Kiong715 personal page - To The Moon

Kiong715

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2022-06-15

😄

@TigerEvents:Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out "T.I.G.E.R" during your journey for a chance to receive the limited edition 8th Anniversary Gi

2022-04-12

👍🏼

@TigerEvents:🏆【GAME】Hunting Eggs for Extra Saving!

2022-02-15

👌

@TigerEvents:Join Tiger Ski Championship, Win a Bonus of Up to USD 2022

2021-12-23

👍🏼

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2021-08-20

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CITIC Securities: How do Q2 global TOP20 funds allocate to China?

2021-06-23

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Daily Youxian submits red herring prospectus, which has been oversubscribed

2021-06-23

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Daily Youxian submits red herring prospectus, which has been oversubscribed

2021-06-18

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Nayuki's tea will start its IPO today, and the admission fee is about HK $9999.77

2021-06-11

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2021-06-09

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2021-06-07

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2021-06-02

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2021-05-21

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2021-05-17

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Midea's new energy vehicle parts will be released on May 18

2021-05-16

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2021-05-10

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Opening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%

2021-05-08

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Is Boeing Stock a Buy in 2021?

2021-04-29

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Reminder: A-shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual

2021-04-27

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Financial report preview: Quarterly delivery exceeds 20,000 units for the first time, where will Nio go next?

2021-04-26

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The U.S. dollar is released, the world is flooded, and the strongest inflation annihilates all beings!

