飞鸟跌穴298884 personal page - To The Moon

飞鸟跌穴298884

飞鸟跌穴298884

五阴由因缘和合而生，既是缘生，便无常而多苦。若能如实了知五阴非我、非我所，亦非他人之物，则当远离对五阴的执取与贪爱。断除贪爱，便能解脱众苦，得自在安稳之道。

257Follow

10Followers

0Topic

0Badge

飞鸟跌穴298884

2021-08-02

?

Sorry, the original content has been removed

飞鸟跌穴298884

2021-07-29

?

Why do you still get infected after vaccination? How to understand vaccine effectiveness

飞鸟跌穴298884

2021-07-14

?

U.S. inflation continues to fever, and it's time to test the Fed

飞鸟跌穴298884

2021-07-09

?

Sorry, the original content has been removed

飞鸟跌穴298884

2021-06-30

?

The global IPO report card for the first half of the year is released, and the Hong Kong Stock Exchange's IPO fundraising ranks third in the world

飞鸟跌穴298884

2021-06-26

??

Xiaomi entered the game to build cars, but it brought out a new "contempt chain" for job hunting in the auto industry

飞鸟跌穴298884

2021-06-24

?

Sorry, the original content has been removed

飞鸟跌穴298884

2021-06-24

??

The Big Reveal: Windows 11 Strikes Tonight! What updates can we see

飞鸟跌穴298884

2021-06-23

?

5 trillion funds are "hiding" from the Federal Reserve, and the inflection point of global liquidity is approaching!

飞鸟跌穴298884

2021-06-19

?

A surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?

飞鸟跌穴298884

2021-06-11

?

Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14

飞鸟跌穴298884

2021-06-06

?

Are European and American stock markets in danger? Morgan Stanley market indicators send out sell signals across the board!

飞鸟跌穴298884

2021-05-31

?

Sorry, the original content has been removed

飞鸟跌穴298884

2021-05-28

?

@TigerFeatures:【期權價格預測】幫助說明

飞鸟跌穴298884

2021-05-28

?

Sorry, the original content has been removed

飞鸟跌穴298884

2021-05-14

??

How long will "temporary" high inflation last? Several indicators may provide clues

飞鸟跌穴298884

2021-05-12

✨

Sorry, the original content has been removed

飞鸟跌穴298884

2021-05-08

???

@北美韭菜日记: Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！

飞鸟跌穴298884

2021-05-07

20b~

The Gates' property division starts, and more than $2 billion in stock has been transferred to his wife's name

飞鸟跌穴298884

2021-05-07

??

The funds owned by the "Queen of the Bull Market" plummeted, why did it bring trouble to the market?

