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2022-10-04

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2022-01-26

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2022-01-26

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Planning to go public in Hong Kong, how will JD Technology turn around after the defeat of the Science and Technology Innovation Board?

2022-01-25

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International Monetary Fund: Global economy expected to grow by 4.4% in 2022

2022-01-24

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Indian beauty e-commerce company Purplle received over US $34 million in D1 round financing led by Sequoia

2022-01-24

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2022-01-23

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Sister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment

2022-01-22

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Microsoft's shocking acquisition is not that simple, this is a historic layout

2022-01-21

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Is the "digital dollar" coming too? Federal Reserve releases first digital currency white paper

2022-01-20

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2021-02-17

$RCM Technologies(RCMT)$？

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href=\"https://ttm.financial/S/BPTH\">$Bio-Path Holdings, Inc.(BPTH)$</a>","listText":"<a href=\"https://ttm.financial/S/BPTH\">$Bio-Path Holdings, Inc.(BPTH)$</a>","text":"$Bio-Path Holdings, Inc.(BPTH)$","images":[{"img":"https://community-static.tradeup.com/news/f8bec62e04a0d310854d71f6cb97d382","width":"1080","height":"2309"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912217356","isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9090259014,"gmtCreate":1643205606404,"gmtModify":1676533784845,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"！！！","listText":"！！！","text":"！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090259014","repostId":"1131590947","repostType":4,"isVote":1,"tweetType":1,"viewCount":952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090250918,"gmtCreate":1643205470780,"gmtModify":1676533784824,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"！！！","listText":"！！！","text":"！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090250918","repostId":"1176421280","repostType":4,"repost":{"id":"1176421280","kind":"news","pubTimestamp":1643199409,"share":"https://ttm.financial/m/news/1176421280?lang=en_US&edition=fundamental","pubTime":"2022-01-26 20:16","market":"hk","language":"zh","title":"Planning to go public in Hong Kong, how will JD Technology turn around after the defeat of the Science and Technology Innovation Board?","url":"https://stock-news.laohu8.com/highlight/detail?id=1176421280","media":"价值研究所","summary":"京东科技真的找到自己要走的路了吗？","content":"<p><html><head></head><body>Among the big names in China's technology circle, who has the most experience in ringing the bell for listing?</p><p>The answer is not the two all-powerful Ma fathers, but Liu Qiangdong, who looks simple and honest and keeps a low profile, but has already gained four IPOs.</p><p>Recently, following<a href=\"https://laohu8.com/S/06618\">JD Health</a>And<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>After that, another one<a href=\"https://laohu8.com/S/JD\">JD.com</a>The company has been exposed to its listing plan-According to multiple media reports, JD Technology plans to go public in Hong Kong in 2022, which will be<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>、<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Responsible for handling specific matters and plans to raise US $1 billion to US $2 billion.</p><p>As we all know, in Liu Qiangdong's business kingdom, there is a \"troika\": JD Retail, JD Logistics and JD Digits, which are based on the three major fields of retail e-commerce, express logistics and financial technology respectively, and have been leading JD for many years. The engine of performance growth.</p><p>In the past few years, JD Logistics and JD Health have successively IPO, and JD Technology, which changed its head and face from JD Digital, has become the only sub-group in the \"troika\" that has not been spun off and listed. From this perspective, it is not surprising that JD.COM wants to promote the IPO plan as soon as possible.</p><p><b>However, after experiencing a series of shocks such as the blockage of the IPO in science and technology innovation board, the major adjustment of the business model, and the departure of core executives, we can't help but ask: Has JD Technology really found its own way?</b></p><p><b>The Science and Technology Innovation Board has failed in the past six months: De-financialization is the top priority of JD Technology</b></p><p>In fact, this is not the first time that JD Technology has been linked to listing.</p><p>In September 2020, JD Digital Technology Holdings Co., Ltd., the predecessor of JD Technology, JD Digital, officially submitted an IPO application to the Shanghai Stock Exchange and plans to list on the Science and Technology Innovation Board. At that time, JD Digital had been established for seven years. After the transformation of its business model from digital finance to financial technology, and then to digital technology, it already had a certain market position in the industry, and it was logical to go public.</p><p>However, this super unicorn with a valuation of 200 billion failed to successfully win the ticket to the secondary market. In March last year, JD Digital announced the withdrawal of its IPO application, and the Shanghai Stock Exchange also decided to terminate the review process.</p><p><b>It is worth mentioning that JD Digital's withdrawal of its IPO application is just a microcosm of the wave of technology companies terminating their listings at the beginning of last year.</b>Data searched by the Value Research Institute (ID: jiazhiyanjiusuo) shows that as of March 31, a total of 32 companies have announced the withdrawal of IPO applications on the Science and Technology Innovation Board. In addition to JD Digital, there are also star unicorns such as folding screen giant Royole Technology and Yitu Technology, one of the \"AI Four Little Dragons\".</p><p>There are no more than two reasons for the large-scale termination of IPOs by technology-based enterprises: First, the IPO review is strict, and the CSRC intends to strengthen market supervision, which also puts forward higher requirements for the financial data of companies applying for listing; Second, affected by the market environment and relevant policies, the management of relevant companies is turbulent and their business changes are too large, so they have to readjust their listing plans.</p><p>For JD Digital, the latter factor obviously has a greater impact.</p><p><img src=\"https://static.tigerbbs.com/9ac28d22ca0d35b69c4f294bfb27526e\" tg-width=\"1080\" tg-height=\"611\" referrerpolicy=\"no-referrer\"/></p><p>According to the prospectus submitted by JD Digital at that time, among its main sources of revenue, financial technology-related businesses accounted for a very high proportion. The data shows that during the reporting period, JD Digits served more than 600 banks, insurance, funds, trusts, and securities institutions. In terms of revenue proportion, the digital solution revenue brought by these more than 600 financial institutions accounts for 41.48% of the total revenue, making it the second largest revenue source of JD Digital.</p><p>Although merchant and enterprise digital solutions contribute 52.37% of JD Digital's revenue and are the most important cash cow, this is based on more than 1 million small and micro merchants, more than 200,000 small and medium-sized enterprises, and more than 700 large-scale merchants. Based on the huge customer base of the business center.<b>In other words, when it comes to the income value of a single customer, financial institutions such as banks and funds are the most important funders of JD Digits.</b></p><p>However, I believe everyone will never forget the great earthquakes in technology and finance industry in the past two years. First, the official media severely criticized Internet financial institutions for encouraging advanced consumption, and then<a href=\"https://laohu8.com/S/06688\">Ant Group</a>The listing plan was suspended, and JD Finance was criticized by the media and netizens for controversial advertisements... This series of negative events has profoundly changed the fate of JD Digital.</p><p><img src=\"https://static.tigerbbs.com/92acd78bce16623c45941894b5b52d61\" tg-width=\"991\" tg-height=\"762\" referrerpolicy=\"no-referrer\"/></p><p>(Picture from JD Digital Prospectus)</p><p>In view of this, in the past year, JD Digits has devoted itself to reducing its financial attributes through various means: from name change to executive reshuffle, to business model adjustment, JD can be said to have exhausted eighteen efforts.</p><p>As early as January 31, JD Group announced that it would integrate JD Digital and JD Cloud with the AI Division to form a brand-new JD Technology sub-group, officially replacing JD Digital as the core platform for JD to export technical services.</p><p>Objectively speaking, the most direct reason why JD Digital withdrew its IPO on the Science and Technology Innovation Board is this name change and business restructuring. But from the standpoint of JD.com, the name change is just the beginning, and the withdrawal of the IPO application is also unexpected. Under the public opinion and policy environment at that time, the road to listing of JD.com Digital is destined to be not smooth, and it is better to have a drastic reform. Pave the way for future development.</p><p>Although JD Digital announced as early as 2018 that it would upgrade its financial technology strategy to a digital technology strategy, in the view of the Value Research Institute,<b>It was not until January last year that JD Technology changed its name and merged into JD Cloud and AI business that JD Technology really embarked on the road of industrial digital reform.</b></p><p>In the months after the name change and IPO withdrawal, JD Technology also started a round of large-scale personnel adjustments to further dilute its financial color:</p><p>Chen Shengqiang, the former CEO of JD Digital, retreated to the second line, and Li Yayun, then chief compliance officer of JD Group, was in charge of the seal; Xu Ling, the head of JD Technology Financial Institution, known as the \"Father of Baitiao\", was also transferred to the CSO business department of the group as the head of the strategic planning department. Li Bo, the former head of the corporate finance business department of the secondary department of JD Financial Technology Group, took over Xu Ling's position. It is reported that Li Bo has more than 20 years of working experience in the traditional banking system and has a deep understanding of industry regulations and regulatory systems. All in all, a series of work of JD Technology is moving closer to compliance, trying to minimize the risks that technology and finance business may bring to itself.</p><p><img src=\"https://static.tigerbbs.com/91fb046b1da1426f672fdbabc77301bb\" tg-width=\"1080\" tg-height=\"630\" referrerpolicy=\"no-referrer\"/></p><p>(Image via UNsplash)</p><p>After this year's adjustment, the financial content of JD Technology has been greatly reduced, which has indeed cleared the way for re-listing. But from the perspective of its own development, the performance is under pressure, the cost is high, and the pain of transformation has not yet passed. Is now really a good time to go public?</p><p>We can't help but ask a question mark.</p><p><b>With high costs and unstable performance, what does JD Technology rely on to impress capital?</b></p><p>Regarding the listing rumors, JD Technology's official response is \"no comment\". However, according to the announcement on the official website of the China Securities Regulatory Commission, JD Technology has submitted the application for \"Approval of Overseas Initial Public Offering of Shares\" on January 21st, and has now entered the data receiving process.</p><p>In the view of the Value Research Institute, the official response without comment may mean that JD Technology wants to keep a low profile and be cautious about listing-related matters. With the lessons learned from the past in science and technology innovation board, keeping a low profile is not a bad thing for JD Technology.</p><p>After all, although it has avoided regulatory risks by making a makeover and reducing the content of financial business, JD Technology still has many problems to solve in terms of profit model and cost control, and it is not so easy to conquer the capital market.</p><p><b>On the one hand, the high operating and R&D costs of JD Technology have put great pressure on revenue.</b></p><p>According to the financial report data released by JD.com, since the strategy of transforming to technology was proposed in 2017, the JD.com system has invested nearly 75 billion yuan in technology research and development in the past four years. Logistics and digital technology are the main burners of money. big households. In addition, the cloud computing and AI businesses merged into JD Technology are also in the climbing stage, and they also need to continue to burn money for research and development. Compared with the JD Digital prospectus previously submitted to the Shanghai Stock Exchange, its latest revenue in 2019 slightly exceeded 18 billion, and the profit pressure cannot be ignored in the face of huge R&D investment.</p><p><img src=\"https://static.tigerbbs.com/06e99ea473aefb92e91524273f995eaa\" tg-width=\"1080\" tg-height=\"704\" referrerpolicy=\"no-referrer\"/></p><p>(Image via UNsplash)</p><p>Fortunately, behind the huge R&D investment, we can still see JD.com's progress in digital technology. At the JD.com Global Technology Explorer Conference held in November last year, JD.com announced nearly a hundred latest digital and cloud technology achievements, including many high-end technologies in the fields of AI and cloud computing such as quantum computing, quantum communication and sensing technology.</p><p><b>But on the other hand, with good technology, how to turn it into profits-that is, to improve the commercialization level of JD Technology and expand new customers outside financial institutions-is also an unavoidable problem.</b></p><p>In the era of JD.com's digital technology, according to official data, as of the first half of 2020, financial technology business revenue related to white bars and gold bars accounted for 42.89% of JD.com's total technology service revenue, a further increase from 37.74% in the same period of the previous fiscal year. Although JD Technology has not released new revenue data since then, its revenue will inevitably be greatly affected after implementing a series of operations such as reducing the proportion of financial business and weakening the attributes of financial technology.</p><p>As for the JD Cloud and AI businesses that have been merged into it, it is difficult to hide all the problems. According to Wind statistics, when JD Group was divested and merged into JD Technology, the total valuation of JD Cloud and AI business was only about US $2.4 billion, which was less than 10% of the pre-listing valuation of JD Digital, and the gap was quite obvious..</p><p><img src=\"https://static.tigerbbs.com/0203efcd71f6b23b27f1ec07b5c3916f\" tg-width=\"1075\" tg-height=\"775\" referrerpolicy=\"no-referrer\"/></p><p>According to the Value Research Institute,<b>If JD Technology wants to achieve truly independent development and healthy growth in the \"post-financial era\", it must get out of its comfort zone and tap new increments, especially play the two cards of cloud services and AI.</b></p><p>As early as 2018, when Liu Qiangdong adjusted the positioning of JD Digital from financial technology to digital technology, he said that JD would become a technology supply chain service company:</p><p>\"We are not an e-commerce company, but a technology and service enterprise based on the supply chain.\" In fact, both cloud services and AI industries still have great growth potential, but the competition is also fierce. According to a report released by IDC, an international data agency, as of the first half of last year, China's IaaS and PaaS public cloud market totaled US $9.546 billion, a year-on-year increase of 48.6%. Among the top cloud service providers, Alibaba Cloud and<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cloud occupies 37.9% and 11.2% of the market share respectively, ranking firmly in the top two.</p><p>Behind Ali and Tencent, although the seats of Huawei Cloud and Tianyi Cloud often change, they are basically at the forefront. Plus those who are working hard<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Cloud, and ByteDance, which announced its high-profile entry into the cloud computing market last year, the cloud service track is becoming more and more crowded.</p><p>To become China's fifth cloud, does JD.com still have a chance?</p><p><img src=\"https://static.tigerbbs.com/2cf2066aabc78a1b4be02e46b23e9025\" tg-width=\"1080\" tg-height=\"801\" referrerpolicy=\"no-referrer\"/></p><p>(Image from IDC)</p><p><b>To avoid Alibaba's limelight, JD Technology needs to find another way</b></p><p>According to the global cloud computing IaaS market tracking data released by Gartner in April last year, as of 2020, JD Cloud ranked fifth in China in market share, catching up with<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>。 In terms of growth rate, JD Cloud ranks among the top three among the top ten cloud service providers, showing a good development speed.</p><p>But in the face of the overwhelming advantage of leading cloud service vendors, especially the old enemy Ali, this performance is far from enough.</p><p>As mentioned earlier, Alibaba Cloud's first-mover advantage in the domestic basic cloud/public cloud market is almost unshakable, and its market share is far ahead. Whether it is JD.com, the ambitious ByteDance, or Baidu, it is difficult for these latecomers to leverage Ali's dominance. According to the Value Research Institute,<b>If JD.com wants to overtake in a corner, it must avoid Ali's sharpness and find the right focus: for example, promoting the combination and coordinated development of cloud computing and AI, and giving full play to JD.com's advantages in the real economy.</b></p><p><b>On the one hand, JD Technology has experience in serving JD's self-operated retail and logistics systems, and has differentiated and scenario-based advantages.</b>Serving the real economy with digital technology is the common goal of various cloud service giants such as JD.com, Alibaba, and Tencent. JD.com, which has always emphasized the quality of its own real economy, is naturally unwilling to be left behind.</p><p>For example, the transformation of the physical retail industry by AI and cloud computing has brought many surprises to JD.com itself. During last year's 618 period, the C2M reverse customization system supported by AI technology helped JD.com achieve the goal of increasing the transaction volume of 1,000 new categories by 100% year-on-year, and the sales of 100 new categories exceeded 100 million. But in the future, JD Technology needs to further \"untie\" from JD.com and open up more external customers.</p><p>Unlike Ali, which is based on the public cloud, JD Cloud's auxiliary effect on the self-operated retail system is visible to the naked eye, and it has the foundation to provide targeted services to other retail customers. Other scenario-based services in fields such as smart logistics, infrastructure, and warehousing are also opportunities that JD Technology cannot ignore. As Gao Liqiang, president of JD Technology JD Cloud Business Group, said:</p><p>\"JD.com is a procurement and sales model, which means that JD.com has a strong connection relationship with brand owners and manufacturing companies, and can master first-hand industrial experience.\" And these experiences and targeted services are exactly what corporate customers need.</p><p><img src=\"https://static.tigerbbs.com/81b1c90ea9d8b123ac68f04131310cdd\" tg-width=\"1080\" tg-height=\"682\" referrerpolicy=\"no-referrer\"/></p><p>(Image via Pixabay)</p><p>On the other hand, focusing on cloud technology + AI<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cloud industry has made great progress in the past few years-<b>The integration of AI and JD Cloud business into JD Technology just reflects JD's ambition for this market and its determination to promote the integration of these two cutting-edge technologies.</b></p><p>At the World Artificial Intelligence Conference held in July last year, JD.com showed its newly developed AI technology full-stack products and digital solutions to the outside world. This is JD.com's latest attempt in the coordinated development of cloud computing and AI technology. The JD Zhizao Cloud Project, which was also unveiled at this conference, shoulders the important task of JD Technology's commercialization exploration in the field of AI + cloud computing.</p><p>According to the official statement of JD.com, JD.com Zhizao Cloud has been commercialized in the Yangtze River Delta region, which has played a role in helping enterprises achieve intelligent production, flexible production, and cost reduction.</p><p>It should be noted that although JD Cloud started late and its market share cannot be compared with Ali and Tencent, its computing power foundation is not bad at all. Data shows that JD Cloud currently has more than 2 million Docker containers, making it one of the largest Docker clusters in the world, which can ensure super computing power. Excellent computing power is the basis for supporting JD Technology's integrated research and development of cloud technology and AI technology.