Go to Tiger App to see more news

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This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi\n \n","listText":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. 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Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022524674","isVote":1,"tweetType":2,"object":{"id":"97af7069aa6440eab7c85601f72b41b1","tweetId":"9022524674","videoUrl":"https://1254107296.vod2.myqcloud.com/73ba5544vodgzp1254107296/5836ee3f387702302012189230/1IRQdazMc4YA.mp4","poster":"https://community-static.tradeup.com/news/f2462b20b2a9a2483ae56cbb54dcb2a7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9017198385,"gmtCreate":1649753199815,"gmtModify":1676534565100,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9017198385","repostId":"9016476123","repostType":1,"repost":{"id":9016476123,"gmtCreate":1649229403658,"gmtModify":1676534474180,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"🏆【GAME】Hunting Eggs for Extra Saving!","htmlText":"Tiger has prepared some Easter gifts for you, please&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/easter/\" target=\"_blank\">click&nbsp;here</a>&nbsp;to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","listText":"Tiger has prepared some Easter gifts for you, please&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/easter/\" target=\"_blank\">click&nbsp;here</a>&nbsp;to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","text":"Tiger has prepared some Easter gifts for you, please click here to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","images":[{"img":"https://community-static.tradeup.com/news/15b435c0d10e0e89ad3e06b7bbd04830","width":"2251","height":"1334"},{"img":"https://community-static.tradeup.com/news/ff9640a9df2f24446e07b7a9b658cb4b","width":"1200","height":"630"},{"img":"https://community-static.tradeup.com/news/795038848b7c7b1d7dda27d92b580946","width":"1656","height":"948"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016476123","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095635040,"gmtCreate":1644892151432,"gmtModify":1676533972916,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095635040","repostId":"9004448317","repostType":1,"repost":{"id":9004448317,"gmtCreate":1642676525258,"gmtModify":1676533734534,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"Join Tiger Ski Championship, Win a Bonus of Up to USD 2022","htmlText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","listText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","text":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: Click to Join the Game","images":[{"img":"https://static.tigerbbs.com/a7b44fa056439fb4010fa55e163d27c3","width":"750","height":"1726"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004448317","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000243250,"gmtCreate":1640220046153,"gmtModify":1676533508400,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000243250","repostId":"2193116621","repostType":4,"isVote":1,"tweetType":1,"viewCount":2197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838736185,"gmtCreate":1629428504547,"gmtModify":1676530038106,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/838736185","repostId":"1183587301","repostType":4,"repost":{"id":"1183587301","kind":"news","pubTimestamp":1629428130,"share":"https://ttm.financial/m/news/1183587301?lang=en_US&edition=fundamental","pubTime":"2021-08-20 10:55","market":"us","language":"zh","title":"CITIC Securities: How do Q2 global TOP20 funds allocate to China?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183587301","media":"中信证券研究","summary":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大。","content":"<p>As of mid-to-late August, the position data of overseas fund companies in the second quarter has basically been disclosed. According to our statistical analysis of the TOP 20 heavyweight stocks of the 20 TOP fund companies holding Chinese stocks, major overseas funds' heavyweight holdings in Chinese stocks in 21Q2 increased slightly by 0.1% month-on-month to US $621.4 billion, of which Hong Kong stock holdings increased significantly month-on-month (+12.6%). The allocation preferences of major overseas funds for Chinese stocks differentiated significantly in the second quarter. In the growth sector, pharmaceuticals (+41.0%, mainly<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (34.3%), as well as industry (98.5%) and public utilities (63.0%) in the traditional economic sector, the amount of heavy holdings increased significantly month-on-month. At the individual stock level, excluding the impact of stock prices, Internet leaders such as Meituan, Ali (H),<a href=\"https://laohu8.com/S/00700\">Tencent</a>Increased holdings by institutions; Benefiting from the rise of national tide<a href=\"https://laohu8.com/S/02331\">Li Ning</a>, Anta, the leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD shares</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group and other targets have also received substantial actual allocations.</p><p><b>In 21Q2, the positions of major overseas funds in Hong Kong stocks increased by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies holding Chinese stocks, the total holdings of the top 20 holdings of Chinese stocks by the sample fund companies in 21Q2 were US $621.4 billion, which was basically the same as that in 21Q1 (+0.1%).</p><p>From the perspective of the market distribution of stock holdings, the heavy positions of major overseas mutual fund companies in U.S. stocks/Hong Kong stocks/A shares in the second quarter were US $182.35/391.60/44.62 billion respectively, with month-on-month changes of-510.0/43.84/6.41 billion respectively. The increase mainly comes from the Hong Kong stock market. The passage of the final amendment to the \"Foreign Companies Accountability Act\", the tightening of domestic regulatory policies and the default of Archegos Capital are the main reasons why major overseas funds reduced their allocation positions in U.S. stocks and Chinese concept stocks in the second quarter. In Q2, the proportion of heavy holdings of Chinese concept stocks in U.S. stocks fell sharply by 8.3 PCTs to 29.3%; The amount of heavy holdings in the Hong Kong stock and A-share markets increased by 7.0/1.0 PCTs month-on-month to 63.0%/7.2% respectively.</p><p><b>The allocation preferences of overseas fund industries are differentiated, with medicine, technology, and industry receiving additional allocations.</b></p><p>From the level of the first-level industry, the allocation preferences of the growth sector were significantly differentiated in the second quarter. The main allocation directions of new funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), and the amount of heavy holdings increased to US $57.44 billion and US $16.47 billion respectively. However, the changes in the market value of heavily held stocks in the optional consumption (-2.6%) and communication services (-3.5%) sectors were relatively stable. Among the traditional economic sectors, the market value of heavy holdings in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. However, the amount of heavy holdings in the financial and pro-cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, with month-on-month decreases of 15.1%/10.1%/16.5% respectively.</p><p><b>At the individual stock level, after excluding the stock price factor, the allocation preferences of leading Internet funds are obviously differentiated, and medicine, sportswear, and new energy vehicles are favored by overseas funds.</b></p><p>Anti-monopoly incidents continued to ferment in the second quarter, coupled with the implementation of the \"Foreign Company Accountability Law\", resulting in a significant differentiation in the allocation of Internet leaders by overseas institutions. Excluding factors affecting stock prices, such as Tencent, Ali (H), and Meituan's actual additional allocation amounts reached US $3.04/13.98/14.22 billion respectively; And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual allocation reduction amounts are US $1.45/1.79/3.75 billion respectively. In addition, Li Ning, Anta and new energy vehicle industry chain leaders who have benefited from the rise of the national trend<a href=\"https://laohu8.com/S/002594\">BYD</a>Both shares and Ningde Times are favored by overseas funds. In 21Q2, the actual increase in allocation amounts excluding stock price factors reached US $2.57/6.3/3.47/2.07 billion respectively. In the second quarter, the newly listed Manbang Group also received an actual increase of US $2.90 billion from overseas funds. The pharmaceutical sector has also attracted attention from overseas funds, WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Ophthalmology</a>The actual increase in allocation amounted to approximately US $6.6/9.3/7.2/800 million respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and Internet finance were increased by mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that the market is more concerned about were selected to explore the changes in their positions in U.S. stocks and Chinese concept companies in the second quarter. Stocks in the new energy and Internet finance sectors were generally increased by institutions, and Jinglin increased its holdings in Q2<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1.594, 162,000 shares; Bridgewater increased its holdings<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>、<a href=\"https://laohu8.com/S/DQ\">Daqo New Energy</a>102.3/87.5/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Travel received additional allocations from three institutions: Jinglin, Hillhouse and Fidelity;<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>It also received substantial purchases from Jinglin and Hillhouse. However, the institutional allocation of the Internet and education sectors, which continue to be subject to regulatory policy risks, differentiated significantly in the second quarter. Jinglin Q2 increased its holdings respectively<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group 708,000, 149,000 shares; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Then reduce their holdings by 3.087 million shares and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huo Jinglin, Gao Yi,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Increased holdings, but reduced by Kesibo and SOROS FUND. Internet e-commerce leaders such as Pinduoduo, JD.com, and Alibaba (BABA.N) have been reduced by institutions.</p><p><b>Risk Factors:</b></p><p>The spread of global COVID-19 pandemic exceeded expectations; Macroeconomic recovery falls short of expectations; Sino-US relations deteriorate; Foreign capital continues to flow out.</p>","source":"zxzqyj","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>CITIC Securities: How do Q2 global TOP20 funds allocate to China?</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\">\nCITIC Securities: How do Q2 global TOP20 funds allocate to China?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中信证券研究</strong><span class=\"h-time small\">2021-08-20 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As of mid-to-late August, the position data of overseas fund companies in the second quarter has basically been disclosed. According to our statistical analysis of the TOP 20 heavyweight stocks of the 20 TOP fund companies holding Chinese stocks, major overseas funds' heavyweight holdings in Chinese stocks in 21Q2 increased slightly by 0.1% month-on-month to US $621.4 billion, of which Hong Kong stock holdings increased significantly month-on-month (+12.6%). The allocation preferences of major overseas funds for Chinese stocks differentiated significantly in the second quarter. In the growth sector, pharmaceuticals (+41.0%, mainly<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (34.3%), as well as industry (98.5%) and public utilities (63.0%) in the traditional economic sector, the amount of heavy holdings increased significantly month-on-month. At the individual stock level, excluding the impact of stock prices, Internet leaders such as Meituan, Ali (H),<a href=\"https://laohu8.com/S/00700\">Tencent</a>Increased holdings by institutions; Benefiting from the rise of national tide<a href=\"https://laohu8.com/S/02331\">Li Ning</a>, Anta, the leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD shares</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group and other targets have also received substantial actual allocations.</p><p><b>In 21Q2, the positions of major overseas funds in Hong Kong stocks increased by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies holding Chinese stocks, the total holdings of the top 20 holdings of Chinese stocks by the sample fund companies in 21Q2 were US $621.4 billion, which was basically the same as that in 21Q1 (+0.1%).</p><p>From the perspective of the market distribution of stock holdings, the heavy positions of major overseas mutual fund companies in U.S. stocks/Hong Kong stocks/A shares in the second quarter were US $182.35/391.60/44.62 billion respectively, with month-on-month changes of-510.0/43.84/6.41 billion respectively. The increase mainly comes from the Hong Kong stock market. The passage of the final amendment to the \"Foreign Companies Accountability Act\", the tightening of domestic regulatory policies and the default of Archegos Capital are the main reasons why major overseas funds reduced their allocation positions in U.S. stocks and Chinese concept stocks in the second quarter. In Q2, the proportion of heavy holdings of Chinese concept stocks in U.S. stocks fell sharply by 8.3 PCTs to 29.3%; The amount of heavy holdings in the Hong Kong stock and A-share markets increased by 7.0/1.0 PCTs month-on-month to 63.0%/7.2% respectively.</p><p><b>The allocation preferences of overseas fund industries are differentiated, with medicine, technology, and industry receiving additional allocations.</b></p><p>From the level of the first-level industry, the allocation preferences of the growth sector were significantly differentiated in the second quarter. The main allocation directions of new funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), and the amount of heavy holdings increased to US $57.44 billion and US $16.47 billion respectively. However, the changes in the market value of heavily held stocks in the optional consumption (-2.6%) and communication services (-3.5%) sectors were relatively stable. Among the traditional economic sectors, the market value of heavy holdings in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. However, the amount of heavy holdings in the financial and pro-cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, with month-on-month decreases of 15.1%/10.1%/16.5% respectively.</p><p><b>At the individual stock level, after excluding the stock price factor, the allocation preferences of leading Internet funds are obviously differentiated, and medicine, sportswear, and new energy vehicles are favored by overseas funds.</b></p><p>Anti-monopoly incidents continued to ferment in the second quarter, coupled with the implementation of the \"Foreign Company Accountability Law\", resulting in a significant differentiation in the allocation of Internet leaders by overseas institutions. Excluding factors affecting stock prices, such as Tencent, Ali (H), and Meituan's actual additional allocation amounts reached US $3.04/13.98/14.22 billion respectively; And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual allocation reduction amounts are US $1.45/1.79/3.75 billion respectively. In addition, Li Ning, Anta and new energy vehicle industry chain leaders who have benefited from the rise of the national trend<a href=\"https://laohu8.com/S/002594\">BYD</a>Both shares and Ningde Times are favored by overseas funds. In 21Q2, the actual increase in allocation amounts excluding stock price factors reached US $2.57/6.3/3.47/2.07 billion respectively. In the second quarter, the newly listed Manbang Group also received an actual increase of US $2.90 billion from overseas funds. The pharmaceutical sector has also attracted attention from overseas funds, WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Ophthalmology</a>The actual increase in allocation amounted to approximately US $6.6/9.3/7.2/800 million respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and Internet finance were increased by mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that the market is more concerned about were selected to explore the changes in their positions in U.S. stocks and Chinese concept companies in the second quarter. Stocks in the new energy and Internet finance sectors were generally increased by institutions, and Jinglin increased its holdings in Q2<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1.594, 162,000 shares; Bridgewater increased its holdings<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>、<a href=\"https://laohu8.com/S/DQ\">Daqo New Energy</a>102.3/87.5/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Travel received additional allocations from three institutions: Jinglin, Hillhouse and Fidelity;<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>It also received substantial purchases from Jinglin and Hillhouse. However, the institutional allocation of the Internet and education sectors, which continue to be subject to regulatory policy risks, differentiated significantly in the second quarter. Jinglin Q2 increased its holdings respectively<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group 708,000, 149,000 shares; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Then reduce their holdings by 3.087 million shares and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huo Jinglin, Gao Yi,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Increased holdings, but reduced by Kesibo and SOROS FUND. Internet e-commerce leaders such as Pinduoduo, JD.com, and Alibaba (BABA.N) have been reduced by institutions.</p><p><b>Risk Factors:</b></p><p>The spread of global COVID-19 pandemic exceeded expectations; Macroeconomic recovery falls short of expectations; Sino-US relations deteriorate; Foreign capital continues to flow out.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd\">中信证券研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600030":"中信证券","06030":"中信证券","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183587301","content_text":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大（+12.6%）。海外主要基金二季度对中国股票的配置偏好显著分化，成长板块中的医药（+41.0%，主要是药明生物）、科技（+34.3%）以及传统经济板块中的工业（+98.5%）、公用事业（+63.0%），重仓持股金额环比提升显著。个股层面上，剔除股价影响，互联网龙头如美团、阿里（H）、腾讯获机构增持；受益国潮崛起的李宁、安踏，新能源车产业链龙头比亚迪股份、宁德时代以及新上市的满帮集团等标的亦获较大幅度的实际增配。\n21Q2海外主要基金对港股持仓环比提升达12.6%。\n根据我们对持有中国股票规模20大基金公司的前20大重仓股的统计分析，21Q2样本基金公司对中国股票前20大重仓持股规模合计为6214亿美元，环比21Q1基本持平（+0.1%）。\n从股票持仓的市场分布来看，二季度海外主要共同基金公司在美股/港股/A股的重仓持仓金额分别为1823.5/3916.0/446.2亿美元，环比分别变化-510.0/438.4/64.1亿美元，增量主要来源于港股市场。《外国公司担责法案》最终修正案的通过，国内监管政策的收紧以及Archegos Capital的违约事件是海外主要基金二季度降低美股中概股配置仓位的主要原因。Q2美股中概股重仓持股占比大幅下滑8.3PCTs至29.3%；而港股及A股市场的重仓持股金额环比分别提升7.0/1.0PCTs至63.0%/7.2%。\n海外基金行业配置偏好分化，医药、科技、工业获增配。\n从一级行业层面上，二季度成长板块配置偏好显著分化，其中新增资金的主要配置方向为医药（+41.0%，主要是药明生物）和科技（+34.3%），重仓持股金额分别提升至574.4和164.7亿美元。而可选消费（-2.6%）和通信服务（-3.5%）板块重仓持股市值变化则相对平稳。传统经济板块中，二季度工业（98.5%）和公用事业（63.0%）板块重仓持股市值显著提升。而此前受海外基金青睐的金融及顺周期的能源、原材料板块重仓持股金额则下滑明显，环比分别下降15.1%/10.1%/16.5%。\n个股层面，剔除股价因素后，互联网龙头基金配置偏好分化明显，医药、运动服饰、新能源汽车受海外基金青睐。\n二季度反垄断事件仍持续发酵，叠加《外国公司担责法》的落地，致使海外机构对互联网龙头的配置出现明显分化。剔除股价影响因素，如腾讯、阿里（H）、美团实际增配金额分别达到30.4/139.8/142.2亿美元；而拼多多、京东、百度实际减配金额分别为14.5/17.9/37.5亿美元。另外，受益国潮崛起的李宁、安踏以及新能源车产业链龙头比亚迪股份、宁德时代均受海外基金青睐，21Q2剔除股价影响因素的实际增配金额分别达到25.7/6.3/34.7/20.7亿美元。二季度新上市的满帮集团亦获海外基金实际增配达29.0亿美元。医药板块亦获海外基金关注，药明生物、信达生物、迈瑞医疗、爱尔眼科实际增配金额分别约达6.6/9.3/7.2/8.0亿美元，而银行板块则普遍遭海外基金减持。\n二季度新能源、互联网金融获主流投资机构增配，新上市个股引发海外基金关注。\n另外选取十家市场较为关注的主动管理型基金，探究其二季度对美股中概企业的持仓变化，新能源及互联网金融板块个股普遍获机构增持，景林Q2增持360数科、富途控股159.4、16.2万股；桥水则增持理想汽车、老虎证券、大全新能源102.3/87.5/23.6万股。\n另外，Q2新上市个股亦引发海外基金关注，如滴滴出行获景林、高瓴、富达三家机构增配；BOSS直聘亦得到景林、高瓴的大幅买入。而持续在监管政策风险下的互联网及教育板块二季度机构配置分化明显。景林Q2分别增持新东方、高途集团70.8、14.9万股；而瑞银则分别减持二者308.7、504.4万股。互联网娱乐板块的哔哩哔哩获景林、高毅、摩根大通增持，但被凯思博、SOROS FUND减持。互联网电商龙头如拼多多、京东、阿里（BABA.N）则多遭机构减持。\n风险因素：\n全球新冠疫情蔓延超预期；宏观经济修复不及预期；中美关系恶化；外资持续流出。","news_type":1,"symbols_score_info":{"600030":0.9,"06030":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2067,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123390492,"gmtCreate":1624408248416,"gmtModify":1703835674789,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123390492","repostId":"1109081443","repostType":4,"repost":{"id":"1109081443","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":1624407786,"share":"https://ttm.financial/m/news/1109081443?lang=en_US&edition=fundamental","pubTime":"2021-06-23 08:23","market":"sh","language":"zh","title":"Daily Youxian submits red herring prospectus, which has been oversubscribed","url":"https://stock-news.laohu8.com/highlight/detail?id=1109081443","media":"老虎资讯综合","summary":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金","content":"<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</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>Daily Youxian submits red herring prospectus, which has been oversubscribed</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 Youxian submits red herring prospectus, which has been oversubscribed\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-23 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26d35a88c8d9d9d46abd395d2bd24396","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109081443","content_text":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金Davis、元生、元璟均已认购。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":2103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123390052,"gmtCreate":1624408233076,"gmtModify":1703835673802,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123390052","repostId":"1109081443","repostType":4,"repost":{"id":"1109081443","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624407786,"share":"https://ttm.financial/m/news/1109081443?lang=en_US&edition=fundamental","pubTime":"2021-06-23 08:23","market":"sh","language":"zh","title":"Daily Youxian submits red herring prospectus, which has been oversubscribed","url":"https://stock-news.laohu8.com/highlight/detail?id=1109081443","media":"老虎资讯综合","summary":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金","content":"<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</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>Daily Youxian submits red herring prospectus, which has been oversubscribed</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 Youxian submits red herring prospectus, which has been oversubscribed\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-23 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26d35a88c8d9d9d46abd395d2bd24396","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109081443","content_text":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金Davis、元生、元璟均已认购。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":1908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166694228,"gmtCreate":1624005152764,"gmtModify":1703826334592,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166694228","repostId":"2144723622","repostType":4,"repost":{"id":"2144723622","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":1623969240,"share":"https://ttm.financial/m/news/2144723622?lang=en_US&edition=fundamental","pubTime":"2021-06-18 06:34","market":"us","language":"zh","title":"Nayuki's tea will start its IPO today, and the admission fee is about HK $9999.77","url":"https://stock-news.laohu8.com/highlight/detail?id=2144723622","media":"老虎资讯综合","summary":"奈雪的茶发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价19.80港元,预期股份将于6月30日上市，以每手500股股份为单位进行买卖。奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。","content":"<p>News on June 18, Nayuki's tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>It was announced that the company will issue an IPO from June 18 to June 23, and plans to issue 257 million shares, of which the Hong Kong public offering accounts for 10%, the international offering accounts for 90%, and a 15% over-allotment option is attached. The issue price per share is 17.2-HK $19.80. It is expected that the shares will be listed on June 30 and traded in units of 500 shares per lot.</p><p>Tiger Trade will open for subscription at 11:30<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 500 shares, admission fee is HK $9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK $5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, and its adjusted net loss decreased significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further reversed to an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Assuming an Offer Price of HK $19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received are HK $4,842 million, of which approximately 70.0% will be used to expand our teahouse network and increase market penetration in the next three years. About 10.0% will be used in the next three years to further improve the company's overall operations by strengthening technical capabilities to improve operational efficiency, and about 10.0% will be used in the next three years to improve the company's supply chain and channel construction capabilities to support the company's scale expansion, and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, and the cornerstone investors have agreed to subscribe for a certain number of offer shares that can be purchased for a total amount of US $155 million at the offer price, subject to certain conditions. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Fund, China Universal Fund, GF Fund, Southern Fund Management, Qianyuan Fuxing.</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>Nayuki's tea will start its IPO today, and the admission fee is about HK $9999.77</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\">\nNayuki's tea will start its IPO today, and the admission fee is about HK $9999.77\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-18 06:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 18, Nayuki's tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>It was announced that the company will issue an IPO from June 18 to June 23, and plans to issue 257 million shares, of which the Hong Kong public offering accounts for 10%, the international offering accounts for 90%, and a 15% over-allotment option is attached. The issue price per share is 17.2-HK $19.80. It is expected that the shares will be listed on June 30 and traded in units of 500 shares per lot.</p><p>Tiger Trade will open for subscription at 11:30<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 500 shares, admission fee is HK $9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK $5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, and its adjusted net loss decreased significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further reversed to an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Assuming an Offer Price of HK $19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received are HK $4,842 million, of which approximately 70.0% will be used to expand our teahouse network and increase market penetration in the next three years. About 10.0% will be used in the next three years to further improve the company's overall operations by strengthening technical capabilities to improve operational efficiency, and about 10.0% will be used in the next three years to improve the company's supply chain and channel construction capabilities to support the company's scale expansion, and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, and the cornerstone investors have agreed to subscribe for a certain number of offer shares that can be purchased for a total amount of US $155 million at the offer price, subject to certain conditions. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Fund, China Universal Fund, GF Fund, Southern Fund Management, Qianyuan Fuxing.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶","CYB":"人民币ETF-WisdomTree Dreyfus"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144723622","content_text":"6月18日消息，奈雪的茶$(02150)$发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价17.2-19.80港元，预期股份将于6月30日上市，以每手500股股份为单位进行买卖。\nTiger Trade 将于11:30 开放申购申购阶梯：\n每手500股，入场费9,999.77港元。\n乙组门槛为30万股，申购所需资金约5,999,857.38港元。据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现製茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现製茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3530万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。于整个往绩记录期间，公司的盈利能力不断提升，经调整净亏损由2018年的人民币5660万元大幅减少至2019年的人民币1170万元，并进一步扭转为2020年的经调整净利润人民币1660万元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n假设发售价为每股发售股份19.80港元，将取得的全球发售估计所得款项净额为48.42亿港元，约70.0%在未来三年用于扩张我们的茶饮店网络并提高市场渗透率。约10.0%将在未来三年用于通过强化技术能力，进一步提升公司的整体运营，以提升运营效率，约10.0%在未来三年用于提升公司的供应链及渠道建设能力，以支持公司的规模扩张，剩余约10.0%将用作营运资金及作一般企业用途。\n另外，公司已与5名基石投资者订立基石投资协议，基石投资者已同意在若干条件规限下，按发售价认购以总金额1.55亿美元可购买的若干数目的发售股份。基石投资者包括瑞银基金、汇添富基金、广发基金、南方基金管理、乾元复兴。","news_type":1,"symbols_score_info":{"CYB":0.9,"CNHmain":0.9,"02150":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181610748,"gmtCreate":1623389324584,"gmtModify":1704202326560,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181610748","repostId":"1178230964","repostType":4,"isVote":1,"tweetType":1,"viewCount":1745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180494666,"gmtCreate":1623217652355,"gmtModify":1704198585575,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180494666","repostId":"2142915392","repostType":4,"isVote":1,"tweetType":1,"viewCount":1569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114087648,"gmtCreate":1623036372184,"gmtModify":1704194761575,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114087648","repostId":"1110717464","repostType":4,"isVote":1,"tweetType":1,"viewCount":753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113210657,"gmtCreate":1622618449979,"gmtModify":1704187422376,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113210657","repostId":"1131232388","repostType":4,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130404563,"gmtCreate":1621559629652,"gmtModify":1704359601520,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130404563","repostId":"2137979737","repostType":4,"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195998409,"gmtCreate":1621246105001,"gmtModify":1704354554888,"author":{"id":"3569548969726331","authorId":"3569548969726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17:55","market":"sh","language":"zh","title":"Midea's new energy vehicle parts will be released on May 18","url":"https://stock-news.laohu8.com/highlight/detail?id=1182635282","media":"老虎资讯综合","summary":"5月17日，据美的官方消息，美的新能源汽车新品将于5月18日发布。造车梦不止格力，美的进军汽车零部件，家电巨头赶场新能源热潮新能源汽车赛道玩家林立，家电巨头们也不甘落后。不过相比互联网企业纷纷进军整车","content":"<p>On May 17, according to official news from Midea, Midea's new energy vehicle products will be released on May 18.</p><p><b>The dream of building cars is not limited to Gree, Midea enters auto parts, and home appliance giants catch up with the new energy boom</b></p><p>There are many players on the new energy vehicle track, and the home appliance giants are not far behind. However, compared with Internet companies that have entered the whole vehicle to \"eat meat\", the home appliance giants who once \"tripped under the wheels\" now seem to be more willing to safely \"drink soup\" on the B-side.</p><p>A few days ago, Midea Welling Auto Parts officially announced that it will launch three major products of 2021 Welling Auto Parts and release new products on May 18. The home appliance giant once withdrew from the car manufacturing business, but now facing the upsurge of new energy vehicles, it has once again entered the automotive industry with a high profile.</p><p>Last March,<a href=\"https://laohu8.com/S/000333\">Midea Group</a>Through a subsidiary, it spent 743 million yuan to acquire<a href=\"https://laohu8.com/S/300048\">Hekang New Energy</a>Yuan has a 23.73% controlling stake and became the indirect controlling shareholder of Hekang New Energy. At the Shanghai International Auto Show, which ended in April this year, Midea Group's electromechanical business group handed over Midea Welling auto parts, which set off a heated discussion about \"Midea's entry into new energy vehicles\".</p><p>When AI Finance and Economics contacted Midea about the recent new developments of Midea Welling, the other party said that Midea only makes auto parts and will not directly build cars.</p><p>In fact, cross-border car manufacturing by leading home appliance companies is not new, and there are not a few people who have ended dismal in the vehicle business: Chunlan and Oaks in the past, followed by the international home appliance brand Dyson and the air-conditioning \"big brother\" Gree. Learning from the past, home appliance companies including Midea, Gree, TCL, etc. have turned to auto parts production. The cross-border entry of home appliances into the B-end of \"car-making\" has evolved into a new phenomenon in the industry. And behind their turn to conservative choices, they are maintaining rationality.</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>Midea's new energy vehicle parts will be released on May 18</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\">\nMidea's new energy vehicle parts will be released on May 18\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\">2021-05-17 17:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 17, according to official news from Midea, Midea's new energy vehicle products will be released on May 18.</p><p><b>The dream of building cars is not limited to Gree, Midea enters auto parts, and home appliance giants catch up with the new energy boom</b></p><p>There are many players on the new energy vehicle track, and the home appliance giants are not far behind. However, compared with Internet companies that have entered the whole vehicle to \"eat meat\", the home appliance giants who once \"tripped under the wheels\" now seem to be more willing to safely \"drink soup\" on the B-side.</p><p>A few days ago, Midea Welling Auto Parts officially announced that it will launch three major products of 2021 Welling Auto Parts and release new products on May 18. The home appliance giant once withdrew from the car manufacturing business, but now facing the upsurge of new energy vehicles, it has once again entered the automotive industry with a high profile.</p><p>Last March,<a href=\"https://laohu8.com/S/000333\">Midea Group</a>Through a subsidiary, it spent 743 million yuan to acquire<a href=\"https://laohu8.com/S/300048\">Hekang New Energy</a>Yuan has a 23.73% controlling stake and became the indirect controlling shareholder of Hekang New Energy. At the Shanghai International Auto Show, which ended in April this year, Midea Group's electromechanical business group handed over Midea Welling auto parts, which set off a heated discussion about \"Midea's entry into new energy vehicles\".</p><p>When AI Finance and Economics contacted Midea about the recent new developments of Midea Welling, the other party said that Midea only makes auto parts and will not directly build cars.</p><p>In fact, cross-border car manufacturing by leading home appliance companies is not new, and there are not a few people who have ended dismal in the vehicle business: Chunlan and Oaks in the past, followed by the international home appliance brand Dyson and the air-conditioning \"big brother\" Gree. Learning from the past, home appliance companies including Midea, Gree, TCL, etc. have turned to auto parts production. The cross-border entry of home appliances into the B-end of \"car-making\" has evolved into a new phenomenon in the industry. And behind their turn to conservative choices, they are maintaining rationality.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"000333":"美的集团"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182635282","content_text":"5月17日，据美的官方消息，美的新能源汽车新品将于5月18日发布。造车梦不止格力，美的进军汽车零部件，家电巨头赶场新能源热潮新能源汽车赛道玩家林立，家电巨头们也不甘落后。不过相比互联网企业纷纷进军整车“吃肉”，一度“绊倒在车轮下”的家电巨头们，如今似乎更愿意在B端安全“喝汤”。日前，美的威灵汽车部件官方发布消息称，5月18日将投放2021威灵汽车部件三大产品并发布新产品。这位家电巨头曾一度退出造车业务，如今面对新能源汽车热潮，再次高调进军汽车行业。去年3月，美的集团就通过子公司豪掷7.43亿元收购合康新能源23.73%控股权，成为合康新能源间接控股股东。而在今年4月落幕的上海国际车展上，美的集团机电事业群交出了美的威灵汽车部件，掀起了有关“美的入局新能源汽车”的热议。AI财经社就近期美的威灵新动态联系到美的时，对方表示，美的只做汽车部件，不会直接造车。实际上，头部家电企业跨界造车已不新鲜，在整车业务上惨淡收场者也不在少数：前有春兰、奥克斯，后有国际家电品牌戴森和空调“一哥”格力。前车之鉴下，包括美的、格力、TCL等家电企业纷纷转向汽车零部件生产。家电汽车跨界入局“造车”B端，俨然演变成行业新象。而它们转向保守选择的背后，则是在保持理性。","news_type":1,"symbols_score_info":{"000333":0.9}},"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192303811,"gmtCreate":1621141614933,"gmtModify":1704353321965,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192303811","repostId":"2135989471","repostType":4,"isVote":1,"tweetType":1,"viewCount":1014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190894541,"gmtCreate":1620609865283,"gmtModify":1704345417564,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190894541","repostId":"1136342071","repostType":4,"repost":{"id":"1136342071","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":1620609713,"share":"https://ttm.financial/m/news/1136342071?lang=en_US&edition=fundamental","pubTime":"2021-05-10 09:21","market":"hk","language":"zh","title":"Opening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%","url":"https://stock-news.laohu8.com/highlight/detail?id=1136342071","media":"老虎资讯综合","summary":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有","content":"<p>On May 10, the main Hong Kong stock indexes opened higher. The Hang Seng Index rose 0.58% to 28,776 points, the State Index rose 0.63% to 10,766 points, and the Hang Seng Technology Index rose 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>Up 15%,<a href=\"https://laohu8.com/S/600511\">Sinopharm shares</a>Soared nearly 8%; Steel and non-ferrous metal stocks collectively opened higher,<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining Industry</a>Opened more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose,<a href=\"https://laohu8.com/S/601005\">Chongqing Iron and Steel</a>Up nearly 5%; Coal stocks, tobacco concept stocks, oil stocks, and dairy stocks all rose. Xiaomi, a large technology stock, opened more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Slightly last week, Meituan fell 1%; A few sectors such as real estate stocks, auto dealer stocks and education fell.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>And<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>It opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently above $59,000; Ethereum once broke through $3,900 and approached the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>It rose nearly 8%, and Sinopharm COVID-19 vaccine was included in the WHO's emergency use list.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%</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\">\nOpening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%\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\">2021-05-10 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 10, the main Hong Kong stock indexes opened higher. The Hang Seng Index rose 0.58% to 28,776 points, the State Index rose 0.63% to 10,766 points, and the Hang Seng Technology Index rose 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>Up 15%,<a href=\"https://laohu8.com/S/600511\">Sinopharm shares</a>Soared nearly 8%; Steel and non-ferrous metal stocks collectively opened higher,<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining Industry</a>Opened more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose,<a href=\"https://laohu8.com/S/601005\">Chongqing Iron and Steel</a>Up nearly 5%; Coal stocks, tobacco concept stocks, oil stocks, and dairy stocks all rose. Xiaomi, a large technology stock, opened more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Slightly last week, Meituan fell 1%; A few sectors such as real estate stocks, auto dealer stocks and education fell.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>And<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>It opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently above $59,000; Ethereum once broke through $3,900 and approached the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>It rose nearly 8%, and Sinopharm COVID-19 vaccine was included in the WHO's emergency use list.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF","600196":"复星医药","02196":"复星医药","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136342071","content_text":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有色金属股集体高开，中国有色矿业高开逾8%，五矿资源、紫金矿业均上涨，重庆钢铁涨近5%；煤炭股、烟草概念股、石油股、乳制品股纷纷上扬，大型科技股小米高开逾1%，京东、网易小幅上周那个，美团跌1%；地产股、汽车经销商股、教育等少数板块走低。火币科技、欧科云链和裕兴科技高开超3%，柏能集团高开1.41%。加密货币继续上行，比特币目前价格处于59000美元上方；以太坊一度突破3900美元，逼近4000美元大关。国药控股开涨近8%，国药新冠疫苗列入世卫紧急使用清单。","news_type":1,"symbols_score_info":{"513600":0.9,"600196":0.9,"MHImain":0.9,"02196":0.9,"HSImain":0.9,"HSI":0.9,"HHImain":0.9,"02833":0.9,"MCHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107645311,"gmtCreate":1620487809633,"gmtModify":1704344306870,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107645311","repostId":"1129750415","repostType":4,"repost":{"id":"1129750415","kind":"news","pubTimestamp":1620468958,"share":"https://ttm.financial/m/news/1129750415?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:15","market":"us","language":"zh","title":"Is Boeing Stock a Buy in 2021?","url":"https://stock-news.laohu8.com/highlight/detail?id=1129750415","media":"猛兽财经","summary":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电","content":"<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since its stock price reached an all-time high in March 2019, it has been hit by the grounding of the 737 MAX and the epidemic. Two years have passed and it has not yet recovered. Looking ahead, Boeing's road to recovery hasn't been very smooth either, and the 737 MAX is still grounded in China and facing problems with its electrical system. In addition, the recovery in international travel has also been slower than expected.</p><p>The market generally expects that Boeing will achieve positive profitability and cash flow in fiscal year 2022, and this year's revenue will exceed the level of 2019, but in the view of Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Because in addition to the uncertain timing of the launch of the new 737 MAX model and the speed of the recovery in international travel, the market also values Boeing higher than rival Airbus. Given these factors, we don't think Boeing is a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims that Boeing is the world's largest aerospace company, the world's leading manufacturer of civil aircraft and defense, space and security systems, and a provider of after-sales support services. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.</p><p>Boeing has three business units: Commercial Aircraft Group, Defense, Space and Security Group, and Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial is responsible for supporting these business groups.</p><p>In addition, there are functional organizations that work at the entire company level, focusing on engineering and project management, technical and research and development project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been duopolised by Boeing and Airbus.</p><p>Prior to the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its fiscal 2018 revenue and operating profit, respectively, from its core commercial aircraft business. In fiscal year 2018, the revenue contributed by defense, space and security, global services and financial businesses accounted for 26%, 17% and 1% of Boeing's overall revenue respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services and financial businesses accounted for 28%, 45%, 26% and 1% of Boeing's overall revenue respectively. Boeing's core commercial aircraft business unit has been losing money in fiscal 2019, fiscal 2020 and the first quarter of fiscal 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, because this business once contributed the largest revenue to Boeing and this business is the key for Boeing to narrow losses and eventually return to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, mainly because the company reported a month ago on January 30, 2019, its fiscal 2018 revenue and profit record highs.</p><p>However, the good days didn't last long. Boeing's 737 MAX passenger plane was grounded after the Ethiopian Airlines 737 MAX passenger plane crashed in March 2019. As of December 31, 2019, Boeing's stock price has fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program.\" A week later, on December 23, 2019, Boeing revealed that its chairman David l. Calhoun would replace Dennis A. Muilenburg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the epidemic, Boeing's stock price fell to $95.01, setting a five-year low. The epidemic is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to fight the epidemic and global air travel has stopped.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019 to $214.06 on December 31, 2020, a drop of 34%. But its shares have since jumped another 125% from their March lows. Specifically, Boeing's stock price rebounded strongly in November and December 2020 on positive news about the lifting of the grounding of the 737 MAX and vaccinations. On Nov. 18, 2020, the Federal Aviation Administration (FAA) lifted its grounding order on the 737 MAX. Separately, the World Health Organization noted in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price will continue to rebound. Since the beginning of this year, Boeing's stock price has risen 7%, from $214.06 on December 31, 2020 to $228.18 on May 5, 2021. While it is safe to say that Boeing's worst is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's share price continue to recover</b></p><p>Beast Finance believes that the key to whether Boeing's stock price can continue to recover lies in whether its core commercial aircraft business unit can reduce losses in time and regain profitability. And the future prospects for Boeing's commercial aircraft business are in turn impacted by 737 MAX deliveries and the resumption of global travel.