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3574164671299178","uuid":"3574164671299178","gmtCreate":1611079957819,"gmtModify":1743500081046,"name":"飞鸟跌穴298884","pinyin":"fndx298884feiniaodiexue298884","introduction":"","introductionEn":"","signature":"五阴由因缘和合而生，既是缘生，便无常而多苦。若能如实了知五阴非我、非我所，亦非他人之物，则当远离对五阴的执取与贪爱。断除贪爱，便能解脱众苦，得自在安稳之道。","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":10,"headSize":257,"tweetSize":176,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.03.01","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.38%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.06","exceedPercentage":"93.15%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":8,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":805728200,"gmtCreate":1627908463800,"gmtModify":1703497625567,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/805728200","repostId":"1187558503","repostType":4,"isVote":1,"tweetType":1,"viewCount":3142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801773907,"gmtCreate":1627539053209,"gmtModify":1703491954533,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/801773907","repostId":"2155977655","repostType":4,"repost":{"id":"2155977655","kind":"highlight","pubTimestamp":1627537962,"share":"https://ttm.financial/m/news/2155977655?lang=en_US&edition=fundamental","pubTime":"2021-07-29 13:52","market":"hk","language":"zh","title":"Why do you still get infected after vaccination? How to understand vaccine effectiveness","url":"https://stock-news.laohu8.com/highlight/detail?id=2155977655","media":"华尔街见闻","summary":"95%的疫苗效力并不意味着疫苗能保护95%的人，而其他5%的人会感染病毒。","content":"<p>As the variant virus rages, COVID-19 pandemic is showing a resurgence around the world. What is even more disturbing is that many confirmed cases are people who have been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and British Health Secretary Sajid Sajid Javid both tested positive for the new crown after being vaccinated, and both were diagnosed with \"Breakthrough Infection\".</p><p>So what exactly is a breakthrough infection? Why do you still get infected after vaccination? How common is this phenomenon and how dangerous is it? Sanjay Mishra, project coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently explained these issues.</p><p><h2>What is a breakthrough infection?</h2>When people become infected after being vaccinated, scientists call these cases \"breakthrough\" infections because the virus breaks through the protective barrier provided by the vaccine.</p><p><b>Be aware that all vaccines are not 100% effective.</b>For example, vaccines that protect children from polio are around 80 to 90 percent effective, and measles vaccines are 94 percent effective.</p><p>In terms of COVID-19 vaccine, according to clinical trials,<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/The effectiveness of BioNTech and Moderna's mRNA vaccines is 94%-95%, which is higher than expected.</p><p><h2>How to understand vaccine effectiveness?</h2>95% vaccine efficacy doesn't mean that the vaccine protects 95% of people while the other 5% will catch the virus.</p><p>Vaccine effectiveness measures relative risk, which is comparing a group of vaccinated people to a group of unvaccinated people under the same exposure conditions. Assuming that during a three-month clinical trial, there are 100 infections for every 10,000 unvaccinated people, and at the same time, there are 5 infections for every 10,000 vaccinated people, then the vaccine is 95% effective.</p><p><b>In other words, the vaccine protects 95% of these 100 people (who are not vaccinated and sure to be infected), not 95% of the entire 10,000 people.</b></p><p><h2><b>How common are breakthrough infections?</b></h2>As the Delta variant spreads, breakthrough infections appear slightly more frequently than expected.<b>But among vaccinated people, infections are still very rare and often result in mild or asymptomatic cases.</b></p><p>For example, between January 1 and April 30, 2021, 46 U.S. states and territories reported 10,262 breakthrough infections to the U.S. Centers for Disease Control and Prevention. This compares to a total of 11.8 million confirmed cases over the same period. As of July 19, 2021, more than 159 million people nationwide have been vaccinated with COVID-19 vaccine, of which 5,914 have been hospitalized or died due to breakthrough infections.</p><p>Additionally, a study conducted between December 15, 2020, and March 31, 2021 showed that out of 258,716 veterans who received two doses of the Pfizer or Moderna vaccine, 410 had breakthrough infections, or 0.16% of the total.</p><p>Similarly, a New York study found 86 breakthrough infections among 126,367 people who were fully vaccinated (mainly mRNA vaccines) between February 1 and April 30, 2021, which represents 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious is a breakthrough infection?</h2>The Centers for Disease Control and Prevention (CDC) defines vaccine breakthrough infection as a nasal swab that can detect SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of an FDA-authorized COVID-19 vaccine.</p><p>It's important to note that a breakthrough infection does not necessarily mean that the patient is feeling unwell-in fact, 27% of breakthrough infection cases reported to the US CDC are asymptomatic. It is understood that only 10% of breakthrough infections were hospitalized (some due to reasons other than COVID-19), and 2% died. In contrast, more than 6% of confirmed infections were fatal in spring 2020, when vaccination had not yet been opened.</p><p>These breakthrough infections did not lead to hospitalization in a study conducted at a U.S. military treatment facility.<b>In another study, after just one dose of the Pfizer vaccine, vaccinated people who tested positive for COVID-19 had a quarter less virus in their bodies than unvaccinated people who tested positive.</b></p><p><h2>Under what circumstances are breakthrough infections prone to occur?</h2>In community cluster transmission, the probability of breakthrough infection is high.</p><p>Infection is more likely in situations of close contact, such as in cramped workspaces, parties, restaurants, or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who frequently come into contact with infected patients.</p><p><b>Gender, age, and physical condition also affect the infection rate.</b></p><p>According to CDC data, women account for 63% of breakthrough infections, and the reason is unclear. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>The vaccine elicits a weaker immune response in older adults, and the chance of breakthrough infection increases as we age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 years and older.</p><p>Immunocompromised or underlying conditions such as hypertension, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chance of breakthrough infections and can lead to severe illness.</p><p>For example, in one study, fully vaccinated organ transplant recipients were 82 times more likely to develop a breakthrough infection and had a 485 times higher risk of hospitalization and death following a breakthrough infection compared to the vaccinated general population.</p><p><h2>How big is the impact of the Delta variant?</h2>Existing vaccines mainly target earlier strains, while new variants, including Delta, are better at dodging the antibodies produced by current vaccines. While existing vaccines are still effective, their effectiveness has decreased.</p><p>According to Public Health England, two doses of the mRNA vaccine are only 79% effective in protecting against the Delta virus, compared to 89% effective against the earlier Alpha virus. The single-dose vaccine is only 35% effective against the Delta strain.</p><p>In Israel, which has a high vaccination rate, after being fully vaccinated with the Pfizer vaccine, the effective rate of preventing severe illness caused by the Delta variant is only 39%-40.5%, far lower than the early estimate of 90%.</p><p>The Israeli findings suggest that vaccines are less effective in preventing infections and symptomatic diseases within 6 months.<b>The good news, though, is that vaccines are still very effective at preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>How effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or just over 163 million people, had been fully vaccinated. Nearly 90% of Americans over the age of 65 have received at least one dose of the vaccine.</p><p>Scientists'modelling suggests that vaccinations may have saved roughly 279,000 lives and prevented as many as 1.25 million hospitalizations in the United States by the end of June 2021. In the UK, vaccines may have prevented some 30,300 deaths, 46,300 hospitalizations and 8.15 million infections. In Israel, the high vaccination rate is believed to be the main reason for the 77% drop in case numbers and the 68% drop in hospitalizations in the country at the peak of the pandemic.</p><p><b>In the United States, only 150 of the more than 18,000 people who died due to novel coronavirus pneumonia in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, puts it, the United States is becoming \"almost like two Americas,\" divided into vaccinated and unvaccinated parts. Those who are not fully vaccinated are still at risk from the coronavirus.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why do you still get infected after vaccination? How to understand vaccine effectiveness</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy do you still get infected after vaccination? How to understand vaccine effectiveness\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-29 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the variant virus rages, COVID-19 pandemic is showing a resurgence around the world. What is even more disturbing is that many confirmed cases are people who have been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and British Health Secretary Sajid Sajid Javid both tested positive for the new crown after being vaccinated, and both were diagnosed with \"Breakthrough Infection\".</p><p>So what exactly is a breakthrough infection? Why do you still get infected after vaccination? How common is this phenomenon and how dangerous is it? Sanjay Mishra, project coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently explained these issues.</p><p><h2>What is a breakthrough infection?</h2>When people become infected after being vaccinated, scientists call these cases \"breakthrough\" infections because the virus breaks through the protective barrier provided by the vaccine.</p><p><b>Be aware that all vaccines are not 100% effective.</b>For example, vaccines that protect children from polio are around 80 to 90 percent effective, and measles vaccines are 94 percent effective.</p><p>In terms of COVID-19 vaccine, according to clinical trials,<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/The effectiveness of BioNTech and Moderna's mRNA vaccines is 94%-95%, which is higher than expected.</p><p><h2>How to understand vaccine effectiveness?</h2>95% vaccine efficacy doesn't mean that the vaccine protects 95% of people while the other 5% will catch the virus.</p><p>Vaccine effectiveness measures relative risk, which is comparing a group of vaccinated people to a group of unvaccinated people under the same exposure conditions. Assuming that during a three-month clinical trial, there are 100 infections for every 10,000 unvaccinated people, and at the same time, there are 5 infections for every 10,000 vaccinated people, then the vaccine is 95% effective.</p><p><b>In other words, the vaccine protects 95% of these 100 people (who are not vaccinated and sure to be infected), not 95% of the entire 10,000 people.</b></p><p><h2><b>How common are breakthrough infections?</b></h2>As the Delta variant spreads, breakthrough infections appear slightly more frequently than expected.<b>But among vaccinated people, infections are still very rare and often result in mild or asymptomatic cases.