p>Sister Wood said that she does not know whether Bill Hwang is still a shareholder of ARK. She revealed that after the Archegos incident, the two had never talked. She only sent a note to Bill Hwang wishing him all the best.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3629819\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bc10dd92e6bbe5f89cf9438eabdad5c3","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3629819","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1124499400","content_text":"摘要：木头姐在采访中透露，今年家族基金Archegos暴雷事件的始作俑者Bill Hwang，曾在其2014年创立ARK时发挥过核心作用，为ARK首批四只ETF提供了种子资金。\n\n近期美股市场大幅抛售高估值科技股，使得“木头姐”（Cathie Wood）旗下Ark基金遭到重挫。\n本周，Ark旗舰基金ARKK跌去逾9%，此前一度连续8天下跌，录得两年半最大连续跌幅。这只基金以重仓特斯拉、Zoom等创新型科技股著称，去年以约150％的年度收益夺得美国基金业绩桂冠，但今年跟随科技股波动跌落神坛，净值较2月峰值已下跌30%以上。\n不过，木头姐对此仍然淡定。\n周五，她在接受CNBC采访时重申其长期投资理念，表示科技股回落不值得担忧，如果放眼5年看长期收益，“除了价格之外，什么都没有改变”。\n她甚至认为，适当的下跌标志着其基金更健康的前景。在CNBC一档名为Closing Bell的节目中，木头姐表示：\n\n我喜欢这样（科技股回调后）的局面，对我们来说，如果市场一股脑地挤在我们所关注的创新领域，那才是最糟糕的情况。\n\n因此，她上调了年度收益预期，预计今年将产生25%-30%的年度复合回报，比她2月预计的15%高出逾10个百分点。\n也是基于此，近期木头姐不断抛售苹果股票，加仓其它创新公司，此举相当于逢低增持创新型股票。\n在木头姐眼里，苹果是一只非常保守的科技股，买苹果和持有现金没太大区别，由于其该ETF不允许持有任何现金，她此前用购买苹果股票作为替代现金的方式。\n\n 在眼下的波动时期，我们则将出售（苹果）这类股票，更纯粹地投入创新业务，或处于早期阶段的创新公司，这些公司正受到市场风险规避的冲击。\n\n周五，ARKK净值出现1.3%的小幅反弹。此前Saut Strategy技术分析师Andrew Adams在报告中指出，ARKK明显超卖，目前净值已跌破9月来的一条底部趋势线（下图红色虚线），如果不能尽快出现反弹，回到趋势线上方，可能会遭受更大幅度的“瀑布式下跌”，给整个市场带来麻烦。\n\nBill Huang曾为ARK提供种子资金\n值得一提的是，木头姐在采访中透露，今年家族基金Archegos暴雷事件的始作俑者Bill Hwang，曾在其2014年创立ARK时发挥过核心作用。\n当初，Bill Hwang曾为ARK首批四只ETF提供种子资金。而早在2013年，两人就曾交流过有关美股，尤其是媒体领域的投资想法。\n\n 我们非常感谢他。当时做市商已经厌倦了投资新策略，他们不愿意将200万美元困在一只没有任何回报的ETF上。于是我们需要去别的地方寻找种子资金，Bill听到我说的创业想法……对我们关注的股票也非常感兴趣，他那时才刚刚开始了解它们。\n\n事实上，两人身上存在更密切的关联。他们同样生活在移民家庭，做着一样的行当，都偏好高风险投资，总部也都设在曼哈顿，而且相隔极近。但最重要的是，同样信奉基督的两个人，共同在美国金融界掀起了一股“信仰”之风。\n疫情之前，他们都会每周在办公室里举办圣经学习会议，邀请很多华尔街人士一起参加。大家在周五早晨七点钟左右，围在一张长桌子旁边，一边抿着咖啡，吃着丹麦酥之类的小点心，一边听着圣经的录音。\n比尔还常常以导师身份，出席伍德ARK基金的例行会议。\n他们都宣扬这样一种理念，那就是把投资当做一种服务上帝的手段，方法就是，把钱分配到有益于人类的领域，造福于上帝的“王国”。比尔曾说他赚钱并不是为了钱本身，而是要通过资本帮助人们改变生活。\n过去几年，Bill Hwang所创立的Archegos在股票上进行了大量高杠杆投资，直至今年3月末，由于无法满足追缴保证金要求而爆仓，给华尔街几家大银行造成了百亿美元的巨大损失。\n木头姐表示，并不知道Bill Hwang目前是否仍是ARK的股东。她透露，Archegos事发后，两人就没有过对话，她只给Bill Hwang发过一张字条，祝他一切顺利。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}