</p><p><img src=\"https://static.tigerbbs.com/0301664e40052d8c97e48d96a826b91f\" tg-width=\"1080\" tg-height=\"693\" referrerpolicy=\"no-referrer\"/></p><p>(Image from official website, JD Technology)</p><p><b>Of course, JD Technology can do better in the integration of cloud and AI, and its service scope also has more room for extension-especially in urban infrastructure and government platform services.</b></p><p>According to official data, the number of urban public service institutions currently served by JD.COM is 40 +, which is not large. SenseTime, whose stock price continued to rise sharply after successfully landing on the Hong Kong Stock Exchange at the end of last year, relies on its smart city business in cooperation with public service agencies and local governments to support nearly 50% of its revenue, demonstrating the huge potential of this market.</p><p>Although JD.com and SenseTime have great differences in business models and service scope, their pursuits are similar: to build the \"smart brain\" of modern cities and promote the digital upgrade of urban management systems through technological means such as cloud computing and AI.. Based on AI giants such as SenseTime, JD Technology can also find many new increments in related digital infrastructure fields.</p><p><b>Write at the end</b></p><p>On January 24, JD Technology and the Wuhu Municipal People's Government signed a strategic cooperation agreement to build a local digital intelligent management platform for the latter and promote the development of Wuhu's smart home appliance/home industry. At the Anhui International Household Appliances and Consumer Electronics Expo held on the same day, Qu Hui, director of Wuhu Economic and Information Bureau, talked about the help brought by JD Technology to Wuhu's home appliance industry:</p><p>\"Anhui has listed the smart home appliance industry as one of the top ten emerging industries in the province's' 14th Five-Year Plan 'stage. We hope to use the profound technological accumulation of JD.COM Group to reasonably promote the local smart home appliance/home industry to a new level of development.\"<img src=\"https://static.tigerbbs.com/7092507380aeb1b232b00835eedc90bd\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/></p><p>The Value Research Institute said in the previous \"review 2021\" series that under the combined effect of a series of factors such as the exhaustion of online traffic and the tightening of anti-monopoly policies, the future of Chinese technology and Internet companies will inevitably return to \"technology is king\" \"era.</p><p>It can be seen from this series of cooperation that JD Technology has been committed to opening up new fronts and finding new growth space. Joining hands with government agencies to increase the layout of the digital industry will also be an important development direction in the future. As the vanguard of JD.com, a huge business empire, in the field of science and technology, the development prospects of JD.com's science and technology are naturally worthy of our expectation.</p><p></body></html></p>","source":"lsy1636160223908","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>Planning to go public in Hong Kong, how will JD Technology turn around after the defeat of the Science and Technology Innovation Board?</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\">\nPlanning to go public in Hong Kong, how will JD Technology turn around after the defeat of the Science and Technology Innovation Board?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">价值研究所</strong><span class=\"h-time small\">2022-01-26 20:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Among the big names in China's technology circle, who has the most experience in ringing the bell for listing?</p><p>The answer is not the two all-powerful Ma fathers, but Liu Qiangdong, who looks simple and honest and keeps a low profile, but has already gained four IPOs.</p><p>Recently, following<a href=\"https://laohu8.com/S/06618\">JD Health</a>And<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>After that, another one<a href=\"https://laohu8.com/S/JD\">JD.com</a>The company has been exposed to its listing plan-According to multiple media reports, JD Technology plans to go public in Hong Kong in 2022, which will be<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>、<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>Responsible for handling specific matters and plans to raise US $1 billion to US $2 billion.</p><p>As we all know, in Liu Qiangdong's business kingdom, there is a \"troika\": JD Retail, JD Logistics and JD Digits, which are based on the three major fields of retail e-commerce, express logistics and financial technology respectively, and have been leading JD for many years. The engine of performance growth.</p><p>In the past few years, JD Logistics and JD Health have successively IPO, and JD Technology, which changed its head and face from JD Digital, has become the only sub-group in the \"troika\" that has not been spun off and listed. From this perspective, it is not surprising that JD.COM wants to promote the IPO plan as soon as possible.</p><p><b>However, after experiencing a series of shocks such as the blockage of the IPO in science and technology innovation board, the major adjustment of the business model, and the departure of core executives, we can't help but ask: Has JD Technology really found its own way?</b></p><p><b>The Science and Technology Innovation Board has failed in the past six months: De-financialization is the top priority of JD Technology</b></p><p>In fact, this is not the first time that JD Technology has been linked to listing.</p><p>In September 2020, JD Digital Technology Holdings Co., Ltd., the predecessor of JD Technology, JD Digital, officially submitted an IPO application to the Shanghai Stock Exchange and plans to list on the Science and Technology Innovation Board. At that time, JD Digital had been established for seven years. After the transformation of its business model from digital finance to financial technology, and then to digital technology, it already had a certain market position in the industry, and it was logical to go public.</p><p>However, this super unicorn with a valuation of 200 billion failed to successfully win the ticket to the secondary market. In March last year, JD Digital announced the withdrawal of its IPO application, and the Shanghai Stock Exchange also decided to terminate the review process.</p><p><b>It is worth mentioning that JD Digital's withdrawal of its IPO application is just a microcosm of the wave of technology companies terminating their listings at the beginning of last year.</b>Data searched by the Value Research Institute (ID: jiazhiyanjiusuo) shows that as of March 31, a total of 32 companies have announced the withdrawal of IPO applications on the Science and Technology Innovation Board. In addition to JD Digital, there are also star unicorns such as folding screen giant Royole Technology and Yitu Technology, one of the \"AI Four Little Dragons\".</p><p>There are no more than two reasons for the large-scale termination of IPOs by technology-based enterprises: First, the IPO review is strict, and the CSRC intends to strengthen market supervision, which also puts forward higher requirements for the financial data of companies applying for listing; Second, affected by the market environment and relevant policies, the management of relevant companies is turbulent and their business changes are too large, so they have to readjust their listing plans.</p><p>For JD Digital, the latter factor obviously has a greater impact.</p><p><img src=\"https://static.tigerbbs.com/9ac28d22ca0d35b69c4f294bfb27526e\" tg-width=\"1080\" tg-height=\"611\" referrerpolicy=\"no-referrer\"/></p><p>According to the prospectus submitted by JD Digital at that time, among its main sources of revenue, financial technology-related businesses accounted for a very high proportion. The data shows that during the reporting period, JD Digits served more than 600 banks, insurance, funds, trusts, and securities institutions. In terms of revenue proportion, the digital solution revenue brought by these more than 600 financial institutions accounts for 41.48% of the total revenue, making it the second largest revenue source of JD Digital.</p><p>Although merchant and enterprise digital solutions contribute 52.37% of JD Digital's revenue and are the most important cash cow, this is based on more than 1 million small and micro merchants, more than 200,000 small and medium-sized enterprises, and more than 700 large-scale merchants. Based on the huge customer base of the business center.<b>In other words, when it comes to the income value of a single customer, financial institutions such as banks and funds are the most important funders of JD Digits.</b></p><p>However, I believe everyone will never forget the great earthquakes in technology and finance industry in the past two years. First, the official media severely criticized Internet financial institutions for encouraging advanced consumption, and then<a href=\"https://laohu8.com/S/06688\">Ant Group</a>The listing plan was suspended, and JD Finance was criticized by the media and netizens for controversial advertisements... This series of negative events has profoundly changed the fate of JD Digital.</p><p><img src=\"https://static.tigerbbs.com/92acd78bce16623c45941894b5b52d61\" tg-width=\"991\" tg-height=\"762\" referrerpolicy=\"no-referrer\"/></p><p>(Picture from JD Digital Prospectus)</p><p>In view of this, in the past year, JD Digits has devoted itself to reducing its financial attributes through various means: from name change to executive reshuffle, to business model adjustment, JD can be said to have exhausted eighteen efforts.</p><p>As early as January 31, JD Group announced that it would integrate JD Digital and JD Cloud with the AI Division to form a brand-new JD Technology sub-group, officially replacing JD Digital as the core platform for JD to export technical services.</p><p>Objectively speaking, the most direct reason why JD Digital withdrew its IPO on the Science and Technology Innovation Board is this name change and business restructuring. But from the standpoint of JD.com, the name change is just the beginning, and the withdrawal of the IPO application is also unexpected. Under the public opinion and policy environment at that time, the road to listing of JD.com Digital is destined to be not smooth, and it is better to have a drastic reform. Pave the way for future development.</p><p>Although JD Digital announced as early as 2018 that it would upgrade its financial technology strategy to a digital technology strategy, in the view of the Value Research Institute,<b>It was not until January last year that JD Technology changed its name and merged into JD Cloud and AI business that JD Technology really embarked on the road of industrial digital reform.</b></p><p>In the months after the name change and IPO withdrawal, JD Technology also started a round of large-scale personnel adjustments to further dilute its financial color:</p><p>Chen Shengqiang, the former CEO of JD Digital, retreated to the second line, and Li Yayun, then chief compliance officer of JD Group, was in charge of the seal; Xu Ling, the head of JD Technology Financial Institution, known as the \"Father of Baitiao\", was also transferred to the CSO business department of the group as the head of the strategic planning department. Li Bo, the former head of the corporate finance business department of the secondary department of JD Financial Technology Group, took over Xu Ling's position. It is reported that Li Bo has more than 20 years of working experience in the traditional banking system and has a deep understanding of industry regulations and regulatory systems. All in all, a series of work of JD Technology is moving closer to compliance, trying to minimize the risks that technology and finance business may bring to itself.</p><p><img src=\"https://static.tigerbbs.com/91fb046b1da1426f672fdbabc77301bb\" tg-width=\"1080\" tg-height=\"630\" referrerpolicy=\"no-referrer\"/></p><p>(Image via UNsplash)</p><p>After this year's adjustment, the financial content of JD Technology has been greatly reduced, which has indeed cleared the way for re-listing. But from the perspective of its own development, the performance is under pressure, the cost is high, and the pain of transformation has not yet passed. Is now really a good time to go public?</p><p>We can't help but ask a question mark.</p><p><b>With high costs and unstable performance, what does JD Technology rely on to impress capital?</b></p><p>Regarding the listing rumors, JD Technology's official response is \"no comment\". However, according to the announcement on the official website of the China Securities Regulatory Commission, JD Technology has submitted the application for \"Approval of Overseas Initial Public Offering of Shares\" on January 21st, and has now entered the data receiving process.</p><p>In the view of the Value Research Institute, the official response without comment may mean that JD Technology wants to keep a low profile and be cautious about listing-related matters. With the lessons learned from the past in science and technology innovation board, keeping a low profile is not a bad thing for JD Technology.</p><p>After all, although it has avoided regulatory risks by making a makeover and reducing the content of financial business, JD Technology still has many problems to solve in terms of profit model and cost control, and it is not so easy to conquer the capital market.</p><p><b>On the one hand, the high operating and R&D costs of JD Technology have put great pressure on revenue.</b></p><p>According to the financial report data released by JD.com, since the strategy of transforming to technology was proposed in 2017, the JD.com system has invested nearly 75 billion yuan in technology research and development in the past four years. Logistics and digital technology are the main burners of money. big households. In addition, the cloud computing and AI businesses merged into JD Technology are also in the climbing stage, and they also need to continue to burn money for research and development. Compared with the JD Digital prospectus previously submitted to the Shanghai Stock Exchange, its latest revenue in 2019 slightly exceeded 18 billion, and the profit pressure cannot be ignored in the face of huge R&D investment.</p><p><img src=\"https://static.tigerbbs.com/06e99ea473aefb92e91524273f995eaa\" tg-width=\"1080\" tg-height=\"704\" referrerpolicy=\"no-referrer\"/></p><p>(Image via UNsplash)</p><p>Fortunately, behind the huge R&D investment, we can still see JD.com's progress in digital technology. At the JD.com Global Technology Explorer Conference held in November last year, JD.com announced nearly a hundred latest digital and cloud technology achievements, including many high-end technologies in the fields of AI and cloud computing such as quantum computing, quantum communication and sensing technology.</p><p><b>But on the other hand, with good technology, how to turn it into profits-that is, to improve the commercialization level of JD Technology and expand new customers outside financial institutions-is also an unavoidable problem.</b></p><p>In the era of JD.com's digital technology, according to official data, as of the first half of 2020, financial technology business revenue related to white bars and gold bars accounted for 42.89% of JD.com's total technology service revenue, a further increase from 37.74% in the same period of the previous fiscal year. Although JD Technology has not released new revenue data since then, its revenue will inevitably be greatly affected after implementing a series of operations such as reducing the proportion of financial business and weakening the attributes of financial technology.</p><p>As for the JD Cloud and AI businesses that have been merged into it, it is difficult to hide all the problems. According to Wind statistics, when JD Group was divested and merged into JD Technology, the total valuation of JD Cloud and AI business was only about US $2.4 billion, which was less than 10% of the pre-listing valuation of JD Digital, and the gap was quite obvious..</p><p><img src=\"https://static.tigerbbs.com/0203efcd71f6b23b27f1ec07b5c3916f\" tg-width=\"1075\" tg-height=\"775\" referrerpolicy=\"no-referrer\"/></p><p>According to the Value Research Institute,<b>If JD Technology wants to achieve truly independent development and healthy growth in the \"post-financial era\", it must get out of its comfort zone and tap new increments, especially play the two cards of cloud services and AI.</b></p><p>As early as 2018, when Liu Qiangdong adjusted the positioning of JD Digital from financial technology to digital technology, he said that JD would become a technology supply chain service company:</p><p>\"We are not an e-commerce company, but a technology and service enterprise based on the supply chain.\" In fact, both cloud services and AI industries still have great growth potential, but the competition is also fierce. According to a report released by IDC, an international data agency, as of the first half of last year, China's IaaS and PaaS public cloud market totaled US $9.546 billion, a year-on-year increase of 48.6%. Among the top cloud service providers, Alibaba Cloud and<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cloud occupies 37.9% and 11.2% of the market share respectively, ranking firmly in the top two.</p><p>Behind Ali and Tencent, although the seats of Huawei Cloud and Tianyi Cloud often change, they are basically at the forefront. Plus those who are working hard<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Cloud, and ByteDance, which announced its high-profile entry into the cloud computing market last year, the cloud service track is becoming more and more crowded.</p><p>To become China's fifth cloud, does JD.com still have a chance?</p><p><img src=\"https://static.tigerbbs.com/2cf2066aabc78a1b4be02e46b23e9025\" tg-width=\"1080\" tg-height=\"801\" referrerpolicy=\"no-referrer\"/></p><p>(Image from IDC)</p><p><b>To avoid Alibaba's limelight, JD Technology needs to find another way</b></p><p>According to the global cloud computing IaaS market tracking data released by Gartner in April last year, as of 2020, JD Cloud ranked fifth in China in market share, catching up with<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>。 In terms of growth rate, JD Cloud ranks among the top three among the top ten cloud service providers, showing a good development speed.</p><p>But in the face of the overwhelming advantage of leading cloud service vendors, especially the old enemy Ali, this performance is far from enough.</p><p>As mentioned earlier, Alibaba Cloud's first-mover advantage in the domestic basic cloud/public cloud market is almost unshakable, and its market share is far ahead. Whether it is JD.com, the ambitious ByteDance, or Baidu, it is difficult for these latecomers to leverage Ali's dominance. According to the Value Research Institute,<b>If JD.com wants to overtake in a corner, it must avoid Ali's sharpness and find the right focus: for example, promoting the combination and coordinated development of cloud computing and AI, and giving full play to JD.com's advantages in the real economy.</b></p><p><b>On the one hand, JD Technology has experience in serving JD's self-operated retail and logistics systems, and has differentiated and scenario-based advantages.</b>Serving the real economy with digital technology is the common goal of various cloud service giants such as JD.com, Alibaba, and Tencent. JD.com, which has always emphasized the quality of its own real economy, is naturally unwilling to be left behind.</p><p>For example, the transformation of the physical retail industry by AI and cloud computing has brought many surprises to JD.com itself. During last year's 618 period, the C2M reverse customization system supported by AI technology helped JD.com achieve the goal of increasing the transaction volume of 1,000 new categories by 100% year-on-year, and the sales of 100 new categories exceeded 100 million. But in the future, JD Technology needs to further \"untie\" from JD.com and open up more external customers.</p><p>Unlike Ali, which is based on the public cloud, JD Cloud's auxiliary effect on the self-operated retail system is visible to the naked eye, and it has the foundation to provide targeted services to other retail customers. Other scenario-based services in fields such as smart logistics, infrastructure, and warehousing are also opportunities that JD Technology cannot ignore. As Gao Liqiang, president of JD Technology JD Cloud Business Group, said:</p><p>\"JD.com is a procurement and sales model, which means that JD.com has a strong connection relationship with brand owners and manufacturing companies, and can master first-hand industrial experience.\" And these experiences and targeted services are exactly what corporate customers need.</p><p><img src=\"https://static.tigerbbs.com/81b1c90ea9d8b123ac68f04131310cdd\" tg-width=\"1080\" tg-height=\"682\" referrerpolicy=\"no-referrer\"/></p><p>(Image via Pixabay)</p><p>On the other hand, focusing on cloud technology + AI<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cloud industry has made great progress in the past few years-<b>The integration of AI and JD Cloud business into JD Technology just reflects JD's ambition for this market and its determination to promote the integration of these two cutting-edge technologies.</b></p><p>At the World Artificial Intelligence Conference held in July last year, JD.com showed its newly developed AI technology full-stack products and digital solutions to the outside world. This is JD.com's latest attempt in the coordinated development of cloud computing and AI technology. The JD Zhizao Cloud Project, which was also unveiled at this conference, shoulders the important task of JD Technology's commercialization exploration in the field of AI + cloud computing.</p><p>According to the official statement of JD.com, JD.com Zhizao Cloud has been commercialized in the Yangtze River Delta region, which has played a role in helping enterprises achieve intelligent production, flexible production, and cost reduction.</p><p>It should be noted that although JD Cloud started late and its market share cannot be compared with Ali and Tencent, its computing power foundation is not bad at all. Data shows that JD Cloud currently has more than 2 million Docker containers, making it one of the largest Docker clusters in the world, which can ensure super computing power. Excellent computing power is the basis for supporting JD Technology's integrated research and development of cloud technology and AI technology.</p><p><img src=\"https://static.tigerbbs.com/0301664e40052d8c97e48d96a826b91f\" tg-width=\"1080\" tg-height=\"693\" referrerpolicy=\"no-referrer\"/></p><p>(Image from official website, JD Technology)</p><p><b>Of course, JD Technology can do better in the integration of cloud and AI, and its service scope also has more room for extension-especially in urban infrastructure and government platform services.</b></p><p>According to official data, the number of urban public service institutions currently served by JD.COM is 40 +, which is not large. SenseTime, whose stock price continued to rise sharply after successfully landing on the Hong Kong Stock Exchange at the end of last year, relies on its smart city business in cooperation with public service agencies and local governments to support nearly 50% of its revenue, demonstrating the huge potential of this market.</p><p>Although JD.com and SenseTime have great differences in business models and service scope, their pursuits are similar: to build the \"smart brain\" of modern cities and promote the digital upgrade of urban management systems through technological means such as cloud computing and AI.. Based on AI giants such as SenseTime, JD Technology can also find many new increments in related digital infrastructure fields.</p><p><b>Write at the end</b></p><p>On January 24, JD Technology and the Wuhu Municipal People's Government signed a strategic cooperation agreement to build a local digital intelligent management platform for the latter and promote the development of Wuhu's smart home appliance/home industry. At the Anhui International Household Appliances and Consumer Electronics Expo held on the same day, Qu Hui, director of Wuhu Economic and Information Bureau, talked about the help brought by JD Technology to Wuhu's home appliance industry:</p><p>\"Anhui has listed the smart home appliance industry as one of the top ten emerging industries in the province's' 14th Five-Year Plan 'stage. We hope to use the profound technological accumulation of JD.COM Group to reasonably promote the local smart home appliance/home industry to a new level of development.\"<img src=\"https://static.tigerbbs.com/7092507380aeb1b232b00835eedc90bd\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/></p><p>The Value Research Institute said in the previous \"review 2021\" series that under the combined effect of a series of factors such as the exhaustion of online traffic and the tightening of anti-monopoly policies, the future of Chinese technology and Internet companies will inevitably return to \"technology is king\" \"era.</p><p>It can be seen from this series of cooperation that JD Technology has been committed to opening up new fronts and finding new growth space. Joining hands with government agencies to increase the layout of the digital industry will also be an important development direction in the future. As the vanguard of JD.com, a huge business empire, in the field of science and technology, the development prospects of JD.com's science and technology are naturally worthy of our expectation.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/oTdn6rfHoEqwjRfv4cAYHA\">价值研究所</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fdac37851c82221ba5c05d0b1ffc2ca6","relate_stocks":{"JD":"京东","09618":"京东集团-SW"},"source_url":"https://mp.weixin.qq.com/s/oTdn6rfHoEqwjRfv4cAYHA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176421280","content_text":"中国科技圈一众大佬中，谁的上市敲钟经验最丰富？答案并不是两位叱咤风云的马爸爸，而是一脸憨厚、保持低调，却已经收获了四个IPO的刘强东。近日，继京东健康和京东物流之后，又有一家京东系企业被爆出上市计划——据多家媒体报道，京东科技计划2022年赴港上市，将由美国银行、中信证券和海通国际负责操办具体事宜，拟募资10-20亿美元。众所周知，在刘强东的商业王国里，素有“三驾马车”一说：京东零售、京东物流和京东数科，分别立足零售电商、快递物流和金融科技三大领域，多年来一直是引领京东业绩增长的引擎。过去几年，京东物流、京东健康相继IPO，由京东数科改头换脸而来的京东科技，成为“三驾马车”中唯一没有分拆上市的子集团。从这个角度讲，京东想尽快推动IPO计划，完全不让人意外。但在经历冲刺科创板IPO受阻、业务模式大调整、核心高管出走等一系列冲击之后，我们不禁要问：京东科技真的找到自己要走的路了吗？折戟科创板这半年：去金融化是京东科技首要任务事实上，这已经不是京东科技第一次和上市联系在一起了。2020年9月，京东数字科技控股股份有限公司——也就是京东科技的前身京东数科，正式向上交所提交IPO申请，拟登陆科创板。彼时，京东数科已成立七年，经营模式经过从数字金融到金融科技，再到数字科技的转变，在业内已经具备了一定的市场地位，上市顺理成章。但这个估值高达2000亿的超级独角兽，未能成功拿下二级市场的入场券。去年3月份，京东数科宣布撤回IPO申请，上交所也决定终止审核流程。值得一提的是，京东数科撤回IPO申请只是去年年初科技企业终止上市潮的其中一个缩影。价值研究所（ID：jiazhiyanjiusuo）翻查的数据显示，截止3月31日，共有32家企业宣布撤回科创板IPO申请。除了京东数科之外，还有折叠屏巨头柔宇科技、“AI四小龙”之一的依图科技等明星独角兽。科技型企业大规模终止IPO，原因无非两个：一是IPO审查从严，证监会有意加强市场监管，对申请上市企业的财务数据也提出了更高要求；二是受市场大环境、相关政策影响，相关企业管理层动荡、业务变动过大，不得不重新调整上市计划。对于京东数科来说，后一个因素，明显影响更大。根据京东数科当时递交的招股书，其主要营收来源中，金融科技相关业务所占比例极高。数据显示，报告期内京东数科一共服务超过600家银行、保险、基金、信托、证券机构。从营收占比看，这600多家金融机构带来的数字化解决方案收入占总营收比例高达41.48%，是京东数科第二大营收来源。虽然商户和企业数字化解决方案为京东数科贡献了52.37%的营收，是最重要的现金牛，但这是建立在100多万家小微商户、20多万家中小企业和超700家大型商业中心的庞大客户群基础上的。换句话说，要论单个客户创收价值，银行、基金等金融机构才是京东数科最重要的金主爸爸。然而，过去两年科技金融行业的大地震，相信大家都不会忘记。先是官媒下场狠批互联网金融机构鼓励超前消费的行为，再到蚂蚁集团上市计划被叫停，京东金融也因为争议性广告被媒体和网友口诛笔伐……这一系列负面事件，都深刻改变了京东数科的命运。（图片来自京东数科招股书）有鉴于此，过去一年京东数科通过各种手段，致力于降低自己身上的金融属性：从改名到高管大洗牌，再到业务模式调整，京东可以说是用尽了十八般功夫。早在1月31日，京东集团宣布将京东数科和京东云与AI事业部进行整合，组成全新的京东科技子集团，正式取代京东数科成为京东对外输出技术服务的核心平台。客观来说，京东数科撤回科创板IPO的最直接原因，正是这一次改名及业务重组。但站在京东的立场看，改名只是开始，撤回IPO申请也是意料之外——在当时的舆论、政策环境下，京东数科的上市之路注定不会平坦，还不如来一次大刀阔斧的改革为日后发展铺路。虽然京东数科早在2018年就宣称将金融科技战略升级为数字科技战略，但在价值研究所看来，直到去年1月份这一次改名、并入京东云及AI业务，京东科技才算真正走上产业数字化改革之路。在改名、撤回IPO之后的几个月里，京东科技也开始了一轮大规模人员调整，进一步淡化自身的金融色彩：原京东数科CEO陈生强退居二线，时任京东集团首席合规官李娅云代掌帅印；被誉为“白条之父”的京东科技金融机构负责人许凌也转岗至集团CSO业务部，担任战略规划部负责人，原京东金融科技群二级部门企业金融业务部负责人李波接替了许凌的职务。据悉，李波具备传统银行系统超20年的工作经验，对于行业法规、监管制度有深刻了解。总而言之，京东科技的一系列工作都在向合规化方向靠拢，尽可能降低科技金融业务可能给自己带来的风险。（图片来自UNsplash）经过这一年的调整之后，京东科技的金融含量大大降低，的确为重新上市扫清了障碍。但是从自身发展角度上讲，业绩承压、成本高企、转型阵痛尚未过去，现在真的是上市的好时机吗？我们不禁要打个问号。成本高企、业绩不稳，京东科技靠什么打动资本？对于上市传闻，京东科技官方回应是“不予置评”。但根据证监会官网上的公告，京东科技已在1月21日递交了《境外首次公开发行股份审批》申请，目前已经进入资料接收流程。在价值研究所看来，不予置评的官方回应，或许意味着京东科技想对上市相关事宜保持低调、谨慎。有折戟科创板的前车之鉴，保持低调对京东科技来说不是坏事。毕竟虽然已通过改头换面、降低金融业务含量规避监管风险，京东科技在盈利模式、成本控制上，还有很多难题需要解决，想征服资本市场并不是那么容易。一方面，京东科技的运营、研发成本高企，给营收带来了很大压力。根据京东发布的财报数据，自从2017年提出向技术化转型的策略以来，过去4年多的时间里京东体系已经累计投入了近750亿资金用于技术研发，物流和数字科技是主要的烧钱大户。此外，并入京东科技的云计算和AI业务，也都处于爬坡阶段，同样需要持续烧钱搞研发。对比此前提交给上交所的京东数科招股书，其2019年最新营收略超180亿，在庞大的研发投入面前盈利压力不容忽视。（图片来自UNsplash）好在，巨额研发投入背后，我们还是能看到京东在数字技术上的进步。在去年11月召开的京东全球科技探索者大会上，京东就对外公布了近百项最新数字化、云技术成果，其中不乏量子计算、量子通信和传感技术等AI、云计算领域的高端技术。但另一方面，有了好技术，怎么转化为收益——即提高京东科技的商业化水平、扩充金融机构之外的新客源，也是一个无法回避的难题。在京东数科时代，根据官方数据，截止2020年上半年白条、金条相关的金融科技业务收入占京东全部科技服务收入的42.89%，较上一财年同期的37.74%进一步提高。虽然京东科技此后没有公布新的营收数据，但在实施降低金融业务比例、弱化金融科技属性等一系列操作之后，其收入必然会受到很大影响。至于被并入其中的京东云和AI业务，也难以掩盖所有问题。根据Wind统计的数据，在剥离京东集团、并入京东科技时，京东云和AI业务总估值仅约为24亿美元，这一体量不及京东数科上市前估值的10%，差距相当明显。价值研究所认为，京东科技在“后金融时代”要想实现真正意义上的独立发展和良性增长，就必须走出舒适圈、挖掘新增量，特别是打好云服务和AI这两张牌。刘强东早在2018年将京东数科定位从金融科技调整为数字科技的时候就说过，京东要成为一家以技术供应链服务公司：“我们不是一家电商公司，而是以供应链为基础的技术与服务企业。”事实上，云服务和AI产业都还有很大的增长潜力，但竞争也很激烈。根据国际数据机构IDC发布的报告，截止去年上半年，中国IaaS和PaaS公有云市场规模合计为95.46亿美元，同比增长48.6%。在头部云服务商中，阿里云和腾讯云分别占据37.9%和11.2%的市场份额，稳居前两名。在阿里和腾讯身后，华为云、天翼云坐席虽常有变化，但基本也都稳居前列。加上正在发力的百度云，以及在去年高调宣布进军云计算市场的字节跳动，云服务赛道是变得越来越拥挤了。要抢做中国的第五朵云，京东还有机会吗？（图片来自IDC）避阿里风头，京东科技需要另辟蹊径根据Gartner在去年4月份发布的全球云计算IaaS市场追踪数据，截止2020年京东云市占率排名中国第五，赶超亚马逊。要论增速的话，京东云在前十名的云服务厂商中位列前三，展现了不俗的发展速度。但在头部云服务厂商——尤其是宿敌阿里的压倒性优势面前，这个表现还远远不够。正如前文所说，阿里云在国内基础云/公有云市场的先发优势几乎无可撼动，市占率也遥遥领先。京东也好，踌躇满志的字节跳动、百度也罢，这些后来者都很难撬动阿里的统治地位。在价值研究所看来，京东科技要想弯道超车，必须避阿里锋芒，找准发力点：比如促进云计算与AI的结合、协同发展，以及发挥京东在实体经济上的优势。一方面，京东科技有为京东自营零售、物流体系服务的经验，具备差异化、场景化优势。以数字技术服务实体经济是京东、阿里、腾讯等各个云服务巨头共同的努力目标，一直强调自身实体经济成色的京东自然不可能甘于人后。比如AI、云计算对实体零售业的改造，就为京东自己带来了不少惊喜。在去年的618期间，AI技术为支撑的C2M反向定制体系帮助京东实现了1000个新品类交易额同比增长100%的目标，还有100个新品类销售额实现破亿。但在未来，京东科技需要和京东进一步“解绑”，开拓更多外部客户。和立足公有云的阿里不同，京东云对自营零售体系的辅助效果肉眼可见，具备为其他零售客户提供针对性服务的基础。其他诸如智慧物流、基建、仓储等领域的场景化服务，同样是京东科技不容忽视的机会。正如京东科技京东云事业群总裁高礼强所言：“京东是采销模式，这就意味着京东与品牌商、制造企业之间有很强的连接关系，能够掌握第一手产业经验。”而这些经验和针对性服务，正是企业客户所需的。（图片来自Pixabay）另一方面，主打云技术+AI的智能云产业，在过去几年取得了长足发展——将AI和京东云业务一起并入京东科技，正好体现了京东对这个市场野心，以及促进这两大前沿技术融合的决心。在去年7月份召开的世界人工智能大会上，京东就向外界展示了其最新研发的AI技术全栈产品及数字化解决方案，这是京东在云计算和AI技术协同发展上的最新尝试。同样在这次大会上亮相的京东智造云项目，则肩负着京东科技在AI+云计算领域进行商业化探索的重任。根据京东官方的说法，京东智造云已经在长三角地区实现商业化落地，起到了帮助企业实现智能生产、柔性生产、压缩成本的作用。需要注意的是，虽然京东云起步较晚、市占率也无法和阿里、腾讯相比，但算力基础一点都不差。数据显示，京东云目前拥有超200万个Docker容器，是全球规模最大的Docker集群之一，可以保证超强的算力运行。优秀的算力，是支撑京东科技进行云技术和AI技术融合研发的基础。（图片来自京东科技官网）当然，京东科技在云和AI的融合方面还可以做得更好，其服务范围也有更大的延伸空间——尤其是在城市基建、政务平台服务方面。根据官方数据，京东目前服务的城市公共服务机构数量为40+家，规模并不算大。去年年底成功登陆港交所之后股价持续大涨的商汤科技，就靠着和公共服务机构、地方政府合作的智慧城市业务撑起近50%的营收，展现了该市场的庞大潜力。京东和商汤科技在业务模式、服务范围上固然有很大差异，但它们的追求是相似的：打造现代城市的“智慧大脑”，通过云计算和AI等科技手段促进城市管理体系的数字化升级。以商汤科技等AI巨头为蓝本，京东科技在相关数字基建领域，还能找到很多新增量。写在最后1月24日，京东科技和芜湖市人民政府签订战略合作协议，将为后者打造本地数智化管理平台，以及促进芜湖市智能家电/家居产业的发展。在当天举行的安徽国际国际家用电器暨消费电子博览会上，芜湖市经信局局长瞿辉谈到了京东科技给芜湖家电产业带来的帮助：“安徽已经将智能家电产业列为全省‘十四五’阶段重点发展的十大新兴产业之一，我们希望能借助京东集团深厚的技术积淀，合理推动当地智能家电/家居产业迈上发展新台阶。”价值研究所在此前的“复盘2021”系列中曾说过，在线上流量枯竭、反垄断政策趋紧等一系列因素的共同作用下，中国科技、互联网企业的未来必然要回归到“科技为王”时代。从这一系列合作中可以看到，京东科技一直在致力于开拓新战线、寻找新的增长空间。和政府机构携手，加大在数字产业的布局，也会是其日后的重要发展方向。而作为京东这个庞大商业帝国在科技领域的排头兵，京东科技的发展前景，自然值得我们期待。","news_type":1,"symbols_score_info":{"JD":0.9,"09618":0.9}},"isVote":1,"tweetType":1,"viewCount":947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090120746,"gmtCreate":1643122034306,"gmtModify":1676533775978,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"Hallo","listText":"Hallo","text":"Hallo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090120746","repostId":"1158028995","repostType":4,"repost":{"id":"1158028995","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":1643119787,"share":"https://ttm.financial/m/news/1158028995?lang=en_US&edition=fundamental","pubTime":"2022-01-25 22:09","market":"us","language":"zh","title":"International Monetary Fund: Global economy expected to grow by 4.4% in 2022","url":"https://stock-news.laohu8.com/highlight/detail?id=1158028995","media":"老虎资讯综合","summary":"由于受到通胀、奥密克戎毒株毒株以及供应链危机等危机的拖累，国际货币基金组织（IMF）周二下调了对今年美国和全球经济增长的预测。在最新一期《世界经济展望》报告中，IMF预计今年全球经济将增长4.4%，相","content":"<p><html><head></head><body>The International Monetary Fund (IMF) on Tuesday lowered its forecast for U.S. and global economic growth this year, dragged down by crises including inflation, the Omicron strain and supply chain crises.</p><p>In the latest World Economic Outlook report, the IMF predicts that the global economy will grow by 4.4% this year, down 0.5% percentage points from the last forecast in October last year.</p><p>The report pointed out that the rapid spread of Omicron has led many countries to re-impose lockdown measures and exacerbated labor shortages, while supply chain disruptions have further worsened high inflation. The IMF expects Omicron to drag down economic activity in the first quarter, but it will ease after that.</p><p>The IMF said it expects global economic growth to be 3.8% in 2023, 0.2 percentage points higher than its forecast in October last year, but the organization warned that this forecast ruled out the emergence of new strains, provided that the global vaccination rate increased, and treatments were more effective.</p><p>The IMF predicts that the U.S. economy will grow by 4% in 2022, a sharp drop of 1.2 percentage points from the previous forecast, which is the largest downward adjustment among the major countries predicted by the organization. The IMF also predicts that U.S. economic growth will further slow down to 2.6% in 2023.</p><p>When explaining the reasons for the downward adjustment of U.S. economic growth, IMF No. 2 Gita Gopinath mentioned the persistently high inflation rate. She pointed out that the federal government's large-scale fiscal stimulus plan certainly led to price increases, but supply chain disruptions were the main reason for pushing inflation to such high levels. In addition, the Federal Reserve tightened monetary policy and the Biden administration's \"Build Back a Better Future\" bill reached a deadlock in Congress, which was also an important factor in the downward adjustment of the U.S. economic outlook.</p><p>In terms of other major economies, the IMF predicts that the euro zone's economy will grow by 3.9% in 2022, a decrease of 0.4 percentage points from the previous forecast. Among them, Germany's economic growth has been lowered by 0.8 percentage points. The euro zone's economic growth rate will slow to 2.5% in 2023. Germany's manufacturing industry is huge and particularly vulnerable to global supply chain disruptions, IMF notes</p><p>The pace of recovery varies widely between rich and poor countries, and while advanced economies are expected to return to pre-pandemic trends this year, some emerging market and developing economies will face huge output losses, the IMF said.</p><p>Gopinath pointed out that 60% of low-income countries are at high risk of debt distress, and she called on the G20 to speed up the debt restructuring process and suspend debt repayment during the restructuring negotiations.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>International Monetary Fund: Global economy expected to grow by 4.4% in 2022</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInternational Monetary Fund: Global economy expected to grow by 4.4% in 2022\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-01-25 22:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The International Monetary Fund (IMF) on Tuesday lowered its forecast for U.S. and global economic growth this year, dragged down by crises including inflation, the Omicron strain and supply chain crises.</p><p>In the latest World Economic Outlook report, the IMF predicts that the global economy will grow by 4.4% this year, down 0.5% percentage points from the last forecast in October last year.</p><p>The report pointed out that the rapid spread of Omicron has led many countries to re-impose lockdown measures and exacerbated labor shortages, while supply chain disruptions have further worsened high inflation. The IMF expects Omicron to drag down economic activity in the first quarter, but it will ease after that.</p><p>The IMF said it expects global economic growth to be 3.8% in 2023, 0.2 percentage points higher than its forecast in October last year, but the organization warned that this forecast ruled out the emergence of new strains, provided that the global vaccination rate increased, and treatments were more effective.</p><p>The IMF predicts that the U.S. economy will grow by 4% in 2022, a sharp drop of 1.2 percentage points from the previous forecast, which is the largest downward adjustment among the major countries predicted by the organization. The IMF also predicts that U.S. economic growth will further slow down to 2.6% in 2023.</p><p>When explaining the reasons for the downward adjustment of U.S. economic growth, IMF No. 2 Gita Gopinath mentioned the persistently high inflation rate. She pointed out that the federal government's large-scale fiscal stimulus plan certainly led to price increases, but supply chain disruptions were the main reason for pushing inflation to such high levels. In addition, the Federal Reserve tightened monetary policy and the Biden administration's \"Build Back a Better Future\" bill reached a deadlock in Congress, which was also an important factor in the downward adjustment of the U.S. economic outlook.</p><p>In terms of other major economies, the IMF predicts that the euro zone's economy will grow by 3.9% in 2022, a decrease of 0.4 percentage points from the previous forecast. Among them, Germany's economic growth has been lowered by 0.8 percentage points. The euro zone's economic growth rate will slow to 2.5% in 2023. Germany's manufacturing industry is huge and particularly vulnerable to global supply chain disruptions, IMF notes</p><p>The pace of recovery varies widely between rich and poor countries, and while advanced economies are expected to return to pre-pandemic trends this year, some emerging market and developing economies will face huge output losses, the IMF said.</p><p>Gopinath pointed out that 60% of low-income countries are at high risk of debt distress, and she called on the G20 to speed up the debt restructuring process and suspend debt repayment during the restructuring negotiations.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/082208e3c37780dd55878056410ffa43","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158028995","content_text":"由于受到通胀、奥密克戎毒株毒株以及供应链危机等危机的拖累，国际货币基金组织（IMF）周二下调了对今年美国和全球经济增长的预测。在最新一期《世界经济展望》报告中，IMF预计今年全球经济将增长4.4%，相比去年10月的上一次预测下降了0.5%个百分点。报告指出，奥密克戎的迅速蔓延已导致许多国家重新实行封锁措施，并加剧了劳动力短缺，与此同时，供应链中断亦使通胀高企进一步恶化。IMF预计，奥密克戎将拖累第一季度的经济活动，但之后将有所缓和。IMF称，预计2023年全球经济增速为3.8%，较去年10月的预测高出0.2个百分点，但该组织警告称，这一预测排除了新毒株的出现，前提条件是全球疫苗接种率提高，治疗方法更加有效。IMF预计美国经济2022年将增长4%，相比上一次的预测大幅下降了1.2个百分点，这是该组织预测的主要国家中下调幅度最大的。IMF还预计，美国经济增速2023年将进一步放缓至2.6%。在解释下调美国经济增速的原因时，IMF二号人物Gita Gopinath提到了持续的高通胀率，她指出，联邦政府的大规模财政刺激计划固然导致了价格上涨，但供应链中断才是将通胀推至如此高的水平的主要原因。此外，美联储收紧货币政策，拜登政府的“重建美好未来”法案在国会中陷入僵局，也是美国经济展望被下调的重要因素。其他主要经济体方面，IMF预计欧元区2022年经济增长3.9%，比上一次预测下降了0.4个百分点，其中德国经济增长被下调了0.8个百分点，而。欧元区2023年的经济增速将放缓至2.5%。IMF指出，德国制造业规模庞大，尤其容易受到全球供应链中断的影响IMF称，富国和穷国之间的复苏速度差异很大，尽管发达经济体预计今年将恢复至疫情爆发前的趋势，但一些新兴市场和发展中经济体将面临巨大的产出损失。Gopinath指出，60%的低收入国家受困于债务困境的高风险，她呼吁二十国集团加快债务重组过程，并在重组谈判期间暂停偿债。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007780089,"gmtCreate":1643006773187,"gmtModify":1676533764470,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"$$$","listText":"$$$","text":"$$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007780089","repostId":"2205011336","repostType":4,"repost":{"id":"2205011336","kind":"highlight","pubTimestamp":1642729240,"share":"https://ttm.financial/m/news/2205011336?lang=en_US&edition=fundamental","pubTime":"2022-01-21 09:40","market":"us","language":"zh","title":"Indian beauty e-commerce company Purplle received over US $34 million in D1 round financing led by Sequoia","url":"https://stock-news.laohu8.com/highlight/detail?id=2205011336","media":"财经涂鸦","summary":"《财经涂鸦》消息，据VCCircle报道，总部位于孟买的美容电商平台Purplle于本周三完成了超过3400万美元（257.43 克诺）的D1轮融资，牵头公司为红杉资本的印度子公司Faces Inve","content":"<p><html><head></head><body>\"Financial Graffiti\" news, according to VCCircle, Purplle, a beauty e-commerce platform headquartered in Mumbai, completed a D1 round of financing of more than US $34 million (257.43 kno) on Wednesday, led by Faces Investment Holdings, an Indian subsidiary of Sequoia Capital. The capital also includes Blume Ventures and investor Sangeeta Pendurka.</p><p>As part of the transaction, Purplle will place 5,698 shares of Series D1 preferred shares at an issue price of Rs 459,041 per share. After the transaction is completed, the total amount of Series D financing will reach US $140 million. The newly injected funds will be used to open offline stores and acquire DTC brands. and content marketing. Purplle CEO Manish Taneja It was revealed that the company is expected to achieve revenue of US $94 million in fiscal year 2022, achieving a year-on-year growth of 90%.</p><p><img src=\"https://static.tigerbbs.com/f60ae0f02385625522292996d629e992\" tg-width=\"532\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Purplle shareholding percentage (Source: FINTRACKR)</p><p>Purplle was founded in 2011 by Rahul Dash and Manish Taneja. Its main body is an e-commerce platform that provides cosmetics, beauty equipment and health products. It has more than 1,000 brands (including Maybelline,<a href=\"https://laohu8.com/S/REV\">Revlon</a>And other international brands), with over 7 million monthly active users. The current valuation of Purplle exceeds US $700 million, making it an e-commerce company in India second only to Nykaa.</p><p>40% of Purplle's revenue comes from its own brand, and its flagship product is nail polish brand StayQuirky. Taneja believes that most DTC beauty brands achieve high premiums by grasping the needs of market segments. As an e-commerce platform focusing on middle-class consumers in second-and third-tier cities in India, Purplle pays more attention to brand differentiation and no additive characteristics when looking for acquisition targets.</p><p><img src=\"https://static.tigerbbs.com/9d63886a33fa744b43033cc3ea34b3a5\" tg-width=\"673\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>Carmesi, a feminine hygiene brand acquired by Purplle, mainly sells natural sanitary napkins made of corn and starch (Source: Purplle official website)</p><p>Purplle announced the acquisition of cosmetics brand Faces Canada from Sequoia India at the end of 2021, and its brands Good Vibes, Carmesi and NYbae also joined Purplle. As a result, Purplle's retail outlets have expanded to more than 140 cities in India. The transaction is also called \"the largest acquisition of a cosmetics brand by a new era beauty company in India.\"</p><p>The acquisition increased Purplle's losses since fiscal year 2020, but the new brands helped the platform achieve 70% of new users during the 2021 e-commerce shopping festival. Compared with the 50% new user increase of Nykaa, which went public in October last year, it is not difficult to understand why Purplle can still obtain many leading VCs after its losses soared from 24.69 million rupees in fiscal year 2020 to 51.26 million rupees in fiscal year 2021. Large financing.</p><p>In the Indian market, where Amazon and Flipkart account for 60% of the e-commerce share, Purplle can get a share of Nykka's outstanding performance, thanks to its high penetration rate in second-and third-tier cities in India-about 70%-80% of its revenue comes from consumers living in the region.</p><p>Bobble AI's report shows that the growth rate of Indian e-commerce between 2020 and 2021 will be 77%, and the transaction volume of users in second-and third-tier cities will hit a new high. Seizing the high-growth market segments in the region will be the key for brands to surpass.</p><p>Starting from fiscal year 2020, Purplle has gradually weakened its revenue dependence on self-operated brands, and instead vigorously developed advertising-related businesses. Investment in manpower, technology and markets increased Purplle's loss in fiscal year 2020 by 512.3%, and the proportion of advertising-related revenue rose from 29% to 84%. After completing the D round of financing, Purplle will increase investment and acquisition of female DTC brands to further promote revenue diversification.</p><p><img src=\"https://static.tigerbbs.com/e4be3a48729e61164c08c57e515e42c5\" tg-width=\"444\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/></p><p>In fiscal 2020, Purplle's main revenue source is no longer products (Source: Statista)</p><p>Purplle management has previously revealed that the company plans to conduct an initial public offering in 3-4 years, and it expects the business to grow by 80% year-on-year by then. Compared with countries such as the United States and South Korea, the density of beauty brands in India is lower. According to data<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>According to a survey of Indian e-commerce by the data intelligence company, the market size of beauty and personal care is about 7 billion US dollars, and the compound annual growth rate in the future will exceed 15%. With the increase of integration opportunities, the competition among beauty e-commerce platforms will become more intense.</p><p></body></html></p>","source":"lsy1567822449048","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>Indian beauty e-commerce company Purplle received over US $34 million in D1 round financing led by Sequoia</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\">\nIndian beauty e-commerce company Purplle received over US $34 million in D1 round financing led by Sequoia\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财经涂鸦</strong><span class=\"h-time small\">2022-01-21 09:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>\"Financial Graffiti\" news, according to VCCircle, Purplle, a beauty e-commerce platform headquartered in Mumbai, completed a D1 round of financing of more than US $34 million (257.43 kno) on Wednesday, led by Faces Investment Holdings, an Indian subsidiary of Sequoia Capital. The capital also includes Blume Ventures and investor Sangeeta Pendurka.</p><p>As part of the transaction, Purplle will place 5,698 shares of Series D1 preferred shares at an issue price of Rs 459,041 per share. After the transaction is completed, the total amount of Series D financing will reach US $140 million. The newly injected funds will be used to open offline stores and acquire DTC brands. and content marketing. Purplle CEO Manish Taneja It was revealed that the company is expected to achieve revenue of US $94 million in fiscal year 2022, achieving a year-on-year growth of 90%.</p><p><img src=\"https://static.tigerbbs.com/f60ae0f02385625522292996d629e992\" tg-width=\"532\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>Purplle shareholding percentage (Source: FINTRACKR)</p><p>Purplle was founded in 2011 by Rahul Dash and Manish Taneja. Its main body is an e-commerce platform that provides cosmetics, beauty equipment and health products. It has more than 1,000 brands (including Maybelline,<a href=\"https://laohu8.com/S/REV\">Revlon</a>And other international brands), with over 7 million monthly active users. The current valuation of Purplle exceeds US $700 million, making it an e-commerce company in India second only to Nykaa.</p><p>40% of Purplle's revenue comes from its own brand, and its flagship product is nail polish brand StayQuirky. Taneja believes that most DTC beauty brands achieve high premiums by grasping the needs of market segments. As an e-commerce platform focusing on middle-class consumers in second-and third-tier cities in India, Purplle pays more attention to brand differentiation and no additive characteristics when looking for acquisition targets.</p><p><img src=\"https://static.tigerbbs.com/9d63886a33fa744b43033cc3ea34b3a5\" tg-width=\"673\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>Carmesi, a feminine hygiene brand acquired by Purplle, mainly sells natural sanitary napkins made of corn and starch (Source: Purplle official website)</p><p>Purplle announced the acquisition of cosmetics brand Faces Canada from Sequoia India at the end of 2021, and its brands Good Vibes, Carmesi and NYbae also joined Purplle. As a result, Purplle's retail outlets have expanded to more than 140 cities in India. The transaction is also called \"the largest acquisition of a cosmetics brand by a new era beauty company in India.\"</p><p>The acquisition increased Purplle's losses since fiscal year 2020, but the new brands helped the platform achieve 70% of new users during the 2021 e-commerce shopping festival. Compared with the 50% new user increase of Nykaa, which went public in October last year, it is not difficult to understand why Purplle can still obtain many leading VCs after its losses soared from 24.69 million rupees in fiscal year 2020 to 51.26 million rupees in fiscal year 2021. Large financing.</p><p>In the Indian market, where Amazon and Flipkart account for 60% of the e-commerce share, Purplle can get a share of Nykka's outstanding performance, thanks to its high penetration rate in second-and third-tier cities in India-about 70%-80% of its revenue comes from consumers living in the region.</p><p>Bobble AI's report shows that the growth rate of Indian e-commerce between 2020 and 2021 will be 77%, and the transaction volume of users in second-and third-tier cities will hit a new high. Seizing the high-growth market segments in the region will be the key for brands to surpass.</p><p>Starting from fiscal year 2020, Purplle has gradually weakened its revenue dependence on self-operated brands, and instead vigorously developed advertising-related businesses. Investment in manpower, technology and markets increased Purplle's loss in fiscal year 2020 by 512.3%, and the proportion of advertising-related revenue rose from 29% to 84%. After completing the D round of financing, Purplle will increase investment and acquisition of female DTC brands to further promote revenue diversification.</p><p><img src=\"https://static.tigerbbs.com/e4be3a48729e61164c08c57e515e42c5\" tg-width=\"444\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/></p><p>In fiscal 2020, Purplle's main revenue source is no longer products (Source: Statista)</p><p>Purplle management has previously revealed that the company plans to conduct an initial public offering in 3-4 years, and it expects the business to grow by 80% year-on-year by then. Compared with countries such as the United States and South Korea, the density of beauty brands in India is lower. According to data<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>According to a survey of Indian e-commerce by the data intelligence company, the market size of beauty and personal care is about 7 billion US dollars, and the compound annual growth rate in the future will exceed 15%. With the increase of integration opportunities, the competition among beauty e-commerce platforms will become more intense.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1580325511268867\">财经涂鸦</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0486fb6d3cb13bbfbc8ff3a5db6c839a","relate_stocks":{},"source_url":"https://36kr.com/p/1580325511268867","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2205011336","content_text":"《财经涂鸦》消息，据VCCircle报道，总部位于孟买的美容电商平台Purplle于本周三完成了超过3400万美元（257.43 克诺）的D1轮融资，牵头公司为红杉资本的印度子公司Faces Investment Holdings，资方还包括Blume Ventures和投资者Sangeeta Pendurka。作为交易的一部分，Purplle将以每股459041卢比的发行价配售5698股D1系列优先股，交易完成后D轮融资总额将达1.4亿美元，新注入的资金将用于开设线下门店、收购DTC品牌以及内容营销。Purplle CEO Manish Taneja透露，公司有望在2022财年实现9400万美元的的营收，实现90%的同比增长。Purplle持股比例（来源：FINTRACKR）Purplle由Rahul Dash与Manish Taneja创立于2011年，主体为提供化妆品、美容仪器和保健品的电商平台，入驻品牌超1000个（包括美宝莲、露华浓等国际品牌），月活用户超700万。目前Purplle的估值超7亿美元，是印度估值仅次于Nykaa的电商公司。Purplle有40%的营收来自自有品牌，王牌产品为指甲油品牌StayQuirky。Taneja认为大部分DTC美容品牌通过抓住细分市场的需求，实现高溢价，作为专注印度二三线城市中产消费者的电商平台，Purplle在寻找收购标的时，更看重品牌的差异化和无添加特质。Purplle收购的女性卫生品牌Carmesi主要出售由玉米和淀粉制成的天然卫生巾（来源：Purplle官网）Purplle于2021年年底宣布从红杉印度收购化妆品品牌 Faces Canada，旗下品牌Good Vibes、Carmesi和NYbae也一并加入Purplle。由此Purplle的零售网点扩张至印度140多个城市，该交易也被称为“印度新时代美容公司对化妆品品牌的最大收购“。此次收购加大了Purplle自2020财年开始的亏损，但是新增品牌帮助平台在2021电商购物节期间实现了70%的新增用户。对比去年十月上市的Nykaa全年50%的用户新增量，不难理解为何Purplle在亏损从2020财年的2469万卢比飙升至2021财年的5126万卢比后，依然能获得多家头部VC的大额融资。在Amazon和Flipkart占据了60%电商份额的印度市场，Purplle能在Nykka的亮眼表现下分得一杯羹，得益于在印度二三线城市的高渗透率——约有70%-80%收入来自居住在该地区消费者。Bobble AI的报告显示，2020至2021年间印度电商的增长率为77%，二三线城市的用户的交易量创下新高，抓住该地区高增长的细分市场将是品牌实现超越的关键。2020财年起，Purplle逐步减弱了对自营品牌的收入依赖，转而大力发展广告相关业务。在人力、技术和市场方面的投入使Purplle在2020财年的亏损增幅达到了512.3%，广告相关的营收占比从29%升至84%。在完成D轮融资后Purplle将加大针对女性DTC品牌的投资与收购，以进一步促进营收的多元化。2020财年，Purplle的主要营收来源不再是产品（来源：Statista）Purplle管理层此前曾透露，公司计划在3-4年内进行首次公开募股，预计届时业务将同比增长80%。相比美国和韩国等国家，印度的美容品牌密度较低。据数据智能公司（data intelligence company）对印度电商的调查，美妆个护的市场规模约70亿美元，未来的复合年增长率将超过15%。伴随着整合机会的增加，美妆电商平台之间竞争也将更加激烈。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007717467,"gmtCreate":1643006669995,"gmtModify":1676533764462,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"$$$","listText":"$$$","text":"$$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007717467","repostId":"2205071943","repostType":4,"isVote":1,"tweetType":1,"viewCount":564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007259877,"gmtCreate":1642911228916,"gmtModify":1676533757248,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"！！！","listText":"！！！","text":"！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007259877","repostId":"1176837647","repostType":4,"repost":{"id":"1176837647","kind":"news","pubTimestamp":1642815834,"share":"https://ttm.financial/m/news/1176837647?lang=en_US&edition=fundamental","pubTime":"2022-01-22 09:43","market":"us","language":"zh","title":"Sister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment","url":"https://stock-news.laohu8.com/highlight/detail?id=1176837647","media":"智通财经网","summary":"一只与“木头姐”凯西·伍德旗下旗舰基金ARKK“对着干”的ETF现在已经积累了2.34亿美元的资产。","content":"<p><html><head></head><body>Author: Xu Ran</p><p>On Friday, an ETF that \"went against\" Kathy Wood's flagship fund ARKK has now accumulated $234 million in assets. The less than three-month-old fund, the Tuttle Capital Short Innovation ETF (SARK.US), is currently returning about 50%.</p><p>SARK profited when ARKK fell. The fund used swap contracts to short ARKK and achieved inflows for 10 consecutive trading days. SARK's rally means that more investors are ready to short ARKK. Rising U.S. bond yields are shaking technology and growth stocks, putting pressure on many of Wood's favorite stocks. ARKK has plunged 20% this year, while SARK has gained 22%.</p><p><img src=\"https://static.tigerbbs.com/af1fb101fc52aad658a059eabfa78418\" tg-width=\"838\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>\"Any standalone ETF that gets more than $200 million in assets has already beaten the odds, let alone did so three months before it was founded,\" said senior ETF analyst Eric Balchunas.</p><p>Analyst James Seyffart pointed out: \"Not surprised by SARK's gold-attracting power. The trend is your friend. For ARK, the current trend is still negative.\"</p><p>Matthew Tuttle, CEO of Tuttle Capital Management LLC, noted that SARK has had inflows recently even on ARKK's rising days. In Tuttle's view, this shows that investors are increasingly viewing the fund as a hedge or a bet on the macro environment, rather than just to short ARKK. He said: \"Regardless of ARKK's performance, I do think funds will continue to flow into SARK.\"</p><p></body></html></p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment</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\">\nSister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-01-22 09:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Xu Ran</p><p>On Friday, an ETF that \"went against\" Kathy Wood's flagship fund ARKK has now accumulated $234 million in assets. The less than three-month-old fund, the Tuttle Capital Short Innovation ETF (SARK.US), is currently returning about 50%.</p><p>SARK profited when ARKK fell. The fund used swap contracts to short ARKK and achieved inflows for 10 consecutive trading days. SARK's rally means that more investors are ready to short ARKK. Rising U.S. bond yields are shaking technology and growth stocks, putting pressure on many of Wood's favorite stocks. ARKK has plunged 20% this year, while SARK has gained 22%.</p><p><img src=\"https://static.tigerbbs.com/af1fb101fc52aad658a059eabfa78418\" tg-width=\"838\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>\"Any standalone ETF that gets more than $200 million in assets has already beaten the odds, let alone did so three months before it was founded,\" said senior ETF analyst Eric Balchunas.</p><p>Analyst James Seyffart pointed out: \"Not surprised by SARK's gold-attracting power. The trend is your friend. For ARK, the current trend is still negative.\"</p><p>Matthew Tuttle, CEO of Tuttle Capital Management LLC, noted that SARK has had inflows recently even on ARKK's rising days. In Tuttle's view, this shows that investors are increasingly viewing the fund as a hedge or a bet on the macro environment, rather than just to short ARKK. He said: \"Regardless of ARKK's performance, I do think funds will continue to flow into SARK.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/646096.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0fb0479ff67cd3a760cdce353bcb60ed","relate_stocks":{"SARK":"Tradr 1X Short Innovation Daily ETF"},"source_url":"https://www.zhitongcaijing.com/content/detail/646096.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176837647","content_text":"作者： 许然周五，一只与“木头姐”凯西·伍德旗下旗舰基金ARKK“对着干”的ETF现在已经积累了2.34亿美元的资产。这只成立不到三个月的基金Tuttle Capital Short Innovation ETF(SARK.US)目前回报率约为50%。SARK在ARKK下跌时获利，该基金使用掉期合约做空ARKK，且在连续10个交易日实现了资金流入。SARK的涨势意味着更多投资者准备好了做空ARKK。不断上涨的美债收益率正在动摇科技及成长股，对伍德所青睐的许多股票造成了压力。ARKK今年以来已暴跌了20%，而SARK则上涨了22%。高级ETF分析师Eric Balchunas表示：“任何获得超过2亿美元资产的独立ETF都已经战胜了困难，更不用说在成立前三个月就做到了这一点。”分析师James Seyffart指出：“对SARK的吸金力并不感到惊讶，趋势是你的朋友，对于ARK来说，现在的趋势仍然是负面的。”Tuttle Capital Management LLC的首席执行官Matthew Tuttle指出，SARK最近甚至在ARKK上涨的日子里都有资金流入。在Tuttle看来，这表明投资者越来越将该基金视为一种对冲工具或对宏观环境的押注，而不仅仅是为了做空ARKK。他表示：“不管ARKK表现如何，我的确认为资金将继续流入SARK。”","news_type":1,"symbols_score_info":{"SARK":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007178413,"gmtCreate":1642815500995,"gmtModify":1676533749465,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007178413","repostId":"1139117594","repostType":4,"repost":{"id":"1139117594","kind":"news","pubTimestamp":1642766030,"share":"https://ttm.financial/m/news/1139117594?lang=en_US&edition=fundamental","pubTime":"2022-01-21 19:53","market":"us","language":"zh","title":"Microsoft's shocking acquisition is not that simple, this is a historic layout","url":"https://stock-news.laohu8.com/highlight/detail?id=1139117594","media":"卫夕指北","summary":"微软在某种意义上看到了其他巨头没有看到的未来。","content":"<p><html><head></head><body>In the history of technological development, there are always some key nodes that affect the pattern and process of this industry, and Microsoft's acquisition of Activision Blizzard is such a moment of historical significance.</p><p>Most of us may still underestimate the significance of this acquisition. Microsoft sees a future that other giants don't in a sense.</p><p>It's about games and beyond games.</p><p>Many years later, when we look back at this shocking acquisition in 2022, we will find that it has already planted many important seeds for the future pattern of the industry.</p><p><b>1. Microsoft has a deeper understanding of the significance of games for the future than other giants</b></p><p>Without a doubt, Microsoft is an elephant that once finished dancing.</p><p>In 2000, the Windows department accounted for more than 60% of Microsoft's revenue composition. Let's take a look at Microsoft's 2020 financial report 20 years later-</p><p>Windows, as a sub-business of the \"personal computing\" division, together with Surface, games, search engines and advertising, only accounts for 32.2% of revenue.</p><p><img src=\"https://static.tigerbbs.com/c7ddbf76196f698527f4ed9dd3d86c38\" tg-width=\"550\" tg-height=\"389\" referrerpolicy=\"no-referrer\"/></p><p>Distribution of Microsoft's revenue composition in recent years</p><p>Today, the other two major businesses from cloud computing are carrying the banner of revenue-the \"productivity and business process\" department and the \"intelligent cloud\" department.</p><p>The former includes Office365, Dynamics and LinkedIn, while the latter includes servers and enterprise services.</p><p>Yes, cloud services have deservedly surpassed Windows to become Microsoft's second curve, which is a miracle for Microsoft, which perfectly missed the Internet age.</p><p>So, here's the question-where is Microsoft's third curve?</p><p>I think this acquisition has given the answer in a sense-\"the game and the infinite possible future it represents\".</p><p>As an established technology company established in 1975, although Microsoft still stands at the top of the industry 45 years later, Microsoft, which has continuously missed the Internet and mobile Internet, has deep anxiety about the future.</p><p>Obviously, Microsoft is trying to make use of its abundant capital advantage to make a comprehensive layout in advance, so as to ensure that it is in an advantageous position in the competition of the next generation computing platform.</p><p><b>Second, the gold-swallowing beast or cash cow-Microsoft buys both the present and the future.</b></p><p>Nadella did change Microsoft in a sense. His miraculous operation saved this once slow-moving giant, and I can summarize his business style in eight words-\"clear goal and soft figure\".</p><p>When he was asked to expand the SaaS service of Office365, he quickly launched the iOS version of Office.</p><p>Nowadays, \"Microsoft is the best developer of iOS\" is both a joke and a partial fact, and the new operating system Windows 11 even allows users to download Google's Android apps directly from the Amazon App Store.</p><p>When Microsoft wants to expand cloud services, it has reached a rare cooperation with former competitors such as IBM and Oracle. Customers can migrate and run key data across Microsoft's Azure and Oracle Cloud.</p><p>At the same time, Microsoft, once absolutely closed, began to enthusiastically embrace open source systems today.</p><p>All these actions show the pragmatic side of Nadella, a low-key head.</p><p>Similarly, the acquisition of Blizzard also fully demonstrates Microsoft's pragmatism-focusing on the future but starting on the present.</p><p>For Microsoft, what it buys is both the present and the future.</p><p>From a short-term perspective, although the majority of players have criticized Activision Blizzard for its lack of innovation and corporate culture scandals in recent years, from a financial perspective, it is still a rare high-quality asset in the game field:</p><p>In 2020, revenue will be US $8.09 billion and profit will be US $2.19 billion; In the first three quarters of 2021, the revenue was US $9.05 billion and the profit was US $2.64 billion. This figure surpassed most outstanding companies in the game field.</p><p>Therefore, Microsoft's price of US $68.7 billion corresponds to 35 times the dynamic PE, which is not expensive.</p><p>What's more, Blizzard itself has as much as US $8.2 billion in cash on its books.</p><p>In this sense, Microsoft is buying a cash cow, not a gold-swallowing beast.</p><p>For Microsoft, the direct significance of the acquisition lies in reversing the disadvantage of Xbox console versus Sony PS console due to insufficient game content.</p><p>Of course, it is not easy for Microsoft to digest a behemoth like Activision Blizzard.</p><p>Judging from Microsoft's historical acquisition and integration performance, there are successes and failures: Skype and Nokia are undoubtedly failed acquisition and integration cases.</p><p>Of course, this happened before Nadella came to power, while other projects have performed relatively steadily so far.</p><p>The difficulty of Microsoft's integration of Activision Blizzard is that it is not an integration at a single business level. To give full play to its huge potential, it needs to be deeply and organically connected with Microsoft's intricate business departments.</p><p>This is a huge challenge even for the sophisticated Nadella.</p><p>I have criticized the original universe hype, but I don't deny the direction of technological development that metaverse represents.</p><p>The boundaries between virtual and real will undoubtedly become further blurred in the future.</p><p>Even Microsoft and Meta, which are at the forefront of metaverse development, actually lack sufficiently clear action steps for the specific implementation path of metaverse. The entire industry is crossing the river by feeling the stones, constantly trying and exploring.</p><p>Activision Blizzard has brought huge possibilities and imagination to Microsoft.</p><p><b>3. Activision Blizzard will fill the last piece of Microsoft's metaverse puzzle</b></p><p>There is no doubt that Microsoft is betting big on metaverse.</p><p>The construction of the metaverse itself is a huge and complex systematic project. Although its specific development path cannot be predicted, it must be combined with the following three levels of technologies-</p><p>The first is the hardware layer (VR/AR/, that is, input and output devices);</p><p>The second is to support basic technical facilities (cloud computing, basic computing power, digital twins, engine tools);</p><p>Finally, there is the application layer, that is, the specific operating system and specific applications.</p><p>Microsoft's layout at the above levels is the most comprehensive in a sense-</p><p>Its AR headset HoloLens is the underlying hardware layout and is currently the most leading personal device in the AR field.</p><p>In 2021, it received a huge order of US $21.9 billion from the U.S. Department of Defense at an extremely expensive price, and will develop more than 120,000 sets of AR helmets for the U.S. military in the next 10 years.</p><p>In April 2021, Microsoft announced the acquisition of Nuance for $19.7 billion, which is Microsoft's second largest acquisition after LinkedIn.</p><p>Nuance's core product is its language recognition engine, Dragon Anywhere, which uses deep learning to recognize speech. Apple's Siri and Samsung's S-Voice have all adopted Nuance's technology.</p><p>Why did Microsoft buy Nuance?</p><p>Because Microsoft believes that voice is one of the core interaction methods in the mixed reality industry, the acquisition will consolidate its technical foundation in the voice field.</p><p>At the Ignite conference held in November last year, Microsoft released a prototype metaverse product with avatar function-\"Mesh for Microsoft Teams\".</p><p>This product is mainly aimed at ordinary consumers. By connecting Mesh into Teams, it improves users' virtual experience, allowing users to collaborate in different places, hold meetings, and share holographic experiences through Teams.</p><p>Therefore, it can be seen that Microsoft has made preparations for metaverse in the entire industrial chain from hardware to basic technology to application layer.</p><p>The acquisition of Blizzard has pushed metaverse's application scenarios from office to entertainment.</p><p>The giants' judgments on metaverse's development vary greatly, but one thing is almost consistent-metaverse, the game comes first.</p><p>Today, Microsoft has made up the last puzzle of its metaverse layout through acquisitions.</p><p>In this regard, Microsoft CEO Nadella's attitude is direct and clear-</p><p>\"Gaming is currently the most dynamic and exciting entertainment category on all platforms today and will play a key role in the development of metaverse's platform.\"</p><p><b>4. The undervalued game industry behind the shocking acquisition</b></p><p>Obviously, Microsoft is playing a big game, and this shocking acquisition makes people have to think about an important question-</p><p>Why a game?</p><p>What is so special about the game industry?</p><p>Why will it become the breakthrough of the next computing platform?</p><p>It's time to rethink gaming and the future it represents, the gaming industry is somehow underrated in my opinion.</p><p>First of all, games affect the cultural competitiveness of a country in a sense.</p><p>In the 19th century, despite its rapid economic rise, the \"nouveau riche\" United States was a cultural desert in the eyes of Europeans.</p><p>Nowadays, the reason why the United States can become the hegemon of global pop culture is actually mainly due to the two entertainment pillar industries of movies and games.</p><p>In fact, as early as 2000, the American game industry surpassed the film industry in output value.</p><p>Young people in many countries around the world grew up playing CS, Red Alert, Dota and World of Warcraft, which have long become an important part of American cultural competitiveness.</p><p>Similarly, games and animation have become the two fortress industries of Japan's soft power export.</p><p>Before Microsoft launched Xbox in 2001, Japanese companies such as Sony, Nintendo and Sega firmly controlled the global game console market.</p><p>Super Mario, Contra and Pokémon have become the common memories of childhood and youth of a generation of young people around the world.</p><p>\"Soft power\" is a concept put forward by Joseph Nye, a professor at Harvard University, in 1990. It refers to national capabilities other than the economic, military and political fields.</p><p>Today, building a cultural power has become an important national strategy.</p><p>As an important part of global popular culture, the game industry with strong versatility and wide audience has full potential to become a bridgehead for China to export national soft power under the new scientific and technological pattern.</p><p>Fortunately, Chinese games have shown strong competitiveness and potential in the cultural overseas track.</p><p>According to data from the Game Working Committee, the overseas market sales revenue of China's self-developed games in 2020 will be US $15.45 billion, with a growth rate of 33.3%, which is higher than the industry average.</p><p>In addition to its cultural significance, games actually promote the continuous progress of science and technology itself.</p><p>In fact, in 1972, when Odyssey, the world's first home game console, was born, the personal computer had not yet been invented, and Jobs's first job was to work for Atari, a game company.</p><p>After PC became an industry, being able to play games has always been an important selling point of home computers.</p><p>In fact, the improvement of computer performance, especially graphics performance, is mainly driven by the continuous improvement of display accuracy in the game industry.</p><p>DOOM, launched by John Carmack, a talented American game programmer and father of 3D games, has been the main tool for performance testing of Nvidia's early new generation graphics cards for many years.</p><p>The rapid development of graphics cards and GPUs has unexpectedly become an important driving force for the computing power of artificial intelligence technology and blockchain technology in recent years.</p><p>In 1998, Nintendo launched a voice-activated game called Hello Pikachu! On NINTENDO 64, which was an important beginning of digital speech processing technology.</p><p>Gaming technology is also creating positive externalities to other industries.</p><p>For example, in order to improve the safety performance, the automobile industry absorbs talents and technology from the game industry, and applies simulation software to calculate in the automobile development stage, thus improving the safety factor of automobiles.</p><p>OpenAl, the artificial intelligence laboratory founded by Musk, even open sourced a set of self-driving systems learned through Grand Theft Auto last year.</p><p>The game industry is essentially a technological ecosystem, which spans multiple cross-cutting fields such as display technology, rendering technology, basic communication, graphics processing, AI, and cloud.</p><p>Take the game rendering engine as an example. It is the basis for building a 3D interactive real-time rendering virtual world. It originated from the id tech engine invented by John Carmack in 1993.</p><p>The current mainstream open source game rendering engines are Unity and Unreal, which belong to Unity and Epic companies in the United States respectively.</p><p>More than 70% of the games on the market are based on these two engines, including Black Myth: Wukong, which is expected by many domestic players. However, China is still in its infancy in this field, and there is a big gap.</p><p>Today, it may be time for the country and society to reevaluate the value of the game industry from a strategic level. When games enter the stage of metaverse based on VR and AR, the pattern and ecology of the game industry are also evolving rapidly and complexly.</p><p>In a sense, this gives Chinese game practitioners a new opportunity to compete.</p><p>When we re-examine the game from the strategic height of the next computing platform entry point, perhaps we will occupy a more favorable position in the new round of technological competition.</p><p><b>5. Cloud game layout is also an important consideration for Microsoft</b></p><p>There is no doubt that cloud gaming is an exciting and important direction for this industry.</p><p>In a sense, future games will not be distinguished from mobile games, PC games and console games. Any display terminal with fast enough network speed can play high-quality 3A masterpieces.</p><p>The maturity of 5G, cloud computing technology and related supporting facilities will promote cloud games to gradually move from concepts to mainstream players. Cloud games have the potential to become one of the earliest important application scenarios for commercial implementation of 5G.</p><p>Its main features are that it gets rid of the limitations of the terminal, is not subject to the computing power of local hardware, and can be played anytime and anywhere.</p><p>Because of its obvious advantages, mainstream game companies around the world have turned their attention and resources to this field-</p><p>In 2015, Sony acquired OnLive to launch Playstation Now, allowing PS4 users to run their games through streaming;</p><p>In 2017, Nvidia launched the cloud gaming service GeForce Now in the personal computer market;</p><p>In 2018, Microsoft announced its cloud gaming service Project xCloud;</p><p>Google releases Stadia cloud gaming platform at GDC 2019.</p><p>However, judging from the current experience, most cloud games have not shown obvious advantages in actual experience.</p><p>The reason behind this is that the industry and basic technologies have not yet been popularized and mature, and it is difficult for ordinary consumers to meet the harsh network conditions of manufacturers, but the industry is still full of confidence in the direction and trend of cloud games.</p><p>In the announcement of this acquisition, Phil Spencer, the head of Microsoft Games, made the following statement-</p><p>\"The addition of Activision Blizzard will also further accelerate our Xbox cloud gaming plans, allowing more people around the world to join the Xbox gaming community through mobile phones, tablets, laptops and other existing devices.\"</p><p>It can be seen that Microsoft hopes that the addition of Blizzard will give it an advantage in the fierce cloud gaming competition.</p><p>In fact, the optimization of cloud games itself requires close cooperation and testing between studios and game platforms.</p><p>According to media reports, one of the important reasons for the poor reputation of Google's Stadia cloud game platform after its launch is that the cooperation between third-party game studios and Google gives a relatively low priority to cloud games.</p><p>Activision Blizzard now becomes Microsoft's first-party studio, which will effectively reduce its cloud game development and communication costs. We have enough reasons to believe that this acquisition will accelerate Microsoft's cloud game layout.</p><p><b>6. Building Disney in the game industry-IP is the important significance of this acquisition.</b></p><p>Many people think that Blizzard is going downhill now, with a high turnover rate of core employees, and Microsoft's deal is not cost-effective.</p><p>However, what Microsoft is interested in is the massive game IP behind Activision Blizzard.</p><p>You think Microsoft is buying Call of Duty, Dark Wreck, Warcraft and Overwatch, but in fact it is buying the massive player loyalty and future derivative potential behind these games.</p><p>How powerful is Blizzard's IP power?</p><p>We can see the clue from the derivative movies of World of Warcraft-</p><p>As an important pop culture symbol in the 21st century, the movie \"Warcraft\" derived from the game World of Warcraft has grossed $438 million at the box office worldwide.</p><p>Among them, more than $200 million came to the Chinese market, and it is still the highest-grossing game adaptation film in film history.</p><p>Build an IP aircraft carrier-Microsoft bought Bethesda Softworksh, Minecraft, Activision Blizzard and Disney bought Lucasfilm, Pixar, Marvel, and 20th Century Fox The underlying logic is the same.</p><p>Microsoft's ambition is to become the Disney of gaming.</p><p>No matter how technology advances and how games evolve, the core of the industry is infectious and high-quality content.</p><p>The high-quality IP proven by time undoubtedly makes Microsoft, which was once at a disadvantage in the competition with Sony because of IP shortage, stand at the top of the content pyramid.</p><p>The important value of IP lies in its abstraction. It is not limited to any display form and equipment, so it can play the role of a moat in long-term games in a sense.</p><p>We can get a glimpse of the importance of IP to the game industry from the case of Nintendo-</p><p>Nintendo's console is far lower than its contemporary competitors in terms of hardware performance. However, it is precisely because of a large number of hot super IPs such as Super Mario and Pokémon Elf that Nintendo is still proud of the game market.</p><p>In 2016, the AR mobile game \"Pokemon GO\" authorized and developed by Nintendo's IP Pokémon achieved phenomenal success worldwide, which shows the power of IP.</p><p><b>7. Epilogue</b></p><p>From a more macro perspective, human society is a large-scale game, and life is like a play. This \"play\" can be understood as a game today.</p><p>With the progress of basic technology, the boundary between virtual and real will undoubtedly continue to become blurred, and the process of human migration to the game world will not stop in the past, present and future.</p><p>Yes, Charlie Branson said, all industries are creative industries.</p><p>Jane McGonigal's book \"Games Change the World\" says: 3,000 years ago, in order to resist the Great Famine, the residents of Asia Minor chose to eat one day and play games the next day to resist hunger.</p><p>Yes, the love for games is deeply imprinted in the innate genes of human beings.</p><p>\"Looking into the distance of the Internet, there are two veins faintly appearing-</p><p>First, the mechanism of cooperation has changed from coercion to freedom;</p><p>Second, the motivation of labor changes from self-interest to game.</p><p>Therefore, the word \"game\" is undergoing a historic transformation. Games will not only be games, but may be the whole picture of our future life. \"</p><p>This judgment made by a senior media person in 2014 will most likely become a reality in the future.</p><p>Obviously, Microsoft understands this more deeply than other giants.</p><p></body></html></p>","source":"wxzb","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>Microsoft's shocking acquisition is not that simple, this is a historic layout</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\">\nMicrosoft's shocking acquisition is not that simple, this is a historic layout\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">卫夕指北</strong><span class=\"h-time small\">2022-01-21 19:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In the history of technological development, there are always some key nodes that affect the pattern and process of this industry, and Microsoft's acquisition of Activision Blizzard is such a moment of historical significance.</p><p>Most of us may still underestimate the significance of this acquisition. Microsoft sees a future that other giants don't in a sense.</p><p>It's about games and beyond games.</p><p>Many years later, when we look back at this shocking acquisition in 2022, we will find that it has already planted many important seeds for the future pattern of the industry.</p><p><b>1. Microsoft has a deeper understanding of the significance of games for the future than other giants</b></p><p>Without a doubt, Microsoft is an elephant that once finished dancing.</p><p>In 2000, the Windows department accounted for more than 60% of Microsoft's revenue composition. Let's take a look at Microsoft's 2020 financial report 20 years later-</p><p>Windows, as a sub-business of the \"personal computing\" division, together with Surface, games, search engines and advertising, only accounts for 32.2% of revenue.</p><p><img src=\"https://static.tigerbbs.com/c7ddbf76196f698527f4ed9dd3d86c38\" tg-width=\"550\" tg-height=\"389\" referrerpolicy=\"no-referrer\"/></p><p>Distribution of Microsoft's revenue composition in recent years</p><p>Today, the other two major businesses from cloud computing are carrying the banner of revenue-the \"productivity and business process\" department and the \"intelligent cloud\" department.</p><p>The former includes Office365, Dynamics and LinkedIn, while the latter includes servers and enterprise services.</p><p>Yes, cloud services have deservedly surpassed Windows to become Microsoft's second curve, which is a miracle for Microsoft, which perfectly missed the Internet age.</p><p>So, here's the question-where is Microsoft's third curve?</p><p>I think this acquisition has given the answer in a sense-\"the game and the infinite possible future it represents\".</p><p>As an established technology company established in 1975, although Microsoft still stands at the top of the industry 45 years later, Microsoft, which has continuously missed the Internet and mobile Internet, has deep anxiety about the future.</p><p>Obviously, Microsoft is trying to make use of its abundant capital advantage to make a comprehensive layout in advance, so as to ensure that it is in an advantageous position in the competition of the next generation computing platform.</p><p><b>Second, the gold-swallowing beast or cash cow-Microsoft buys both the present and the future.</b></p><p>Nadella did change Microsoft in a sense. His miraculous operation saved this once slow-moving giant, and I can summarize his business style in eight words-\"clear goal and soft figure\".</p><p>When he was asked to expand the SaaS service of Office365, he quickly launched the iOS version of Office.</p><p>Nowadays, \"Microsoft is the best developer of iOS\" is both a joke and a partial fact, and the new operating system Windows 11 even allows users to download Google's Android apps directly from the Amazon App Store.</p><p>When Microsoft wants to expand cloud services, it has reached a rare cooperation with former competitors such as IBM and Oracle. Customers can migrate and run key data across Microsoft's Azure and Oracle Cloud.</p><p>At the same time, Microsoft, once absolutely closed, began to enthusiastically embrace open source systems today.</p><p>All these actions show the pragmatic side of Nadella, a low-key head.</p><p>Similarly, the acquisition of Blizzard also fully demonstrates Microsoft's pragmatism-focusing on the future but starting on the present.</p><p>For Microsoft, what it buys is both the present and the future.</p><p>From a short-term perspective, although the majority of players have criticized Activision Blizzard for its lack of innovation and corporate culture scandals in recent years, from a financial perspective, it is still a rare high-quality asset in the game field:</p><p>In 2020, revenue will be US $8.09 billion and profit will be US $2.19 billion; In the first three quarters of 2021, the revenue was US $9.05 billion and the profit was US $2.64 billion. This figure surpassed most outstanding companies in the game field.</p><p>Therefore, Microsoft's price of US $68.7 billion corresponds to 35 times the dynamic PE, which is not expensive.</p><p>What's more, Blizzard itself has as much as US $8.2 billion in cash on its books.</p><p>In this sense, Microsoft is buying a cash cow, not a gold-swallowing beast.</p><p>For Microsoft, the direct significance of the acquisition lies in reversing the disadvantage of Xbox console versus Sony PS console due to insufficient game content.</p><p>Of course, it is not easy for Microsoft to digest a behemoth like Activision Blizzard.</p><p>Judging from Microsoft's historical acquisition and integration performance, there are successes and failures: Skype and Nokia are undoubtedly failed acquisition and integration cases.</p><p>Of course, this happened before Nadella came to power, while other projects have performed relatively steadily so far.</p><p>The difficulty of Microsoft's integration of Activision Blizzard is that it is not an integration at a single business level. To give full play to its huge potential, it needs to be deeply and organically connected with Microsoft's intricate business departments.</p><p>This is a huge challenge even for the sophisticated Nadella.</p><p>I have criticized the original universe hype, but I don't deny the direction of technological development that metaverse represents.</p><p>The boundaries between virtual and real will undoubtedly become further blurred in the future.</p><p>Even Microsoft and Meta, which are at the forefront of metaverse development, actually lack sufficiently clear action steps for the specific implementation path of metaverse. The entire industry is crossing the river by feeling the stones, constantly trying and exploring.</p><p>Activision Blizzard has brought huge possibilities and imagination to Microsoft.</p><p><b>3. Activision Blizzard will fill the last piece of Microsoft's metaverse puzzle</b></p><p>There is no doubt that Microsoft is betting big on metaverse.</p><p>The construction of the metaverse itself is a huge and complex systematic project. Although its specific development path cannot be predicted, it must be combined with the following three levels of technologies-</p><p>The first is the hardware layer (VR/AR/, that is, input and output devices);</p><p>The second is to support basic technical facilities (cloud computing, basic computing power, digital twins, engine tools);</p><p>Finally, there is the application layer, that is, the specific operating system and specific applications.</p><p>Microsoft's layout at the above levels is the most comprehensive in a sense-</p><p>Its AR headset HoloLens is the underlying hardware layout and is currently the most leading personal device in the AR field.</p><p>In 2021, it received a huge order of US $21.9 billion from the U.S. Department of Defense at an extremely expensive price, and will develop more than 120,000 sets of AR helmets for the U.S. military in the next 10 years.</p><p>In April 2021, Microsoft announced the acquisition of Nuance for $19.7 billion, which is Microsoft's second largest acquisition after LinkedIn.</p><p>Nuance's core product is its language recognition engine, Dragon Anywhere, which uses deep learning to recognize speech. Apple's Siri and Samsung's S-Voice have all adopted Nuance's technology.</p><p>Why did Microsoft buy Nuance?</p><p>Because Microsoft believes that voice is one of the core interaction methods in the mixed reality industry, the acquisition will consolidate its technical foundation in the voice field.</p><p>At the Ignite conference held in November last year, Microsoft released a prototype metaverse product with avatar function-\"Mesh for Microsoft Teams\".</p><p>This product is mainly aimed at ordinary consumers. By connecting Mesh into Teams, it improves users' virtual experience, allowing users to collaborate in different places, hold meetings, and share holographic experiences through Teams.</p><p>Therefore, it can be seen that Microsoft has made preparations for metaverse in the entire industrial chain from hardware to basic technology to application layer.</p><p>The acquisition of Blizzard has pushed metaverse's application scenarios from office to entertainment.</p><p>The giants' judgments on metaverse's development vary greatly, but one thing is almost consistent-metaverse, the game comes first.</p><p>Today, Microsoft has made up the last puzzle of its metaverse layout through acquisitions.</p><p>In this regard, Microsoft CEO Nadella's attitude is direct and clear-</p><p>\"Gaming is currently the most dynamic and exciting entertainment category on all platforms today and will play a key role in the development of metaverse's platform.\"</p><p><b>4. The undervalued game industry behind the shocking acquisition</b></p><p>Obviously, Microsoft is playing a big game, and this shocking acquisition makes people have to think about an important question-</p><p>Why a game?</p><p>What is so special about the game industry?</p><p>Why will it become the breakthrough of the next computing platform?</p><p>It's time to rethink gaming and the future it represents, the gaming industry is somehow underrated in my opinion.</p><p>First of all, games affect the cultural competitiveness of a country in a sense.</p><p>In the 19th century, despite its rapid economic rise, the \"nouveau riche\" United States was a cultural desert in the eyes of Europeans.</p><p>Nowadays, the reason why the United States can become the hegemon of global pop culture is actually mainly due to the two entertainment pillar industries of movies and games.</p><p>In fact, as early as 2000, the American game industry surpassed the film industry in output value.</p><p>Young people in many countries around the world grew up playing CS, Red Alert, Dota and World of Warcraft, which have long become an important part of American cultural competitiveness.</p><p>Similarly, games and animation have become the two fortress industries of Japan's soft power export.</p><p>Before Microsoft launched Xbox in 2001, Japanese companies such as Sony, Nintendo and Sega firmly controlled the global game console market.</p><p>Super Mario, Contra and Pokémon have become the common memories of childhood and youth of a generation of young people around the world.</p><p>\"Soft power\" is a concept put forward by Joseph Nye, a professor at Harvard University, in 1990. It refers to national capabilities other than the economic, military and political fields.</p><p>Today, building a cultural power has become an important national strategy.</p><p>As an important part of global popular culture, the game industry with strong versatility and wide audience has full potential to become a bridgehead for China to export national soft power under the new scientific and technological pattern.</p><p>Fortunately, Chinese games have shown strong competitiveness and potential in the cultural overseas track.</p><p>According to data from the Game Working Committee, the overseas market sales revenue of China's self-developed games in 2020 will be US $15.45 billion, with a growth rate of 33.3%, which is higher than the industry average.</p><p>In addition to its cultural significance, games actually promote the continuous progress of science and technology itself.</p><p>In fact, in 1972, when Odyssey, the world's first home game console, was born, the personal computer had not yet been invented, and Jobs's first job was to work for Atari, a game company.</p><p>After PC became an industry, being able to play games has always been an important selling point of home computers.</p><p>In fact, the improvement of computer performance, especially graphics performance, is mainly driven by the continuous improvement of display accuracy in the game industry.</p><p>DOOM, launched by John Carmack, a talented American game programmer and father of 3D games, has been the main tool for performance testing of Nvidia's early new generation graphics cards for many years.</p><p>The rapid development of graphics cards and GPUs has unexpectedly become an important driving force for the computing power of artificial intelligence technology and blockchain technology in recent years.</p><p>In 1998, Nintendo launched a voice-activated game called Hello Pikachu! On NINTENDO 64, which was an important beginning of digital speech processing technology.</p><p>Gaming technology is also creating positive externalities to other industries.</p><p>For example, in order to improve the safety performance, the automobile industry absorbs talents and technology from the game industry, and applies simulation software to calculate in the automobile development stage, thus improving the safety factor of automobiles.</p><p>OpenAl, the artificial intelligence laboratory founded by Musk, even open sourced a set of self-driving systems learned through Grand Theft Auto last year.</p><p>The game industry is essentially a technological ecosystem, which spans multiple cross-cutting fields such as display technology, rendering technology, basic communication, graphics processing, AI, and cloud.</p><p>Take the game rendering engine as an example. It is the basis for building a 3D interactive real-time rendering virtual world. It originated from the id tech engine invented by John Carmack in 1993.</p><p>The current mainstream open source game rendering engines are Unity and Unreal, which belong to Unity and Epic companies in the United States respectively.</p><p>More than 70% of the games on the market are based on these two engines, including Black Myth: Wukong, which is expected by many domestic players. However, China is still in its infancy in this field, and there is a big gap.</p><p>Today, it may be time for the country and society to reevaluate the value of the game industry from a strategic level. When games enter the stage of metaverse based on VR and AR, the pattern and ecology of the game industry are also evolving rapidly and complexly.</p><p>In a sense, this gives Chinese game practitioners a new opportunity to compete.</p><p>When we re-examine the game from the strategic height of the next computing platform entry point, perhaps we will occupy a more favorable position in the new round of technological competition.</p><p><b>5. Cloud game layout is also an important consideration for Microsoft</b></p><p>There is no doubt that cloud gaming is an exciting and important direction for this industry.</p><p>In a sense, future games will not be distinguished from mobile games, PC games and console games. Any display terminal with fast enough network speed can play high-quality 3A masterpieces.</p><p>The maturity of 5G, cloud computing technology and related supporting facilities will promote cloud games to gradually move from concepts to mainstream players. Cloud games have the potential to become one of the earliest important application scenarios for commercial implementation of 5G.</p><p>Its main features are that it gets rid of the limitations of the terminal, is not subject to the computing power of local hardware, and can be played anytime and anywhere.</p><p>Because of its obvious advantages, mainstream game companies around the world have turned their attention and resources to this field-</p><p>In 2015, Sony acquired OnLive to launch Playstation Now, allowing PS4 users to run their games through streaming;</p><p>In 2017, Nvidia launched the cloud gaming service GeForce Now in the personal computer market;</p><p>In 2018, Microsoft announced its cloud gaming service Project xCloud;</p><p>Google releases Stadia cloud gaming platform at GDC 2019.</p><p>However, judging from the current experience, most cloud games have not shown obvious advantages in actual experience.</p><p>The reason behind this is that the industry and basic technologies have not yet been popularized and mature, and it is difficult for ordinary consumers to meet the harsh network conditions of manufacturers, but the industry is still full of confidence in the direction and trend of cloud games.</p><p>In the announcement of this acquisition, Phil Spencer, the head of Microsoft Games, made the following statement-</p><p>\"The addition of Activision Blizzard will also further accelerate our Xbox cloud gaming plans, allowing more people around the world to join the Xbox gaming community through mobile phones, tablets, laptops and other existing devices.\"</p><p>It can be seen that Microsoft hopes that the addition of Blizzard will give it an advantage in the fierce cloud gaming competition.</p><p>In fact, the optimization of cloud games itself requires close cooperation and testing between studios and game platforms.</p><p>According to media reports, one of the important reasons for the poor reputation of Google's Stadia cloud game platform after its launch is that the cooperation between third-party game studios and Google gives a relatively low priority to cloud games.</p><p>Activision Blizzard now becomes Microsoft's first-party studio, which will effectively reduce its cloud game development and communication costs. We have enough reasons to believe that this acquisition will accelerate Microsoft's cloud game layout.</p><p><b>6. Building Disney in the game industry-IP is the important significance of this acquisition.</b></p><p>Many people think that Blizzard is going downhill now, with a high turnover rate of core employees, and Microsoft's deal is not cost-effective.</p><p>However, what Microsoft is interested in is the massive game IP behind Activision Blizzard.</p><p>You think Microsoft is buying Call of Duty, Dark Wreck, Warcraft and Overwatch, but in fact it is buying the massive player loyalty and future derivative potential behind these games.</p><p>How powerful is Blizzard's IP power?</p><p>We can see the clue from the derivative movies of World of Warcraft-</p><p>As an important pop culture symbol in the 21st century, the movie \"Warcraft\" derived from the game World of Warcraft has grossed $438 million at the box office worldwide.</p><p>Among them, more than $200 million came to the Chinese market, and it is still the highest-grossing game adaptation film in film history.</p><p>Build an IP aircraft carrier-Microsoft bought Bethesda Softworksh, Minecraft, Activision Blizzard and Disney bought Lucasfilm, Pixar, Marvel, and 20th Century Fox The underlying logic is the same.</p><p>Microsoft's ambition is to become the Disney of gaming.</p><p>No matter how technology advances and how games evolve, the core of the industry is infectious and high-quality content.</p><p>The high-quality IP proven by time undoubtedly makes Microsoft, which was once at a disadvantage in the competition with Sony because of IP shortage, stand at the top of the content pyramid.</p><p>The important value of IP lies in its abstraction. It is not limited to any display form and equipment, so it can play the role of a moat in long-term games in a sense.</p><p>We can get a glimpse of the importance of IP to the game industry from the case of Nintendo-</p><p>Nintendo's console is far lower than its contemporary competitors in terms of hardware performance. However, it is precisely because of a large number of hot super IPs such as Super Mario and Pokémon Elf that Nintendo is still proud of the game market.</p><p>In 2016, the AR mobile game \"Pokemon GO\" authorized and developed by Nintendo's IP Pokémon achieved phenomenal success worldwide, which shows the power of IP.</p><p><b>7. Epilogue</b></p><p>From a more macro perspective, human society is a large-scale game, and life is like a play. This \"play\" can be understood as a game today.</p><p>With the progress of basic technology, the boundary between virtual and real will undoubtedly continue to become blurred, and the process of human migration to the game world will not stop in the past, present and future.</p><p>Yes, Charlie Branson said, all industries are creative industries.</p><p>Jane McGonigal's book \"Games Change the World\" says: 3,000 years ago, in order to resist the Great Famine, the residents of Asia Minor chose to eat one day and play games the next day to resist hunger.</p><p>Yes, the love for games is deeply imprinted in the innate genes of human beings.</p><p>\"Looking into the distance of the Internet, there are two veins faintly appearing-</p><p>First, the mechanism of cooperation has changed from coercion to freedom;</p><p>Second, the motivation of labor changes from self-interest to game.</p><p>Therefore, the word \"game\" is undergoing a historic transformation. Games will not only be games, but may be the whole picture of our future life. \"</p><p>This judgment made by a senior media person in 2014 will most likely become a reality in the future.</p><p>Obviously, Microsoft understands this more deeply than other giants.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2022-01-21/doc-ikyakumy1824270.shtml\">卫夕指北</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4e5cae396b5e72ba879970d2c5a6581e","relate_stocks":{"MSFT":"微软","ATVI":"动视暴雪"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-01-21/doc-ikyakumy1824270.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139117594","content_text":"在科技发展史上，总有一些关键节点影响这着个行业的格局与进程，而微软收购动视暴雪就是这样一个有重要历史意义的时刻。我们中的大多数人可能还是低估了这次收购的意义，微软在某种意义上看到了其他巨头没有看到的未来。它关乎游戏，又超越游戏。许多年后，当我们再次回顾2022年的这次惊天收购，会发现它早已给行业的未来格局埋下了诸多重要的种子。一、微软比其他巨头更深刻地理解游戏对未来的意义毫无疑问，微软是一只曾经完成过跳舞的大象。2000年微软的收入构成中Windows部门的收入占比超过60%，我们再看一看20年后微软的2020年的财报——Windows作为“个人计算”部门的其中的一个子业务和Surface、 游戏、搜索引擎和广告加起来只占到营收构成的32.2%。微软近年收入组成分布如今扛起收入大旗的是来自云计算的另外两大业务——“生产力与业务流程”部门、“智能云”部门。前者包括 Office365、Dynamics和 LinkedIn，后者则包含服务器和企业服务。没错，云服务已经当之无愧地超越Windows成为了微软的第二曲线，这对完美错过互联网时代的微软而言简直是一个奇迹。那么，问题来了——微软的第三曲线在哪里？我想这次收购在某种意义上已经给出了答案——“游戏和它所代表的无限可能的未来”。作为一家1975年就成立的老牌科技公司，微软尽管在45年之后依然屹立在行业之巅，但曾经连续错过互联网、移动互联网的微软有着深深的未来焦虑。很显然微软试图通过此举利用自己雄厚的资本优势提前全面的布局，以确保自己在下一代计算平台的竞争中处于优势地位。二、吞金兽or现金牛——微软买的既是当下也是未来。纳德拉的确在某种意义上改变了微软，他奇迹般的操作拯救了这个曾经行动迟缓的巨人，而他的经营风格我总结为八个字——“目标明确，身段柔软”。当要他要拓展Office365的SaaS服务的时候，他快速上线了Office的iOS版本。如今“微软是iOS最佳开发者”既是一句调侃也是部分事实，而新版操作系统Windows 11甚至允许用户从亚马逊应用商城直接下载谷歌的安卓应用。当微软要拓展云服务的时候，它和IBM、Oracle 等曾经竞争对手罕见地达成合作，客户能够跨微软的Azure 和 Oracle Cloud 迁移和运行关键数据。同时曾经绝对封闭的微软今天开始热烈拥抱开源系统。这些举动无不显示了纳德拉这位低调的掌门人务实的一面。同样，收购暴雪也充分展示了微软的务实——着眼于未来但着手于现在。对于微软而言，它买下的既是当下也是未来。从短期的角度，尽管广大玩家对动视暴雪近年创新乏力和企业文化丑闻上有诸多的批评，但从财务的角度，它依然是游戏领域不可多得的优质资产：2020年营收80.9亿美元，利润21.9亿美元；2021年前三季度营收90.5亿美元，利润26.4亿美元，这个数据超越了游戏领域的大部分优秀公司。所以微软687亿美元的价格对应35倍的动态PE，并不算贵。更何况暴雪本身账面上还有高达82亿美金的现金。从这个意义上，微软买的是一头现金牛，而不是一头吞金兽。而对于微软而言，收购的直接意义还在于一句扭转了Xbox主机对阵索尼PS主机由于游戏内容不足而处于下风的劣势。当然，对于微软而言要消化好动视暴雪这样的庞然大物并不是一件容易的事。微软的历史收购整合表现来看，有成功也有失败：Skype、诺基亚毫无疑问是失败的收购整合案例.当然，这发生都在纳德拉掌权之前，而其他项目从目前看则表现较为平稳。微软对动视暴雪的整合难点在于它并非单一业务层面的整合，要充分发挥它的巨大潜力需要和微软错综复杂的业务部门进行深度有机的打通。这即便对于老练的纳德拉也是一个巨大的挑战。我曾经批评过原宇宙炒作，但我并不否认元宇宙所代表的科技发展方向。虚拟和现实的界限在未来毫无疑问会进一步变得模糊。即便是走在元宇宙开发前沿的微软和Meta，他们对于元宇宙的具体实现路径其实也缺乏足够非常清晰的行动步骤，整个行业都在摸着石头过河，都在不断尝试和探索。而动视暴雪则给微软带来了巨大的可能性和想象空间。三、动视暴雪将补齐微软元宇宙最后一块拼图毫无疑问，微软在豪赌元宇宙。而元宇宙的构建本身是一个庞大而复杂的系统化工程，尽管它的具体发展路径无法预测，但它必须由以下三个层面的技术进行配套组合——首先是硬件层（VR/AR/，即输入和输出设备）；其次是支持基础技术设施（云计算、基础算力、数字孪生、引擎工具）；最后才是应用层，即具体的操作系统和具体的应用。而微软在以上几个层面的布局在某种意义上是最全面的——它的AR头显HoloLens是底层硬件布局，目前是AR领域最领先的个人设备。2021年它以极其昂贵的价格获得了美国国防部 219亿美元的巨额订单，将在未来 10 年为美军研制超过12 万套AR头盔。2021 年 4 月，微软宣布以 197 亿美元收购 Nuance，这是微软继 LinkedIn 之后的第二大收购。Nuance最核心的产品是其语言识别引擎—— Dragon Anywhere，该引擎使用深度学习来识别语音，苹果的 Siri、三星的S-Voice 等都曾采用 Nuance 的技术。为什么微软要收购Nuance？因为微软认为语音是混合现实产业最核心的交互方式之一，收购将夯实自己在语音领域的技术基础。在去年11月份举办的 Ignite 大会上，微软发布了具有虚拟形象功能的元宇宙雏形产品——“Mesh for Microsoft Teams”。该产品主要面向普通消费者，通过将Mesh接入进Teams 提高用户的虚拟体验感，允许用户通过Teams 进行异地协作、召开会议、共享全息体验。所以，可以看到微软已经从硬件到基础技术再到应用层，在整个产业链条里为元宇宙做好了准备。而收购暴雪则将元宇宙的应用场景从办公推向了娱乐。巨头们对元宇宙的发展判断差异很大，但有一点几乎是一致的——元宇宙，游戏先行。而今天的微软通过收购补上了其元宇宙布局的最后一块拼图。对此，微软CEO纳德拉态度直接而明确——“游戏是目前当今所有平台上最具活力和最令人兴奋的娱乐类别，将在元宇宙平台的发展中发挥关键作用。”四、惊天收购背后被低估的游戏行业很显然，微软在下一盘大棋，这次惊天收购让人不得不思考一个重要问题——为什么是游戏？游戏产业到底有什么特殊之处？为什么它会成为下一个计算平台的突破口？是时候重新思考游戏和它代表的未来了，在我看来，游戏行业在某种程度上被低估了。首先，游戏在某种意义上影响着国家的文化竞争力。在19世纪，美国尽管在经济上迅速崛起，但在欧洲人看来“暴发户”美国是一个文化沙漠。而如今美国之所以能成为全球流行文化的霸主，其实主要源于电影和游戏这两个娱乐支柱产业。而事实上，早在2000年，美国游戏行业在产值上就超越了电影行业。全球诸多国家的年轻人是玩着CS、红色警戒、Dota、魔兽世界长大的，而这些都早已成为美国文化竞争力的重要组成部分。同样，游戏和动漫也成为了日本软实力输出的两大堡垒产业。在微软2001年推出Xbox之前，日本的索尼、任天堂、世嘉等公司牢牢掌控着全球游戏主机市场。超级马里奥、魂斗罗、精灵宝可梦(Pokémon)成为全球一代年轻人童年和青春的共同回忆。“软实力”是哈佛大学教授约瑟夫·奈在1990年提出的概念，它是指除经济、军事、政治领域以外的国家能力。今天，建设文化强国已成为重要国家战略。通用性强、受众面广的游戏产业作为全球流行文化重要组成部分，有充分的潜力成为中国在新科技格局下输出国家软实力的一座桥头堡。可喜的是，中国游戏在文化出海赛道表现出较强的竞争力和潜力。根据游戏工委的数据，2020年中国自研游戏海外市场销售收入为 154.5 亿美元，增速达 33.3%，高于行业平均水平。游戏除了文化层面的重要意义，它在事实上也推动了科技本身的不断进步。事实上，1972年，世界上第一部家用游戏主机 Odyssey 诞生时，个人电脑还没有被发明，乔布斯的第一份工作就是在游戏公司雅达利上班。而PC成为产业之后，能玩游戏一直是家用电脑的一个重要卖点。事实上，电脑性能特别是图形性能的提升主要由游戏行业对显示画面精度的不断提高而被推动向前发展的。美国天才游戏程序员、3D游戏之父约翰*卡马克推出的《DOOM》多年以来一直是英伟达早期新一代显卡性能测试的主要工具。而显卡和GPU的高速发展在近几年年意外地成为人工智能技术和区块链技术算力的重要推动力量。1998年，任天堂在NINTENDO 64推出了一款叫做《你好皮卡丘！》的声控游戏，这是数字语音处理技术的重要开端。游戏技术也在对其他行业产生正外部性。比如汽车产业为了提升安全性能，就从游戏产业吸纳人才和技术，在汽车开发阶段应用模拟软件进行演算，从而提升汽车的安全系数。马斯克创立的人工智能实验室 OpenAl 去年甚至开源了一套通过《侠盗猎车手》学习的自动驾驶的系统。游戏产业在本质上是一个技术生态，它横跨了显示技术、渲染技术、基础通讯、图形处理、AI、云等多个交叉领域。以游戏渲染引擎为例，它是构建3D可交互实时渲染虚拟世界的基础，最早起源于约翰·卡马克1993年发明的id tech引擎。目前主流的开源游戏渲染引擎为Unity和Unreal，他们分别来属于美国的Unity和Epic公司。市面上超过70%的游戏基于这两个引擎制作，包括众多国内玩家期待的《黑神话：悟空》，而国内在这一领域尚处于起步阶段，差距较大。今天，国家和社会或许到了从战略层面重估游戏产业价值的时候，当游戏进入VR和AR为基础的元宇宙阶段，游戏产业的格局和生态也在快速、复杂的演化。这在某种意义上给了中国游戏从业者一个新的竞争机会。当我们以下一个计算平台切入点的战略高度重新审视游戏的时候，在新一轮科技竞争中或许我们将占据更有利的位置。五、云游戏布局也是微软出手的一个重要考量毫无疑问，云游戏是这个行业激动人心的重要方向。从某种意义上，未来的游戏不会有移动游戏、PC 游戏与主机游戏区分，任何网速够快的显示终端都可以玩到高质量的3A大作。而5G、云计算技术以及相关配套设施的成熟会推动云游戏逐渐从概念走向主流玩家，云游戏有潜力成 5G 最早商用落地的重要应用场景之一。它的主要特点就是摆脱终端的限制、不受制于本地硬件算力、随时随地可玩。正因为其明显的优势，于是全球主流游戏企业都将目光和资源投向该领域——2015年，索尼收购OnLive 推出Playstation Now，允许PS4用户通过串流方式运行旗下游戏；2017年英伟达在个人电脑市场推出了云游戏服务GeForce Now；2018 年，微软公布其云游戏服务Project xCloud；2019年GDC 大会谷歌发布Stadia云游戏平台。然而，从目前的体验来看，大部分云游戏在实际体验中还没有表现出明显的优势。这背后的原因还是产业和基础技术尚未普及和成熟，普通消费者很难达到厂商们苛刻的网络条件，但业界依然对云游戏的方向和趋势充满信心。在这次收购的公告中，微软游戏的掌门人菲尔・斯宾塞有如下表述——“动视暴雪的加入也将进一步加快我们 Xbox 云游戏的计划进程，让世界各地更多的人能通过手机、平板电脑、笔记本电脑和其它现有设备加入 Xbox 游戏社区。”可以看到，微软希望暴雪的加入能让其在激烈的云游戏竞争中获得优势。事实上，云游戏的优化本身就需要工作室和游戏平台足够密切的配合和测试。有媒体报道，谷歌的 Stadia 云游戏平台上线之后口碑不佳其中一个重要原因在于第三方游戏工作室和谷歌的合作中将云游戏的优先级排列的相对较低。而动视暴雪如今成为微软的第一方工作室将有效减少其云游戏开发和沟通的成本，我们有足够的理由相信这次收购会加速微软的云游戏布局。六、打造游戏界的迪斯尼 ——IP是这次收购的重要意义。很多人认为暴雪现在在走下坡路，核心员工离职率高，微软的这笔买卖并不划算。然而微软看中的正是动视暴雪背后海量的游戏IP。你以为微软买的是《使命召唤》、《黑暗破坏神》、《魔兽争霸》、《守望先锋》，其实它买的是这些游戏背后代表的海量玩家忠诚度和未来的衍生潜力。暴雪的IP力量有多强？我们从魔兽世界的衍生电影就能看出端倪——作为21世纪的重要流行文化符号，根据游戏魔兽世界衍生的电影《魔兽》在全球范围内狂揽4.38 亿美元票房。其中超过2亿美元来中国市场，至今它依然是电影史上票房最高的游戏改编电影。打造IP航母——微软买下买下Bethesda Softworksh、买下《Minecraft》、买下动视暴雪和迪斯尼买下卢卡斯影业、买下皮克斯、买下漫威、买下20世纪福克斯的底层逻辑是相同的。微软的雄心就是成为游戏领域的迪士尼。无论技术如何进步、游戏如何发展，行业的核心还是具有感染力的优质内容。被时间证明过的优质 IP 无疑让曾经因为IP荒而在与索尼的竞争中处于下风的微软站到了内容金字塔的顶端。IP的重要价值的在于它的抽象性，它不受限于任何展示形式和设备，因此它在某种意义上能在长周期博弈中起到护城河的作用。IP对于游戏产业的重要性，我们可以从任天堂的案例中略窥一二——任天堂的主机在硬件性能层面远低于它同时代的竞争对手，然而正是由于超级马里奥、宝可梦精灵等一大批炙手可热的超级IP，让任天堂依然笑傲游戏市场。2016年任天堂旗下IP宝可梦授权研发的AR手游《Pokemon GO》在全球范围内获得了现象级的成功，IP力量可见一斑。七、尾声从更宏观的视角，人类社会就是一个大型的游戏，人生如戏，这个“戏”在今天我们可以理解为游戏。随着基础技术的进步，虚拟和现实边界毫无疑问会继续变得模糊，人类向游戏世界的大迁徙的进程在过去、现在和未来都不会停止。没错，查理*布兰森说，一切行业都是创意行业。简*麦戈尼格尔的《游戏改变世界》一书写道：3000年前小亚细亚的居民为了抵抗大饥荒，他们选择一天进食第二天则玩游戏来抵御饥饿感。是滴，对游戏的热爱深深地印刻在人类与生俱来的的基因中。“眺望互联网的远方，有两个脉络隐隐呈现——第一， 协作的机制从强制变成自由；第二，劳动的动机从自利变成游戏。所以，\"游戏\"二字正在发生历史性的蜕变，游戏将不仅是游戏，它可能是我们未来生活的全部图景。”一位资深媒体人2014年的这个判断在未来大概率会变成现实。很显然，微软比其他巨头更深刻地理解这一点。","news_type":1,"symbols_score_info":{"MSFT":0.9,"ATVI":0.9}},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007968980,"gmtCreate":1642739467361,"gmtModify":1676533742238,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":",,,","listText":",,,","text":",,,","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007968980","repostId":"2205673011","repostType":4,"repost":{"id":"2205673011","kind":"highlight","pubTimestamp":1642733342,"share":"https://ttm.financial/m/news/2205673011?lang=en_US&edition=fundamental","pubTime":"2022-01-21 10:49","market":"us","language":"zh","title":"Is the \"digital dollar\" coming too? Federal Reserve releases first digital currency white paper","url":"https://stock-news.laohu8.com/highlight/detail?id=2205673011","media":"华尔街见闻","summary":"1月20日（周四）美联储发布数字货币白皮书，是一份关于发行美国数字货币的潜在好处和风险的评估报告。报告提出在世界各地的金融交易已经高度数字化的情况下，CBDC有助于加快电子支付系统；但是同时也存在一些","content":"<p><html><head></head><body>On January 20th (Thursday), the Federal Reserve released the Digital Currency White Paper, which is an assessment report on the potential benefits and risks of issuing American digital currency.</p><p>The report proposes that CBDC can help speed up electronic payment systems when financial transactions around the world are already highly digitized; But there are also some unfavorable problems, including financial market risks, privacy protection, cyber fraud and other illegal problems.</p><p>According to the Wall Street Journal, Federal Reserve Chairman Jerome Powell said in a statement: \"As we study the pros and cons of the U.S. central bank's digital currency, we look forward to communicating with more of the public, elected representatives and a wide range of stakeholders to discuss whether to launch a digital currency.\"</p><p>The Fed will gather comments on the report within 120 days. The Federal Reserve said it would only take the move if it had the support of elected U.S. leaders.</p><p><h2>Support faction</h2>Proponents of the launch of a digital dollar argue that the Fed's digital dollar can make money move through the financial system faster and less expensively, bring unbanked people into banks, and provide governments with an effective way to distribute financial assistance.</p><p>Moreover, the central bank directly adjusts the interest rate of CDBC account, which may help improve the effectiveness of monetary policy. This could allow central banks to bypass the often-fickle financial markets and bring monetary policy directly to the retail level.</p><p>According to the Wall Street Journal, in September this year, Federal Reserve Governor Lael Brainard said in a speech at the National Association of Business Economics that the more important reason is to keep up with other countries that are considering using digital currencies in domestic and international payments.</p><p>She said: \"Considering the dominance of the US dollar in international payments, it is hard for me to imagine that the United States will not launch a digital currency scheme under such circumstances.\"</p><p><h2>Opposition</h2>However, Powell said he sees reason to be cautious. He said last year that it is more important to use the digital dollar correctly than to enter the market first, because the dollar plays a vital role globally.</p><p>He and other Fed officials said the Fed's current research is still early and exploratory.</p><p>At the same time, Powell also pointed out other challenges, such as the active use and preference of cash by many Americans; There are also online privacy concerns that need to be addressed because the Federal Reserve's CBDC system allows the central bank to see how each user is using the currency.</p><p>A report by the Federal Reserve Bank of Philadelphia warned that the U.S. central bank CBDC could destabilize the financial system if it pulls money out of banks, mutual funds, stocks and other investments during a crisis.</p><p><h2>Not yet concluded</h2>The digital currency white paper states<b>\"It is not intended to push for a specific policy outcome and does not take any position on the ultimate desirability of the digital dollar.\"</b>, \"The introduction of the digital dollar will represent a very significant innovation for the U.S. currency, so extensive consultation with the public and key stakeholders is crucial. This report is the first step in advancing this dialogue.\"</p><p>According to CNBC, the Federal Reserve stated that it will not continue to advance this project without explicit authorization from Congress, and the Federal Reserve is more inclined to advance the project in the form of a \"specific authorization law.\"</p><p>However, the Federal Reserve is currently developing an \"all-weather payment and settlement service\" called \"Fed Now\", which is expected to go online in 2023.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the \"digital dollar\" coming too? Federal Reserve releases first digital currency white paper</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the \"digital dollar\" coming too? Federal Reserve releases first digital currency white paper\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-01-21 10:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On January 20th (Thursday), the Federal Reserve released the Digital Currency White Paper, which is an assessment report on the potential benefits and risks of issuing American digital currency.</p><p>The report proposes that CBDC can help speed up electronic payment systems when financial transactions around the world are already highly digitized; But there are also some unfavorable problems, including financial market risks, privacy protection, cyber fraud and other illegal problems.</p><p>According to the Wall Street Journal, Federal Reserve Chairman Jerome Powell said in a statement: \"As we study the pros and cons of the U.S. central bank's digital currency, we look forward to communicating with more of the public, elected representatives and a wide range of stakeholders to discuss whether to launch a digital currency.\"</p><p>The Fed will gather comments on the report within 120 days. The Federal Reserve said it would only take the move if it had the support of elected U.S. leaders.</p><p><h2>Support faction</h2>Proponents of the launch of a digital dollar argue that the Fed's digital dollar can make money move through the financial system faster and less expensively, bring unbanked people into banks, and provide governments with an effective way to distribute financial assistance.</p><p>Moreover, the central bank directly adjusts the interest rate of CDBC account, which may help improve the effectiveness of monetary policy. This could allow central banks to bypass the often-fickle financial markets and bring monetary policy directly to the retail level.</p><p>According to the Wall Street Journal, in September this year, Federal Reserve Governor Lael Brainard said in a speech at the National Association of Business Economics that the more important reason is to keep up with other countries that are considering using digital currencies in domestic and international payments.</p><p>She said: \"Considering the dominance of the US dollar in international payments, it is hard for me to imagine that the United States will not launch a digital currency scheme under such circumstances.\"</p><p><h2>Opposition</h2>However, Powell said he sees reason to be cautious. He said last year that it is more important to use the digital dollar correctly than to enter the market first, because the dollar plays a vital role globally.</p><p>He and other Fed officials said the Fed's current research is still early and exploratory.</p><p>At the same time, Powell also pointed out other challenges, such as the active use and preference of cash by many Americans; There are also online privacy concerns that need to be addressed because the Federal Reserve's CBDC system allows the central bank to see how each user is using the currency.</p><p>A report by the Federal Reserve Bank of Philadelphia warned that the U.S. central bank CBDC could destabilize the financial system if it pulls money out of banks, mutual funds, stocks and other investments during a crisis.</p><p><h2>Not yet concluded</h2>The digital currency white paper states<b>\"It is not intended to push for a specific policy outcome and does not take any position on the ultimate desirability of the digital dollar.\"</b>, \"The introduction of the digital dollar will represent a very significant innovation for the U.S. currency, so extensive consultation with the public and key stakeholders is crucial. This report is the first step in advancing this dialogue.\"</p><p>According to CNBC, the Federal Reserve stated that it will not continue to advance this project without explicit authorization from Congress, and the Federal Reserve is more inclined to advance the project in the form of a \"specific authorization law.\"</p><p>However, the Federal Reserve is currently developing an \"all-weather payment and settlement service\" called \"Fed Now\", which is expected to go online in 2023.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3650295\">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/627bc890436e46f74a0fe8143398a725","relate_stocks":{".IXIC":"NASDAQ Composite","BK4504":"桥水持仓","BK4559":"巴菲特持仓","SPY":"标普500ETF",".DJI":"道琼斯","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","EBON":"亿邦国际","BK4170":"电脑硬件、储存设备及电脑周边"},"source_url":"https://wallstreetcn.com/articles/3650295","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2205673011","content_text":"1月20日（周四）美联储发布数字货币白皮书，是一份关于发行美国数字货币的潜在好处和风险的评估报告。报告提出在世界各地的金融交易已经高度数字化的情况下，CBDC有助于加快电子支付系统；但是同时也存在一些不利问题包括金融市场风险、隐私保护、网络欺诈和其他非法问题。据华尔街日报，美联储主席杰罗姆·鲍威尔在一份声明中表示：“在我们研究美国央行数字货币的利弊时，我们期待与更多公众、民选代表和广泛的利益相关者进行交流，共同探讨是否推出数字货币。”美联储将在120天内收集对该报告的评论。美联储表示，只有在获得美国民选领导人支持的情况下，才会采取这一举措。支持派支持推出数字美元的人认为，美联储的数字美元可以使资金在金融系统中流通的速度更快、成本更低，将没有银行账户的人带进银行，并为政府提供分配金融援助的有效途径。并且，央行直接调整CDBC账户的利率，可能有助于提高货币政策的有效性。这可以让央行绕过经常变化无常的金融市场，将货币政策直接引入零售层面。据华尔街日报，今年9月，美联储理事Lael Brainard在全美商业经济协会发表讲话时表示，更重要的原因是——跟上其他正在考虑在国内和国际支付中使用数字货币的国家的步伐。她说：“考虑到美元在国际支付中的主导地位，我很难想象在这种情况下，美国不会推出数字货币的方案。”反对派不过，鲍威尔表示，他认为有理由保持谨慎。他在去年曾表示，与率先进入市场相比，正确使用数字美元更为重要，因为美元在全球扮演着至关重要的角色。他和其他美联储官员表示，美联储目前的研究还处于早期和探索性阶段。同时，鲍威尔还指出了其他一些挑战，比如许多美国人积极使用并偏爱现金；还有一些网络隐私问题需要解决，因为美联储的CBDC系统可以让央行看到每个用户使用货币的情况。费城联邦储备银行的一份报告警告称，如果美国央行CBDC在危机中将资金撤出银行、共同基金、股票和其他投资，可能会破坏金融体系的稳定。尚未得出结论数字货币白皮书指出“并不打算推动一个具体的政策结果，对数字美元的最终可取性不持任何立场。”、“引入数字美元将代表美国货币的一项非常重大的创新，因此，与公众和主要利益相关者进行广泛协商至关重要。这篇报告是推进这种对话的第一步”。据CNBC，美联储表示，如果没有国会的明确授权，将不会继续推进这个项目，美联储也更倾向于以“特定授权法”的形式推进项目。不过，目前美联储已经在开发一项名为“Fed Now”的“全天候支付和结算服务”，预计将于2023年上线。","news_type":1,"symbols_score_info":{".DJI":1,"EBON":1,".IXIC":1,"SPY":1}},"isVote":1,"tweetType":1,"viewCount":743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004798345,"gmtCreate":1642686678312,"gmtModify":1676533735335,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"！","listText":"！","text":"！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004798345","repostId":"2204746093","repostType":4,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385513619,"gmtCreate":1613563168731,"gmtModify":1704882067975,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570400052929996","idStr":"3570400052929996"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RCMT\">$RCM Technologies(RCMT)$</a>？","listText":"<a href=\"https://laohu8.com/S/RCMT\">$RCM Technologies(RCMT)$</a>？","text":"$RCM Technologies(RCMT)$？","images":[{"img":"https://static.tigerbbs.com/b4f235354bb4449174ec0aa54fb9aaad","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385513619","isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":9912217356,"gmtCreate":1664841385175,"gmtModify":1676537516243,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BPTH\">$Bio-Path Holdings, Inc.(BPTH)$</a>","listText":"<a href=\"https://ttm.financial/S/BPTH\">$Bio-Path Holdings, Inc.(BPTH)$</a>","text":"$Bio-Path Holdings, Inc.(BPTH)$","images":[{"img":"https://community-static.tradeup.com/news/f8bec62e04a0d310854d71f6cb97d382","width":"1080","height":"2309"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912217356","isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9090259014,"gmtCreate":1643205606404,"gmtModify":1676533784845,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"！！！","listText":"！！！","text":"！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090259014","repostId":"1131590947","repostType":4,"repost":{"id":"1131590947","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":1643200784,"share":"https://ttm.financial/m/news/1131590947?lang=en_US&edition=fundamental","pubTime":"2022-01-26 20:39","market":"us","language":"zh","title":"Abbott's Q4 revenue was US $11.468 billion, net profit was US $1.989 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1131590947","media":"老虎资讯综合","summary":"1月26日，雅培发布2021年第四季度业绩。财报显示，第四季度营收114.68亿美元，市场预期107.08亿美元，去年同期107.01亿美元；第四季度净利润19.89亿美元，市场预期15.55亿美元，","content":"<p><html><head></head><body>January 26th,<a href=\"https://laohu8.com/S/ABT\">Abbott</a>Release of fourth quarter 2021 results. The financial report shows that revenue in the fourth quarter was US $11.468 billion, market expectations were US $10.708 billion, and US $10.701 billion in the same period last year; Net profit in the fourth quarter was US $1.989 billion, market expectations were US $1.555 billion, and US $2.162 billion in the same period last year; Earnings per share in the fourth quarter were $1.11, compared with market expectations of $0.89 and $1.2 in the same period last year.</p><p>After the financial report was released, Abbott's pre-market stock price turned from rising to falling, and is now down more than 1%.</p><p><img src=\"https://static.tigerbbs.com/8fbdf4380f16bfeea5784aa13e1b9917\" tg-width=\"889\" tg-height=\"825\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Abbott's Q4 revenue was US $11.468 billion, net profit was US $1.989 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAbbott's Q4 revenue was US $11.468 billion, net profit was US $1.989 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-01-26 20:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>January 26th,<a href=\"https://laohu8.com/S/ABT\">Abbott</a>Release of fourth quarter 2021 results. The financial report shows that revenue in the fourth quarter was US $11.468 billion, market expectations were US $10.708 billion, and US $10.701 billion in the same period last year; Net profit in the fourth quarter was US $1.989 billion, market expectations were US $1.555 billion, and US $2.162 billion in the same period last year; Earnings per share in the fourth quarter were $1.11, compared with market expectations of $0.89 and $1.2 in the same period last year.</p><p>After the financial report was released, Abbott's pre-market stock price turned from rising to falling, and is now down more than 1%.</p><p><img src=\"https://static.tigerbbs.com/8fbdf4380f16bfeea5784aa13e1b9917\" tg-width=\"889\" tg-height=\"825\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a8642475395bb363eacb86148917e7b","relate_stocks":{"ABT":"雅培"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131590947","content_text":"1月26日，雅培发布2021年第四季度业绩。财报显示，第四季度营收114.68亿美元，市场预期107.08亿美元，去年同期107.01亿美元；第四季度净利润19.89亿美元，市场预期15.55亿美元，去年同期21.62亿美元；第四季度每股收益1.11美元，市场预期0.89美元，去年同期1.2美元。财报发布后，雅培盘前股价由涨转跌，现跌超1%","news_type":1,"symbols_score_info":{"ABT":0.9}},"isVote":1,"tweetType":1,"viewCount":952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007259877,"gmtCreate":1642911228916,"gmtModify":1676533757248,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"！！！","listText":"！！！","text":"！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007259877","repostId":"1176837647","repostType":4,"repost":{"id":"1176837647","kind":"news","pubTimestamp":1642815834,"share":"https://ttm.financial/m/news/1176837647?lang=en_US&edition=fundamental","pubTime":"2022-01-22 09:43","market":"us","language":"zh","title":"Sister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment","url":"https://stock-news.laohu8.com/highlight/detail?id=1176837647","media":"智通财经网","summary":"一只与“木头姐”凯西·伍德旗下旗舰基金ARKK“对着干”的ETF现在已经积累了2.34亿美元的资产。","content":"<p><html><head></head><body>Author: Xu Ran</p><p>On Friday, an ETF that \"went against\" Kathy Wood's flagship fund ARKK has now accumulated $234 million in assets. The less than three-month-old fund, the Tuttle Capital Short Innovation ETF (SARK.US), is currently returning about 50%.</p><p>SARK profited when ARKK fell. The fund used swap contracts to short ARKK and achieved inflows for 10 consecutive trading days. SARK's rally means that more investors are ready to short ARKK. Rising U.S. bond yields are shaking technology and growth stocks, putting pressure on many of Wood's favorite stocks. ARKK has plunged 20% this year, while SARK has gained 22%.</p><p><img src=\"https://static.tigerbbs.com/af1fb101fc52aad658a059eabfa78418\" tg-width=\"838\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>\"Any standalone ETF that gets more than $200 million in assets has already beaten the odds, let alone did so three months before it was founded,\" said senior ETF analyst Eric Balchunas.</p><p>Analyst James Seyffart pointed out: \"Not surprised by SARK's gold-attracting power. The trend is your friend. For ARK, the current trend is still negative.\"</p><p>Matthew Tuttle, CEO of Tuttle Capital Management LLC, noted that SARK has had inflows recently even on ARKK's rising days. In Tuttle's view, this shows that investors are increasingly viewing the fund as a hedge or a bet on the macro environment, rather than just to short ARKK. He said: \"Regardless of ARKK's performance, I do think funds will continue to flow into SARK.\"</p><p></body></html></p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment</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\">\nSister Wood becomes contrarian indicator? Short-selling ARKK fund attracted more than US $200 million in gold three months after its establishment\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-01-22 09:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Xu Ran</p><p>On Friday, an ETF that \"went against\" Kathy Wood's flagship fund ARKK has now accumulated $234 million in assets. The less than three-month-old fund, the Tuttle Capital Short Innovation ETF (SARK.US), is currently returning about 50%.</p><p>SARK profited when ARKK fell. The fund used swap contracts to short ARKK and achieved inflows for 10 consecutive trading days. SARK's rally means that more investors are ready to short ARKK. Rising U.S. bond yields are shaking technology and growth stocks, putting pressure on many of Wood's favorite stocks. ARKK has plunged 20% this year, while SARK has gained 22%.</p><p><img src=\"https://static.tigerbbs.com/af1fb101fc52aad658a059eabfa78418\" tg-width=\"838\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>\"Any standalone ETF that gets more than $200 million in assets has already beaten the odds, let alone did so three months before it was founded,\" said senior ETF analyst Eric Balchunas.</p><p>Analyst James Seyffart pointed out: \"Not surprised by SARK's gold-attracting power. The trend is your friend. For ARK, the current trend is still negative.\"</p><p>Matthew Tuttle, CEO of Tuttle Capital Management LLC, noted that SARK has had inflows recently even on ARKK's rising days. In Tuttle's view, this shows that investors are increasingly viewing the fund as a hedge or a bet on the macro environment, rather than just to short ARKK. He said: \"Regardless of ARKK's performance, I do think funds will continue to flow into SARK.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/646096.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0fb0479ff67cd3a760cdce353bcb60ed","relate_stocks":{"SARK":"Tradr 1X Short Innovation Daily ETF"},"source_url":"https://www.zhitongcaijing.com/content/detail/646096.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176837647","content_text":"作者： 许然周五，一只与“木头姐”凯西·伍德旗下旗舰基金ARKK“对着干”的ETF现在已经积累了2.34亿美元的资产。这只成立不到三个月的基金Tuttle Capital Short Innovation ETF(SARK.US)目前回报率约为50%。SARK在ARKK下跌时获利，该基金使用掉期合约做空ARKK，且在连续10个交易日实现了资金流入。SARK的涨势意味着更多投资者准备好了做空ARKK。不断上涨的美债收益率正在动摇科技及成长股，对伍德所青睐的许多股票造成了压力。ARKK今年以来已暴跌了20%，而SARK则上涨了22%。高级ETF分析师Eric Balchunas表示：“任何获得超过2亿美元资产的独立ETF都已经战胜了困难，更不用说在成立前三个月就做到了这一点。”分析师James Seyffart指出：“对SARK的吸金力并不感到惊讶，趋势是你的朋友，对于ARK来说，现在的趋势仍然是负面的。”Tuttle Capital Management LLC的首席执行官Matthew Tuttle指出，SARK最近甚至在ARKK上涨的日子里都有资金流入。在Tuttle看来，这表明投资者越来越将该基金视为一种对冲工具或对宏观环境的押注，而不仅仅是为了做空ARKK。他表示：“不管ARKK表现如何，我的确认为资金将继续流入SARK。”","news_type":1,"symbols_score_info":{"SARK":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090250918,"gmtCreate":1643205470780,"gmtModify":1676533784824,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"！！！","listText":"！！！","text":"！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090250918","repostId":"1176421280","repostType":4,"isVote":1,"tweetType":1,"viewCount":947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090120746,"gmtCreate":1643122034306,"gmtModify":1676533775978,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"Hallo","listText":"Hallo","text":"Hallo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090120746","repostId":"1158028995","repostType":4,"isVote":1,"tweetType":1,"viewCount":887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385513619,"gmtCreate":1613563168731,"gmtModify":1704882067975,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RCMT\">$RCM Technologies(RCMT)$</a>？","listText":"<a href=\"https://laohu8.com/S/RCMT\">$RCM Technologies(RCMT)$</a>？","text":"$RCM Technologies(RCMT)$？","images":[{"img":"https://static.tigerbbs.com/b4f235354bb4449174ec0aa54fb9aaad","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385513619","isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9007780089,"gmtCreate":1643006773187,"gmtModify":1676533764470,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"$$$","listText":"$$$","text":"$$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007780089","repostId":"2205011336","repostType":4,"isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007717467,"gmtCreate":1643006669995,"gmtModify":1676533764462,"author":{"id":"3570400052929996","authorId":"3570400052929996","name":"Huangwei","avatar":"https://static.tigerbbs.com/89be5114c1e790b27ceba546fd6c9abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570400052929996","authorIdStr":"3570400052929996"},"themes":[],"htmlText":"$$$","listText":"$$$","text":"$$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007717467","repostId":"2205071943","repostType":4,"repost":{"id":"2205071943","kind":"highlight","pubTimestamp":1643006201,"share":"https://ttm.financial/m/news/2205071943?lang=en_US&edition=fundamental","pubTime":"2022-01-24 14:36","market":"us","language":"zh","title":"New energy vehicles have started a wave of price increases. Will it affect sales in 2022?","url":"https://stock-news.laohu8.com/highlight/detail?id=2205071943","media":"华尔街见闻","summary":"2021年，新能源汽车行业以全年354.5万辆的销量，同比增长1.6倍的好成绩开启了新的销量增速元年。而2022年刚刚过去不到一个月，业内就屡次传来终端新能源汽车车企上调旗下车型的消息，这似乎展示了一","content":"<p><html><head></head><body>In 2021, the new energy vehicle industry will start a new first year of sales growth rate with annual sales of 3.545 million vehicles, a year-on-year increase of 1.6 times. Less than a month after 2022, the industry has repeatedly heard news that terminal new energy vehicle companies have raised their models, which seems to show a signal that new energy vehicles will usher in price increases across the board in 2022:</p><p>1) Last weekend, leading domestic new energy vehicle companies<a href=\"https://laohu8.com/S/002594\">BYD</a>The automobile stated that it will adjust the official guide price of new energy models related to its Dynasty series and Ocean series, with an increase ranging from 1,000 to 7,000 yuan; 2) Among the new car-making forces, XPeng, which has stabilized monthly sales of more than 10,000 vehicles in 2021 (the price increase ranges from 4,300 yuan to 5,900 yuan), and the newly emerging Nezha (the price increase ranges from 2,000 yuan to 5,000 yuan), Leapmotor (the price increase of the lowest model is 8,000 yuan to 9,000 yuan) and Polestar (the price increase is about 5,000 yuan) and other car companies have also raised prices; 3) Traditional car companies that are undergoing transformation into new energy sources, such as GAC (its Aian LX price increased by 4,000 yuan) and Volkswagen (ID series price increased by 5,400 yuan), have also significantly raised prices; 4) Not to mention, at the end of last year, the world's leading new energy vehicle company<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It was announced that the prices of the rear-wheel drive versions of Model 3 and Model Y will be increased by 10,000 yuan and 21,000 yuan respectively. In this article, Wall Street Insights and Wisdom Research will try to explain two issues:</p><p><b>1) Why did terminal car companies collectively start raising prices?</b></p><p><b>2) After terminal car companies raise prices, how big will the impact be?</b></p><p><h2><b>1. Why did terminal car companies collectively start to raise prices?</b></h2>Wall Street Insights and Wisdom Research believes that since the design and configuration of the models of car companies with price increases have not changed much, it is not considered to be an optimized configuration. Therefore, the main reasons for car companies to raise prices lie in two points--Subsidy decline and upstream price increase. Wall Street Insights and Wisdom Research will split it for everyone to see the impact of each factor on the price increase. As many terminal car companies explained when announcing price increases, the last reduction of new energy vehicle subsidies at the end of 2021 has indeed caused considerable cost pressure on new energy vehicle companies.<img src=\"https://static.tigerbbs.com/82d1c5cbf5b78b3f2fe2da49a1df2360\" tg-width=\"865\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>On December 31, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the National Development and Reform Commission issued the \"Notice on Fiscal Subsidy Policies for the Promotion and Application of New Energy Vehicles in 2022\", clearly stating that the current technical indicator system framework and threshold requirements for purchase subsidies will remain unchanged in 2022, but new The subsidy standard for energy vehicles will be reduced by 30% on the basis of 2021.<b>From this perspective, the models of car companies currently announcing price increases are mostly concentrated in pure electric models and plug-in hybrid models with a cruising range greater than or equal to 400 kilometers. 2,000 yuan. In comparison, BYD has a dual-drive of pure electric and plug-in hybrid sales, so in order to satisfy each model, the announced price increase band is relatively large, while the price increases of new car-making forces and other traditional models are basically compared with the former.</b></p><p>It is worth mentioning that it is also the ideal of the leader among the new car-making forces,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And other companies, as well as SAIC-GM-Wuling, which developed the national sacred car Wuling Hongguang mini EV, Little Ant's Chery, and Haomao series<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>Traditional car companies have not announced price increases at present.<b>The main reason is that high-end new energy vehicles with a price of more than 300,000 yuan, as well as models that do not meet the battery life standards themselves, such as A00 series models, and some A0 series models, are not included in the scope of subsidies, so they are not affected.</b><img src=\"https://static.tigerbbs.com/9d8ffd14e8a7292daf0af72b9e8f858d\" tg-width=\"865\" tg-height=\"395\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The second reason is the cost pressure visible to the naked eye brought about by the surge in upstream raw materials throughout 2021. As the most important component of new energy vehicles, the cost of power batteries accounts for 30% to 40% of the total cost of new energy vehicles. This directly leads to a sharp increase in the price of power batteries themselves and raw materials, which is bound to lead to a substantial increase in the cost of terminal new energy vehicles.<b>Before 2021, terminal car companies have absolute advantages over parts suppliers in terms of industrial chain status and voice, so they have cost requirements, which can lower the gross profit margin of parts suppliers, even the most core component power battery has also received an annual cost reduction of about 10% in the past few years</b>。</p><p>However, this price reduction trend has ushered in a change in 2021. Among the two most mainstream routes of power batteries, the price of lithium iron phosphate (power type) has risen from 40,000 yuan/ton at the beginning of 2021 to 111,000 yuan/ton at the end of the year., an increase of 177.5%; The prices of the three most commonly used models of ternary materials, Type 523, Type 622 and Type 811, rose from 123,500 yuan/ton, 145,500 yuan/ton and 170,000 yuan/ton at the beginning of the year to 248,000 yuan/ton at the end of the year, 266,000 yuan/ton and 276,000 yuan/ton, with increases of 100%, 83% and 62% respectively. This also prevents the price of power batteries from falling in 2021, but also rising.</p><p>Wall Street Insights · Jianzhi Research takes this year's hot lithium iron phosphate battery as an example. Normally, a 1GWH battery requires about 2,200-2,500 tons of lithium iron phosphate cathode material. A new energy vehicle has a charge of 50KWH. The battery can meet the needs of 20,000 new energy vehicles, so a car will consume 0.11 tons to 0.125 tons of lithium iron phosphate cathode materials. According to its 177.5% increase, the cost of each vehicle may increase by about 7,000 yuan.</p><p><h2><b>2. After the price increase of terminal car companies, how big is the impact?</b></h2>The most direct impact of the collective price increase of new energy vehicle terminal car companies is that it may lead to a correction in new energy vehicle sales. In 2021, except for February when the Spring Festival was disturbed, monthly sales have been in a trend of sustained high growth since the second quarter. The annual sales volume set a record high of 3.545 million vehicles, a year-on-year increase of 1.6 times, and the penetration rate was close to 15%.<img src=\"https://static.tigerbbs.com/2c39df0d53c6375c24e54b69ab288849\" tg-width=\"865\" tg-height=\"623\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The continuous growth of sales is based on the gradual recognition of new energy vehicles in the market. Especially nowadays, the energy replenishment system of new energy vehicles has not yet fully met the needs of consumers, and mileage anxiety and potential safety hazards still exist. Therefore, the sudden price increase of new energy vehicles that rely on lower prices, higher intelligence and green brands to improve cost performance will undoubtedly have a certain impact on terminal sales. This has been reflected in the order quantity of some car companies. Further data proof will be verified after the sales volume of new energy vehicles in January comes out. Wall Street Insights and Wisdom Research will continue to keep up with the monthly output, sales volume, orders and other data of major new energy vehicle companies, and analyze it with everyone in a timely manner.</p><p>In addition, hybrid models are also expected to usher in a wave of high prosperity. There are already some clues in sales in 2021. Due to the technical complexity, the sales and overall growth rate of hybrid models, whether HEV or PHEV, are far lower than those of pure electric models, and terminal car companies have not regarded it as a key research and development direction. In 2021, the production and sales of hybrid vehicles will reach 598,000 and 600,000 respectively, with a year-on-year growth rate of 162.4% and 121.6%.</p><p>After subsidies for new energy vehicles further decline in 2022, hybrid models will be significantly less affected than pure electric vehicles. Most of the models with recent price increases are pure electric vehicles. Even if plug-in hybrids have a price increase, the price increase will be much smaller than pure electric vehicles. Due to technological innovation and improved engine thermal efficiency, hybrid models can solve consumers' mileage anxiety and energy replenishment problems. Hybrid models may become the dark horse of new energy vehicle sales in 2022.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New energy vehicles have started a wave of price increases. Will it affect sales in 2022?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew energy vehicles have started a wave of price increases. Will it affect sales in 2022?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-01-24 14:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In 2021, the new energy vehicle industry will start a new first year of sales growth rate with annual sales of 3.545 million vehicles, a year-on-year increase of 1.6 times. Less than a month after 2022, the industry has repeatedly heard news that terminal new energy vehicle companies have raised their models, which seems to show a signal that new energy vehicles will usher in price increases across the board in 2022:</p><p>1) Last weekend, leading domestic new energy vehicle companies<a href=\"https://laohu8.com/S/002594\">BYD</a>The automobile stated that it will adjust the official guide price of new energy models related to its Dynasty series and Ocean series, with an increase ranging from 1,000 to 7,000 yuan; 2) Among the new car-making forces, XPeng, which has stabilized monthly sales of more than 10,000 vehicles in 2021 (the price increase ranges from 4,300 yuan to 5,900 yuan), and the newly emerging Nezha (the price increase ranges from 2,000 yuan to 5,000 yuan), Leapmotor (the price increase of the lowest model is 8,000 yuan to 9,000 yuan) and Polestar (the price increase is about 5,000 yuan) and other car companies have also raised prices; 3) Traditional car companies that are undergoing transformation into new energy sources, such as GAC (its Aian LX price increased by 4,000 yuan) and Volkswagen (ID series price increased by 5,400 yuan), have also significantly raised prices; 4) Not to mention, at the end of last year, the world's leading new energy vehicle company<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It was announced that the prices of the rear-wheel drive versions of Model 3 and Model Y will be increased by 10,000 yuan and 21,000 yuan respectively. In this article, Wall Street Insights and Wisdom Research will try to explain two issues:</p><p><b>1) Why did terminal car companies collectively start raising prices?</b></p><p><b>2) After terminal car companies raise prices, how big will the impact be?</b></p><p><h2><b>1. Why did terminal car companies collectively start to raise prices?</b></h2>Wall Street Insights and Wisdom Research believes that since the design and configuration of the models of car companies with price increases have not changed much, it is not considered to be an optimized configuration. Therefore, the main reasons for car companies to raise prices lie in two points--Subsidy decline and upstream price increase. Wall Street Insights and Wisdom Research will split it for everyone to see the impact of each factor on the price increase. As many terminal car companies explained when announcing price increases, the last reduction of new energy vehicle subsidies at the end of 2021 has indeed caused considerable cost pressure on new energy vehicle companies.<img src=\"https://static.tigerbbs.com/82d1c5cbf5b78b3f2fe2da49a1df2360\" tg-width=\"865\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>On December 31, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the National Development and Reform Commission issued the \"Notice on Fiscal Subsidy Policies for the Promotion and Application of New Energy Vehicles in 2022\", clearly stating that the current technical indicator system framework and threshold requirements for purchase subsidies will remain unchanged in 2022, but new The subsidy standard for energy vehicles will be reduced by 30% on the basis of 2021.<b>From this perspective, the models of car companies currently announcing price increases are mostly concentrated in pure electric models and plug-in hybrid models with a cruising range greater than or equal to 400 kilometers. 2,000 yuan. In comparison, BYD has a dual-drive of pure electric and plug-in hybrid sales, so in order to satisfy each model, the announced price increase band is relatively large, while the price increases of new car-making forces and other traditional models are basically compared with the former.</b></p><p>It is worth mentioning that it is also the ideal of the leader among the new car-making forces,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And other companies, as well as SAIC-GM-Wuling, which developed the national sacred car Wuling Hongguang mini EV, Little Ant's Chery, and Haomao series<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>Traditional car companies have not announced price increases at present.<b>The main reason is that high-end new energy vehicles with a price of more than 300,000 yuan, as well as models that do not meet the battery life standards themselves, such as A00 series models, and some A0 series models, are not included in the scope of subsidies, so they are not affected.</b><img src=\"https://static.tigerbbs.com/9d8ffd14e8a7292daf0af72b9e8f858d\" tg-width=\"865\" tg-height=\"395\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The second reason is the cost pressure visible to the naked eye brought about by the surge in upstream raw materials throughout 2021. As the most important component of new energy vehicles, the cost of power batteries accounts for 30% to 40% of the total cost of new energy vehicles. This directly leads to a sharp increase in the price of power batteries themselves and raw materials, which is bound to lead to a substantial increase in the cost of terminal new energy vehicles.<b>Before 2021, terminal car companies have absolute advantages over parts suppliers in terms of industrial chain status and voice, so they have cost requirements, which can lower the gross profit margin of parts suppliers, even the most core component power battery has also received an annual cost reduction of about 10% in the past few years</b>。</p><p>However, this price reduction trend has ushered in a change in 2021. Among the two most mainstream routes of power batteries, the price of lithium iron phosphate (power type) has risen from 40,000 yuan/ton at the beginning of 2021 to 111,000 yuan/ton at the end of the year., an increase of 177.5%; The prices of the three most commonly used models of ternary materials, Type 523, Type 622 and Type 811, rose from 123,500 yuan/ton, 145,500 yuan/ton and 170,000 yuan/ton at the beginning of the year to 248,000 yuan/ton at the end of the year, 266,000 yuan/ton and 276,000 yuan/ton, with increases of 100%, 83% and 62% respectively. This also prevents the price of power batteries from falling in 2021, but also rising.</p><p>Wall Street Insights · Jianzhi Research takes this year's hot lithium iron phosphate battery as an example. Normally, a 1GWH battery requires about 2,200-2,500 tons of lithium iron phosphate cathode material. A new energy vehicle has a charge of 50KWH. The battery can meet the needs of 20,000 new energy vehicles, so a car will consume 0.11 tons to 0.125 tons of lithium iron phosphate cathode materials. According to its 177.5% increase, the cost of each vehicle may increase by about 7,000 yuan.</p><p><h2><b>2. After the price increase of terminal car companies, how big is the impact?</b></h2>The most direct impact of the collective price increase of new energy vehicle terminal car companies is that it may lead to a correction in new energy vehicle sales. In 2021, except for February when the Spring Festival was disturbed, monthly sales have been in a trend of sustained high growth since the second quarter. The annual sales volume set a record high of 3.545 million vehicles, a year-on-year increase of 1.6 times, and the penetration rate was close to 15%.<img src=\"https://static.tigerbbs.com/2c39df0d53c6375c24e54b69ab288849\" tg-width=\"865\" tg-height=\"623\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The continuous growth of sales is based on the gradual recognition of new energy vehicles in the market. Especially nowadays, the energy replenishment system of new energy vehicles has not yet fully met the needs of consumers, and mileage anxiety and potential safety hazards still exist. Therefore, the sudden price increase of new energy vehicles that rely on lower prices, higher intelligence and green brands to improve cost performance will undoubtedly have a certain impact on terminal sales. This has been reflected in the order quantity of some car companies. Further data proof will be verified after the sales volume of new energy vehicles in January comes out. Wall Street Insights and Wisdom Research will continue to keep up with the monthly output, sales volume, orders and other data of major new energy vehicle companies, and analyze it with everyone in a timely manner.</p><p>In addition, hybrid models are also expected to usher in a wave of high prosperity. There are already some clues in sales in 2021. Due to the technical complexity, the sales and overall growth rate of hybrid models, whether HEV or PHEV, are far lower than those of pure electric models, and terminal car companies have not regarded it as a key research and development direction. In 2021, the production and sales of hybrid vehicles will reach 598,000 and 600,000 respectively, with a year-on-year growth rate of 162.4% and 121.6%.</p><p>After subsidies for new energy vehicles further decline in 2022, hybrid models will be significantly less affected than pure electric vehicles. Most of the models with recent price increases are pure electric vehicles. Even if plug-in hybrids have a price increase, the price increase will be much smaller than pure electric vehicles. Due to technological innovation and improved engine thermal efficiency, hybrid models can solve consumers' mileage anxiety and energy replenishment problems. Hybrid models may become the dark horse of new energy vehicle sales in 2022.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3650505\">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/3ae2bbbf21100a97b333e824b88c56d3","relate_stocks":{"XPEV":"小鹏汽车","002594":"比亚迪"},"source_url":"https://wallstreetcn.com/articles/3650505","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2205071943","content_text":"2021年，新能源汽车行业以全年354.5万辆的销量，同比增长1.6倍的好成绩开启了新的销量增速元年。而2022年刚刚过去不到一个月，业内就屡次传来终端新能源汽车车企上调旗下车型的消息，这似乎展示了一个2022年新能源汽车将迎来全线涨价的信号：1）上周末，国内新能源汽车龙头公司比亚迪汽车表示，将对旗下王朝系列和海洋系列相关新能源车型的官方指导价进行调整，上调幅度为1000-7000元不等；2）造车新势力中在2021年稳住月销量破万辆的小鹏（涨价幅度在4300元至5900元），以及才崭露头角的哪吒（涨价幅度在2000元至5000元）、零跑（最低配车型涨价幅度在8000元-9000元）和极星（涨价幅度在5千元左右）等车企也进行了提价；3）正在进行转型新能源的传统车企如广汽（旗下埃安LX涨价了4000元）和大众（ID系列涨价5400元）也明显上调了价格；4）更不用说，在去年年底，全球新能源汽车龙头公司特斯拉就宣布Model 3和Model Y的后轮驱动版售价分别上调1万元和2.1万元。华尔街见闻·见智研究在本篇文章将试图解释两个问题：1）终端车企为何集体开始进行涨价？2）终端车企涨价后，影响又有多大？1、终端车企为何集体开始进行涨价？华尔街见闻·见智研究认为，由于涨价的车企旗下车型的设计、配置等方面都没有太大的变化，所以并不算优化了配置，所以车企提价最主要的原因就在于两点——补贴退坡和上游涨价，华尔街见闻·见智研究分别为大家拆分来看各自因素在涨价幅度中的影响占比。正如不少终端车企在宣布涨价的同时给出的解释，2021年年底新能源汽车补贴的最后一次退坡的确给新能源汽车车企造成了不小的成本压力。12月31日，财政部、工信部、科技部、发改委发布《关于2022年新能源汽车推广应用财政补贴政策的通知》，明确表示2022年保持现行购置补贴技术指标体系框架及门槛要求不变，但是新能源汽车补贴标准在2021年基础上退坡30%。从这个角度来看，目前宣布提价的车企旗下的车型多集中在续航里程大于或等于400公里的纯电动车型和插电式混合动力车型，前者退坡幅度达到5400元，后者补贴减少了2000元，对比来看，比亚迪由于是纯电动和插混销量双驱动，所以为满足各个车型，所以公布的涨价波段较大，而造车新势力和其他传统车型涨价幅度则基本上都是对照前者。值得一提的是，同样是造车新势力中的佼佼者理想、蔚来等公司，以及开发了国民神车五菱宏光mini EV的上汽通用五菱，小蚂蚁的奇瑞、好猫系列的长城汽车等传统车企目前却没有涨价公告，主要原因就在于售价高于30万元以上的高端新能源汽车，以及续航标准本身就不达标的车型如A00系车型，以及部分A0系车型本来就不在补贴范围内，所以不受影响。第二个原因则是2021年全年上游原材料大涨带来的肉眼可见的成本压力，动力电池作为新能源汽车最为重要的组成部分，其本身成本占整个新能源汽车成本的30%~40%，这就直接导致了动力电池自身以及原材料价格的大幅上涨，势必将引导着终端新能源汽车的成本的大幅增长。在2021年之前，终端车企对零部件供应商不管是产业链地位上还是话语权方面都有着绝对的优势，所以在成本方面有着要求，能够压低零部件供应商的毛利率，即使是最为核心的部件动力电池在过去几年中也接受每年10%左右的成本降幅。但是这个降价趋势在2021年迎来了改变，动力电池最为主流的两大路线中，磷酸铁锂（动力型）的价格从2021年年初的4万元/吨涨到年末的11.1万元/吨，涨幅高达177.5%；而三元材料最常用的三种型号523型，622型和811型的价格分别从年初的12.35万元/吨、14.55万元/吨和17万元/吨涨至年末的24.8万元/吨、26.6万元/吨和27.6万元/吨，涨幅分别为100%、83%和62%。这也使得2021年动力电池的价格不仅不会下降，还会上升。华尔街见闻·见智研究以今年较火的磷酸铁锂电池为例，正常来说1Gwh电池需要磷酸铁锂正极材料2200-2500吨左右，一辆新能源汽车以50KWH带电量来看，1GWH动力电池可以满足2万辆新能源汽车的需求，所以一辆车将消耗0.11吨至0.125吨磷酸铁锂正极材料，根据其高达177.5%涨幅的计算，每辆车成本或将上升7千元左右，当然这项成本和此前的补贴退坡导致的成本上升不同，补贴退坡的降低成本将由终端车企全部承担，而这项成本无法全额传导，动力电池厂商以及上游原材料厂商都需要共同承担，这也是为什么此前动力电池厂商迟迟不涨价的原因，几乎都是自己承担。2、终端车企涨价后，影响又有多大？新能源汽车终端车企集体涨价最为直接的影响就在于或将导致新能源汽车销量的回调，2021年除了春节扰动的2月，自二季度以来就一直处于月销量持续高增长的趋势，全年更是创下销量354.5万辆，同比增长1.6倍的历史新高记录，渗透率也接近15%。而销量的持续增长是建立在市场对于新能源汽车的逐渐认可上面，尤其是在如今新能源汽车的补能体系尚未完全满足消费者的需求，里程焦虑和安全隐患依旧存在，所以本身依靠较低价位、较高智能化和绿牌这三驾马车来提高性价比的新能源汽车突然加价，毫无疑问会对终端的销量造成一定的影响，这一点已经在部分车企的订单数量上有所体现。而进一步的数据证明将在1月份的新能源汽车销量出来之后进行验证，华尔街见闻·见智研究还会继续紧跟新能源汽车各大车企每月产量、销量、订单等数据情况，并及时和大家进行分析。除此之外，混合动力车型也有望迎来一波高景气度，在2021年的销量上已经有些许端倪，此前由于新能源补贴政策的偏好指引，双积分政策的影响，以及混合动力车型产品本身的技术复杂性，混合动力车型不管是HEV还是PHEV的销量与整体增速都远低于纯电动车型，终端车企也并未将其作为重点研发方向，而在2021年，混合动力汽车产销量分别达到59.8万辆和60万辆，同比增速高达162.4%和121.6%， 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