</b></p><p>For example, between January 1 and April 30, 2021, 46 U.S. states and territories reported 10,262 breakthrough infections to the U.S. Centers for Disease Control and Prevention. This compares to a total of 11.8 million confirmed cases over the same period. As of July 19, 2021, more than 159 million people nationwide have been vaccinated with COVID-19 vaccine, of which 5,914 have been hospitalized or died due to breakthrough infections.</p><p>Additionally, a study conducted between December 15, 2020, and March 31, 2021 showed that out of 258,716 veterans who received two doses of the Pfizer or Moderna vaccine, 410 had breakthrough infections, or 0.16% of the total.</p><p>Similarly, a New York study found 86 breakthrough infections among 126,367 people who were fully vaccinated (mainly mRNA vaccines) between February 1 and April 30, 2021, which represents 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious is a breakthrough infection?</h2>The Centers for Disease Control and Prevention (CDC) defines vaccine breakthrough infection as a nasal swab that can detect SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of an FDA-authorized COVID-19 vaccine.</p><p>It's important to note that a breakthrough infection does not necessarily mean that the patient is feeling unwell-in fact, 27% of breakthrough infection cases reported to the US CDC are asymptomatic. It is understood that only 10% of breakthrough infections were hospitalized (some due to reasons other than COVID-19), and 2% died. In contrast, more than 6% of confirmed infections were fatal in spring 2020, when vaccination had not yet been opened.</p><p>These breakthrough infections did not lead to hospitalization in a study conducted at a U.S. military treatment facility.<b>In another study, after just one dose of the Pfizer vaccine, vaccinated people who tested positive for COVID-19 had a quarter less virus in their bodies than unvaccinated people who tested positive.</b></p><p><h2>Under what circumstances are breakthrough infections prone to occur?</h2>In community cluster transmission, the probability of breakthrough infection is high.</p><p>Infection is more likely in situations of close contact, such as in cramped workspaces, parties, restaurants, or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who frequently come into contact with infected patients.</p><p><b>Gender, age, and physical condition also affect the infection rate.</b></p><p>According to CDC data, women account for 63% of breakthrough infections, and the reason is unclear. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>The vaccine elicits a weaker immune response in older adults, and the chance of breakthrough infection increases as we age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 years and older.</p><p>Immunocompromised or underlying conditions such as hypertension, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chance of breakthrough infections and can lead to severe illness.</p><p>For example, in one study, fully vaccinated organ transplant recipients were 82 times more likely to develop a breakthrough infection and had a 485 times higher risk of hospitalization and death following a breakthrough infection compared to the vaccinated general population.</p><p><h2>How big is the impact of the Delta variant?</h2>Existing vaccines mainly target earlier strains, while new variants, including Delta, are better at dodging the antibodies produced by current vaccines. While existing vaccines are still effective, their effectiveness has decreased.</p><p>According to Public Health England, two doses of the mRNA vaccine are only 79% effective in protecting against the Delta virus, compared to 89% effective against the earlier Alpha virus. The single-dose vaccine is only 35% effective against the Delta strain.</p><p>In Israel, which has a high vaccination rate, after being fully vaccinated with the Pfizer vaccine, the effective rate of preventing severe illness caused by the Delta variant is only 39%-40.5%, far lower than the early estimate of 90%.</p><p>The Israeli findings suggest that vaccines are less effective in preventing infections and symptomatic diseases within 6 months.<b>The good news, though, is that vaccines are still very effective at preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>How effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or just over 163 million people, had been fully vaccinated. Nearly 90% of Americans over the age of 65 have received at least one dose of the vaccine.</p><p>Scientists'modelling suggests that vaccinations may have saved roughly 279,000 lives and prevented as many as 1.25 million hospitalizations in the United States by the end of June 2021. In the UK, vaccines may have prevented some 30,300 deaths, 46,300 hospitalizations and 8.15 million infections. In Israel, the high vaccination rate is believed to be the main reason for the 77% drop in case numbers and the 68% drop in hospitalizations in the country at the peak of the pandemic.</p><p><b>In the United States, only 150 of the more than 18,000 people who died due to novel coronavirus pneumonia in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, puts it, the United States is becoming \"almost like two Americas,\" divided into vaccinated and unvaccinated parts. Those who are not fully vaccinated are still at risk from the coronavirus.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636611\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636611","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155977655","content_text":"随着变种病毒肆虐，新冠疫情在全球呈现复燃之势。更让人感到不安的是，有不少确诊病例是已经接种过疫苗的人群。\n例如，美国华裔体操运动员卡拉·埃克(Kara Eaker)和英国卫生大臣赛义德·贾维德(Sajid Javid)都是在接种疫苗后，被检测出新冠阳性，均被诊断为“突破性感染”(Breakthrough Infection)。\n那么到底什么是突破性感染？为何接种疫苗后仍会感染？这种现象有多普遍，又有多危险呢？美国范德堡大学医学中心项目协调员和员工科学家Sanjay Mishra近日对这些问题作出解读。\n什么是突破性感染？\n当人们在接种疫苗后被感染时，科学家称这些病例为“突破性”感染，因为病毒突破了疫苗提供的保护屏障。\n要知道所有的疫苗都不是100%有效的。例如，保护儿童免受脊髓灰质炎侵害的疫苗有效率在80%到90%左右，麻疹疫苗的有效率为94%。\n在新冠疫苗方面，据临床试验，辉瑞/BioNTech和Moderna的mRNA疫苗的有效性为94%-95%，该数值高于预期值。\n如何理解疫苗有效率？\n95%的疫苗效力并不意味着疫苗能保护95%的人，而其他5%的人会感染病毒。\n疫苗有效性衡量的是相对风险，即在相同的暴露条件下，将一组接种疫苗的人与一组未接种疫苗的人进行比较。假设在一个为期三个月的临床试验期间，每10000名未接种疫苗的人中有100人感染，同时，每10000名接种疫苗的人中有5人感染，那么疫苗的有效性为95%。\n也就是说，疫苗保护的是这100个（没接种疫苗且确定会感染）人群的95%，而不是整个10000人群的95%。\n突破性感染的现象有多普遍？\n随着Delta变种病毒的蔓延，突破性感染出现的频率略有些高于预期。但在已接种疫苗人群中，感染仍然非常罕见，且通常导致轻微或无症状。\n例如，在2021年1月1日至4月30日期间，美国46个州和地区向美国疾病控制与预防中心报告了10262例突破性感染。相比之下，同期共有1180万例确诊病例。截至2021年7月19日，美国全国已有1.59亿多人接种了新冠疫苗，其中5914人因突破性感染住院或死亡。\n此外， 2020年12月15日至2021年3月31日期间开展的一项研究显示，在258716名接受了辉瑞或Moderna两剂疫苗的退伍军人中，410人出现了突破性感染，占总数的0.16%。\n同样，纽约的一项研究发现，在2021年2月1日至4月30日期间，在126367名全面接种疫苗(主要是mRNA疫苗)的人中，出现了86例突破性感染，这占病例总数的1.2%，占完全接种人群的0.07%。\n突破性感染有多严重?\n美国疾病控制与预防中心（CDC）将疫苗突破性感染定义为，在完成FDA授权的COVID-19疫苗的全部推荐剂量后14天以上，鼻拭子可以检测到SARS-CoV-2 RNA或蛋白质。\n需要注意的是，突破性感染并不一定意味着患者感到不适——事实上，向美国CDC报告的突破性感染病例中，27%是无症状的。据了解，只有10%的突破感染者住院(有些是由于新冠以外的原因)，2%的人死亡。相比之下，在尚未开启疫苗接种的2020年春季，超过6%的确诊感染是致命的。\n在美国军事治疗设施进行的一项研究中，这些突破性感染没有导致住院治疗。在另一项研究中，仅注射一剂辉瑞疫苗后，COVID-19检测呈阳性的接种者体内的病毒含量比未接种且检测呈阳性的人少四分之一。\n什么情况下容易发生突破性感染？\n社区聚集性传播中，出现突破性感染的机率较大。\n在近距离接触的情况下，如在狭窄的工作空间、聚会、餐厅或体育场，感染可能性更大。突破性感染也更有可能发生在经常接触受感染患者的医务工作者中。\n性别、年龄、身体状况也都会影响感染机率。\n美国CDC的数据显示，突破性感染中女性占63%，原因尚不清楚。一些规模较小的研究也确定女性在突破性病例中占比较大。\n疫苗在老年人中引发的免疫反应较弱，而且随着年龄的增长，突破性感染的机会越来越高。在CDC追踪的突破性病例中，75%发生在65岁及以上的患者中。\n免疫功能低下或有高血压、糖尿病、心脏病、慢性肾脏和肺部疾病以及癌症等潜在疾病，会增加突破性感染的机会，并可能导致重症。\n例如，在一项研究中，与接种过疫苗的普通人群相比，完全接种过疫苗的器官移植受者发生突破性感染的可能性高82倍，突破性感染后住院和死亡的风险高485倍。\nDelta变种病毒的影响有多大？\n现有的疫苗主要是针对早期的毒株，而包括Delta在内的新变种更擅长于躲避目前疫苗产生的抗体。虽然现有疫苗仍然有效，但有效性有所降低。\n根据英国公共卫生部的数据，两剂mRNA疫苗预防Delta病毒的有效性仅为79%，而对早期Alpha病毒的有效性为89%。单剂疫苗对Delta毒株的有效性仅为35%。\n在接种率较高的以色列，完全接种辉瑞疫苗后，对于预防Delta变种导致重症的有效率仅为39%-40.5%，远低于早期估计的90%。\n以色列的研究结果表明，在6个月内，疫苗预防感染和症状性疾病的效力会下降。不过，好消息是，疫苗在预防由Delta毒株导致的住院(88%)和重症(91.4%)方面仍然非常有效。\n疫苗效果到底怎么样？\n截至2021年7月底，49.1%的美国人口，即略超过1.63亿人，已全面接种疫苗。近90%的65岁以上的美国人至少接种过一剂疫苗。\n科学家的模型表明，截至2021年6月底，疫苗接种可能挽救了美国大约27.9万人的生命，防止了多达125万人住院治疗。在英国，疫苗可能预防了约30300例死亡、46300例住院和815万例感染。在以色列，高接种率被认为是推动该国病例数较大流行高峰时下降77%，住院人数下降68%的主要原因。\n在美国，5月份因新冠肺炎死亡的1.8万多人中，只有150人接种了疫苗。\n正如美国国家过敏症和传染病研究所所长安东尼·福奇(Anthony Fauci)所说，美国正变得“几乎像两个美国”，分为接种疫苗和未接种疫苗两部分。那些没有完全接种疫苗的人仍然面临来自冠状病毒的风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144020889,"gmtCreate":1626254764641,"gmtModify":1703756424849,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144020889","repostId":"2151593458","repostType":4,"repost":{"id":"2151593458","kind":"highlight","pubTimestamp":1626228999,"share":"https://ttm.financial/m/news/2151593458?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:16","market":"us","language":"zh","title":"U.S. inflation continues to fever, and it's time to test the Fed","url":"https://stock-news.laohu8.com/highlight/detail?id=2151593458","media":"华尔街见闻","summary":"美国6月物价再度爆表，美联储的“通胀暂时论”还能否站得住脚，以及货币政策将如何作出应对，成为市场关注的焦点。北京时间周二晚间公布的数据显示，美国6月CPI及核心CPI环比、同比均高于预期及前值，多项数据创新高。今年以来，美国通胀节节走高，但美联储一直坚称物价上涨只是“暂时的”，随着疫情封锁进一步放松、供应赶上被压抑的需求，通胀将消退。当地时间周三和周四，美联储主席鲍威尔将接受国会议员的质询。","content":"<p>Prices in the United States exploded again in June. Whether the Federal Reserve's \"temporary inflation theory\" can still be tenable and how monetary policy will respond has become the focus of market attention.</p><p>Data released on Tuesday evening, Beijing time, showed that the U.S. CPI and core CPI in June were both higher than expected and previous values month-on-month and year-on-year, and many data hit new highs. Among them, CPI rose by 5.4% year-on-year, the highest increase since August 2008, much higher than the 5% increase in May and the 4.9% increase previously predicted by economists.</p><p><img src=\"https://static.tigerbbs.com/a1c1b19fafe4fccf8df811ab9531e0be\" tg-width=\"525\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p>Industries directly affected by the pandemic saw the biggest price increases, with travel-related expenses such as air tickets soaring, and semiconductor shortages also sending used car prices soaring. According to data from the U.S. Bureau of Labor Statistics, used car prices rose 10.5% month-on-month in June, contributing one-third of last month's CPI increase.</p><p>After the data was released, market expectations for the Federal Reserve's rate hike rose sharply, U.S. bond yields jumped intraday, and the yield curve flattened. Under the threat of inflation, the dollar strengthened further, approaching a three-month high.</p><p><img src=\"https://static.tigerbbs.com/41e83a31c11d1be5a229daf643f2d3ae\" tg-width=\"1088\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p><h2>Challenges for the Fed</h2>U.S. inflation has been rising steadily this year, but the Federal Reserve has insisted that price increases are only \"temporary\" and will subside as epidemic lockdowns are further eased and supply catches up with pent-up demand.</p><p><img src=\"https://static.tigerbbs.com/1ce1f249aafa91beb78c3bda811d915d\" tg-width=\"1083\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>At the June FOMC meeting, the Fed predicted that its favored gauge of core inflation would rise 3% this year and fall back to 2.1% in 2022.</p><p>In terms of monetary policy, the Federal Reserve released hawkish signals that surprised the market last month, suggesting that there will be two rate hike in 2023. The minutes of the meeting showed that the Fed has begun to discuss the Taper matter within, but no consensus can be reached, and the discussion will continue in the future.</p><p>But Tuesday's unexpectedly high inflation data could put pressure on the Fed to consider reducing asset purchases at a faster pace than previously expected, slowing monetary stimulus.</p><p>St. Louis Federal Reserve Bank President Bullard said on Tuesday that as the U.S. economy grows at a rate of 7% and the epidemic is getting better and better under control, it is now time to lift the Fed's stimulus measures. Bullard has always been known as a \"dove\", and his hawkish remarks have aroused great concern in the market.</p><p>But the New York Fed president<a href=\"https://laohu8.com/S/WMB\">Williams</a>On Monday, the U.S. economy has not yet reached the conditions for the Federal Reserve to reduce the scale of asset purchases. San Francisco Fed President Daly also warned on Friday that premature withdrawal from the stimulus plan would pose great risks as the Delta variant strain continues to spread.</p><p>On Wednesday and Thursday local time, Federal Reserve Chairman Jerome Powell will be questioned by members of Congress. Investors will pay close attention to whether Powell will signal that he will start discussing tapering asset purchases at the July Federal Reserve meeting.</p><p><a href=\"https://laohu8.com/S/ING\">Dutch International</a>James Knightley, chief international economist at the Group (ING), said that there seems to be no reason for the Fed to continue its quantitative easing plan of buying $120 billion in assets per month, and we will look for hints about impending tapering from Powell's testimony and the August Jackson Hole meeting.</p><p><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Analysts wrote in a note on Tuesday that if the Fed sticks to its average inflation target, putting the rate hike ahead of market expectations, it could mean increased interest rate volatility in the future.</p><p>Wells Fargo analysts pointed out that the Fed will face more challenges in communication in the future. On the one hand, it hopes to continue to be patient; on the other hand, the market does not seem to \"buy\" the Fed's new strategy to deal with inflation. These contradictions should aggravate the future volatility of macro markets.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. inflation continues to fever, and it's time to test the Fed</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\">\nU.S. inflation continues to fever, and it's time to test the Fed\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Prices in the United States exploded again in June. Whether the Federal Reserve's \"temporary inflation theory\" can still be tenable and how monetary policy will respond has become the focus of market attention.</p><p>Data released on Tuesday evening, Beijing time, showed that the U.S. CPI and core CPI in June were both higher than expected and previous values month-on-month and year-on-year, and many data hit new highs. Among them, CPI rose by 5.4% year-on-year, the highest increase since August 2008, much higher than the 5% increase in May and the 4.9% increase previously predicted by economists.</p><p><img src=\"https://static.tigerbbs.com/a1c1b19fafe4fccf8df811ab9531e0be\" tg-width=\"525\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p>Industries directly affected by the pandemic saw the biggest price increases, with travel-related expenses such as air tickets soaring, and semiconductor shortages also sending used car prices soaring. According to data from the U.S. Bureau of Labor Statistics, used car prices rose 10.5% month-on-month in June, contributing one-third of last month's CPI increase.</p><p>After the data was released, market expectations for the Federal Reserve's rate hike rose sharply, U.S. bond yields jumped intraday, and the yield curve flattened. Under the threat of inflation, the dollar strengthened further, approaching a three-month high.</p><p><img src=\"https://static.tigerbbs.com/41e83a31c11d1be5a229daf643f2d3ae\" tg-width=\"1088\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p><h2>Challenges for the Fed</h2>U.S. inflation has been rising steadily this year, but the Federal Reserve has insisted that price increases are only \"temporary\" and will subside as epidemic lockdowns are further eased and supply catches up with pent-up demand.</p><p><img src=\"https://static.tigerbbs.com/1ce1f249aafa91beb78c3bda811d915d\" tg-width=\"1083\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>At the June FOMC meeting, the Fed predicted that its favored gauge of core inflation would rise 3% this year and fall back to 2.1% in 2022.</p><p>In terms of monetary policy, the Federal Reserve released hawkish signals that surprised the market last month, suggesting that there will be two rate hike in 2023. The minutes of the meeting showed that the Fed has begun to discuss the Taper matter within, but no consensus can be reached, and the discussion will continue in the future.</p><p>But Tuesday's unexpectedly high inflation data could put pressure on the Fed to consider reducing asset purchases at a faster pace than previously expected, slowing monetary stimulus.</p><p>St. Louis Federal Reserve Bank President Bullard said on Tuesday that as the U.S. economy grows at a rate of 7% and the epidemic is getting better and better under control, it is now time to lift the Fed's stimulus measures. Bullard has always been known as a \"dove\", and his hawkish remarks have aroused great concern in the market.</p><p>But the New York Fed president<a href=\"https://laohu8.com/S/WMB\">Williams</a>On Monday, the U.S. economy has not yet reached the conditions for the Federal Reserve to reduce the scale of asset purchases. San Francisco Fed President Daly also warned on Friday that premature withdrawal from the stimulus plan would pose great risks as the Delta variant strain continues to spread.</p><p>On Wednesday and Thursday local time, Federal Reserve Chairman Jerome Powell will be questioned by members of Congress. Investors will pay close attention to whether Powell will signal that he will start discussing tapering asset purchases at the July Federal Reserve meeting.</p><p><a href=\"https://laohu8.com/S/ING\">Dutch International</a>James Knightley, chief international economist at the Group (ING), said that there seems to be no reason for the Fed to continue its quantitative easing plan of buying $120 billion in assets per month, and we will look for hints about impending tapering from Powell's testimony and the August Jackson Hole meeting.</p><p><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Analysts wrote in a note on Tuesday that if the Fed sticks to its average inflation target, putting the rate hike ahead of market expectations, it could mean increased interest rate volatility in the future.</p><p>Wells Fargo analysts pointed out that the Fed will face more challenges in communication in the future. On the one hand, it hopes to continue to be patient; on the other hand, the market does not seem to \"buy\" the Fed's new strategy to deal with inflation. These contradictions should aggravate the future volatility of macro markets.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635336\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0dd1549a90968778a7afdc56cd660b1b","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares","TQQQ":"纳指三倍做多ETF","SPY":"标普500ETF","IVV":"标普500ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares",".SPX":"S&P 500 Index","QID":"两倍做空纳斯达克指数ETF-ProShares","OEX":"标普100",".IXIC":"NASDAQ Composite","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空",".DJI":"道琼斯","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DJX":"1/100道琼斯"},"source_url":"https://wallstreetcn.com/articles/3635336","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151593458","content_text":"美国6月物价再度爆表，美联储的“通胀暂时论”还能否站得住脚，以及货币政策将如何作出应对，成为市场关注的焦点。\n北京时间周二晚间公布的数据显示，美国6月CPI及核心CPI环比、同比均高于预期及前值，多项数据创新高。其中CPI同比上涨5.4%，创下2008年8月以来的最高涨幅，远高于5月份的5%和经济学家此前预测的4.9%的涨幅。\n\n（图片来源：Zerohedge）\n受疫情直接影响的行业的价格涨幅最大，机票等差旅相关费用飙升，半导体短缺也导致二手车价格飙升。美国劳工统计局的数据显示，6月二手车价格环比上涨了10.5%，贡献了上个月CPI上涨的三分之一涨幅。\n数据公布后，市场对美联储加息预期陡升，美债收益率盘中跃升，收益率曲线趋平。通胀威胁下，美元进一步走强，逼近三个月来高位。\n\n（图片来源：Zerohedge）\n美联储面临的挑战\n今年以来，美国通胀节节走高，但美联储一直坚称物价上涨只是“暂时的”，随着疫情封锁进一步放松、供应赶上被压抑的需求，通胀将消退。\n\n在6月的FOMC会议上，美联储预测，其青睐的核心通胀指标今年将上升3%，2022年将回落至2.1%。\n货币政策方面，美联储上月释放出令市场意外的鹰派信号，暗示2023年会有两次加息。会议纪要显示，美联储内部已经开始讨论Taper事宜，不过无法达成共识，未来将继续讨论。\n但周二意外高企的通胀数据可能会给美联储带来压力，迫使其考虑以比此前预期更快的速度减少资产购买，从而放缓货币刺激。\n美国圣路易斯联邦储备银行行长布拉德周二表示，随着美国经济以7%的速度增长，以及疫情得到越来越好的控制，现在是取消美联储的刺激措施了。布拉德一直以来以“鸽派”著称，他的鹰派言论引发了市场高度关注。\n但纽约联储行长威廉姆斯周一称，美国经济尚未达到美联储减少资产购买规模的条件。旧金山联储总裁戴利也在上周五警告，由于Delta变种毒株持续蔓延，过早退出刺激计划将造成极大的风险。\n当地时间周三和周四，美联储主席鲍威尔将接受国会议员的质询。投资者将密切关注鲍威尔会否释放在7月美联储会议上开始讨论缩减资产购买规模的信号。\n荷兰国际集团(ING)首席国际经济学家James Knightley表示，美联储似乎没有理由继续每月购买1200亿美元资产的量化宽松计划，我们将从鲍威尔的证词以及8月杰克逊霍尔会议上寻找有关即将缩减规模的暗示。\n富国银行分析们在周二的一份报告中写道，如果美联储坚守平均通胀目标，使得加息的时点超过市场预期，那么这可能意味着未来利率波动将加剧。\n富国分析师们指出，未来美联储在沟通方面将面临更多挑战，一方面它希望能够继续保持耐心，另一方面市场对美联储对待通胀的新策略似乎并不“买账”，这些矛盾应该会加剧宏观市场未来的波动。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDOW":0.9,"TQQQ":0.9,"SQQQ":0.9,"SPY":0.9,"SPXU":0.9,"SH":0.9,"UPRO":0.9,"ESmain":0.9,"OEX":0.9,"DOG":0.9,"IVV":0.9,"SDS":0.9,"QID":0.9,".IXIC":0.9,"PSQ":0.9,"UDOW":0.9,"OEF":0.9,"QLD":0.9,"MNQmain":0.9,"NQmain":0.9,"DDM":0.9,"QQQ":0.9,"SSO":0.9,".DJI":0.9,".SPX":0.9,"DJX":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":2848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143440711,"gmtCreate":1625812533133,"gmtModify":1703749065461,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/143440711","repostId":"2150320298","repostType":4,"isVote":1,"tweetType":1,"viewCount":2362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153240718,"gmtCreate":1625029646134,"gmtModify":1703850521797,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/153240718","repostId":"2147893851","repostType":4,"repost":{"id":"2147893851","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1625012672,"share":"https://ttm.financial/m/news/2147893851?lang=en_US&edition=fundamental","pubTime":"2021-06-30 08:24","market":"us","language":"zh","title":"The global IPO report card for the first half of the year is released, and the Hong Kong Stock Exchange's IPO fundraising ranks third in the world","url":"https://stock-news.laohu8.com/highlight/detail?id=2147893851","media":"券商中国","summary":"2021年上半年即将收官， 全球经济从新冠疫情中稳步复苏，IPO情况如何？\n近日，毕马威发布2021年上半年中国内地、香港乃至全球IPO市场情况报告，纵观全球市场上半年的集资总额和上市家数分别为210","content":"<p>The first half of 2021 is coming to an end, and the global economy is steadily recovering from the COVID-19 pandemic. What is the IPO situation?</p><p>Recently, KPMG released a report on the IPO market situation in mainland China, Hong Kong and even the world in the first half of 2021. Looking at the global market, the total amount of funds raised and the number of listed companies in the first half of the year were US $210 billion and 1,047 respectively, an increase of 196% and 134% respectively compared with the same period last year.%.</p><p>Among them, the A-share markets in the United States, Hong Kong and mainland China are still in the leading position. The Hong Kong Stock Exchange ranks third among the top five stock exchanges in the world, followed by the Shanghai Stock Exchange and ranks fourth.</p><p><b>It is worth mentioning that, benefiting from the increase in trading volume of GEM and science and technology innovation board in the first half of the year, the number of IPOs listed in the A-share market reached 248, double that of the same period in the first half of 2020.</b></p><p>From the follow-up, A-share listing applications are still active, with about 690 companies applying for listing, most of which are listing applications on the Science and Technology Innovation Board and GEM. The industries are mainly information technology, TMT and high-end industrial markets, reflecting that the A-share science and technology innovation board and The GEM registration and listing mechanism has won the confidence and recognition of the market.</p><p>In addition, in terms of the amount raised, among the top ten A-share IPOs, 6 are from science and technology innovation board and Growth Enterprise Market markets, and the largest A-share IPO is<a href=\"https://laohu8.com/S/600905\">Three Gorges Energy</a>Raising 22.7 billion yuan, the largest H-share IPO was Kuaishou Technology, which raised 48.3 billion Hong Kong dollars (40.2 billion yuan).</p><p><b>Global IPO fundraising surged in the first half of the year</b></p><p>The KPMG report shows that investor confidence remains solid as global uncertainties disappear. In the first half of this year, the total amount of funds raised in the global market and the number of IPO listings both rose sharply, with a total amount of US $210 billion raised and 1,047 listings, a year-on-year increase of 196% and 134% respectively.</p><p><img src=\"https://static.tigerbbs.com/6356bf95c50e57b0fcba10742ecbc2ea\" tg-width=\"959\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>Among them, the A-share markets in the United States, Hong Kong and mainland China continue to lead the global IPO market, with a total fundraising of US $130.7 billion in the three markets. In terms of industries, the technology, media and communication industries, healthcare and life sciences and consumer goods markets are the most outstanding industries, accounting for more than 70% of the total fundraising in the United States, Hong Kong and A-share IPO markets.</p><p>According to KPMG's analysis, from the perspective of reasons, the rise in global IPO fundraising includes: under the vaccination plan of developed economies around the world, the macro economy has steadily recovered from the COVID-19 pandemic, the listing boom of new economy and biotechnology companies, and the boom of companies going to Hong Kong for secondary listings, etc.</p><p>It is worth mentioning that, with the support of strong liquidity, secondary listing activities and block transactions, the IPO market in Hong Kong, China has been boosted by increased investor demand and strong market sentiment. The total fund raised in the first half of 2021 reached US $26 billion, a record high.</p><p>Judging from the ranking of global exchanges, the Hong Kong Stock Exchange currently ranks third among the top five stock exchanges in the world, followed by the Shanghai Stock Exchange, with a total IPO fund-raising of US $20.6 billion.</p><p><img src=\"https://static.tigerbbs.com/919f3bd81cf6cea224ebd1e68b806b5e\" tg-width=\"656\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>KPMG<a href=\"https://laohu8.com/S/00170\">China Capital</a>Liu Guoxian, managing partner of the market, said: \"The market liquidity is at a high level, coupled with the strong investment sentiment, which has brought support to the global IPO market. The first half of this year was active, and the total amount of funds raised nearly tripled compared with the same period last year. Coupled with the increase in funds raised in the US, Hong Kong and European markets, it is expected that global IPO activities will continue to flourish in the second half of this year.\"</p><p><b>Science and Technology Innovation Board and Growth Enterprise Market help A-share IPO explosion</b></p><p>In the first half of this year, due to the positive impact of the steady recovery of the domestic economy and the further development of the registration system, the A-share IPO market continued to be active, especially driven by the increase in trading volume on the Growth Enterprise Market and science and technology innovation board in the first half of this year. The number of IPOs in the A-share market doubled in the first half of 2020.</p><p><b>Data show that in the first half of 2021, a total of 248 companies in the A-share market successfully IPO, a year-on-year increase of 110%, and the total amount raised reached 212.7 billion yuan, a year-on-year increase of 53%.</b></p><p><img src=\"https://static.tigerbbs.com/887fb9a800fa35e864d643a3e6f8862d\" tg-width=\"908\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>Among them, there were 87 IPOs on the Shanghai Stock Exchange Science and Technology Innovation Board and the Shenzhen Stock Exchange Growth Enterprise Market in the first half of the year, raising 71.7 billion yuan and 53.6 billion yuan respectively. The number of IPOs on the Shanghai Stock Exchange Main Board and Shenzhen Stock Exchange Main Board was 54 and 20 respectively, raising 74.1 billion yuan and 13.3 billion yuan respectively.</p><p><b>It is worth mentioning that science and technology innovation board and Growth Enterprise Market played a prominent role in the A-share IPO results in the first half of the year, with a total of 174 IPOs and a total raised amount of 125.3 billion yuan.</b></p><p>In terms of raised funds, among the top ten A-share IPOs in the first half of the year, six companies came from science and technology innovation board and Growth Enterprise Market markets. Among them, the largest A-share IPO project was Three Gorges Energy, with a fundraising amount of 22.7 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/7a90d7dbb89490e7c98baead3ebaf082\" tg-width=\"770\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p><p>From an industry perspective, in terms of raised funds, the industrial market, TMT (information technology, media and telecommunications industry) and consumer goods market occupied the top three industries in the first half of this year. According to KPMG analysis, due to the further development of digital economy and high-end manufacturing in China, the listing momentum of companies from TMT and industrial markets will continue.</p><p>At the same time, due to the construction of a new development pattern in which domestic and international dual cycles promote each other, the domestic market will also become an important market for future consumption growth, and traditional industries in related consumer goods markets will also benefit.</p><p>Judging from the situation of IPO companies to be listed, A-share listing applications are still active, with about 690 companies applying for listing, most of which are companies to be listed on the Science and Technology Innovation Board and the Growth Enterprise Market. KPMG believes that this reflects that the listing mechanism of the Science and Technology Innovation Board and the Growth Enterprise Market has won market recognition.</p><p>Liu Dachang, a partner of KPMG China Capital Markets Advisory Group, said: \"Regulators hope to improve the overall market quality to support high-quality economic development by revising the regulations. The A-share market is still in the prosperous period of China's IPO market, which brings more opportunities to listed companies. In addition, the 'dual circulation' economic strategy positions the mainland market as the pillar of China's future growth, reflecting that innovative growth enterprises have great potential to promote China's economic growth.\"</p><p><b>Hong Kong Stock Exchange's IPO fundraising ranks third in the world</b></p><p>In the first half of this year, the outside world clearly felt the wave of listings of Hong Kong stocks one after another. The amount of IPO funds raised by the Hong Kong Stock Exchange also hit a record high in the same period, reaching 26 billion US dollars, ranking third among global exchanges.</p><p><b>According to the KPMG report, the number of IPOs in the Hong Kong market reached 46 in the first half of this year, raising a total of HK $213.2 billion. Although the number was not as good as last year, the total funds raised increased by 130% year-on-year.</b></p><p>Brokerage China reporters noticed that although the number of IPOs in the Hong Kong stock market did not increase, the amount of funds raised hit a record high in the same period. In addition to sufficient market liquidity, it was mainly due to the listing of large mainland technology and logistics companies in Hong Kong.</p><p>For example, among the top ten IPO projects in Hong Kong this year, the top five are mainland technology and logistics companies (Kuaishou Technology,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Group,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>And Ctrip Group), among which the largest IPO project is Kuaishou Technology, with a raised amount of HK $48.3 billion.</p><p><img src=\"https://static.tigerbbs.com/e2af9bf76e444924cf5fe76d51b86c41\" tg-width=\"659\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p>In addition, Hong Kong's new listing system celebrates its third anniversary this year, which allows new economy enterprises with different rights structures for the same share, biotechnology enterprises that have not yet made a profit, and qualified companies to conduct secondary listings. In the first half of this year, 13 companies realized IPOs under Hong Kong's new listing system, raising a total of HK $141.1 billion, accounting for 66% of the total funds raised during the period.</p><p>Zhu Yayi, managing partner of KPMG Hong Kong New Economic Markets and Life Sciences, said that mainland and overseas funds have taken a two-pronged approach to build the Hong Kong market into a market with abundant liquidity and diversified development.</p><p>According to Zhu Yayi's analysis, benefiting from the free, open and adaptable environment of Hong Kong market, HKEx has naturally become the second listing place of mainland companies listed in the United States, and mainland investors are familiar with the brands and businesses of these companies. Many companies have come to Hong Kong for secondary listing before. It is expected that more related companies will refer to similar practices, and HKEx is expected to become one of the world's leading listing places in 2021.</p><p>From the perspective of industry, Zhu Yayi analyzed that as the global society gradually gets rid of the impact of the epidemic and establishes a new social normal, the market demand for technologies that can improve the quality of products and services, have strong reliability and innovation, and are people-oriented has increased, which has become the key driving force for future growth. It is expected that in the next few quarters, companies in new economic sectors including healthcare, life sciences, logistics and supply chain, and financial technology will remain strong in listing on the Hong Kong stock market.</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>The global IPO report card for the first half of the year is released, and the Hong Kong Stock Exchange's IPO fundraising ranks third in the world</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe global IPO report card for the first half of the year is released, and the Hong Kong Stock Exchange's IPO fundraising ranks third in the world\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-30 08:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The first half of 2021 is coming to an end, and the global economy is steadily recovering from the COVID-19 pandemic. What is the IPO situation?</p><p>Recently, KPMG released a report on the IPO market situation in mainland China, Hong Kong and even the world in the first half of 2021. Looking at the global market, the total amount of funds raised and the number of listed companies in the first half of the year were US $210 billion and 1,047 respectively, an increase of 196% and 134% respectively compared with the same period last year.%.</p><p>Among them, the A-share markets in the United States, Hong Kong and mainland China are still in the leading position. The Hong Kong Stock Exchange ranks third among the top five stock exchanges in the world, followed by the Shanghai Stock Exchange and ranks fourth.</p><p><b>It is worth mentioning that, benefiting from the increase in trading volume of GEM and science and technology innovation board in the first half of the year, the number of IPOs listed in the A-share market reached 248, double that of the same period in the first half of 2020.</b></p><p>From the follow-up, A-share listing applications are still active, with about 690 companies applying for listing, most of which are listing applications on the Science and Technology Innovation Board and GEM. The industries are mainly information technology, TMT and high-end industrial markets, reflecting that the A-share science and technology innovation board and The GEM registration and listing mechanism has won the confidence and recognition of the market.</p><p>In addition, in terms of the amount raised, among the top ten A-share IPOs, 6 are from science and technology innovation board and Growth Enterprise Market markets, and the largest A-share IPO is<a href=\"https://laohu8.com/S/600905\">Three Gorges Energy</a>Raising 22.7 billion yuan, the largest H-share IPO was Kuaishou Technology, which raised 48.3 billion Hong Kong dollars (40.2 billion yuan).</p><p><b>Global IPO fundraising surged in the first half of the year</b></p><p>The KPMG report shows that investor confidence remains solid as global uncertainties disappear. In the first half of this year, the total amount of funds raised in the global market and the number of IPO listings both rose sharply, with a total amount of US $210 billion raised and 1,047 listings, a year-on-year increase of 196% and 134% respectively.</p><p><img src=\"https://static.tigerbbs.com/6356bf95c50e57b0fcba10742ecbc2ea\" tg-width=\"959\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>Among them, the A-share markets in the United States, Hong Kong and mainland China continue to lead the global IPO market, with a total fundraising of US $130.7 billion in the three markets. In terms of industries, the technology, media and communication industries, healthcare and life sciences and consumer goods markets are the most outstanding industries, accounting for more than 70% of the total fundraising in the United States, Hong Kong and A-share IPO markets.</p><p>According to KPMG's analysis, from the perspective of reasons, the rise in global IPO fundraising includes: under the vaccination plan of developed economies around the world, the macro economy has steadily recovered from the COVID-19 pandemic, the listing boom of new economy and biotechnology companies, and the boom of companies going to Hong Kong for secondary listings, etc.</p><p>It is worth mentioning that, with the support of strong liquidity, secondary listing activities and block transactions, the IPO market in Hong Kong, China has been boosted by increased investor demand and strong market sentiment. The total fund raised in the first half of 2021 reached US $26 billion, a record high.</p><p>Judging from the ranking of global exchanges, the Hong Kong Stock Exchange currently ranks third among the top five stock exchanges in the world, followed by the Shanghai Stock Exchange, with a total IPO fund-raising of US $20.6 billion.</p><p><img src=\"https://static.tigerbbs.com/919f3bd81cf6cea224ebd1e68b806b5e\" tg-width=\"656\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p><p>KPMG<a href=\"https://laohu8.com/S/00170\">China Capital</a>Liu Guoxian, managing partner of the market, said: \"The market liquidity is at a high level, coupled with the strong investment sentiment, which has brought support to the global IPO market. The first half of this year was active, and the total amount of funds raised nearly tripled compared with the same period last year. Coupled with the increase in funds raised in the US, Hong Kong and European markets, it is expected that global IPO activities will continue to flourish in the second half of this year.\"</p><p><b>Science and Technology Innovation Board and Growth Enterprise Market help A-share IPO explosion</b></p><p>In the first half of this year, due to the positive impact of the steady recovery of the domestic economy and the further development of the registration system, the A-share IPO market continued to be active, especially driven by the increase in trading volume on the Growth Enterprise Market and science and technology innovation board in the first half of this year. The number of IPOs in the A-share market doubled in the first half of 2020.</p><p><b>Data show that in the first half of 2021, a total of 248 companies in the A-share market successfully IPO, a year-on-year increase of 110%, and the total amount raised reached 212.7 billion yuan, a year-on-year increase of 53%.</b></p><p><img src=\"https://static.tigerbbs.com/887fb9a800fa35e864d643a3e6f8862d\" tg-width=\"908\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>Among them, there were 87 IPOs on the Shanghai Stock Exchange Science and Technology Innovation Board and the Shenzhen Stock Exchange Growth Enterprise Market in the first half of the year, raising 71.7 billion yuan and 53.6 billion yuan respectively. The number of IPOs on the Shanghai Stock Exchange Main Board and Shenzhen Stock Exchange Main Board was 54 and 20 respectively, raising 74.1 billion yuan and 13.3 billion yuan respectively.</p><p><b>It is worth mentioning that science and technology innovation board and Growth Enterprise Market played a prominent role in the A-share IPO results in the first half of the year, with a total of 174 IPOs and a total raised amount of 125.3 billion yuan.</b></p><p>In terms of raised funds, among the top ten A-share IPOs in the first half of the year, six companies came from science and technology innovation board and Growth Enterprise Market markets. Among them, the largest A-share IPO project was Three Gorges Energy, with a fundraising amount of 22.7 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/7a90d7dbb89490e7c98baead3ebaf082\" tg-width=\"770\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p><p>From an industry perspective, in terms of raised funds, the industrial market, TMT (information technology, media and telecommunications industry) and consumer goods market occupied the top three industries in the first half of this year. According to KPMG analysis, due to the further development of digital economy and high-end manufacturing in China, the listing momentum of companies from TMT and industrial markets will continue.</p><p>At the same time, due to the construction of a new development pattern in which domestic and international dual cycles promote each other, the domestic market will also become an important market for future consumption growth, and traditional industries in related consumer goods markets will also benefit.</p><p>Judging from the situation of IPO companies to be listed, A-share listing applications are still active, with about 690 companies applying for listing, most of which are companies to be listed on the Science and Technology Innovation Board and the Growth Enterprise Market. KPMG believes that this reflects that the listing mechanism of the Science and Technology Innovation Board and the Growth Enterprise Market has won market recognition.</p><p>Liu Dachang, a partner of KPMG China Capital Markets Advisory Group, said: \"Regulators hope to improve the overall market quality to support high-quality economic development by revising the regulations. The A-share market is still in the prosperous period of China's IPO market, which brings more opportunities to listed companies. In addition, the 'dual circulation' economic strategy positions the mainland market as the pillar of China's future growth, reflecting that innovative growth enterprises have great potential to promote China's economic growth.\"</p><p><b>Hong Kong Stock Exchange's IPO fundraising ranks third in the world</b></p><p>In the first half of this year, the outside world clearly felt the wave of listings of Hong Kong stocks one after another. The amount of IPO funds raised by the Hong Kong Stock Exchange also hit a record high in the same period, reaching 26 billion US dollars, ranking third among global exchanges.</p><p><b>According to the KPMG report, the number of IPOs in the Hong Kong market reached 46 in the first half of this year, raising a total of HK $213.2 billion. Although the number was not as good as last year, the total funds raised increased by 130% year-on-year.</b></p><p>Brokerage China reporters noticed that although the number of IPOs in the Hong Kong stock market did not increase, the amount of funds raised hit a record high in the same period. In addition to sufficient market liquidity, it was mainly due to the listing of large mainland technology and logistics companies in Hong Kong.</p><p>For example, among the top ten IPO projects in Hong Kong this year, the top five are mainland technology and logistics companies (Kuaishou Technology,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Group,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>And Ctrip Group), among which the largest IPO project is Kuaishou Technology, with a raised amount of HK $48.3 billion.</p><p><img src=\"https://static.tigerbbs.com/e2af9bf76e444924cf5fe76d51b86c41\" tg-width=\"659\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p>In addition, Hong Kong's new listing system celebrates its third anniversary this year, which allows new economy enterprises with different rights structures for the same share, biotechnology enterprises that have not yet made a profit, and qualified companies to conduct secondary listings. In the first half of this year, 13 companies realized IPOs under Hong Kong's new listing system, raising a total of HK $141.1 billion, accounting for 66% of the total funds raised during the period.</p><p>Zhu Yayi, managing partner of KPMG Hong Kong New Economic Markets and Life Sciences, said that mainland and overseas funds have taken a two-pronged approach to build the Hong Kong market into a market with abundant liquidity and diversified development.</p><p>According to Zhu Yayi's analysis, benefiting from the free, open and adaptable environment of Hong Kong market, HKEx has naturally become the second listing place of mainland companies listed in the United States, and mainland investors are familiar with the brands and businesses of these companies. Many companies have come to Hong Kong for secondary listing before. It is expected that more related companies will refer to similar practices, and HKEx is expected to become one of the world's leading listing places in 2021.</p><p>From the perspective of industry, Zhu Yayi analyzed that as the global society gradually gets rid of the impact of the epidemic and establishes a new social normal, the market demand for technologies that can improve the quality of products and services, have strong reliability and innovation, and are people-oriented has increased, which has become the key driving force for future growth. It is expected that in the next few quarters, companies in new economic sectors including healthcare, life sciences, logistics and supply chain, and financial technology will remain strong in listing on the Hong Kong stock market.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/450b59595cb4f24da98674ba3da03b0e","relate_stocks":{"399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147893851","content_text":"2021年上半年即将收官， 全球经济从新冠疫情中稳步复苏，IPO情况如何？\n近日，毕马威发布2021年上半年中国内地、香港乃至全球IPO市场情况报告，纵观全球市场上半年的集资总额和上市家数分别为2100亿美元和1047家，较去年同期分别上升196%及134%。\n其中，美国、中国香港及内地A股市场仍处于领先位置，香港证券交易所在全球五大证券交易所中排名第三，上海证券交易所紧随其后排名第四。\n值得一提的是，受益于创业板和科创板上半年交易量增加带动，A股市场上市IPO数量达到248家，较2020年上半年同期翻倍。\n从后续看，A股上市申请仍然活跃，约有690家公司申请上市，大部分是科创板与创业板上市申请，行业主要是信息技术、TMT以及高端工业市场，反映A股科创板和创业板注册上市机制深得市场的信心和认可。\n此外，以募集金额计算，在前十大A股IPO中，有6家来自科创板和创业板市场，A股最大IPO为三峡能源募资227亿元人民币，H股最大IPO为快手科技募资483亿港元（402亿元人民币）。\n上半年全球IPO募资大增\n毕马威报告显示，随着全球不确定因素消失，投资者信心依然稳健。在今年上半年全球市场募资总额和IPO上市数量均大幅上涨，募资总额2100亿美元，上市数量为1047家，分别同比增长196%和134%。\n\n其中，美国、中国香港和内地A股市场继续引领全球 IPO 市场，三个市场募资总额达1307亿美元，以行业来看，科技、媒体及通信业、医疗保健及生命科学和消费品市场是表现最突出的行业，占美国、中国香港和A股IPO市场集资总额70%以上。\n毕马威分析，从原因来看，全球IPO募资上涨包括：全球发达经济体在疫苗接种计划下，宏观经济已从新冠疫情中稳步复苏、新经济和生物科技公司的上市热潮、和企业奔赴香港二次上市的热潮等。\n值得一提的是，在流动资金雄厚、二次上市活动和大宗交易的支持下，中国香港IPO市场受到投资者需求增加和市场气氛旺盛的提振，2021上半年的集资总额达到260亿美元，创历史新高。\n从全球交易所排名看，香港证券交易所目前在全球五大证券交易所中排名第三，而上海证券交易所则紧随其后，IPO集资总额达206亿美元。\n\n毕马威中国资本市场主管合伙人刘国贤表示：“市场流动资金处于高位，加上投资气氛旺盛，对全球IPO市场带来支持，今年上半年表现活跃，募资总额较去年同期增加接近两倍。再加上美国、中国香港和欧洲市场募资额增加，预计今年下半年全球 IPO 活动将继续蓬勃发展。”\n科创板、创业板助力A股IPO大爆发\n今年上半年，受国内经济稳步复苏以及注册制进一步发展的积极影响，A股IPO市场继续表现活跃，尤其是创业板和科创板上半年交易量增加的带动，A股市场IPO数量较 2020年上半年翻倍。\n数据显示，2021年上半年A股市场合计有248家企业成功IPO，同比增长110%，募集总额达到2127亿元人民币，同比增长53%。\n\n其中，上交所科创板和深交所创业板上半年IPO均有87家，募资金额分别为717亿元和536亿元，上交所主板和深交所主板IPO数量分别为54家和20家，募资金额分别为741亿元和133亿元。\n值得一提的是，科创板和创业板在上半年A股IPO成绩中重要性凸显，IPO数量合计174家企业，募集总额1253亿元。\n以募集资金计算，在上半年前十大A股IPO中，有6家企业来自科创板和创业板市场，其中，A股IPO最大项目为三峡能源，募资额达到227亿元。\n\n从行业来看，按募集资金计算，今年上半年工业市场、TMT（信息技术、媒体及电信业）和消费品市场占据前三大行业，毕马威分析，由于数字化经济和高端制造业在中国进一步发展，来自TMT和工业市场的公司的上市势头将会延续。\n同时，由于构建国内国际双循环相互促进的新发展格局，国内市场也将成为未来消费增长的重要市场，相关消费品市场的传统行业也将受益。\n从IPO拟上市企业情况看，A股上市申请仍然活跃，约有690家公司申请上市，其中，大部分是科创板和创业板的拟上市申请企业，毕马威认为，这反映出科创板和创业板上市机制深得市场认可。\n毕马威中国资本市场咨询组合伙人刘大昌表示：“监管机构通过修订规条，希望能提升整体市场质量以支持高质量经济发展，A股市场仍处于中国IPO市场繁盛时期，这给符合上市的企业带来更多机遇。此外，‘双循环’经济策略将内地市场定位为中国未来增长的支柱，反映出创新增长型企业有较大的潜力推动中国经济增长。”\n港交所IPO募资位居全球第三\n今年上半年，外界很明显感受到港股的上市浪潮一波接一波，港交所IPO募资额也创同期历史新高，达到260亿美元，位居全球交易所第三。\n毕马威报告显示，今年上半香港市场IPO数量达到46家，募资总额2132亿港元，尽管数量不及去年，但是募资总额同比增长130%。\n券商中国记者注意到，港股市场IPO在数量未增加基础上，募资金额却创同期历史新高，除了归咎于市场流动性充足，主要得益于内地大型科技及物流公司在香港上市。\n例如，今年香港前十大IPO项目中，前五大都是内地科技及物流企业（快手科技、京东物流、百度集团、哔哩哔哩和携程集团），其中，最大的IPO项目为快手科技，募集金额达到483亿港元。\n\n此外，香港新上市制度今年迎来三周年，该制度允许具有同股不同权架构新经济企业、尚未盈利的生物科技企业以及符合资格的公司进行二次上市。在今年上半年，有13家公司根据香港新上市制度实现IPO，共募集1411亿港元，占期内募资总额的66%。\n毕马威中国香港新经济市场及生命科学主管合伙人朱雅仪表示，内地与海外资金双管齐下，把香港市场打造为流动性充裕和多元发展的市场。\n朱雅仪分析，受益于香港市场自由、开放和适应力强的环境，港交所很自然成为美国上市内地企业的第二上市地，且内地投资者对这些企业品牌和业务较为熟悉，此前已有不少企业来香港二次上市，预计更多相关公司会参考类似做法，港交所有望在 2021 年跻身全球领先上市地之列。\n从行业来看，朱雅仪分析，随着全球社会逐渐摆脱疫情的影响及建立社会新常态，市场对能提高产品和服务质量、可靠性强创新性强、以人为本的技术需求增加，这成为未来增长的关键驱动力。预计未来几个季度，包括医疗保健、生命科学、物流和供应链、及金融科技等新经济板块企业在港股上市势头依然强劲。","news_type":1,"symbols_score_info":{"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124908096,"gmtCreate":1624714748115,"gmtModify":1703844027883,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124908096","repostId":"1167256448","repostType":4,"repost":{"id":"1167256448","kind":"news","pubTimestamp":1624686286,"share":"https://ttm.financial/m/news/1167256448?lang=en_US&edition=fundamental","pubTime":"2021-06-26 13:44","market":"hk","language":"zh","title":"Xiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry","url":"https://stock-news.laohu8.com/highlight/detail?id=1167256448","media":"全天候科技","summary":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。","content":"<p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner? Kelly (pseudonym) is a marketing management member of a new energy vehicle brand from a traditional domestic car company. Recently, he wanted to take advantage of the trend of technology car manufacturing to change the \"runway\", so he paid attention to Xiaomi, 360, Jidu, etc. Many technology companies have announced job opportunities for car manufacturing. But what he didn't expect was that after looking around, he found that his choice was very small.</p><p>\"People from (traditional) automobile (enterprise) backgrounds are not very popular.\" Kelly's feelings when applying for jobs from these technology car manufacturers, \"Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking.\" Kelly said somewhat helplessly.</p><p>Chen Fan (pseudonym), who has also worked in traditional car companies for many years and is responsible for vehicle tuning, and his colleagues have recently paid great attention to the opportunities of new car technology companies. \"There are many people waiting and watching now,\" Chen Fan said. But according to Chen Fan, up to now, no colleagues around me have been able to enter these new technology companies.</p><p>\"They (technology companies) despise people from traditional car companies, and they all want to engage in software.\" At this point, Chen Fan and Kelly have similar feelings.</p><p>As technology companies represented by Xiaomi enter the market to build cars, news of their heavy \"recruitment\" continues to spread, which seems to give automobile employees more opportunities to \"change jobs\". But the reality is not the case.</p><p>A screenshot of his conversation with the company provided by a job seeker on the Internet confirms the \"rejection\" of talents from traditional car companies by technology car companies from another aspect: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>A joint venture with Geely), but I think you are in SAIC Volkswagen, right? Jidu made it clear that it doesn't want traditional cars. \"</p><p>However, the heroic \"meal ticket\" issued by Xiaomi still makes many car companies eager to move. \"Now the normal recruitment of all new companies is a salary increase of 10%-30%. People who are very good can talk about it themselves.\" A job seeker from a traditional car company said. And according to<a href=\"https://laohu8.com/S/SINA\">SINA</a>According to financial reports, the recommendation bonus of 360 Auto Recruitment alone totals hundreds of thousands of yuan.</p><p>According to a data exclusively provided to the Economic Observer by the workplace social platform Maimai, according to statistics, among new car companies, the number of people in the automotive circle plan to go to Didi is the largest, and the number of interactions is the highest; Followed by<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, the third place is Jidu Automobile, a cooperation between Baidu and Geely, and the fourth place is Xiaomi Automobile.</p><p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner?</p><p><b>1、</b><b><b>Selective \"poaching corners\"</b></b></p><p>While the employees of traditional car companies are \"cold reception\" when applying for jobs, new car companies have become the key direction for technology car companies to \"poach people\".</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the press conference of the car, Li Bin, founder and chairman of Nio, said with emotion, \"There are too many people poaching us recently, and there is no way. We have to hide all the information of our colleagues.\" Because at that time, Baidu, Xiaomi, Didi, etc. have successively announced the construction of cars, which is considered to be the beginning of the war between technology companies and new car companies such as \"Wei Xiaoli\" to grab people. Compared with traditional car companies, these two types of companies are considered to be more advanced and advanced in car manufacturing concepts and technologies.</p><p>It is worth pondering that just a few years ago, \"Wei Xiaoli\" was still a \"poacher\". He once poached people from traditional car companies with high salaries, but now their employees have become \"sweet cakes\" in the eyes of technology car companies. \". According to reports, Zhu Jiang, former vice president of Nio Automobile User Development, may join Didi to build cars. In order to retain talents, information revealed that new car manufacturers have also begun to take actions, either signing more non-competition agreements or increasing employee stock ownership, in order to resist Xiaomi's \"poaching\".</p><p>\"This (poaching people) is normal. Now the industry needs it (talents) at a speed far faster than it supplies. When there is no water in the'pool ', can't you go to others to find water?\" Steven, who works in a new car company, said. \"If there is the right opportunity, of course it will be considered, so why not?\" Steven said.</p><p>It is worth noting that the obstacles encountered by employees of traditional car companies in applying for jobs do not mean that new technology car companies are completely disinterested in talents from traditional car companies. Some senior managers are still the targets of new technology car companies.</p><p>Recently, some media broke the news that Xiaomi Motors offered hundreds of millions of sky-high prices to \"poach corners\"<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, president of the research institute, and Hu Zhengnan will also leave Geely to join Xiaomi in building cars. But then Hu Zhennan refuted rumors in the circle of friends. Geely insiders said that Hu Zhengnan's \"position (at Geely Research Institute) was removed, but there is no news about whether he left or not.\" In addition, other information shows that Didi once looked for a person at the vice president level, and the salary offered exceeded one million levels, which is more than three times that of traditional car companies.</p><p>Due to bringing a lot of money into the game, technology car-making companies generally spend a lot of money in order to quickly form teams. Zhou Hongluo, founder and chairman of 360 Group, even personally posted hero posts on social media, saying that \"the company is fully liberalized and fully supported in terms of salary and benefits.</p><p>It is worth noting that the positions that \"Xiaomi\" are now open are mainly focused on autonomous driving research and development. Judging from the recruitment information released by Xiaomi, it involves 20 positions including autonomous driving data platform, vehicle infrastructure, decision-making planning, and millimeter wave algorithm. The positions that 360 is seeking include perception fusion algorithms, software architecture, information security,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving development and other positions.</p><p>This shows that technology car companies are more focused on the research and development of core technologies such as autonomous driving, so current employees in this field may get more \"job-hopping\" opportunities.</p><p>According to the speeches of certified users on Maimai, these enterprises mainly attract them in terms of salary. In addition, some job seekers claim to be \"rice noodles\" and play emotional cards.</p><p><b>2、</b><b><b>New employment \"contempt chain\"</b></b></p><p>As participants from all sides are in place one after another, the car-making camp continues to expand, and the factions gradually become clear. In this process, a default employment \"contempt chain\" in the industry has been formed.</p><p>On the Maimai platform, automobile practitioners generally agree that the ranking of job hunting choices is: first-and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second-and third-tier new car manufacturers. Among these companies, cutting-edge technology research and development positions such as autonomous driving are even better.</p><p>Therefore, practitioners who join the autonomous driving industry are considered to be \"ashore\". Zhao Jun (a pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old, just a few years after graduation, and now works as an unmanned project engineer in a technology company. Prior to this, he worked briefly in a traditional car company.</p><p>Zhao Jun recalled that when he applied for a job, the current company was just recruiting, and the requirements for the richness of experience were low. \"During the interview, I asked about the use of some commonly used tools for testing in the automotive industry, as well as some simple tool programming.\" After successfully joining the company, Zhao Jun did outsourced adas (advanced driver assistance system) testing in the company.</p><p>Zhao Jun said that he decided to join the current company, except because his previous work content in traditional car companies changed frequently, and he was overwhelmed. Another opportunity was that he saw a video of the CEO of a well-known company's views on future autonomous driving, which made him deeply touched. \"In addition, the wages of traditional car companies are too low, and there is almost no salary increase.\" Zhao Jun said that after he came to this company, the salary level and salary increase system were better than those of traditional car companies.</p><p>\"More importantly, I have been exposed to more things, my horizons have broadened, and I can see the future trend more clearly.\" Based on this, Zhao Jun can accept the longer working hours of the company now. \"Before the big and small weeks, it later became a full break, and the arrangement was particularly full.\"</p><p>If he changes jobs again, Zhao Jun said he would choose new car companies, Internet companies, or autonomous driving<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>。 \"There is no other reason. I feel that companies with these backgrounds pay more.\"</p><p>Regarding whether to consider new technology car manufacturing companies such as Xiaomi, Zhao Jun said, \"I have considered it, but at present, they have little experience in the industry and can't get in. What they need are basically old people who have started with three years of experience, and they can work when they come. Now the industry is developing too fast, and they all hope to commercialize it quickly. No company is too willing to spend time training people, so they may not go at present.\"</p><p>Although he is considered to be at the top of the \"contempt chain\" of employment, Zhao Jun said that his colleagues are currently waiting to see more opportunities. \"(Colleagues change jobs) change frequently, and (the willingness to change jobs) is also very strong. They should consider more autonomous driving startups and new forces. They rarely hear of anyone returning to traditional car companies like Great Wall and Geely..\"</p><p>But not everyone is eager for Xiaomi's car manufacturing, and some automobile practitioners show \"no feeling\" for technology car manufacturing companies. Steven from a new car company said that if it wasn't a company he was optimistic about, he wouldn't go even if he was poached with a high salary.</p><p>\"This matter (joining a technology car-making company) is actually not in my consideration for the time being. Because I think that if you join a company, you want to grow up with him more. In an industry, if you can't do it deeply and thoroughly, your personal value will not be significantly improved.\" In Steven, 40, the higher salary of technology car-making companies is no longer the first attraction for him. Steven joined the current new car manufacturer in 2019. Before that, he worked for a technology company.</p><p>For those who want to switch jobs to technology car manufacturers such as Xiaomi, Steven suggested that they can observe again. \"Most of Xiaomi's current open jobs are related to these industries related to intelligent driving, so we still don't know whether there are demands for the traditional powertrain direction and interior and exterior decoration direction. After all, we don't know what form Xiaomi will take to make its first car. It is uncertain whether it starts from scratch or cooperates with OEM.\" Steven said that under different manufacturing modes, the positions recruited by \"Xiaomi\" will also be very different. At present, there are many targets of Xiaomi OEM scandals, but none of them have been determined.</p><p>At present, new car manufacturers are still entering the game, and the car manufacturing track will be unprecedentedly fierce. This means that the \"people-grabbing war\" in the automobile circle will become more and more fierce.</p><p>Xia Yiping, CEO of Jidu Automobile, said in April this year that the current core team of Jidu Automobile is about 100 people, and plans to expand to 2,500-3,000 people by the end of next year. And these people will undoubtedly come from other corporate talent pools. How to maintain its talent pool in this new wave of car manufacturing has become an issue that every enterprise needs to carefully consider.</p>","source":"qthkj","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>Xiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry</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\">\nXiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-06-26 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner? Kelly (pseudonym) is a marketing management member of a new energy vehicle brand from a traditional domestic car company. Recently, he wanted to take advantage of the trend of technology car manufacturing to change the \"runway\", so he paid attention to Xiaomi, 360, Jidu, etc. Many technology companies have announced job opportunities for car manufacturing. But what he didn't expect was that after looking around, he found that his choice was very small.</p><p>\"People from (traditional) automobile (enterprise) backgrounds are not very popular.\" Kelly's feelings when applying for jobs from these technology car manufacturers, \"Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking.\" Kelly said somewhat helplessly.</p><p>Chen Fan (pseudonym), who has also worked in traditional car companies for many years and is responsible for vehicle tuning, and his colleagues have recently paid great attention to the opportunities of new car technology companies. \"There are many people waiting and watching now,\" Chen Fan said. But according to Chen Fan, up to now, no colleagues around me have been able to enter these new technology companies.</p><p>\"They (technology companies) despise people from traditional car companies, and they all want to engage in software.\" At this point, Chen Fan and Kelly have similar feelings.</p><p>As technology companies represented by Xiaomi enter the market to build cars, news of their heavy \"recruitment\" continues to spread, which seems to give automobile employees more opportunities to \"change jobs\". But the reality is not the case.</p><p>A screenshot of his conversation with the company provided by a job seeker on the Internet confirms the \"rejection\" of talents from traditional car companies by technology car companies from another aspect: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>A joint venture with Geely), but I think you are in SAIC Volkswagen, right? Jidu made it clear that it doesn't want traditional cars. \"</p><p>However, the heroic \"meal ticket\" issued by Xiaomi still makes many car companies eager to move. \"Now the normal recruitment of all new companies is a salary increase of 10%-30%. People who are very good can talk about it themselves.\" A job seeker from a traditional car company said. And according to<a href=\"https://laohu8.com/S/SINA\">SINA</a>According to financial reports, the recommendation bonus of 360 Auto Recruitment alone totals hundreds of thousands of yuan.</p><p>According to a data exclusively provided to the Economic Observer by the workplace social platform Maimai, according to statistics, among new car companies, the number of people in the automotive circle plan to go to Didi is the largest, and the number of interactions is the highest; Followed by<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, the third place is Jidu Automobile, a cooperation between Baidu and Geely, and the fourth place is Xiaomi Automobile.</p><p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner?</p><p><b>1、</b><b><b>Selective \"poaching corners\"</b></b></p><p>While the employees of traditional car companies are \"cold reception\" when applying for jobs, new car companies have become the key direction for technology car companies to \"poach people\".</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the press conference of the car, Li Bin, founder and chairman of Nio, said with emotion, \"There are too many people poaching us recently, and there is no way. We have to hide all the information of our colleagues.\" Because at that time, Baidu, Xiaomi, Didi, etc. have successively announced the construction of cars, which is considered to be the beginning of the war between technology companies and new car companies such as \"Wei Xiaoli\" to grab people. Compared with traditional car companies, these two types of companies are considered to be more advanced and advanced in car manufacturing concepts and technologies.</p><p>It is worth pondering that just a few years ago, \"Wei Xiaoli\" was still a \"poacher\". He once poached people from traditional car companies with high salaries, but now their employees have become \"sweet cakes\" in the eyes of technology car companies. \". According to reports, Zhu Jiang, former vice president of Nio Automobile User Development, may join Didi to build cars. In order to retain talents, information revealed that new car manufacturers have also begun to take actions, either signing more non-competition agreements or increasing employee stock ownership, in order to resist Xiaomi's \"poaching\".</p><p>\"This (poaching people) is normal. Now the industry needs it (talents) at a speed far faster than it supplies. When there is no water in the'pool ', can't you go to others to find water?\" Steven, who works in a new car company, said. \"If there is the right opportunity, of course it will be considered, so why not?\" Steven said.</p><p>It is worth noting that the obstacles encountered by employees of traditional car companies in applying for jobs do not mean that new technology car companies are completely disinterested in talents from traditional car companies. Some senior managers are still the targets of new technology car companies.</p><p>Recently, some media broke the news that Xiaomi Motors offered hundreds of millions of sky-high prices to \"poach corners\"<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, president of the research institute, and Hu Zhengnan will also leave Geely to join Xiaomi in building cars. But then Hu Zhennan refuted rumors in the circle of friends. Geely insiders said that Hu Zhengnan's \"position (at Geely Research Institute) was removed, but there is no news about whether he left or not.\" In addition, other information shows that Didi once looked for a person at the vice president level, and the salary offered exceeded one million levels, which is more than three times that of traditional car companies.</p><p>Due to bringing a lot of money into the game, technology car-making companies generally spend a lot of money in order to quickly form teams. Zhou Hongluo, founder and chairman of 360 Group, even personally posted hero posts on social media, saying that \"the company is fully liberalized and fully supported in terms of salary and benefits.</p><p>It is worth noting that the positions that \"Xiaomi\" are now open are mainly focused on autonomous driving research and development. Judging from the recruitment information released by Xiaomi, it involves 20 positions including autonomous driving data platform, vehicle infrastructure, decision-making planning, and millimeter wave algorithm. The positions that 360 is seeking include perception fusion algorithms, software architecture, information security,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving development and other positions.</p><p>This shows that technology car companies are more focused on the research and development of core technologies such as autonomous driving, so current employees in this field may get more \"job-hopping\" opportunities.</p><p>According to the speeches of certified users on Maimai, these enterprises mainly attract them in terms of salary. In addition, some job seekers claim to be \"rice noodles\" and play emotional cards.</p><p><b>2、</b><b><b>New employment \"contempt chain\"</b></b></p><p>As participants from all sides are in place one after another, the car-making camp continues to expand, and the factions gradually become clear. In this process, a default employment \"contempt chain\" in the industry has been formed.</p><p>On the Maimai platform, automobile practitioners generally agree that the ranking of job hunting choices is: first-and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second-and third-tier new car manufacturers. Among these companies, cutting-edge technology research and development positions such as autonomous driving are even better.</p><p>Therefore, practitioners who join the autonomous driving industry are considered to be \"ashore\". Zhao Jun (a pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old, just a few years after graduation, and now works as an unmanned project engineer in a technology company. Prior to this, he worked briefly in a traditional car company.</p><p>Zhao Jun recalled that when he applied for a job, the current company was just recruiting, and the requirements for the richness of experience were low. \"During the interview, I asked about the use of some commonly used tools for testing in the automotive industry, as well as some simple tool programming.\" After successfully joining the company, Zhao Jun did outsourced adas (advanced driver assistance system) testing in the company.</p><p>Zhao Jun said that he decided to join the current company, except because his previous work content in traditional car companies changed frequently, and he was overwhelmed. Another opportunity was that he saw a video of the CEO of a well-known company's views on future autonomous driving, which made him deeply touched. \"In addition, the wages of traditional car companies are too low, and there is almost no salary increase.\" Zhao Jun said that after he came to this company, the salary level and salary increase system were better than those of traditional car companies.</p><p>\"More importantly, I have been exposed to more things, my horizons have broadened, and I can see the future trend more clearly.\" Based on this, Zhao Jun can accept the longer working hours of the company now. \"Before the big and small weeks, it later became a full break, and the arrangement was particularly full.\"</p><p>If he changes jobs again, Zhao Jun said he would choose new car companies, Internet companies, or autonomous driving<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>。 \"There is no other reason. I feel that companies with these backgrounds pay more.\"</p><p>Regarding whether to consider new technology car manufacturing companies such as Xiaomi, Zhao Jun said, \"I have considered it, but at present, they have little experience in the industry and can't get in. What they need are basically old people who have started with three years of experience, and they can work when they come. