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2022-12-31

$老虎证券(TIGR)$

2021-08-02

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2021-06-25

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Tesla rose more than 5%, Model 3 and Model Y may be sold out in the United States

2021-06-19

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Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing

2021-05-13

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Tiger Securities was included in the MSCI China All-Stock Index!

2021-05-03

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Is the GDP of the United States strong or weak in the first quarter?

2021-04-16

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Bezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better

2021-02-06

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Foreign media: AstraZeneca vaccine is 75% effective against British mutant virus

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23:00","market":"us","language":"zh","title":"Tesla rose more than 5%, Model 3 and Model Y may be sold out in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1173297432","media":"老虎资讯综合","summary":"特斯拉的第三季度数据可能会相当令人印象深刻。","content":"<p>Market news, the current delivery wait time of Model 3 and Model Y in the United States partially hints at<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States is still so strong that it may sell out in the third quarter. 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In addition, U.S. electric vehicle sales reached 53,779 units in May, an increase of 19.2% from April 2021.</p><p>As of press time, Tesla rose more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla rose more than 5%, Model 3 and Model Y may be sold out in the United States</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\">\nTesla rose more than 5%, Model 3 and Model Y may be sold out in the United States\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-24 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Market news, the current delivery wait time of Model 3 and Model Y in the United States partially hints at<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States is still so strong that it may sell out in the third quarter. The estimated delivery date for both models is until the third quarter of 2021. The estimated delivery date for the Model Y Long Range Dual Motor AWD is September 2021, and the Model 3 Standard Range and Long Range Dual Motor AWD are 11 weeks.</p><p>With the Model S, and even the Model X, entering the fray in the third quarter, Tesla's Q3 numbers could be pretty impressive. Considering that both flagships are highly profitable models, Tesla's third-quarter financials could get a boost from the new Model S (and perhaps the new Model X).</p><p>According to Electrek data: As of May 2021, Tesla models account for more than 54% of U.S. electric vehicle sales. In addition, U.S. electric vehicle sales reached 53,779 units in May, an increase of 19.2% from April 2021.</p><p>As of press time, Tesla rose more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e0d9f23e003547a93295253f05b6a55","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173297432","content_text":"市场消息，Model 3和Model Y目前在美国的交付等待时间部分暗示了特斯拉在美国的需求仍非常强劲，以至于可能会在第三季度销售一空。这两款车型的预计交付日期都要到2021年第三季度。Model Y长续航双电机全轮驱动版(Long Range Dual Motor AWD)预计交付日期为2021年9月，Model 3标准续航版和长续航双电机全轮驱动版预计交付日期为11周。\n随着Model S，甚至Model X在第三季度加入竞争，特斯拉的第三季度数据可能会相当令人印象深刻。考虑到这两款旗舰车都是高利润车型，特斯拉第三季度的财务状况可能会因为新款Model S(或许还有新款Model X)而得到提振。\n另据Electrek数据：截至2021年5月，特斯拉车型占美国电动汽车销量的54%以上。 此外，5月份美国电动汽车销量达到53779辆，比2021年4月增长了19.2%。\n截至发稿，特斯拉涨超5%。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162804359,"gmtCreate":1624053729771,"gmtModify":1703827578736,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162804359","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18th, the Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</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>Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing</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\">\nAihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18th, the Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191170232,"gmtCreate":1620866501726,"gmtModify":1704349479567,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191170232","repostId":"1123721888","repostType":4,"repost":{"id":"1123721888","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":1620812439,"share":"https://ttm.financial/m/news/1123721888?lang=en_US&edition=fundamental","pubTime":"2021-05-12 17:40","market":"us","language":"zh","title":"Tiger Securities was included in the MSCI China All-Stock Index!","url":"https://stock-news.laohu8.com/highlight/detail?id=1123721888","media":"老虎资讯综合","summary":"此次被纳入MSCI意味着国际资本市场对老虎证券的认可和信心！","content":"<p>According to news on May 11, the international index compilation company MSCI announced the quarterly adjustment results of the index in May. Among them,<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Included in the MSCI China All Shares Index (MSCI China All Shares Index) will take effect after the market closes on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Securities, said: \"Tiger Securities' inclusion in the MSCI China All-Stock Index represents the recognition and confidence of the international market in our long-term investment value and development prospects. Tiger Securities' mission is to make investment better with technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient and smooth one-stop global investment experience. As Tiger enters Singapore, the United States and other countries and regions, we look forward to serving more global users. \"<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI (morgan stanley capital international) is currently the most important index company in the world. It compiles hundreds of indexes in various markets around the world, and is used as an investment benchmark and tracked by a large number of international institutions and investors. Since the release of the first index in 1969, MSCI has mainly provided products and services such as indexes, risk portfolios and performance analysis tools, and corporate governance tools according to different countries and regions, market sizes, industries and investment methods. Approximately US $10 trillion in the world's assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. The pension of 95% of the investment equity in the United States is benchmarked on MSCI.</p><p>The MSCI China All Shares Index, compiled by MSCI, is the most important component of the MSCI Emerging Markets Index. According to the adjustment method of MSCI index, companies that can be included in its index system generally have to meet a series of requirements such as total market value, free circulation market value, liquidity and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official site</span></p><p>Historical performance of MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to the quarterly adjustment results released by MSCI, the MSCI China All-Stock Index added 60 new stocks this time and excluded 26 stocks. So, what does being on the list mean for tigers?</p><p>It means that the recognition and confidence of Tiger Securities in the international capital market will help further expand the company's influence in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI estimates, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds use morgan stanley capital international China All-Stock Index as their investment target. When stocks are included in the index, passive investors will allocate these new constituent stocks in proportion.</p><p>View for details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">MSCI China Index Constituent Stock Adjustment Description</a></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Securities was included in the MSCI China All-Stock Index!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Securities was included in the MSCI China All-Stock Index!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-12 17:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to news on May 11, the international index compilation company MSCI announced the quarterly adjustment results of the index in May. Among them,<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Included in the MSCI China All Shares Index (MSCI China All Shares Index) will take effect after the market closes on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Securities, said: \"Tiger Securities' inclusion in the MSCI China All-Stock Index represents the recognition and confidence of the international market in our long-term investment value and development prospects. Tiger Securities' mission is to make investment better with technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient and smooth one-stop global investment experience. As Tiger enters Singapore, the United States and other countries and regions, we look forward to serving more global users. \"<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI (morgan stanley capital international) is currently the most important index company in the world. It compiles hundreds of indexes in various markets around the world, and is used as an investment benchmark and tracked by a large number of international institutions and investors. Since the release of the first index in 1969, MSCI has mainly provided products and services such as indexes, risk portfolios and performance analysis tools, and corporate governance tools according to different countries and regions, market sizes, industries and investment methods. Approximately US $10 trillion in the world's assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. The pension of 95% of the investment equity in the United States is benchmarked on MSCI.</p><p>The MSCI China All Shares Index, compiled by MSCI, is the most important component of the MSCI Emerging Markets Index. According to the adjustment method of MSCI index, companies that can be included in its index system generally have to meet a series of requirements such as total market value, free circulation market value, liquidity and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official site</span></p><p>Historical performance of MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to the quarterly adjustment results released by MSCI, the MSCI China All-Stock Index added 60 new stocks this time and excluded 26 stocks. So, what does being on the list mean for tigers?</p><p>It means that the recognition and confidence of Tiger Securities in the international capital market will help further expand the company's influence in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI estimates, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds use morgan stanley capital international China All-Stock Index as their investment target. When stocks are included in the index, passive investors will allocate these new constituent stocks in proportion.</p><p>View for details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">MSCI China Index Constituent Stock Adjustment Description</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e4b807dafecc161ebbd0d3c42055f20","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123721888","content_text":"5月11日消息，国际指数编制公司MSCI公布5月指数季度调整结果，其中，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），将于5月27日收盘后生效。老虎证券创始人及CEO巫天华表示：“老虎证券获纳入MSCI中国全股票指数代表国际市场对我们长期投资价值和发展前景的认可和信心。老虎证券的使命是科技让投资更美好。通过不断技术迭代，我们致力于为投资者提供更高效、便捷、流畅的一站式全球投资体验。随着老虎进入新加坡，美国等国家和地区，我们期待服务更多全球用户。”MSCI（明晟）是目前全球最重要的指数公司，编制数百种全球各个市场的指数，被大量国际机构，投资者作为投资基准并跟踪。从 1969年发布第一只指数至今，MSCI按照国家和区域、市场规模大小、行业及投资方式的不同，主要提供指数、风险组合和业绩分析工具以及公司治理工具等产品和服务。全球约10万亿美元的资产以MSCI指数为基准，全球前100个最大资产管理者中，97个都是MSCI的客户。美国95%的投资权益的养老金以MSCI为基准。MSCI中国全股票指数(MSCI China All Shares Index)由摩根士丹利资本国际(MSCI)编制，是 MSCI新兴市场指数中最重要的组成部分。根据 MSCI指数的调整方法，能被纳入到其指数体系的公司一般要满足总市值、自由流通市值、流动性和交易时间等一系列要求。MSCI官网明晟中国全股票指数(MSCI China All Shares Index)历史表现：根据MSCI发布的季度调整结果， MSCI中国全股票指数本次新增60只个股，剔除26只股票。那么，上榜对于老虎意味着什么呢？意味着国际资本市场对老虎证券的认可和信心，有助于进一步扩大公司国际资本市场影响力、提升公司股东国际化水平。据 MSCI估算，全球数以万亿美元的资金跟踪新兴市场指数，其中既包含了主动型资金，又包含了被动型基金，被动型资金以明晟中国全股票指数作为投资标的。当股票被纳入指数后，被动型投资者会按比例配置新增这些成份股。详情查看：MSCI中国指数成分股调整说明","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":2147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108933167,"gmtCreate":1619973038359,"gmtModify":1704336900777,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108933167","repostId":"2132567538","repostType":4,"repost":{"id":"2132567538","kind":"highlight","pubTimestamp":1619941518,"share":"https://ttm.financial/m/news/2132567538?lang=en_US&edition=fundamental","pubTime":"2021-05-02 15:45","market":"us","language":"zh","title":"Is the GDP of the United States strong or weak in the first quarter?","url":"https://stock-news.laohu8.com/highlight/detail?id=2132567538","media":"智通财经网","summary":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%","content":"<p><b>This article comes from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Macro \".</b></p><p>SUMMARY</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>U.S. GDP in 21Q1 was 0.4% year-on-year, slightly lower than market expectations.</b>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. However, the main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><b>Household consumption: Subsidies promote commodity consumption, and the epidemic situation eases and the service industry recovers.</b>1) In 21Q1, U.S. personal consumption expenditures drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. Commodity consumption is mainly driven by durable goods, while service consumption has a greater improvement in GDP than durable goods consumption; 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. It shows the immediate stimulating effect of the subsidy of US $1,400 in March on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><b>Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred.</b>In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter. 1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved; 2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic; 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates.</p><p><b>Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports.</b>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><b>It is expected that the U.S. economic recovery will reach a high point in the second quarter. Pay attention to the follow-up progress of the epidemic.</b>We believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected. Personal consumption expenditure: It is expected that the first quarter will be the high point of commodity consumption, and service industry consumption will continue to gradually recover as the epidemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of service industry; Investment: The improvement of non-residential investment needs to pay attention to the subsequent progress of the epidemic. Residential investment will decline with the gradual cooling of the real estate market; Private inventory changes may wait until September after the end of unemployment benefits. Government expenditure and net exports: Government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter. Net exports will return to normal levels as the gap between supply and demand narrows later this year.</p><p><b>2. Global macro data</b></p><p><b>High-frequency data this week</b>: New orders for durable goods in the United States increased year-on-month</p><p><b>Epidemic</b>: New confirmed cases in the United States declined.</p><p><b>Demand</b>: Japan's retail sales rebounded sharply year-on-year.</p><p><b>Supply and employment</b>: New orders for durable goods in the United States increased year-on-month.</p><p><b>Trade</b>: U.S. imports and exports both rose sharply year-on-year in March.</p><p><b>Inflation and Commodities</b>: Oil prices rose slightly.</p><p><b>Real Estate</b>: The U.S. existing home contract sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>: the US Dollar Index falls, gold prices stabilize.</p><p><b>Global Macro Calendar</b>: Focus on US ISM Manufacturing PMI</p><p>text</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>1.21 Q1 U.S. GDP was 0.4% year-on-year, slightly lower than market expectations</b></p><p>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the relatively rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. The main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Household consumption: Subsidies promote commodity consumption, and the epidemic eases and the service industry recovers</b></p><p>In 21Q1, financial subsidies of up to 2,000 USD/person stimulate commodity consumption; The easing of the epidemic has promoted the recovery of service consumption, but it is slightly weaker than the early optimistic expectations of overseas markets. 1) From a quarterly perspective, U.S. personal consumption expenditure in 21Q1 drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. It jumped from the largest drag on GDP in the fourth quarter to the largest contribution, showing that the first quarter also had The stimulating effect of the US $600 subsidy in January and the US $1,400 subsidy issued in March on consumption, as well as the gradual release of service consumption as the epidemic eases. 2) From the perspective of monthly high frequency, PCE in March reached 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. Among them, the year-on-year growth rate of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while non-durable goods slowed down slightly (4.3%) year-on-year, indicating that the subsidy of US $1,400 in March had an immediate stimulus effect on consumption, and the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Commodity consumption and service consumption jointly drive the high increase of personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. Commodity consumption in 21Q1 boosted GDP by 3.2 percentage points, an improvement of 1.5 percentage points compared with 20Q4, mainly due to the high growth of durable goods again under the fiscal stimulus in the first quarter. The contribution of durable goods to GDP in 21Q1 improved significantly by 1.3 percentage points compared with the fourth quarter, while the contribution of non-durable goods to GDP only slightly improved by 0.3 percentage points; 2) The improvement of service consumption on GDP is greater than that of durable goods consumption. Although service consumption in 21Q1 still has a negative pull of-1.4% on GDP, it has improved significantly by 1.6 percentage points compared with the previous quarter, and the improvement rate is even greater than that of durable goods consumption, showing that service consumption has improved under the dual factors of fiscal subsidies and epidemic easing. The flexibility is greater.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred</b></p><p>The effect of non-residential investment on GDP has been greatly improved, and private inventory has turned into a drag. In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter.</p><p>1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved. The main contributor to the improvement of private investment is non-residential investment (an improvement of 0.6 percentage points), which mainly comes from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventories. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic. The main drag on private investment was the change of private inventory (0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates. The pull of residential investment on GDP in 21Q1 remained stable. However, with the gradual increase of mortgage interest rates in the past 21 years, the U.S. real estate market has cooled down, and residential construction expenditures and existing home sales have slowed down. It is expected that subsequent residential investment will have an impact on GDP. The pulling effect will gradually decline.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports</b></p><p>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. 1) Exports dragged down by 1 percentage point, but have improved by 0.2 percentage points from the previous quarter, showing a slight recovery in U.S. industrial production, but it is still dwarfed by the 3.0 percentage point improvement in personal consumption expenditures. What actually reflects the excessive fiscal subsidies in the United States. The widening gap between supply and demand in 21Q1; 2) Imports dragged down GDP by 1.0 percentage points year-on-year in 21Q1, a significant increase of 0.9 percentage points compared with the previous quarter. The direct consequence of the widening gap between supply and demand in the United States is the expansion of import scale.</p><p>Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The U.S. economic recovery is expected to reach a high point in the second quarter, and pay attention to the follow-up progress of the epidemic</b></p><p>Looking ahead, we believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected.</p><p>Personal consumption expenditure: 1) Although commodity consumption in 21Q1 showed extremely strong momentum, we expect that the first quarter was already the high point of commodity consumption, and it will gradually decline as subsidies ebb; 2) Consumption in the service industry will continue to gradually recover as the epidemic eases, but the global epidemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of the service industry.</p><p>Investment: 1) The main driving force for the improvement of non-residential investment in 21Q1 is the expectation of economic improvement. From the current point of view, the global epidemic is the core factor that determines the intensity of economic recovery, and we need to pay attention to the subsequent progress of the epidemic; 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventories, that is, the intensity of inventory replenishment will depend on whether the current situation of the tearing between supply and demand in the United States can be alleviated. From the current point of view, it may not be until the end of unemployment subsidies in September that there will be a significant bridging trend between the supply and demand ends in the United States. Then drive inventory investment.</p><p>Government expenditure and net exports: 1) As unemployment subsidies continue to be paid in the second and third quarters, government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter, and if the U.S. employment plan or the U.S. household plan can be implemented within the year, it will also boost the level of government spending; In terms of net exports, exports will depend on the progress of the recovery of U.S. industrial production. As mentioned above, it may not be boosted until the fourth quarter. Imports, on the contrary, will fall back to normal as the gap between supply and demand narrows later this year. level.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>2. Global macro data: New confirmed cases in the United States decreased</b></p><p><b>1. Epidemic situation: New confirmed cases in the United States decreased</b></p><p>The number of new confirmed cases in the United States dropped this week. The average number of newly diagnosed cases in the United States dropped to more than 53,000 on the 7th day. As of April 29, the total number of confirmed cases in COVID-19 pandemic worldwide exceeded 150 million, the total number of deaths was 3.14 million, and the total number of recovered cases was 120 million. In the four days of this week (April 27-April 30), there were 220,000 and 9,000 new confirmed cases in the United States and the United Kingdom respectively.</p><p>As of April 28, the most COVID-19 vaccine vaccinations per 100 people worldwide were in Israel, reaching 121.1 shots per 100 people, 70.2 shots per 100 people in the United States, and 70.9 shots per 100 people in the United Kingdom. As of April 28, Israel has the highest proportion of fully vaccinated people in the world, reaching 58.7%, while the United States and the United Kingdom have 29.3% and 20.7% respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japan's retail sales rebounded sharply year-on-year</b></p><p>Japan's retail sales and wholesale sales both rose sharply year-on-year. Japan's retail sales index in March was 5.3% year-on-year, of which textiles and clothing in retail sales were 15.8% year-on-year, and the wholesale sales index in March was 1.0% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and semi-durable goods consumption increased significantly. South Korea's retail sales in March increased by 3.5 percentage points year-on-year to 13.5%, with semi-durable goods consumption growing the fastest, 35.5% year-on-year; Durable goods were 13.6% year-on-year, and non-durable goods were 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and employment: New orders for durable goods in the United States rose year-on-month</b></p><p>U.S. durable goods inventories rose, and the growth rate of new orders rose year-on-month. U.S. durable goods inventories reached US $431.84 billion in March, a month-on-month increase of 1.0% and a year-on-year increase of 1.7%. New orders for durable goods in the United States rose by 0.5% month-on-month in March, a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points from the previous month to 2.6% in March. South Korea's industrial production index rose year-on-month, and the industry continued to rebound. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production increased by 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from last week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries increased by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly during the week, while the number of continuing jobless claims rose slightly. The number of initial jobless claims in the United States reached 553,000 in the week of April 24, a decrease of 13,000 from last week; The number of people who continued to apply for unemployment benefits in the week of April 17 reached 3.66 million, an increase of 9,000 from the previous month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: U.S. imports and exports rose sharply year-on-year in March</b></p><p>U.S. imports and exports both rose sharply year-on-year in March. U.S. export growth in March rose sharply by 16.5 percentage points from the previous month to 11.5%, and imports were 20.6% year-on-year. The U.S. merchandise trade balance in March was-$90.59 billion.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rise slightly</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week of April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to US $63.2/barrel; The weekly average price of Brent oil rose to US $66.6/barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real estate: The U.S. existing home contract sales index rose year-on-year in March</b></p><p>The U.S. S&P/CS home price index rose for eight consecutive months in February. In February, the U.S. S&P/CS home price index rose 11.9% year-on-year to 246.0, rising for eight consecutive months. The U.S. existing home contract sales index in March rose by 23.3% year-on-year and 1.9% month-on-month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Japan's new housing starts and construction orders rose sharply in March. Japan's new housing starts in March were 1.5% year-on-year and 18.1% month-on-month. The number of construction orders in March was 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year, 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell by 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0% respectively. As of the week of April 23, the U.S. MBA market index fell by 18.2 to 706.6, and the housing market fell slightly.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rate: the US Dollar Index fell, gold prices were basically stable</b></p><p>The Federal Reserve's interest rate meeting was held this week. Powell's speech was dovish, the US Dollar Index fell, and gold prices were basically stable. On April 28, local time, the Federal Reserve announced a statement on the interest rate meeting. Powell said at the press conference after the meeting that it will still take some time to see substantial progress. Before that, the current scale of asset purchases will be maintained. It is not yet time to discuss Taper. the US Dollar Index continues to decline. As of April 29, the US Dollar Index closed at 90.6140, down 0.7% from last week; The exchange rates of the euro and pound against the US dollar (pound exchange rate data as of the 28th) closed at 1.2129 and 1.3906 respectively, appreciating 0.7% and depreciating 0.2% respectively from last week; As the Bank of Canada took the lead in Taper, the Canadian dollar strengthened, closing at 1.2292, an appreciation of 1.7% from last week. The average weekly gold price in London this week was US $1,774.8 per ounce, which was basically stable from last week, and the year-on-year increase fell by 1.2 pct from last week to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the GDP of the United States strong or weak in the first quarter?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the GDP of the United States strong or weak in the first quarter?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-05-02 15:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>This article comes from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Macro \".</b></p><p>SUMMARY</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>U.S. GDP in 21Q1 was 0.4% year-on-year, slightly lower than market expectations.</b>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. However, the main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><b>Household consumption: Subsidies promote commodity consumption, and the epidemic situation eases and the service industry recovers.</b>1) In 21Q1, U.S. personal consumption expenditures drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. Commodity consumption is mainly driven by durable goods, while service consumption has a greater improvement in GDP than durable goods consumption; 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. It shows the immediate stimulating effect of the subsidy of US $1,400 in March on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><b>Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred.</b>In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter. 1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved; 2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic; 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates.</p><p><b>Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports.</b>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><b>It is expected that the U.S. economic recovery will reach a high point in the second quarter. Pay attention to the follow-up progress of the epidemic.</b>We believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected. Personal consumption expenditure: It is expected that the first quarter will be the high point of commodity consumption, and service industry consumption will continue to gradually recover as the epidemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of service industry; Investment: The improvement of non-residential investment needs to pay attention to the subsequent progress of the epidemic. Residential investment will decline with the gradual cooling of the real estate market; Private inventory changes may wait until September after the end of unemployment benefits. Government expenditure and net exports: Government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter. Net exports will return to normal levels as the gap between supply and demand narrows later this year.</p><p><b>2. Global macro data</b></p><p><b>High-frequency data this week</b>: New orders for durable goods in the United States increased year-on-month</p><p><b>Epidemic</b>: New confirmed cases in the United States declined.</p><p><b>Demand</b>: Japan's retail sales rebounded sharply year-on-year.</p><p><b>Supply and employment</b>: New orders for durable goods in the United States increased year-on-month.</p><p><b>Trade</b>: U.S. imports and exports both rose sharply year-on-year in March.</p><p><b>Inflation and Commodities</b>: Oil prices rose slightly.</p><p><b>Real Estate</b>: The U.S. existing home contract sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>: the US Dollar Index falls, gold prices stabilize.</p><p><b>Global Macro Calendar</b>: Focus on US ISM Manufacturing PMI</p><p>text</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>1.21 Q1 U.S. GDP was 0.4% year-on-year, slightly lower than market expectations</b></p><p>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the relatively rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. The main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Household consumption: Subsidies promote commodity consumption, and the epidemic eases and the service industry recovers</b></p><p>In 21Q1, financial subsidies of up to 2,000 USD/person stimulate commodity consumption; The easing of the epidemic has promoted the recovery of service consumption, but it is slightly weaker than the early optimistic expectations of overseas markets. 1) From a quarterly perspective, U.S. personal consumption expenditure in 21Q1 drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. It jumped from the largest drag on GDP in the fourth quarter to the largest contribution, showing that the first quarter also had The stimulating effect of the US $600 subsidy in January and the US $1,400 subsidy issued in March on consumption, as well as the gradual release of service consumption as the epidemic eases. 2) From the perspective of monthly high frequency, PCE in March reached 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. Among them, the year-on-year growth rate of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while non-durable goods slowed down slightly (4.3%) year-on-year, indicating that the subsidy of US $1,400 in March had an immediate stimulus effect on consumption, and the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Commodity consumption and service consumption jointly drive the high increase of personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. Commodity consumption in 21Q1 boosted GDP by 3.2 percentage points, an improvement of 1.5 percentage points compared with 20Q4, mainly due to the high growth of durable goods again under the fiscal stimulus in the first quarter. The contribution of durable goods to GDP in 21Q1 improved significantly by 1.3 percentage points compared with the fourth quarter, while the contribution of non-durable goods to GDP only slightly improved by 0.3 percentage points; 2) The improvement of service consumption on GDP is greater than that of durable goods consumption. Although service consumption in 21Q1 still has a negative pull of-1.4% on GDP, it has improved significantly by 1.6 percentage points compared with the previous quarter, and the improvement rate is even greater than that of durable goods consumption, showing that service consumption has improved under the dual factors of fiscal subsidies and epidemic easing. The flexibility is greater.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred</b></p><p>The effect of non-residential investment on GDP has been greatly improved, and private inventory has turned into a drag. In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter.</p><p>1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved. The main contributor to the improvement of private investment is non-residential investment (an improvement of 0.6 percentage points), which mainly comes from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventories. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic. The main drag on private investment was the change of private inventory (0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates. The pull of residential investment on GDP in 21Q1 remained stable. However, with the gradual increase of mortgage interest rates in the past 21 years, the U.S. real estate market has cooled down, and residential construction expenditures and existing home sales have slowed down. It is expected that subsequent residential investment will have an impact on GDP. The pulling effect will gradually decline.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports</b></p><p>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. 1) Exports dragged down by 1 percentage point, but have improved by 0.2 percentage points from the previous quarter, showing a slight recovery in U.S. industrial production, but it is still dwarfed by the 3.0 percentage point improvement in personal consumption expenditures. What actually reflects the excessive fiscal subsidies in the United States. The widening gap between supply and demand in 21Q1; 2) Imports dragged down GDP by 1.0 percentage points year-on-year in 21Q1, a significant increase of 0.9 percentage points compared with the previous quarter. The direct consequence of the widening gap between supply and demand in the United States is the expansion of import scale.</p><p>Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The U.S. economic recovery is expected to reach a high point in the second quarter, and pay attention to the follow-up progress of the epidemic</b></p><p>Looking ahead, we believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected.</p><p>Personal consumption expenditure: 1) Although commodity consumption in 21Q1 showed extremely strong momentum, we expect that the first quarter was already the high point of commodity consumption, and it will gradually decline as subsidies ebb; 2) Consumption in the service industry will continue to gradually recover as the epidemic eases, but the global epidemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of the service industry.</p><p>Investment: 1) The main driving force for the improvement of non-residential investment in 21Q1 is the expectation of economic improvement. From the current point of view, the global epidemic is the core factor that determines the intensity of economic recovery, and we need to pay attention to the subsequent progress of the epidemic; 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventories, that is, the intensity of inventory replenishment will depend on whether the current situation of the tearing between supply and demand in the United States can be alleviated. From the current point of view, it may not be until the end of unemployment subsidies in September that there will be a significant bridging trend between the supply and demand ends in the United States. Then drive inventory investment.</p><p>Government expenditure and net exports: 1) As unemployment subsidies continue to be paid in the second and third quarters, government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter, and if the U.S. employment plan or the U.S. household plan can be implemented within the year, it will also boost the level of government spending; In terms of net exports, exports will depend on the progress of the recovery of U.S. industrial production. As mentioned above, it may not be boosted until the fourth quarter. Imports, on the contrary, will fall back to normal as the gap between supply and demand narrows later this year. level.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>2. Global macro data: New confirmed cases in the United States decreased</b></p><p><b>1. Epidemic situation: New confirmed cases in the United States decreased</b></p><p>The number of new confirmed cases in the United States dropped this week. The average number of newly diagnosed cases in the United States dropped to more than 53,000 on the 7th day. As of April 29, the total number of confirmed cases in COVID-19 pandemic worldwide exceeded 150 million, the total number of deaths was 3.14 million, and the total number of recovered cases was 120 million. In the four days of this week (April 27-April 30), there were 220,000 and 9,000 new confirmed cases in the United States and the United Kingdom respectively.</p><p>As of April 28, the most COVID-19 vaccine vaccinations per 100 people worldwide were in Israel, reaching 121.1 shots per 100 people, 70.2 shots per 100 people in the United States, and 70.9 shots per 100 people in the United Kingdom. As of April 28, Israel has the highest proportion of fully vaccinated people in the world, reaching 58.7%, while the United States and the United Kingdom have 29.3% and 20.7% respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japan's retail sales rebounded sharply year-on-year</b></p><p>Japan's retail sales and wholesale sales both rose sharply year-on-year. Japan's retail sales index in March was 5.3% year-on-year, of which textiles and clothing in retail sales were 15.8% year-on-year, and the wholesale sales index in March was 1.0% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and semi-durable goods consumption increased significantly. South Korea's retail sales in March increased by 3.5 percentage points year-on-year to 13.5%, with semi-durable goods consumption growing the fastest, 35.5% year-on-year; Durable goods were 13.6% year-on-year, and non-durable goods were 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and employment: New orders for durable goods in the United States rose year-on-month</b></p><p>U.S. durable goods inventories rose, and the growth rate of new orders rose year-on-month. U.S. durable goods inventories reached US $431.84 billion in March, a month-on-month increase of 1.0% and a year-on-year increase of 1.7%. New orders for durable goods in the United States rose by 0.5% month-on-month in March, a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points from the previous month to 2.6% in March. South Korea's industrial production index rose year-on-month, and the industry continued to rebound. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production increased by 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from last week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries increased by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly during the week, while the number of continuing jobless claims rose slightly. The number of initial jobless claims in the United States reached 553,000 in the week of April 24, a decrease of 13,000 from last week; The number of people who continued to apply for unemployment benefits in the week of April 17 reached 3.66 million, an increase of 9,000 from the previous month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: U.S. imports and exports rose sharply year-on-year in March</b></p><p>U.S. imports and exports both rose sharply year-on-year in March. U.S. export growth in March rose sharply by 16.5 percentage points from the previous month to 11.5%, and imports were 20.6% year-on-year. The U.S. merchandise trade balance in March was-$90.59 billion.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rise slightly</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week of April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to US $63.2/barrel; The weekly average price of Brent oil rose to US $66.6/barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real estate: The U.S. existing home contract sales index rose year-on-year in March</b></p><p>The U.S. S&P/CS home price index rose for eight consecutive months in February. In February, the U.S. S&P/CS home price index rose 11.9% year-on-year to 246.0, rising for eight consecutive months. The U.S. existing home contract sales index in March rose by 23.3% year-on-year and 1.9% month-on-month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Japan's new housing starts and construction orders rose sharply in March. Japan's new housing starts in March were 1.5% year-on-year and 18.1% month-on-month. The number of construction orders in March was 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year, 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell by 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0% respectively. As of the week of April 23, the U.S. MBA market index fell by 18.2 to 706.6, and the housing market fell slightly.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rate: the US Dollar Index fell, gold prices were basically stable</b></p><p>The Federal Reserve's interest rate meeting was held this week. Powell's speech was dovish, the US Dollar Index fell, and gold prices were basically stable. On April 28, local time, the Federal Reserve announced a statement on the interest rate meeting. Powell said at the press conference after the meeting that it will still take some time to see substantial progress. Before that, the current scale of asset purchases will be maintained. It is not yet time to discuss Taper. the US Dollar Index continues to decline. As of April 29, the US Dollar Index closed at 90.6140, down 0.7% from last week; The exchange rates of the euro and pound against the US dollar (pound exchange rate data as of the 28th) closed at 1.2129 and 1.3906 respectively, appreciating 0.7% and depreciating 0.2% respectively from last week; As the Bank of Canada took the lead in Taper, the Canadian dollar strengthened, closing at 1.2292, an appreciation of 1.7% from last week. The average weekly gold price in London this week was US $1,774.8 per ounce, which was basically stable from last week, and the year-on-year increase fell by 1.2 pct from last week to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/466474.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://img.zhitongcaijing.com/image/20210501/20210501134714_46528.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.zhitongcaijing.com/content/detail/466474.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2132567538","content_text":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济快速复苏。但主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。居民消费：补贴推动商品消费，疫情缓和服务业修复。1)21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点。商品消费主要为耐用品推动，而服务消费对GDP拉动的改善幅度大于耐用品消费;2)月度高频角度，3月PCE同比8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。投资：设备投资改善显著，利率抑制地产投资，补库存并未出现。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善;2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持;3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增。美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。预计美国经济复苏2季度为高点，关注疫情后续进展。我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：预计1季度是商品消费高点，服务业消费将继续随着疫情缓和而渐进式恢复，但美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度;投资：非住宅投资的改善需要关注后续疫情进展。住宅投资将随着地产市场的逐步降温而走低;私人库存变动或要等到9月失业补贴结束之后得以改善。政府支出和净出口：政府支出预计将在4季度前持续对GDP同比形成正贡献。净出口将随着今年后期供需缺口的收窄而回到正常水平。二、全球宏观数据本周高频数据：美国耐用品新订单同环比均上升疫情：美国新增确诊病例下降。需求：日本零售销售同比大幅回升。供给与就业：美国耐用品新订单同环比均上升。贸易：美国3月进出口同比均大幅上升。通胀和大宗商品：油价小幅上行。房地产：美3月成屋签约销售指数上升。货币政策和汇率：美元指数下跌，黄金价格稳定。全球宏观日历：关注美国ISM制造业PMI正文一、周观点：美国一季度GDP究竟是偏强还是偏弱?1.21Q1美国GDP同比0.4%，略低于市场预期美国21Q1GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济相对较快的复苏。主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。2.居民消费：补贴推动商品消费，疫情缓和服务业修复21Q1高达2000美金/人的财政补贴拉动商品消费;疫情缓和推动服务消费恢复，但略弱于前期海外市场乐观预期。1)从季度角度看，21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点，从4季度对GDP最大的拖累项一跃转为最大的贡献项，显示一季度同时具备1月600美金补贴以及3月开始发放的1400美金补贴对消费的刺激效果，以及疫情缓和下服务消费的渐次释放。2)而从月度高频角度，3月PCE同比达到8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。其中，耐用品、服务消费同比增速再度提升，3月分别达到43.3%和4.8%，而非耐用品同比略有放缓(4.3%)，显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。商品消费、服务消费共同驱动个人消费支出高增。1)商品消费主要为耐用品推动。21Q1商品消费对GDP拉动3.2个百分点，较20Q4改善1.5个百分点，主要归功于耐用品在一季度财政刺激下再度高增，21Q1耐用品对GDP贡献度较4季度大幅改善1.3个百分点，而非耐用品对GDP贡献度仅小幅改善0.3个百分点;2)服务消费对GDP拉动效果的改善幅度大于耐用品消费。21Q1服务消费对GDP虽然仍为-1.4%的负拉动，但已较上季度大幅改善1.6个百分点，改善幅度更甚于耐用品消费，显示出服务消费在财政补贴+疫情缓和双重因素下改善的弹性更大。3.投资：设备投资改善显著，利率抑制地产投资，补库存并未出现非住宅投资对GDP拉动效果大幅改善，私人存货转为拖累。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善。私人投资改善的主要贡献因素为非住宅投资(改善0.6个百分点)，其中主要来自于设备投资，显示制造业企业对经济恢复前景保持乐观。2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持。拖累私人投资的主要因素为私人存货变动(拖累0.4个百分点)。3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。21Q1住宅投资对GDP的拉动保持稳定，但随着21年以来抵押贷款利率的逐步上行，美国房地产市场已经有所降温，住宅营建支出、成屋销售已经有所放缓，预计后续住宅投资对GDP的拉动效果将逐步下降。4.政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。1)出口拖累1个百分点，但已较上个季度改善0.2个百分点，显示美国工业生产的小幅恢复，但相比个人消费支出3.0个百分点的改善幅度仍然相形见绌，实际体现的是美国过度财政补贴下21Q1供需缺口的拉大;2)而进口在21Q1拖累GDP同比1.0个百分点，拖累程度较上季度大幅扩大0.9个百分点，美国供需缺口拉大的直接后果便是进口规模的扩大。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。5.预计美国经济复苏2季度为高点，关注疫情后续进展展望未来，我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：1)虽然21Q1商品消费显示出极为强劲的势头，但我们预计1季度已经是商品消费高点，后续将随着补贴退潮而逐步回落;2)服务业消费将继续随着疫情缓和而渐进式恢复，但3月以来全球疫情有所反弹，特别是在欧洲国家以及新兴国家，同时美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度。投资：1)21Q1非住宅投资的改善主要驱动力为经济向好预期，而从当前时点来看，全球疫情是决定经济恢复强度的核心因素，需要关注后续疫情进展;2)住宅投资将随着地产市场的逐步降温而走低;3)私人库存变动，即补库存的力度将依赖于美国供需撕裂的现状是否能够缓和，从当前来看，或要等到9月失业补贴结束之后，美国供需两端才能出现显著的弥合趋势，进而带动库存投资。政府支出和净出口：1)随着失业补贴在2、3季度的持续发放，政府支出预计将在4季度前持续对GDP同比形成正贡献，而如果美国就业计划或美国家庭计划能够在年内落地，也将提振政府支出水平;净出口方面，出口将依赖于美国工业生产恢复的进度，如上文所说，或要到4季度才能得到提振，进口则恰恰相反，将随着今年后期供需缺口的收窄而回落到正常水平。二、全球宏观数据：美国新增确诊病例下降1.疫情：美国新增确诊病例下降本周美国新增确诊病例下降。美国新增确诊7日平均下降至5.3万人以上。截止4月29日，全球新冠疫情累计确诊超过1.5亿，累计死亡病例314万人，累计康复病例1.2亿人。本周四天(4月27日-4月30日)美国、英国分别新增确诊病例22万人和0.9万人。截止4月28日，全球范围内平均每百人接种新冠疫苗最多的是以色列，达每百人121.1针，美国每百人70.2针，英国每百人70.9针。截止4月28日，全球范围内完全接种疫苗的人占人口比例最高的是以色列，达58.7%，美国、英国分别为29.3%、20.7%。2.需求：日本零售销售同比大幅回升日本零售销售和批发销售同比均大幅上行。日本3月零售销售指数同比5.3%，其中零售中纺织服装同比15.8%，3月批发销售指数同比1.0%。韩国3月零售销售同比持续增长，半耐用品消费大幅增长。韩国3月零售销售同比较上月上升3.5个百分点至13.5%，其中半耐用品消费增速最快，同比35.5%;耐用品同比13.6%，非耐用品同比6.5%。3.供给与就业：美国耐用品新订单同环比均上升美国耐用品库存上升，新订单增速同环比均上升。3月美国耐用品库存达4318.4亿美元，环比上升1.0%，同比增长1.7%。美国3月耐用品新订单环比上升0.5%，同比大幅上升25%。日本3月失业率下降至2.6%。3月日本失业率较上月下降0.3个百分点至2.6%。韩国工业生产指数同环比均上升，工业持续回升。韩国3月工业生产指数同比上升5.7%，环比上升0.8%至112.6。美国工业材料生产持续上升。1)截止4月24日当周，美国周度粗钢产量同比上升43.6%，产能利用率较上周小幅上升0.4个百分点至78.4%;2)截止4月23日，美国炼油厂可运营能力利用率上升0.4个百分点至85.4%。美国当周初请失业金人数小幅下降，持续申领失业金人数小幅上升。4月24日当周美国初请失业金人数达55.3万人，环比上周下降1.3万人;4月17日当周持续申领失业金人数达366万人，环比上升0.9万人。4.贸易：美国3月进出口同比均大幅上升美国3月进出口同比均大幅上升。美国3月出口增速较上月大幅上升16.5个百分点至11.5%，进口同比20.6%。美国3月份商品贸易差额为-905.9亿美元。5.通胀和大宗商品：油价小幅上行4月28日当周EIA原油库存上升900万桶，美国原油产量小幅下降10万桶/日至1090万桶/日。截止4月29日，WTI原油周均价上升至63.2美元/桶;布油周均价上升至66.6美元/桶。6.房地产：美国3月成屋签约销售指数同比上升美国2月标普/CS房价指数连续8个月上涨。2月美国标普/CS房价指数同比上升11.9%至246.0，连续8个月上涨。美国3月成屋签约销售指数同比大幅23.3%，环比1.9%。日本3月新屋开工、营建订单大幅上行。日本3月新屋开工同比1.5%，环比18.1%，3月营建订单数同比12.5%，环比192.7%，涨幅达到近一年最高。美国5年期抵押贷款利率下降，15年期、30年期抵押贷款利率上升。截止4月29日当周，5年期抵押贷款利率下降0.2个百分点至2.6%，15年期、30年期抵押贷款利率分别上升至2.3%和3.0%。截止4月23日当周，美国MBA市场指数下降18.2至706.6，房市热度小幅回落。7.货币政策和汇率：美元指数下跌，黄金价格基本稳定本周美联储议息会议召开，鲍威尔发言偏鸽，美元指数下跌，黄金价格基本稳定。当地时间4月28日，美联储公布议息会议声明，鲍威尔在会后新闻发布会上表示看到实质性进展仍需一些时间，在此之前会维持当前的资产购买规模，现在还未到讨论Taper的时间，美元指数持续下行。截至4月29日，美元指数报收90.6140，较上周下行0.7%;欧元、英镑兑美元汇率(英镑汇率数据截至28日)分别报收1.2129、1.3906，分别较上周升值0.7%、贬值0.2%;由于加拿大央行率先Taper，加元走强，报收1.2292，较上周升值1.7%。本周伦敦金周均价1774.8美元/盎司，较上周基本稳定，同比涨幅较上周下行1.2pct至3.6%。","news_type":1,"symbols_score_info":{"ZBmain":0.9,"ZNmain":0.9,"ZTmain":0.9,".DJI":0.9,"ZFmain":0.9,"UBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347713922,"gmtCreate":1618530491366,"gmtModify":1704712205071,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347713922","repostId":"2127088429","repostType":4,"repost":{"id":"2127088429","kind":"news","pubTimestamp":1618527482,"share":"https://ttm.financial/m/news/2127088429?lang=en_US&edition=fundamental","pubTime":"2021-04-16 06:58","market":"us","language":"zh","title":"Bezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better","url":"https://stock-news.laohu8.com/highlight/detail?id=2127088429","media":"腾讯科技","summary":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯 签署了其卸任首席执行官前的最后一封年度股东信。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。贝索斯说，他希望亚马逊将来为员工做同样的事情。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Technology News April 16th news, local time in the United States on Thursday,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he put forward a broad vision for the company's future, and is committed to extending Amazon's famous \"customer first\" principle to giving equal care to employees.</p><p>Bezos cited the results of a recent union vote at an Amazon warehouse in Alabama as an example of why the company needs to deal with internal employee challenges. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic unionization campaign. If successful, it would represent the first union formed at Amazon's facilities in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over power to Andy Jassy, CEO of Amazon's cloud computing unit AWS, who will himself serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a set of core leadership principles, the most important of which is the company's \"customer first\". Bezos said he hopes Amazon will do the same for employees in the future. He wrote: \"Although we have achieved a lot, it is clear to me that we need a better vision to make our employees successful. We have always wanted to be the most customer-centric company in the world. We won't change that, which is why we have achieved such success. But I promise that we will add one, and we will be the best employer and safest workplace in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a savage and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but that's inaccurate. \"</p><p>After taking on his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40% of work-related injuries are sprains or strains, mostly due to repeating the same movements, which are common among new employees, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to rotate in different jobs using other tendon groups. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what the reimagined focus of the company's business might mean for Amazon's future. He reiterated that Amazon is \"still on its first day of entrepreneurship,\" and highlighted Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from our attention as' the most customer-centric company in the world ', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses at the same time, just like consumer e-commerce and AWS, and both do very well at the highest level, then certainly we can do the same thing with these two vision statements. In fact, I believe they reinforce each other. \"</p><p><b>The following is the new full text of Bezos's annual shareholder:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create an \"enduring franchise,\" one that would redefine what it means to \"serve customers\" by unleashing the power of the Internet. I've noticed that Amazon has grown from 158 employees to 614, and we've surpassed 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon is \"still on its first day of business\" status.</p><p>We've come a long way since then, and we're working harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have transferred more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home devices are connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa or AWS, and there wasn't even such an idea back then. We take a lot of risks with every big move and put in sweat and creativity along the way.</p><p>Along the way, we have generated $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighths of the shares, equivalent to $1.4 trillion in wealth creation, are owned by others. Who are they? They include pension funds, universities, they are Mary and Larry, and just as I sit down to write this shareholder letter, they suddenly send me all kinds of ideas.</p><p>I hear similar stories all the time. I know some of these people who use the money they earn from Amazon for college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we have created for our shareholders. It's important because it helps improve their lives. But there's another thing I know: it's not the biggest part of the value we create.</p><p><b>Creating is more valuable than consuming</b></p><p>If you want to succeed in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that doesn't create value for the people it reaches, even if it appears to be successful on the surface, doesn't exist in this world for very long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are predictions of future cash flows discounted back to the present. The stock market represents expectations. However, I'm going to change the subject now and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer, because the accounting system is set up to answer this question. Our net income in 2020 was $21.3 billion. If Amazon wasn't a publicly traded company with thousands of shareholders, but a sole proprietorship with only one owner, that's all it made in 2020.</p><p>What about employee income? It's also a fairly easy question of value creation to answer, because we can look at the compensation spending situation. The company's expenditure represents the employee's income. In 2020, employees earned $80 billion, plus $11 billion in expenses (including benefits and various payroll taxes), totaling $91 billion.</p><p>What about third-party sellers? We have an internal team (sales partner service team) to answer this question. They estimate that in 2020, third-party sellers made between $25 billion and $39 billion in profits from selling goods on Amazon, which I'm assuming here to be conservative.</p><p>As for customers, we have to segment it into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of choice and fast delivery services, but let's say we ignore all of these and only value one thing, and that is, we save our customers time.</p><p>Customers complete 28% of their purchases on Amazon in three minutes or less, and half of them take less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching store aisles, queuing up to check out, finding your car, and then driving home, research shows it takes an average hour. If you assume that a typical Amazon purchase only takes 15 minutes and can save you a few trips to a physical store a week, that's 75 + hours a year. It's important, after all, in the early 2000s, we're all busy.</p><p>In this way, we can get a dollar figure, let's assume the time saved is $10 per hour (which is conservative). Seventy-five hours multiplied by $10 an hour, subtracting the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because each customer has a vastly different workload, but we will do it anyway because we admit beforehand that the margin of error is high. The direct cost improvements from cloud operations vary from on-site operations, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, this 30% represents $19 billion in customer value created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly increase customer competitiveness and revenue. We don't have a reasonable way to estimate this part of customer value, except to say that it is almost certainly greater than the immediate cost savings. Conservatively speaking, I think that part of the value AWS generated for customers in 2020 is as high as $38 billion.</p><p>Adding the value created for AWS and consumer customers together, we generated a total of $164 billion in customer value in 2020. Collectively, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group had an income statement that represented their interactions with Amazon, the numbers above would be the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, that we create value for them. This value creation is not a \"zero-sum game\". It's not just about transferring money from pocket to pocket. Within the broad framework of society as a whole, you will find that invention is the root of all true value creation, and that value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively straightforward relationship with shareholders, who invest and hold stocks for a period of their choice. We rarely provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even then, they could just ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have the process they follow and the criteria by which they evaluate their performance. We need training and all kinds of certifications. Employees must show up for work at the agreed time. Our interactions with our employees are numerous and fine-grained. This is not just a matter of salary and benefits, it also involves all other detailed aspects of the relationship between the two parties.</p><p>Am I comforted by the outcome of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls, treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed distribution center employees, 94% said they would recommend to a friend to go to work at Amazon.</p><p>Employees can use informal breaks during their shifts to stretch, get water, use the restroom or talk to their manager, all without compromising their performance. These informal working hours are in addition to the 30-minute lunch and 30-minute breaks in their normal schedule.</p><p>Rather than setting unreasonable performance targets, we set achievable performance targets that take tenure and actual employee performance data into account. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that various factors can affect their performance in any given week, day or hour. If an employee fails to meet performance targets over a period of time, their manager will talk to them and provide guidance.</p><p>The training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of training is positive and delivered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, this figure was even lower due to the impact of the novel coronavirus pneumonia pandemic on operations.</p><p><b>The World's Best Employer and Safest Workplace</b></p><p>The truth is that the huge team of thousands of people leading Amazon's operations has always cared deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that doesn't just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who have never received that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We're not going to change that, and that's why we're so successful. But I promise that we will add one, and we will be the best employer and safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I'm an inventor, which is what I like best and what I do best. This is where I create the most value. I am excited to work with our passionate and huge team in our operations to help invent in this arena of the best employers and safest workplaces in the world. When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. We have never failed when we set our minds to do something, and we will not fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs)-conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual jobs for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 job locations across North America and Europe, where we train a small group of employees on body mechanics, proactively maintaining health and safety. In addition to reducing work-related injuries, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon groups to reduce repetitive movements and help protect employees from MSD risks. This new technology is at the heart of our job rotation program, which will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSDs decreased by 32%, resulting in a more than half reduction in MSDs that had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety programs, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages rather than follow the crowd, because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to increase our minimum starting wage to $15 an hour. Their assessments mirror what we hear from employees, their families, and the communities they live in.</p><p>We've raised starting wages to benefit not only our own employees, but other workers in the same community as well, boosting local economies across the country. Studies have shown that our pay increases resulted in a 4.7% increase in average hourly wages for other employers in the same labour market.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of our employees saying they would recommend Amazon jobs to their friends, but instead we must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities and other things.</p><p>If any shareholders are worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from being 'the most customer-centric company in the world', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to prove that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 °C. These things are completely true, and so is climate change.</p><p>Not long ago, most people thought that tackling climate change was good, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but also improve our economic efficiency, help drive technological change and reduce risks. All in all, these can lead to more and better jobs, healthier and happier children, more efficient workers, and a more prosperous future.</p><p>But this does not mean that it is an easy task. The next decade will be a decisive decade. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of this change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgencies and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions from their global operations by 2040, 10 years ahead of the Paris Agreement. The subsequent pledge also requires them to measure and report greenhouse gas emissions regularly, implement decarbonisation strategies through genuine business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality compensations are valuable, and we should keep them to compensate for economic activities for which low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to be a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to use 100% renewable energy to produce electricity. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy and we have 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Projects, as well as 125 distribution and sorting centers with solar rooftops. These projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt-hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to achieve net-zero carbon emissions by 2040. To help rapidly accelerate the market for electric vehicle technology and help all companies transition to more environmentally friendly technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and first hit the roads in Los Angeles in February of this year. 10,000 new cars will be on the road as early as next year, and all 100,000 cars will be on the road by 2030, which can reduce millions of tons of carbon emissions. One big reason we want other businesses to join the climate pledge is to signal to the market that businesses should start inventing and developing new technologies that signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in the new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment plan starts with $2 billion in visionary companies aimed at facilitating the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build the zero-carbon economy of the future.</p><p>I'm also personally contributing $10 billion in grants to help drive the systemic change we need over the next decade. We will support top scientists, activists, NGOs, environmental justice organizations, and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations working on innovation and mobility solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be a part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing that I must pass on to everyone. I hope all Amazons take this to heart.</p><p>There is a passage in Richard Dawkins' book The Blind Watch Maker, which is at stake to a fundamental fact of biology:</p><p>\"Avoiding death is something you have to strive to do. The body tends to return to a state of equilibrium with the environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electric charge in a living organism, it is often found that they are quite different from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the surrounding environment, and in colder climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference starts to disappear, and eventually our body temperature is the same as that of our surrounding environment. Of course, not all animals try to avoid reaching equilibrium with the surrounding temperature, but all animals make similar efforts to avoid integration with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency of water to flow from cells to the dry outside world. If they fail, they will die. More broadly, if organisms do not actively prevent water loss, they will eventually integrate into their surroundings and cease to exist as creatures with self-awareness. That's what happens when they die. \"</p><p>While this passage isn't a metaphor, it's still a fantastic article that is closely related to Amazon. I even think that it is relevant to all companies, all institutions, and the lives of each of us. In what ways does the world appeal to you, trying to keep you so-called \"normal\"? How much effort does it take to maintain your uniqueness? Is it to stay alive or to make it more important to stay different?</p><p>I know a happy couple who often encounter scenes when they get along with each other: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. Of course, the deep truth is that he likes her uniqueness. But, at the same time, it's also true that things tend to get easier and consume less energy if we're a little more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to \"be yourself\". What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be an ordinary person, and it will do everything possible to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairy tale version of \"being yourself\" is that once you let your uniqueness shine, all the pain will disappear. This statement is misleading. Being yourself is worth it, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make Amazon obscure and keep us in balance with our environment. It will require sustained effort, but we can and must do better.</p><p>I attach, as always, our 1997 shareholder letter. It concluded by saying, \"Amazon.com thanks customers for their support and trust, each other for their hard work, and shareholders for their support and encouragement.\" Nothing has changed. I would like to thank Jassy in particular for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I promise you that Jassy won't let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and make us different. It's not easy, but it's crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than consume, and never let the universe draw you into your surroundings. It's still the first day of starting a business. (Tencent Technology Reviewer/Golden Deer)</p>","source":"tencent","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>Bezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better</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\">\nBezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-04-16 06:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Technology News April 16th news, local time in the United States on Thursday,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he put forward a broad vision for the company's future, and is committed to extending Amazon's famous \"customer first\" principle to giving equal care to employees.</p><p>Bezos cited the results of a recent union vote at an Amazon warehouse in Alabama as an example of why the company needs to deal with internal employee challenges. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic unionization campaign. If successful, it would represent the first union formed at Amazon's facilities in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over power to Andy Jassy, CEO of Amazon's cloud computing unit AWS, who will himself serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a set of core leadership principles, the most important of which is the company's \"customer first\". Bezos said he hopes Amazon will do the same for employees in the future. He wrote: \"Although we have achieved a lot, it is clear to me that we need a better vision to make our employees successful. We have always wanted to be the most customer-centric company in the world. We won't change that, which is why we have achieved such success. But I promise that we will add one, and we will be the best employer and safest workplace in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a savage and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but that's inaccurate. \"</p><p>After taking on his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40% of work-related injuries are sprains or strains, mostly due to repeating the same movements, which are common among new employees, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to rotate in different jobs using other tendon groups. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what the reimagined focus of the company's business might mean for Amazon's future. He reiterated that Amazon is \"still on its first day of entrepreneurship,\" and highlighted Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from our attention as' the most customer-centric company in the world ', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses at the same time, just like consumer e-commerce and AWS, and both do very well at the highest level, then certainly we can do the same thing with these two vision statements. In fact, I believe they reinforce each other. \"</p><p><b>The following is the new full text of Bezos's annual shareholder:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create an \"enduring franchise,\" one that would redefine what it means to \"serve customers\" by unleashing the power of the Internet. I've noticed that Amazon has grown from 158 employees to 614, and we've surpassed 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon is \"still on its first day of business\" status.</p><p>We've come a long way since then, and we're working harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have transferred more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home devices are connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa or AWS, and there wasn't even such an idea back then. We take a lot of risks with every big move and put in sweat and creativity along the way.</p><p>Along the way, we have generated $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighths of the shares, equivalent to $1.4 trillion in wealth creation, are owned by others. Who are they? They include pension funds, universities, they are Mary and Larry, and just as I sit down to write this shareholder letter, they suddenly send me all kinds of ideas.</p><p>I hear similar stories all the time. I know some of these people who use the money they earn from Amazon for college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we have created for our shareholders. It's important because it helps improve their lives. But there's another thing I know: it's not the biggest part of the value we create.</p><p><b>Creating is more valuable than consuming</b></p><p>If you want to succeed in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that doesn't create value for the people it reaches, even if it appears to be successful on the surface, doesn't exist in this world for very long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are predictions of future cash flows discounted back to the present. The stock market represents expectations. However, I'm going to change the subject now and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer, because the accounting system is set up to answer this question. Our net income in 2020 was $21.3 billion. If Amazon wasn't a publicly traded company with thousands of shareholders, but a sole proprietorship with only one owner, that's all it made in 2020.</p><p>What about employee income? It's also a fairly easy question of value creation to answer, because we can look at the compensation spending situation. The company's expenditure represents the employee's income. In 2020, employees earned $80 billion, plus $11 billion in expenses (including benefits and various payroll taxes), totaling $91 billion.</p><p>What about third-party sellers? We have an internal team (sales partner service team) to answer this question. They estimate that in 2020, third-party sellers made between $25 billion and $39 billion in profits from selling goods on Amazon, which I'm assuming here to be conservative.</p><p>As for customers, we have to segment it into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of choice and fast delivery services, but let's say we ignore all of these and only value one thing, and that is, we save our customers time.</p><p>Customers complete 28% of their purchases on Amazon in three minutes or less, and half of them take less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching store aisles, queuing up to check out, finding your car, and then driving home, research shows it takes an average hour. If you assume that a typical Amazon purchase only takes 15 minutes and can save you a few trips to a physical store a week, that's 75 + hours a year. It's important, after all, in the early 2000s, we're all busy.</p><p>In this way, we can get a dollar figure, let's assume the time saved is $10 per hour (which is conservative). Seventy-five hours multiplied by $10 an hour, subtracting the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because each customer has a vastly different workload, but we will do it anyway because we admit beforehand that the margin of error is high. The direct cost improvements from cloud operations vary from on-site operations, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, this 30% represents $19 billion in customer value created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly increase customer competitiveness and revenue. We don't have a reasonable way to estimate this part of customer value, except to say that it is almost certainly greater than the immediate cost savings. Conservatively speaking, I think that part of the value AWS generated for customers in 2020 is as high as $38 billion.</p><p>Adding the value created for AWS and consumer customers together, we generated a total of $164 billion in customer value in 2020. Collectively, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group had an income statement that represented their interactions with Amazon, the numbers above would be the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, that we create value for them. This value creation is not a \"zero-sum game\". It's not just about transferring money from pocket to pocket. Within the broad framework of society as a whole, you will find that invention is the root of all true value creation, and that value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively straightforward relationship with shareholders, who invest and hold stocks for a period of their choice. We rarely provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even then, they could just ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have the process they follow and the criteria by which they evaluate their performance. We need training and all kinds of certifications. Employees must show up for work at the agreed time. Our interactions with our employees are numerous and fine-grained. This is not just a matter of salary and benefits, it also involves all other detailed aspects of the relationship between the two parties.</p><p>Am I comforted by the outcome of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls, treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed distribution center employees, 94% said they would recommend to a friend to go to work at Amazon.</p><p>Employees can use informal breaks during their shifts to stretch, get water, use the restroom or talk to their manager, all without compromising their performance. These informal working hours are in addition to the 30-minute lunch and 30-minute breaks in their normal schedule.</p><p>Rather than setting unreasonable performance targets, we set achievable performance targets that take tenure and actual employee performance data into account. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that various factors can affect their performance in any given week, day or hour. If an employee fails to meet performance targets over a period of time, their manager will talk to them and provide guidance.</p><p>The training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of training is positive and delivered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, this figure was even lower due to the impact of the novel coronavirus pneumonia pandemic on operations.</p><p><b>The World's Best Employer and Safest Workplace</b></p><p>The truth is that the huge team of thousands of people leading Amazon's operations has always cared deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that doesn't just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who have never received that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We're not going to change that, and that's why we're so successful. But I promise that we will add one, and we will be the best employer and safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I'm an inventor, which is what I like best and what I do best. This is where I create the most value. I am excited to work with our passionate and huge team in our operations to help invent in this arena of the best employers and safest workplaces in the world. When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. We have never failed when we set our minds to do something, and we will not fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs)-conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual jobs for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 job locations across North America and Europe, where we train a small group of employees on body mechanics, proactively maintaining health and safety. In addition to reducing work-related injuries, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon groups to reduce repetitive movements and help protect employees from MSD risks. This new technology is at the heart of our job rotation program, which will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSDs decreased by 32%, resulting in a more than half reduction in MSDs that had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety programs, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages rather than follow the crowd, because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to increase our minimum starting wage to $15 an hour. Their assessments mirror what we hear from employees, their families, and the communities they live in.</p><p>We've raised starting wages to benefit not only our own employees, but other workers in the same community as well, boosting local economies across the country. Studies have shown that our pay increases resulted in a 4.7% increase in average hourly wages for other employers in the same labour market.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of our employees saying they would recommend Amazon jobs to their friends, but instead we must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities and other things.</p><p>If any shareholders are worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from being 'the most customer-centric company in the world', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to prove that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 °C. These things are completely true, and so is climate change.</p><p>Not long ago, most people thought that tackling climate change was good, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but also improve our economic efficiency, help drive technological change and reduce risks. All in all, these can lead to more and better jobs, healthier and happier children, more efficient workers, and a more prosperous future.</p><p>But this does not mean that it is an easy task. The next decade will be a decisive decade. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of this change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgencies and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions from their global operations by 2040, 10 years ahead of the Paris Agreement. The subsequent pledge also requires them to measure and report greenhouse gas emissions regularly, implement decarbonisation strategies through genuine business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality compensations are valuable, and we should keep them to compensate for economic activities for which low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to be a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to use 100% renewable energy to produce electricity. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy and we have 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Projects, as well as 125 distribution and sorting centers with solar rooftops. These projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt-hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to achieve net-zero carbon emissions by 2040. To help rapidly accelerate the market for electric vehicle technology and help all companies transition to more environmentally friendly technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and first hit the roads in Los Angeles in February of this year. 10,000 new cars will be on the road as early as next year, and all 100,000 cars will be on the road by 2030, which can reduce millions of tons of carbon emissions. One big reason we want other businesses to join the climate pledge is to signal to the market that businesses should start inventing and developing new technologies that signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in the new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment plan starts with $2 billion in visionary companies aimed at facilitating the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build the zero-carbon economy of the future.</p><p>I'm also personally contributing $10 billion in grants to help drive the systemic change we need over the next decade. We will support top scientists, activists, NGOs, environmental justice organizations, and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations working on innovation and mobility solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be a part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing that I must pass on to everyone. I hope all Amazons take this to heart.</p><p>There is a passage in Richard Dawkins' book The Blind Watch Maker, which is at stake to a fundamental fact of biology:</p><p>\"Avoiding death is something you have to strive to do. The body tends to return to a state of equilibrium with the environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electric charge in a living organism, it is often found that they are quite different from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the surrounding environment, and in colder climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference starts to disappear, and eventually our body temperature is the same as that of our surrounding environment. Of course, not all animals try to avoid reaching equilibrium with the surrounding temperature, but all animals make similar efforts to avoid integration with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency of water to flow from cells to the dry outside world. If they fail, they will die. More broadly, if organisms do not actively prevent water loss, they will eventually integrate into their surroundings and cease to exist as creatures with self-awareness. That's what happens when they die. \"</p><p>While this passage isn't a metaphor, it's still a fantastic article that is closely related to Amazon. I even think that it is relevant to all companies, all institutions, and the lives of each of us. In what ways does the world appeal to you, trying to keep you so-called \"normal\"? How much effort does it take to maintain your uniqueness? Is it to stay alive or to make it more important to stay different?</p><p>I know a happy couple who often encounter scenes when they get along with each other: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. Of course, the deep truth is that he likes her uniqueness. But, at the same time, it's also true that things tend to get easier and consume less energy if we're a little more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to \"be yourself\". What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be an ordinary person, and it will do everything possible to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairy tale version of \"being yourself\" is that once you let your uniqueness shine, all the pain will disappear. This statement is misleading. Being yourself is worth it, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make Amazon obscure and keep us in balance with our environment. It will require sustained effort, but we can and must do better.</p><p>I attach, as always, our 1997 shareholder letter. It concluded by saying, \"Amazon.com thanks customers for their support and trust, each other for their hard work, and shareholders for their support and encouragement.\" Nothing has changed. I would like to thank Jassy in particular for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I promise you that Jassy won't let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and make us different. It's not easy, but it's crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than consume, and never let the universe draw you into your surroundings. It's still the first day of starting a business. (Tencent Technology Reviewer/Golden Deer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://inews.gtimg.com/newsapp_match/0/13415912595/0","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2127088429","content_text":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯（Jeff Bezos）签署了其卸任首席执行官前的最后一封年度股东信。他在信中对公司未来提出了广阔的愿景，并致力于将亚马逊著名的“客户至上”准则延伸到给与员工同等关爱方面。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。上周，亚马逊在其位于阿拉巴马州贝塞默的仓库获得了足够的选票，挫败了一项历史性的工会组织运动。如果成功，这将代表亚马逊在美国的设施中成立的第一个工会。贝索斯将于今年第三季度辞去首席执行官一职，将权力移交给亚马逊云计算部门AWS首席执行官安迪·雅西(Andy Jassy)，其本人将担任执行董事长。他在信中表示：“虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。”众所周知，亚马逊拥有一套核心的领导原则，其中最重要的一条就是公司“客户至上”。贝索斯说，他希望亚马逊将来为员工做同样的事情。他写道：“尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。”贝索斯还驳斥了有关亚马逊在其仓库中创造了一种野蛮残酷的职场文化的说法。他写道：“我们的员工有时会被称为绝望的灵魂，或被当作机器人对待，但这是不准确的。”在担任执行董事长的新角色后，贝索斯计划专注于如何让亚马逊的仓库变得更安全。他说，大约40%的工伤是扭伤或拉伤，主要是由于重复相同的动作所致，这在新员工中很常见。为了帮助减少这些类型的伤害，亚马逊正在开发自动化的人员配备时间表，让员工轮流从事使用其他肌腱组的不同工作。该公司预计将于今年晚些时候开始部署这项技术。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。他重申，亚马逊“仍然处于创业第一天”，并强调了亚马逊的持续增长，包括该公司目前拥有2亿Prime订户，高于去年年初的1.5亿。贝索斯说：“如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。”以下为贝索斯年度股东新全文：在1997年写给亚马逊股东的信中，也就是我们的第一封股东信，我谈到了我们希望创造一种“经久不衰的特许经营权”，一种通过释放互联网的力量来重新定义“服务客户”的意义。我注意到亚马逊已经从158名员工增长到614人，我们的客户账户已经超过150万。我们刚刚以每股1.50美元的拆分调整后股价上市。当时，我提到了亚马逊“仍然处于创业第一天”状态。从那时起，我们已经走过了很长一段路，我们比以往任何时候都更加努力地服务和取悦客户。去年，我们雇佣了50万名员工，现在直接在世界各地雇佣了130万人。我们在全球拥有2亿多名Prime会员。在我们Marketplace平台上销售商品的中小企业超过190万家，占我们零售额的近60%。这些客户已将1亿多台智能家居设备连接到智能助手Alexa上。AWS为数百万客户提供服务，2020年底的年化运行率为500亿美元。1997年，我们还没有推出Prime、Marketplace、Alexa或AWS，那时候甚至都没有这样的想法。我们的每次大动作都冒了很大的风险，并在此过程中付出了汗水和发挥了创造力。一路走来，我们为股东创造了1.6万亿美元的财富。他们是谁？我就是其中之一，我在亚马逊的股权让我变得富有。但超过八分之七的股份，相当于1.4万亿美元的财富创造为他人所有。他们是谁？他们包括养老基金、大学，他们是玛丽和拉里，就在我坐下来写这封股东信的时候，他们突如其来地给我发来各种想法。我总是听到类似的故事。我认识其中的一些人，他们把从亚马逊赚来的钱用在大学、紧急情况、住房、度假、创业和慈善事业上。我为我们为股东创造的财富感到自豪。这很重要，因为帮助改善了他们的生活。但我还知道另一件事：这还不是我们创造的价值中最大的一部分。创造比消费更有价值如果你想在商业上取得成功(实际上是在生活中)，你必须创造比消费更多的东西。你的目标应该是为你交往的每一个人创造价值。任何不能为其接触到的人创造价值的企业，即使表面上看起来很成功，也不会在这个世界上存在很长时间，很快就会被淘汰。记住，股票价格不是关于过去的，它们是对未来现金流的预测，并折现回到现在。股市代表着期望。不过，我现在要换个话题，谈谈过去的事。我们在2020年为股东创造了多少价值？这是个相对容易回答的问题，因为会计系统就是为回答这个问题而设立的。我们在2020年的净利润为213亿美元。如果亚马逊不是一家拥有数千名股东的上市公司，而是一家只有一个所有者的独资企业，那么这就是其在2020年获得的全部收入。员工收入呢？这也是一个相当容易回答的价值创造问题，因为我们可以看看薪酬支出情况。公司的支出就代表员工的收入。2020年，员工的收入为800亿美元，外加110亿美元开支(包括福利和各种工资税)，总计910亿美元。第三方卖家呢？我们有个内部团队(销售合作伙伴服务团队)来回答这个问题。他们估计，2020年，第三方卖家在亚马逊上销售商品获得的利润在250亿至390亿美元之间，为了保守起见，我在这里假设为250亿美元。至于客户，我们必须将其细分为消费者客户和AWS客户。首先是消费者，我们为其提供低廉的价格、丰富的选择和快速的交货服务，但是假设我们忽略了所有这些，并且只看重一件事，那就是我们为客户节省了时间。顾客在亚马逊上在三分钟或更短的时间内完成了28%的购买，半数购买不到15分钟就搞定。与典型的实体店购物之旅相比，需要开车、停车、搜索商店过道、排队结账、找到你的车，然后再开车回家，研究表明这平均需要一个小时。如果你假设典型的亚马逊购物只需要15分钟，一周可以节省你几次去实体店的路程，那么每年就节省了75个小时以上。这很重要，毕竟在21世纪初，我们都很忙碌。这样，我们就可以得到一个美元数字，让我们把节省的时间假设为每小时10美元（这是保守的）。75小时乘以每小时10美元，减去Prime的成本，我们就可以为每个Prime会员创造约630美元的价值。我们有2亿Prime会员，这意味着2020年创造的价值总计为1260亿美元。对AWS客户创造的价值进行评估很有挑战性，因为每个客户的工作量截然不同，但我们无论如何都会这样做，因为我们事先承认误差很高。云端运营与现场运营带来的直接成本改善各不相同，但合理的估计是30%。在AWS 2020年全年450亿美元的收入中，这30%意味着创造了190亿美元客户价值。这项评估工作的困难之处在于，直接降低成本是迁移到云端为客户带来的好处中最小的一部分。更大的好处是提高了软件开发的速度，这可以显著提高客户的竞争力和收入。我们没有合理的方法来估计客户价值的这一部分，只能说它几乎肯定大于直接节省的成本。保守地说，我认为AWS在2020年为客户创造的这部分价值高达380亿美元。将为AWS和消费者客户创造的价值加在一起，我们在2020年创造的客户总价值达到1640亿美元。总的来说，我们在2020年为股东创造了210亿美元价值、为员工创造了910亿美元、为第三方卖家创造250亿美元、为客户创造1640亿美元，总计3010亿美元。如果每个群体都有一份损益表，代表他们与亚马逊的互动，那么上面的数字就是这些损益表的“底线”。这些数字是人们为我们工作、卖家通过我们销售以及客户从我们这里购买的部分原因，即我们为他们创造了价值。这种价值创造不是“零和游戏”。这不仅仅是把钱从一个口袋转到另一个口袋。在整个社会的大框架内，你会发现发明是所有真正价值创造的根源，而创造的价值最好被认为是创新的衡量标准。当然，我们与这些选民的关系和我们创造的价值不仅仅是金钱。金钱并不能说明问题的全部。例如，我们与股东的关系相对简单，他们在自己选择的期限内投资和持有股票。我们很少就年度会议和正确的投票程序等事项向股东提供指导。即便如此，他们也可以无视这些指示，直接跳过投票。我们与员工的关系是截然不同的例子。我们有他们遵循的流程和评估他们表现的标准。我们需要培训和各种认证。员工必须在约定的时间上班。我们与员工的互动很多，而且是细粒度的。这不仅仅是工资和福利的问题，它还涉及到双方关系的所有其他细节方面。我对贝塞默最近工会投票的结果感到安慰吗？不，我没有。我认为我们需要为我们的员工做得更多。虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被称为绝望的灵魂，被当作机器人对待。但这是不准确的。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查配送中心的员工时，94%的人说他们会向朋友推荐前往亚马逊上班。员工可以在轮班期间利用非正式休息时间伸展身体、取水、使用洗手间或与经理交谈，所有这些都不会影响他们的表现。这些非正式的工作时间是对他们正常作息时间中30分钟午餐和30分钟休息时间的补充。我们没有设定不合理的绩效目标，而是设定了可实现的绩效目标，将任期和实际员工绩效数据考虑在内。员工的表现是在很长一段时间内综合评估的结果，因为我们知道，在任何给定的一周、一天或一小时内，各种因素都会影响他们的表现。如果员工在一段时间内未能达到绩效目标，他们的经理会与他们交谈并提供指导。培训也扩展到那些表现出色并能承担更多责任的员工身上。事实上，82%的培训是积极的，提供给达到或超过预期的员工。我们解雇了不到2.6%的员工，因为他们无法履行自己的职责。2020年，由于新冠肺炎疫情对运营的影响，这个数字甚至更低。世界上最好的雇主和最安全的工作场所事实是，领导亚马逊运营的数千人庞大团队始终非常关心我们的临时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊是一家不仅仅为计算机科学家和拥有高级学位的人创造就业机会的公司，我们也为那些从未获得这种优势的人创造就业机会。尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。在我即将担任执行董事长的职位上，我将把重点放在新的倡议上。我是个发明家，这是我最喜欢的，也是我最擅长的。这是我创造最大价值的地方。我很高兴能与我们运营部门充满激情的庞大团队一起工作，在这个世界上最好雇主和最安全工作场所的竞技场上帮助发明。在细节上，我们亚马逊总是灵活的，但在愿景问题上，我们是固执和无情的。当我们下定决心做某事时，我们从来没有失败过，在这一点上我们也不会失败。我们深入探讨安全问题。例如，亚马逊约40%的工伤与肌肉骨骼疾病(MSD)有关，即反复运动可能导致的扭伤或拉伤等疾病。MSD在我们从事的这类工作中很常见，而且更有可能发生在员工入职的前六个月。我们需要为新员工发明减少MSD的解决方案，他们中的许多人可能是第一次参加实际工作。WorkingWell就是一个这样的项目，我们于2020年在北美和欧洲的350个工作地点向85.9万名员工推出了这个项目，我们在那里培训一小群员工有关身体力学、积极主动保持健康和安全方面的知识。除了减少工伤，这些概念对日常工作以外的活动也有积极影响。我们正在开发新的自动化人员配备时间表，它使用复杂的算法在使用不同肌腱组的工作之间轮换员工，以减少重复运动，帮助保护员工免受MSD风险。这项新技术是我们将在2021年推出的工作轮换计划的核心。我们对MSD早期预防的更多关注已经取得了成效。从2019年到2020年，总体MSD减少了32%，导致必须离开工作岗位的MSD减少了一半以上。我们在亚马逊雇佣了6200名安全专业人员。他们使用安全科学来解决复杂的问题，并建立新的行业最佳实践标准。2021年，我们将在安全项目上投资超过3亿美元，其中包括最初的6600万美元，用于创造有助于防止叉车和其他类型工业车辆相撞的技术。当我们带头这样做的时候，其他人就会跟随。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先而不是随大流，因为我们认为这样做是正确的。加州大学伯克利分校和布兰迪斯大学的经济学家最近发表的一篇论文，分析了我们决定将最低起薪提高到每小时15美元的影响。他们的评估反映了我们从员工、他们的家人和他们所居住的社区那里听到的情况。我们提高了起薪不仅使我们自己的员工受益，也使同一社区的其他工人受益，从而提振了全国各地的地方经济。研究表明，在同一劳动力市场中，我们的加薪导致其他雇主的平均时薪增加了4.7%。我们的领导工作还没有结束。如果我们想成为世界上最好的雇主，我们不应该满足于94%的员工说他们会向朋友推荐亚马逊的工作，而是必须以100%为目标。我们将通过继续在工资、福利、提升技能机会和其他方面领先，随着时间的推移，我们将做到这一点。如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。气候誓言在这封信的早期草稿中，我以论证和例子开始了这一部分，这些论点和例子旨在证明人类导致的气候变化是真实存在的。但是，坦率地说，我认为我们现在可以停止这样说了。你不必说光合作用是真实存在的，或者说重力是真实存在的，或者海平面上的水是在100摄氏度沸腾的。这些事情完全是真的，气候变化也是如此。不久前，大多数人认为应对气候变化是好事，但他们也认为这会付出高昂的代价，并会威胁到就业、竞争力和经济增长。我们现在知道得更清楚了。应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，效率更高的工人，以及更繁荣的未来。但这并不意味着其是一件容易的事，未来十年将是决定性的十年。2030年的经济将需要与今天有很大的不同，亚马逊计划成为这一变化的核心。我们在2019年9月与Global Optimism组织共同发起了“气候誓言”，因为我们希望帮助推动这场积极的革命。我们需要成为一个不断壮大的企业团队中的一员，他们了解21世纪的紧迫性和机遇。现在，不到两年后，代表几乎所有经济部门的53家公司签署了气候誓言。百思买、IBM、印孚瑟斯、梅赛德斯-奔驰、微软、西门子和Verizon等公司承诺，到2040年，其全球业务将实现净零碳排放，比《巴黎协议》提前10年实现目标。其后誓言还要求它们定期测量和报告温室气体排放，通过真正的商业变革和创新实施脱碳战略，并通过额外的、可量化的、真实的、永久的和对社会有益的补偿来中和任何剩余的排放。可信的、高质量的补偿是宝贵的，我们应该保留它们，以补偿那些不存在低碳替代品的经济活动。气候誓言签字方正在做出有意义的、切实的和雄心勃勃的承诺。Uber的目标是到2030年在加拿大、欧洲和美国成为零碳排放平台，Henkel计划100%使用可再生能源生产电力。亚马逊正在朝着我们自己的目标前进，即到2025年100%使用可再生能源，比我们最初设定的2030年目标提前了五年。亚马逊是全球最大的可再生能源企业买家，我们在全球有62个电网规模的风能和太阳能项目，以及125个铺设太阳能屋顶的配送和分类中心。这些项目的发电能力超过6.9千兆瓦，每年提供超过2000万兆瓦时的能源。运输是亚马逊商业运营的重要组成部分，也是我们到2040年实现净零碳排放计划中最艰难的部分。为了帮助快速加速电动汽车技术的市场，并帮助所有公司过渡到更环保的技术，我们向Rivian投资了超过10亿美元，并向该公司订购了10万辆电动送货车。我们还与印度Mahindra和欧洲的梅赛德斯-奔驰建立了合作伙伴关系。这些来自Rivian的定制电动送货车辆已经投入运营，并于今年2月首次在洛杉矶上路。1万辆新车最早将于明年上路，到2030年，所有10万辆车将全部上路，可减少数百万吨碳排放。我们希望其他企业加入气候誓言的一个重要原因是向市场发出信号，企业应该开始发明和开发签字方需要履行承诺的新技术。我们购买10万辆Rivian电动送货车就是一个很好的例子。为了进一步加快对建设零碳经济所需新技术的投资，我们于去年6月推出了气候誓言基金(Climate Pledge Fund)。该投资计划从20亿美元开始，投资于有远见的公司，旨在促进向低碳经济的过渡。亚马逊已经宣布投资于CarbonCure Technologies、Pachama、Redwood Materials、Rivian、Turntide Technologies、ZeroAvia和Infinium，而且它们只是我们希望建立未来零碳经济的创新公司中的一部分。我还个人出资100亿美元提供赠款，帮助推动我们在未来十年所需的系统性变革。我们将支持顶尖的科学家、活动家、非政府组织、环境正义组织和其他致力于抗击气候变化和保护自然世界的人。去年年底，我向16个致力于创新和移动解决方案的组织提供了我的第一轮赠款。这将是大公司、小公司、全球组织和个人的集体行动，我很高兴能成为这一旅程的一部分，并乐观地认为人类可以团结起来解决这一挑战。保持差异化才能生存这是我作为亚马逊首席执行官签署的最后一封年度股东信，我觉得有最后一件极其重要的事情必须传授给大家。我希望所有亚马逊人都把这件事放在心上。理查德·道金斯(Richard Dawkins)出版的《盲眼钟表匠》(The Blind Watch Maker)一书中曾有过这样一段话，它攸关于生物学的一个基本事实：“避免死亡是你必须努力去做的事情。如果顺其自然（比如死亡），身体往往会恢复到与环境的平衡状态。如果你测量某些变量，如生物体内的温度、酸度、水分或电荷，通常会发现它们与周围环境中相应的测量结果有很大不同。例如，我们的体温通常比周围环境温度更高，在寒冷的气候下，身体必须努力工作才能保持这种差异。但当我们死后，这种机能就会停止，温差也开始消失，最终我们体温与周围环境相同。当然，并不是所有的动物都在努力避免与周围的温度达到平衡，但所有的动物都做了类似避免与周围环境融合的努力。例如，在干旱的国家，动植物努力保持细胞中的液体含量，这与水从细胞流向干燥外部世界的自然趋势背道而驰。如果他们失败了，他们就会死。更广泛地说，如果生物不积极地阻止水分流失，它们最终会融入周围环境，不再作为拥有自我意识的生物存在。这就是他们死后会发生的事情。”虽然这段话不是一个比喻，但它仍然是一篇奇妙的文章，与亚马逊息息相关。我甚至认为，它与所有公司、所有机构以及我们每个人的生活都相关。这个世界用什么方式吸引你，试图让你保持所谓的“正常”？要保持你的独特性需要做多少努力？是为了活下去还是为了让保持众不同更重要？我认识一对幸福的夫妇，他们在相处过程中经常会遇到这样的场景：丈夫经常会假装痛苦地看着妻子，对她说：“你就不能正常一点儿吗？”然后他们都微笑或大笑起来。当然，深刻的事实是，他喜欢她的独特之处。但是，与此同时，如果我们稍微正常一点，事情往往会变得更容易，消耗更少的能量，这也是事实。我们都知道独特性（原创性）是有价值的，我们都被教导要“做你自己”。我真正要求你们做的是拥抱并现实地认识到保持这种独特性需要付出多大的努力。这个世界希望你成为普通人，它会千方百计地吸引你，但别让这种情况发生。你必须为自己的与众不同付出代价，但这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的，你必须不断地投入努力。这个世界总是试图让亚马逊变得泯然众人，让我们与我们的环境保持平衡。这将需要持续的努力，但我们可以而且必须做得更好。我一如既往地附上我们1997年的股东信。它在最后写道：“亚马逊网感谢客户的支持和信任，感谢彼此的辛勤工作，感谢股东们的支持和鼓励。”这一点都没变。我要特别感谢贾西同意担任首席执行官一职，这是一项责任重大的艰难工作。贾西才华横溢，信奉最高的标准。我向你们保证，贾西不会让世界把我们变成普通人，他会聚集我们所需的能量，让我们的内心保持活力，让我们与众不同。这并不容易，但却至关重要。我认为他将会让所有人满意。谢谢你，贾西！致你们所有人：要保持善良，要有独创性，创造的东西要比消费的多，永远不要让宇宙吸引你融入周围的环境。现在仍然是创业第一天。（腾讯科技审校/金鹿）","news_type":1,"symbols_score_info":{"AMZN":0.9,"09086":0.9,"QNETCN":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380524250,"gmtCreate":1612562857270,"gmtModify":1704872893380,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380524250","repostId":"1157280058","repostType":4,"repost":{"id":"1157280058","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":1612537534,"share":"https://ttm.financial/m/news/1157280058?lang=en_US&edition=fundamental","pubTime":"2021-02-05 23:05","market":"us","language":"zh","title":"Foreign media: AstraZeneca vaccine is 75% effective against British mutant virus","url":"https://stock-news.laohu8.com/highlight/detail?id=1157280058","media":"老虎资讯综合","summary":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据","content":"<p>According to a report by the Wall Street Journal on February 5, the University of Oxford and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the mutant strain found in the UK. The Wall Street Journal stressed that the above findings come from small-scale studies and are preliminary results, which have not been formally reviewed by other scientists.</p><p>Separately, according to Reuters news on February 5, Andrew Pollard, the lead researcher of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that AstraZeneca/Oxford COVID-19 vaccine can not only resist the initial virus, but also resist the new variant B.1. 1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media: AstraZeneca vaccine is 75% effective against British mutant virus</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\">\nForeign media: AstraZeneca vaccine is 75% effective against British mutant virus\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-05 23:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to a report by the Wall Street Journal on February 5, the University of Oxford and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the mutant strain found in the UK. The Wall Street Journal stressed that the above findings come from small-scale studies and are preliminary results, which have not been formally reviewed by other scientists.</p><p>Separately, according to Reuters news on February 5, Andrew Pollard, the lead researcher of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that AstraZeneca/Oxford COVID-19 vaccine can not only resist the initial virus, but also resist the new variant B.1. 1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82498704f805f2f46f40d2a1a0e8b335","relate_stocks":{"AZN.UK":"阿斯利康制药","AZN":"阿斯利康"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157280058","content_text":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据路透社2月5日消息，牛津疫苗试验的首席研究员安德鲁·波拉德表示，在英国进行的ChAdOx1疫苗试验的数据表明，阿斯利康/牛津新冠疫苗不仅可以抵御最初的病毒，还可以抵御新变体B.1.1.7。","news_type":1,"symbols_score_info":{"AZN":0.9,"AZN.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":2341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":162804359,"gmtCreate":1624053729771,"gmtModify":1703827578736,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570851196183919","idStr":"3570851196183919"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162804359","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18th, the Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</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>Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing</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\">\nAihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18th, the Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927895289,"gmtCreate":1672443979141,"gmtModify":1676538691446,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570851196183919","idStr":"3570851196183919"},"themes":[],"htmlText":"<a 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15:45","market":"us","language":"zh","title":"Is the GDP of the United States strong or weak in the first quarter?","url":"https://stock-news.laohu8.com/highlight/detail?id=2132567538","media":"智通财经网","summary":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%","content":"<p><b>This article comes from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Macro \".</b></p><p>SUMMARY</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>U.S. GDP in 21Q1 was 0.4% year-on-year, slightly lower than market expectations.</b>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. However, the main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><b>Household consumption: Subsidies promote commodity consumption, and the epidemic situation eases and the service industry recovers.</b>1) In 21Q1, U.S. personal consumption expenditures drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. Commodity consumption is mainly driven by durable goods, while service consumption has a greater improvement in GDP than durable goods consumption; 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. It shows the immediate stimulating effect of the subsidy of US $1,400 in March on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><b>Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred.</b>In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter. 1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved; 2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic; 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates.</p><p><b>Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports.</b>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><b>It is expected that the U.S. economic recovery will reach a high point in the second quarter. Pay attention to the follow-up progress of the epidemic.</b>We believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected. Personal consumption expenditure: It is expected that the first quarter will be the high point of commodity consumption, and service industry consumption will continue to gradually recover as the epidemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of service industry; Investment: The improvement of non-residential investment needs to pay attention to the subsequent progress of the epidemic. Residential investment will decline with the gradual cooling of the real estate market; Private inventory changes may wait until September after the end of unemployment benefits. Government expenditure and net exports: Government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter. Net exports will return to normal levels as the gap between supply and demand narrows later this year.</p><p><b>2. Global macro data</b></p><p><b>High-frequency data this week</b>: New orders for durable goods in the United States increased year-on-month</p><p><b>Epidemic</b>: New confirmed cases in the United States declined.</p><p><b>Demand</b>: Japan's retail sales rebounded sharply year-on-year.</p><p><b>Supply and employment</b>: New orders for durable goods in the United States increased year-on-month.</p><p><b>Trade</b>: U.S. imports and exports both rose sharply year-on-year in March.</p><p><b>Inflation and Commodities</b>: Oil prices rose slightly.</p><p><b>Real Estate</b>: The U.S. existing home contract sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>: the US Dollar Index falls, gold prices stabilize.</p><p><b>Global Macro Calendar</b>: Focus on US ISM Manufacturing PMI</p><p>text</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>1.21 Q1 U.S. GDP was 0.4% year-on-year, slightly lower than market expectations</b></p><p>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the relatively rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. The main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Household consumption: Subsidies promote commodity consumption, and the epidemic eases and the service industry recovers</b></p><p>In 21Q1, financial subsidies of up to 2,000 USD/person stimulate commodity consumption; The easing of the epidemic has promoted the recovery of service consumption, but it is slightly weaker than the early optimistic expectations of overseas markets. 1) From a quarterly perspective, U.S. personal consumption expenditure in 21Q1 drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. It jumped from the largest drag on GDP in the fourth quarter to the largest contribution, showing that the first quarter also had The stimulating effect of the US $600 subsidy in January and the US $1,400 subsidy issued in March on consumption, as well as the gradual release of service consumption as the epidemic eases. 2) From the perspective of monthly high frequency, PCE in March reached 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. Among them, the year-on-year growth rate of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while non-durable goods slowed down slightly (4.3%) year-on-year, indicating that the subsidy of US $1,400 in March had an immediate stimulus effect on consumption, and the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Commodity consumption and service consumption jointly drive the high increase of personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. Commodity consumption in 21Q1 boosted GDP by 3.2 percentage points, an improvement of 1.5 percentage points compared with 20Q4, mainly due to the high growth of durable goods again under the fiscal stimulus in the first quarter. The contribution of durable goods to GDP in 21Q1 improved significantly by 1.3 percentage points compared with the fourth quarter, while the contribution of non-durable goods to GDP only slightly improved by 0.3 percentage points; 2) The improvement of service consumption on GDP is greater than that of durable goods consumption. Although service consumption in 21Q1 still has a negative pull of-1.4% on GDP, it has improved significantly by 1.6 percentage points compared with the previous quarter, and the improvement rate is even greater than that of durable goods consumption, showing that service consumption has improved under the dual factors of fiscal subsidies and epidemic easing. The flexibility is greater.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred</b></p><p>The effect of non-residential investment on GDP has been greatly improved, and private inventory has turned into a drag. In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter.</p><p>1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved. The main contributor to the improvement of private investment is non-residential investment (an improvement of 0.6 percentage points), which mainly comes from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventories. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic. The main drag on private investment was the change of private inventory (0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates. The pull of residential investment on GDP in 21Q1 remained stable. However, with the gradual increase of mortgage interest rates in the past 21 years, the U.S. real estate market has cooled down, and residential construction expenditures and existing home sales have slowed down. It is expected that subsequent residential investment will have an impact on GDP. The pulling effect will gradually decline.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports</b></p><p>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. 1) Exports dragged down by 1 percentage point, but have improved by 0.2 percentage points from the previous quarter, showing a slight recovery in U.S. industrial production, but it is still dwarfed by the 3.0 percentage point improvement in personal consumption expenditures. What actually reflects the excessive fiscal subsidies in the United States. The widening gap between supply and demand in 21Q1; 2) Imports dragged down GDP by 1.0 percentage points year-on-year in 21Q1, a significant increase of 0.9 percentage points compared with the previous quarter. The direct consequence of the widening gap between supply and demand in the United States is the expansion of import scale.</p><p>Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The U.S. economic recovery is expected to reach a high point in the second quarter, and pay attention to the follow-up progress of the epidemic</b></p><p>Looking ahead, we believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected.</p><p>Personal consumption expenditure: 1) Although commodity consumption in 21Q1 showed extremely strong momentum, we expect that the first quarter was already the high point of commodity consumption, and it will gradually decline as subsidies ebb; 2) Consumption in the service industry will continue to gradually recover as the epidemic eases, but the global epidemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of the service industry.</p><p>Investment: 1) The main driving force for the improvement of non-residential investment in 21Q1 is the expectation of economic improvement. From the current point of view, the global epidemic is the core factor that determines the intensity of economic recovery, and we need to pay attention to the subsequent progress of the epidemic; 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventories, that is, the intensity of inventory replenishment will depend on whether the current situation of the tearing between supply and demand in the United States can be alleviated. From the current point of view, it may not be until the end of unemployment subsidies in September that there will be a significant bridging trend between the supply and demand ends in the United States. Then drive inventory investment.</p><p>Government expenditure and net exports: 1) As unemployment subsidies continue to be paid in the second and third quarters, government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter, and if the U.S. employment plan or the U.S. household plan can be implemented within the year, it will also boost the level of government spending; In terms of net exports, exports will depend on the progress of the recovery of U.S. industrial production. As mentioned above, it may not be boosted until the fourth quarter. Imports, on the contrary, will fall back to normal as the gap between supply and demand narrows later this year. level.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>2. Global macro data: New confirmed cases in the United States decreased</b></p><p><b>1. Epidemic situation: New confirmed cases in the United States decreased</b></p><p>The number of new confirmed cases in the United States dropped this week. The average number of newly diagnosed cases in the United States dropped to more than 53,000 on the 7th day. As of April 29, the total number of confirmed cases in COVID-19 pandemic worldwide exceeded 150 million, the total number of deaths was 3.14 million, and the total number of recovered cases was 120 million. In the four days of this week (April 27-April 30), there were 220,000 and 9,000 new confirmed cases in the United States and the United Kingdom respectively.</p><p>As of April 28, the most COVID-19 vaccine vaccinations per 100 people worldwide were in Israel, reaching 121.1 shots per 100 people, 70.2 shots per 100 people in the United States, and 70.9 shots per 100 people in the United Kingdom. As of April 28, Israel has the highest proportion of fully vaccinated people in the world, reaching 58.7%, while the United States and the United Kingdom have 29.3% and 20.7% respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japan's retail sales rebounded sharply year-on-year</b></p><p>Japan's retail sales and wholesale sales both rose sharply year-on-year. Japan's retail sales index in March was 5.3% year-on-year, of which textiles and clothing in retail sales were 15.8% year-on-year, and the wholesale sales index in March was 1.0% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and semi-durable goods consumption increased significantly. South Korea's retail sales in March increased by 3.5 percentage points year-on-year to 13.5%, with semi-durable goods consumption growing the fastest, 35.5% year-on-year; Durable goods were 13.6% year-on-year, and non-durable goods were 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and employment: New orders for durable goods in the United States rose year-on-month</b></p><p>U.S. durable goods inventories rose, and the growth rate of new orders rose year-on-month. U.S. durable goods inventories reached US $431.84 billion in March, a month-on-month increase of 1.0% and a year-on-year increase of 1.7%. New orders for durable goods in the United States rose by 0.5% month-on-month in March, a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points from the previous month to 2.6% in March. South Korea's industrial production index rose year-on-month, and the industry continued to rebound. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production increased by 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from last week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries increased by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly during the week, while the number of continuing jobless claims rose slightly. The number of initial jobless claims in the United States reached 553,000 in the week of April 24, a decrease of 13,000 from last week; The number of people who continued to apply for unemployment benefits in the week of April 17 reached 3.66 million, an increase of 9,000 from the previous month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: U.S. imports and exports rose sharply year-on-year in March</b></p><p>U.S. imports and exports both rose sharply year-on-year in March. U.S. export growth in March rose sharply by 16.5 percentage points from the previous month to 11.5%, and imports were 20.6% year-on-year. The U.S. merchandise trade balance in March was-$90.59 billion.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rise slightly</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week of April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to US $63.2/barrel; The weekly average price of Brent oil rose to US $66.6/barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real estate: The U.S. existing home contract sales index rose year-on-year in March</b></p><p>The U.S. S&P/CS home price index rose for eight consecutive months in February. In February, the U.S. S&P/CS home price index rose 11.9% year-on-year to 246.0, rising for eight consecutive months. The U.S. existing home contract sales index in March rose by 23.3% year-on-year and 1.9% month-on-month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Japan's new housing starts and construction orders rose sharply in March. Japan's new housing starts in March were 1.5% year-on-year and 18.1% month-on-month. The number of construction orders in March was 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year, 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell by 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0% respectively. As of the week of April 23, the U.S. MBA market index fell by 18.2 to 706.6, and the housing market fell slightly.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rate: the US Dollar Index fell, gold prices were basically stable</b></p><p>The Federal Reserve's interest rate meeting was held this week. Powell's speech was dovish, the US Dollar Index fell, and gold prices were basically stable. On April 28, local time, the Federal Reserve announced a statement on the interest rate meeting. Powell said at the press conference after the meeting that it will still take some time to see substantial progress. Before that, the current scale of asset purchases will be maintained. It is not yet time to discuss Taper. the US Dollar Index continues to decline. As of April 29, the US Dollar Index closed at 90.6140, down 0.7% from last week; The exchange rates of the euro and pound against the US dollar (pound exchange rate data as of the 28th) closed at 1.2129 and 1.3906 respectively, appreciating 0.7% and depreciating 0.2% respectively from last week; As the Bank of Canada took the lead in Taper, the Canadian dollar strengthened, closing at 1.2292, an appreciation of 1.7% from last week. The average weekly gold price in London this week was US $1,774.8 per ounce, which was basically stable from last week, and the year-on-year increase fell by 1.2 pct from last week to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the GDP of the United States strong or weak in the first quarter?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the GDP of the United States strong or weak in the first quarter?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-05-02 15:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>This article comes from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Macro \".</b></p><p>SUMMARY</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>U.S. GDP in 21Q1 was 0.4% year-on-year, slightly lower than market expectations.</b>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. However, the main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><b>Household consumption: Subsidies promote commodity consumption, and the epidemic situation eases and the service industry recovers.</b>1) In 21Q1, U.S. personal consumption expenditures drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. Commodity consumption is mainly driven by durable goods, while service consumption has a greater improvement in GDP than durable goods consumption; 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. It shows the immediate stimulating effect of the subsidy of US $1,400 in March on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><b>Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred.</b>In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter. 1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved; 2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic; 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates.</p><p><b>Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports.</b>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><b>It is expected that the U.S. economic recovery will reach a high point in the second quarter. Pay attention to the follow-up progress of the epidemic.</b>We believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected. Personal consumption expenditure: It is expected that the first quarter will be the high point of commodity consumption, and service industry consumption will continue to gradually recover as the epidemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of service industry; Investment: The improvement of non-residential investment needs to pay attention to the subsequent progress of the epidemic. Residential investment will decline with the gradual cooling of the real estate market; Private inventory changes may wait until September after the end of unemployment benefits. Government expenditure and net exports: Government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter. Net exports will return to normal levels as the gap between supply and demand narrows later this year.</p><p><b>2. Global macro data</b></p><p><b>High-frequency data this week</b>: New orders for durable goods in the United States increased year-on-month</p><p><b>Epidemic</b>: New confirmed cases in the United States declined.</p><p><b>Demand</b>: Japan's retail sales rebounded sharply year-on-year.</p><p><b>Supply and employment</b>: New orders for durable goods in the United States increased year-on-month.</p><p><b>Trade</b>: U.S. imports and exports both rose sharply year-on-year in March.</p><p><b>Inflation and Commodities</b>: Oil prices rose slightly.</p><p><b>Real Estate</b>: The U.S. existing home contract sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>: the US Dollar Index falls, gold prices stabilize.</p><p><b>Global Macro Calendar</b>: Focus on US ISM Manufacturing PMI</p><p>text</p><p><b>1. Zhou's point of view: Is the GDP of the United States strong or weak in the first quarter?</b></p><p><b>1.21 Q1 U.S. GDP was 0.4% year-on-year, slightly lower than market expectations</b></p><p>The actual 21Q1 GDP of the United States was 0.4% year-on-year, turning positive year-on-year for the first time since the epidemic, and 1.6% month-on-month. The main contributing factors are commodity consumption, service consumption, and non-residential investment, showing the relatively rapid recovery of the U.S. economy under the improvement of the epidemic and fiscal subsidies. The main drag items are changes in private inventories and imports. In fact, the GDP growth rate of the United States in the first quarter was slightly lower than market expectations, indicating that the market lacks understanding of the slow recovery of production caused by excessive fiscal subsidies in the United States, and is overly optimistic about the improvement of the epidemic. expectations.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Household consumption: Subsidies promote commodity consumption, and the epidemic eases and the service industry recovers</b></p><p>In 21Q1, financial subsidies of up to 2,000 USD/person stimulate commodity consumption; The easing of the epidemic has promoted the recovery of service consumption, but it is slightly weaker than the early optimistic expectations of overseas markets. 1) From a quarterly perspective, U.S. personal consumption expenditure in 21Q1 drove GDP by 1.1 percentage points year-on-year, a significant improvement of 3 percentage points from 20Q4. It jumped from the largest drag on GDP in the fourth quarter to the largest contribution, showing that the first quarter also had The stimulating effect of the US $600 subsidy in January and the US $1,400 subsidy issued in March on consumption, as well as the gradual release of service consumption as the epidemic eases. 2) From the perspective of monthly high frequency, PCE in March reached 8.5% year-on-year and 3.7% month-on-month. It strengthened again after falling slightly during the direct subsidy vacuum period in February. Among them, the year-on-year growth rate of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while non-durable goods slowed down slightly (4.3%) year-on-year, indicating that the subsidy of US $1,400 in March had an immediate stimulus effect on consumption, and the recovery of service consumption under the relaxation of prevention and control measures. However, judging from the intensity of the recovery of service consumption, it is actually slightly weaker than the overly optimistic expectations of overseas markets in February-March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Commodity consumption and service consumption jointly drive the high increase of personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. Commodity consumption in 21Q1 boosted GDP by 3.2 percentage points, an improvement of 1.5 percentage points compared with 20Q4, mainly due to the high growth of durable goods again under the fiscal stimulus in the first quarter. The contribution of durable goods to GDP in 21Q1 improved significantly by 1.3 percentage points compared with the fourth quarter, while the contribution of non-durable goods to GDP only slightly improved by 0.3 percentage points; 2) The improvement of service consumption on GDP is greater than that of durable goods consumption. Although service consumption in 21Q1 still has a negative pull of-1.4% on GDP, it has improved significantly by 1.6 percentage points compared with the previous quarter, and the improvement rate is even greater than that of durable goods consumption, showing that service consumption has improved under the dual factors of fiscal subsidies and epidemic easing. The flexibility is greater.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment has improved significantly, interest rates have suppressed real estate investment, and inventory replenishment has not occurred</b></p><p>The effect of non-residential investment on GDP has been greatly improved, and private inventory has turned into a drag. In 21Q1, domestic private investment drove GDP by 0.8 percentage points year-on-year, a slight improvement of 0.1 percentage points from the fourth quarter.</p><p>1) The improvement in non-residential investment shows that the U.S. production sector's expectations for the economic outlook have improved. The main contributor to the improvement of private investment is non-residential investment (an improvement of 0.6 percentage points), which mainly comes from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The year-on-year decline in the contribution of private inventory changes to 21Q1 GDP is a manifestation of the tear between supply and demand in the U.S. economy. Strong demand and slow recovery of production have led to a decline in inventories. This means that the strengthening of commodity prices in Q1 cannot be supported by U.S. industrial production. Supported by strong and active inventory replenishment logic. The main drag on private investment was the change of private inventory (0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall increase in U.S. interest rates in the previous period. The follow-up is expected to continue to cool down with the medium-term upward process of interest rates. The pull of residential investment on GDP in 21Q1 remained stable. However, with the gradual increase of mortgage interest rates in the past 21 years, the U.S. real estate market has cooled down, and residential construction expenditures and existing home sales have slowed down. It is expected that subsequent residential investment will have an impact on GDP. The pulling effect will gradually decline.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government expenditure and net exports: Subsidies drive the increase of government expenditure, and the widening gap between supply and demand leads to the high increase of imports</b></p><p>The tear between supply and demand in the U.S. economy has caused net exports to deepen the drag on GDP again. Net exports in 21Q1 dragged down GDP by 2 percentage points year-on-year, and the degree of drag was 0.7 percentage points higher than that in 20Q4. 1) Exports dragged down by 1 percentage point, but have improved by 0.2 percentage points from the previous quarter, showing a slight recovery in U.S. industrial production, but it is still dwarfed by the 3.0 percentage point improvement in personal consumption expenditures. What actually reflects the excessive fiscal subsidies in the United States. The widening gap between supply and demand in 21Q1; 2) Imports dragged down GDP by 1.0 percentage points year-on-year in 21Q1, a significant increase of 0.9 percentage points compared with the previous quarter. The direct consequence of the widening gap between supply and demand in the United States is the expansion of import scale.</p><p>Government expenditure in 21Q1 boosted GDP by 0.1 percentage points year-on-year, mainly due to the U.S. government's issuance of direct subsidy checks to residents to the banking system and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The U.S. economic recovery is expected to reach a high point in the second quarter, and pay attention to the follow-up progress of the epidemic</b></p><p>Looking ahead, we believe that the strength of future U.S. economic recovery depends on the vaccination process and the spread of COVID-19 pandemic. Under the assumption that the epidemic situation in the United States continues to ease and the service industry gradually recovers, the second quarter is expected to be the highest point for the recovery of the U.S. economy. However, the tear between supply and demand caused by excessive subsidies will continue until September, and the intensity of the recovery of the U.S. economy during the year may not be as strong as the market expected.</p><p>Personal consumption expenditure: 1) Although commodity consumption in 21Q1 showed extremely strong momentum, we expect that the first quarter was already the high point of commodity consumption, and it will gradually decline as subsidies ebb; 2) Consumption in the service industry will continue to gradually recover as the epidemic eases, but the global epidemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the subsequent recovery intensity of the service industry.</p><p>Investment: 1) The main driving force for the improvement of non-residential investment in 21Q1 is the expectation of economic improvement. From the current point of view, the global epidemic is the core factor that determines the intensity of economic recovery, and we need to pay attention to the subsequent progress of the epidemic; 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventories, that is, the intensity of inventory replenishment will depend on whether the current situation of the tearing between supply and demand in the United States can be alleviated. From the current point of view, it may not be until the end of unemployment subsidies in September that there will be a significant bridging trend between the supply and demand ends in the United States. Then drive inventory investment.</p><p>Government expenditure and net exports: 1) As unemployment subsidies continue to be paid in the second and third quarters, government expenditure is expected to continue to make a positive contribution to GDP year-on-year before the fourth quarter, and if the U.S. employment plan or the U.S. household plan can be implemented within the year, it will also boost the level of government spending; In terms of net exports, exports will depend on the progress of the recovery of U.S. industrial production. As mentioned above, it may not be boosted until the fourth quarter. Imports, on the contrary, will fall back to normal as the gap between supply and demand narrows later this year. level.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>2. Global macro data: New confirmed cases in the United States decreased</b></p><p><b>1. Epidemic situation: New confirmed cases in the United States decreased</b></p><p>The number of new confirmed cases in the United States dropped this week. The average number of newly diagnosed cases in the United States dropped to more than 53,000 on the 7th day. As of April 29, the total number of confirmed cases in COVID-19 pandemic worldwide exceeded 150 million, the total number of deaths was 3.14 million, and the total number of recovered cases was 120 million. In the four days of this week (April 27-April 30), there were 220,000 and 9,000 new confirmed cases in the United States and the United Kingdom respectively.</p><p>As of April 28, the most COVID-19 vaccine vaccinations per 100 people worldwide were in Israel, reaching 121.1 shots per 100 people, 70.2 shots per 100 people in the United States, and 70.9 shots per 100 people in the United Kingdom. As of April 28, Israel has the highest proportion of fully vaccinated people in the world, reaching 58.7%, while the United States and the United Kingdom have 29.3% and 20.7% respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japan's retail sales rebounded sharply year-on-year</b></p><p>Japan's retail sales and wholesale sales both rose sharply year-on-year. Japan's retail sales index in March was 5.3% year-on-year, of which textiles and clothing in retail sales were 15.8% year-on-year, and the wholesale sales index in March was 1.0% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and semi-durable goods consumption increased significantly. South Korea's retail sales in March increased by 3.5 percentage points year-on-year to 13.5%, with semi-durable goods consumption growing the fastest, 35.5% year-on-year; Durable goods were 13.6% year-on-year, and non-durable goods were 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and employment: New orders for durable goods in the United States rose year-on-month</b></p><p>U.S. durable goods inventories rose, and the growth rate of new orders rose year-on-month. U.S. durable goods inventories reached US $431.84 billion in March, a month-on-month increase of 1.0% and a year-on-year increase of 1.7%. New orders for durable goods in the United States rose by 0.5% month-on-month in March, a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points from the previous month to 2.6% in March. South Korea's industrial production index rose year-on-month, and the industry continued to rebound. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production increased by 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from last week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries increased by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly during the week, while the number of continuing jobless claims rose slightly. The number of initial jobless claims in the United States reached 553,000 in the week of April 24, a decrease of 13,000 from last week; The number of people who continued to apply for unemployment benefits in the week of April 17 reached 3.66 million, an increase of 9,000 from the previous month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: U.S. imports and exports rose sharply year-on-year in March</b></p><p>U.S. imports and exports both rose sharply year-on-year in March. U.S. export growth in March rose sharply by 16.5 percentage points from the previous month to 11.5%, and imports were 20.6% year-on-year. The U.S. merchandise trade balance in March was-$90.59 billion.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rise slightly</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week of April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to US $63.2/barrel; The weekly average price of Brent oil rose to US $66.6/barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real estate: The U.S. existing home contract sales index rose year-on-year in March</b></p><p>The U.S. S&P/CS home price index rose for eight consecutive months in February. In February, the U.S. S&P/CS home price index rose 11.9% year-on-year to 246.0, rising for eight consecutive months. The U.S. existing home contract sales index in March rose by 23.3% year-on-year and 1.9% month-on-month.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Japan's new housing starts and construction orders rose sharply in March. Japan's new housing starts in March were 1.5% year-on-year and 18.1% month-on-month. The number of construction orders in March was 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year, 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell by 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0% respectively. As of the week of April 23, the U.S. MBA market index fell by 18.2 to 706.6, and the housing market fell slightly.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rate: the US Dollar Index fell, gold prices were basically stable</b></p><p>The Federal Reserve's interest rate meeting was held this week. Powell's speech was dovish, the US Dollar Index fell, and gold prices were basically stable. On April 28, local time, the Federal Reserve announced a statement on the interest rate meeting. Powell said at the press conference after the meeting that it will still take some time to see substantial progress. Before that, the current scale of asset purchases will be maintained. It is not yet time to discuss Taper. the US Dollar Index continues to decline. As of April 29, the US Dollar Index closed at 90.6140, down 0.7% from last week; The exchange rates of the euro and pound against the US dollar (pound exchange rate data as of the 28th) closed at 1.2129 and 1.3906 respectively, appreciating 0.7% and depreciating 0.2% respectively from last week; As the Bank of Canada took the lead in Taper, the Canadian dollar strengthened, closing at 1.2292, an appreciation of 1.7% from last week. The average weekly gold price in London this week was US $1,774.8 per ounce, which was basically stable from last week, and the year-on-year increase fell by 1.2 pct from last week to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/466474.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://img.zhitongcaijing.com/image/20210501/20210501134714_46528.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.zhitongcaijing.com/content/detail/466474.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2132567538","content_text":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济快速复苏。但主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。居民消费：补贴推动商品消费，疫情缓和服务业修复。1)21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点。商品消费主要为耐用品推动，而服务消费对GDP拉动的改善幅度大于耐用品消费;2)月度高频角度，3月PCE同比8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。投资：设备投资改善显著，利率抑制地产投资，补库存并未出现。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善;2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持;3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增。美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。预计美国经济复苏2季度为高点，关注疫情后续进展。我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：预计1季度是商品消费高点，服务业消费将继续随着疫情缓和而渐进式恢复，但美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度;投资：非住宅投资的改善需要关注后续疫情进展。住宅投资将随着地产市场的逐步降温而走低;私人库存变动或要等到9月失业补贴结束之后得以改善。政府支出和净出口：政府支出预计将在4季度前持续对GDP同比形成正贡献。净出口将随着今年后期供需缺口的收窄而回到正常水平。二、全球宏观数据本周高频数据：美国耐用品新订单同环比均上升疫情：美国新增确诊病例下降。需求：日本零售销售同比大幅回升。供给与就业：美国耐用品新订单同环比均上升。贸易：美国3月进出口同比均大幅上升。通胀和大宗商品：油价小幅上行。房地产：美3月成屋签约销售指数上升。货币政策和汇率：美元指数下跌，黄金价格稳定。全球宏观日历：关注美国ISM制造业PMI正文一、周观点：美国一季度GDP究竟是偏强还是偏弱?1.21Q1美国GDP同比0.4%，略低于市场预期美国21Q1GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济相对较快的复苏。主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。2.居民消费：补贴推动商品消费，疫情缓和服务业修复21Q1高达2000美金/人的财政补贴拉动商品消费;疫情缓和推动服务消费恢复，但略弱于前期海外市场乐观预期。1)从季度角度看，21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点，从4季度对GDP最大的拖累项一跃转为最大的贡献项，显示一季度同时具备1月600美金补贴以及3月开始发放的1400美金补贴对消费的刺激效果，以及疫情缓和下服务消费的渐次释放。2)而从月度高频角度，3月PCE同比达到8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。其中，耐用品、服务消费同比增速再度提升，3月分别达到43.3%和4.8%，而非耐用品同比略有放缓(4.3%)，显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。商品消费、服务消费共同驱动个人消费支出高增。1)商品消费主要为耐用品推动。21Q1商品消费对GDP拉动3.2个百分点，较20Q4改善1.5个百分点，主要归功于耐用品在一季度财政刺激下再度高增，21Q1耐用品对GDP贡献度较4季度大幅改善1.3个百分点，而非耐用品对GDP贡献度仅小幅改善0.3个百分点;2)服务消费对GDP拉动效果的改善幅度大于耐用品消费。21Q1服务消费对GDP虽然仍为-1.4%的负拉动，但已较上季度大幅改善1.6个百分点，改善幅度更甚于耐用品消费，显示出服务消费在财政补贴+疫情缓和双重因素下改善的弹性更大。3.投资：设备投资改善显著，利率抑制地产投资，补库存并未出现非住宅投资对GDP拉动效果大幅改善，私人存货转为拖累。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善。私人投资改善的主要贡献因素为非住宅投资(改善0.6个百分点)，其中主要来自于设备投资，显示制造业企业对经济恢复前景保持乐观。2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持。拖累私人投资的主要因素为私人存货变动(拖累0.4个百分点)。3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。21Q1住宅投资对GDP的拉动保持稳定，但随着21年以来抵押贷款利率的逐步上行，美国房地产市场已经有所降温，住宅营建支出、成屋销售已经有所放缓，预计后续住宅投资对GDP的拉动效果将逐步下降。4.政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。1)出口拖累1个百分点，但已较上个季度改善0.2个百分点，显示美国工业生产的小幅恢复，但相比个人消费支出3.0个百分点的改善幅度仍然相形见绌，实际体现的是美国过度财政补贴下21Q1供需缺口的拉大;2)而进口在21Q1拖累GDP同比1.0个百分点，拖累程度较上季度大幅扩大0.9个百分点，美国供需缺口拉大的直接后果便是进口规模的扩大。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。5.预计美国经济复苏2季度为高点，关注疫情后续进展展望未来，我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：1)虽然21Q1商品消费显示出极为强劲的势头，但我们预计1季度已经是商品消费高点，后续将随着补贴退潮而逐步回落;2)服务业消费将继续随着疫情缓和而渐进式恢复，但3月以来全球疫情有所反弹，特别是在欧洲国家以及新兴国家，同时美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度。投资：1)21Q1非住宅投资的改善主要驱动力为经济向好预期，而从当前时点来看，全球疫情是决定经济恢复强度的核心因素，需要关注后续疫情进展;2)住宅投资将随着地产市场的逐步降温而走低;3)私人库存变动，即补库存的力度将依赖于美国供需撕裂的现状是否能够缓和，从当前来看，或要等到9月失业补贴结束之后，美国供需两端才能出现显著的弥合趋势，进而带动库存投资。政府支出和净出口：1)随着失业补贴在2、3季度的持续发放，政府支出预计将在4季度前持续对GDP同比形成正贡献，而如果美国就业计划或美国家庭计划能够在年内落地，也将提振政府支出水平;净出口方面，出口将依赖于美国工业生产恢复的进度，如上文所说，或要到4季度才能得到提振，进口则恰恰相反，将随着今年后期供需缺口的收窄而回落到正常水平。二、全球宏观数据：美国新增确诊病例下降1.疫情：美国新增确诊病例下降本周美国新增确诊病例下降。美国新增确诊7日平均下降至5.3万人以上。截止4月29日，全球新冠疫情累计确诊超过1.5亿，累计死亡病例314万人，累计康复病例1.2亿人。本周四天(4月27日-4月30日)美国、英国分别新增确诊病例22万人和0.9万人。截止4月28日，全球范围内平均每百人接种新冠疫苗最多的是以色列，达每百人121.1针，美国每百人70.2针，英国每百人70.9针。截止4月28日，全球范围内完全接种疫苗的人占人口比例最高的是以色列，达58.7%，美国、英国分别为29.3%、20.7%。2.需求：日本零售销售同比大幅回升日本零售销售和批发销售同比均大幅上行。日本3月零售销售指数同比5.3%，其中零售中纺织服装同比15.8%，3月批发销售指数同比1.0%。韩国3月零售销售同比持续增长，半耐用品消费大幅增长。韩国3月零售销售同比较上月上升3.5个百分点至13.5%，其中半耐用品消费增速最快，同比35.5%;耐用品同比13.6%，非耐用品同比6.5%。3.供给与就业：美国耐用品新订单同环比均上升美国耐用品库存上升，新订单增速同环比均上升。3月美国耐用品库存达4318.4亿美元，环比上升1.0%，同比增长1.7%。美国3月耐用品新订单环比上升0.5%，同比大幅上升25%。日本3月失业率下降至2.6%。3月日本失业率较上月下降0.3个百分点至2.6%。韩国工业生产指数同环比均上升，工业持续回升。韩国3月工业生产指数同比上升5.7%，环比上升0.8%至112.6。美国工业材料生产持续上升。1)截止4月24日当周，美国周度粗钢产量同比上升43.6%，产能利用率较上周小幅上升0.4个百分点至78.4%;2)截止4月23日，美国炼油厂可运营能力利用率上升0.4个百分点至85.4%。美国当周初请失业金人数小幅下降，持续申领失业金人数小幅上升。4月24日当周美国初请失业金人数达55.3万人，环比上周下降1.3万人;4月17日当周持续申领失业金人数达366万人，环比上升0.9万人。4.贸易：美国3月进出口同比均大幅上升美国3月进出口同比均大幅上升。美国3月出口增速较上月大幅上升16.5个百分点至11.5%，进口同比20.6%。美国3月份商品贸易差额为-905.9亿美元。5.通胀和大宗商品：油价小幅上行4月28日当周EIA原油库存上升900万桶，美国原油产量小幅下降10万桶/日至1090万桶/日。截止4月29日，WTI原油周均价上升至63.2美元/桶;布油周均价上升至66.6美元/桶。6.房地产：美国3月成屋签约销售指数同比上升美国2月标普/CS房价指数连续8个月上涨。2月美国标普/CS房价指数同比上升11.9%至246.0，连续8个月上涨。美国3月成屋签约销售指数同比大幅23.3%，环比1.9%。日本3月新屋开工、营建订单大幅上行。日本3月新屋开工同比1.5%，环比18.1%，3月营建订单数同比12.5%，环比192.7%，涨幅达到近一年最高。美国5年期抵押贷款利率下降，15年期、30年期抵押贷款利率上升。截止4月29日当周，5年期抵押贷款利率下降0.2个百分点至2.6%，15年期、30年期抵押贷款利率分别上升至2.3%和3.0%。截止4月23日当周，美国MBA市场指数下降18.2至706.6，房市热度小幅回落。7.货币政策和汇率：美元指数下跌，黄金价格基本稳定本周美联储议息会议召开，鲍威尔发言偏鸽，美元指数下跌，黄金价格基本稳定。当地时间4月28日，美联储公布议息会议声明，鲍威尔在会后新闻发布会上表示看到实质性进展仍需一些时间，在此之前会维持当前的资产购买规模，现在还未到讨论Taper的时间，美元指数持续下行。截至4月29日，美元指数报收90.6140，较上周下行0.7%;欧元、英镑兑美元汇率(英镑汇率数据截至28日)分别报收1.2129、1.3906，分别较上周升值0.7%、贬值0.2%;由于加拿大央行率先Taper，加元走强，报收1.2292，较上周升值1.7%。本周伦敦金周均价1774.8美元/盎司，较上周基本稳定，同比涨幅较上周下行1.2pct至3.6%。","news_type":1,"symbols_score_info":{"ZBmain":0.9,"ZNmain":0.9,"ZTmain":0.9,".DJI":0.9,"ZFmain":0.9,"UBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126645623,"gmtCreate":1624571121162,"gmtModify":1703840449773,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570851196183919","idStr":"3570851196183919"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126645623","repostId":"1173297432","repostType":4,"repost":{"id":"1173297432","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":1624546848,"share":"https://ttm.financial/m/news/1173297432?lang=en_US&edition=fundamental","pubTime":"2021-06-24 23:00","market":"us","language":"zh","title":"Tesla rose more than 5%, Model 3 and Model Y may be sold out in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1173297432","media":"老虎资讯综合","summary":"特斯拉的第三季度数据可能会相当令人印象深刻。","content":"<p>Market news, the current delivery wait time of Model 3 and Model Y in the United States partially hints at<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States is still so strong that it may sell out in the third quarter. The estimated delivery date for both models is until the third quarter of 2021. The estimated delivery date for the Model Y Long Range Dual Motor AWD is September 2021, and the Model 3 Standard Range and Long Range Dual Motor AWD are 11 weeks.</p><p>With the Model S, and even the Model X, entering the fray in the third quarter, Tesla's Q3 numbers could be pretty impressive. Considering that both flagships are highly profitable models, Tesla's third-quarter financials could get a boost from the new Model S (and perhaps the new Model X).</p><p>According to Electrek data: As of May 2021, Tesla models account for more than 54% of U.S. electric vehicle sales. In addition, U.S. electric vehicle sales reached 53,779 units in May, an increase of 19.2% from April 2021.</p><p>As of press time, Tesla rose more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla rose more than 5%, Model 3 and Model Y may be sold out in the United States</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\">\nTesla rose more than 5%, Model 3 and Model Y may be sold out in the United States\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-24 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Market news, the current delivery wait time of Model 3 and Model Y in the United States partially hints at<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States is still so strong that it may sell out in the third quarter. The estimated delivery date for both models is until the third quarter of 2021. The estimated delivery date for the Model Y Long Range Dual Motor AWD is September 2021, and the Model 3 Standard Range and Long Range Dual Motor AWD are 11 weeks.</p><p>With the Model S, and even the Model X, entering the fray in the third quarter, Tesla's Q3 numbers could be pretty impressive. Considering that both flagships are highly profitable models, Tesla's third-quarter financials could get a boost from the new Model S (and perhaps the new Model X).</p><p>According to Electrek data: As of May 2021, Tesla models account for more than 54% of U.S. electric vehicle sales. In addition, U.S. electric vehicle sales reached 53,779 units in May, an increase of 19.2% from April 2021.</p><p>As of press time, Tesla rose more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e0d9f23e003547a93295253f05b6a55","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173297432","content_text":"市场消息，Model 3和Model Y目前在美国的交付等待时间部分暗示了特斯拉在美国的需求仍非常强劲，以至于可能会在第三季度销售一空。这两款车型的预计交付日期都要到2021年第三季度。Model Y长续航双电机全轮驱动版(Long Range Dual Motor AWD)预计交付日期为2021年9月，Model 3标准续航版和长续航双电机全轮驱动版预计交付日期为11周。\n随着Model S，甚至Model X在第三季度加入竞争，特斯拉的第三季度数据可能会相当令人印象深刻。考虑到这两款旗舰车都是高利润车型，特斯拉第三季度的财务状况可能会因为新款Model S(或许还有新款Model X)而得到提振。\n另据Electrek数据：截至2021年5月，特斯拉车型占美国电动汽车销量的54%以上。 此外，5月份美国电动汽车销量达到53779辆，比2021年4月增长了19.2%。\n截至发稿，特斯拉涨超5%。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191170232,"gmtCreate":1620866501726,"gmtModify":1704349479567,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570851196183919","idStr":"3570851196183919"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191170232","repostId":"1123721888","repostType":4,"repost":{"id":"1123721888","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":1620812439,"share":"https://ttm.financial/m/news/1123721888?lang=en_US&edition=fundamental","pubTime":"2021-05-12 17:40","market":"us","language":"zh","title":"Tiger Securities was included in the MSCI China All-Stock Index!","url":"https://stock-news.laohu8.com/highlight/detail?id=1123721888","media":"老虎资讯综合","summary":"此次被纳入MSCI意味着国际资本市场对老虎证券的认可和信心！","content":"<p>According to news on May 11, the international index compilation company MSCI announced the quarterly adjustment results of the index in May. Among them,<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Included in the MSCI China All Shares Index (MSCI China All Shares Index) will take effect after the market closes on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Securities, said: \"Tiger Securities' inclusion in the MSCI China All-Stock Index represents the recognition and confidence of the international market in our long-term investment value and development prospects. Tiger Securities' mission is to make investment better with technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient and smooth one-stop global investment experience. As Tiger enters Singapore, the United States and other countries and regions, we look forward to serving more global users. \"<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI (morgan stanley capital international) is currently the most important index company in the world. It compiles hundreds of indexes in various markets around the world, and is used as an investment benchmark and tracked by a large number of international institutions and investors. Since the release of the first index in 1969, MSCI has mainly provided products and services such as indexes, risk portfolios and performance analysis tools, and corporate governance tools according to different countries and regions, market sizes, industries and investment methods. Approximately US $10 trillion in the world's assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. The pension of 95% of the investment equity in the United States is benchmarked on MSCI.</p><p>The MSCI China All Shares Index, compiled by MSCI, is the most important component of the MSCI Emerging Markets Index. According to the adjustment method of MSCI index, companies that can be included in its index system generally have to meet a series of requirements such as total market value, free circulation market value, liquidity and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official site</span></p><p>Historical performance of MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to the quarterly adjustment results released by MSCI, the MSCI China All-Stock Index added 60 new stocks this time and excluded 26 stocks. So, what does being on the list mean for tigers?</p><p>It means that the recognition and confidence of Tiger Securities in the international capital market will help further expand the company's influence in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI estimates, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds use morgan stanley capital international China All-Stock Index as their investment target. When stocks are included in the index, passive investors will allocate these new constituent stocks in proportion.</p><p>View for details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">MSCI China Index Constituent Stock Adjustment Description</a></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Securities was included in the MSCI China All-Stock Index!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Securities was included in the MSCI China All-Stock Index!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-12 17:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to news on May 11, the international index compilation company MSCI announced the quarterly adjustment results of the index in May. Among them,<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Included in the MSCI China All Shares Index (MSCI China All Shares Index) will take effect after the market closes on May 27.</p><p>Wu Tianhua, founder and CEO of Tiger Securities, said: \"Tiger Securities' inclusion in the MSCI China All-Stock Index represents the recognition and confidence of the international market in our long-term investment value and development prospects. Tiger Securities' mission is to make investment better with technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient and smooth one-stop global investment experience. As Tiger enters Singapore, the United States and other countries and regions, we look forward to serving more global users. \"<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI (morgan stanley capital international) is currently the most important index company in the world. It compiles hundreds of indexes in various markets around the world, and is used as an investment benchmark and tracked by a large number of international institutions and investors. Since the release of the first index in 1969, MSCI has mainly provided products and services such as indexes, risk portfolios and performance analysis tools, and corporate governance tools according to different countries and regions, market sizes, industries and investment methods. Approximately US $10 trillion in the world's assets are benchmarked against the MSCI index, and 97 of the world's top 100 largest asset managers are MSCI clients. The pension of 95% of the investment equity in the United States is benchmarked on MSCI.</p><p>The MSCI China All Shares Index, compiled by MSCI, is the most important component of the MSCI Emerging Markets Index. According to the adjustment method of MSCI index, companies that can be included in its index system generally have to meet a series of requirements such as total market value, free circulation market value, liquidity and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official site</span></p><p>Historical performance of MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to the quarterly adjustment results released by MSCI, the MSCI China All-Stock Index added 60 new stocks this time and excluded 26 stocks. So, what does being on the list mean for tigers?</p><p>It means that the recognition and confidence of Tiger Securities in the international capital market will help further expand the company's influence in the international capital market and enhance the internationalization level of the company's shareholders.</p><p>According to MSCI estimates, trillions of dollars of funds around the world track emerging market indexes, including both active funds and passive funds. Passive funds use morgan stanley capital international China All-Stock Index as their investment target. When stocks are included in the index, passive investors will allocate these new constituent stocks in proportion.</p><p>View for details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">MSCI China Index Constituent Stock Adjustment Description</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e4b807dafecc161ebbd0d3c42055f20","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123721888","content_text":"5月11日消息，国际指数编制公司MSCI公布5月指数季度调整结果，其中，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），将于5月27日收盘后生效。老虎证券创始人及CEO巫天华表示：“老虎证券获纳入MSCI中国全股票指数代表国际市场对我们长期投资价值和发展前景的认可和信心。老虎证券的使命是科技让投资更美好。通过不断技术迭代，我们致力于为投资者提供更高效、便捷、流畅的一站式全球投资体验。随着老虎进入新加坡，美国等国家和地区，我们期待服务更多全球用户。”MSCI（明晟）是目前全球最重要的指数公司，编制数百种全球各个市场的指数，被大量国际机构，投资者作为投资基准并跟踪。从 1969年发布第一只指数至今，MSCI按照国家和区域、市场规模大小、行业及投资方式的不同，主要提供指数、风险组合和业绩分析工具以及公司治理工具等产品和服务。全球约10万亿美元的资产以MSCI指数为基准，全球前100个最大资产管理者中，97个都是MSCI的客户。美国95%的投资权益的养老金以MSCI为基准。MSCI中国全股票指数(MSCI China All Shares Index)由摩根士丹利资本国际(MSCI)编制，是 MSCI新兴市场指数中最重要的组成部分。根据 MSCI指数的调整方法，能被纳入到其指数体系的公司一般要满足总市值、自由流通市值、流动性和交易时间等一系列要求。MSCI官网明晟中国全股票指数(MSCI China All Shares Index)历史表现：根据MSCI发布的季度调整结果， MSCI中国全股票指数本次新增60只个股，剔除26只股票。那么，上榜对于老虎意味着什么呢？意味着国际资本市场对老虎证券的认可和信心，有助于进一步扩大公司国际资本市场影响力、提升公司股东国际化水平。据 MSCI估算，全球数以万亿美元的资金跟踪新兴市场指数，其中既包含了主动型资金，又包含了被动型基金，被动型资金以明晟中国全股票指数作为投资标的。当股票被纳入指数后，被动型投资者会按比例配置新增这些成份股。详情查看：MSCI中国指数成分股调整说明","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":2147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347713922,"gmtCreate":1618530491366,"gmtModify":1704712205071,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570851196183919","idStr":"3570851196183919"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347713922","repostId":"2127088429","repostType":4,"repost":{"id":"2127088429","kind":"news","pubTimestamp":1618527482,"share":"https://ttm.financial/m/news/2127088429?lang=en_US&edition=fundamental","pubTime":"2021-04-16 06:58","market":"us","language":"zh","title":"Bezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better","url":"https://stock-news.laohu8.com/highlight/detail?id=2127088429","media":"腾讯科技","summary":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯 签署了其卸任首席执行官前的最后一封年度股东信。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。贝索斯说，他希望亚马逊将来为员工做同样的事情。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Technology News April 16th news, local time in the United States on Thursday,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he put forward a broad vision for the company's future, and is committed to extending Amazon's famous \"customer first\" principle to giving equal care to employees.</p><p>Bezos cited the results of a recent union vote at an Amazon warehouse in Alabama as an example of why the company needs to deal with internal employee challenges. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic unionization campaign. If successful, it would represent the first union formed at Amazon's facilities in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over power to Andy Jassy, CEO of Amazon's cloud computing unit AWS, who will himself serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a set of core leadership principles, the most important of which is the company's \"customer first\". Bezos said he hopes Amazon will do the same for employees in the future. He wrote: \"Although we have achieved a lot, it is clear to me that we need a better vision to make our employees successful. We have always wanted to be the most customer-centric company in the world. We won't change that, which is why we have achieved such success. But I promise that we will add one, and we will be the best employer and safest workplace in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a savage and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but that's inaccurate. \"</p><p>After taking on his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40% of work-related injuries are sprains or strains, mostly due to repeating the same movements, which are common among new employees, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to rotate in different jobs using other tendon groups. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what the reimagined focus of the company's business might mean for Amazon's future. He reiterated that Amazon is \"still on its first day of entrepreneurship,\" and highlighted Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from our attention as' the most customer-centric company in the world ', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses at the same time, just like consumer e-commerce and AWS, and both do very well at the highest level, then certainly we can do the same thing with these two vision statements. In fact, I believe they reinforce each other. \"</p><p><b>The following is the new full text of Bezos's annual shareholder:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create an \"enduring franchise,\" one that would redefine what it means to \"serve customers\" by unleashing the power of the Internet. I've noticed that Amazon has grown from 158 employees to 614, and we've surpassed 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon is \"still on its first day of business\" status.</p><p>We've come a long way since then, and we're working harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have transferred more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home devices are connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa or AWS, and there wasn't even such an idea back then. We take a lot of risks with every big move and put in sweat and creativity along the way.</p><p>Along the way, we have generated $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighths of the shares, equivalent to $1.4 trillion in wealth creation, are owned by others. Who are they? They include pension funds, universities, they are Mary and Larry, and just as I sit down to write this shareholder letter, they suddenly send me all kinds of ideas.</p><p>I hear similar stories all the time. I know some of these people who use the money they earn from Amazon for college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we have created for our shareholders. It's important because it helps improve their lives. But there's another thing I know: it's not the biggest part of the value we create.</p><p><b>Creating is more valuable than consuming</b></p><p>If you want to succeed in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that doesn't create value for the people it reaches, even if it appears to be successful on the surface, doesn't exist in this world for very long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are predictions of future cash flows discounted back to the present. The stock market represents expectations. However, I'm going to change the subject now and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer, because the accounting system is set up to answer this question. Our net income in 2020 was $21.3 billion. If Amazon wasn't a publicly traded company with thousands of shareholders, but a sole proprietorship with only one owner, that's all it made in 2020.</p><p>What about employee income? It's also a fairly easy question of value creation to answer, because we can look at the compensation spending situation. The company's expenditure represents the employee's income. In 2020, employees earned $80 billion, plus $11 billion in expenses (including benefits and various payroll taxes), totaling $91 billion.</p><p>What about third-party sellers? We have an internal team (sales partner service team) to answer this question. They estimate that in 2020, third-party sellers made between $25 billion and $39 billion in profits from selling goods on Amazon, which I'm assuming here to be conservative.</p><p>As for customers, we have to segment it into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of choice and fast delivery services, but let's say we ignore all of these and only value one thing, and that is, we save our customers time.</p><p>Customers complete 28% of their purchases on Amazon in three minutes or less, and half of them take less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching store aisles, queuing up to check out, finding your car, and then driving home, research shows it takes an average hour. If you assume that a typical Amazon purchase only takes 15 minutes and can save you a few trips to a physical store a week, that's 75 + hours a year. It's important, after all, in the early 2000s, we're all busy.</p><p>In this way, we can get a dollar figure, let's assume the time saved is $10 per hour (which is conservative). Seventy-five hours multiplied by $10 an hour, subtracting the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because each customer has a vastly different workload, but we will do it anyway because we admit beforehand that the margin of error is high. The direct cost improvements from cloud operations vary from on-site operations, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, this 30% represents $19 billion in customer value created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly increase customer competitiveness and revenue. We don't have a reasonable way to estimate this part of customer value, except to say that it is almost certainly greater than the immediate cost savings. Conservatively speaking, I think that part of the value AWS generated for customers in 2020 is as high as $38 billion.</p><p>Adding the value created for AWS and consumer customers together, we generated a total of $164 billion in customer value in 2020. Collectively, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group had an income statement that represented their interactions with Amazon, the numbers above would be the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, that we create value for them. This value creation is not a \"zero-sum game\". It's not just about transferring money from pocket to pocket. Within the broad framework of society as a whole, you will find that invention is the root of all true value creation, and that value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively straightforward relationship with shareholders, who invest and hold stocks for a period of their choice. We rarely provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even then, they could just ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have the process they follow and the criteria by which they evaluate their performance. We need training and all kinds of certifications. Employees must show up for work at the agreed time. Our interactions with our employees are numerous and fine-grained. This is not just a matter of salary and benefits, it also involves all other detailed aspects of the relationship between the two parties.</p><p>Am I comforted by the outcome of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls, treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed distribution center employees, 94% said they would recommend to a friend to go to work at Amazon.</p><p>Employees can use informal breaks during their shifts to stretch, get water, use the restroom or talk to their manager, all without compromising their performance. These informal working hours are in addition to the 30-minute lunch and 30-minute breaks in their normal schedule.</p><p>Rather than setting unreasonable performance targets, we set achievable performance targets that take tenure and actual employee performance data into account. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that various factors can affect their performance in any given week, day or hour. If an employee fails to meet performance targets over a period of time, their manager will talk to them and provide guidance.</p><p>The training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of training is positive and delivered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, this figure was even lower due to the impact of the novel coronavirus pneumonia pandemic on operations.</p><p><b>The World's Best Employer and Safest Workplace</b></p><p>The truth is that the huge team of thousands of people leading Amazon's operations has always cared deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that doesn't just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who have never received that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We're not going to change that, and that's why we're so successful. But I promise that we will add one, and we will be the best employer and safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I'm an inventor, which is what I like best and what I do best. This is where I create the most value. I am excited to work with our passionate and huge team in our operations to help invent in this arena of the best employers and safest workplaces in the world. When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. We have never failed when we set our minds to do something, and we will not fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs)-conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual jobs for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 job locations across North America and Europe, where we train a small group of employees on body mechanics, proactively maintaining health and safety. In addition to reducing work-related injuries, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon groups to reduce repetitive movements and help protect employees from MSD risks. This new technology is at the heart of our job rotation program, which will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSDs decreased by 32%, resulting in a more than half reduction in MSDs that had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety programs, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages rather than follow the crowd, because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to increase our minimum starting wage to $15 an hour. Their assessments mirror what we hear from employees, their families, and the communities they live in.</p><p>We've raised starting wages to benefit not only our own employees, but other workers in the same community as well, boosting local economies across the country. Studies have shown that our pay increases resulted in a 4.7% increase in average hourly wages for other employers in the same labour market.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of our employees saying they would recommend Amazon jobs to their friends, but instead we must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities and other things.</p><p>If any shareholders are worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from being 'the most customer-centric company in the world', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to prove that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 °C. These things are completely true, and so is climate change.</p><p>Not long ago, most people thought that tackling climate change was good, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but also improve our economic efficiency, help drive technological change and reduce risks. All in all, these can lead to more and better jobs, healthier and happier children, more efficient workers, and a more prosperous future.</p><p>But this does not mean that it is an easy task. The next decade will be a decisive decade. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of this change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgencies and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions from their global operations by 2040, 10 years ahead of the Paris Agreement. The subsequent pledge also requires them to measure and report greenhouse gas emissions regularly, implement decarbonisation strategies through genuine business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality compensations are valuable, and we should keep them to compensate for economic activities for which low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to be a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to use 100% renewable energy to produce electricity. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy and we have 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Projects, as well as 125 distribution and sorting centers with solar rooftops. These projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt-hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to achieve net-zero carbon emissions by 2040. To help rapidly accelerate the market for electric vehicle technology and help all companies transition to more environmentally friendly technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and first hit the roads in Los Angeles in February of this year. 10,000 new cars will be on the road as early as next year, and all 100,000 cars will be on the road by 2030, which can reduce millions of tons of carbon emissions. One big reason we want other businesses to join the climate pledge is to signal to the market that businesses should start inventing and developing new technologies that signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in the new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment plan starts with $2 billion in visionary companies aimed at facilitating the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build the zero-carbon economy of the future.</p><p>I'm also personally contributing $10 billion in grants to help drive the systemic change we need over the next decade. We will support top scientists, activists, NGOs, environmental justice organizations, and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations working on innovation and mobility solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be a part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing that I must pass on to everyone. I hope all Amazons take this to heart.</p><p>There is a passage in Richard Dawkins' book The Blind Watch Maker, which is at stake to a fundamental fact of biology:</p><p>\"Avoiding death is something you have to strive to do. The body tends to return to a state of equilibrium with the environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electric charge in a living organism, it is often found that they are quite different from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the surrounding environment, and in colder climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference starts to disappear, and eventually our body temperature is the same as that of our surrounding environment. Of course, not all animals try to avoid reaching equilibrium with the surrounding temperature, but all animals make similar efforts to avoid integration with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency of water to flow from cells to the dry outside world. If they fail, they will die. More broadly, if organisms do not actively prevent water loss, they will eventually integrate into their surroundings and cease to exist as creatures with self-awareness. That's what happens when they die. \"</p><p>While this passage isn't a metaphor, it's still a fantastic article that is closely related to Amazon. I even think that it is relevant to all companies, all institutions, and the lives of each of us. In what ways does the world appeal to you, trying to keep you so-called \"normal\"? How much effort does it take to maintain your uniqueness? Is it to stay alive or to make it more important to stay different?</p><p>I know a happy couple who often encounter scenes when they get along with each other: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. Of course, the deep truth is that he likes her uniqueness. But, at the same time, it's also true that things tend to get easier and consume less energy if we're a little more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to \"be yourself\". What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be an ordinary person, and it will do everything possible to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairy tale version of \"being yourself\" is that once you let your uniqueness shine, all the pain will disappear. This statement is misleading. Being yourself is worth it, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make Amazon obscure and keep us in balance with our environment. It will require sustained effort, but we can and must do better.</p><p>I attach, as always, our 1997 shareholder letter. It concluded by saying, \"Amazon.com thanks customers for their support and trust, each other for their hard work, and shareholders for their support and encouragement.\" Nothing has changed. I would like to thank Jassy in particular for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I promise you that Jassy won't let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and make us different. It's not easy, but it's crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than consume, and never let the universe draw you into your surroundings. It's still the first day of starting a business. (Tencent Technology Reviewer/Golden Deer)</p>","source":"tencent","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>Bezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better</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\">\nBezos Signs Last Shareholder Letter: Amazon Must Treat Workers Better\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-04-16 06:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Technology News April 16th news, local time in the United States on Thursday,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he put forward a broad vision for the company's future, and is committed to extending Amazon's famous \"customer first\" principle to giving equal care to employees.</p><p>Bezos cited the results of a recent union vote at an Amazon warehouse in Alabama as an example of why the company needs to deal with internal employee challenges. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic unionization campaign. If successful, it would represent the first union formed at Amazon's facilities in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over power to Andy Jassy, CEO of Amazon's cloud computing unit AWS, who will himself serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a set of core leadership principles, the most important of which is the company's \"customer first\". Bezos said he hopes Amazon will do the same for employees in the future. He wrote: \"Although we have achieved a lot, it is clear to me that we need a better vision to make our employees successful. We have always wanted to be the most customer-centric company in the world. We won't change that, which is why we have achieved such success. But I promise that we will add one, and we will be the best employer and safest workplace in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a savage and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but that's inaccurate. \"</p><p>After taking on his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40% of work-related injuries are sprains or strains, mostly due to repeating the same movements, which are common among new employees, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to rotate in different jobs using other tendon groups. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what the reimagined focus of the company's business might mean for Amazon's future. He reiterated that Amazon is \"still on its first day of entrepreneurship,\" and highlighted Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from our attention as' the most customer-centric company in the world ', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses at the same time, just like consumer e-commerce and AWS, and both do very well at the highest level, then certainly we can do the same thing with these two vision statements. In fact, I believe they reinforce each other. \"</p><p><b>The following is the new full text of Bezos's annual shareholder:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create an \"enduring franchise,\" one that would redefine what it means to \"serve customers\" by unleashing the power of the Internet. I've noticed that Amazon has grown from 158 employees to 614, and we've surpassed 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon is \"still on its first day of business\" status.</p><p>We've come a long way since then, and we're working harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have transferred more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home devices are connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa or AWS, and there wasn't even such an idea back then. We take a lot of risks with every big move and put in sweat and creativity along the way.</p><p>Along the way, we have generated $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighths of the shares, equivalent to $1.4 trillion in wealth creation, are owned by others. Who are they? They include pension funds, universities, they are Mary and Larry, and just as I sit down to write this shareholder letter, they suddenly send me all kinds of ideas.</p><p>I hear similar stories all the time. I know some of these people who use the money they earn from Amazon for college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we have created for our shareholders. It's important because it helps improve their lives. But there's another thing I know: it's not the biggest part of the value we create.</p><p><b>Creating is more valuable than consuming</b></p><p>If you want to succeed in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that doesn't create value for the people it reaches, even if it appears to be successful on the surface, doesn't exist in this world for very long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are predictions of future cash flows discounted back to the present. The stock market represents expectations. However, I'm going to change the subject now and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer, because the accounting system is set up to answer this question. Our net income in 2020 was $21.3 billion. If Amazon wasn't a publicly traded company with thousands of shareholders, but a sole proprietorship with only one owner, that's all it made in 2020.</p><p>What about employee income? It's also a fairly easy question of value creation to answer, because we can look at the compensation spending situation. The company's expenditure represents the employee's income. In 2020, employees earned $80 billion, plus $11 billion in expenses (including benefits and various payroll taxes), totaling $91 billion.</p><p>What about third-party sellers? We have an internal team (sales partner service team) to answer this question. They estimate that in 2020, third-party sellers made between $25 billion and $39 billion in profits from selling goods on Amazon, which I'm assuming here to be conservative.</p><p>As for customers, we have to segment it into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of choice and fast delivery services, but let's say we ignore all of these and only value one thing, and that is, we save our customers time.</p><p>Customers complete 28% of their purchases on Amazon in three minutes or less, and half of them take less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching store aisles, queuing up to check out, finding your car, and then driving home, research shows it takes an average hour. If you assume that a typical Amazon purchase only takes 15 minutes and can save you a few trips to a physical store a week, that's 75 + hours a year. It's important, after all, in the early 2000s, we're all busy.</p><p>In this way, we can get a dollar figure, let's assume the time saved is $10 per hour (which is conservative). Seventy-five hours multiplied by $10 an hour, subtracting the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because each customer has a vastly different workload, but we will do it anyway because we admit beforehand that the margin of error is high. The direct cost improvements from cloud operations vary from on-site operations, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, this 30% represents $19 billion in customer value created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly increase customer competitiveness and revenue. We don't have a reasonable way to estimate this part of customer value, except to say that it is almost certainly greater than the immediate cost savings. Conservatively speaking, I think that part of the value AWS generated for customers in 2020 is as high as $38 billion.</p><p>Adding the value created for AWS and consumer customers together, we generated a total of $164 billion in customer value in 2020. Collectively, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group had an income statement that represented their interactions with Amazon, the numbers above would be the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, that we create value for them. This value creation is not a \"zero-sum game\". It's not just about transferring money from pocket to pocket. Within the broad framework of society as a whole, you will find that invention is the root of all true value creation, and that value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively straightforward relationship with shareholders, who invest and hold stocks for a period of their choice. We rarely provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even then, they could just ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have the process they follow and the criteria by which they evaluate their performance. We need training and all kinds of certifications. Employees must show up for work at the agreed time. Our interactions with our employees are numerous and fine-grained. This is not just a matter of salary and benefits, it also involves all other detailed aspects of the relationship between the two parties.</p><p>Am I comforted by the outcome of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls, treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed distribution center employees, 94% said they would recommend to a friend to go to work at Amazon.</p><p>Employees can use informal breaks during their shifts to stretch, get water, use the restroom or talk to their manager, all without compromising their performance. These informal working hours are in addition to the 30-minute lunch and 30-minute breaks in their normal schedule.</p><p>Rather than setting unreasonable performance targets, we set achievable performance targets that take tenure and actual employee performance data into account. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that various factors can affect their performance in any given week, day or hour. If an employee fails to meet performance targets over a period of time, their manager will talk to them and provide guidance.</p><p>The training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of training is positive and delivered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, this figure was even lower due to the impact of the novel coronavirus pneumonia pandemic on operations.</p><p><b>The World's Best Employer and Safest Workplace</b></p><p>The truth is that the huge team of thousands of people leading Amazon's operations has always cared deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that doesn't just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who have never received that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We're not going to change that, and that's why we're so successful. But I promise that we will add one, and we will be the best employer and safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I'm an inventor, which is what I like best and what I do best. This is where I create the most value. I am excited to work with our passionate and huge team in our operations to help invent in this arena of the best employers and safest workplaces in the world. When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. We have never failed when we set our minds to do something, and we will not fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs)-conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual jobs for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 job locations across North America and Europe, where we train a small group of employees on body mechanics, proactively maintaining health and safety. In addition to reducing work-related injuries, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon groups to reduce repetitive movements and help protect employees from MSD risks. This new technology is at the heart of our job rotation program, which will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSDs decreased by 32%, resulting in a more than half reduction in MSDs that had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety programs, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages rather than follow the crowd, because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to increase our minimum starting wage to $15 an hour. Their assessments mirror what we hear from employees, their families, and the communities they live in.</p><p>We've raised starting wages to benefit not only our own employees, but other workers in the same community as well, boosting local economies across the country. Studies have shown that our pay increases resulted in a 4.7% increase in average hourly wages for other employers in the same labour market.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of our employees saying they would recommend Amazon jobs to their friends, but instead we must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities and other things.</p><p>If any shareholders are worried that the goal of becoming 'the best employer and safest workplace in the world' may distract us from being 'the most customer-centric company in the world', then I hope you can let go of your worries. Think of it this way: if we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to prove that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 °C. These things are completely true, and so is climate change.</p><p>Not long ago, most people thought that tackling climate change was good, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but also improve our economic efficiency, help drive technological change and reduce risks. All in all, these can lead to more and better jobs, healthier and happier children, more efficient workers, and a more prosperous future.</p><p>But this does not mean that it is an easy task. The next decade will be a decisive decade. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of this change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgencies and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions from their global operations by 2040, 10 years ahead of the Paris Agreement. The subsequent pledge also requires them to measure and report greenhouse gas emissions regularly, implement decarbonisation strategies through genuine business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality compensations are valuable, and we should keep them to compensate for economic activities for which low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to be a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to use 100% renewable energy to produce electricity. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy and we have 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Projects, as well as 125 distribution and sorting centers with solar rooftops. These projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt-hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to achieve net-zero carbon emissions by 2040. To help rapidly accelerate the market for electric vehicle technology and help all companies transition to more environmentally friendly technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and first hit the roads in Los Angeles in February of this year. 10,000 new cars will be on the road as early as next year, and all 100,000 cars will be on the road by 2030, which can reduce millions of tons of carbon emissions. One big reason we want other businesses to join the climate pledge is to signal to the market that businesses should start inventing and developing new technologies that signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in the new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment plan starts with $2 billion in visionary companies aimed at facilitating the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build the zero-carbon economy of the future.</p><p>I'm also personally contributing $10 billion in grants to help drive the systemic change we need over the next decade. We will support top scientists, activists, NGOs, environmental justice organizations, and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations working on innovation and mobility solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be a part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing that I must pass on to everyone. I hope all Amazons take this to heart.</p><p>There is a passage in Richard Dawkins' book The Blind Watch Maker, which is at stake to a fundamental fact of biology:</p><p>\"Avoiding death is something you have to strive to do. The body tends to return to a state of equilibrium with the environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electric charge in a living organism, it is often found that they are quite different from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the surrounding environment, and in colder climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference starts to disappear, and eventually our body temperature is the same as that of our surrounding environment. Of course, not all animals try to avoid reaching equilibrium with the surrounding temperature, but all animals make similar efforts to avoid integration with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency of water to flow from cells to the dry outside world. If they fail, they will die. More broadly, if organisms do not actively prevent water loss, they will eventually integrate into their surroundings and cease to exist as creatures with self-awareness. That's what happens when they die. \"</p><p>While this passage isn't a metaphor, it's still a fantastic article that is closely related to Amazon. I even think that it is relevant to all companies, all institutions, and the lives of each of us. In what ways does the world appeal to you, trying to keep you so-called \"normal\"? How much effort does it take to maintain your uniqueness? Is it to stay alive or to make it more important to stay different?</p><p>I know a happy couple who often encounter scenes when they get along with each other: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. Of course, the deep truth is that he likes her uniqueness. But, at the same time, it's also true that things tend to get easier and consume less energy if we're a little more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to \"be yourself\". What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be an ordinary person, and it will do everything possible to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairy tale version of \"being yourself\" is that once you let your uniqueness shine, all the pain will disappear. This statement is misleading. Being yourself is worth it, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make Amazon obscure and keep us in balance with our environment. It will require sustained effort, but we can and must do better.</p><p>I attach, as always, our 1997 shareholder letter. It concluded by saying, \"Amazon.com thanks customers for their support and trust, each other for their hard work, and shareholders for their support and encouragement.\" Nothing has changed. I would like to thank Jassy in particular for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I promise you that Jassy won't let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and make us different. It's not easy, but it's crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than consume, and never let the universe draw you into your surroundings. It's still the first day of starting a business. (Tencent Technology Reviewer/Golden Deer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://inews.gtimg.com/newsapp_match/0/13415912595/0","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2127088429","content_text":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯（Jeff Bezos）签署了其卸任首席执行官前的最后一封年度股东信。他在信中对公司未来提出了广阔的愿景，并致力于将亚马逊著名的“客户至上”准则延伸到给与员工同等关爱方面。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。上周，亚马逊在其位于阿拉巴马州贝塞默的仓库获得了足够的选票，挫败了一项历史性的工会组织运动。如果成功，这将代表亚马逊在美国的设施中成立的第一个工会。贝索斯将于今年第三季度辞去首席执行官一职，将权力移交给亚马逊云计算部门AWS首席执行官安迪·雅西(Andy Jassy)，其本人将担任执行董事长。他在信中表示：“虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。”众所周知，亚马逊拥有一套核心的领导原则，其中最重要的一条就是公司“客户至上”。贝索斯说，他希望亚马逊将来为员工做同样的事情。他写道：“尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。”贝索斯还驳斥了有关亚马逊在其仓库中创造了一种野蛮残酷的职场文化的说法。他写道：“我们的员工有时会被称为绝望的灵魂，或被当作机器人对待，但这是不准确的。”在担任执行董事长的新角色后，贝索斯计划专注于如何让亚马逊的仓库变得更安全。他说，大约40%的工伤是扭伤或拉伤，主要是由于重复相同的动作所致，这在新员工中很常见。为了帮助减少这些类型的伤害，亚马逊正在开发自动化的人员配备时间表，让员工轮流从事使用其他肌腱组的不同工作。该公司预计将于今年晚些时候开始部署这项技术。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。他重申，亚马逊“仍然处于创业第一天”，并强调了亚马逊的持续增长，包括该公司目前拥有2亿Prime订户，高于去年年初的1.5亿。贝索斯说：“如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。”以下为贝索斯年度股东新全文：在1997年写给亚马逊股东的信中，也就是我们的第一封股东信，我谈到了我们希望创造一种“经久不衰的特许经营权”，一种通过释放互联网的力量来重新定义“服务客户”的意义。我注意到亚马逊已经从158名员工增长到614人，我们的客户账户已经超过150万。我们刚刚以每股1.50美元的拆分调整后股价上市。当时，我提到了亚马逊“仍然处于创业第一天”状态。从那时起，我们已经走过了很长一段路，我们比以往任何时候都更加努力地服务和取悦客户。去年，我们雇佣了50万名员工，现在直接在世界各地雇佣了130万人。我们在全球拥有2亿多名Prime会员。在我们Marketplace平台上销售商品的中小企业超过190万家，占我们零售额的近60%。这些客户已将1亿多台智能家居设备连接到智能助手Alexa上。AWS为数百万客户提供服务，2020年底的年化运行率为500亿美元。1997年，我们还没有推出Prime、Marketplace、Alexa或AWS，那时候甚至都没有这样的想法。我们的每次大动作都冒了很大的风险，并在此过程中付出了汗水和发挥了创造力。一路走来，我们为股东创造了1.6万亿美元的财富。他们是谁？我就是其中之一，我在亚马逊的股权让我变得富有。但超过八分之七的股份，相当于1.4万亿美元的财富创造为他人所有。他们是谁？他们包括养老基金、大学，他们是玛丽和拉里，就在我坐下来写这封股东信的时候，他们突如其来地给我发来各种想法。我总是听到类似的故事。我认识其中的一些人，他们把从亚马逊赚来的钱用在大学、紧急情况、住房、度假、创业和慈善事业上。我为我们为股东创造的财富感到自豪。这很重要，因为帮助改善了他们的生活。但我还知道另一件事：这还不是我们创造的价值中最大的一部分。创造比消费更有价值如果你想在商业上取得成功(实际上是在生活中)，你必须创造比消费更多的东西。你的目标应该是为你交往的每一个人创造价值。任何不能为其接触到的人创造价值的企业，即使表面上看起来很成功，也不会在这个世界上存在很长时间，很快就会被淘汰。记住，股票价格不是关于过去的，它们是对未来现金流的预测，并折现回到现在。股市代表着期望。不过，我现在要换个话题，谈谈过去的事。我们在2020年为股东创造了多少价值？这是个相对容易回答的问题，因为会计系统就是为回答这个问题而设立的。我们在2020年的净利润为213亿美元。如果亚马逊不是一家拥有数千名股东的上市公司，而是一家只有一个所有者的独资企业，那么这就是其在2020年获得的全部收入。员工收入呢？这也是一个相当容易回答的价值创造问题，因为我们可以看看薪酬支出情况。公司的支出就代表员工的收入。2020年，员工的收入为800亿美元，外加110亿美元开支(包括福利和各种工资税)，总计910亿美元。第三方卖家呢？我们有个内部团队(销售合作伙伴服务团队)来回答这个问题。他们估计，2020年，第三方卖家在亚马逊上销售商品获得的利润在250亿至390亿美元之间，为了保守起见，我在这里假设为250亿美元。至于客户，我们必须将其细分为消费者客户和AWS客户。首先是消费者，我们为其提供低廉的价格、丰富的选择和快速的交货服务，但是假设我们忽略了所有这些，并且只看重一件事，那就是我们为客户节省了时间。顾客在亚马逊上在三分钟或更短的时间内完成了28%的购买，半数购买不到15分钟就搞定。与典型的实体店购物之旅相比，需要开车、停车、搜索商店过道、排队结账、找到你的车，然后再开车回家，研究表明这平均需要一个小时。如果你假设典型的亚马逊购物只需要15分钟，一周可以节省你几次去实体店的路程，那么每年就节省了75个小时以上。这很重要，毕竟在21世纪初，我们都很忙碌。这样，我们就可以得到一个美元数字，让我们把节省的时间假设为每小时10美元（这是保守的）。75小时乘以每小时10美元，减去Prime的成本，我们就可以为每个Prime会员创造约630美元的价值。我们有2亿Prime会员，这意味着2020年创造的价值总计为1260亿美元。对AWS客户创造的价值进行评估很有挑战性，因为每个客户的工作量截然不同，但我们无论如何都会这样做，因为我们事先承认误差很高。云端运营与现场运营带来的直接成本改善各不相同，但合理的估计是30%。在AWS 2020年全年450亿美元的收入中，这30%意味着创造了190亿美元客户价值。这项评估工作的困难之处在于，直接降低成本是迁移到云端为客户带来的好处中最小的一部分。更大的好处是提高了软件开发的速度，这可以显著提高客户的竞争力和收入。我们没有合理的方法来估计客户价值的这一部分，只能说它几乎肯定大于直接节省的成本。保守地说，我认为AWS在2020年为客户创造的这部分价值高达380亿美元。将为AWS和消费者客户创造的价值加在一起，我们在2020年创造的客户总价值达到1640亿美元。总的来说，我们在2020年为股东创造了210亿美元价值、为员工创造了910亿美元、为第三方卖家创造250亿美元、为客户创造1640亿美元，总计3010亿美元。如果每个群体都有一份损益表，代表他们与亚马逊的互动，那么上面的数字就是这些损益表的“底线”。这些数字是人们为我们工作、卖家通过我们销售以及客户从我们这里购买的部分原因，即我们为他们创造了价值。这种价值创造不是“零和游戏”。这不仅仅是把钱从一个口袋转到另一个口袋。在整个社会的大框架内，你会发现发明是所有真正价值创造的根源，而创造的价值最好被认为是创新的衡量标准。当然，我们与这些选民的关系和我们创造的价值不仅仅是金钱。金钱并不能说明问题的全部。例如，我们与股东的关系相对简单，他们在自己选择的期限内投资和持有股票。我们很少就年度会议和正确的投票程序等事项向股东提供指导。即便如此，他们也可以无视这些指示，直接跳过投票。我们与员工的关系是截然不同的例子。我们有他们遵循的流程和评估他们表现的标准。我们需要培训和各种认证。员工必须在约定的时间上班。我们与员工的互动很多，而且是细粒度的。这不仅仅是工资和福利的问题，它还涉及到双方关系的所有其他细节方面。我对贝塞默最近工会投票的结果感到安慰吗？不，我没有。我认为我们需要为我们的员工做得更多。虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被称为绝望的灵魂，被当作机器人对待。但这是不准确的。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查配送中心的员工时，94%的人说他们会向朋友推荐前往亚马逊上班。员工可以在轮班期间利用非正式休息时间伸展身体、取水、使用洗手间或与经理交谈，所有这些都不会影响他们的表现。这些非正式的工作时间是对他们正常作息时间中30分钟午餐和30分钟休息时间的补充。我们没有设定不合理的绩效目标，而是设定了可实现的绩效目标，将任期和实际员工绩效数据考虑在内。员工的表现是在很长一段时间内综合评估的结果，因为我们知道，在任何给定的一周、一天或一小时内，各种因素都会影响他们的表现。如果员工在一段时间内未能达到绩效目标，他们的经理会与他们交谈并提供指导。培训也扩展到那些表现出色并能承担更多责任的员工身上。事实上，82%的培训是积极的，提供给达到或超过预期的员工。我们解雇了不到2.6%的员工，因为他们无法履行自己的职责。2020年，由于新冠肺炎疫情对运营的影响，这个数字甚至更低。世界上最好的雇主和最安全的工作场所事实是，领导亚马逊运营的数千人庞大团队始终非常关心我们的临时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊是一家不仅仅为计算机科学家和拥有高级学位的人创造就业机会的公司，我们也为那些从未获得这种优势的人创造就业机会。尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。在我即将担任执行董事长的职位上，我将把重点放在新的倡议上。我是个发明家，这是我最喜欢的，也是我最擅长的。这是我创造最大价值的地方。我很高兴能与我们运营部门充满激情的庞大团队一起工作，在这个世界上最好雇主和最安全工作场所的竞技场上帮助发明。在细节上，我们亚马逊总是灵活的，但在愿景问题上，我们是固执和无情的。当我们下定决心做某事时，我们从来没有失败过，在这一点上我们也不会失败。我们深入探讨安全问题。例如，亚马逊约40%的工伤与肌肉骨骼疾病(MSD)有关，即反复运动可能导致的扭伤或拉伤等疾病。MSD在我们从事的这类工作中很常见，而且更有可能发生在员工入职的前六个月。我们需要为新员工发明减少MSD的解决方案，他们中的许多人可能是第一次参加实际工作。WorkingWell就是一个这样的项目，我们于2020年在北美和欧洲的350个工作地点向85.9万名员工推出了这个项目，我们在那里培训一小群员工有关身体力学、积极主动保持健康和安全方面的知识。除了减少工伤，这些概念对日常工作以外的活动也有积极影响。我们正在开发新的自动化人员配备时间表，它使用复杂的算法在使用不同肌腱组的工作之间轮换员工，以减少重复运动，帮助保护员工免受MSD风险。这项新技术是我们将在2021年推出的工作轮换计划的核心。我们对MSD早期预防的更多关注已经取得了成效。从2019年到2020年，总体MSD减少了32%，导致必须离开工作岗位的MSD减少了一半以上。我们在亚马逊雇佣了6200名安全专业人员。他们使用安全科学来解决复杂的问题，并建立新的行业最佳实践标准。2021年，我们将在安全项目上投资超过3亿美元，其中包括最初的6600万美元，用于创造有助于防止叉车和其他类型工业车辆相撞的技术。当我们带头这样做的时候，其他人就会跟随。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先而不是随大流，因为我们认为这样做是正确的。加州大学伯克利分校和布兰迪斯大学的经济学家最近发表的一篇论文，分析了我们决定将最低起薪提高到每小时15美元的影响。他们的评估反映了我们从员工、他们的家人和他们所居住的社区那里听到的情况。我们提高了起薪不仅使我们自己的员工受益，也使同一社区的其他工人受益，从而提振了全国各地的地方经济。研究表明，在同一劳动力市场中，我们的加薪导致其他雇主的平均时薪增加了4.7%。我们的领导工作还没有结束。如果我们想成为世界上最好的雇主，我们不应该满足于94%的员工说他们会向朋友推荐亚马逊的工作，而是必须以100%为目标。我们将通过继续在工资、福利、提升技能机会和其他方面领先，随着时间的推移，我们将做到这一点。如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。气候誓言在这封信的早期草稿中，我以论证和例子开始了这一部分，这些论点和例子旨在证明人类导致的气候变化是真实存在的。但是，坦率地说，我认为我们现在可以停止这样说了。你不必说光合作用是真实存在的，或者说重力是真实存在的，或者海平面上的水是在100摄氏度沸腾的。这些事情完全是真的，气候变化也是如此。不久前，大多数人认为应对气候变化是好事，但他们也认为这会付出高昂的代价，并会威胁到就业、竞争力和经济增长。我们现在知道得更清楚了。应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，效率更高的工人，以及更繁荣的未来。但这并不意味着其是一件容易的事，未来十年将是决定性的十年。2030年的经济将需要与今天有很大的不同，亚马逊计划成为这一变化的核心。我们在2019年9月与Global Optimism组织共同发起了“气候誓言”，因为我们希望帮助推动这场积极的革命。我们需要成为一个不断壮大的企业团队中的一员，他们了解21世纪的紧迫性和机遇。现在，不到两年后，代表几乎所有经济部门的53家公司签署了气候誓言。百思买、IBM、印孚瑟斯、梅赛德斯-奔驰、微软、西门子和Verizon等公司承诺，到2040年，其全球业务将实现净零碳排放，比《巴黎协议》提前10年实现目标。其后誓言还要求它们定期测量和报告温室气体排放，通过真正的商业变革和创新实施脱碳战略，并通过额外的、可量化的、真实的、永久的和对社会有益的补偿来中和任何剩余的排放。可信的、高质量的补偿是宝贵的，我们应该保留它们，以补偿那些不存在低碳替代品的经济活动。气候誓言签字方正在做出有意义的、切实的和雄心勃勃的承诺。Uber的目标是到2030年在加拿大、欧洲和美国成为零碳排放平台，Henkel计划100%使用可再生能源生产电力。亚马逊正在朝着我们自己的目标前进，即到2025年100%使用可再生能源，比我们最初设定的2030年目标提前了五年。亚马逊是全球最大的可再生能源企业买家，我们在全球有62个电网规模的风能和太阳能项目，以及125个铺设太阳能屋顶的配送和分类中心。这些项目的发电能力超过6.9千兆瓦，每年提供超过2000万兆瓦时的能源。运输是亚马逊商业运营的重要组成部分，也是我们到2040年实现净零碳排放计划中最艰难的部分。为了帮助快速加速电动汽车技术的市场，并帮助所有公司过渡到更环保的技术，我们向Rivian投资了超过10亿美元，并向该公司订购了10万辆电动送货车。我们还与印度Mahindra和欧洲的梅赛德斯-奔驰建立了合作伙伴关系。这些来自Rivian的定制电动送货车辆已经投入运营，并于今年2月首次在洛杉矶上路。1万辆新车最早将于明年上路，到2030年，所有10万辆车将全部上路，可减少数百万吨碳排放。我们希望其他企业加入气候誓言的一个重要原因是向市场发出信号，企业应该开始发明和开发签字方需要履行承诺的新技术。我们购买10万辆Rivian电动送货车就是一个很好的例子。为了进一步加快对建设零碳经济所需新技术的投资，我们于去年6月推出了气候誓言基金(Climate Pledge Fund)。该投资计划从20亿美元开始，投资于有远见的公司，旨在促进向低碳经济的过渡。亚马逊已经宣布投资于CarbonCure Technologies、Pachama、Redwood Materials、Rivian、Turntide Technologies、ZeroAvia和Infinium，而且它们只是我们希望建立未来零碳经济的创新公司中的一部分。我还个人出资100亿美元提供赠款，帮助推动我们在未来十年所需的系统性变革。我们将支持顶尖的科学家、活动家、非政府组织、环境正义组织和其他致力于抗击气候变化和保护自然世界的人。去年年底，我向16个致力于创新和移动解决方案的组织提供了我的第一轮赠款。这将是大公司、小公司、全球组织和个人的集体行动，我很高兴能成为这一旅程的一部分，并乐观地认为人类可以团结起来解决这一挑战。保持差异化才能生存这是我作为亚马逊首席执行官签署的最后一封年度股东信，我觉得有最后一件极其重要的事情必须传授给大家。我希望所有亚马逊人都把这件事放在心上。理查德·道金斯(Richard Dawkins)出版的《盲眼钟表匠》(The Blind Watch Maker)一书中曾有过这样一段话，它攸关于生物学的一个基本事实：“避免死亡是你必须努力去做的事情。如果顺其自然（比如死亡），身体往往会恢复到与环境的平衡状态。如果你测量某些变量，如生物体内的温度、酸度、水分或电荷，通常会发现它们与周围环境中相应的测量结果有很大不同。例如，我们的体温通常比周围环境温度更高，在寒冷的气候下，身体必须努力工作才能保持这种差异。但当我们死后，这种机能就会停止，温差也开始消失，最终我们体温与周围环境相同。当然，并不是所有的动物都在努力避免与周围的温度达到平衡，但所有的动物都做了类似避免与周围环境融合的努力。例如，在干旱的国家，动植物努力保持细胞中的液体含量，这与水从细胞流向干燥外部世界的自然趋势背道而驰。如果他们失败了，他们就会死。更广泛地说，如果生物不积极地阻止水分流失，它们最终会融入周围环境，不再作为拥有自我意识的生物存在。这就是他们死后会发生的事情。”虽然这段话不是一个比喻，但它仍然是一篇奇妙的文章，与亚马逊息息相关。我甚至认为，它与所有公司、所有机构以及我们每个人的生活都相关。这个世界用什么方式吸引你，试图让你保持所谓的“正常”？要保持你的独特性需要做多少努力？是为了活下去还是为了让保持众不同更重要？我认识一对幸福的夫妇，他们在相处过程中经常会遇到这样的场景：丈夫经常会假装痛苦地看着妻子，对她说：“你就不能正常一点儿吗？”然后他们都微笑或大笑起来。当然，深刻的事实是，他喜欢她的独特之处。但是，与此同时，如果我们稍微正常一点，事情往往会变得更容易，消耗更少的能量，这也是事实。我们都知道独特性（原创性）是有价值的，我们都被教导要“做你自己”。我真正要求你们做的是拥抱并现实地认识到保持这种独特性需要付出多大的努力。这个世界希望你成为普通人，它会千方百计地吸引你，但别让这种情况发生。你必须为自己的与众不同付出代价，但这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的，你必须不断地投入努力。这个世界总是试图让亚马逊变得泯然众人，让我们与我们的环境保持平衡。这将需要持续的努力，但我们可以而且必须做得更好。我一如既往地附上我们1997年的股东信。它在最后写道：“亚马逊网感谢客户的支持和信任，感谢彼此的辛勤工作，感谢股东们的支持和鼓励。”这一点都没变。我要特别感谢贾西同意担任首席执行官一职，这是一项责任重大的艰难工作。贾西才华横溢，信奉最高的标准。我向你们保证，贾西不会让世界把我们变成普通人，他会聚集我们所需的能量，让我们的内心保持活力，让我们与众不同。这并不容易，但却至关重要。我认为他将会让所有人满意。谢谢你，贾西！致你们所有人：要保持善良，要有独创性，创造的东西要比消费的多，永远不要让宇宙吸引你融入周围的环境。现在仍然是创业第一天。（腾讯科技审校/金鹿）","news_type":1,"symbols_score_info":{"AMZN":0.9,"09086":0.9,"QNETCN":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380524250,"gmtCreate":1612562857270,"gmtModify":1704872893380,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570851196183919","idStr":"3570851196183919"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380524250","repostId":"1157280058","repostType":4,"repost":{"id":"1157280058","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":1612537534,"share":"https://ttm.financial/m/news/1157280058?lang=en_US&edition=fundamental","pubTime":"2021-02-05 23:05","market":"us","language":"zh","title":"Foreign media: AstraZeneca vaccine is 75% effective against British mutant virus","url":"https://stock-news.laohu8.com/highlight/detail?id=1157280058","media":"老虎资讯综合","summary":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据","content":"<p>According to a report by the Wall Street Journal on February 5, the University of Oxford and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the mutant strain found in the UK. The Wall Street Journal stressed that the above findings come from small-scale studies and are preliminary results, which have not been formally reviewed by other scientists.</p><p>Separately, according to Reuters news on February 5, Andrew Pollard, the lead researcher of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that AstraZeneca/Oxford COVID-19 vaccine can not only resist the initial virus, but also resist the new variant B.1. 1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media: AstraZeneca vaccine is 75% effective against British mutant virus</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\">\nForeign media: AstraZeneca vaccine is 75% effective against British mutant virus\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-05 23:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to a report by the Wall Street Journal on February 5, the University of Oxford and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the mutant strain found in the UK. The Wall Street Journal stressed that the above findings come from small-scale studies and are preliminary results, which have not been formally reviewed by other scientists.</p><p>Separately, according to Reuters news on February 5, Andrew Pollard, the lead researcher of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that AstraZeneca/Oxford COVID-19 vaccine can not only resist the initial virus, but also resist the new variant B.1. 1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82498704f805f2f46f40d2a1a0e8b335","relate_stocks":{"AZN.UK":"阿斯利康制药","AZN":"阿斯利康"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157280058","content_text":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据路透社2月5日消息，牛津疫苗试验的首席研究员安德鲁·波拉德表示，在英国进行的ChAdOx1疫苗试验的数据表明，阿斯利康/牛津新冠疫苗不仅可以抵御最初的病毒，还可以抵御新变体B.1.1.7。","news_type":1,"symbols_score_info":{"AZN":0.9,"AZN.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":2341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}