</p><p>So far, revenue from Boeing's commercial aircraft business has fallen 31% year-on-year, from US $6.2 billion in the first quarter of 2020 to US $4.3 billion in the first quarter of 2021. This is already an improvement from the 50% decline in revenue for the full year of fiscal 2020. In addition, part of the operating loss of the commercial aircraft business also decreased from US $2.1 billion in the first quarter of 2020 to US $900 million in the most recent quarter. The improvement was primarily due to the resumption of deliveries of the 737 MAX after the Federal Aviation Administration lifted its grounding order on the 737 MAX in November 2020. As of April 26, 2021, Boeing has delivered more than 85 737MAX aircraft. It is worth noting that Boeing also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to land in China, a major aviation market. During its first quarter 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX\" and that \"its timing will impact our 737 delivery plans\" and \"future productivity rates\". To further complicate the matter, whether China can lift the grounding order of the 737 MAX is not just a safety issue, because U.S.-China relations may also be an important factor in determining when the 737 MAX will be approved to resume service in China.</p><p>More importantly, there are still many problems with the 737 MAX aircraft itself. Reuters reported on April 29, 2021 that the Federal Aviation Administration has asked Boeing to \"fix connectivity problems in the electrical systems of some of its 737 MAX aircraft that may cause engine protection measures to fail and critical functions of the cockpit to fail.\" Reuters then published another article on May 5, 2021, emphasizing the requirement that Boeing provide the FAA with \"up-to-date documentation to prove that the 737 MAX subsystem is not affected by electrical connectivity problems.\" Boeing earlier disclosed at the end of April 2021 that about \"100 aircraft in service were affected by electrical system problems\", which would result in \"very few deliveries in April.\"</p><p>In other words, getting the 737 MAX back to normal delivery levels could take longer than expected.</p><p>Separately, the resumption of global travel is another key factor that has a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4th shows that the prospect of global air travel is bleak in the near future. According to the International Air Transport Association, the number of kilometers flown by passengers worldwide is still about one-third of what it was before the pandemic (that is, March 2019). Compared with domestic travel, international travel is expected to take longer to resume.</p><p><b>Global Travel Data and Trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>Apart from that, there are other, more complicating factors. In April 2021, the WHO noted that it did not support the resumption of global travel given \"uncertainty about whether vaccination will prevent the spread of the pandemic and equity concerns,\" Reuters reported. A few days ago, the IATA also warned that travel resumption \"could be dangerously impacted by [high] costs.\" More importantly, as the graph below shows, the 2019 pandemic has been uneven in containment around the world. While the number of weekly confirmed cases in the United States has dropped significantly, confirmed cases continue to increase in places such as India and Latin America.</p><p>Confirmed cases of novel coronavirus pneumonia around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, although Boeing's commercial aircraft business will definitely recover eventually, the timing of the recovery is still very uncertain, mainly due to the complications we mentioned above.<b>Financial projections for Boeing</b>Boeing reiterated at its first-quarter 2021 results presentation that \"in line with the International Air Transport Association and other industry groups, we expect passenger traffic to return to 2019 levels from 2023 to 2024. Boeing also added on the earnings call,\" The recovery in the commercial aircraft business will allow us to achieve positive cash flow in 2022. \"</p><p>A sell-side analyst will typically be consistent with the company's management in their future financial projections. According to data from S&P Capital IQ, the market generally believes that Boeing'S revenue will increase by 37% and 12% in fiscal 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to be flat in fiscal 2023 and increase 8% year-over-year to $96 billion in fiscal 2024. For reference, Boeing had revenue of $76.6 billion in fiscal 2019 and sales of $101.1 billion in fiscal 2020.</p><p>Boeing is also on track to be profitable in fiscal 2022, with operating cash flow and free cash flow of $9.4 billion and $7.5 billion, respectively, according to the consensus estimate of sell-side analysts. Over the last two years of fiscal 2019 and fiscal 2020, Boeing's operating cash flow and free cash flow were negative, and it is expected to remain unchanged in fiscal 2021. Notably, Boeing's operating cash flow in the first quarter of 2021 was-$3.4 billion, an improvement from-$4.3 billion in the first quarter of 2020. Nonetheless, Boeing emphasized on its first-quarter 2021 earnings call that \"our cash flow position is largely dependent on the availability of remaining 737 MAX regulatory approvals, the recovery of the commercial aircraft business and ongoing discussions with customers on fleet planning needs.</p><p>In the view of Beast Finance, the current market is still a bit too optimistic about Boeing's financial forecast. At present, the epidemic is on the rise again in some parts of the world, and the recovery speed of international travel is slower than expected. And what is still uncertain is whether Boeing's latest electrical system problems will cause further delays in 737 MAX deliveries. We think there is a good chance that sell-side analysts will consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should You Buy Boeing Stock in 2021?</b>In the long run, we really like Boeing, a very good enterprise. More importantly, the duopoly pattern of companies like Airbus and Boeing in commercial aircraft is unlikely to be challenged by any company in the foreseeable future, because there are huge barriers to entry in this field in terms of scale and capital.</p><p>On the other hand, Boeing stock may not be as attractive in the near term. The reason is what we mentioned earlier. The current market is still too optimistic about Boeing's financial forecast, and the market's valuation of Boeing is higher than that of its competitor Airbus, and more 737 MAX aircraft are still suffering from current electrical system problems. The impact, as well as factors such as the epidemic taking longer than expected to be effectively controlled, prompted us to reach this conclusion.</p>","source":"lsy1586862168255","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Boeing Stock a Buy in 2021?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Boeing Stock a Buy in 2021?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">猛兽财经</strong><span class=\"h-time small\">2021-05-08 18:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since its stock price reached an all-time high in March 2019, it has been hit by the grounding of the 737 MAX and the epidemic. Two years have passed and it has not yet recovered. Looking ahead, Boeing's road to recovery hasn't been very smooth either, and the 737 MAX is still grounded in China and facing problems with its electrical system. In addition, the recovery in international travel has also been slower than expected.</p><p>The market generally expects that Boeing will achieve positive profitability and cash flow in fiscal year 2022, and this year's revenue will exceed the level of 2019, but in the view of Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Because in addition to the uncertain timing of the launch of the new 737 MAX model and the speed of the recovery in international travel, the market also values Boeing higher than rival Airbus. Given these factors, we don't think Boeing is a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims that Boeing is the world's largest aerospace company, the world's leading manufacturer of civil aircraft and defense, space and security systems, and a provider of after-sales support services. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.</p><p>Boeing has three business units: Commercial Aircraft Group, Defense, Space and Security Group, and Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial is responsible for supporting these business groups.</p><p>In addition, there are functional organizations that work at the entire company level, focusing on engineering and project management, technical and research and development project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been duopolised by Boeing and Airbus.</p><p>Prior to the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its fiscal 2018 revenue and operating profit, respectively, from its core commercial aircraft business. In fiscal year 2018, the revenue contributed by defense, space and security, global services and financial businesses accounted for 26%, 17% and 1% of Boeing's overall revenue respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services and financial businesses accounted for 28%, 45%, 26% and 1% of Boeing's overall revenue respectively. Boeing's core commercial aircraft business unit has been losing money in fiscal 2019, fiscal 2020 and the first quarter of fiscal 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, because this business once contributed the largest revenue to Boeing and this business is the key for Boeing to narrow losses and eventually return to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, mainly because the company reported a month ago on January 30, 2019, its fiscal 2018 revenue and profit record highs.</p><p>However, the good days didn't last long. Boeing's 737 MAX passenger plane was grounded after the Ethiopian Airlines 737 MAX passenger plane crashed in March 2019. As of December 31, 2019, Boeing's stock price has fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program.\" A week later, on December 23, 2019, Boeing revealed that its chairman David l. Calhoun would replace Dennis A. Muilenburg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the epidemic, Boeing's stock price fell to $95.01, setting a five-year low. The epidemic is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to fight the epidemic and global air travel has stopped.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019 to $214.06 on December 31, 2020, a drop of 34%. But its shares have since jumped another 125% from their March lows. Specifically, Boeing's stock price rebounded strongly in November and December 2020 on positive news about the lifting of the grounding of the 737 MAX and vaccinations. On Nov. 18, 2020, the Federal Aviation Administration (FAA) lifted its grounding order on the 737 MAX. Separately, the World Health Organization noted in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price will continue to rebound. Since the beginning of this year, Boeing's stock price has risen 7%, from $214.06 on December 31, 2020 to $228.18 on May 5, 2021. While it is safe to say that Boeing's worst is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's share price continue to recover</b></p><p>Beast Finance believes that the key to whether Boeing's stock price can continue to recover lies in whether its core commercial aircraft business unit can reduce losses in time and regain profitability. And the future prospects for Boeing's commercial aircraft business are in turn impacted by 737 MAX deliveries and the resumption of global travel.</p><p>So far, revenue from Boeing's commercial aircraft business has fallen 31% year-on-year, from US $6.2 billion in the first quarter of 2020 to US $4.3 billion in the first quarter of 2021. This is already an improvement from the 50% decline in revenue for the full year of fiscal 2020. In addition, part of the operating loss of the commercial aircraft business also decreased from US $2.1 billion in the first quarter of 2020 to US $900 million in the most recent quarter. The improvement was primarily due to the resumption of deliveries of the 737 MAX after the Federal Aviation Administration lifted its grounding order on the 737 MAX in November 2020. As of April 26, 2021, Boeing has delivered more than 85 737MAX aircraft. It is worth noting that Boeing also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to land in China, a major aviation market. During its first quarter 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX\" and that \"its timing will impact our 737 delivery plans\" and \"future productivity rates\". To further complicate the matter, whether China can lift the grounding order of the 737 MAX is not just a safety issue, because U.S.-China relations may also be an important factor in determining when the 737 MAX will be approved to resume service in China.</p><p>More importantly, there are still many problems with the 737 MAX aircraft itself. Reuters reported on April 29, 2021 that the Federal Aviation Administration has asked Boeing to \"fix connectivity problems in the electrical systems of some of its 737 MAX aircraft that may cause engine protection measures to fail and critical functions of the cockpit to fail.\" Reuters then published another article on May 5, 2021, emphasizing the requirement that Boeing provide the FAA with \"up-to-date documentation to prove that the 737 MAX subsystem is not affected by electrical connectivity problems.\" Boeing earlier disclosed at the end of April 2021 that about \"100 aircraft in service were affected by electrical system problems\", which would result in \"very few deliveries in April.\"</p><p>In other words, getting the 737 MAX back to normal delivery levels could take longer than expected.</p><p>Separately, the resumption of global travel is another key factor that has a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4th shows that the prospect of global air travel is bleak in the near future. According to the International Air Transport Association, the number of kilometers flown by passengers worldwide is still about one-third of what it was before the pandemic (that is, March 2019). Compared with domestic travel, international travel is expected to take longer to resume.</p><p><b>Global Travel Data and Trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>Apart from that, there are other, more complicating factors. In April 2021, the WHO noted that it did not support the resumption of global travel given \"uncertainty about whether vaccination will prevent the spread of the pandemic and equity concerns,\" Reuters reported. A few days ago, the IATA also warned that travel resumption \"could be dangerously impacted by [high] costs.\" More importantly, as the graph below shows, the 2019 pandemic has been uneven in containment around the world. While the number of weekly confirmed cases in the United States has dropped significantly, confirmed cases continue to increase in places such as India and Latin America.</p><p>Confirmed cases of novel coronavirus pneumonia around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, although Boeing's commercial aircraft business will definitely recover eventually, the timing of the recovery is still very uncertain, mainly due to the complications we mentioned above.<b>Financial projections for Boeing</b>Boeing reiterated at its first-quarter 2021 results presentation that \"in line with the International Air Transport Association and other industry groups, we expect passenger traffic to return to 2019 levels from 2023 to 2024. Boeing also added on the earnings call,\" The recovery in the commercial aircraft business will allow us to achieve positive cash flow in 2022. \"</p><p>A sell-side analyst will typically be consistent with the company's management in their future financial projections. According to data from S&P Capital IQ, the market generally believes that Boeing'S revenue will increase by 37% and 12% in fiscal 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to be flat in fiscal 2023 and increase 8% year-over-year to $96 billion in fiscal 2024. For reference, Boeing had revenue of $76.6 billion in fiscal 2019 and sales of $101.1 billion in fiscal 2020.</p><p>Boeing is also on track to be profitable in fiscal 2022, with operating cash flow and free cash flow of $9.4 billion and $7.5 billion, respectively, according to the consensus estimate of sell-side analysts. Over the last two years of fiscal 2019 and fiscal 2020, Boeing's operating cash flow and free cash flow were negative, and it is expected to remain unchanged in fiscal 2021. Notably, Boeing's operating cash flow in the first quarter of 2021 was-$3.4 billion, an improvement from-$4.3 billion in the first quarter of 2020. Nonetheless, Boeing emphasized on its first-quarter 2021 earnings call that \"our cash flow position is largely dependent on the availability of remaining 737 MAX regulatory approvals, the recovery of the commercial aircraft business and ongoing discussions with customers on fleet planning needs.</p><p>In the view of Beast Finance, the current market is still a bit too optimistic about Boeing's financial forecast. At present, the epidemic is on the rise again in some parts of the world, and the recovery speed of international travel is slower than expected. And what is still uncertain is whether Boeing's latest electrical system problems will cause further delays in 737 MAX deliveries. We think there is a good chance that sell-side analysts will consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should You Buy Boeing Stock in 2021?</b>In the long run, we really like Boeing, a very good enterprise. More importantly, the duopoly pattern of companies like Airbus and Boeing in commercial aircraft is unlikely to be challenged by any company in the foreseeable future, because there are huge barriers to entry in this field in terms of scale and capital.</p><p>On the other hand, Boeing stock may not be as attractive in the near term. The reason is what we mentioned earlier. The current market is still too optimistic about Boeing's financial forecast, and the market's valuation of Boeing is higher than that of its competitor Airbus, and more 737 MAX aircraft are still suffering from current electrical system problems. The impact, as well as factors such as the epidemic taking longer than expected to be effectively controlled, prompted us to reach this conclusion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw\">猛兽财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/db65f3d4f6f7c47bb1a0c9e744a2fd64","relate_stocks":{"BA":"波音"},"source_url":"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129750415","content_text":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电气系统的问题。此外，国际旅行的复苏速度也比预期的要慢。市场普遍预期，波音将在2022财年实现盈利和现金流转正，今年的收入将超过2019年的水平，但在猛兽财经看来，市场还是太乐观了。虽然市场对客流量的增长和飞机需求的长期预期保持不变，但我们还是认为在2021年买入波音的股票不是一项好的投资。因为除了737 MAX新机型的推出时间和国际旅行的复苏速度不确定之外，市场对波音的估值也比竞争对手空客高。考虑到这些因素，我们认为波音在2021年不是一个好的买入对象。公司介绍在波音网站上可以看到波音宣称波音公司是全球最大的航空航天业公司，也是世界领先的民用飞机和防务、空间与安全系统制造商，以及售后支持服务提供商。作为美国最大的制造出口商，波音公司为分布在全球150多个国家和地区的航空公司和政府客户提供支持。波音的产品以及定制的服务包括：民用和军用飞机、卫星、武器、电子和防御系统、发射系统、先进信息和通讯系统，以及基于性能的物流和培训等。波音公司下设三个业务部门：商用飞机集团，防务、空间与安全集团，以及波音全球服务集团。作为金融解决方案的全球提供者，波音金融公司负责支持这些业务集团。此外，还有一些在整个公司层面工作的职能组织，关注工程和项目管理、技术和研发项目执行、先进设计和制造系统、安全、财务、质量和生产力改进，以及信息技术。但我们都知道，全球商用飞机市场早已被波音和空客这两家公司双头垄断了。在2019年737 MAX停飞和2020年疫情爆发之前，波音2018财年的收入和运营利润分别有57%和65%来自其核心商用飞机业务。2018财年，防务、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的26%、17%和1%。在2020财年，来自商用飞机、国防、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的28%、45%、26%和1%。而波音公司的核心商用飞机业务部门在2019财年、2020财年和2021财年第一季度一直处于亏损状态。在本文中，猛兽财经主要关注的是波音的商用飞机业务，因为这项业务曾为波音贡献了最大的收入以及该业务是波音缩小亏损并最终在未来恢复盈利的关键。波音的股价波音的股价在2019年3月1日达到了430.30美元的历史最高点，主要是因为该公司在一个月前的2019年1月30日公布的其2018财年收入和利润都创造了历史新高。然而好日子并没有持续多久。2019年3月，埃塞俄比亚航空公司的737 MAX客机坠毁后，波音的737 MAX客机就被停飞了。截至2019年12月31日，波音的股价已经从其历史最高点下跌了25%，至323.83美元。2019年12月16日，波音公司宣布将“暂停737项目的生产”。一周后，也就是2019年12月23日，波音公司透露，其董事长大卫·l·卡尔霍恩将取代丹尼斯·A·米伦伯格成为公司的新CEO。更糟糕的是，2020年3月20日，随着疫情的爆发，波音股价跌到了95.01美元，创下了五年来的新低。这次疫情对波音核心商用飞机业务来说又是一次重大打击，因为各国为抗击疫情已经实施了旅行限制，全球航空旅行已经停止了。波音的股价最终从2019年12月31日的323.83美元下跌到了2020年12月31日的214.06美元，下跌了34%。但其股价后来从3月份的低点又大幅上涨了125%。具体来说，波音的股价在2020年11月和12月出现了强劲反弹，原因是有关取消737 MAX停飞和疫苗接种的利好消息。2020年11月18日，美国联邦航空管理局(FAA)取消了对737 MAX的停飞令。另外，世界卫生组织在2020年12月指出，“第一次大规模疫苗接种计划”已经开始。2021年，波音的股价继续在回升。今年以来，波音股价上涨了7%，从2020年12月31日的214.06美元上涨到了2021年5月5日的228.18美元。虽然可以有把握的说，波音最糟糕的时期已经过去，但复苏之路肯定不会一帆风顺。波音股价能否持续回升猛兽财经认为波音股价能否持续回升的关键在于其核心商用飞机业务部门能否及时减少亏损，并重新实现盈利。而波音商业飞机业务的未来前景反过来又受到737 MAX交付量和全球旅行恢复的影响。到目前为止波音商用飞机业务的营收已经同比下降了31%，从2020年第一季度的62亿美元下降到了2021年第一季度的43亿美元。这已经比在2020财年全年收入下降50%的情况下有所改善。另外商用飞机业务的部分运营亏损也从2020年第一季度的21亿美元减少到最近一季度的9亿美元。这一改善主要是由于美国联邦航空管理局在2020年11月取消了对737 MAX的停飞令后，737 MAX的交付恢复。截至2021年4月26日，波音已交付了超过85架的737MAX飞机。值得注意的是，波音也从美国的一些其他航空公司接到了737飞机的新订单。另一方面，737 MAX仍在等待在中国这个主要的航空市场落地。在2021年4月28日的2021年第一季度财报电话会议上，波音承认“我们仍在等待中国对737 MAX的监管批准”，“它的时间将影响我们的737交付计划”和“未来的生产率”。令问题进一步复杂化的是，中国能不能取消对737 MAX的停飞令不仅仅是一个安全问题，因为美中关系也可能是决定737 MAX何时获准在中国恢复服务的一个重要因素。更重要的是，737 MAX飞机本身还存在着很多问题。路透社在2021年4月29日报道，美国联邦航空管理局已要求波音公司“修复其部分737 MAX飞机电气系统的连接问题，这些问题可能会导致发动机擎保护措施失效和驾驶舱的关键功能失效。”路透社随后又在2021年5月5日发表了另一篇文章，强调要求波音向美国联邦航空管理局提供“最新的文件，用来证明737 MAX子系统不会受到电气连接问题的影响。”波音公司早前在2021年4月底就透露，约有“100架在用飞机受到了电气系统问题的影响”，这将导致“4月份的交付量很少”。换句话说，将737 MAX恢复到正常的交付水平可能要花费比预期更长的时间。另外，全球旅行的恢复是对波音核心商用飞机业务产生重大影响的另一个关键因素。国际航空运输协会5月4日的发布的最新消息显示，近期全球航空旅行前景黯淡。根据国际航空运输协会的数据，全球旅客飞行公里数仍约为疫情前的(即2019年3月)的三分之一。与国内旅游相比，国际旅行预计还需要更长的时间才能恢复。全球旅行数据和趋势资料来源:国际航空运输协会除此之外，还有其他更复杂的因素。据路透社报道，2021年4月，世卫组织指出，鉴于“接种疫苗是否能防止疫情传播的不确定性以及公平担忧”，它不支持恢复全球旅行。几天前，国际航空运输协会还警告说，旅行恢复“可能会因(高昂的)成本而受到危险的影响。”更重要的是，如下图所示，2019疫情在世界各地的遏制情况并不均衡。虽然美国每周确诊的病例显著下降，但在印度和拉丁美洲等地，确诊病例还在继续增加。世界各地的新冠肺炎确诊病例资料来源:国际航空运输协会简而言之，虽然波音的商用飞机业务最终肯定会复苏，但复苏的时间还非常不确定，主要原因还是我们上面说的那些复杂因素。对波音的财务预测波音在2021年第一季度业绩发布会上重申，“与国际航空运输协会和其他行业团体一致，我们预计2023年至2024年客运量将恢复到2019年的水平。波音还在财报电话会议上补充道，“商用飞机业务的复苏将使我们能够在2022年实现正现金流。”卖方分析师通常会与公司管理层在未来的财务预测上保持一致。根据S&P Capital IQ的数据，市场普遍认为，波音在2021财年和2022财年的营收将分别增长37%和12%，达到798亿美元和895亿美元。华尔街预计，波音的营收将在2023财年持平，2024财年将同比增长8%，达到960亿美元。作为参考，波音在2019财年的收入为766亿美元，在2020财年的销售额为1011亿美元。根据卖方分析师的普遍预期，波音还有望在2022财年实现盈利，运营现金流和自由现金流分别达到94亿美元和75亿美元。在2019财年和2020财年的过去两年里，波音的运营现金流和自由现金流均为负值，预计2021财年将保持不变。值得注意的是，波音2021年第一季度的运营现金流为- 34亿美元，较2020年第一季度的- 43亿美元有所改善。尽管如此，波音公司还是在2021第一季度财报电话会议上强调，“我们的现金流状况在很大程度上取决于能否获得剩余的737 MAX监管批准、商用飞机业务的复苏以及与客户就机群规划需求进行的持续讨论。在猛兽财经看来，目前市场对波音公司的财务预测还是有点过于乐观了。当前，疫情在全球部分地区再次抬头，国际旅行复苏速度低于预期。而且目前还不能确定的是，波音最新的电气系统问题是否还会导致737 MAX的交付进一步延迟。我们认为卖方分析师很有可能会考虑下调对波音未来几个季度的财务预测。在2021年应该买入波音股票吗？从长远来看，我们确实非常喜欢波音这种非常优秀的企业。更重要的是，在可预见的未来，空客和波音这种公司在商用飞机领域的双头垄断格局不太可能会受到任何公司的挑战，因为这个领域在规模和资金方面存在着巨大的进入壁垒。另一方面，波音的股票在短期内可能不那么有吸引力。理由就是我们前面说过的那些，目前市场对波音的财务预测还是太乐观了，而且市场对波音的估值高于与其竞争对手空客，以及更多的737 MAX飞机还在受到当前电气系统问题的影响，还有就是疫情需要比预期更长的时间才能得到有效控制等因素，促使我们得到这样的结论。","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109374900,"gmtCreate":1619669358900,"gmtModify":1704727728333,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109374900","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","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":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"fut","language":"zh","title":"Reminder: A-shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is coming soon. It is worth mentioning that this year's May Day will continue to take five consecutive days off. Regarding the May Day stock market arrangement, it is also the focus of investors' attention. Let's take a look at how many days the May Day stock market will be closed in 2021?<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will open as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>British stocks:</b></p><p>May 3rd (Monday) is the traditional British festival Bank holiday, and the British stock market is closed for one day</p><p><b>Singapore market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed May 1st (Saturday) to May 5th (Wednesday) and open as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from Thursday, April 29 to Wednesday, May 5, and open as usual from Thursday, May 6.</p><p>I wish all the most beautiful workers a happy May Day, peace and joy!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: A-shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: A-shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is coming soon. It is worth mentioning that this year's May Day will continue to take five consecutive days off. Regarding the May Day stock market arrangement, it is also the focus of investors' attention. Let's take a look at how many days the May Day stock market will be closed in 2021?<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will open as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>British stocks:</b></p><p>May 3rd (Monday) is the traditional British festival Bank holiday, and the British stock market is closed for one day</p><p><b>Singapore market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed May 1st (Saturday) to May 5th (Wednesday) and open as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from Thursday, April 29 to Wednesday, May 5, and open as usual from Thursday, May 6.</p><p>I wish all the most beautiful workers a happy May Day, peace and joy!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377037226,"gmtCreate":1619483999265,"gmtModify":1704724634476,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377037226","repostId":"1164532146","repostType":4,"repost":{"id":"1164532146","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":1619483558,"share":"https://ttm.financial/m/news/1164532146?lang=en_US&edition=fundamental","pubTime":"2021-04-27 08:32","market":"us","language":"zh","title":"Financial report preview: Quarterly delivery exceeds 20,000 units for the first time, where will Nio go next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164532146","media":"老虎资讯综合","summary":"4月26日消息，财报发布前夕，里昂证券上调给予蔚来买入评级，目标价为50美元。蔚来将于本周四（4月29日）公布2021年第一季度财务报告。一季度交付超预期，且创季度交付记录根据此前公布的数据，蔚来20","content":"<p>According to news on April 26, on the eve of the financial report, CLSA raised its buy rating on Nio with a target price of $50. Nio will announce its financial report for the first quarter of 2021 this Thursday (April 29).</p><p><b>Delivery in the first quarter exceeded expectations and set a quarterly delivery record</b></p><p>According to previously released data, Nio delivered 20,060 vehicles in Q1 2021, a year-on-year increase of 423% and a quarter-on-quarter increase of 15.6%. At the same time, Nio's quarterly deliveries reached a new high and delivered more than 20,000 units in a single quarter for the first time.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7bd43152146fac6aebd300a4de914a3\" tg-width=\"1289\" tg-height=\"583\" referrerpolicy=\"no-referrer\"><span>Data source: Nio official website; Charting: Tiger Securities</span></p><p>The main reason for the substantial year-on-year increase in Nio's delivery data is that under the impact of the new crown epidemic in Q1 2020, demand was suppressed, and new energy vehicles experienced the bleakest quarter in history. This year, with the full opening of the economy and the release of pent-up demand, the entire new energy vehicle company has ushered in a wave of compensatory rises.</p><p>China's auto sales surged to 2.52 million units in March for the 12th consecutive month, according to the China Association of Automobile Manufacturers. A year-on-year increase of 75%. Among them, Nio delivered 7,257 vehicles in March, a year-on-year increase of 373%. Demand for other new energy automobile stocks also ushered in a surge. Ideal delivered 4,900 vehicles, a year-on-year increase of 238.6%; XPeng delivered 5,102 vehicles, a year-on-year increase of 384%, and BYD delivered 24,218 vehicles, a year-on-year increase of 97.6%.</p><p>After the soaring delivery volume, the market also generally expects that Nio's revenue in the first quarter will also increase significantly, and indicators such as net profit will also improve. Bloomberg unanimously expects that Nio's Q1 revenue in 2021 will increase by 422.8% year-on-year to 7.163 billion yuan; The adjusted net loss was about 1.1 billion yuan, a year-on-year decrease of 34.3%; The adjusted loss per share was 0.84 yuan, a year-on-year decrease of 48.3%.</p><p><img src=\"https://static.tigerbbs.com/04ca96b6ab0d7d52bbf72ef22c94a32c\" tg-width=\"1544\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><b>What is the impact of \"core lack\"?</b></p><p>It is worth noting that the auto industry has generally been plagued by chip shortages this year. In March, Nio lowered its Q1 delivery forecast to 19,500 vehicles. However, judging from the data released later, Nio delivered 20,060 vehicles in the first quarter, which is still within the range before the downward adjustment (20,000-20,500 vehicles). In March, Li Bin, chairman of Nio Automobile, said at Nio Automobile's fourth quarter financial report and full-year financial results conference call for 2020, \"The chip shortage problem will have a certain impact on Nio Automobile's production in the second quarter. At present, it can basically meet the normal production demand, but the risk is really high.\"</p><p>How long will the \"core shortage\" last, and what impact will it have on Nio?</p><p>Li Shaohua, deputy secretary-general of the China Association of Automobile Manufacturers, predicts that the \"core shortage\" will last for about half a year or even nine months. It is expected that it will be possible to enter a new stage of supply and demand balance around the third quarter.</p><p>However, Mizuho analyst Vijay Rakesh said that although automakers will still face chip supply problems, Nio's sales will remain strong in 2021. Even if production slows down in the second quarter, full-year deliveries are expected to double year-on-year. Rakesh expects Nio to deliver 87,000 vehicles this year, 141,000 vehicles in 2022, and 223,000 vehicles in 2023.</p><p><b>The new energy vehicle industry moves forward</b></p><p>Overall, as the policy level sets the tone, the new energy vehicle industry is following the wind.</p><p>Domestically, the \"New Energy Vehicle Industry Development Plan (2021-2035)\" adopted in November last year clearly stated that by 2025, China's new energy vehicle sales will account for about 20%. According to planning estimates, domestic new energy vehicle sales will reach 6.43 million units by 2025, with a compound growth rate of approximately 36%.</p><p>Ping An Securities stated that it is expected that the new demand in the domestic new energy vehicle market will reach 600,000-1 million vehicles in 2021. The tightening of European carbon emission targets and high subsidies from European governments are expected to drive the European electric vehicle market to continue to grow rapidly. The U.S. market has undergone two years of adjustment. It is expected that Biden will actively implement the clean energy revolution plan, increase support for electric vehicles, and significantly increase the penetration rate of new energy vehicles in the United States. Global electric vehicle sales are expected to reach 4.5-5 million units in 2021.</p><p>It should be noted that under the soaring demand, more and more companies are joining the ranks of car manufacturing. Previously, many Internet giants such as Baidu, Didi, and Xiaomi have started car manufacturing business, and competition in the industry has become increasingly fierce. At present, Nio's cumulative delivery has exceeded 100,000 vehicles, and even Musk has sent congratulations, calling this a difficult milestone. Judging from monthly data, Nio's delivery capabilities continue to improve. According to Lyon analyst Soobin Park, charging issues and price remain the main obstacles to the large-scale adoption of electric vehicles.</p><p>With the cooperation with Sinopec to deploy battery swap stations in Sinopec gas stations, we will wait and see whether Nio can clear the obstacles, and whether Nio can stand out in the fierce competition as the news of entering Europe ferments.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Financial report preview: Quarterly delivery exceeds 20,000 units for the first time, where will Nio go next?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFinancial report preview: Quarterly delivery exceeds 20,000 units for the first time, where will Nio go next?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-27 08:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to news on April 26, on the eve of the financial report, CLSA raised its buy rating on Nio with a target price of $50. Nio will announce its financial report for the first quarter of 2021 this Thursday (April 29).</p><p><b>Delivery in the first quarter exceeded expectations and set a quarterly delivery record</b></p><p>According to previously released data, Nio delivered 20,060 vehicles in Q1 2021, a year-on-year increase of 423% and a quarter-on-quarter increase of 15.6%. At the same time, Nio's quarterly deliveries reached a new high and delivered more than 20,000 units in a single quarter for the first time.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7bd43152146fac6aebd300a4de914a3\" tg-width=\"1289\" tg-height=\"583\" referrerpolicy=\"no-referrer\"><span>Data source: Nio official website; Charting: Tiger Securities</span></p><p>The main reason for the substantial year-on-year increase in Nio's delivery data is that under the impact of the new crown epidemic in Q1 2020, demand was suppressed, and new energy vehicles experienced the bleakest quarter in history. This year, with the full opening of the economy and the release of pent-up demand, the entire new energy vehicle company has ushered in a wave of compensatory rises.</p><p>China's auto sales surged to 2.52 million units in March for the 12th consecutive month, according to the China Association of Automobile Manufacturers. A year-on-year increase of 75%. Among them, Nio delivered 7,257 vehicles in March, a year-on-year increase of 373%. Demand for other new energy automobile stocks also ushered in a surge. Ideal delivered 4,900 vehicles, a year-on-year increase of 238.6%; XPeng delivered 5,102 vehicles, a year-on-year increase of 384%, and BYD delivered 24,218 vehicles, a year-on-year increase of 97.6%.</p><p>After the soaring delivery volume, the market also generally expects that Nio's revenue in the first quarter will also increase significantly, and indicators such as net profit will also improve. Bloomberg unanimously expects that Nio's Q1 revenue in 2021 will increase by 422.8% year-on-year to 7.163 billion yuan; The adjusted net loss was about 1.1 billion yuan, a year-on-year decrease of 34.3%; The adjusted loss per share was 0.84 yuan, a year-on-year decrease of 48.3%.</p><p><img src=\"https://static.tigerbbs.com/04ca96b6ab0d7d52bbf72ef22c94a32c\" tg-width=\"1544\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><b>What is the impact of \"core lack\"?</b></p><p>It is worth noting that the auto industry has generally been plagued by chip shortages this year. In March, Nio lowered its Q1 delivery forecast to 19,500 vehicles. However, judging from the data released later, Nio delivered 20,060 vehicles in the first quarter, which is still within the range before the downward adjustment (20,000-20,500 vehicles). In March, Li Bin, chairman of Nio Automobile, said at Nio Automobile's fourth quarter financial report and full-year financial results conference call for 2020, \"The chip shortage problem will have a certain impact on Nio Automobile's production in the second quarter. At present, it can basically meet the normal production demand, but the risk is really high.\"</p><p>How long will the \"core shortage\" last, and what impact will it have on Nio?</p><p>Li Shaohua, deputy secretary-general of the China Association of Automobile Manufacturers, predicts that the \"core shortage\" will last for about half a year or even nine months. It is expected that it will be possible to enter a new stage of supply and demand balance around the third quarter.</p><p>However, Mizuho analyst Vijay Rakesh said that although automakers will still face chip supply problems, Nio's sales will remain strong in 2021. Even if production slows down in the second quarter, full-year deliveries are expected to double year-on-year. Rakesh expects Nio to deliver 87,000 vehicles this year, 141,000 vehicles in 2022, and 223,000 vehicles in 2023.</p><p><b>The new energy vehicle industry moves forward</b></p><p>Overall, as the policy level sets the tone, the new energy vehicle industry is following the wind.</p><p>Domestically, the \"New Energy Vehicle Industry Development Plan (2021-2035)\" adopted in November last year clearly stated that by 2025, China's new energy vehicle sales will account for about 20%. According to planning estimates, domestic new energy vehicle sales will reach 6.43 million units by 2025, with a compound growth rate of approximately 36%.</p><p>Ping An Securities stated that it is expected that the new demand in the domestic new energy vehicle market will reach 600,000-1 million vehicles in 2021. The tightening of European carbon emission targets and high subsidies from European governments are expected to drive the European electric vehicle market to continue to grow rapidly. The U.S. market has undergone two years of adjustment. It is expected that Biden will actively implement the clean energy revolution plan, increase support for electric vehicles, and significantly increase the penetration rate of new energy vehicles in the United States. Global electric vehicle sales are expected to reach 4.5-5 million units in 2021.</p><p>It should be noted that under the soaring demand, more and more companies are joining the ranks of car manufacturing. Previously, many Internet giants such as Baidu, Didi, and Xiaomi have started car manufacturing business, and competition in the industry has become increasingly fierce. At present, Nio's cumulative delivery has exceeded 100,000 vehicles, and even Musk has sent congratulations, calling this a difficult milestone. Judging from monthly data, Nio's delivery capabilities continue to improve. According to Lyon analyst Soobin Park, charging issues and price remain the main obstacles to the large-scale adoption of electric vehicles.</p><p>With the cooperation with Sinopec to deploy battery swap stations in Sinopec gas stations, we will wait and see whether Nio can clear the obstacles, and whether Nio can stand out in the fierce competition as the news of entering Europe ferments.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1e9aa56586a03fdd6464e21bfe99f7b5","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164532146","content_text":"4月26日消息，财报发布前夕，里昂证券上调给予蔚来买入评级，目标价为50美元。蔚来将于本周四（4月29日）公布2021年第一季度财务报告。一季度交付超预期，且创季度交付记录根据此前公布的数据，蔚来2021年Q1交付20060辆汽车，同比增长423%，环比增长15.6%。与此同时，蔚来季度交付再创新高且首次达成单季交付超2万台。数据来源：蔚来官网；制图：老虎证券蔚来交付同比大幅增长的数据的主要原因是，2020年Q1新冠疫情冲击下，需求被抑制，新能源汽车经历了有史以来最惨淡的季度。今年，随着经济完全开放，被压抑的需求得以释放，整个新能源车企都迎来一波补偿式上涨。根据中国汽车工业协会的数据，3月份中国汽车销量连续第12个月飙升至252万辆。同比增长75%。其中，蔚来3月交付7257辆，同比增长373%。其他新能源汽车股需求也迎来大涨。理想交付4900辆，同比增长238.6%；小鹏交付5102辆，同比增长384%，比亚迪交付24218辆，同比增长97.6%。交付量飙升后，市场也普遍预期，蔚来一季度营收也将大幅增长，净利润等指标也将改善。彭博社一致预期，蔚来2021年Q1营收同比增长422.8%至71.63亿元；调整后净亏损约11亿元，同比收窄34.3%；调整后每股亏损0.84元，同比收窄48.3%。“缺芯”影响几何？值得注意的是，今年汽车行业普遍受到芯片短缺的困扰。3月份，蔚来下调Q1交付预期至19500辆。不过，从随后公布的数据看，蔚来一季度交付20060辆，仍在下调前的区间（20000-20500辆）之中。3月，蔚来汽车董事长李斌在蔚来汽车2020年四季度财报及全年财务业绩电话会上表示，“芯片短缺问题对蔚来汽车第二季度的生产会造成一定影响，目前基本上能满足正常生产需求，但风险确实很高。”“缺芯”会持续多久，对蔚来影响几何？中国汽车工业协会副秘书长李邵华预计“缺芯”大概会持续半年甚至9个月，预计三季度左右，才有可能进入到一个新的供需平衡阶段。不过，瑞穗分析师Vijay Rakesh表示，尽管汽车厂商仍将面临芯片供应问题，但蔚来在2021年销量依然强劲，即使二季度产量有所放缓，但全年交付有望实现同比翻倍。Rakesh预计，蔚来汽车今年交付量为8.7万辆，2022年交付量为14.1万辆，2023年交付量为22.3万辆。新能源汽车行业御风前行总体而言，随着政策层面定调，新能源汽车行业正在御风而行。国内方面，去年11月通过的《新能源汽车产业发展规划（2021-2035 年）》中明确提出，到 2025年中国新能源汽车新车销量占比达到20%左右。根据规划估算，到2025年国内新能源汽车销量可达643万辆，复合增速约36%。平安证券表示，预计 2021 年国内新能源汽车市场的新增需求达到60-100万辆。欧洲碳排放目标收紧叠加欧洲政府高补贴，有望带动欧洲电动车市场继续高增。美国市场经历了两年调整，预计拜登将积极推行清洁能源革命计划，加大对电动车的支持力度，大幅提高美国新能源汽车渗透率。预计2021年全球电动车销量达450-500万辆。需要注意的是，需求飞涨之下，越来越多企业正在加入造车行列。此前，百度、滴滴、小米等多家互联网巨头已启动造车业务，行业的竞争也日趋白热化。眼下，蔚来的累计交付已突破10万辆，连马斯克都发来祝贺，并称这是一个艰难的里程碑。从月度数据看，蔚来的交付能力还在持续提升。在里昂分析师Soobin Park看来，充电问题和价格仍然是电动汽车大规模普及的主要障碍。随着与中石化合作将换电站布局在中石化加油站内，蔚来能否扫平障碍，以及随着进军欧洲消息的发酵，蔚来能否在激烈的竞争中脱颖而出，我们拭目以待。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374975416,"gmtCreate":1619413863335,"gmtModify":1704723480200,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569548969726331","idStr":"3569548969726331"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374975416","repostId":"1130451341","repostType":4,"repost":{"id":"1130451341","kind":"news","pubTimestamp":1619413290,"share":"https://ttm.financial/m/news/1130451341?lang=en_US&edition=fundamental","pubTime":"2021-04-26 13:01","market":"us","language":"zh","title":"The U.S. dollar is released, the world is flooded, and the strongest inflation annihilates all beings!","url":"https://stock-news.laohu8.com/highlight/detail?id=1130451341","media":"华尔街见闻","summary":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的","content":"<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. This master of economics with many works blurted out that there is no free lunch in the world. This is my economic theory all.</p><p>On the other hand, in the past few weeks, the dual wave of fiscal stimulus and monetary easing in the United States has instantly shifted the attention of the global market from deflation to inflation, almost causing blood shed in the stock and bond markets. Last week, as Powell suddenly began to release hawkish signals in an interview, this gluttonous feast is afraid to enter the second half.</p><p>Someone must be prepared to pay the bill before the real wine store breaks up. However, how big is the order and who will buy it?</p><p>As the United States slowly begins to bargain-hunting global assets, the US dollar has started to return. In order to resist the impact, emerging markets have already taken the lead in setting off a wave of rate hike. As the * of currency flows to the world, it's time to taste the words of former US Treasury Secretary Connelly: The US dollar is our currency, but it's your problem.</p><p>In this issue, we will take a look at the ins and outs of this huge stimulus in the United States. We will focus on three things:</p><p><b>First, the United States launched an unprecedented fiscal and monetary double stimulus. Why did it take such a heavy hand?</b></p><p><b>Second, the super stimulus may cause the US economy to overheat significantly?</b></p><p><b>Third, the United States releases water and the world pays the bill. How will this big release end?</b></p><p><b>01. How fierce is this round of excitement in the United States</b></p><p>How big is the fiscal stimulus? After the $2.2 trillion fiscal stimulus in April last year, the Trump administration introduced another $900 billion stimulus at the end of the year; By this year, Biden passed the 1.9 trillion stimulus bill, accounting for 10% of the U.S. GDP last year. In the blink of an eye, the latest 2.25 trillion infrastructure has been officially announced. Not counting the last item that has not been officially introduced, in just one year, the total amount of fiscal stimulus has reached 5 trillion yuan. In vertical comparison, it is six times that of the Obama administration's nearly 800 billion yuan stimulus in the two years after the 2008 financial crisis; Horizontally, this figure accounts for 25% of U.S. GDP, far exceeding Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>In terms of monetary policy, how big is this round of QE? During the financial crisis in 2008, the Federal Reserve took six years and three rounds of QE, and only purchased more than US $3 trillion in assets in total. This time, QE only took six months to easily reach this scale.</p><p>If the wealth stimulus in 2008 was a left-handed shuriken and a right-handed revolver, this time it was a two-shot cannon. But why do both ends of U.S. fiscal and monetary policies have to increase their horsepower in a storm this time?</p><p>Let's take a look at finances first. The passage of the latest 1.9 trillion is very dramatic. First of all, this figure far exceeds everyone's expectations, because when Biden first proposed this plan, the stimulus figure supported by the Republican Party was only over 600 billion, a difference of 1.3 trillion. And Biden has always claimed that the two parties should unite and cooperate before, so everyone thinks that he will make a compromise, and the final water release should be around $900 billion.</p><p>But unexpectedly, Biden suddenly carried out a \"overlord's hard bow\" operation and forcibly passed a plan called the \"budget reconciliation process\". Simply put, it greatly reduces the number of votes originally needed to pass the stimulus bill in the Senate, and only needs more than half to pass it. Therefore, when the 1.9 trillion yuan is voted in the future, even if the Republican Party unanimously opposes it, the Democratic Party, which accounts for the majority in the Senate, can forcibly get rid of the Republican Party and advance the bill on its own.</p><p>The question is, why did Biden suddenly despite Republican opposition and rush to make 1.9 trillion a quick deal?</p><p>Because during the financial crisis in 2008, Obama's Democratic Party suffered a big loss in fiscal stimulus.</p><p>Twelve years ago, it was precisely because of the opposition of the Republican Party that the Obama administration's fiscal stimulus package shrank sharply. The original $2 trillion stimulus package finally passed less than 800 billion.</p><p>But you know, this small amount of money is far from being able to make the economy recover quickly. In the next two years, the U.S. economy grew slowly, the recovery of the job market came to a standstill, and Obama's popular support rate plummeted. He quickly lost the House of Representatives in 2010 and was regained by the Republican Party.</p><p>It can be said that in the last round of crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also caused the American economy to be stuck in the quagmire for longer.</p><p>As Obama's deputy at the time, Biden was obviously unforgettable about this lesson. Therefore, after I came to power, I didn't stop doing it, and I came head-on for fear of repeating the same mistakes.</p><p>So what about quantitative easing? From the above facts, QE in 2009 was the \"second-best choice\" made by the United States when the fiscal policy was bound by the Republican Party. And now that there is a lot of stimulus, why does Powell insist on not withdrawing from QE?</p><p>We believe that there are roughly the following three reasons:</p><p>First, Powell has never believed that there will be real severe inflationary pressure. As he said at the hearing of the Financial Services Committee of the U.S. House of Representatives not long ago, global deflation has lasted for more than 20 years. Now, just one inflation, how can it get out of control?</p><p>Second, even if there is inflationary pressure, due to the reserve currency status of the US dollar, the consequences of inflation do not need to be borne by the United States alone. We'll get to that later.</p><p>Third, the Fed is more worried about deflationary expectations than inflationary pressures.</p><p>The so-called deflation means that the inflation rate drops below zero, and the whole society is in an environment of continuous and general decline in prices.</p><p>Once people have the expectation that the price will continue to fall, they will save what they want to buy for when it is cheaper in the future. For example, if you want to buy a house, it is now 50,000 per square meter, but you expect it to become 40,000 per square meter in two years. If conditions permit, it must be more cost-effective to buy it after two years. The same logic is true for enterprises to buy raw materials and invest in them.</p><p>In this way, the desire to consume and invest is greatly reduced, and no amount of money in hand will help. More than 60% of U.S. GDP comes from consumption, demand is not enough, production naturally cannot go up, and the economy can only stagnate. How terrible the whole process is, just look at Japan's \"lost 20 years\".</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflation expectations. It only needs to do one thing, that is, push up asset prices, especially the stock market and property market prices, thus creating the illusion that people are rich and the economy is thriving. Even if it doesn't turn into real cash flow, people may happily spend more, thus stimulating production and economic recovery. This is a completely psychological problem, and it works especially with the cooperation of fiscal policy.</p><p>However, don't confuse the bull market with the strength of the real economy. Is QE drinking poison to quench thirst, and will it have a backlash on the economy in the future? This is another story, which we will talk about below.</p><p><b>02. The U.S. economy may overheat</b></p><p>As we explained just now, the scale of fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such a huge stimulus? The answer is that inflation is rising, the economy is overheating, and the overheating may be much more severe than the market expects. Because of the long-term and large-scale QE, inflation has unknowingly given huge upside space.</p><p>In order to understand the impact of long-term QE, below, let's first explain the entire transmission path of macro-control of the central bank's monetary policy in the most simplest way; Go back to a \"prehistoric\" world without QE and see how the monetary policy system works under normal circumstances; Now that there is QE, how has the operation mode changed?</p><p>We often say that the central bank throws money, but the money is definitely not directly thrown on the people, but first thrown to various financial institutions such as commercial banks to form the base currency. There are many methods, including adjusting the rediscount rate and adjusting the deposit reserve ratio. Buying and selling government bonds, which is most related to QE, is also one of them. When the central bank buys bonds, it pays a sum of money, which is essentially to inject a sum of money into the financial system. base currency.</p><p>Then, banks either put the money into the real economy, that is, lend it to enterprises and families through loans, so that they can produce and consume and promote economic growth; Or, if most enterprises and households are reluctant to borrow money, the remaining money will stay in the banking system in the form of savings, or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks capital drive, and on the other hand, the financial market may accumulate excessive funds and trigger bubbles.</p><p>In the pre-QE world, monetary policy has gone very smoothly on the above path, that is, the liquidity provided by the Federal Reserve through conventional monetary policy can be well passed to enterprises and residents. During the economic recession, while proactive fiscal policies stabilize the confidence of enterprises and residents, the central bank lowers policy interest rates and provides liquidity to the banking industry; As soon as commercial banks have money, residents and enterprises are also encouraged by low interest rates and fiscal stimulus, and actively borrow money to buy houses and invest.</p><p>Once the economy starts to recover, all the central bank has to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. Therefore, it can be seen from the figure that the textbooks of base money, money supply and bank credit generally rise and fall together. In this process, the long-term interest rate also falls and rises with the policy interest rate. The United States and Europe before 2008 and Japan before 1990 were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>But QE breaks that. As we just introduced, after the real estate bubble burst in 2008, due to the lack of fiscal stimulus, the United States had to walk on one leg and release a large amount of liquidity with monetary policy QE in an attempt to stimulate domestic demand, but it had little effect in the face of hard-hit families and enterprises. After the collateral price plummeted, people were not only reluctant to borrow money, but still had a lot of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>Therefore, on the one hand, with the expansion of QE and the drop of interest rates to 0, the liquidity of the United States has reached an unprecedented level, and the proportion of base money in GDP has increased from 6% in 2008 to 25%; On the other hand, people hold huge savings but don't spend them. Not only did the funds not leave the banking industry in the form of loans, but they also went back in the form of savings and loan repayments (the first picture), which delayed the economy and inflation (the second picture).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>That is to say, if the whole monetary system still operates according to the mode before 2008, inflation in the United States should have risen to a very high level by now. If the money thrown by the central bank is compared to water, the current price is like a sponge wrapped in a layer of gum, which is difficult to get into water. Once the gum is peeled off, the sponge will quickly absorb water and expand. So we can see what happens once demand improves and people start to resume borrowing: bank credit and money supply may be several times higher than they are now, and prices may rise sharply, which will mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery and the high tension about inflationary pressures will aggravate the market's panic about liquidity fluctuations. Investors are worried that the central bank will have to reduce bond purchases or even sell long-term bonds by then, so they also sell bonds to avoid risks. As a result, the long-term interest rates of QE countries will rise faster than without QE, further affecting the real economy. The economy, the stock market and the commodity market have caused serious fluctuations.</p><p>The longer QE lasts, the more serious these problems will undoubtedly be. Gu Chaoming, chief researcher of Nomura Securities, proposed a \"quantitative easing Trap\" model during the third round of QE by the Federal Reserve in 2013, and discussed the degree of damage caused by long-term QE to the economy:</p><p>Initially, the long-term interest rate decline in QE countries is much greater than that in non-QE countries, which means that the economic recovery will subsequently be faster (t1). However, as the economy picks up, monetary policy tightens, long-term interest rates rise rapidly, and some interest-sensitive industries are facing declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeated cycle of so-called \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries is gradual, which delays the onset of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience in gradually normalizing monetary policy in the United States before the epidemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it doesn't? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first began to reduce its bond purchases, the inflation rate was only 1%. After that, despite nine rate hike and quantitative tightening (QT) in October 2017, the inflation rate was still slowly rising. It is the same reason that deeply suppresses inflation and keeps inflation rising slowly, that is, the savings in the hands of households and businesses have never been digested. Without borrowing money, rising interest rates will not put pressure on them. This, in turn, shows that even if interest rates remain low at that time, economic activity may remain indifferent.</p><p>Not only that, due to insufficient demand in the real economy, continued QE may lead to a large amount of spare money entering the real estate and financial markets, stirring up thick asset bubbles. In fact, the price of commercial real estate in the United States is now 50% higher than the last peak in 2007.</p><p>Importantly, given that this round of QE is much faster than during the financial crisis, Gu Chaoming believes in a recently released research report that the U.S. economy has half stepped into the \"quantitative easing trap\". Once the private sector resumes borrowing, inflation will soar. High and long-term bond interest rates are imminent, and policy rates will need to be significantly increased to suppress inflation. In the prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy rate significantly to 22% to curb inflation. What level is needed today?</p><p><b>03. The United States releases water and the world pays the bill. How will this big water release end?</b></p><p>Just now we talked about the impact of the super water release on the US economy. Due to the existence of dollar hegemony, the influence of U.S. economic policy is by no means limited to the United States. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact, and it is likely that the whole world will pay for Americans.</p><p>Among them, emerging markets may pay the biggest price, which has always been the case, and may also be one of the reasons why the United States releases water unscrupulously.</p><p>In 2020, as the circulation of the U.S. dollar, as the global reserve currency, surged, countries started to release water to resist inflation caused by the excessive issuance of currency by the United States, and the United States used this to export inflation to the world. This is directly reflected in the increase of house prices in various countries. According to OECD data, house prices in 89% of countries in the world rose last year, the highest ratio since 2000, especially in Turkey and Russia.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the increase of inflation expectations in the United States, the sharp rise in U.S. bond yields, and the dislocation of the recovery rhythm between the United States and emerging market countries, the U.S. dollar has begun to strengthen in stages, showing a return trend, and the situation has completely reversed. Emerging markets are forced to echo the old saying again: Americans print money, and the world pays.</p><p>Since March, emerging market countries have collectively \"rushed\" to advance rate hike before the Federal Reserve's action. In just one week before and after the U.S. interest rate meeting in March, many emerging market countries set off a wave of rate hike:</p><p>On March 17th, the Central Bank of Brazil announced that it would raise the benchmark lending rate by 75 basis points to 2.75% (50 basis points expected).</p><p>On March 18th, the Central Bank of Turkey announced that it would raise the key interest rate by 200 basis points to 19% (the expected increase was 18%).</p><p>On March 19, the Russian Central Bank announced a rate hike of 25 basis points to 4.50% (expectations remain at 4.25%).</p><p>Not only that, indicators from emerging countries such as India, Argentina, Malaysian, Thai, and Korea all show that the market's expectations for rate hike are increasing, and there will be at least one rate hike from this year to the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is definitely the upward trend of inflation. From a general analysis point of view, the pressure of inflation still comes from the supply side. On the one hand, the production capacity of downstream consumer goods in such emerging market countries is inherently weak, and the impact of the epidemic has widened the gap between supply and demand, which is directly reflected in pushing up commodity prices. On the other hand, the proportion of food and transportation consumption in these countries is more than 40-50%, and they rely on imports and exports. Therefore, the rapid rise in global petroleum products and food prices has further increased the imported inflation of emerging market countries. pressure.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>To a large extent, these emerging market countries with high openness and dependence on foreign trade can only passively accept the spillover of developed countries' economies and policies. However, compared with the rise in inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Turkey, where the unemployment rate is more than 10%, and the control of the epidemic is once again facing tests.</p><p>Chart: It will take time for the economy to recover</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent the a vicious circle expectation of excessive return of the US dollar-depreciation of local currency-hyperinflation-domestic rate hike-falling asset prices-foreign debt exposure, emerging market countries have to take the lead in starting rate hike, firstly, to curb bubbles, and secondly, to stabilize capital outflows.</p><p>Figure: The largest appreciation of currencies of various countries relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>And those countries with a high proportion of foreign debt and a significant increase in asset markets may pay a higher price. Since the beginning of this year, Turkish overnight lending rate has been above 15%, and it is still difficult to curb international capital outflows. After the unexpected rate hike, the central bank governor stepped down, which even triggered a vicious circle expectations, asset prices plummeted and exchange rate collapsed. From the perspective of foreign debt, Chile, South Africa, etc. are followed.</p><p>High inflation, especially in countries with high asset price increases, shows that more capital enters the virtual economy than the recovery of the real economy, and there is also a greater risk of capital outflow. Such as Argentina and India. Rate hike in these countries is more of a lesser operation of two evils, and there is not much independence of monetary policy at all. Once there is a rapid capital outflow, they will pay the price for last year's liquidity feast.</p><p>As for the United States, with the return of funds and the increase of U.S.-European arbitrage trade demand for U.S. debt, the upward pressure on US Treasury yields will be eased.</p><p>Chart: European and American interest rate spreads widened to the average level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>The ebb and flow of the US dollar. As the largest emerging market country, China will withstand some shocks thanks to its domestic supply capacity, liquidity restraint and currency independence. However, under the global storm, the pressure on asset prices can hardly be eased.</p><p>Perhaps currency can be over-printed, but wealth cannot. When we look at the current situation of global currency from a more macro perspective, a deeper proposition is how to make good use of our own policy tools, and how to identify good assets as individuals, so that our labor remuneration can be more stably preserved. Understanding the historical responsibility of RMB in our hands and its value of keeping a low profile, we may be able to prepare for the upcoming risks.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The U.S. dollar is released, the world is flooded, and the strongest inflation annihilates all beings!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe U.S. dollar is released, the world is flooded, and the strongest inflation annihilates all beings!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-26 13:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. This master of economics with many works blurted out that there is no free lunch in the world. This is my economic theory all.</p><p>On the other hand, in the past few weeks, the dual wave of fiscal stimulus and monetary easing in the United States has instantly shifted the attention of the global market from deflation to inflation, almost causing blood shed in the stock and bond markets. Last week, as Powell suddenly began to release hawkish signals in an interview, this gluttonous feast is afraid to enter the second half.</p><p>Someone must be prepared to pay the bill before the real wine store breaks up. However, how big is the order and who will buy it?</p><p>As the United States slowly begins to bargain-hunting global assets, the US dollar has started to return. In order to resist the impact, emerging markets have already taken the lead in setting off a wave of rate hike. As the * of currency flows to the world, it's time to taste the words of former US Treasury Secretary Connelly: The US dollar is our currency, but it's your problem.</p><p>In this issue, we will take a look at the ins and outs of this huge stimulus in the United States. We will focus on three things:</p><p><b>First, the United States launched an unprecedented fiscal and monetary double stimulus. Why did it take such a heavy hand?</b></p><p><b>Second, the super stimulus may cause the US economy to overheat significantly?</b></p><p><b>Third, the United States releases water and the world pays the bill. How will this big release end?</b></p><p><b>01. How fierce is this round of excitement in the United States</b></p><p>How big is the fiscal stimulus? After the $2.2 trillion fiscal stimulus in April last year, the Trump administration introduced another $900 billion stimulus at the end of the year; By this year, Biden passed the 1.9 trillion stimulus bill, accounting for 10% of the U.S. GDP last year. In the blink of an eye, the latest 2.25 trillion infrastructure has been officially announced. Not counting the last item that has not been officially introduced, in just one year, the total amount of fiscal stimulus has reached 5 trillion yuan. In vertical comparison, it is six times that of the Obama administration's nearly 800 billion yuan stimulus in the two years after the 2008 financial crisis; Horizontally, this figure accounts for 25% of U.S. GDP, far exceeding Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>In terms of monetary policy, how big is this round of QE? During the financial crisis in 2008, the Federal Reserve took six years and three rounds of QE, and only purchased more than US $3 trillion in assets in total. This time, QE only took six months to easily reach this scale.</p><p>If the wealth stimulus in 2008 was a left-handed shuriken and a right-handed revolver, this time it was a two-shot cannon. But why do both ends of U.S. fiscal and monetary policies have to increase their horsepower in a storm this time?</p><p>Let's take a look at finances first. The passage of the latest 1.9 trillion is very dramatic. First of all, this figure far exceeds everyone's expectations, because when Biden first proposed this plan, the stimulus figure supported by the Republican Party was only over 600 billion, a difference of 1.3 trillion. And Biden has always claimed that the two parties should unite and cooperate before, so everyone thinks that he will make a compromise, and the final water release should be around $900 billion.</p><p>But unexpectedly, Biden suddenly carried out a \"overlord's hard bow\" operation and forcibly passed a plan called the \"budget reconciliation process\". Simply put, it greatly reduces the number of votes originally needed to pass the stimulus bill in the Senate, and only needs more than half to pass it. Therefore, when the 1.9 trillion yuan is voted in the future, even if the Republican Party unanimously opposes it, the Democratic Party, which accounts for the majority in the Senate, can forcibly get rid of the Republican Party and advance the bill on its own.</p><p>The question is, why did Biden suddenly despite Republican opposition and rush to make 1.9 trillion a quick deal?</p><p>Because during the financial crisis in 2008, Obama's Democratic Party suffered a big loss in fiscal stimulus.</p><p>Twelve years ago, it was precisely because of the opposition of the Republican Party that the Obama administration's fiscal stimulus package shrank sharply. The original $2 trillion stimulus package finally passed less than 800 billion.</p><p>But you know, this small amount of money is far from being able to make the economy recover quickly. In the next two years, the U.S. economy grew slowly, the recovery of the job market came to a standstill, and Obama's popular support rate plummeted. He quickly lost the House of Representatives in 2010 and was regained by the Republican Party.</p><p>It can be said that in the last round of crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also caused the American economy to be stuck in the quagmire for longer.</p><p>As Obama's deputy at the time, Biden was obviously unforgettable about this lesson. Therefore, after I came to power, I didn't stop doing it, and I came head-on for fear of repeating the same mistakes.</p><p>So what about quantitative easing? From the above facts, QE in 2009 was the \"second-best choice\" made by the United States when the fiscal policy was bound by the Republican Party. And now that there is a lot of stimulus, why does Powell insist on not withdrawing from QE?</p><p>We believe that there are roughly the following three reasons:</p><p>First, Powell has never believed that there will be real severe inflationary pressure. As he said at the hearing of the Financial Services Committee of the U.S. House of Representatives not long ago, global deflation has lasted for more than 20 years. Now, just one inflation, how can it get out of control?</p><p>Second, even if there is inflationary pressure, due to the reserve currency status of the US dollar, the consequences of inflation do not need to be borne by the United States alone. We'll get to that later.</p><p>Third, the Fed is more worried about deflationary expectations than inflationary pressures.</p><p>The so-called deflation means that the inflation rate drops below zero, and the whole society is in an environment of continuous and general decline in prices.</p><p>Once people have the expectation that the price will continue to fall, they will save what they want to buy for when it is cheaper in the future. For example, if you want to buy a house, it is now 50,000 per square meter, but you expect it to become 40,000 per square meter in two years. If conditions permit, it must be more cost-effective to buy it after two years. The same logic is true for enterprises to buy raw materials and invest in them.</p><p>In this way, the desire to consume and invest is greatly reduced, and no amount of money in hand will help. More than 60% of U.S. GDP comes from consumption, demand is not enough, production naturally cannot go up, and the economy can only stagnate. How terrible the whole process is, just look at Japan's \"lost 20 years\".</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflation expectations. It only needs to do one thing, that is, push up asset prices, especially the stock market and property market prices, thus creating the illusion that people are rich and the economy is thriving. Even if it doesn't turn into real cash flow, people may happily spend more, thus stimulating production and economic recovery. This is a completely psychological problem, and it works especially with the cooperation of fiscal policy.</p><p>However, don't confuse the bull market with the strength of the real economy. Is QE drinking poison to quench thirst, and will it have a backlash on the economy in the future? This is another story, which we will talk about below.</p><p><b>02. The U.S. economy may overheat</b></p><p>As we explained just now, the scale of fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such a huge stimulus? The answer is that inflation is rising, the economy is overheating, and the overheating may be much more severe than the market expects. Because of the long-term and large-scale QE, inflation has unknowingly given huge upside space.</p><p>In order to understand the impact of long-term QE, below, let's first explain the entire transmission path of macro-control of the central bank's monetary policy in the most simplest way; Go back to a \"prehistoric\" world without QE and see how the monetary policy system works under normal circumstances; Now that there is QE, how has the operation mode changed?</p><p>We often say that the central bank throws money, but the money is definitely not directly thrown on the people, but first thrown to various financial institutions such as commercial banks to form the base currency. There are many methods, including adjusting the rediscount rate and adjusting the deposit reserve ratio. Buying and selling government bonds, which is most related to QE, is also one of them. When the central bank buys bonds, it pays a sum of money, which is essentially to inject a sum of money into the financial system. base currency.</p><p>Then, banks either put the money into the real economy, that is, lend it to enterprises and families through loans, so that they can produce and consume and promote economic growth; Or, if most enterprises and households are reluctant to borrow money, the remaining money will stay in the banking system in the form of savings, or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks capital drive, and on the other hand, the financial market may accumulate excessive funds and trigger bubbles.</p><p>In the pre-QE world, monetary policy has gone very smoothly on the above path, that is, the liquidity provided by the Federal Reserve through conventional monetary policy can be well passed to enterprises and residents. During the economic recession, while proactive fiscal policies stabilize the confidence of enterprises and residents, the central bank lowers policy interest rates and provides liquidity to the banking industry; As soon as commercial banks have money, residents and enterprises are also encouraged by low interest rates and fiscal stimulus, and actively borrow money to buy houses and invest.</p><p>Once the economy starts to recover, all the central bank has to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. Therefore, it can be seen from the figure that the textbooks of base money, money supply and bank credit generally rise and fall together. In this process, the long-term interest rate also falls and rises with the policy interest rate. The United States and Europe before 2008 and Japan before 1990 were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>But QE breaks that. As we just introduced, after the real estate bubble burst in 2008, due to the lack of fiscal stimulus, the United States had to walk on one leg and release a large amount of liquidity with monetary policy QE in an attempt to stimulate domestic demand, but it had little effect in the face of hard-hit families and enterprises. After the collateral price plummeted, people were not only reluctant to borrow money, but still had a lot of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>Therefore, on the one hand, with the expansion of QE and the drop of interest rates to 0, the liquidity of the United States has reached an unprecedented level, and the proportion of base money in GDP has increased from 6% in 2008 to 25%; On the other hand, people hold huge savings but don't spend them. Not only did the funds not leave the banking industry in the form of loans, but they also went back in the form of savings and loan repayments (the first picture), which delayed the economy and inflation (the second picture).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>That is to say, if the whole monetary system still operates according to the mode before 2008, inflation in the United States should have risen to a very high level by now. If the money thrown by the central bank is compared to water, the current price is like a sponge wrapped in a layer of gum, which is difficult to get into water. Once the gum is peeled off, the sponge will quickly absorb water and expand. So we can see what happens once demand improves and people start to resume borrowing: bank credit and money supply may be several times higher than they are now, and prices may rise sharply, which will mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery and the high tension about inflationary pressures will aggravate the market's panic about liquidity fluctuations. Investors are worried that the central bank will have to reduce bond purchases or even sell long-term bonds by then, so they also sell bonds to avoid risks. As a result, the long-term interest rates of QE countries will rise faster than without QE, further affecting the real economy. The economy, the stock market and the commodity market have caused serious fluctuations.</p><p>The longer QE lasts, the more serious these problems will undoubtedly be. Gu Chaoming, chief researcher of Nomura Securities, proposed a \"quantitative easing Trap\" model during the third round of QE by the Federal Reserve in 2013, and discussed the degree of damage caused by long-term QE to the economy:</p><p>Initially, the long-term interest rate decline in QE countries is much greater than that in non-QE countries, which means that the economic recovery will subsequently be faster (t1). However, as the economy picks up, monetary policy tightens, long-term interest rates rise rapidly, and some interest-sensitive industries are facing declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeated cycle of so-called \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries is gradual, which delays the onset of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience in gradually normalizing monetary policy in the United States before the epidemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it doesn't? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first began to reduce its bond purchases, the inflation rate was only 1%. After that, despite nine rate hike and quantitative tightening (QT) in October 2017, the inflation rate was still slowly rising. It is the same reason that deeply suppresses inflation and keeps inflation rising slowly, that is, the savings in the hands of households and businesses have never been digested. Without borrowing money, rising interest rates will not put pressure on them. This, in turn, shows that even if interest rates remain low at that time, economic activity may remain indifferent.</p><p>Not only that, due to insufficient demand in the real economy, continued QE may lead to a large amount of spare money entering the real estate and financial markets, stirring up thick asset bubbles. In fact, the price of commercial real estate in the United States is now 50% higher than the last peak in 2007.</p><p>Importantly, given that this round of QE is much faster than during the financial crisis, Gu Chaoming believes in a recently released research report that the U.S. economy has half stepped into the \"quantitative easing trap\". Once the private sector resumes borrowing, inflation will soar. High and long-term bond interest rates are imminent, and policy rates will need to be significantly increased to suppress inflation. In the prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy rate significantly to 22% to curb inflation. What level is needed today?</p><p><b>03. The United States releases water and the world pays the bill. How will this big water release end?</b></p><p>Just now we talked about the impact of the super water release on the US economy. Due to the existence of dollar hegemony, the influence of U.S. economic policy is by no means limited to the United States. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact, and it is likely that the whole world will pay for Americans.</p><p>Among them, emerging markets may pay the biggest price, which has always been the case, and may also be one of the reasons why the United States releases water unscrupulously.</p><p>In 2020, as the circulation of the U.S. dollar, as the global reserve currency, surged, countries started to release water to resist inflation caused by the excessive issuance of currency by the United States, and the United States used this to export inflation to the world. This is directly reflected in the increase of house prices in various countries. According to OECD data, house prices in 89% of countries in the world rose last year, the highest ratio since 2000, especially in Turkey and Russia.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the increase of inflation expectations in the United States, the sharp rise in U.S. bond yields, and the dislocation of the recovery rhythm between the United States and emerging market countries, the U.S. dollar has begun to strengthen in stages, showing a return trend, and the situation has completely reversed. Emerging markets are forced to echo the old saying again: Americans print money, and the world pays.</p><p>Since March, emerging market countries have collectively \"rushed\" to advance rate hike before the Federal Reserve's action. In just one week before and after the U.S. interest rate meeting in March, many emerging market countries set off a wave of rate hike:</p><p>On March 17th, the Central Bank of Brazil announced that it would raise the benchmark lending rate by 75 basis points to 2.75% (50 basis points expected).</p><p>On March 18th, the Central Bank of Turkey announced that it would raise the key interest rate by 200 basis points to 19% (the expected increase was 18%).</p><p>On March 19, the Russian Central Bank announced a rate hike of 25 basis points to 4.50% (expectations remain at 4.25%).</p><p>Not only that, indicators from emerging countries such as India, Argentina, Malaysian, Thai, and Korea all show that the market's expectations for rate hike are increasing, and there will be at least one rate hike from this year to the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is definitely the upward trend of inflation. From a general analysis point of view, the pressure of inflation still comes from the supply side. On the one hand, the production capacity of downstream consumer goods in such emerging market countries is inherently weak, and the impact of the epidemic has widened the gap between supply and demand, which is directly reflected in pushing up commodity prices. On the other hand, the proportion of food and transportation consumption in these countries is more than 40-50%, and they rely on imports and exports. Therefore, the rapid rise in global petroleum products and food prices has further increased the imported inflation of emerging market countries. pressure.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>To a large extent, these emerging market countries with high openness and dependence on foreign trade can only passively accept the spillover of developed countries' economies and policies. However, compared with the rise in inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Turkey, where the unemployment rate is more than 10%, and the control of the epidemic is once again facing tests.</p><p>Chart: It will take time for the economy to recover</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent the a vicious circle expectation of excessive return of the US dollar-depreciation of local currency-hyperinflation-domestic rate hike-falling asset prices-foreign debt exposure, emerging market countries have to take the lead in starting rate hike, firstly, to curb bubbles, and secondly, to stabilize capital outflows.</p><p>Figure: The largest appreciation of currencies of various countries relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>And those countries with a high proportion of foreign debt and a significant increase in asset markets may pay a higher price. Since the beginning of this year, Turkish overnight lending rate has been above 15%, and it is still difficult to curb international capital outflows. After the unexpected rate hike, the central bank governor stepped down, which even triggered a vicious circle expectations, asset prices plummeted and exchange rate collapsed. From the perspective of foreign debt, Chile, South Africa, etc. are followed.</p><p>High inflation, especially in countries with high asset price increases, shows that more capital enters the virtual economy than the recovery of the real economy, and there is also a greater risk of capital outflow. Such as Argentina and India. Rate hike in these countries is more of a lesser operation of two evils, and there is not much independence of monetary policy at all. Once there is a rapid capital outflow, they will pay the price for last year's liquidity feast.</p><p>As for the United States, with the return of funds and the increase of U.S.-European arbitrage trade demand for U.S. debt, the upward pressure on US Treasury yields will be eased.</p><p>Chart: European and American interest rate spreads widened to the average level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>The ebb and flow of the US dollar. As the largest emerging market country, China will withstand some shocks thanks to its domestic supply capacity, liquidity restraint and currency independence. However, under the global storm, the pressure on asset prices can hardly be eased.</p><p>Perhaps currency can be over-printed, but wealth cannot. When we look at the current situation of global currency from a more macro perspective, a deeper proposition is how to make good use of our own policy tools, and how to identify good assets as individuals, so that our labor remuneration can be more stably preserved. Understanding the historical responsibility of RMB in our hands and its value of keeping a low profile, we may be able to prepare for the upcoming risks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/082208e3c37780dd55878056410ffa43","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1130451341","content_text":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的双重浪潮，把全球市场的注意力瞬间从通缩转向通胀，几乎在股债市场掀起血雨腥风。而上周伴随鲍威尔在采访中突然开始释放鹰派信号，这场饕餮盛宴怕是要进入下半场了。真正酒阑人散之前，有人必须要做好买单的准备。只是，单有多大，又由谁来买？随着美国慢慢开始抄底全球资产，美元已经启动回流，新兴市场为了抵御冲击，早已经率先掀起了加息潮。货币的汪洋流向全球之际，是时候品一品美国前财长康纳利的话：美元是我们的货币，却是你们的问题。本期我们就来盘一盘美国这场巨量刺激的来龙去脉。我们将着重探讨三件事:第一，美国推出史无前例的财政货币双刺激，为什么要下这么重的狠手？第二，超级刺激可能导致美国经济严重过热？第三，美国放水，全球买单，这场大放水又会以怎样的方式收场？01、美国这轮刺激有多猛财政刺激有多大？去年4月2.2万亿美元的财政刺激之后，特朗普政府年底又出台了一项9000亿美元的刺激；到了今年，拜登上来就通过了1.9万亿刺激法案，占到美国去年GDP的10%，转眼最新的2.25万亿基建又已官宣。不算还未正式出台的最后一项，短短一年时间，财政刺激总量已经达到了5万亿的天量，纵向对比，是08年金融危机之后两年奥巴马政府将近8000亿刺激的整整6倍；横向对比，这个数字占美国GDP的25%，这一比例远远超过德国（12%）和日本（16%）。而货币政策方面，这轮QE又有多大？2008年金融危机时，美联储耗时6年，用了三轮QE，一共也只购买了3万多亿美元资产，而这次QE只花了6个月，就轻轻松松达到了这一规模。如果08年的财货刺激是左手手里剑右手左轮手枪的话，这次就是两杆齐发的加农炮。但是为什么这次美国财政和货币政策两头都要狂风暴雨式地加足马力？先来看看财政。最新1.9万亿的通过非常戏剧化。这个数字首先是远远超过大家预期的，因为拜登提出这项计划的最初，共和党支持的刺激数字只有6000多亿，之间差了1.3万亿。而拜登之前又一直声称两党要团结合作，大家就认为他会做个折中，最后放水量应该也就在9000亿美元左右。但出人意料的是，拜登突然来了个“霸王硬上弓”式的操作，强行通过了一个叫作“预算调和程序”的方案。简单来说，它把参议院通过刺激法案原本所需要的票数大大降低，只需要过半数就能通过。于是未来就1.9万亿进行投票的时候，就算共和党一致反对，占参议院多数的民主党，也能强行甩开共和党，凭一己之力让法案得到推进。问题是，拜登为什么突然不顾共和党反对，急于让1.9万亿快速板上钉钉？因为2008年金融危机时，奥巴马的民主党就在财政刺激上吃过大亏。12年前，正是因为共和党反对，奥巴马政府的财政刺激方案大幅缩水，原本2万亿美元的刺激方案最终只通过了不到8000亿。但要知道，这点小钱远远无法令经济快速复苏，接下来两年美国经济增长缓慢，就业市场复苏陷入停滞，奥巴马的民众支持率直线下降，很快在2010年中选输掉了众院，被共和党重新夺回了控制权。可以说，上一轮危机中，正是由于奥巴马政府不够强硬，不仅导致民主党失势，还使得美国经济在泥潭中陷得更久。拜登作为奥巴马当时的副手，显然对这次教训刻骨铭心。所以自己上台后一不做二不休，来个硬碰硬，生怕重蹈当年覆辙。那么量化宽松呢？从上面的事实看来，09年的QE是在财政政策被共和党束缚住手脚的情况下，美国做出的“次优选择”。而如今既然已经有了天量刺激，为什么鲍威尔还要坚持迟迟不退出QE？我们认为，大致有以下三个原因：第一，鲍威尔始终不认为会有真正的严重通胀压力。像不久前他在美国众议院金融服务委员会听证会上所说，全球性通缩已持续20多年，现在短短一次通胀，怎么就会失控呢？第二，即便有通胀压力，由于美元的储备货币地位，通胀带来的后果并不需要美国独自承担。我们会在后面说到这一点。第三，比起通胀压力，美联储更担心的是通缩预期。所谓通缩，就是通货膨胀率降到零以下，整个社会处在一个物价持续、普遍下降的环境之中。一旦人们有了价格持续下跌的预期，就会把想买的东西留到未来更便宜的时候去买。比如你想买房，现在是5w一平米，但你预计过两年就变成4w一平米了，那在条件允许的情况下，一定是两年后买入更划得来。对企业购买原料、进行投资也是一样的逻辑。这样一来，消费和投资欲望就被大大降低，手里钱再多也无济于事。美国GDP超六成来自消费，需求不够，生产自然也上不去，经济只能停滞不前，整个过程有多可怕，看看日本“失去的20年”就知道。短期来看，QE对缓解通缩预期绝对是一剂猛药。它只需要做一件事，就是推高资产价格，尤其是股市和楼市价格，从而给人们营造一番手头富裕，经济也欣欣向荣的假象。即便并没有转化成真实的现金流，人们也可能开开心心地进行更多的消费，进而刺激生产和经济复苏。这完全是个心理学问题，在财政政策配合下尤其行得通。但是，切勿把牛市和实体经济走强混为一谈，QE是否是饮鸩止渴，未来会否对经济形成反噬？这是后话，我们会在下面讲到。02、美国经济可能过热刚才我们解释了，美国这次财政、货币刺激的规模史无前例。那么这样的巨额刺激下，美国经济会发生什么呢？答案就是通胀上升，经济过热，而且过热程度可能比市场预期要严重得多。因为长时间、大规模的QE，不知不觉给了通胀巨大的上行空间。为了了解长期QE的影响，下面，我们首先最简单地解释一下央行货币政策进行宏观调控的整个传导路径；再回到一个没有QE的“史前”世界里，看看正常情况下货币政策体系是怎么运转的；如今有了QE，运转模式又发生了怎样的变化。我们常说央行撒钱，但钱肯定不是直接撒在人民群众身上的，而是首先撒给商业银行等各个金融机构，构成基础货币。方法有很多种，包括调节再贴现率、调节存款准备金率，和QE最相关的买卖政府债券也是其中之一，央行买进债券的同时付出去一笔钱，实质就是向金融系统注入一笔基础货币。紧接着，各个银行要么把这些钱投入实体经济，也就是通过贷款的方式借给企业和家庭，让他们进行生产和消费，促进经济增长；要么，如果大多数企业和家庭都不愿意借钱，剩下的钱就会以储蓄的形式滞留在银行体系内部，或是流入股市等金融市场，则一方面实体经济发展缺少资金驱动，另一方面金融市场又可能积累过量资金引发泡沫。在QE前的世界，货币政策在上面一条道路上走得非常顺畅，即美联储通过常规货币政策提供的流动性，能很好地传到企业和居民手里。经济衰退时，一边积极的财政政策稳住企业和居民的信心，一边央行降低政策利率，同时给银行业提供流动性；商业银行一有钱，居民和企业也被低利率和财政刺激鼓舞着，积极借钱买房和投资。一旦经济开始复苏，央行所要做的就是逐步提高政策利率，抑制信贷，从而防止通胀。于是从图上可以看出，基础货币、货币供应、银行信贷三条线教科书一般地同起同落，在此过程中，长期利率也随政策利率下降和回升。2008年前的美欧，1990年前的日本就是处于这种状态。但是QE打破了这一局面。刚才我们介绍过，08年房地产泡沫破裂后，由于财政刺激不给力，美国不得不一条腿走路，用货币政策QE释放大量的流动性，试图刺激内需，却在受到重创的家庭和企业面前收效甚微。抵押物价格暴跌之后，人们不仅不愿意借钱，反而还有大量债务等着还。于是，一边是随着QE扩大、利率下降到0，美国流动性来到前所未有的水平，基础货币占GDP比重从08年的6%上升到25%；另一边，人们握着巨额储蓄却不花出去，资金不仅没有以贷款形式离开银行业，还以储蓄和还贷形式回去了（第一张图），使得经济和通胀迟迟上不来（第二张图）。也就是说，如果整个货币体系仍然按照08年以前的模式运行，现在美国的通胀应该已经上升到很高的水平了。如果把央行撒的钱比作水，现在的价格就像是裹了一层胶质、难以进水的海绵，一旦胶质被剥离掉，海绵就会迅速吸水进而膨胀。于是我们可以看到一旦需求改善，人们开始恢复借款会发生什么：银行信贷和货币供应量都可能比现在高出好几倍，物价也可能随之大幅度攀升，那将意味着非常高的通胀。在这种预期之下，一旦经济出现复苏迹象，对通胀压力的高度紧张，就将加剧市场对流动性波动的恐慌。投资者担心，央行到时候将不得不减少债券购买乃至卖出长期债券，于是也纷纷抛售债券来规避风险，从而，QE国家长期利率也会比没有QE时以更快的速度上行，进一步对实体经济和股市、商品市场造成严重波动。QE持续时间越长，这些问题无疑也会越严重。野村证券首席研究员辜朝明曾在2013年美联储第三轮QE期间，提出了一个“量化宽松陷阱”（QE Trap）模型，讨论了长时间QE对经济的损伤程度：最初，QE国长期利率降幅要比非QE国大得多，意味着随后经济复苏更快(t1)。但随着经济的回暖，货币政策收紧，长期利率迅速攀升，部分利率敏感行业又面临需求下降，迫使央行重新放松政策立场。经济再次复苏后，随着市场又重新关注央行吸收超额准备金的可能性，长期利率在一个所谓“QE Trap”的重复周期中上行。相比之下，非QE国长期利率下降是渐进的，这延迟了复苏的开始(t2)；但一旦经济开始好转，由于利率较低，复苏步伐实际会更快。从美国疫情前逐步货币政策正常化的7年经验当中，我们也可以推出这一结论。美国上一轮QE是在2013年逐步退出的，但如果不退会发生什么？经济会更好吗？也许不会。当年美联储刚开始缩减购债的时候，通胀率只有1%，之后虽然9次加息、2017年10月又开始了量化紧缩（QT），通胀率却仍然在慢慢上升。深压住通胀的和让通胀维持缓慢上行的是同一个原因，那就是家庭和企业手里的储蓄始终没有得到消化，没有借钱，利率升高也就对他们造不成压力。这反过来说明，即便当时利率继续保持低位，经济活动也可能无动于衷。不仅如此，由于实体经济需求不足，继续QE反而可能导致大量闲钱进入房地产和金融市场，激起厚厚的资产泡沫。事实上，美国商业地产价格目前已经比2007年的上一个峰值高出了50%。重要的是，鉴于本轮QE比金融危机时已经迅猛得多，辜朝明在最近发布的研报中认为，美国经济已经半只脚踏进“量化宽松陷阱”中了，私营部门一旦恢复借款，通胀飙高、长债利率飙升乃是一触即发，届时将需要大幅提高政策利率来压制通胀。在70年代末那个没有QE的史前世界，美联储把政策利率大幅提高到22%来抑制通胀，如今又需要怎样的水平呢？03、美国放水，全球买单，这场大放水又会以怎样的方式收场？刚才我们谈了超级大放水对美国经济的影响。由于美元霸权的存在，美国经济政策的影响力绝不限于美国国内，通过一系列传导机制，美国这轮经济刺激影响极为深远，很有可能让全球都为美国人买单。而其中付出最大代价的可能还是新兴市场，这在历来都是如此，可能也是美国肆无忌惮大放水的原因之一。2020年，随着作为全球储备货币的美元流通量激增，各国纷纷开启了放水之路，以抵抗美国超发货币所引发的通胀，美国借此将通胀输出到全球。这在各国的房价涨幅上就有直接体现，OECD数据显示，去年全球89%国家的房价都在上涨，这一比例为2000年以来最高，土耳其、俄罗斯尤其上涨超过20%。而如今随着美国通胀预期的增强，美债收益率大幅走高，以及美国与新兴市场国家复苏节奏的错位，美元开始阶段性走强，并呈现出回流态势，局面完全反转。新兴市场被迫再次响应那句老话：美国人印钞票，全世界来买单。3月以来，新兴市场国家集体“抢跑”，赶在美联储行动之前提前加息。美国3月的议息会议前后的短短一周中，多个新兴市场国家纷纷掀起加息潮：3月17日巴西央行宣布上调基准贷款利率75个基点至2.75%（预期50个基点）。3月18日土耳其央行宣布将关键利率上调200个基点至19%（预期上调至18%）。3月19日俄罗斯央行宣布加息25个基点至4.50%（预期维持4.25%）。不仅如此，印度、阿根廷、马来西亚、泰国、韩国等新兴国家的指标均显示，市场对于加息的预期正在增强，今年至明年上半年至少加息一次。推动新兴市场国家加息的主要原因肯定是通胀的上行。而通胀的压力从普遍的分析来看还是自于供给端。一方面这类新兴市场国家下游消费品端的生产能力本身就薄弱，疫情的冲击便使得供需缺口扩大，直接体现到推升商品价格上。另一方面，这些国家的食品与交通类消费占比都在40-50%之上，且依赖于进出口，因而全球石油制品和食品价格的快速上行便进一步增加了新兴市场国家的输入性通胀压力。图：通胀水平达到目标政策区域这些具有高开放性和外贸依赖的新兴市场国家，很大程度上，只能被动接受发达国家经济和政策的溢出。然而，相对于通胀的上行，这些新兴国家的经济修复还处于一个相对偏慢的过程中，尤其是巴西和土耳其，失业率高企10%以上，同时对疫情的控制也再度面临考验。图：经济修复尚需时日与此同时，为了防止出现美元过快回流—本币贬值—恶性通胀—本国加息—资产价格下跌—外债暴露的恶性循环预期，新兴市场国家也不得不率先启动加息，一来抑制泡沫，二来稳定资本流出。图：去年各国货币相对美元最大升值幅度而那些外债比例高和资产市场涨幅明显的国家，或会付出更大的代价。今年以来土耳其隔夜拆借利率高企于15%以上，依然难以抑制国际资本流出，超预期加息后央行行长下台更引发恶性循环预期，资产价格暴跌，汇率崩盘。从外债来看接下来是智利、南非等。通胀偏高，尤其是资产价格涨幅偏高的国家，显示资本更多进入虚拟经济体而非实体经济复苏，也存在较大的资本流出风险。比如阿根廷、印度。这些国家加息更多是两害权其轻的操作，也没有太多货币政策的独立性可言。一旦出现资本流出较快，他们将为去年的流动性盛宴付出代价。美国呢，随着资金回流，美欧套利交易增加美债需求，美债利率上行压力反倒会有所缓解。图：欧美利差水平走阔至均值水平美元潮起潮落，中国作为最大的新兴市场国家，得益于国内的供给能力、流动性克制和货币独立，将抵御部分冲击，但是在全球性的风暴之下，资产价格压力难言缓和。或许货币可以超印，但财富不能，当我们以一个更宏观的视角看待全球货币现状，一个更深刻的命题是，如何用好自己的政策工具，作为个人又如何甄别好的资产，让自己的劳动报酬获得更稳健的保值。理解手中人民币的历史责任和其韬光养晦的价值，我们或许能在即将到来的风险中有所准备。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":838736185,"gmtCreate":1629428504547,"gmtModify":1676530038106,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/838736185","repostId":"1183587301","repostType":4,"repost":{"id":"1183587301","kind":"news","pubTimestamp":1629428130,"share":"https://ttm.financial/m/news/1183587301?lang=en_US&edition=fundamental","pubTime":"2021-08-20 10:55","market":"us","language":"zh","title":"CITIC Securities: How do Q2 global TOP20 funds allocate to China?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183587301","media":"中信证券研究","summary":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大。","content":"<p>As of mid-to-late August, the position data of overseas fund companies in the second quarter has basically been disclosed. According to our statistical analysis of the TOP 20 heavyweight stocks of the 20 TOP fund companies holding Chinese stocks, major overseas funds' heavyweight holdings in Chinese stocks in 21Q2 increased slightly by 0.1% month-on-month to US $621.4 billion, of which Hong Kong stock holdings increased significantly month-on-month (+12.6%). The allocation preferences of major overseas funds for Chinese stocks differentiated significantly in the second quarter. In the growth sector, pharmaceuticals (+41.0%, mainly<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (34.3%), as well as industry (98.5%) and public utilities (63.0%) in the traditional economic sector, the amount of heavy holdings increased significantly month-on-month. At the individual stock level, excluding the impact of stock prices, Internet leaders such as Meituan, Ali (H),<a href=\"https://laohu8.com/S/00700\">Tencent</a>Increased holdings by institutions; Benefiting from the rise of national tide<a href=\"https://laohu8.com/S/02331\">Li Ning</a>, Anta, the leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD shares</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group and other targets have also received substantial actual allocations.</p><p><b>In 21Q2, the positions of major overseas funds in Hong Kong stocks increased by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies holding Chinese stocks, the total holdings of the top 20 holdings of Chinese stocks by the sample fund companies in 21Q2 were US $621.4 billion, which was basically the same as that in 21Q1 (+0.1%).</p><p>From the perspective of the market distribution of stock holdings, the heavy positions of major overseas mutual fund companies in U.S. stocks/Hong Kong stocks/A shares in the second quarter were US $182.35/391.60/44.62 billion respectively, with month-on-month changes of-510.0/43.84/6.41 billion respectively. The increase mainly comes from the Hong Kong stock market. The passage of the final amendment to the \"Foreign Companies Accountability Act\", the tightening of domestic regulatory policies and the default of Archegos Capital are the main reasons why major overseas funds reduced their allocation positions in U.S. stocks and Chinese concept stocks in the second quarter. In Q2, the proportion of heavy holdings of Chinese concept stocks in U.S. stocks fell sharply by 8.3 PCTs to 29.3%; The amount of heavy holdings in the Hong Kong stock and A-share markets increased by 7.0/1.0 PCTs month-on-month to 63.0%/7.2% respectively.</p><p><b>The allocation preferences of overseas fund industries are differentiated, with medicine, technology, and industry receiving additional allocations.</b></p><p>From the level of the first-level industry, the allocation preferences of the growth sector were significantly differentiated in the second quarter. The main allocation directions of new funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), and the amount of heavy holdings increased to US $57.44 billion and US $16.47 billion respectively. However, the changes in the market value of heavily held stocks in the optional consumption (-2.6%) and communication services (-3.5%) sectors were relatively stable. Among the traditional economic sectors, the market value of heavy holdings in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. However, the amount of heavy holdings in the financial and pro-cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, with month-on-month decreases of 15.1%/10.1%/16.5% respectively.</p><p><b>At the individual stock level, after excluding the stock price factor, the allocation preferences of leading Internet funds are obviously differentiated, and medicine, sportswear, and new energy vehicles are favored by overseas funds.</b></p><p>Anti-monopoly incidents continued to ferment in the second quarter, coupled with the implementation of the \"Foreign Company Accountability Law\", resulting in a significant differentiation in the allocation of Internet leaders by overseas institutions. Excluding factors affecting stock prices, such as Tencent, Ali (H), and Meituan's actual additional allocation amounts reached US $3.04/13.98/14.22 billion respectively; And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual allocation reduction amounts are US $1.45/1.79/3.75 billion respectively. In addition, Li Ning, Anta and new energy vehicle industry chain leaders who have benefited from the rise of the national trend<a href=\"https://laohu8.com/S/002594\">BYD</a>Both shares and Ningde Times are favored by overseas funds. In 21Q2, the actual increase in allocation amounts excluding stock price factors reached US $2.57/6.3/3.47/2.07 billion respectively. In the second quarter, the newly listed Manbang Group also received an actual increase of US $2.90 billion from overseas funds. The pharmaceutical sector has also attracted attention from overseas funds, WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Ophthalmology</a>The actual increase in allocation amounted to approximately US $6.6/9.3/7.2/800 million respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and Internet finance were increased by mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that the market is more concerned about were selected to explore the changes in their positions in U.S. stocks and Chinese concept companies in the second quarter. Stocks in the new energy and Internet finance sectors were generally increased by institutions, and Jinglin increased its holdings in Q2<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1.594, 162,000 shares; Bridgewater increased its holdings<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>、<a href=\"https://laohu8.com/S/DQ\">Daqo New Energy</a>102.3/87.5/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Travel received additional allocations from three institutions: Jinglin, Hillhouse and Fidelity;<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>It also received substantial purchases from Jinglin and Hillhouse. However, the institutional allocation of the Internet and education sectors, which continue to be subject to regulatory policy risks, differentiated significantly in the second quarter. Jinglin Q2 increased its holdings respectively<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group 708,000, 149,000 shares; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Then reduce their holdings by 3.087 million shares and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huo Jinglin, Gao Yi,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Increased holdings, but reduced by Kesibo and SOROS FUND. Internet e-commerce leaders such as Pinduoduo, JD.com, and Alibaba (BABA.N) have been reduced by institutions.</p><p><b>Risk Factors:</b></p><p>The spread of global COVID-19 pandemic exceeded expectations; Macroeconomic recovery falls short of expectations; Sino-US relations deteriorate; Foreign capital continues to flow out.</p>","source":"zxzqyj","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>CITIC Securities: How do Q2 global TOP20 funds allocate to China?</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\">\nCITIC Securities: How do Q2 global TOP20 funds allocate to China?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中信证券研究</strong><span class=\"h-time small\">2021-08-20 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As of mid-to-late August, the position data of overseas fund companies in the second quarter has basically been disclosed. According to our statistical analysis of the TOP 20 heavyweight stocks of the 20 TOP fund companies holding Chinese stocks, major overseas funds' heavyweight holdings in Chinese stocks in 21Q2 increased slightly by 0.1% month-on-month to US $621.4 billion, of which Hong Kong stock holdings increased significantly month-on-month (+12.6%). The allocation preferences of major overseas funds for Chinese stocks differentiated significantly in the second quarter. In the growth sector, pharmaceuticals (+41.0%, mainly<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (34.3%), as well as industry (98.5%) and public utilities (63.0%) in the traditional economic sector, the amount of heavy holdings increased significantly month-on-month. At the individual stock level, excluding the impact of stock prices, Internet leaders such as Meituan, Ali (H),<a href=\"https://laohu8.com/S/00700\">Tencent</a>Increased holdings by institutions; Benefiting from the rise of national tide<a href=\"https://laohu8.com/S/02331\">Li Ning</a>, Anta, the leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD shares</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group and other targets have also received substantial actual allocations.</p><p><b>In 21Q2, the positions of major overseas funds in Hong Kong stocks increased by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies holding Chinese stocks, the total holdings of the top 20 holdings of Chinese stocks by the sample fund companies in 21Q2 were US $621.4 billion, which was basically the same as that in 21Q1 (+0.1%).</p><p>From the perspective of the market distribution of stock holdings, the heavy positions of major overseas mutual fund companies in U.S. stocks/Hong Kong stocks/A shares in the second quarter were US $182.35/391.60/44.62 billion respectively, with month-on-month changes of-510.0/43.84/6.41 billion respectively. The increase mainly comes from the Hong Kong stock market. The passage of the final amendment to the \"Foreign Companies Accountability Act\", the tightening of domestic regulatory policies and the default of Archegos Capital are the main reasons why major overseas funds reduced their allocation positions in U.S. stocks and Chinese concept stocks in the second quarter. In Q2, the proportion of heavy holdings of Chinese concept stocks in U.S. stocks fell sharply by 8.3 PCTs to 29.3%; The amount of heavy holdings in the Hong Kong stock and A-share markets increased by 7.0/1.0 PCTs month-on-month to 63.0%/7.2% respectively.</p><p><b>The allocation preferences of overseas fund industries are differentiated, with medicine, technology, and industry receiving additional allocations.</b></p><p>From the level of the first-level industry, the allocation preferences of the growth sector were significantly differentiated in the second quarter. The main allocation directions of new funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), and the amount of heavy holdings increased to US $57.44 billion and US $16.47 billion respectively. However, the changes in the market value of heavily held stocks in the optional consumption (-2.6%) and communication services (-3.5%) sectors were relatively stable. Among the traditional economic sectors, the market value of heavy holdings in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. However, the amount of heavy holdings in the financial and pro-cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, with month-on-month decreases of 15.1%/10.1%/16.5% respectively.</p><p><b>At the individual stock level, after excluding the stock price factor, the allocation preferences of leading Internet funds are obviously differentiated, and medicine, sportswear, and new energy vehicles are favored by overseas funds.</b></p><p>Anti-monopoly incidents continued to ferment in the second quarter, coupled with the implementation of the \"Foreign Company Accountability Law\", resulting in a significant differentiation in the allocation of Internet leaders by overseas institutions. Excluding factors affecting stock prices, such as Tencent, Ali (H), and Meituan's actual additional allocation amounts reached US $3.04/13.98/14.22 billion respectively; And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual allocation reduction amounts are US $1.45/1.79/3.75 billion respectively. In addition, Li Ning, Anta and new energy vehicle industry chain leaders who have benefited from the rise of the national trend<a href=\"https://laohu8.com/S/002594\">BYD</a>Both shares and Ningde Times are favored by overseas funds. In 21Q2, the actual increase in allocation amounts excluding stock price factors reached US $2.57/6.3/3.47/2.07 billion respectively. In the second quarter, the newly listed Manbang Group also received an actual increase of US $2.90 billion from overseas funds. The pharmaceutical sector has also attracted attention from overseas funds, WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Ophthalmology</a>The actual increase in allocation amounted to approximately US $6.6/9.3/7.2/800 million respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and Internet finance were increased by mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that the market is more concerned about were selected to explore the changes in their positions in U.S. stocks and Chinese concept companies in the second quarter. Stocks in the new energy and Internet finance sectors were generally increased by institutions, and Jinglin increased its holdings in Q2<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1.594, 162,000 shares; Bridgewater increased its holdings<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>、<a href=\"https://laohu8.com/S/DQ\">Daqo New Energy</a>102.3/87.5/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Travel received additional allocations from three institutions: Jinglin, Hillhouse and Fidelity;<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>It also received substantial purchases from Jinglin and Hillhouse. However, the institutional allocation of the Internet and education sectors, which continue to be subject to regulatory policy risks, differentiated significantly in the second quarter. Jinglin Q2 increased its holdings respectively<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group 708,000, 149,000 shares; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Then reduce their holdings by 3.087 million shares and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huo Jinglin, Gao Yi,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Increased holdings, but reduced by Kesibo and SOROS FUND. Internet e-commerce leaders such as Pinduoduo, JD.com, and Alibaba (BABA.N) have been reduced by institutions.</p><p><b>Risk Factors:</b></p><p>The spread of global COVID-19 pandemic exceeded expectations; Macroeconomic recovery falls short of expectations; Sino-US relations deteriorate; Foreign capital continues to flow out.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd\">中信证券研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600030":"中信证券","06030":"中信证券","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183587301","content_text":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大（+12.6%）。海外主要基金二季度对中国股票的配置偏好显著分化，成长板块中的医药（+41.0%，主要是药明生物）、科技（+34.3%）以及传统经济板块中的工业（+98.5%）、公用事业（+63.0%），重仓持股金额环比提升显著。个股层面上，剔除股价影响，互联网龙头如美团、阿里（H）、腾讯获机构增持；受益国潮崛起的李宁、安踏，新能源车产业链龙头比亚迪股份、宁德时代以及新上市的满帮集团等标的亦获较大幅度的实际增配。\n21Q2海外主要基金对港股持仓环比提升达12.6%。\n根据我们对持有中国股票规模20大基金公司的前20大重仓股的统计分析，21Q2样本基金公司对中国股票前20大重仓持股规模合计为6214亿美元，环比21Q1基本持平（+0.1%）。\n从股票持仓的市场分布来看，二季度海外主要共同基金公司在美股/港股/A股的重仓持仓金额分别为1823.5/3916.0/446.2亿美元，环比分别变化-510.0/438.4/64.1亿美元，增量主要来源于港股市场。《外国公司担责法案》最终修正案的通过，国内监管政策的收紧以及Archegos Capital的违约事件是海外主要基金二季度降低美股中概股配置仓位的主要原因。Q2美股中概股重仓持股占比大幅下滑8.3PCTs至29.3%；而港股及A股市场的重仓持股金额环比分别提升7.0/1.0PCTs至63.0%/7.2%。\n海外基金行业配置偏好分化，医药、科技、工业获增配。\n从一级行业层面上，二季度成长板块配置偏好显著分化，其中新增资金的主要配置方向为医药（+41.0%，主要是药明生物）和科技（+34.3%），重仓持股金额分别提升至574.4和164.7亿美元。而可选消费（-2.6%）和通信服务（-3.5%）板块重仓持股市值变化则相对平稳。传统经济板块中，二季度工业（98.5%）和公用事业（63.0%）板块重仓持股市值显著提升。而此前受海外基金青睐的金融及顺周期的能源、原材料板块重仓持股金额则下滑明显，环比分别下降15.1%/10.1%/16.5%。\n个股层面，剔除股价因素后，互联网龙头基金配置偏好分化明显，医药、运动服饰、新能源汽车受海外基金青睐。\n二季度反垄断事件仍持续发酵，叠加《外国公司担责法》的落地，致使海外机构对互联网龙头的配置出现明显分化。剔除股价影响因素，如腾讯、阿里（H）、美团实际增配金额分别达到30.4/139.8/142.2亿美元；而拼多多、京东、百度实际减配金额分别为14.5/17.9/37.5亿美元。另外，受益国潮崛起的李宁、安踏以及新能源车产业链龙头比亚迪股份、宁德时代均受海外基金青睐，21Q2剔除股价影响因素的实际增配金额分别达到25.7/6.3/34.7/20.7亿美元。二季度新上市的满帮集团亦获海外基金实际增配达29.0亿美元。医药板块亦获海外基金关注，药明生物、信达生物、迈瑞医疗、爱尔眼科实际增配金额分别约达6.6/9.3/7.2/8.0亿美元，而银行板块则普遍遭海外基金减持。\n二季度新能源、互联网金融获主流投资机构增配，新上市个股引发海外基金关注。\n另外选取十家市场较为关注的主动管理型基金，探究其二季度对美股中概企业的持仓变化，新能源及互联网金融板块个股普遍获机构增持，景林Q2增持360数科、富途控股159.4、16.2万股；桥水则增持理想汽车、老虎证券、大全新能源102.3/87.5/23.6万股。\n另外，Q2新上市个股亦引发海外基金关注，如滴滴出行获景林、高瓴、富达三家机构增配；BOSS直聘亦得到景林、高瓴的大幅买入。而持续在监管政策风险下的互联网及教育板块二季度机构配置分化明显。景林Q2分别增持新东方、高途集团70.8、14.9万股；而瑞银则分别减持二者308.7、504.4万股。互联网娱乐板块的哔哩哔哩获景林、高毅、摩根大通增持，但被凯思博、SOROS FUND减持。互联网电商龙头如拼多多、京东、阿里（BABA.N）则多遭机构减持。\n风险因素：\n全球新冠疫情蔓延超预期；宏观经济修复不及预期；中美关系恶化；外资持续流出。","news_type":1,"symbols_score_info":{"600030":0.9,"06030":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2067,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341499408,"gmtCreate":1617844877304,"gmtModify":1704703825930,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/341499408","repostId":"2125216607","repostType":4,"repost":{"id":"2125216607","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":1617834859,"share":"https://ttm.financial/m/news/2125216607?lang=en_US&edition=fundamental","pubTime":"2021-04-08 06:34","market":"hk","language":"zh","title":"Ctrip Group-S will launch its IPO today, and the admission fee is about HK $16,817","url":"https://stock-news.laohu8.com/highlight/detail?id=2125216607","media":"老虎资讯综合","summary":"携程集团—Ｓ(09961)4月8日-4月13日招股。公司发行3163.56万股，其中93%为国际发售，7%为公开发售，另有不超过15%超额配股权。每股发行价不超过333港元(单位下同)；每手50股，预期4月19日上市。公司是旅行平台。公司主要从住宿预订及交通票务业务产生收入。2018年-2019年，公司收入合计分别为人民币311.04亿元、357.16亿元。假设超额配股权未被行使，所得款项净额104亿元，45%用于为拓展公司的一站式旅行服务及改善用户体验提供资金；45%用于对技术进行投资以巩固公司在产品及服务领域的领先市场地位并提高公司的经营效率；10%用于一般公司用途。","content":"<p>News on April 8, Ctrip Group-S<a href=\"https://laohu8.com/S/09961\">$(09961)$</a>It was announced that the company plans to sell 31.6356 million shares globally, and the IPO will be held from April 8 to April 13, 2021. The expected pricing date is April 13; The Hong Kong Offer Price will not exceed HK $333.00 per Hong Kong Offer Share, in board lots of 50 shares;<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/601995\">CICC</a>(b)<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are the Joint Sponsors; It is expected that the Shares will be listed on the Main Board of the Stock Exchange on 19 April 2021.</p><p>According to the US stock market on the previous trading day<a href=\"https://laohu8.com/S/TCOM\">Ctrip.com</a>Calculated at the closing price of US $38.81 (equivalent to the Hong Kong stock price of HK $302.12),<b>The highest issue price of Hong Kong stocks is HK $333, which is a 10.22% premium to the closing price of US stocks overnight.</b><img src=\"https://static.tigerbbs.com/1f27df029f532e6a2ff2a09ce8741ee7\" tg-width=\"639\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Group A has 50 shares per lot, and the admission fee is HK $16,817.78.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK $6,727,112.82.<img src=\"https://static.tigerbbs.com/5d5cbea065ccb04f5f9007ca7535d5a6\" tg-width=\"673\" tg-height=\"276\" referrerpolicy=\"no-referrer\"><b>A picture to \"see\" Ctrip</b><img src=\"https://static.tigerbbs.com/703a73b6986e550724b1f49e75f08ca8\" tg-width=\"620\" tg-height=\"2807\">It is reported that Ctrip Group is a one-stop travel platform, founded in 1999 and started in 2003<a href=\"https://laohu8.com/S/TCOM.US\">Ctrip.com</a>Listed on Nasdaq. According to the Analysys Report, in terms of gross merchandise transaction (GMV) statistics, the company has been the largest online travel platform in China in the past 10 years, and the largest online travel platform in the world from 2018 to 2020.</p><p>Ctrip can provide a complete set of travel products, services and differentiated travel content. Users can make any type of travel booking through the company's platform, covering activities in the destination, short weekend vacations, short-distance travel, cross-border travel and business travel</p><p>As of December 31, 2020, the company's products and services cover more than 200 countries and regions around the world, and it cooperates with more than 480 global airlines to provide more than 1.2 million types of global accommodation services.</p><p>In terms of financial data, from 2018 to 2020, the company's net income was 31.1 billion yuan, 35.7 billion yuan and 18.3 billion yuan respectively. The prospectus pointed out that the company's net income declined in 2020, mainly due to the epidemic in Novel Coronavirus. major negative impacts, and domestic and international travel restrictions.</p><p>Benefiting from the domestic control of the epidemic in Novel Coronavirus since the third quarter of 2020, the company's financial indicators in the third and fourth quarters of 2020 have generally improved compared with the first two quarters of 2020, and compared with the first quarter of 2020. Compared with the net loss recorded in the second quarter and the second quarter, net profits have been recorded in the third and fourth quarters of 2020.</p><p>In terms of industry, according to the Analysys report, China's tourism market has formed a V-shaped recovery trend. In the third quarter of 2020, domestic tourism and inbound tourism reached 1.1 billion, an increase of 45% compared with the second quarter of 2020. The market is also expected to rebound rapidly in 2021, with the total number of domestic and inbound tourism in China reaching 6.2 billion, and will continue to resume growth in the future.</p><p>According to the Analysys report, according to the statistics of the total number of domestic tourists and inbound tourists, China has become the largest tourism market in the world. In 2019, the total number of domestic tourists and inbound tourists in China was 6.2 billion. Although the Novel Coronavirus epidemic caused a decrease in 2020, it is expected This figure will reach 7.5 billion in 2025. In 2019, the market size of domestic tourism and inbound tourism in China was RMB 6.6 trillion (US $1.0 trillion), accounting for 18% of the global tourism market.</p><p>According to the Analysys report, the Chinese tourism market is expected to recover rapidly from the impact of the Novel Coronavirus epidemic in 2020 and reach a scale of RMB 10.1 trillion (US $1.6 trillion) in 2025, which is equivalent to a compound annual growth rate of 11% based on 2021. In 2019, Chinese tourists spent an average of $158 on a single trip, far lower than the $873 spent by American tourists. Driven by strong economic growth and continuous consumption upgrades, China will continue to maintain its position as an important market in the global tourism industry for the foreseeable future.</p><p>In terms of fund-raising purposes, based on the upper limit of the offer price of HK $333, the IPO is expected to receive net proceeds of approximately HK $10.4 billion from the global offering (after deducting underwriting commissions and other estimated expenses related to the global offering). The company intends to use the net proceeds from the share offer for the following purposes: 45% will be used to provide funds for expanding the company's one-stop travel services and improving user experience; 45% is used to invest in technology to consolidate the company's leading market position in products and services and improve the company's operating efficiency; 10% for general corporate uses.</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>Ctrip Group-S will launch its IPO today, and the admission fee is about HK $16,817</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\">\nCtrip Group-S will launch its IPO today, and the admission fee is about HK $16,817\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-08 06:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on April 8, Ctrip Group-S<a href=\"https://laohu8.com/S/09961\">$(09961)$</a>It was announced that the company plans to sell 31.6356 million shares globally, and the IPO will be held from April 8 to April 13, 2021. The expected pricing date is April 13; The Hong Kong Offer Price will not exceed HK $333.00 per Hong Kong Offer Share, in board lots of 50 shares;<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/601995\">CICC</a>(b)<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are the Joint Sponsors; It is expected that the Shares will be listed on the Main Board of the Stock Exchange on 19 April 2021.</p><p>According to the US stock market on the previous trading day<a href=\"https://laohu8.com/S/TCOM\">Ctrip.com</a>Calculated at the closing price of US $38.81 (equivalent to the Hong Kong stock price of HK $302.12),<b>The highest issue price of Hong Kong stocks is HK $333, which is a 10.22% premium to the closing price of US stocks overnight.</b><img src=\"https://static.tigerbbs.com/1f27df029f532e6a2ff2a09ce8741ee7\" tg-width=\"639\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Group A has 50 shares per lot, and the admission fee is HK $16,817.78.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK $6,727,112.82.<img src=\"https://static.tigerbbs.com/5d5cbea065ccb04f5f9007ca7535d5a6\" tg-width=\"673\" tg-height=\"276\" referrerpolicy=\"no-referrer\"><b>A picture to \"see\" Ctrip</b><img src=\"https://static.tigerbbs.com/703a73b6986e550724b1f49e75f08ca8\" tg-width=\"620\" tg-height=\"2807\">It is reported that Ctrip Group is a one-stop travel platform, founded in 1999 and started in 2003<a href=\"https://laohu8.com/S/TCOM.US\">Ctrip.com</a>Listed on Nasdaq. According to the Analysys Report, in terms of gross merchandise transaction (GMV) statistics, the company has been the largest online travel platform in China in the past 10 years, and the largest online travel platform in the world from 2018 to 2020.</p><p>Ctrip can provide a complete set of travel products, services and differentiated travel content. Users can make any type of travel booking through the company's platform, covering activities in the destination, short weekend vacations, short-distance travel, cross-border travel and business travel</p><p>As of December 31, 2020, the company's products and services cover more than 200 countries and regions around the world, and it cooperates with more than 480 global airlines to provide more than 1.2 million types of global accommodation services.</p><p>In terms of financial data, from 2018 to 2020, the company's net income was 31.1 billion yuan, 35.7 billion yuan and 18.3 billion yuan respectively. The prospectus pointed out that the company's net income declined in 2020, mainly due to the epidemic in Novel Coronavirus. major negative impacts, and domestic and international travel restrictions.</p><p>Benefiting from the domestic control of the epidemic in Novel Coronavirus since the third quarter of 2020, the company's financial indicators in the third and fourth quarters of 2020 have generally improved compared with the first two quarters of 2020, and compared with the first quarter of 2020. Compared with the net loss recorded in the second quarter and the second quarter, net profits have been recorded in the third and fourth quarters of 2020.</p><p>In terms of industry, according to the Analysys report, China's tourism market has formed a V-shaped recovery trend. In the third quarter of 2020, domestic tourism and inbound tourism reached 1.1 billion, an increase of 45% compared with the second quarter of 2020. The market is also expected to rebound rapidly in 2021, with the total number of domestic and inbound tourism in China reaching 6.2 billion, and will continue to resume growth in the future.</p><p>According to the Analysys report, according to the statistics of the total number of domestic tourists and inbound tourists, China has become the largest tourism market in the world. In 2019, the total number of domestic tourists and inbound tourists in China was 6.2 billion. Although the Novel Coronavirus epidemic caused a decrease in 2020, it is expected This figure will reach 7.5 billion in 2025. In 2019, the market size of domestic tourism and inbound tourism in China was RMB 6.6 trillion (US $1.0 trillion), accounting for 18% of the global tourism market.</p><p>According to the Analysys report, the Chinese tourism market is expected to recover rapidly from the impact of the Novel Coronavirus epidemic in 2020 and reach a scale of RMB 10.1 trillion (US $1.6 trillion) in 2025, which is equivalent to a compound annual growth rate of 11% based on 2021. In 2019, Chinese tourists spent an average of $158 on a single trip, far lower than the $873 spent by American tourists. Driven by strong economic growth and continuous consumption upgrades, China will continue to maintain its position as an important market in the global tourism industry for the foreseeable future.</p><p>In terms of fund-raising purposes, based on the upper limit of the offer price of HK $333, the IPO is expected to receive net proceeds of approximately HK $10.4 billion from the global offering (after deducting underwriting commissions and other estimated expenses related to the global offering). The company intends to use the net proceeds from the share offer for the following purposes: 45% will be used to provide funds for expanding the company's one-stop travel services and improving user experience; 45% is used to invest in technology to consolidate the company's leading market position in products and services and improve the company's operating efficiency; 10% for general corporate uses.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4eb8717d5f99acf9a964a1268bca53d6","relate_stocks":{"TCOM":"携程网","09961":"携程集团—S","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125216607","content_text":"4月8日消息，携程集团-S$(09961)$发布公告，公司拟全球发售3163.56万股股份，2021年4月8日至4月13日招股，预期定价日为4月13日；香港发售价将不超过每股香港发售股份333.00港元，每手买卖单位50股；摩根大通、中金公司及高盛为联席保荐人；预期股份将于2021年4月19日于联交所主板挂牌上市。按照上一交易日美股携程网的收盘价38.81美元计算（折合港股价格为302.12港元），港股最高发行价333港元较隔夜美股收盘价溢价10.22%。申购阶梯：甲组每手50股，入场费16817.78港元。乙组门槛为2万股，申购所需资金约6,727,112.82港元。一图“看”携程据悉，携程集团是一站式旅行平台，创立于1999年，2003年以携程网在纳斯达克上市。根据易观报告(Analysys Report)显示，以商品交易总额(GMV)口径统计，公司在过去10年内一直为中国最大的在线旅行平台，且自2018年至2020年为全球最大的在线旅行平台。携程可提供一套完整的旅行产品、服务及差异化的旅行内容，用户可以通过公司的平台进行任何类型的旅行预订，涵盖目的地内活动、周末短假、短途旅行、跨境旅游及商务旅游等截至2020年12月31日，公司的产品和服务覆盖全球超过200个的国家和地区，与超过480家的全球航司合作，提供超过120万种的全球住宿服务。财务数据方面，2018~2020年， 公司的净收入分别为311亿元、357亿元人民币及183亿元人民币，招股书指出，2020年公司的净收入有所下滑，主要是由于新冠病毒疫情带来的重大负面影响，及国内及国际旅行限制。获益于国内自2020年第三季度开始对新冠病毒疫情的控制，公司于2020年第三及第四季度的的财务指标较2020年前两个季度整体上有所改善，与2020年第一季度及第二季度录得净亏损相比，已于2020年第三季度及第四季度录得净利润。行业方面，根据易观报告，中国旅游市场已形成V型复苏态势，2020年第三季度国内旅游及入境旅游达11亿人次，较2020年第二季度国内旅游及入境旅游人次增长45%。预计2021年该市场亦将迅速反弹，中国境内旅游及入境旅游总数将达62亿人次，并将在未来继续恢复增长。根据易观报告，按照国内旅游和入境旅游总人次统计，中国已成为全球最大的旅游市场，2019年中国国内旅游和入境旅游总人次为62亿，尽管新冠病毒疫情导致2020年有所降低，但预计这一数字将在2025年达到75亿。2019年，中国国内旅游和入境旅游的市场规模为人民币6.6万亿元（1.0万亿美元），占全球旅游市场的18%。根据易观报告，中国的旅游市场预计将从2020年新冠病毒疫情的影响中迅速恢复，并于2025年达到人民币10.1万亿元（1.6万亿美元）的规模，若以2021年为基准，相当于11%的复合年增长率。2019年，中国游客的单次旅游平均消费为158美元，远低于美国游客的873美元。在强劲的经济增长及持续消费升级的推动下，中国将在可预见的未来继续保持全球旅游行业重要市场的地位。筹资用途方面，以发售价的上限333港元计算，此次IPO预计自全球发售收取所得款项净额约104亿港元（经扣除包销佣金及与全球发售有关的其他估计开支）。公司拟将股份发售所得款项净额用于以下用途：45%用于为拓展公司的一站式旅行服务及改善用户体验提供资金；45%用于对技术进行投资以巩固公司在产品及服务领域的领先市场地位并提高公司的经营效率；10%用于一般公司用途。","news_type":1,"symbols_score_info":{"CTRP":0.9,"TCOM":0.9,"QNETCN":0.9,"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355298858,"gmtCreate":1617072907574,"gmtModify":1704801588440,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355298858","repostId":"1138517597","repostType":4,"repost":{"id":"1138517597","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":1617060445,"share":"https://ttm.financial/m/news/1138517597?lang=en_US&edition=fundamental","pubTime":"2021-03-30 07:27","market":"hk","language":"zh","title":"Bairong Cloud-W has a winning rate of 10% for one lot, and 30 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1138517597","media":"老虎资讯综合","summary":"3月30日，百融云-W 公布中签结果，一手中签率10%，认购30手稳中一手。根据招股书，发行1.238亿股股份，每股发行价31.80港元，每手500股，预期将于3月31日上市。分配结果：甲组每手500","content":"<p>March 30th,<a href=\"https://laohu8.com/S/06608\">Bairong Cloud-W</a>Announce the winning results, the winning rate of one hand is 10%, and the subscription of 30 hands is stable. According to the prospectus, 123.8 million shares were issued at an issue price of HK $31.80 per share, with 500 shares per lot. It is expected to be listed on March 31.</p><p><img src=\"https://static.tigerbbs.com/4d08621a43618078b37707d73d0a588a\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the admission fee is approximately HK $16,060.22. The winning rate of one lot is 10%, and if you subscribe for 30 lots, you will secure one lot.</p><p>The head of Group B is 200,000 shares, and the funds required for subscription are approximately HK $6,424,089.72. 6,000 shares (12 lots) were allocated.</p><p><img src=\"https://static.tigerbbs.com/c357bd3c48d879cce7990ae5782f2d9e\" tg-width=\"756\" tg-height=\"713\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5681cd1f7588d2f8cfc3f464ccff208c\" tg-width=\"766\" tg-height=\"373\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2dcc7596c65545768093eeff9ab83c58\" tg-width=\"778\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially being offered under the Hong Kong Offering were substantially oversubscribed. The company received a total of 216,110 valid applications to subscribe for a total of 1.866 billion Hong Kong Offer Shares, equivalent to approximately 150.67 times the total number of 12.383 million Hong Kong Offer Shares initially available for subscription in the Hong Kong Offering.</p><p>Since the oversubscription of the Hong Kong Offering is 100 times or more of the number of Offer Shares initially available for subscription in the Hong Kong Offering, the prospectus reallocation procedure has been adopted to reallocate 49.529 million Offer Shares from the International Offering to the Hong Kong Offering.</p><p>The final number of offer shares offered in Hong Kong has increased to 61.912 million offer shares, accounting for approximately 50% of the total number of offer shares initially available for subscription in the global offering (the over-allotment option has not been exercised), and has been allocated to 52,363 successful applicants for the Hong Kong offering.</p><p>The Offer Shares initially offered under the International Offering were substantially oversubscribed, representing approximately 36.3 times the total number of Offer Shares initially available under the International Offering. The final number of offer shares in the international offering is 61.9105 million Class B shares, equivalent to approximately 50.0% of the total number of offer shares initially available for subscription in the global offering.</p><p>Cornerstone investors subscribed for a total of 53.6725 million offering shares, of which Cederberg subscribed for 29.276 million shares, China Structural Adjustment Fund subscribed for 14.15 million shares, and Franchise Fund LP subscribed for 10.2465 million shares.</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>Bairong Cloud-W has a winning rate of 10% for one lot, and 30 lots are subscribed to secure one lot</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\">\nBairong Cloud-W has a winning rate of 10% for one lot, and 30 lots are subscribed to secure one lot\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\">2021-03-30 07:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>March 30th,<a href=\"https://laohu8.com/S/06608\">Bairong Cloud-W</a>Announce the winning results, the winning rate of one hand is 10%, and the subscription of 30 hands is stable. According to the prospectus, 123.8 million shares were issued at an issue price of HK $31.80 per share, with 500 shares per lot. It is expected to be listed on March 31.</p><p><img src=\"https://static.tigerbbs.com/4d08621a43618078b37707d73d0a588a\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the admission fee is approximately HK $16,060.22. The winning rate of one lot is 10%, and if you subscribe for 30 lots, you will secure one lot.</p><p>The head of Group B is 200,000 shares, and the funds required for subscription are approximately HK $6,424,089.72. 6,000 shares (12 lots) were allocated.</p><p><img src=\"https://static.tigerbbs.com/c357bd3c48d879cce7990ae5782f2d9e\" tg-width=\"756\" tg-height=\"713\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5681cd1f7588d2f8cfc3f464ccff208c\" tg-width=\"766\" tg-height=\"373\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2dcc7596c65545768093eeff9ab83c58\" tg-width=\"778\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially being offered under the Hong Kong Offering were substantially oversubscribed. The company received a total of 216,110 valid applications to subscribe for a total of 1.866 billion Hong Kong Offer Shares, equivalent to approximately 150.67 times the total number of 12.383 million Hong Kong Offer Shares initially available for subscription in the Hong Kong Offering.</p><p>Since the oversubscription of the Hong Kong Offering is 100 times or more of the number of Offer Shares initially available for subscription in the Hong Kong Offering, the prospectus reallocation procedure has been adopted to reallocate 49.529 million Offer Shares from the International Offering to the Hong Kong Offering.</p><p>The final number of offer shares offered in Hong Kong has increased to 61.912 million offer shares, accounting for approximately 50% of the total number of offer shares initially available for subscription in the global offering (the over-allotment option has not been exercised), and has been allocated to 52,363 successful applicants for the Hong Kong offering.</p><p>The Offer Shares initially offered under the International Offering were substantially oversubscribed, representing approximately 36.3 times the total number of Offer Shares initially available under the International Offering. The final number of offer shares in the international offering is 61.9105 million Class B shares, equivalent to approximately 50.0% of the total number of offer shares initially available for subscription in the global offering.</p><p>Cornerstone investors subscribed for a total of 53.6725 million offering shares, of which Cederberg subscribed for 29.276 million shares, China Structural Adjustment Fund subscribed for 14.15 million shares, and Franchise Fund LP subscribed for 10.2465 million shares.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"06608":"百融云-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138517597","content_text":"3月30日，百融云-W 公布中签结果，一手中签率10%，认购30手稳中一手。根据招股书，发行1.238亿股股份，每股发行价31.80港元，每手500股，预期将于3月31日上市。分配结果：甲组每手500股，入场费约16060.22港元。一手中签率10%，认购30手稳中一手。乙组头为20万股，申购所需资金约6424089.72港元。获配6000股（12手）。根据香港发售初步提呈发售的香港发售股份获大幅超额认购。公司合共接获21.611万份有效申请，认购合共18.66亿股香港发售股份，相当于香港发售初步可供认购香港发售股份总数1238.3万股的约150.67倍。由于香港发售的超额认购为香港发售初步可供认购的发售股份数目的100倍或以上，故已采用招股章程重新分配程序，将4952.9万股发售股份从国际发售重新分配至香港发售。香港发售的发售股份最终数目已增至6191.2万股发售股份，占全球发售初步可供认购的发售股份总数约50%(未行使超额配股权)，并已分配予香港发售的52363名成功申请人。国际发售初步提呈发售的发售股份获大幅超额认购，相当于国际发售初步可供认购发售股份总数约36.3倍。国际发售的发售股份最终数目为6191.05万股B类股份，相当于全球发售初步可供认购发售股份总数约50.0%。基石投资者认购合共5367.25万股发售股份，其中Cederberg认购2927.6万股，中国结构调整基金认购1415万股，Franchise Fund LP认购1024.65万股。","news_type":1,"symbols_score_info":{"06608":0.9}},"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192303811,"gmtCreate":1621141614933,"gmtModify":1704353321965,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192303811","repostId":"2135989471","repostType":4,"isVote":1,"tweetType":1,"viewCount":1014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321809632,"gmtCreate":1615419006126,"gmtModify":1704782454912,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/321809632","repostId":"2118603007","repostType":4,"repost":{"id":"2118603007","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":1615415875,"share":"https://ttm.financial/m/news/2118603007?lang=en_US&edition=fundamental","pubTime":"2021-03-11 06:37","market":"us","language":"zh","title":"Oracle's Q3 revenue was US $10.1 billion, and net profit increased by 95% year-on-year","url":"https://stock-news.laohu8.com/highlight/detail?id=2118603007","media":"老虎资讯综合","summary":"智通财经APP获悉，甲骨文(ORCL.US)2021财年第三季度营收为101亿美元，同比增长3%;净利润为50.21亿美元，同比增长95%;摊薄后每股收益为1.68美元，上年同期为0.79美元。按业务划分，云服务和支持许可证收入为72.52亿美元，同比增长5%;云许可证和内部部署许可证收入为12.76亿美元，同比增长4%；硬件收入为8.2亿美元，同比下降4%；服务收入为7.37亿美元，同比下降5%。截至2021年2月28日，公司拥有现金及现金等价物223.21亿美元。","content":"<p>News on March 11,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>Revenue in the third quarter of fiscal 2021 was US $10.1 billion, a year-on-year increase of 3%; Net profit was US $5.021 billion, a year-on-year increase of 95%; Diluted earnings per share were $1.68, compared with $0.79 in the same period last year.</p><p>By business, cloud service and support license revenue was US $7.252 billion, a year-on-year increase of 5%; Cloud license and on-premise license revenue was $1.276 billion, a year-over-year increase of 4%; Hardware revenue was $820 million, down 4% year-over-year; Services revenue was $737 million, down 5% year over year.<img src=\"https://static.tigerbbs.com/ae4ca5a364a5c9e003682fc43354d894\" tg-width=\"1146\" tg-height=\"852\" referrerpolicy=\"no-referrer\"></p><p>As of February 28, 2021, the Company had cash and cash equivalents of $22.321 billion.</p><p>\"We continue to expand our leadership in the cloud ERP market as Fusion ERP grew 30% in the third quarter and NetSuite ERP grew 24% in the third quarter,\" said Oracle CEO Safra Catz. \"Oracle's fast-growing high-margin, multi-billion dollar cloud ERP business increased subscription revenue by 5% and operating revenue by 10% in the quarter. Subscription revenue now accounts for 72% of Oracle's total revenue, and this highly predictable recurring revenue stream and spend discipline led to double-digit non-GAAP EPS growth.\"</p><p>\"Oracle's second-generation cloud infrastructure business added customers again in the third quarter, with revenue growth of over 100%,\" said Oracle Chairman and CTO Larry Ellison. \"We will open new regions as soon as possible to support the fast-growing multi-billion dollar infrastructure business. Analysts continue to rank Oracle first in cloud ERP when it comes to applications, and Oracle signed hundreds of contracts this quarter, millions of dollars to migrate more large companies from SAP ERP to Oracle Fusion ERP.\"</p><p>The board increased its authorization for share buybacks by $20 billion. Oracle also announced that its board of directors declared a quarterly cash Dividend of $0.32 per share on its outstanding common stock, an increase of 33% from the current quarterly Dividend of $0.24. Larry Ellison, chairman of Oracle's board of directors, chief technology officer and largest shareholder, did not attend the deliberations or vote on the matter. The increased Dividend will be payable to stockholders of record at the close of business on April 8, 2021, with a payment date of April 22, 2021.</p><p>Oracle Bone Inscriptions plunged short-term after hours, and the decline expanded to 6%.<img src=\"https://static.tigerbbs.com/2eebf8d5148e0e5ecd2be618fb59a2d7\" tg-width=\"619\" tg-height=\"512\" 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>Oracle's Q3 revenue was US $10.1 billion, and net profit increased by 95% year-on-year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOracle's Q3 revenue was US $10.1 billion, and net profit increased by 95% year-on-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-11 06:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on March 11,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>Revenue in the third quarter of fiscal 2021 was US $10.1 billion, a year-on-year increase of 3%; Net profit was US $5.021 billion, a year-on-year increase of 95%; Diluted earnings per share were $1.68, compared with $0.79 in the same period last year.</p><p>By business, cloud service and support license revenue was US $7.252 billion, a year-on-year increase of 5%; Cloud license and on-premise license revenue was $1.276 billion, a year-over-year increase of 4%; Hardware revenue was $820 million, down 4% year-over-year; Services revenue was $737 million, down 5% year over year.<img src=\"https://static.tigerbbs.com/ae4ca5a364a5c9e003682fc43354d894\" tg-width=\"1146\" tg-height=\"852\" referrerpolicy=\"no-referrer\"></p><p>As of February 28, 2021, the Company had cash and cash equivalents of $22.321 billion.</p><p>\"We continue to expand our leadership in the cloud ERP market as Fusion ERP grew 30% in the third quarter and NetSuite ERP grew 24% in the third quarter,\" said Oracle CEO Safra Catz. \"Oracle's fast-growing high-margin, multi-billion dollar cloud ERP business increased subscription revenue by 5% and operating revenue by 10% in the quarter. Subscription revenue now accounts for 72% of Oracle's total revenue, and this highly predictable recurring revenue stream and spend discipline led to double-digit non-GAAP EPS growth.\"</p><p>\"Oracle's second-generation cloud infrastructure business added customers again in the third quarter, with revenue growth of over 100%,\" said Oracle Chairman and CTO Larry Ellison. \"We will open new regions as soon as possible to support the fast-growing multi-billion dollar infrastructure business. Analysts continue to rank Oracle first in cloud ERP when it comes to applications, and Oracle signed hundreds of contracts this quarter, millions of dollars to migrate more large companies from SAP ERP to Oracle Fusion ERP.\"</p><p>The board increased its authorization for share buybacks by $20 billion. Oracle also announced that its board of directors declared a quarterly cash Dividend of $0.32 per share on its outstanding common stock, an increase of 33% from the current quarterly Dividend of $0.24. Larry Ellison, chairman of Oracle's board of directors, chief technology officer and largest shareholder, did not attend the deliberations or vote on the matter. The increased Dividend will be payable to stockholders of record at the close of business on April 8, 2021, with a payment date of April 22, 2021.</p><p>Oracle Bone Inscriptions plunged short-term after hours, and the decline expanded to 6%.<img src=\"https://static.tigerbbs.com/2eebf8d5148e0e5ecd2be618fb59a2d7\" tg-width=\"619\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb94707725a5c97e34b5305626765aec","relate_stocks":{"ORCL":"甲骨文"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118603007","content_text":"3月11日消息，甲骨文2021财年第三季度营收为101亿美元，同比增长3%；净利润为50.21亿美元，同比增长95%；摊薄后每股收益为1.68美元，上年同期为0.79美元。按业务划分，云服务和支持许可证收入为72.52亿美元，同比增长5%;云许可证和内部部署许可证收入为12.76亿美元，同比增长4%；硬件收入为8.2亿美元，同比下降4%；服务收入为7.37亿美元，同比下降5%。截至2021年2月28日，公司拥有现金及现金等价物223.21亿美元。甲骨文CEO Safra Catz表示：“随着Fusion ERP在第三季度增长了30％，NetSuite ERP在第三季度增长了24％，我们继续扩大了在云ERP市场的领先地位。”“甲骨文快速增长的高利润，数十亿美元的云ERP业务使该季度的订购收入增长了5％，营业收入增长了10％。订购收入现在占甲骨文总收入的72％，这种高度可预测的经常性收入收入流和支出纪律使非GAAP每股收益实现两位数增长。”甲骨文董事长兼首席技术官拉里·埃里森说：“第三季度甲骨文第二代云基础设施业务再次增加了客户，收入增长超过100％。”“我们将尽快开放新区域，以支持快速增长的数十亿美元基础设施业务。在应用程序方面，分析师继续将Oracle排在云ERP的第一位，并且本季度Oracle签署了数百份合同，数百万美元将更多的大公司从SAP ERP迁移到Oracle Fusion ERP。”董事会将股票回购的授权增加了200亿美元。甲骨文还宣布，其董事会宣布已发行在外普通股的季度现金股息为每股0.32美元，比当前的季度股息0.24美元增加了33％。甲骨文公司董事会主席，首席技术官，最大的股东拉里·埃里森（Larry Ellison）没有参加审议或就此事进行投票。增加的股息将在2021年4月8日营业时间结束时支付给在册的股东，支付日期为2021年4月22日。甲骨文盘后短线跳水，跌幅扩大至6%。","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166694228,"gmtCreate":1624005152764,"gmtModify":1703826334592,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166694228","repostId":"2144723622","repostType":4,"isVote":1,"tweetType":1,"viewCount":2295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190894541,"gmtCreate":1620609865283,"gmtModify":1704345417564,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190894541","repostId":"1136342071","repostType":4,"repost":{"id":"1136342071","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":1620609713,"share":"https://ttm.financial/m/news/1136342071?lang=en_US&edition=fundamental","pubTime":"2021-05-10 09:21","market":"hk","language":"zh","title":"Opening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%","url":"https://stock-news.laohu8.com/highlight/detail?id=1136342071","media":"老虎资讯综合","summary":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有","content":"<p>On May 10, the main Hong Kong stock indexes opened higher. The Hang Seng Index rose 0.58% to 28,776 points, the State Index rose 0.63% to 10,766 points, and the Hang Seng Technology Index rose 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>Up 15%,<a href=\"https://laohu8.com/S/600511\">Sinopharm shares</a>Soared nearly 8%; Steel and non-ferrous metal stocks collectively opened higher,<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining Industry</a>Opened more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose,<a href=\"https://laohu8.com/S/601005\">Chongqing Iron and Steel</a>Up nearly 5%; Coal stocks, tobacco concept stocks, oil stocks, and dairy stocks all rose. Xiaomi, a large technology stock, opened more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Slightly last week, Meituan fell 1%; A few sectors such as real estate stocks, auto dealer stocks and education fell.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>And<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>It opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently above $59,000; Ethereum once broke through $3,900 and approached the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>It rose nearly 8%, and Sinopharm COVID-19 vaccine was included in the WHO's emergency use list.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%</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\">\nOpening: Hang Seng Index opened 0.58% higher, Fosun Pharma rose 15%\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\">2021-05-10 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 10, the main Hong Kong stock indexes opened higher. The Hang Seng Index rose 0.58% to 28,776 points, the State Index rose 0.63% to 10,766 points, and the Hang Seng Technology Index rose 0.41% to 7,987 points.</p><p>On the market, pharmaceutical stocks are strong,<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>Up 15%,<a href=\"https://laohu8.com/S/600511\">Sinopharm shares</a>Soared nearly 8%; Steel and non-ferrous metal stocks collectively opened higher,<a href=\"https://laohu8.com/S/01258\">China Nonferrous Mining Industry</a>Opened more than 8% higher,<a href=\"https://laohu8.com/S/01208\">Minmetals resources</a>、<a href=\"https://laohu8.com/S/601899\">Zijin Mining</a>All rose,<a href=\"https://laohu8.com/S/601005\">Chongqing Iron and Steel</a>Up nearly 5%; Coal stocks, tobacco concept stocks, oil stocks, and dairy stocks all rose. Xiaomi, a large technology stock, opened more than 1% higher.<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Slightly last week, Meituan fell 1%; A few sectors such as real estate stocks, auto dealer stocks and education fell.<img src=\"https://static.tigerbbs.com/166c60e63e6644ef2e9eb7be5ab7465a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Huobi Technology,<a href=\"https://laohu8.com/S/01499\">Ouke Cloud Chain</a>And<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>It opened more than 3% higher, and Baineng Group opened 1.41% higher. Cryptocurrencies continue to rise, with Bitcoin currently above $59,000; Ethereum once broke through $3,900 and approached the $4,000 mark.</p><p><a href=\"https://laohu8.com/S/01099\">Sinopharm Holdings</a>It rose nearly 8%, and Sinopharm COVID-19 vaccine was included in the WHO's emergency use list.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF","600196":"复星医药","02196":"复星医药","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136342071","content_text":"5月10日讯，港股主要指数高开，恒指涨0.58%报28776点，国指涨0.63%报10766点，恒生科技指数涨0.41%报7987点。盘面上，药品股强势，复星医药大涨15%，国药股份大涨近8%；钢铁有色金属股集体高开，中国有色矿业高开逾8%，五矿资源、紫金矿业均上涨，重庆钢铁涨近5%；煤炭股、烟草概念股、石油股、乳制品股纷纷上扬，大型科技股小米高开逾1%，京东、网易小幅上周那个，美团跌1%；地产股、汽车经销商股、教育等少数板块走低。火币科技、欧科云链和裕兴科技高开超3%，柏能集团高开1.41%。加密货币继续上行，比特币目前价格处于59000美元上方；以太坊一度突破3900美元，逼近4000美元大关。国药控股开涨近8%，国药新冠疫苗列入世卫紧急使用清单。","news_type":1,"symbols_score_info":{"513600":0.9,"600196":0.9,"MHImain":0.9,"02196":0.9,"HSImain":0.9,"HSI":0.9,"HHImain":0.9,"02833":0.9,"MCHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379516817,"gmtCreate":1618761102939,"gmtModify":1704714659369,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/379516817","repostId":"1198410511","repostType":4,"repost":{"id":"1198410511","kind":"news","pubTimestamp":1618831731,"share":"https://ttm.financial/m/news/1198410511?lang=en_US&edition=fundamental","pubTime":"2021-04-19 19:28","market":"us","language":"zh","title":"Preview of Apple's spring conference: What new products will be held at this \"Technology Spring Festival Gala\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1198410511","media":"CSDN","summary":"苹果春季发布会定档 北京时间4月21日凌晨1点。","content":"<p>Spring is a good season, annual<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring conference is coming in spring. Not long ago, Apple officially announced that the conference would be scheduled for 1 a.m. on April 21. On the eve of the conference, we might as well learn about a wave of new products that will appear at this conference in advance through domestic and foreign revelators.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may be equipped with A14X and Mini LED, and the overall price will rise</b></p><p>If this conference is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring conferences, iPad is almost the protagonist without exception, and I believe this year will be the same.</p><p>It is reported that in terms of design, the iPad Pro will not change much this year, still using 11-inch and 12.9-inch models.</p><p>In terms of performance, in fact, as early as last year, Apple used the A14 chip in the iPhone 12 series, and the A14 used a 5nm chip process, and adopted a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the launch of the iPhone 12 chip, the fourth-generation iPad Air also featured this chip. Up to now, A14 can also be called Apple's most powerful chip to date.</p><p>At the upcoming press conference, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip was found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a new processor, or named A14X. It is reported that the performance of this processor is equal to that of the M1 chip installed on Mac in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to be equipped with a new display Mini LED. In this regard, Apple analyst Ming-chi Kuo said that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. At present, Mini LED has been successfully launched in high-end 4K TVs. If this display is used in iPad Pro, it will undoubtedly achieve higher contrast, brightness, color and other performance improvements.</p><p>Unfortunately, according to foreign media \"Nikkei Asia\", due to the global chip shortage, the delivery of some important components in iPad and MacBook has been delayed, and the release of new products may also be delayed.</p><p>However, the latest news says that Apple supplier Ennostar has greatly increased the yield of mini-LED chips and is expected to expand its iPad Pro production from later this month.</p><p>In addition, Apple will also enhance the camera of the iPad Pro. At the same time, according to foreign tipster Mr ` White, its accessory Apple Pencil will also be newly upgraded, and the new Apple Pencil has a smoother surface and a longer nib. In fact, through the invitation letter of this conference, many netizens speculated that it was drawn through Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no news has been revealed at present, it is not difficult to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Second, the product is expected to be equipped with more powerful A14X chips and Mini LED displays. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is also expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If it is said that in 2019, the iPad mini is full of sincerity to be equipped with the A12 processor, then the iPad mini released again at Apple's spring conference in 2021 will be absolutely perfunctory for users if it continues to use this chip.</p><p>Therefore, if this conference brings a new iPad mini, it is estimated that the \"new\" should focus on upgrading its processor. Some people speculate that it is very likely to be equipped with A14 bionic chip.</p><p>But relatively speaking, the design of iPad mini products has not been so attractive all along, and the huge frame has caused many users to complain that its screen-to-body ratio is too low. Many users also said that if it is updated, they hope that Apple can increase the screen size without changing the actual size of the device.</p><p>In this regard, according to foreign media reports, the new iPad mini may adopt a full-screen solution, and the frame has also been improved, from the original arc design to a right-angle trimming design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will the MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually transform Mac computers from<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the ARM64 architecture Apple Silicon platform.</p><p>In the second half of last year, Apple also changed its usual routine and held three press conferences in three months. During this period, it also updated the configurations of MacBook Air, MacBook Pro, and Mac mini computers. In order to speed up the initially set transition goals, it is expected that Apple will still have the latest actions in the future.</p><p>According to foreign media reports, Apple plans to launch higher-end MacBook Pro and the latest iMac this year, and Mac Pro desktops are expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade its 13-inch look to 14-inch, along with a 16-inch design. At the same time, in addition to the 12.9-inch iPad Pro mentioned above, which will be equipped with a Mini LED display, it is reported that the new MacBook Pro will also abandon the long-used LCD screen and use Mini LED instead. The choice was made because the application of Mini LED also helps to improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or the M1X chip as it is called. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many whistleblowers said that MacBook Pro and Air are expected to be launched in the second half of the year, so if you see a Mac at this spring conference, it may be a new iMac.</p><p>It is reported that Apple is developing a newly designed iMac, which has more screen space, different body shapes, and brings Apple Sillicon upgrades and other improved features. It is expected that Apple may adopt a similar approach to last year, starting with low-end iMac upgrades, and then gradually launching high-end models equipped with M1X.</p><p>It is worth mentioning that not long ago, Apple just announced that it would stop producing iMac Pro products, which can also be understood from the side as making way for the new version of iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovation, HomePod with screen coming soon?</b></p><p>At the 2017 autumn conference, Apple released its first HomePod product. However, what I never expected was that only four years later, it ushered in the fate of \"while supplies last\". Last month, Apple officially announced the suspension of production<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Speaker product HomePod, officials stated that the company will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of HomePod, as a product that Apple took 5 years to develop, it has a built-in A8 processor, is equipped with 6 microphone arrays, a 4-inch subwoofer, and 7 speaker arrays at the bottom. Among similar products, In terms of sound quality, it can be said that it surpasses other smart speakers on the market. However, the final initial price of US $349 discouraged many people. At the same time, due to factors such as lack of support from the third-party ecosystem and lack of intelligence, Apple eventually missed the market.</p><p>Now, according to Bloomberg News, Apple is developing two new HomePod products, citing people familiar with Apple's plans as describing the HomePod as being related to the \"screen\".</p><p>One is called HomePod TV, which can run tvOS through this product and output high-definition images to Apple TV. The other is an iPad-sized screen built into the HomePod through the structure of a robotic arm.</p><p>In fact, Apple has previously explored connecting an iPad-like screen to a robotic arm that can track users and always follow them as they move in their space. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept-level product AirTag become a reality this time?</b></p><p>AirTag, as an item tracker, can be hung on some items. When items are lost, they can also be found through iPhone positioning when the network is offline. However, this technology has always lived in legends.</p><p>It was first discovered because in early April, Apple uploaded a video on its YouTube channel instructing users how to use \"Find My iPhone\", showing the trace of AirTag:</p><p>Turning on \"Offline Search\" allows iPhone and AirTags to be found without connecting to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, now this video has been deleted. But there are still rumors that the technical foundation implemented by AirTag will rely on the features Apple has recently added to the U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that the iPhone will soon be able to track lost items using the built-in Find My app. Software is ready, can hardware be far behind?</p><p>Are you looking forward to the above new products?</p>","source":"lsy1578046468581","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Preview of Apple's spring conference: What new products will be held at this \"Technology Spring Festival Gala\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPreview of Apple's spring conference: What new products will be held at this \"Technology Spring Festival Gala\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CSDN</strong><span class=\"h-time small\">2021-04-19 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Spring is a good season, annual<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring conference is coming in spring. Not long ago, Apple officially announced that the conference would be scheduled for 1 a.m. on April 21. On the eve of the conference, we might as well learn about a wave of new products that will appear at this conference in advance through domestic and foreign revelators.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may be equipped with A14X and Mini LED, and the overall price will rise</b></p><p>If this conference is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring conferences, iPad is almost the protagonist without exception, and I believe this year will be the same.</p><p>It is reported that in terms of design, the iPad Pro will not change much this year, still using 11-inch and 12.9-inch models.</p><p>In terms of performance, in fact, as early as last year, Apple used the A14 chip in the iPhone 12 series, and the A14 used a 5nm chip process, and adopted a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the launch of the iPhone 12 chip, the fourth-generation iPad Air also featured this chip. Up to now, A14 can also be called Apple's most powerful chip to date.</p><p>At the upcoming press conference, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip was found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a new processor, or named A14X. It is reported that the performance of this processor is equal to that of the M1 chip installed on Mac in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to be equipped with a new display Mini LED. In this regard, Apple analyst Ming-chi Kuo said that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. At present, Mini LED has been successfully launched in high-end 4K TVs. If this display is used in iPad Pro, it will undoubtedly achieve higher contrast, brightness, color and other performance improvements.</p><p>Unfortunately, according to foreign media \"Nikkei Asia\", due to the global chip shortage, the delivery of some important components in iPad and MacBook has been delayed, and the release of new products may also be delayed.</p><p>However, the latest news says that Apple supplier Ennostar has greatly increased the yield of mini-LED chips and is expected to expand its iPad Pro production from later this month.</p><p>In addition, Apple will also enhance the camera of the iPad Pro. At the same time, according to foreign tipster Mr ` White, its accessory Apple Pencil will also be newly upgraded, and the new Apple Pencil has a smoother surface and a longer nib. In fact, through the invitation letter of this conference, many netizens speculated that it was drawn through Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no news has been revealed at present, it is not difficult to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Second, the product is expected to be equipped with more powerful A14X chips and Mini LED displays. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is also expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If it is said that in 2019, the iPad mini is full of sincerity to be equipped with the A12 processor, then the iPad mini released again at Apple's spring conference in 2021 will be absolutely perfunctory for users if it continues to use this chip.</p><p>Therefore, if this conference brings a new iPad mini, it is estimated that the \"new\" should focus on upgrading its processor. Some people speculate that it is very likely to be equipped with A14 bionic chip.</p><p>But relatively speaking, the design of iPad mini products has not been so attractive all along, and the huge frame has caused many users to complain that its screen-to-body ratio is too low. Many users also said that if it is updated, they hope that Apple can increase the screen size without changing the actual size of the device.</p><p>In this regard, according to foreign media reports, the new iPad mini may adopt a full-screen solution, and the frame has also been improved, from the original arc design to a right-angle trimming design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will the MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually transform Mac computers from<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the ARM64 architecture Apple Silicon platform.</p><p>In the second half of last year, Apple also changed its usual routine and held three press conferences in three months. During this period, it also updated the configurations of MacBook Air, MacBook Pro, and Mac mini computers. In order to speed up the initially set transition goals, it is expected that Apple will still have the latest actions in the future.</p><p>According to foreign media reports, Apple plans to launch higher-end MacBook Pro and the latest iMac this year, and Mac Pro desktops are expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade its 13-inch look to 14-inch, along with a 16-inch design. At the same time, in addition to the 12.9-inch iPad Pro mentioned above, which will be equipped with a Mini LED display, it is reported that the new MacBook Pro will also abandon the long-used LCD screen and use Mini LED instead. The choice was made because the application of Mini LED also helps to improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or the M1X chip as it is called. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many whistleblowers said that MacBook Pro and Air are expected to be launched in the second half of the year, so if you see a Mac at this spring conference, it may be a new iMac.</p><p>It is reported that Apple is developing a newly designed iMac, which has more screen space, different body shapes, and brings Apple Sillicon upgrades and other improved features. It is expected that Apple may adopt a similar approach to last year, starting with low-end iMac upgrades, and then gradually launching high-end models equipped with M1X.</p><p>It is worth mentioning that not long ago, Apple just announced that it would stop producing iMac Pro products, which can also be understood from the side as making way for the new version of iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovation, HomePod with screen coming soon?</b></p><p>At the 2017 autumn conference, Apple released its first HomePod product. However, what I never expected was that only four years later, it ushered in the fate of \"while supplies last\". Last month, Apple officially announced the suspension of production<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Speaker product HomePod, officials stated that the company will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of HomePod, as a product that Apple took 5 years to develop, it has a built-in A8 processor, is equipped with 6 microphone arrays, a 4-inch subwoofer, and 7 speaker arrays at the bottom. Among similar products, In terms of sound quality, it can be said that it surpasses other smart speakers on the market. However, the final initial price of US $349 discouraged many people. At the same time, due to factors such as lack of support from the third-party ecosystem and lack of intelligence, Apple eventually missed the market.</p><p>Now, according to Bloomberg News, Apple is developing two new HomePod products, citing people familiar with Apple's plans as describing the HomePod as being related to the \"screen\".</p><p>One is called HomePod TV, which can run tvOS through this product and output high-definition images to Apple TV. The other is an iPad-sized screen built into the HomePod through the structure of a robotic arm.</p><p>In fact, Apple has previously explored connecting an iPad-like screen to a robotic arm that can track users and always follow them as they move in their space. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept-level product AirTag become a reality this time?</b></p><p>AirTag, as an item tracker, can be hung on some items. When items are lost, they can also be found through iPhone positioning when the network is offline. However, this technology has always lived in legends.</p><p>It was first discovered because in early April, Apple uploaded a video on its YouTube channel instructing users how to use \"Find My iPhone\", showing the trace of AirTag:</p><p>Turning on \"Offline Search\" allows iPhone and AirTags to be found without connecting to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, now this video has been deleted. But there are still rumors that the technical foundation implemented by AirTag will rely on the features Apple has recently added to the U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that the iPhone will soon be able to track lost items using the built-in Find My app. Software is ready, can hardware be far behind?</p><p>Are you looking forward to the above new products?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw\">CSDN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e968cc2fa9a8fe30f2575d1147007bba","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198410511","content_text":"春意盎然好时节，一年一度的苹果春季发布会踏春而来。不久前，苹果官宣将此次发布会定档 4 月 21 日凌晨 1 点，而在召开前夕，我们通过国内外的爆料大神，不妨提前了解一波本次发布会将会出现的新品。新款 iPad Pro 或将搭载 A14X、Mini LED，整体价格将上涨如果说这次发布会必然要发布一款新品，那么新款 iPad 肯定不会缺席。回看过往几届的苹果春季发布会，iPad 无一例外几乎都是主角，相信今年也是如此。有爆料称，在设计上，今年 iPad Pro 不会有太大变动，依然采用的是 11 英寸和 12.9 英寸。在性能方面，事实上，早在去年，苹果在 iPhone 12 系列中使用了 A14 芯片，而 A14 采用了 5nm 芯片工艺，且采用了 6 核 CPU 设计、4 核 GPU、16 核 NPU。在 iPhone 12 芯片推出不久后，第四代 iPad Air 也采用了这款芯片。截止目前，也可以将 A14 称之为是苹果迄今为止功能最为强大的芯片。而在即将到来的发布会上，新款 iPad Pro 想要超越过往，必然也会带来芯片的升级版，据外媒 9to5Mac 报道，在 iOS 14.5 Beta 的源代码中，发现了 A14X芯片的应用。基于此，也不难猜测，新款 iPad Pro 将搭载一种全新处理器，或命名为 A14X ，据悉，该处理器的性能与去年下半年 Mac 上搭载的 M1 芯片性能不分上下。此外，12.9 英寸的 iPad Pro 有望搭载一种新的显示屏 Mini LED。对此，苹果分析师郭明池表示，12.9 英寸使用 Mini LED 的 iPad Pro 将在 2021 年 4 月中下旬开始量产。目前，Mini LED 已经搭载在高端的 4K 电视中成功面市，如果该显示屏应用在 iPad Pro 中，无疑也会实现更高的对比度、亮度、色彩以及其他一些性能提升。遗憾的是，据外媒《Nikkei Asia》报道，因为全球芯片短缺，导致 iPad、MacBook 中一些重要组件延迟交付，也可能会让新品延迟发布。不过，最新消息称，苹果供应商 Ennostar 已经大大地提高了 mini-LED 芯片的良率，有望从本月稍晚些时候扩大其 iPad Pro 的产量。除此之外，苹果也会增强 iPad Pro 的摄像头，同时据国外爆料大神 Mr`White 表示，其配件 Apple Pencil 也会全新升级，且新款 Apple Pencil 具有更光滑的表面以及更长的笔尖。实际上，通过本次发布会的邀请函，就有不少网友猜测，是通过 Apple Pencil 画出来的。至于新款 iPad Pro 的定价，目前虽然没有任何消息透露出来，不过，也不难想象今年的 iPad Pro 价格会有所上涨。原因有二，其一，新款 iPad Pro 可以支持 5G 网络；其二，该产品预期搭载功能更强大的 A14X 芯片、Mini LED 显示屏，然而当前全球芯片短缺问题难以在短期之内解决，因此导致硬件成本上涨也在意料之中。全新升级的 iPad mini如果说 2019 年，iPad mini 搭载 A12 处理器是诚意满满，那么 2021 年苹果春季发布会上再次发布的 iPad mini 继续使用这款芯片那就是绝对的敷衍用户了。因此，如果这次发布会带来新款 iPad mini，那么估计其中的“新”应该重在升级其处理器方面，有人猜测极有可能搭载的是 A14 仿生芯片。但相对而言，一直以来，iPad mini 产品的设计并不是那么吸引人，巨大的边框，让不少用户吐槽其屏占比太低。也有很多用户表示，如果更新，更希望苹果能够在不改变设备实际尺寸的情况下，增加屏幕尺寸才是王道。对此，据外媒报道，新款 iPad mini 或将采用全面屏方案，同时边框也有所改进，将从原来的圆弧设计改为直角切边设计。搭载苹果自研芯片的 MacBook，这次会出现吗？2020 年 WWDC 上，苹果宣布将在两年内将 Mac 电脑逐渐从英特尔的 x86 处理器平台迁移到 ARM64 架构的 Apple Silicon 平台。去年下半年，苹果也一改往常，三个月连开了三场发布会，在此期间，也更新了 MacBook Air、MacBook Pro、Mac mini 三款电脑的配置。为了加快最初设下的过渡目标，预期接下来苹果仍然会有最新的动作。据外媒报道，苹果计划在今年推出更高端的 MacBook Pro 和最新的 iMac，而 Mac Pro 台式机预期将在 2022 年使用上 Apple Silicon 芯片。此外，MacBook Pro 有望将 13 英寸的外观升级为 14 英寸，同时还有一款 16 英寸的设计。同时，除了上文提到 12.9 英寸的 iPad Pro 将搭载 Mini LED 显示屏之外，有消息称，新款 MacBook Pro 也将放弃使用已久的 LCD 屏，改用 Mini LED。之所以做出这样的选择，是因为 Mini LED 的应用也有助于提高电池性能。新款 MacBook Pro 也将采用 M1 的下一版本 M2，又或者被称之为 M1X 芯片。据悉，新款 Apple Silicon 芯片将具有 12 个内核，其中包括 8 个性能内核和 4 个高效内核。不过，很多爆料者表示，MacBook Pro 和 Air 预计下半年推出，因此在这场春季发布会上，如果看到 Mac 的身影，那么可能是一台新的 iMac。据悉，苹果正在开发一种全新设计的 iMac，该产品具有更多的屏幕空间，不同的机身形状，并带来 Apple Sillicon 升级以及其他改进功能。预计苹果可能会采取与去年相似的方式，从低配的 iMac 开始升级，然后逐步推出搭载 M1X 的高端机型。值得一提的是，不久前，苹果刚刚宣布停止生产 iMac Pro 产品，这也从侧面可以理解为为新版 iMac 让道。推陈出新，带屏幕的 HomePod 即将到来？在 2017 年秋季发布会上，苹果发布首款 HomePod 产品，然而万万没想到的是，仅四年之后，其就迎来了“售完即止”的命运。上个月，苹果正式宣布停产智能音箱产品 HomePod，官方表示，公司将持续生产并专注于去年推出的HomePod mini。回看 HomePod 的诞生与消亡，作为一款苹果耗时 5 年研发的产品，其内置 A8 处理器，搭载 6 个麦克风阵列、4 英寸低音炮、底部配有 7 个扬声器阵列，在同类型产品中，在音质方面，可以说超越了市场上其他智能音箱。然而最终初始 349 美元的价格让很多人望而却步，同时因缺乏第三方生态的支持、不够智能等因素，最终还是导致苹果错失市场。如今，据彭博社爆料，苹果公司正在研发两款 HomePod 新品，其中援引熟悉苹果计划的人所描述的 HomePod 与“屏幕”有关。一款被称之为 HomePod TV，可以通过此产品运行 tvOS，且可以向 Apple TV 上输出高清画面。另外一款是在 HomePod 中通过机械臂的结构内置一块 iPad 大小的屏幕。实际上，Apple 此前已经探索过将类似 iPad 的屏幕与机械臂相连，该机械臂可以跟踪用户并在用户所处的空间中移动时始终跟随用户。此产品还将搭载麦克风和摄像头，用以启用视频会议。概念级产品 AirTag，这次能成为现实吗？AirTag，作为一款物品跟踪器，可以悬挂在一些物品上，当物品丢失的时候，及时在网络离线状态下，也可以通过 iPhone 定位找到。不过，一直以来，这种技术都活在了传说中。首次发现其踪迹还是因为 4 月初，苹果在 YouTube 频道上传了一则指导用户如何使用“Find My iPhone”的视频中显示了 AirTag 的踪迹：开启“离线搜索”可以让 iPhone 和 AirTag 在未连接 Wi-Fi 的情况下被找到。遗憾的是，现在这段视频已经被删除。但是仍然有传言称，AirTag 所实现的技术基础将依赖于苹果公司近期在 U1 超宽带芯片上添加的功能。与此同时，苹果宣布，iPhone 不久将能够使用内置的 Find My 应用程序跟踪丢失的物品。软件已经准备就绪，硬件还会远吗？针对以上的新品，你期待吗？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346221920,"gmtCreate":1618052115260,"gmtModify":1704706346027,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346221920","repostId":"1199139797","repostType":4,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351767054,"gmtCreate":1616634725478,"gmtModify":1704796676078,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351767054","repostId":"1191585739","repostType":4,"repost":{"id":"1191585739","kind":"news","pubTimestamp":1616631927,"share":"https://ttm.financial/m/news/1191585739?lang=en_US&edition=fundamental","pubTime":"2021-03-25 08:25","market":"hk","language":"zh","title":"Well-known hedge fund: Bitcoin can prosper without becoming a mainstream currency","url":"https://stock-news.laohu8.com/highlight/detail?id=1191585739","media":"腾讯网","summary":"比特币被设计成一种支付方式，但它在商业上的用途仍然很小——尽管特斯拉公司周三表示，用户现在可以用比特币为其电动汽车支付，这是一项重大举措。腾讯证券3月25日讯，知名对冲基金天桥资本创始人安东尼-斯卡拉","content":"<p>Bitcoin is designed as a payment method, but its commercial use remains minimal-although Tesla Inc said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>Tencent Securities, March 25th, Anthony Scaramucci, founder of Tianqiao Capital, a well-known hedge fund, said on Wednesday that Bitcoin doesn't need to be a widely used payment method to succeed, but it can only prosper as a store of value.</p><p><img src=\"https://static.tigerbbs.com/4bcdc85e104ab635c53b1e35527b8339\" tg-width=\"1000\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p>Bitcoin is designed as a payment method, but its commercial use remains minimal-although Tesla Inc said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>\"If Bitcoin wants to succeed, it doesn't have to be the mainstream currency in the world,\" Scaramucci said in an interview.</p><p>\"It could just be a store of value, and then you end up converting Bitcoin into all sorts of currencies you want to trade,\" the former White House communications chief said.</p><p>Earlier this year, Scaramucci's Skybridge Capital launched a Bitcoin fund with $310 million in assets under management.</p><p>Bitcoin hit an all-time high of nearly $62,000 this month, the latest milestone in Bitcoin's rapid rally driven by institutional investors.</p><p>Scaramucci, who was ousted by former US President Trump just over a week after taking office in 2017, has previously said he is not a die-hard supporter of the cryptocurrency.</p><p>\"I don't believe that Jesus and Moses gave birth to a child together, and this child is Bitcoin-that's not me. I see the risk of Bitcoin, which is an unstable asset,\" he said. \"I am a Bitcoin investor. Although I used to be skeptical about Bitcoin.\"</p><p><b>Digital dollar?</b></p><p>Scaramucci said the administration has a \"broadly negative\" view of Bitcoin because Bitcoin would theoretically threaten the dollar's de facto status as a global reserve currency.</p><p>\"Someone could drive the dollar out of the market, and that would be painful for regulators,\" who use the dollar as an economic policy tool, he said.</p><p>Of course, Bitcoin still has a long way to go to replace the dollar.</p><p>Still, central banks around the world, including the Federal Reserve, are considering issuing their own digital currencies, in part to counter the rise of private sector-dominated cryptocurrencies.</p><p>\"There will be a digital dollar-the Treasury Department is clearly trying to make that happen. The U.S. is not going to let other currencies get ahead of it without launching a digital dollar,\" Scaramucci said.</p><p>Scaramucci said that the monetary and fiscal stimulus package introduced by the United States to fight the new crown epidemic may also make Bitcoin an attractive hedge against the depreciation of the dollar.</p><p>Scaramucci said it's also prompting more investors to enter alternative assets such as \"non-alternative tokens\" (NFTs), a technology that allows digital artwork or other content to be authenticated and sold on distributed ledgers.</p><p>He added that his son, a videographer, created an artwork and sold it as a non-cryptocurrency in the form of Ethereum.</p><p>He said: \"Old stubborns like me don't know what NFTs are unless we talk to 21-year-olds. It's our responsibility. Don't be an old fool, get educated as soon as possible and keep up with the times.\" (Midsummer)</p>","source":"lsy1571985465872","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>Well-known hedge fund: Bitcoin can prosper without becoming a mainstream currency</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWell-known hedge fund: Bitcoin can prosper without becoming a mainstream currency\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯网</strong><span class=\"h-time small\">2021-03-25 08:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bitcoin is designed as a payment method, but its commercial use remains minimal-although Tesla Inc said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>Tencent Securities, March 25th, Anthony Scaramucci, founder of Tianqiao Capital, a well-known hedge fund, said on Wednesday that Bitcoin doesn't need to be a widely used payment method to succeed, but it can only prosper as a store of value.</p><p><img src=\"https://static.tigerbbs.com/4bcdc85e104ab635c53b1e35527b8339\" tg-width=\"1000\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p>Bitcoin is designed as a payment method, but its commercial use remains minimal-although Tesla Inc said Wednesday that users can now pay for its electric vehicles with Bitcoin, a major move.</p><p>\"If Bitcoin wants to succeed, it doesn't have to be the mainstream currency in the world,\" Scaramucci said in an interview.</p><p>\"It could just be a store of value, and then you end up converting Bitcoin into all sorts of currencies you want to trade,\" the former White House communications chief said.</p><p>Earlier this year, Scaramucci's Skybridge Capital launched a Bitcoin fund with $310 million in assets under management.</p><p>Bitcoin hit an all-time high of nearly $62,000 this month, the latest milestone in Bitcoin's rapid rally driven by institutional investors.</p><p>Scaramucci, who was ousted by former US President Trump just over a week after taking office in 2017, has previously said he is not a die-hard supporter of the cryptocurrency.</p><p>\"I don't believe that Jesus and Moses gave birth to a child together, and this child is Bitcoin-that's not me. I see the risk of Bitcoin, which is an unstable asset,\" he said. \"I am a Bitcoin investor. Although I used to be skeptical about Bitcoin.\"</p><p><b>Digital dollar?</b></p><p>Scaramucci said the administration has a \"broadly negative\" view of Bitcoin because Bitcoin would theoretically threaten the dollar's de facto status as a global reserve currency.</p><p>\"Someone could drive the dollar out of the market, and that would be painful for regulators,\" who use the dollar as an economic policy tool, he said.</p><p>Of course, Bitcoin still has a long way to go to replace the dollar.</p><p>Still, central banks around the world, including the Federal Reserve, are considering issuing their own digital currencies, in part to counter the rise of private sector-dominated cryptocurrencies.</p><p>\"There will be a digital dollar-the Treasury Department is clearly trying to make that happen. The U.S. is not going to let other currencies get ahead of it without launching a digital dollar,\" Scaramucci said.</p><p>Scaramucci said that the monetary and fiscal stimulus package introduced by the United States to fight the new crown epidemic may also make Bitcoin an attractive hedge against the depreciation of the dollar.</p><p>Scaramucci said it's also prompting more investors to enter alternative assets such as \"non-alternative tokens\" (NFTs), a technology that allows digital artwork or other content to be authenticated and sold on distributed ledgers.</p><p>He added that his son, a videographer, created an artwork and sold it as a non-cryptocurrency in the form of Ethereum.</p><p>He said: \"Old stubborns like me don't know what NFTs are unless we talk to 21-year-olds. It's our responsibility. Don't be an old fool, get educated as soon as possible and keep up with the times.\" (Midsummer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210325A00FSC00\">腾讯网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4bcdc85e104ab635c53b1e35527b8339","relate_stocks":{},"source_url":"https://new.qq.com/rain/a/20210325A00FSC00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191585739","content_text":"比特币被设计成一种支付方式，但它在商业上的用途仍然很小——尽管特斯拉公司周三表示，用户现在可以用比特币为其电动汽车支付，这是一项重大举措。腾讯证券3月25日讯，知名对冲基金天桥资本创始人安东尼-斯卡拉穆奇(Anthony Scaramucci)周三表示，比特币并不需要成为一种广泛使用的支付方式才能获得成功，它可以仅仅作为一种价值储存手段而繁荣发展。比特币被设计成一种支付方式，但它在商业上的用途仍然很小——尽管特斯拉公司周三表示，用户现在可以用比特币为其电动汽车支付，这是一项重大举措。“比特币要想成功，不必一定要成为全球主流货币，”斯卡拉穆奇在接受采访时表示。“它可能只是一种价值储存手段，然后你最终会把比特币转换成你想要交易的各种货币，”这位前白宫通讯主管说。今年早些时候，斯卡拉穆奇的天桥资本推出了一只管理着3.1亿美元资产的比特币基金。比特币本月创下近6.2万美元的历史新高，这是在机构投资者推动下的比特币快速上涨中的最新里程碑。斯卡拉穆奇在2017年上任仅一周多就被美国前总统特朗普赶下台，他此前曾表示自己不是这种加密货币的铁杆支持者。“我不相信耶稣和摩西在一起生了一个孩子，这个孩子就是比特币——那不是我。我看到了比特币的风险，它是一种不稳定的资产，”他表示，“我是比特币投资者。尽管我曾经对比特币持怀疑态度。”数字美元?斯卡拉穆奇表示，特朗普政府对比特币持“广泛的负面”看法，因为比特币理论上会威胁到美元事实上的全球储备货币地位。他说，“有人可能会把美元赶出市场，这对监管机构来说将是痛苦的”，因为监管机构将美元作为一种经济政策工具。当然，比特币要取代美元还有很长的路要走。尽管如此，包括美联储在内的全球央行都在考虑发行自己的数字货币，部分原因是为了对抗私营部门主导的加密货币的崛起。斯卡拉穆奇表示：“将会出现数字美元——财政部显然正在努力实现这一点。美国不会在不推出数字美元的情况下让其他货币捷足先登。”斯卡拉穆奇表示，美国为抗击新冠疫情而推出的货币和财政刺激计划，也可能使比特币成为抵御美元贬值的有吸引力的对冲工具。斯卡拉穆奇表示，这也促使更多投资者进入另类资产，如“非替代代币”(NFTs)，这种技术允许对数字艺术品或其他内容进行认证，并在分布式账本上出售。他补充说，他的儿子是一名摄像师，他创作了一幅艺术品，并将其作为以太坊形式的非加密货币出售。他说:“像我这样的老顽固不知道什么是NFTs，除非我们和21岁的孩子们交谈。这是我们的责任。不要做一个老傻瓜，要尽快接受教育，跟上时代的步伐。”（仲夏）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123390492,"gmtCreate":1624408248416,"gmtModify":1703835674789,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123390492","repostId":"1109081443","repostType":4,"repost":{"id":"1109081443","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":1624407786,"share":"https://ttm.financial/m/news/1109081443?lang=en_US&edition=fundamental","pubTime":"2021-06-23 08:23","market":"sh","language":"zh","title":"Daily Youxian submits red herring prospectus, which has been oversubscribed","url":"https://stock-news.laohu8.com/highlight/detail?id=1109081443","media":"老虎资讯综合","summary":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金","content":"<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</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>Daily Youxian submits red herring prospectus, which has been oversubscribed</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 Youxian submits red herring prospectus, which has been oversubscribed\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-23 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26d35a88c8d9d9d46abd395d2bd24396","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109081443","content_text":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金Davis、元生、元璟均已认购。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":2103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114087648,"gmtCreate":1623036372184,"gmtModify":1704194761575,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114087648","repostId":"1110717464","repostType":4,"isVote":1,"tweetType":1,"viewCount":753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344921868,"gmtCreate":1618368860654,"gmtModify":1704709763095,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344921868","repostId":"1142436887","repostType":4,"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342995271,"gmtCreate":1618146107893,"gmtModify":1704706957913,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342995271","repostId":"2126006034","repostType":4,"repost":{"id":"2126006034","kind":"highlight","weMediaInfo":{"introduction":"美股研究社，一个专注研究美股的平台，专业的美股投资人都在这。想了解美国股市行情、美股开户、美股资讯、美股公司；想获得一手美股重磅信息；想加入美股交流社群，敬请关注我们吧。","home_visible":0,"media_name":"美股研究社","id":"1074069735","head_image":"https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6"},"pubTimestamp":1618049504,"share":"https://ttm.financial/m/news/2126006034?lang=en_US&edition=fundamental","pubTime":"2021-04-10 18:11","market":"us","language":"zh","title":"Among the three stocks that \"Sister Wood\" likes, which one is most worthy of investors' \"Call\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2126006034","media":"美股研究社","summary":"下面是三支遭受重创的Cathie Wood股票，它们是目前特别值得买入的股票。","content":"<p>Even the best investors are going through tough times. Such is the case with Cathie Wood, founder and CEO of Ark Investments. Wood's five largest exchange-traded funds (ETFs) are trading well below their highs earlier this year.</p><p>However, the stock market pullback presents a huge opportunity for other investors to buy shares of the best companies owned by the Ark ETF. Below are three beaten-down Cathie Wood stocks that are particularly good buys right now.</p><p><b>Sea Limite (SE.US)</b></p><p>Sea Limited's<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>Ranked fifth in. It is the 10th largest position in ARK Next Generation Internet ETF. The company's shares have fallen more than 12% from the highs set in February.</p><p>Of course, the company announced a steep fourth-quarter loss in early March. However, the stock's decline has more to do with investors pulling out of growth stocks than it has to do with Sea's underlying business. Actually, the company's business is booming.</p><p>Sea's digital entertainment division is cashing in on the success of Free Fire, the highest-grossing mobile game in Latin America and Southeast Asia for six consecutive quarters. The business is essentially subsidizing the company's loss-making division that focuses on digital finance and e-commerce.</p><p>However, I think Sea's long-term outlook is very favorable for all three ventures. Free Fire remains the global mobile gaming giant. Sea's Shopee e-commerce platform has a leading position in markets such as Southeast Asia, Indonesia, and continues to deliver strong revenue growth. The company's SeaMoney mobile wallet is also accelerating.</p><p>I hope Sea's bottom line improves, and I hope its share price rebounds well.</p><p><b>Square (SQ.US)</b></p><p>Wood has no favorite stock than Square (NYSE: SQ). The stock is<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>The largest stock holding and the second largest position in the ARK Innovation ETF and ARK Next Generation Internet ETF. But Square's stock is down 11% from its February high.</p><p>As in the case of Sea Limited, Square's pullback is largely the result of market rotation. While the company's seller ecosystem was negatively impacted by the COVID-19 pandemic, there were signs of improvement in the fourth quarter. Increased vaccine supply bodes well for a stronger performance for the remainder of 2021.</p><p>Meanwhile, Square's cash app digital wallet remains a huge growth story for the company. In the fourth quarter of this year, cash app gross profit surged 162% year-over-year. By driving the use of related products and services, such as cash and debit cards, Square should be able to achieve greater growth.</p><p>In March, the company achieved a major milestone as Square's financial services division began banking. Under the protection of a federally chartered bank, Square will be able to offer more financial services to its business customers. The fintech giant could expand its banking services over time.</p><p>In many ways, Square's efforts to disrupt the financial services industry are just getting started. Its stock price still has plenty of upside.</p><p><b>Teladoc Health (TDOC.US)</b></p><p>In<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>Among the largest holdings, Teladoc Health's holdings are second only to Square. The virtual care industry leader is the fourth largest holding in the ARK Next Generation Internet ETF and ranks first in the ARK Genomic Revolution ETF. As much as Wood likes Teladoc's stock, its stock has fallen nearly 40% from its February high.</p><p>Institutional investors shifting money away from growth stocks is one reason for Teladoc's underperformance. However, the company also expects revenue growth to slow in the fourth quarter of 2021. Furthermore,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Announced plans to enter the telehealth market this summer.</p><p>For all of this, my answer is just looking at the long-term outlook for Teladoc. Virtual health is still in its early stages. McKinsey Consulting predicts that after the epidemic is over, the U.S. virtual medical market will reach $250 billion per year. Teladoc's opportunities aren't limited to the U.S., either.</p><p>I think there is no doubt that this is a big enough market to support multiple winners. Teladoc's lead, market presence (its customers now account for more than 40% of the Fortune 500 companies), and range of products and services give the company a solid competitive advantage.</p><p>It is perfectly understandable that 2020 will see an unprecedented surge in telehealth demand due to the pandemic, and revenue growth will slow somewhat. And in the long run, Teladoc should be able to continue to grow strongly.</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>Among the three stocks that \"Sister Wood\" likes, which one is most worthy of investors' \"Call\"?</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\">\nAmong the three stocks that \"Sister Wood\" likes, which one is most worthy of investors' \"Call\"?\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美股研究社 </p>\n<p class=\"h-time smaller\">2021-04-10 18:11</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Even the best investors are going through tough times. Such is the case with Cathie Wood, founder and CEO of Ark Investments. Wood's five largest exchange-traded funds (ETFs) are trading well below their highs earlier this year.</p><p>However, the stock market pullback presents a huge opportunity for other investors to buy shares of the best companies owned by the Ark ETF. Below are three beaten-down Cathie Wood stocks that are particularly good buys right now.</p><p><b>Sea Limite (SE.US)</b></p><p>Sea Limited's<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>Ranked fifth in. It is the 10th largest position in ARK Next Generation Internet ETF. The company's shares have fallen more than 12% from the highs set in February.</p><p>Of course, the company announced a steep fourth-quarter loss in early March. However, the stock's decline has more to do with investors pulling out of growth stocks than it has to do with Sea's underlying business. Actually, the company's business is booming.</p><p>Sea's digital entertainment division is cashing in on the success of Free Fire, the highest-grossing mobile game in Latin America and Southeast Asia for six consecutive quarters. The business is essentially subsidizing the company's loss-making division that focuses on digital finance and e-commerce.</p><p>However, I think Sea's long-term outlook is very favorable for all three ventures. Free Fire remains the global mobile gaming giant. Sea's Shopee e-commerce platform has a leading position in markets such as Southeast Asia, Indonesia, and continues to deliver strong revenue growth. The company's SeaMoney mobile wallet is also accelerating.</p><p>I hope Sea's bottom line improves, and I hope its share price rebounds well.</p><p><b>Square (SQ.US)</b></p><p>Wood has no favorite stock than Square (NYSE: SQ). The stock is<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>The largest stock holding and the second largest position in the ARK Innovation ETF and ARK Next Generation Internet ETF. But Square's stock is down 11% from its February high.</p><p>As in the case of Sea Limited, Square's pullback is largely the result of market rotation. While the company's seller ecosystem was negatively impacted by the COVID-19 pandemic, there were signs of improvement in the fourth quarter. Increased vaccine supply bodes well for a stronger performance for the remainder of 2021.</p><p>Meanwhile, Square's cash app digital wallet remains a huge growth story for the company. In the fourth quarter of this year, cash app gross profit surged 162% year-over-year. By driving the use of related products and services, such as cash and debit cards, Square should be able to achieve greater growth.</p><p>In March, the company achieved a major milestone as Square's financial services division began banking. Under the protection of a federally chartered bank, Square will be able to offer more financial services to its business customers. The fintech giant could expand its banking services over time.</p><p>In many ways, Square's efforts to disrupt the financial services industry are just getting started. Its stock price still has plenty of upside.</p><p><b>Teladoc Health (TDOC.US)</b></p><p>In<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>Among the largest holdings, Teladoc Health's holdings are second only to Square. The virtual care industry leader is the fourth largest holding in the ARK Next Generation Internet ETF and ranks first in the ARK Genomic Revolution ETF. As much as Wood likes Teladoc's stock, its stock has fallen nearly 40% from its February high.</p><p>Institutional investors shifting money away from growth stocks is one reason for Teladoc's underperformance. However, the company also expects revenue growth to slow in the fourth quarter of 2021. Furthermore,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Announced plans to enter the telehealth market this summer.</p><p>For all of this, my answer is just looking at the long-term outlook for Teladoc. Virtual health is still in its early stages. McKinsey Consulting predicts that after the epidemic is over, the U.S. virtual medical market will reach $250 billion per year. Teladoc's opportunities aren't limited to the U.S., either.</p><p>I think there is no doubt that this is a big enough market to support multiple winners. Teladoc's lead, market presence (its customers now account for more than 40% of the Fortune 500 companies), and range of products and services give the company a solid competitive advantage.</p><p>It is perfectly understandable that 2020 will see an unprecedented surge in telehealth demand due to the pandemic, and revenue growth will slow somewhat. And in the long run, Teladoc should be able to continue to grow strongly.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://gimg2.baidu.com/image_search/src=http%3A%2F%2Finews.gtimg.com%2Fnewsapp_bt%2F0%2F13178222039%2F641&refer=http%3A%2F%2Finews.gtimg.com&app=2002&size=f9999,10000&q=a80&n=0&g=0n&fmt=jpeg?sec=1619929481&t=d215d79061ca1426fcf3fc9ef6561e9f","relate_stocks":{"ARKK":"ARK Innovation ETF","TDOC":"Teladoc Health Inc.","SE":"Sea Ltd"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126006034","content_text":"即使是最好的投资者也会经历艰难时期。方舟投资公司创始人兼首席执行官Cathie  Wood就是这样。Wood管理的五大交易所交易基金(ETFs)的股价远低于今年早些时候的高点。然而，股市回调为其他投资者提供了巨大的机会，让他们可以买进方舟ETF所拥有的最好公司的股票。下面是三支遭受重创的Cathie  Wood股票，它们是目前特别值得买入的股票。Sea Limite（SE.US）Sea Limited 在Wood的ARK Fintech Innovation ETF中排名第五。它是ARK Next  Generation Internet ETF的第10大持仓。该公司股价已较2月份创下的高点下跌逾12%。当然，该公司在3月初宣布了第四季度的大幅亏损。然而，该股的下跌更多地与投资者从成长型股票中撤出有关，而不是与Sea的基础业务有关。实际上，公司的业务正在蓬勃发展。Sea的数字娱乐部门正从《Free Fire》的成功中赚得盆满钵满，《Free  Fire》是拉丁美洲和东南亚连续6个季度营收最高的手机游戏。这项业务实质上是在补贴该公司专注于数字金融和电子商务的亏损部门。然而，我认为Sea的长期前景对这三项企业都非常有利。Free  Fire仍然是全球手机游戏巨头。Sea的Shopee电子商务平台在东南亚、印度尼西亚等市场处于领先地位，并持续实现强劲的收入增长。该公司的SeaMoney移动钱包也在加速发展。我希望Sea的底线会有所改善，并且我希望它的股价能很好地反弹。Square（SQ.US）Wood最喜欢的股票莫过于Square(NYSE:SQ)。该股是ARK Fintech Innovation ETF持有的最大股票，也是ARK  Innovation ETF和ARK Next Generation Internet  ETF的第二大头寸。但Square的股价较2月份的高点下跌了11%。与Sea  Limited的情况一样，Square的回调主要是市场轮转的结果。尽管该公司的卖家生态系统受到了COVID-19大流行的负面影响，但第四季度出现了改善的迹象。疫苗供应的增加预示着2021年剩余时间的表现将更加强劲。与此同时，Square的现金应用数字钱包仍然是该公司的一个巨大增长故事。今年第四季度，现金应用毛利润同比飙升162%。通过推动相关产品和服务(如现金卡和借记卡)的使用，Square应该能够实现更大的增长。今年3月，随着Square金融服务部门开始银行业务，该公司实现了一个重要的里程碑。在联邦特许银行的保护下，Square将能够为其商业客户提供更多的金融服务。随着时间的推移，这家金融科技巨头可能会扩大其银行服务。从很多方面来看，Square在颠覆金融服务业方面的努力才刚刚起步。它的股价还有很大的上涨空间。Teladoc Health（TDOC.US）在ARK Innovation ETF持股最多的公司中，Teladoc  Health的持股量仅次于Square。这家虚拟护理行业的领军企业是ARK Next Generation Internet  ETF的第四大持仓，在ARK Genomic Revolution  ETF位列第一。尽管Wood很喜欢Teladoc的股票，但其股价已从2月份的高点下跌了近40%。机构投资者将资金从成长型股票上转移，是Teladoc表现不佳的一个原因。然而，该公司也预计2021年第四季度的收入增长将放缓。此外，亚马逊宣布计划于今年夏天进军远程医疗市场。对于这一切，我的回答只是着眼于Teladoc的长期前景。虚拟医疗仍处于早期阶段。McKinsey咨询公司预测，疫情结束后，美国虚拟医疗市场每年将达到2500亿美元。Teladoc的机会也不仅仅局限于美国。我认为，毫无疑问，这是一个足够大的市场，足以支持多个赢家。Teladoc的领先优势、市场占有率(目前其客户占《财富》500强企业的40%以上)，以及产品和服务的范围，使公司具有坚实的竞争优势。2020年，由于大流行，远程医疗需求前所未有地激增，收入增长将有所放缓，这是完全可以理解的。而从长远来看，Teladoc应该能够持续强劲增长。","news_type":1,"symbols_score_info":{"SE":0.9,"SQ":0.9,"ARKK":0.9,"TDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9055217581,"gmtCreate":1655275933443,"gmtModify":1676535602850,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"😄","listText":"😄","text":"😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9055217581","repostId":"9022524674","repostType":1,"repost":{"id":9022524674,"gmtCreate":1653552819200,"gmtModify":1676535303082,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"Time Travel with Tiger, Join the Memorabilia Adventure Now!!!","htmlText":"\n \n \n  Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi\n \n","listText":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","text":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022524674","isVote":1,"tweetType":2,"object":{"id":"97af7069aa6440eab7c85601f72b41b1","tweetId":"9022524674","videoUrl":"https://1254107296.vod2.myqcloud.com/73ba5544vodgzp1254107296/5836ee3f387702302012189230/1IRQdazMc4YA.mp4","poster":"https://community-static.tradeup.com/news/f2462b20b2a9a2483ae56cbb54dcb2a7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9017198385,"gmtCreate":1649753199815,"gmtModify":1676534565100,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9017198385","repostId":"9016476123","repostType":1,"repost":{"id":9016476123,"gmtCreate":1649229403658,"gmtModify":1676534474180,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"🏆【GAME】Hunting Eggs for Extra Saving!","htmlText":"Tiger has prepared some Easter gifts for you, please&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/easter/\" target=\"_blank\">click&nbsp;here</a>&nbsp;to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","listText":"Tiger has prepared some Easter gifts for you, please&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/easter/\" target=\"_blank\">click&nbsp;here</a>&nbsp;to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","text":"Tiger has prepared some Easter gifts for you, please click here to check them out!Easter can still be a bonus-boosting. Come and find the eggs in our Easter game to open the surprise! Each game contains 3 rounds, the more eggs you catch, the higher the points you can get. Game points can be redeemed for various rewards, including different value stock vouchers worth up to USD 1,000 are waiting for you! Moreover, catching special eggs can get extra points and chances to crack open for some wonderful Easter treats.There are too many hidden surprises to find, oops, the game attempts run out too fast. Don't worry, complete different tasks to earn more game attempts. Also, invite your frien","images":[{"img":"https://community-static.tradeup.com/news/15b435c0d10e0e89ad3e06b7bbd04830","width":"2251","height":"1334"},{"img":"https://community-static.tradeup.com/news/ff9640a9df2f24446e07b7a9b658cb4b","width":"1200","height":"630"},{"img":"https://community-static.tradeup.com/news/795038848b7c7b1d7dda27d92b580946","width":"1656","height":"948"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016476123","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000243250,"gmtCreate":1640220046153,"gmtModify":1676533508400,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000243250","repostId":"2193116621","repostType":4,"isVote":1,"tweetType":1,"viewCount":2197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123390052,"gmtCreate":1624408233076,"gmtModify":1703835673802,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123390052","repostId":"1109081443","repostType":4,"repost":{"id":"1109081443","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":1624407786,"share":"https://ttm.financial/m/news/1109081443?lang=en_US&edition=fundamental","pubTime":"2021-06-23 08:23","market":"sh","language":"zh","title":"Daily Youxian submits red herring prospectus, which has been oversubscribed","url":"https://stock-news.laohu8.com/highlight/detail?id=1109081443","media":"老虎资讯综合","summary":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金","content":"<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</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>Daily Youxian submits red herring prospectus, which has been oversubscribed</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 Youxian submits red herring prospectus, which has been oversubscribed\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-23 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 23, according to market sources close to the IPO, since the update of the prospectus, Daily Youxian<a href=\"https://laohu8.com/S/MF\">$(MF) $</a>The US IPO has been oversubscribed. The daily update prospectus of Youxian shows that its IPO is priced at US $13-16/ADS, and existing shareholders CICC, Tencent, US long-term funds Davis, Yuansheng, and Yuanjing have all subscribed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26d35a88c8d9d9d46abd395d2bd24396","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109081443","content_text":"6月23日讯，据接近IPO的市场人士消息，自更新招股书以来，每日优鲜$(MF)$赴美IPO已获得超额认购。每日优鲜更新招股书显示，其IPO定价为13-16美元/ADS，现有股东中金、腾讯、美国长线基金Davis、元生、元璟均已认购。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":1908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130404563,"gmtCreate":1621559629652,"gmtModify":1704359601520,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130404563","repostId":"2137979737","repostType":4,"repost":{"id":"2137979737","kind":"news","pubTimestamp":1621558572,"share":"https://ttm.financial/m/news/2137979737?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:56","market":"sh","language":"zh","title":"HKEx raises the threshold for listing on the main board and strengthens sanctions for executive misconduct","url":"https://stock-news.laohu8.com/highlight/detail?id=2137979737","media":"证券时报","summary":"港交所双管齐下，再次修改上市规则，旨在进一步提高香港股市的质量。5月20日，港交所发布两份咨询总结，一是提高主板盈利规定，要求主板上市公司三个会计年度盈利总和达到8000万港元，此项 ...","content":"<p>The Hong Kong Stock Exchange has taken a two-pronged approach and revised the listing rules again, aiming at further improving the quality of the Hong Kong stock market.</p><p>On May 20, the Hong Kong Stock Exchange issued two consultation summaries. One is to raise the main board profit regulations, requiring the total profits of companies listed on the main board for three fiscal years to reach HK $80 million. This regulation will take effect on January 1, 2022.</p><p>The second is the \"Consultation Summary on Disciplinary Actions\", which will strengthen the right of HKEx to investigate and impose improper sanctions on individual misconduct and violation of the Listing Rules.</p><p><b>HKEx raises main board profit rules</b></p><p><b>▲ ▲ ▲</b></p><p>On May 20, the Hong Kong Stock Exchange published the \"Consultation Document\" to amend the profit requirements of the main board, and decided to increase the profit requirements of the main board by 60%, equivalent to a total profit of HK $80 million, and change the profit distribution to 56%: 44%, that is, the total minimum profit required for the first two financial years of the financial reporting period is HK $45 million, and the last financial year is HK $35 million, thus reducing the P/E by 14 times (consistent with the average P/E of the Hang Seng Index from 1994 to 2020).</p><p>The above revised profit increase will be effective on January 1, 2022.</p><p>The profit requirement is one of the three financial qualification tests, and it is also part of the assessment of HKEx when determining whether a listing applicant is suitable for listing on the Main Board. The last time the Stock Exchange raised the market value requirement was in 2018, raising the market value requirement of the main board from HK $200 million to HK $500 million, but it did not increase the profit at the same time. As a result, the extended historical P/E of companies that only met the two minimum requirements exploded from 10 times to 25 times, much higher than the market average.</p><p>These listing applicants generally reflect their growth potential with optimistic profit forecasts submitted to the Stock Exchange, thus justifying their high valuations. However, many of these companies fail to meet the profit forecast requirements after listing, and their stock prices have plummeted. The market value has plummeted.</p><p>According to the data of the consultation document, the median change in the stock price of eligible issuers (not low-cap issuers) compared to the offering price one year after listing (compared with the Hang Seng Composite Industry Index) is-10.1%, while that of uneligible issuers It is-30.8%. From the listing to March 31, 2021, the relevant median change in the share price of eligible issuers compared to the offering price was-34.1%, while that of uneligible issuers was-65.7%.</p><p><img src=\"https://static.tigerbbs.com/9ca061e0dadbed73b2d8949a441a1f95\" tg-width=\"693\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p><p>In addition, the overvaluation of these issuers also makes the market question whether the process of offering price has been interfered by behaviors that violate the basic principles of the Listing Rules, such as providing rebates to investors or fabricating the quality of shareholders' assets, thus affecting the overall quality of listed companies on the main board.</p><p><img src=\"https://static.tigerbbs.com/541c43ba757afb6d94b955451af2dad0\" tg-width=\"693\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>The above-mentioned regulations of the Hong Kong Stock Exchange have also met with strong opposition from the market. Opponents believe that raising the profit regulations will shut out small and medium-sized enterprises and traditional companies, and the timing of implementing the proposals is inappropriate in view of the current economic situation, which will also reduce the competitiveness of the Hong Kong Stock Exchange.</p><p>In response, HKEx responded, \"We don't think that raising the profit regulations will deprive SMEs of the opportunity to list in Hong Kong. If SMEs fail to meet the requirements of the main board, they can seek GEM listing. The regulatory framework of the exchange is derived from its development history, and it is designed to meet the needs of its own capital market. It will not adversely affect Hong Kong's competitiveness just because of the proposal of improving the profit regulations. Instead, it will consolidate the market positioning of the main board as an international financial center.\"</p><p>In a joint statement, the SFC said that some initial public offerings may simply meet the initial listing requirements in unreal ways, such as allocating shares to controlled placees at inflated offering prices, thus meeting the minimum market value requirement of HK $500 million in the Main Board Listing Rules. But the real purpose behind it is to manipulate shares in the future, such as manipulating stock prices by \"singing high bulk cargo\".</p><p>Ou Dali, Chief Executive Officer of the Hong Kong Securities and Futures Commission, said, \"As part of the regulatory measures against improper behavior, we are now stepping up the examination of problematic applications with early warning signs. When necessary, the two regulatory agencies will use their regulatory powers to oppose or reject an application. The SFC works closely with the Hong Kong Stock Exchange to strictly examine the valuation of each listing applicant to assess the compliance with the minimum market value and other initial listing requirements.\"</p><p><b>Strengthening sanctions for executive misconduct</b></p><p><b>▲ ▲ ▲</b></p><p>In addition to improving the profitability of the main board, the Hong Kong Stock Exchange also published the Consultation Summary of Disciplinary Actions. The amended provisions of the Listing Rules can strengthen the right of HKEx to pursue and impose misconduct sanctions against individuals for misconduct and violation of the Listing Rules, and will be implemented and effective on July 3, 2021.</p><p>The implementation of the proposal will expand the scope of reputational sanctions and ensure that more individuals can be disciplined, including senior management who caused or knowingly participated in violations of the Listing Rules.</p><p>Specifically, it is the scope of accountability of listed companies for acts that harm the rights and interests of investors, covering the directors and senior management of relevant listed issuers and any of their subsidiaries. This is to solve the problem that executives of listed issuers may avoid accountability by transferring to other positions in the issuer group or subsidiaries.</p><p>If the case involves serious behavior, the Hong Kong Stock Exchange will not only issue a statement of harming investors' rights and interests to individuals, but also take certain measures to hold them accountable, including prohibiting the listed issuer from entering the market during a specified period in addition to suspending trading or canceling its listing status.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Jon Witts, Executive Director of Rules of the Listing Division, said: \"After this amendment to the Listing Rules, individuals who breach the Listing Rules or engage in misconduct will be held liable, which will help ensure that the Stock Exchange's disciplinary framework remains sound and effective, so as to enhance market quality and protect investors' interests.\"</p>","source":"tonghuashun","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>HKEx raises the threshold for listing on the main board and strengthens sanctions for executive misconduct</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\">\nHKEx raises the threshold for listing on the main board and strengthens sanctions for executive misconduct\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券时报</strong><span class=\"h-time small\">2021-05-21 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Hong Kong Stock Exchange has taken a two-pronged approach and revised the listing rules again, aiming at further improving the quality of the Hong Kong stock market.</p><p>On May 20, the Hong Kong Stock Exchange issued two consultation summaries. One is to raise the main board profit regulations, requiring the total profits of companies listed on the main board for three fiscal years to reach HK $80 million. This regulation will take effect on January 1, 2022.</p><p>The second is the \"Consultation Summary on Disciplinary Actions\", which will strengthen the right of HKEx to investigate and impose improper sanctions on individual misconduct and violation of the Listing Rules.</p><p><b>HKEx raises main board profit rules</b></p><p><b>▲ ▲ ▲</b></p><p>On May 20, the Hong Kong Stock Exchange published the \"Consultation Document\" to amend the profit requirements of the main board, and decided to increase the profit requirements of the main board by 60%, equivalent to a total profit of HK $80 million, and change the profit distribution to 56%: 44%, that is, the total minimum profit required for the first two financial years of the financial reporting period is HK $45 million, and the last financial year is HK $35 million, thus reducing the P/E by 14 times (consistent with the average P/E of the Hang Seng Index from 1994 to 2020).</p><p>The above revised profit increase will be effective on January 1, 2022.</p><p>The profit requirement is one of the three financial qualification tests, and it is also part of the assessment of HKEx when determining whether a listing applicant is suitable for listing on the Main Board. The last time the Stock Exchange raised the market value requirement was in 2018, raising the market value requirement of the main board from HK $200 million to HK $500 million, but it did not increase the profit at the same time. As a result, the extended historical P/E of companies that only met the two minimum requirements exploded from 10 times to 25 times, much higher than the market average.</p><p>These listing applicants generally reflect their growth potential with optimistic profit forecasts submitted to the Stock Exchange, thus justifying their high valuations. However, many of these companies fail to meet the profit forecast requirements after listing, and their stock prices have plummeted. The market value has plummeted.</p><p>According to the data of the consultation document, the median change in the stock price of eligible issuers (not low-cap issuers) compared to the offering price one year after listing (compared with the Hang Seng Composite Industry Index) is-10.1%, while that of uneligible issuers It is-30.8%. From the listing to March 31, 2021, the relevant median change in the share price of eligible issuers compared to the offering price was-34.1%, while that of uneligible issuers was-65.7%.</p><p><img src=\"https://static.tigerbbs.com/9ca061e0dadbed73b2d8949a441a1f95\" tg-width=\"693\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p><p>In addition, the overvaluation of these issuers also makes the market question whether the process of offering price has been interfered by behaviors that violate the basic principles of the Listing Rules, such as providing rebates to investors or fabricating the quality of shareholders' assets, thus affecting the overall quality of listed companies on the main board.</p><p><img src=\"https://static.tigerbbs.com/541c43ba757afb6d94b955451af2dad0\" tg-width=\"693\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>The above-mentioned regulations of the Hong Kong Stock Exchange have also met with strong opposition from the market. Opponents believe that raising the profit regulations will shut out small and medium-sized enterprises and traditional companies, and the timing of implementing the proposals is inappropriate in view of the current economic situation, which will also reduce the competitiveness of the Hong Kong Stock Exchange.</p><p>In response, HKEx responded, \"We don't think that raising the profit regulations will deprive SMEs of the opportunity to list in Hong Kong. If SMEs fail to meet the requirements of the main board, they can seek GEM listing. The regulatory framework of the exchange is derived from its development history, and it is designed to meet the needs of its own capital market. It will not adversely affect Hong Kong's competitiveness just because of the proposal of improving the profit regulations. Instead, it will consolidate the market positioning of the main board as an international financial center.\"</p><p>In a joint statement, the SFC said that some initial public offerings may simply meet the initial listing requirements in unreal ways, such as allocating shares to controlled placees at inflated offering prices, thus meeting the minimum market value requirement of HK $500 million in the Main Board Listing Rules. But the real purpose behind it is to manipulate shares in the future, such as manipulating stock prices by \"singing high bulk cargo\".</p><p>Ou Dali, Chief Executive Officer of the Hong Kong Securities and Futures Commission, said, \"As part of the regulatory measures against improper behavior, we are now stepping up the examination of problematic applications with early warning signs. When necessary, the two regulatory agencies will use their regulatory powers to oppose or reject an application. The SFC works closely with the Hong Kong Stock Exchange to strictly examine the valuation of each listing applicant to assess the compliance with the minimum market value and other initial listing requirements.\"</p><p><b>Strengthening sanctions for executive misconduct</b></p><p><b>▲ ▲ ▲</b></p><p>In addition to improving the profitability of the main board, the Hong Kong Stock Exchange also published the Consultation Summary of Disciplinary Actions. The amended provisions of the Listing Rules can strengthen the right of HKEx to pursue and impose misconduct sanctions against individuals for misconduct and violation of the Listing Rules, and will be implemented and effective on July 3, 2021.</p><p>The implementation of the proposal will expand the scope of reputational sanctions and ensure that more individuals can be disciplined, including senior management who caused or knowingly participated in violations of the Listing Rules.</p><p>Specifically, it is the scope of accountability of listed companies for acts that harm the rights and interests of investors, covering the directors and senior management of relevant listed issuers and any of their subsidiaries. This is to solve the problem that executives of listed issuers may avoid accountability by transferring to other positions in the issuer group or subsidiaries.</p><p>If the case involves serious behavior, the Hong Kong Stock Exchange will not only issue a statement of harming investors' rights and interests to individuals, but also take certain measures to hold them accountable, including prohibiting the listed issuer from entering the market during a specified period in addition to suspending trading or canceling its listing status.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Jon Witts, Executive Director of Rules of the Listing Division, said: \"After this amendment to the Listing Rules, individuals who breach the Listing Rules or engage in misconduct will be held liable, which will help ensure that the Stock Exchange's disciplinary framework remains sound and effective, so as to enhance market quality and protect investors' interests.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.10jqka.com.cn/hks/20210521/c629573746.shtml\">证券时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1244793084c6388467f46fc7c39784b","relate_stocks":{},"source_url":"http://stock.10jqka.com.cn/hks/20210521/c629573746.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2137979737","content_text":"港交所双管齐下，再次修改上市规则，旨在进一步提高香港股市的质量。5月20日，港交所发布两份咨询总结，一是提高主板盈利规定，要求主板上市公司三个会计年度盈利总和达到8000万港元，此项规定将于2022年1月1日生效。二是《纪律处分咨询总结》，此项规定将加强港交所对个别人士的失当及违反《上市规则》的行为作出追究并施加失当制裁的权利。港交所提高主板盈利规定▲▲▲港交所于5月20日刊发修改主板盈利规定的《咨询文件》，决定将主板盈利规定调高60%，等同盈利总和8000万港元，并将盈利分布改为56%：44%，即财报期首两个财政年度所需的最低盈利总和为4500万港元，最后一个财政年度为3500万港元，从而降低市盈率达到14倍（与1994年至2020年恒生指数的平均市盈率一致）。上述修订后的盈利调高幅度将于2022年1月1日生效。盈利规定是三大财务资格测试之一，也是港交所厘定上市申请人是否适合在主板上市时评估的其中一环。联交所最近一次调高市值规定是在2018年，将主板市值规定由2亿港元调高至5亿港元，但并未将盈利一并提高，从而导致仅仅符合两项最低要求的公司引申历史市盈率由10倍爆升至25倍，远高于市场平均数。这些上市申请人一般都以提交给联交所的乐观盈利预测来反映增长潜力，从而证明其偏高的估值合理，然而其中不少公司在上市后都达不到盈利预测要求，并且股价大跌以致市值大跌。根据咨询文件数据显示，合资格发行人（并非低市值发行人）上市后一年的股价相较于招股价的变动中位数（与恒生综合行业指数比较）为-10.1%，而不合资格发行人则为-30.8%。上市起至2021年3月31日，合资格发行人的股价相较于招股价的相关变动中位数为-34.1%，而不合资格发行人则为-65.7%。此外，这些发行人估值过高，也令市场质疑招股价的过程是否受到有违《上市规则》基本原则的行为干预，比如向投资者提供回佣或捏造股东资产质量，从而影响主板上市公司整体质量。港交所的上述规定也遭遇过市场强烈反对，反对人士观点认为，调高盈利规定会将中小企业及传统公司拒之门外，实施建议的时间就当前经济状况而言也不适当，也会降低港交所的竞争力。对此，港交所回应称，“我们并不认为调高盈利规定会剥夺中小企业于香港上市的机会，若有中小企业因为盈利未达到主板要求，可寻求GEM上市。交易所的监管框架均是由其发展历史产生，且是为迎合自身资本市场需要而设，也不会因为仅仅提高盈利规定的建议就会对香港的竞争力造成不利影响，反而会巩固主板作为容纳规模较大公司的市场定位，加上充足的股东保障及多元化发行人基础，从而巩固香港国际金融中心的地位。”香港证监会在联合声明中表示，某些首次公开招股项目可能只是以非真实方式满足首次上市规定，例如将股份以虚高的招股价分配给受控制承配人，从而满足《主板上市规则》中的5亿港元最低市值规定。但背后真实目的是为了在日后能操纵股份，比如透过“唱高散货”方式操纵股价。香港证监会行政总裁欧达礼表示，“作为针对不正当行为而采取的监管对策的一部分，我们现时正加强审查出现预警迹象的有问题申请，在有需要时，两家监管机构将使用其监管权力，反对或拒绝某项申请。港证监会与港交所紧密合作，严格检视每个上市申请人的估值，以评估有关最低市值和其他首次上市规定的合规情况。”加强对高管失当行为的制裁▲▲▲除提高主板盈利之外，港交所亦刊发《纪律处分咨询总结》。经修订的《上市规则》条文可加强港交所对个别人士的失当，及违反《上市规则》的行为作出追究并施加失当制裁的权利，并于2021年7月3日实施及生效。实施有关建议将扩大可作声誉制裁的范围，并确保可对更多个别人士作纪律处分，包括导致或明知而参与违反《上市规则》的高级管理人员。具体来讲，就是上市公司针对损害投资者权益的行为，追责的对象范围，涵盖相关上市发行人及其任何附属公司的董事和高级管理层。这是为了解决上市发行人高管可能通过调职至发行人集团或子公司其他职位，从而躲避追责。若个案涉及较严重行为，港交所除了在对个别人士发出损害投资者权益声明同时，同步还会采取若干措施追责，包括除停牌或取消上市地位外，禁止该上市发行人在指定期间入市。香港交易所上市科规则执行主管Jon Witts表示：\"在这次《上市规则》修订后，违反《上市规则》或参与不当行为的个别人士均要承担责任，这有助确保联交所的纪律处分框架维持健全及有效，以提升市场素质及保障投资者的权益。\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373012391,"gmtCreate":1618801955313,"gmtModify":1704715061975,"author":{"id":"3569548969726331","authorId":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569548969726331","authorIdStr":"3569548969726331"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373012391","repostId":"1137889592","repostType":4,"repost":{"id":"1137889592","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1618801772,"share":"https://ttm.financial/m/news/1137889592?lang=en_US&edition=fundamental","pubTime":"2021-04-19 11:09","market":"us","language":"zh","title":"CICC Overseas: What is the prospect for US stocks after new highs?","url":"https://stock-news.laohu8.com/highlight/detail?id=1137889592","media":"Kevin策略研究","summary":"上周，纳斯达克指数突破14000点关口逼近前期高点，加上早已创新高的道琼斯和标普500指数，美股市场基本收复所有失地。再创新高后美股标普500指数年初以来回报已经超过11%。在这一背景下，“恐高”依然","content":"<p>Last week, the Nasdaq index broke through the 14,000-point mark and approached the previous high. Coupled with the Dow Jones and S&P 500 indexes, which had already hit new highs, the U.S. stock market basically recovered all lost ground. After hitting a new high, the US stock S&P 500 has returned more than 11% since the beginning of the year. In this context, \"fear of heights\" is still a lingering worry of quite a few investors. So, what is the prospect for US stocks after new highs? Do valuation and earnings match up? What is the rhythm and path of the subsequent evolution, and what important events and time points need attention?</p><p><b>1. The driving force behind U.S. stocks hitting new highs: slowing interest rates, improving earnings and sentiment.</b>Recently, the market has recovered lost ground and reached a new high, thanks to the slowdown of interest rate disturbance and the further improvement of growth.</p><p><b>2. The current growth prospects of the United States: both supply and demand are booming, and recovery is accelerated.</b>Looking ahead, driven by the combination of vaccination and fiscal stimulus, we expect that the booming supply and demand situation in the United States will continue in the first half of the year, which will in turn promote the accelerated recovery of the growth economy, especially the resumption of service consumption and production. Against this background, U.S. stock profits also show similar characteristics.</p><p><b>3. To what extent does the current valuation match the profit?</b>There are two reasons for the seemingly obviously high absolute valuation level: First, the interest rate center is at a significantly low level. Second, the epidemic caused a sharp decline in profits. At the current level, valuation is difficult to become the driving force of the market, and it will even face downward pressure in the context of rising interest rates, but it may not be a ridiculously high bubble state, and it basically matches the current interest rate level and growth expectations.</p><p><b>4. The future evolution path, as well as the events and times that need to be focused on? From now until mid-May</b>It will be an intensive disclosure period for US stocks in the first quarter, and at the same time<b>May ~ June</b>It will be a stage of rapid repair such as service consumption, service demand such as travel, and production resumption.<b>Enter June</b>, the May inflation data released at that time will reach a high of 3.5 ~ 4% year-on-year due to the low base in the same period last year, and then gradually fall back.<b>Entering the second half and the third quarter</b>, more details of Biden's infrastructure and tax increases, and whether further progress can be made, are worthy of attention. If there is positive progress in the infrastructure plan and the basic achievement of herd immunity by then, it may become a catalyst for the next round of US Treasury yields to rise again.<b>Fourth quarter,</b>We need to focus on whether the Federal Reserve will begin to send signals of QE reduction.</p><p><b>Focus discussion: What is the prospect of the U.S. stock market after hitting a new high? Is there any risk?</b></p><p>Last week, the Nasdaq index broke through the 14,000-point mark and approached the previous high. Coupled with the Dow Jones and S&P 500 indexes, which had already hit new highs, the U.S. stock market basically got rid of the disturbance caused by the upward trend of the US Treasury yields since early February and recovered all lost ground. This performance not only reflects the resilience of U.S. stocks, but also confirms that we have always emphasized that the pure rise in long-term interest rates will not reverse the market trend, especially that profits are still accelerating (\"The Meaning and Impact of Steepening the Yield Curve\"), and Investment advice to maintain equity assets outperforming and overweighting U.S. stocks (\"Overseas Asset Allocation Monthly Report (2021-4): The Backlash of\" Growth Trading \"?\").</p><p>After hitting a new high, the US stock S&P 500 index has returned more than 11% since the beginning of the year, leading major global markets, especially emerging markets, and its valuation has returned to historical highs again (the dynamic PE of the S&P 500 index is 22.6 times). In this context, \"fear of heights\" is still a lingering worry of quite a few investors. So, what is the prospect for US stocks after new highs? Do valuation and earnings match up? What is the rhythm and path of the subsequent evolution, and what important events and time points need attention? These are all questions that investors are currently concerned about, and we will answer them in this article.</p><p><i>After hitting a new high, the US stock S&P 500 index has returned more than 11% since the beginning of the year, leading major global markets, especially emerging markets</i></p><p><img src=\"https://static.tigerbbs.com/2d192bd31fe5b1b4ad26d0e1936cb97a\" tg-width=\"1011\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p><i>The U.S. stock market has basically got rid of the disturbance caused by the upward trend of the US Treasury yields since early February and recovered all lost ground</i></p><p><img src=\"https://static.tigerbbs.com/a3295043d8c31b8700b41f4b41359d38\" tg-width=\"1003\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><b>1. The driving force behind U.S. stocks hitting new highs: slowing interest rates, improving earnings and sentiment</b></p><p>In the race between interest rates and profits, if the correction led by U.S. stocks, especially growth stocks, since February is due to the disturbance caused by the excessive interest rate and the sharp increase in real interest rates under the background of good economic fundamentals (\"The Challenge of US Treasury yields's Too Fast Upward\", \"The Meaning and Impact of Higher Real Interest Rates\"), then the recent market recovery of lost ground and new highs is due to the slowdown of interest rate disturbance and the further improvement of growth. Considering that even if the recent upward trend slows down or even falls slightly, the long-term interest rate and real interest rate levels are still significantly higher than the starting point of this round of upward trend in early February, 51 and 25 basis points higher respectively, and the valuation is basically the same (22.6 vs. 22).<b>Therefore, the improvement of fundamentals and earnings (expectations) is the main reason to support the market recovery.</b>Specifically, dismantling the contribution factors of market performance since the beginning of February, we found that profit recovery and risk premium are the main contributions, while the rise in risk-free interest rates constitutes a drag.</p><p><i>Earnings repair and risk premium are the main contributions, while rising risk-free interest rates constitute a drag</i></p><p><img src=\"https://static.tigerbbs.com/e90ad1e51f8ec4ce8b3b2ef2fff44b03\" tg-width=\"836\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><b>Not only that, but the rotation of market style is also highly correlated with the trend of interest rates.</b>The rapid rise in interest rates in the early stage pushed the value style to take the lead, while the recent slowdown in the rise in interest rates made growth stocks recover quickly.</p><p><i>The rapid rise in interest rates in the early stage pushed the value style to lead, while the recent slowdown in the rise in interest rates has caused growth stocks to recover quickly</i></p><p><img src=\"https://static.tigerbbs.com/9c1a0817bb9bf324bb28b85a36cb9995\" tg-width=\"980\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p><p><b>2. The current growth prospects of the United States: supply and demand are booming, and recovery is accelerated</b></p><p><b>Recently, the U.S. economy has shown a strong recovery situation of booming supply and demand.</b>On the one hand, driven by the recent continuous acceleration of vaccination, offline service consumption, travel, etc. in the United States have experienced rapid repairs (\"Looking at U.S. Production and Demand Repairs and Gap Changes from High-Frequency Data\"). We believe that the current average daily vaccination rate of 3.3 million doses is expected to enable the United States to basically achieve 70% \"herd immunity\" around May. Against this background, bus travel and dining out in the United States have basically returned to normal levels before the epidemic, and air travel (TSA security check number) has rebounded to about 70% of pre-epidemic levels. In addition, industrial production and capacity utilization in March also recovered from the decline in February due to cold weather. On the other hand, the fiscal stimulus of US $1.9 trillion also had an immediate effect on consumption. Retail consumption rebounded sharply in March, especially on sports, hobbies, musical instruments, books, clothing and clothing accessories.</p><p>Therefore,<b>Looking ahead, driven by the combination of vaccination and fiscal stimulus, we expect that the booming supply and demand situation in the United States will continue in the first half of the year, thereby promoting the accelerated recovery of the growth economy, especially the resumption of service consumption and production.</b></p><p><i>U.S. vaccination continues to accelerate</i></p><p><img src=\"https://static.tigerbbs.com/94d606b4811ffde403885b648debff0b\" tg-width=\"1000\" tg-height=\"614\" referrerpolicy=\"no-referrer\"></p><p><i>Achieve herd immunity calculation path: herd immunity is expected to be achieved before June</i></p><p><img src=\"https://static.tigerbbs.com/3cf0a0e2fb5a2726746f6d47f9b4bbf0\" tg-width=\"1080\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p><p><i>Bus travel has basically returned to normal levels before the epidemic</i></p><p><img src=\"https://static.tigerbbs.com/22855041b258943251ab85e55c9dd495\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>The same goes for the number of people eating out</i></p><p><img src=\"https://static.tigerbbs.com/79e68225f5357e07fd662c03070c2c9f\" tg-width=\"1062\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p><i>Air travel (TSA security screening number) has rebounded to about 70% of pre-pandemic levels</i></p><p><img src=\"https://static.tigerbbs.com/014e80b8ad4df1d4e4d6ef6b60fc274a\" tg-width=\"1062\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p><i>The $1.9 trillion fiscal stimulus is also an immediate boost to consumption</i></p><p><img src=\"https://static.tigerbbs.com/ba1a03e5829a7079326bb88f7068388e\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>Industrial production and capacity utilization in March also recovered from a fall in February due to cold weather</i></p><p><img src=\"https://static.tigerbbs.com/8d0b8634a98ae2098d5bf0ad9b14e638\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><i>Month-on-month growth rate of retail sales in March</i></p><p><img src=\"https://static.tigerbbs.com/e5d28c9324d233e4a37d5bae2bd5a353\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><b>Against this background, U.S. stock profits also show similar characteristics.</b>In the first quarter, judging from the current market consensus expectations, U.S. earnings are expected to achieve a 24% growth, especially in the automobile, banking, consumption, technology hardware and other sectors. The earnings of major financial institutions that were first disclosed recently are as follows:<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>、<a href=\"https://laohu8.com/S/C\">Citigroup</a>, Bank of America were significantly better than market expectations, exceeding expectations by more than 80%.</p><p>In the second quarter, under the low base effect caused by the epidemic last year, the profit growth rate is expected to reach a high growth rate of more than 50%.<b>As a result, the profit impact caused by the epidemic has basically been repaired.</b>In the third and fourth quarters, the profit growth rate will gradually decline to 15 ~ 20%.</p><p><i>In the first quarter, U.S. earnings are expected to achieve a 24% growth; In the second quarter, under the low base effect caused by the epidemic last year, the profit growth rate is expected to reach more than 50%; The earnings growth rate in the third and fourth quarters will drop to 15 ~ 20%</i></p><p><img src=\"https://static.tigerbbs.com/ca51c5e1a4cf62a49d6f561566d369a1\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p><p><i>Against this background, the U.S. earnings forecast growth rate in 2021 is 28.2%</i></p><p><img src=\"https://static.tigerbbs.com/c312aead5c8b7c3087057bdc2af45dfb\" tg-width=\"1055\" tg-height=\"647\" referrerpolicy=\"no-referrer\"></p><p><b>3. To what extent does the current valuation match the profit?</b></p><p>Although the repair path of U.S. stock profits is relatively clear, many investors are still worried about whether the current high valuation level has taken into account too many expectations and whether it matches the current profit prospects, especially in the context of the high probability of interest rates continuing to rise..</p><p>Currently, the dynamic valuation of the S&P 500 index is 22.6 times, which is higher than the historical long-term center of more than 16 times and 1.2 times standard deviation, second only to the high of 25.8 in the 2000 technology bubble. There are two reasons for this seemingly clearly high absolute valuation level:</p><p><b>First, the interest rate center is at a significantly low level</b>。 If the 10-year Treasury Bond interest rate is deducted, the equity risk premium implied by the current dynamic valuation of U.S. stocks is basically equivalent to the level corresponding to the high valuation point in early 2018 (the valuation at that time was 18.4 times);</p><p><b>Second, the epidemic caused a sharp decline in profits</b>。 If the pre-epidemic level at the end of 2019 is 100, the current S&P 500 index is 29% higher than at that time; The profit is ~ 14% lower than that at that time. According to the current expected growth rate, it is expected to completely recover the lost ground and return to 100 this year (the quarterly dimension has turned positive year-on-year in the fourth quarter), so the rest is contributed by valuation. If you consider that the current 10-year US Treasury yields is lower than at the end of 2019 (~ 1.9%) and liquidity is abundant, then this valuation is not unsupported.</p><p><i>The dynamic valuation of the S&P 500 index is 22.6 times, which is higher than the historical long-term center of more than 16 times and 1.2 times standard deviation, second only to the high of 25.8 in the 2000 technology bubble</i></p><p><i>If the 10-year Treasury Bond interest rate is deducted, the equity risk premium implied in the current dynamic valuation of U.S. stocks is even higher than the level corresponding to the high valuation point in early 2018</i></p><p><i>On a comparable basis, the net profit of U.S. stocks in the fourth quarter has returned to the pre-epidemic (4Q19) level. According to the current profit growth forecast (28.7% year-on-year in 2021E), the net profit for the whole year of 2021 will also return to the pre-epidemic level in 2019</i></p><p><i>If you consider that the current 10-year US Treasury yields is lower than at the end of 2019 (~ 1.9%) and liquidity is abundant, then this valuation is not unsupported</i></p><p><i>The current S&P 500 index's 28.7 times static P/E is slightly lower than the reasonable level (~ 29.7 times) that growth (March ISM manufacturing PMI = 64.7) and liquidity (10-year US Treasury yields 1.58%) can support.</i></p><p>In addition, the reasonable static valuation of the S&P 500 index implied by our growth and interest rate levels is 29.7 times, which is higher than the current actual level (28.7 times), which also shows that the current valuation is not ridiculously high.<b>Therefore, at the current level, valuation is difficult to become the driving force of the market, and even will face downward pressure in the context of rising interest rates, but it may not be a ridiculously high bubble state, and it basically matches the current interest rate level and growth expectations.</b></p><p>However, it should be noted that in the context of relatively high valuations and short-term overbought market, market fluctuations that may be caused by some unexpected events and trading factors are difficult to completely avoid.</p><p><i>Under the background of relatively high valuations and short-term overbought markets, it is difficult to completely avoid market fluctuations that may be caused by unexpected events and transactions</i></p><p><b>4. The future evolution path, as well as the events and times that need to be focused on?</b></p><p><b>From now until mid-May</b>It will be an intensive disclosure period for U.S. stocks in the first quarter, so earnings will become the main focus and driving force of the market. We expect that the performance in the first quarter will still perform well, thus providing support for the market.</p><p>In addition, according to the current vaccination progress and repair path, the United States is expected to achieve herd immunity in the first half of the year; At the same time, the US $1.9 trillion fiscal stimulus consumption boost and unemployment subsidies will also be released more concentrated in the first half of the year, so we expect<b>May to June will be a stage of rapid repair for service consumption, service demand such as travel, and production resumption</b>。</p><p><b>Enter June</b>, the May inflation data released at that time will reach a high of 3.5 ~ 4% year-on-year due to the low base in the same period last year, and then gradually fall back. However, if the data greatly exceeds expectations, it may trigger market concerns about inflation levels, thereby pushing up interest rates, so it is worthy of attention.</p><p><i>Entering June, the May inflation data released at that time will reach a high of 3.5 ~ 4% due to the low base in the same period last year, and then gradually fall back</i></p><p><i>However, if the data further exceeds expectations by a large margin, it may raise concerns about inflation levels, which in turn will push up interest rates</i></p><p><b>Entering the second half and the third quarter</b>, more details of Biden's infrastructure and tax increases, and whether further progress can be made, are worthy of attention. If there is positive progress in the infrastructure plan and herd immunity is basically achieved by then,<b>Could be a catalyst for the next round of US Treasury yields to rise again</b>。 On the basis that the target of 1.5% at the end of last year has been achieved, we maintain the judgment of US Treasury yields's target points of 1.8% and 2.2% in the next 10 years.</p><p><b>In the fourth quarter, we need to focus on whether the Federal Reserve will begin to send QE reduction signals</b>。 Under the current policy framework of average inflation targeting, the repair of the job market has become a more important policy goal than short-term inflation. We estimate that if the unemployment rate and labor participation rate are to be restored to pre-epidemic levels, there will still be an employment gap of 8.9 million. Even at the non-farm employment rate of around 900,000 in March, it will take about 10 months, that is, corresponding to this year. At the end of the year and early next year, it may become an opportunity for the Federal Reserve to gradually start sending signals of QE reduction. However, as long as the profit is still in the upward channel, we don't think it will completely reverse the market, but the resulting rise in short-term interest rates may have a relatively greater disturbance to the market.</p><p><i>We estimate that if the unemployment rate and labor participation rate are to be restored to pre-epidemic levels, there will still be an employment gap of 8.9 million. Even at the non-agricultural employment rate of around 900,000 in March, it will take about 10 months</i></p><p><i>Job market repair becomes a more important policy goal than short-term inflation</i></p><p><i>In the fourth quarter, we need to focus on whether the Federal Reserve will begin to send QE reduction signals</i></p><p><b>Market dynamics: The emerging epidemic is serious, and vaccination in Europe is accelerating; US Treasury yields goes down; U.S. retail sales surpassed expectations in March, CPI rose</b></p><p>►<b>Epidemic and vaccine surveillance: Emerging epidemics are still serious, and vaccination in Europe is accelerating.</b>In the past week, the average daily number of new confirmed cases in the United States rose slightly to more than 70,000. Among European countries, the number of new confirmed cases in France, Germany, and Spain is still rising, but Italy and the United Kingdom have continued to decline for a long time. The average daily confirmed cases in emerging markets such as India and Turkey have exceeded previous highs and continue to escalate. In terms of vaccines, the United States has vaccinated more than 200 million doses, with an average daily vaccination of 3.4 million doses. Vaccinations in Europe have accelerated, while India has declined. At present, 880 million doses of vaccines have been administered worldwide. The rework situation in the United States improved slightly this week, while the progress of resumption of work in Europe slowed down.</p><p><i>New confirmed cases in the United States increase, and the epidemic situation in Germany, France, India and Turkey worsens</i></p><p><i>French ICU intensive care numbers have surpassed last round highs</i></p><p><i>Cumulative number of vaccine doses in major countries</i></p><p><i>Daily vaccination rate in major countries</i></p><p><i>Vaccination status by state in the United States</i></p><p>►<b>Asset performance: bulk > stocks > bonds, US Treasury yields declined, and the US dollar weakened.</b>Overall, in the past week, under US dollar pricing, the major categories of assets were ranked as bulk > stocks > bonds, with Bitcoin, natural gas, crude oil, Russian and Brazilian stock markets, copper, etc. relatively ahead; VIX bulls, Indian stock market, A shares, etc. are relatively lagging behind. Growth style continues to lead this week as interest rates continue to pull back. The US Dollar Index continues to weaken.</p><p><i>In the past week, under the U.S. dollar pricing, the major asset categories were ranked as bulk > stocks > bonds, with Bitcoin, natural gas, crude oil, Russian and Brazilian stock markets, copper, etc. relatively ahead; VIX bulls, Indian stock markets, A shares, etc. are relatively lagging behind</i></p><p><i>In the past week, among the various sectors of U.S. stocks, automobiles and parts, utilities, medical equipment, etc. led, while semiconductors, transportation, and banks fell slightly</i></p><p>►<b>Emotional positions: overbought in the US and Europe; U.S. stock short positions decreased.</b>In the past week, except Japan, the RSI points of stock markets in all major markets have rebounded, with US stocks and European stock markets continuing to be overbought; Speculative short positions in US stocks decreased, while speculative long positions in emerging markets turned to increase; Speculative long positions in the US dollar turned to increase.</p><p><i>In the past week, the RSI points of the United States, Europe and emerging stock markets rose, while Japan fell back, and the U.S. stocks and Europe were overbought; Brent oil, gold rise</i></p><p><img src=\"https://static.tigerbbs.com/e487b9a723e9740a1a2a239620cef2f1\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><i>Last week, speculative short positions in the US stock market decreased</i></p><p><img src=\"https://static.tigerbbs.com/6e7dc10bc49e9663341fa0ae861fde83\" tg-width=\"1003\" tg-height=\"595\" referrerpolicy=\"no-referrer\"></p><p><i>Last week, speculative speculative long positions in the US dollar increased</i></p><p><img src=\"https://static.tigerbbs.com/acecd12d2efe9ba34c9242f182037308\" tg-width=\"1080\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p><p>►<b>Capital flow: the stock market and bond market have accelerated inflows; China turned into inflows.</b>Both stock and bond markets have accelerated inflows over the past week. Looking at different markets, China's outflow turned from last week to a large inflow.</p><p><i>In the past week, inflows accelerated in both bond and stock markets, and money market funds turned to large outflows</i></p><p><img src=\"https://static.tigerbbs.com/65d562280ac8b560ef0cd62dd3c8b202\" tg-width=\"1008\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><i>Last week, capital inflows flowed sharply into emerging markets represented by China</i></p><p><img src=\"https://static.tigerbbs.com/2de20bb932e3490f9925f90cf3076e1a\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>►<b>Fundamentals and policies: U.S. retail sales in March exceeded expectations month-on-month.</b>Retail sales in March exceeded expectations month-on-month, and CPI recorded the largest year-on-year increase since August 2018.</p><p><i>U.S. retail sales increased by 9.8% month-on-month in March, higher than market expectations and second only to the high of 18.3% in May last year</i></p><p><img src=\"https://static.tigerbbs.com/172535c44af361e01dc8aaf27148d30b\" tg-width=\"1059\" tg-height=\"652\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. CPI rose 2.6% year-on-year in March, the largest year-on-year increase since 2018</i></p><p><img src=\"https://static.tigerbbs.com/d380d592a65992d0c523db43482b8d28\" tg-width=\"1061\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p>►<b>Market valuation: The valuation of US stocks is slightly lower than the reasonable support level for growth.</b>The current 12-month dynamic P/E of the S&P 500 index is 22.6 times; The 28.7 x static P/E is higher than a reasonable level (~ 29.7 x) that slightly above growth (March ISM Manufacturing PMI = 64.7) and liquidity (10-year US Treasury yields 1.58%) can support.</p><p><i>The current 12-month dynamic P/E of the S&P 500 index is 22.6 times, more than double the standard deviation of the average since 1990</i></p><p><img src=\"https://static.tigerbbs.com/1520e459660a0aea6443d44eb19857bb\" tg-width=\"1080\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p><p><i>The current S&P 500 index's 28.7 times static P/E is slightly lower than the reasonable level (~ 29.7 times) that growth (March ISM manufacturing PMI = 64.7) and liquidity (10-year US Treasury yields 1.58%) can support.</i></p><p><img src=\"https://static.tigerbbs.com/bd74c07257095ea452f5ddff874b375d\" tg-width=\"1080\" tg-height=\"662\" 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>CICC Overseas: What is the prospect for US stocks after new highs?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Coupled with the Dow Jones and S&P 500 indexes, which had already hit new highs, the U.S. stock market basically recovered all lost ground. After hitting a new high, the US stock S&P 500 has returned more than 11% since the beginning of the year. In this context, \"fear of heights\" is still a lingering worry of quite a few investors. So, what is the prospect for US stocks after new highs? Do valuation and earnings match up? What is the rhythm and path of the subsequent evolution, and what important events and time points need attention?</p><p><b>1. The driving force behind U.S. stocks hitting new highs: slowing interest rates, improving earnings and sentiment.</b>Recently, the market has recovered lost ground and reached a new high, thanks to the slowdown of interest rate disturbance and the further improvement of growth.</p><p><b>2. The current growth prospects of the United States: both supply and demand are booming, and recovery is accelerated.</b>Looking ahead, driven by the combination of vaccination and fiscal stimulus, we expect that the booming supply and demand situation in the United States will continue in the first half of the year, which will in turn promote the accelerated recovery of the growth economy, especially the resumption of service consumption and production. Against this background, U.S. stock profits also show similar characteristics.</p><p><b>3. To what extent does the current valuation match the profit?</b>There are two reasons for the seemingly obviously high absolute valuation level: First, the interest rate center is at a significantly low level. Second, the epidemic caused a sharp decline in profits. At the current level, valuation is difficult to become the driving force of the market, and it will even face downward pressure in the context of rising interest rates, but it may not be a ridiculously high bubble state, and it basically matches the current interest rate level and growth expectations.</p><p><b>4. The future evolution path, as well as the events and times that need to be focused on? From now until mid-May</b>It will be an intensive disclosure period for US stocks in the first quarter, and at the same time<b>May ~ June</b>It will be a stage of rapid repair such as service consumption, service demand such as travel, and production resumption.<b>Enter June</b>, the May inflation data released at that time will reach a high of 3.5 ~ 4% year-on-year due to the low base in the same period last year, and then gradually fall back.<b>Entering the second half and the third quarter</b>, more details of Biden's infrastructure and tax increases, and whether further progress can be made, are worthy of attention. If there is positive progress in the infrastructure plan and the basic achievement of herd immunity by then, it may become a catalyst for the next round of US Treasury yields to rise again.<b>Fourth quarter,</b>We need to focus on whether the Federal Reserve will begin to send signals of QE reduction.</p><p><b>Focus discussion: What is the prospect of the U.S. stock market after hitting a new high? Is there any risk?</b></p><p>Last week, the Nasdaq index broke through the 14,000-point mark and approached the previous high. Coupled with the Dow Jones and S&P 500 indexes, which had already hit new highs, the U.S. stock market basically got rid of the disturbance caused by the upward trend of the US Treasury yields since early February and recovered all lost ground. This performance not only reflects the resilience of U.S. stocks, but also confirms that we have always emphasized that the pure rise in long-term interest rates will not reverse the market trend, especially that profits are still accelerating (\"The Meaning and Impact of Steepening the Yield Curve\"), and Investment advice to maintain equity assets outperforming and overweighting U.S. stocks (\"Overseas Asset Allocation Monthly Report (2021-4): The Backlash of\" Growth Trading \"?\").</p><p>After hitting a new high, the US stock S&P 500 index has returned more than 11% since the beginning of the year, leading major global markets, especially emerging markets, and its valuation has returned to historical highs again (the dynamic PE of the S&P 500 index is 22.6 times). In this context, \"fear of heights\" is still a lingering worry of quite a few investors. So, what is the prospect for US stocks after new highs? Do valuation and earnings match up? What is the rhythm and path of the subsequent evolution, and what important events and time points need attention? These are all questions that investors are currently concerned about, and we will answer them in this article.</p><p><i>After hitting a new high, the US stock S&P 500 index has returned more than 11% since the beginning of the year, leading major global markets, especially emerging markets</i></p><p><img src=\"https://static.tigerbbs.com/2d192bd31fe5b1b4ad26d0e1936cb97a\" tg-width=\"1011\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p><i>The U.S. stock market has basically got rid of the disturbance caused by the upward trend of the US Treasury yields since early February and recovered all lost ground</i></p><p><img src=\"https://static.tigerbbs.com/a3295043d8c31b8700b41f4b41359d38\" tg-width=\"1003\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><b>1. The driving force behind U.S. stocks hitting new highs: slowing interest rates, improving earnings and sentiment</b></p><p>In the race between interest rates and profits, if the correction led by U.S. stocks, especially growth stocks, since February is due to the disturbance caused by the excessive interest rate and the sharp increase in real interest rates under the background of good economic fundamentals (\"The Challenge of US Treasury yields's Too Fast Upward\", \"The Meaning and Impact of Higher Real Interest Rates\"), then the recent market recovery of lost ground and new highs is due to the slowdown of interest rate disturbance and the further improvement of growth. Considering that even if the recent upward trend slows down or even falls slightly, the long-term interest rate and real interest rate levels are still significantly higher than the starting point of this round of upward trend in early February, 51 and 25 basis points higher respectively, and the valuation is basically the same (22.6 vs. 22).<b>Therefore, the improvement of fundamentals and earnings (expectations) is the main reason to support the market recovery.</b>Specifically, dismantling the contribution factors of market performance since the beginning of February, we found that profit recovery and risk premium are the main contributions, while the rise in risk-free interest rates constitutes a drag.</p><p><i>Earnings repair and risk premium are the main contributions, while rising risk-free interest rates constitute a drag</i></p><p><img src=\"https://static.tigerbbs.com/e90ad1e51f8ec4ce8b3b2ef2fff44b03\" tg-width=\"836\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><b>Not only that, but the rotation of market style is also highly correlated with the trend of interest rates.</b>The rapid rise in interest rates in the early stage pushed the value style to take the lead, while the recent slowdown in the rise in interest rates made growth stocks recover quickly.</p><p><i>The rapid rise in interest rates in the early stage pushed the value style to lead, while the recent slowdown in the rise in interest rates has caused growth stocks to recover quickly</i></p><p><img src=\"https://static.tigerbbs.com/9c1a0817bb9bf324bb28b85a36cb9995\" tg-width=\"980\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p><p><b>2. The current growth prospects of the United States: supply and demand are booming, and recovery is accelerated</b></p><p><b>Recently, the U.S. economy has shown a strong recovery situation of booming supply and demand.</b>On the one hand, driven by the recent continuous acceleration of vaccination, offline service consumption, travel, etc. in the United States have experienced rapid repairs (\"Looking at U.S. Production and Demand Repairs and Gap Changes from High-Frequency Data\"). We believe that the current average daily vaccination rate of 3.3 million doses is expected to enable the United States to basically achieve 70% \"herd immunity\" around May. Against this background, bus travel and dining out in the United States have basically returned to normal levels before the epidemic, and air travel (TSA security check number) has rebounded to about 70% of pre-epidemic levels. In addition, industrial production and capacity utilization in March also recovered from the decline in February due to cold weather. On the other hand, the fiscal stimulus of US $1.9 trillion also had an immediate effect on consumption. Retail consumption rebounded sharply in March, especially on sports, hobbies, musical instruments, books, clothing and clothing accessories.</p><p>Therefore,<b>Looking ahead, driven by the combination of vaccination and fiscal stimulus, we expect that the booming supply and demand situation in the United States will continue in the first half of the year, thereby promoting the accelerated recovery of the growth economy, especially the resumption of service consumption and production.</b></p><p><i>U.S. vaccination continues to accelerate</i></p><p><img src=\"https://static.tigerbbs.com/94d606b4811ffde403885b648debff0b\" tg-width=\"1000\" tg-height=\"614\" referrerpolicy=\"no-referrer\"></p><p><i>Achieve herd immunity calculation path: herd immunity is expected to be achieved before June</i></p><p><img src=\"https://static.tigerbbs.com/3cf0a0e2fb5a2726746f6d47f9b4bbf0\" tg-width=\"1080\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p><p><i>Bus travel has basically returned to normal levels before the epidemic</i></p><p><img src=\"https://static.tigerbbs.com/22855041b258943251ab85e55c9dd495\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>The same goes for the number of people eating out</i></p><p><img src=\"https://static.tigerbbs.com/79e68225f5357e07fd662c03070c2c9f\" tg-width=\"1062\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p><i>Air travel (TSA security screening number) has rebounded to about 70% of pre-pandemic levels</i></p><p><img src=\"https://static.tigerbbs.com/014e80b8ad4df1d4e4d6ef6b60fc274a\" tg-width=\"1062\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p><i>The $1.9 trillion fiscal stimulus is also an immediate boost to consumption</i></p><p><img src=\"https://static.tigerbbs.com/ba1a03e5829a7079326bb88f7068388e\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>Industrial production and capacity utilization in March also recovered from a fall in February due to cold weather</i></p><p><img src=\"https://static.tigerbbs.com/8d0b8634a98ae2098d5bf0ad9b14e638\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><i>Month-on-month growth rate of retail sales in March</i></p><p><img src=\"https://static.tigerbbs.com/e5d28c9324d233e4a37d5bae2bd5a353\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><b>Against this background, U.S. stock profits also show similar characteristics.</b>In the first quarter, judging from the current market consensus expectations, U.S. earnings are expected to achieve a 24% growth, especially in the automobile, banking, consumption, technology hardware and other sectors. The earnings of major financial institutions that were first disclosed recently are as follows:<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>、<a href=\"https://laohu8.com/S/C\">Citigroup</a>, Bank of America were significantly better than market expectations, exceeding expectations by more than 80%.</p><p>In the second quarter, under the low base effect caused by the epidemic last year, the profit growth rate is expected to reach a high growth rate of more than 50%.<b>As a result, the profit impact caused by the epidemic has basically been repaired.</b>In the third and fourth quarters, the profit growth rate will gradually decline to 15 ~ 20%.</p><p><i>In the first quarter, U.S. earnings are expected to achieve a 24% growth; In the second quarter, under the low base effect caused by the epidemic last year, the profit growth rate is expected to reach more than 50%; The earnings growth rate in the third and fourth quarters will drop to 15 ~ 20%</i></p><p><img src=\"https://static.tigerbbs.com/ca51c5e1a4cf62a49d6f561566d369a1\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p><p><i>Against this background, the U.S. earnings forecast growth rate in 2021 is 28.2%</i></p><p><img src=\"https://static.tigerbbs.com/c312aead5c8b7c3087057bdc2af45dfb\" tg-width=\"1055\" tg-height=\"647\" referrerpolicy=\"no-referrer\"></p><p><b>3. To what extent does the current valuation match the profit?</b></p><p>Although the repair path of U.S. stock profits is relatively clear, many investors are still worried about whether the current high valuation level has taken into account too many expectations and whether it matches the current profit prospects, especially in the context of the high probability of interest rates continuing to rise..</p><p>Currently, the dynamic valuation of the S&P 500 index is 22.6 times, which is higher than the historical long-term center of more than 16 times and 1.2 times standard deviation, second only to the high of 25.8 in the 2000 technology bubble. There are two reasons for this seemingly clearly high absolute valuation level:</p><p><b>First, the interest rate center is at a significantly low level</b>。 If the 10-year Treasury Bond interest rate is deducted, the equity risk premium implied by the current dynamic valuation of U.S. stocks is basically equivalent to the level corresponding to the high valuation point in early 2018 (the valuation at that time was 18.4 times);</p><p><b>Second, the epidemic caused a sharp decline in profits</b>。 If the pre-epidemic level at the end of 2019 is 100, the current S&P 500 index is 29% higher than at that time; The profit is ~ 14% lower than that at that time. According to the current expected growth rate, it is expected to completely recover the lost ground and return to 100 this year (the quarterly dimension has turned positive year-on-year in the fourth quarter), so the rest is contributed by valuation. If you consider that the current 10-year US Treasury yields is lower than at the end of 2019 (~ 1.9%) and liquidity is abundant, then this valuation is not unsupported.</p><p><i>The dynamic valuation of the S&P 500 index is 22.6 times, which is higher than the historical long-term center of more than 16 times and 1.2 times standard deviation, second only to the high of 25.8 in the 2000 technology bubble</i></p><p><i>If the 10-year Treasury Bond interest rate is deducted, the equity risk premium implied in the current dynamic valuation of U.S. stocks is even higher than the level corresponding to the high valuation point in early 2018</i></p><p><i>On a comparable basis, the net profit of U.S. stocks in the fourth quarter has returned to the pre-epidemic (4Q19) level. According to the current profit growth forecast (28.7% year-on-year in 2021E), the net profit for the whole year of 2021 will also return to the pre-epidemic level in 2019</i></p><p><i>If you consider that the current 10-year US Treasury yields is lower than at the end of 2019 (~ 1.9%) and liquidity is abundant, then this valuation is not unsupported</i></p><p><i>The current S&P 500 index's 28.7 times static P/E is slightly lower than the reasonable level (~ 29.7 times) that growth (March ISM manufacturing PMI = 64.7) and liquidity (10-year US Treasury yields 1.58%) can support.</i></p><p>In addition, the reasonable static valuation of the S&P 500 index implied by our growth and interest rate levels is 29.7 times, which is higher than the current actual level (28.7 times), which also shows that the current valuation is not ridiculously high.<b>Therefore, at the current level, valuation is difficult to become the driving force of the market, and even will face downward pressure in the context of rising interest rates, but it may not be a ridiculously high bubble state, and it basically matches the current interest rate level and growth expectations.</b></p><p>However, it should be noted that in the context of relatively high valuations and short-term overbought market, market fluctuations that may be caused by some unexpected events and trading factors are difficult to completely avoid.</p><p><i>Under the background of relatively high valuations and short-term overbought markets, it is difficult to completely avoid market fluctuations that may be caused by unexpected events and transactions</i></p><p><b>4. The future evolution path, as well as the events and times that need to be focused on?</b></p><p><b>From now until mid-May</b>It will be an intensive disclosure period for U.S. stocks in the first quarter, so earnings will become the main focus and driving force of the market. We expect that the performance in the first quarter will still perform well, thus providing support for the market.</p><p>In addition, according to the current vaccination progress and repair path, the United States is expected to achieve herd immunity in the first half of the year; At the same time, the US $1.9 trillion fiscal stimulus consumption boost and unemployment subsidies will also be released more concentrated in the first half of the year, so we expect<b>May to June will be a stage of rapid repair for service consumption, service demand such as travel, and production resumption</b>。</p><p><b>Enter June</b>, the May inflation data released at that time will reach a high of 3.5 ~ 4% year-on-year due to the low base in the same period last year, and then gradually fall back. However, if the data greatly exceeds expectations, it may trigger market concerns about inflation levels, thereby pushing up interest rates, so it is worthy of attention.</p><p><i>Entering June, the May inflation data released at that time will reach a high of 3.5 ~ 4% due to the low base in the same period last year, and then gradually fall back</i></p><p><i>However, if the data further exceeds expectations by a large margin, it may raise concerns about inflation levels, which in turn will push up interest rates</i></p><p><b>Entering the second half and the third quarter</b>, more details of Biden's infrastructure and tax increases, and whether further progress can be made, are worthy of attention. If there is positive progress in the infrastructure plan and herd immunity is basically achieved by then,<b>Could be a catalyst for the next round of US Treasury yields to rise again</b>。 On the basis that the target of 1.5% at the end of last year has been achieved, we maintain the judgment of US Treasury yields's target points of 1.8% and 2.2% in the next 10 years.</p><p><b>In the fourth quarter, we need to focus on whether the Federal Reserve will begin to send QE reduction signals</b>。 Under the current policy framework of average inflation targeting, the repair of the job market has become a more important policy goal than short-term inflation. We estimate that if the unemployment rate and labor participation rate are to be restored to pre-epidemic levels, there will still be an employment gap of 8.9 million. Even at the non-farm employment rate of around 900,000 in March, it will take about 10 months, that is, corresponding to this year. At the end of the year and early next year, it may become an opportunity for the Federal Reserve to gradually start sending signals of QE reduction. However, as long as the profit is still in the upward channel, we don't think it will completely reverse the market, but the resulting rise in short-term interest rates may have a relatively greater disturbance to the market.</p><p><i>We estimate that if the unemployment rate and labor participation rate are to be restored to pre-epidemic levels, there will still be an employment gap of 8.9 million. Even at the non-agricultural employment rate of around 900,000 in March, it will take about 10 months</i></p><p><i>Job market repair becomes a more important policy goal than short-term inflation</i></p><p><i>In the fourth quarter, we need to focus on whether the Federal Reserve will begin to send QE reduction signals</i></p><p><b>Market dynamics: The emerging epidemic is serious, and vaccination in Europe is accelerating; US Treasury yields goes down; U.S. retail sales surpassed expectations in March, CPI rose</b></p><p>►<b>Epidemic and vaccine surveillance: Emerging epidemics are still serious, and vaccination in Europe is accelerating.</b>In the past week, the average daily number of new confirmed cases in the United States rose slightly to more than 70,000. Among European countries, the number of new confirmed cases in France, Germany, and Spain is still rising, but Italy and the United Kingdom have continued to decline for a long time. The average daily confirmed cases in emerging markets such as India and Turkey have exceeded previous highs and continue to escalate. In terms of vaccines, the United States has vaccinated more than 200 million doses, with an average daily vaccination of 3.4 million doses. Vaccinations in Europe have accelerated, while India has declined. At present, 880 million doses of vaccines have been administered worldwide. The rework situation in the United States improved slightly this week, while the progress of resumption of work in Europe slowed down.</p><p><i>New confirmed cases in the United States increase, and the epidemic situation in Germany, France, India and Turkey worsens</i></p><p><i>French ICU intensive care numbers have surpassed last round highs</i></p><p><i>Cumulative number of vaccine doses in major countries</i></p><p><i>Daily vaccination rate in major countries</i></p><p><i>Vaccination status by state in the United States</i></p><p>►<b>Asset performance: bulk > stocks > bonds, US Treasury yields declined, and the US dollar weakened.</b>Overall, in the past week, under US dollar pricing, the major categories of assets were ranked as bulk > stocks > bonds, with Bitcoin, natural gas, crude oil, Russian and Brazilian stock markets, copper, etc. relatively ahead; VIX bulls, Indian stock market, A shares, etc. are relatively lagging behind. Growth style continues to lead this week as interest rates continue to pull back. The US Dollar Index continues to weaken.</p><p><i>In the past week, under the U.S. dollar pricing, the major asset categories were ranked as bulk > stocks > bonds, with Bitcoin, natural gas, crude oil, Russian and Brazilian stock markets, copper, etc. relatively ahead; VIX bulls, Indian stock markets, A shares, etc. are relatively lagging behind</i></p><p><i>In the past week, among the various sectors of U.S. stocks, automobiles and parts, utilities, medical equipment, etc. led, while semiconductors, transportation, and banks fell slightly</i></p><p>►<b>Emotional positions: overbought in the US and Europe; U.S. stock short positions decreased.</b>In the past week, except Japan, the RSI points of stock markets in all major markets have rebounded, with US stocks and European stock markets continuing to be overbought; Speculative short positions in US stocks decreased, while speculative long positions in emerging markets turned to increase; Speculative long positions in the US dollar turned to increase.</p><p><i>In the past week, the RSI points of the United States, Europe and emerging stock markets rose, while Japan fell back, and the U.S. stocks and Europe were overbought; Brent oil, gold rise</i></p><p><img src=\"https://static.tigerbbs.com/e487b9a723e9740a1a2a239620cef2f1\" tg-width=\"1080\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><i>Last week, speculative short positions in the US stock market decreased</i></p><p><img src=\"https://static.tigerbbs.com/6e7dc10bc49e9663341fa0ae861fde83\" tg-width=\"1003\" tg-height=\"595\" referrerpolicy=\"no-referrer\"></p><p><i>Last week, speculative speculative long positions in the US dollar increased</i></p><p><img src=\"https://static.tigerbbs.com/acecd12d2efe9ba34c9242f182037308\" tg-width=\"1080\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p><p>►<b>Capital flow: the stock market and bond market have accelerated inflows; China turned into inflows.</b>Both stock and bond markets have accelerated inflows over the past week. Looking at different markets, China's outflow turned from last week to a large inflow.</p><p><i>In the past week, inflows accelerated in both bond and stock markets, and money market funds turned to large outflows</i></p><p><img src=\"https://static.tigerbbs.com/65d562280ac8b560ef0cd62dd3c8b202\" tg-width=\"1008\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><i>Last week, capital inflows flowed sharply into emerging markets represented by China</i></p><p><img src=\"https://static.tigerbbs.com/2de20bb932e3490f9925f90cf3076e1a\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>►<b>Fundamentals and policies: U.S. retail sales in March exceeded expectations month-on-month.</b>Retail sales in March exceeded expectations month-on-month, and CPI recorded the largest year-on-year increase since August 2018.</p><p><i>U.S. retail sales increased by 9.8% month-on-month in March, higher than market expectations and second only to the high of 18.3% in May last year</i></p><p><img src=\"https://static.tigerbbs.com/172535c44af361e01dc8aaf27148d30b\" tg-width=\"1059\" tg-height=\"652\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. CPI rose 2.6% year-on-year in March, the largest year-on-year increase since 2018</i></p><p><img src=\"https://static.tigerbbs.com/d380d592a65992d0c523db43482b8d28\" tg-width=\"1061\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p>►<b>Market valuation: The valuation of US stocks is slightly lower than the reasonable support level for growth.</b>The current 12-month dynamic P/E of the S&P 500 index is 22.6 times; The 28.7 x static P/E is higher than a reasonable level (~ 29.7 x) that slightly above growth (March ISM Manufacturing PMI = 64.7) and liquidity (10-year US Treasury yields 1.58%) can support.</p><p><i>The current 12-month dynamic P/E of the S&P 500 index is 22.6 times, more than double the standard deviation of the average since 1990</i></p><p><img src=\"https://static.tigerbbs.com/1520e459660a0aea6443d44eb19857bb\" tg-width=\"1080\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p><p><i>The current S&P 500 index's 28.7 times static P/E is slightly lower than the reasonable level (~ 29.7 times) that growth (March ISM manufacturing PMI = 64.7) and liquidity (10-year US Treasury yields 1.58%) can support.</i></p><p><img src=\"https://static.tigerbbs.com/bd74c07257095ea452f5ddff874b375d\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137889592","content_text":"上周，纳斯达克指数突破14000点关口逼近前期高点，加上早已创新高的道琼斯和标普500指数，美股市场基本收复所有失地。再创新高后美股标普500指数年初以来回报已经超过11%。在这一背景下，“恐高”依然是相当一部分投资者挥之不去的担忧。那么，新高后的美股前景如何？估值和盈利是否匹配？之后的演变节奏和路径如何，以及有哪些重要事件和时点需要关注？\n一、美股再创新高的驱动力：利率趋缓、盈利与情绪改善。近期市场收复失地再创新高则是得益于利率扰动趋缓而增长进一步向好的支撑。\n二、美国当前的增长前景：供需两旺、加速修复。往前看，在疫苗接种和财政刺激的共同驱动下，我们预计美国供需两旺的局面在上半年仍将持续，进而推动增长经济加速修复，特别是服务性消费和生产复工。这一背景下，美股盈利也呈现相似特征。\n三、当前估值与盈利的匹配程度？看似明显偏高的绝对估值水平有两个原因：一是利率中枢处于明显低位。二是疫情造成盈利大幅下滑。在当前水平上，估值很难成为市场的驱动力，甚至在利率上行背景下将面临下行压力，但可能也并非高到离谱的泡沫状态，和当前的利率水平和增长预期基本是匹配的。\n四、未来演变路径，以及需要重点关注的事件与时点？从目前到5月中旬将是美股一季度的密集披露期，同时5~6月将是服务性消费、出行等服务性需求、生产复工等快速修复的阶段。进入6月，届时公布的5月通胀数据将因去年同期低基数出现同比3.5~4%的高点，然后逐步回落。进入下半年和三季度，拜登基建和加税的更多细节、以及能否出现进一步进展值得关注。基建计划如果出现积极进展、叠加届时群体免疫的基本达成，有可能成为下一轮美债利率再度走高的催化剂。四季度，需要重点关注美联储是否会开始传递QE减量信号。\n焦点讨论：再创新高后的美股市场，前景如何？有无风险？\n上周，纳斯达克指数突破14000点关口逼近前期高点，加上早已创新高的道琼斯和标普500指数，美股市场基本摆脱了2月初以来美债利率上行带来的扰动，收复所有失地。这一表现，既体现了美股的韧性，也印证了我们一直以来强调的单纯长端利率上行不会逆转市场趋势、特别是盈利还在加速上行（《收益率曲线陡峭化的含义与影响》），以及维持权益资产跑赢且超配美股的投资建议（《海外资产配置月报（2021-4）：“增长交易”的反噬？》）。\n再创新高后美股标普500指数年初以来回报已经超过11%，领先全球主要市场特别是新兴市场，估值也再度回到历史高位（标普500指数动态PE为22.6倍）。在这一背景下，“恐高”依然是相当一部分投资者挥之不去的担忧。那么，新高后的美股前景如何？估值和盈利是否匹配？之后的演变节奏和路径如何，以及有哪些重要事件和时点需要关注？这些都是投资者当前较为关心的问题，我们将在本文中做出解答。\n再创新高后美股标普500指数年初以来回报已经超过11%，领先全球主要市场特别是新兴市场\n\n美股市场基本摆脱了2月初以来美债利率上行带来的扰动，收复所有失地\n\n一、美股再创新高的驱动力：利率趋缓、盈利与情绪改善\n在利率与盈利的赛跑中，如果说2月以来美股特别是成长股主导的回调是经济基本面向好背景下，利率走得过快和实际利率大幅走高造成扰动（《美债利率上行过快的挑战》、《实际利率走高的含义与影响》），那么近期市场收复失地再创新高则是得益于利率扰动趋缓而增长进一步向好的支撑。考虑到即便近期上行趋缓甚至小幅回落，长端利率和实际利率水平依然大幅高于2月初本轮上行起点，分别高出51和25基点，估值也基本持平（22.6 vs. 22），因此基本面和盈利（预期）改善是支撑市场修复的主要原因。具体来看，拆解2月初以来市场表现的贡献因素，我们发现盈利修复和风险溢价是主要贡献，而无风险利率上行构成拖累。\n盈利修复和风险溢价是主要贡献，而无风险利率上行构成拖累\n\n不仅如此，市场风格的轮动也与利率走势高度相关。前期利率快速上行推动价值风格领跑，而近期利率上行趋缓则使得成长股快速修复。\n前期利率快速上行推动价值风格领跑，而近期利率上行趋缓则使得成长股快速修复\n\n二、美国当前的增长前景：供需两旺、加速修复\n近期美国经济呈现出供需两旺的强劲修复局面。一方面，在近期疫苗接种持续加速的推动下，美国线下服务消费、出行等都出现快速修复（《从高频数据看美国产需修复与缺口变化》）。我们认为当前日均330万剂的疫苗接种速度有望使得美国在5月左右就基本可以实现70%的“群体免疫”。这一背景下，美国公交出行、外出就餐都已经基本回到疫情前正常水平，飞机出行（TSA安检人数）回升至疫情前的70%左右。此外，3月份工业生产和产能利用率也从2月因寒冷天气的回落中修复。另一方面，1.9万亿美元的财政刺激对于消费的推动也是立竿见影的，3月零售消费大幅回升，特别是其中的体育爱好乐器图书和服装及服装配饰的消费支出。\n因此，往前看，在疫苗接种和财政刺激的共同驱动下，我们预计美国供需两旺的局面在上半年仍将持续，进而推动增长经济加速修复，特别是服务性消费和生产复工。\n美国疫苗接种持续加速\n\n达成群体免疫测算路径：6月前有望实现群体免疫\n\n公交出行基本回到疫情前正常水平\n\n外出就餐人数也是如此\n\n飞机出行（TSA安检人数）回升至疫情前的70%左右\n\n1.9万亿美元的财政刺激对于消费的推动也是立竿见影的\n\n3月份工业生产和产能利用率也从2月因寒冷天气的回落中修复\n\n3月零售销售月环比增速情况\n\n这一背景下，美股盈利也呈现相似特征。一季度，从目前市场一致预期来看，美国盈利有望实现24%的增长，特别是汽车、银行、消费、科技硬件等板块。近期率先披露的主要金融机构盈利如高盛、花旗、美银都大幅好于市场预期，超预期比例超过80%。\n二季度，在去年疫情导致的低基数效应下，盈利增速更是有望达到超过50%的高速增长，进而使得疫情造成的盈利冲击基本得到修复。三四季度盈利增长速将逐步回落、降至15~20%的水平。\n一季度，美国盈利有望实现24%的增长；二季度，在去年疫情导致的低基数效应下，盈利增速有望达到超过50%；三四季度的盈利增长速将降至15~20%的水平\n\n在这一背景下，美国2021年盈利预测增速为28.2%\n\n三、当前估值与盈利的匹配程度？\n尽管美股盈利的修复路径较为明确，但不少投资者依然担心当前较高的估值水平是否已经计入了过多预期、与当前的盈利前景是否匹配，特别是利率大概率继续上行的背景下。\n当前，标普500指数动态估值22.6倍，高于历史长期中枢16倍以上1.2倍标准差，仅次于2000年科技泡沫25.8的高点。这一看似明显偏高的绝对估值水平有两个原因：\n一是利率中枢处于明显低位。如果扣掉10年国债利率的话，当前美股动态估值隐含的股权风险溢价基本与2018年初估值高点对应的水平相当（当时估值为18.4倍）；\n二是疫情造成盈利大幅下滑。如果以2019年底疫情前水平为100的话，当前标普500指数比当时高出29%；盈利较当时低~14%，按照目前预期增速，有望在今年完全收复失地回到100（季度维度四季度已经同比转正），那么剩下的部分则都是估值贡献的。如果考虑到当前10年美债利率较2019年底更低（~1.9%）、流动性充裕，那么这一估值也并非不是没有支撑的。\n标普500指数动态估值为22.6倍，高于历史长期中枢16倍以上1.2倍标准差，仅次于2000年科技泡沫25.8的高点\n如果扣掉10年国债利率的话，当前美股动态估值隐含的股权风险溢价甚至还高于2018年初估值高点对应的水平\n可比口径下，美股四季度净利润已回到疫情前（4Q19）的水平，根据当前盈利增速预测（2021E同比28.7%），2021年全年净利润也将回到2019年疫情前水平\n如果考虑到当前10年美债利率较2019年底更低（~1.9%）、流动性充裕，那么这一估值也并非不是没有支撑的\n当前标普500指数28.7倍静态P/E略低于增长（3月ISM制造业PMI=64.7）和流动性（10年美债利率1.58%）能够支撑的合理水平（~29.7倍）\n另外，我们增长和利率水平隐含的标普500指数合理静态估值为29.7倍，高于当前实际水平（28.7倍），也说明当前的估值并没有高的离谱。因此，在当前水平上，估值很难成为市场的驱动力，甚至在利率上行背景下将面临下行压力，但可能也并非高到离谱的泡沫状态，和当前的利率水平和增长预期基本是匹配的。\n不过，需要注意的是，在估值处于相对高位，市场短期超买的背景下，一些意外事件和交易因素可能导致的市场波动是难以完全避免的。\n在估值处于相对高位，市场短期超买的背景下，意外事件和交易可能导致的市场波动是难以完全避免的\n四、未来演变路径，以及需要重点关注的事件与时点？\n从目前到5月中旬将是美股一季度的密集披露期，因此盈利将成为市场的主要关注点和驱动力。我们预计一季度业绩仍将有不错表现，进而给市场提供支撑。\n此外，按照目前的疫苗接种进展和修复路径，美国在上半年有望实现群体免疫；同时1.9万亿美元财政刺激的消费提振和失业补贴也更多集中在上半年释放，因此我们预计5~6月将是服务性消费、出行等服务性需求、生产复工等快速修复的阶段。\n进入6月，届时公布的5月通胀数据将因去年同期低基数出现同比3.5~4%的高点，然后逐步回落。不过，如果数据大幅超预期的话，有可能引发市场对通胀水平的担忧，进而推高利率，因此值得关注。\n进入6月，届时公布的5月通胀数据将因为去年同期的低基数出现3.5~4%的高点，然后逐步回落\n不过，如果数据进一步大幅超预期的话，有可能引发对于通胀水平的担忧，进而推高利率\n进入下半年和三季度，拜登基建和加税的更多细节、以及能否出现进一步进展值得关注。基建计划如果出现积极进展、叠加届时群体免疫的基本达成，有可能成为下一轮美债利率再度走高的催化剂。在去年底1.5%的目标已经达成的基础上，我们维持接下来10年美债利率1.8%和2.2%的目标点位的判断。\n四季度，需要重点关注美联储是否会开始传递QE减量信号。在目前平均通胀目标制的政策框架下，就业市场的修复是成为比短期通胀更为重要的政策目标。我们测算，如果要使失业率和劳动参与率都修复到疫情前水平，还有890万的就业缺口，即便按照3月90万左右的非农就业速度，大概还需要10个月左右，即对应今年底和明年初，因此有可能成为美联储逐步开始传递QE减量信号的契机。不过只要盈利还处于上行通道，我们也不认为会彻底逆转市场，但由此引发的短端利率上行可能对市场的扰动相对更大一些。\n我们测算，如果要失业率和劳动参与率都修复到疫情前水平，还有890万的就业缺口，即便按照3月90万左右的非农就业速度，大概还需要10个月左右\n就业市场的修复成为比短期通胀更为重要的政策目标\n四季度，需要重点关注美联储是否会开始传递QE减量信号\n市场动态：新兴疫情严重，欧洲接种加速；美债利率下行；美国3月零售大超预期，CPI走高\n►疫情与疫苗监测：新兴疫情依然严重，欧洲接种加速。过去一周美国日均新增确诊小幅上升至7万人以上，欧洲国家中法国、德国、西班牙新增确诊仍抬升，但意大利和英国已持续较长时间下降。新兴市场如印度和土耳其日均确诊已超过前几轮高点，仍在持续升级。疫苗方面，美国累计接种超过2亿剂，日均接种340万剂，欧洲接种加速，而印度有所回落。目前全球已接种8.8亿剂疫苗。本周美国返工情况小幅改善，欧洲复工进展趋缓。\n美国新增确诊增加，德法、印度和土耳其疫情恶化\n法国ICU重症监护人数已超过上一轮高点\n主要国家疫苗累计接种剂数\n主要国家疫苗每日接种速度\n美国各州接种疫苗情况\n►资产表现：大宗>股>债，美债利率下行，美元走弱。整体看，过去一周，美元计价下，大类资产排序为大宗>股>债，比特币、天然气、原油、俄罗斯及巴西股市、铜等相对领先；VIX多头、印度股市、A股等相对落后。本周随着利率的继续回落，成长风格继续领先。美元指数继续走弱。\n过去一周，美元计价下，大类资产排序为大宗>股>债，比特币、天然气、原油、俄罗斯及巴西股市、铜等相对领先；VIX多头、印度股市、A股等相对落后\n过去一周，美股各板块中汽车与零部件、公用事业、医疗设备等领先，半导体、运输、银行微跌\n►情绪仓位：美欧超买；美股空头减少。过去一周除日本外，各主要市场股市RSI点位均回升，其中美股和欧洲股市持续超买；美股投机性空头仓位减少，而新兴市场投机性多头仓位转为增加；美元投机性多头仓位转为增加。\n过去一周，美国、欧洲及新兴股市RSI点位抬升，日本回落，美股、欧洲已超买；布油、黄金抬升\n\n上周，美股市场投机性空头仓位减少\n\n上周，美元投机性投机性多头仓位增加\n\n►资金流向：股市债市加速流入；中国转为流入。过去一周股市和债市均加速流入。分市场看，中国由上周流出转为大幅流入。\n过去一周，债市及股市均加速流入，货币市场基金转为大幅流出\n\n上周资金流入大幅流入以中国为代表的新兴市场\n\n►基本面与政策：美国3月零售环比大超预期。3月零售销售环比大超预期，CPI同比录得2018年8月以来最大同比涨幅。\n3月美国零售环比增长9.8%，高于市场预期，且仅次于去年5月18.3%的高点\n\n3月美国CPI同比上升2.6%，为2018年以来最大同比涨幅\n\n►市场估值：美股估值略低于增长合理支撑水平。当前标普500指数12个月动态P/E为22.6倍；28.7倍静态P/E高于略高于增长（3月ISM制造业PMI=64.7）和流动性（10年美债利率1.58%）能够支撑的合理水平（~29.7倍）。\n当前标普500指数12个月动态P/E为22.6倍，超过1990年以来均值向上一倍标准差\n\n当前标普500指数28.7倍静态P/E略低于增长（3月ISM制造业PMI=64.7）和流动性（10年美债利率1.58%）能够支撑的合理水平（~29.7倍）","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}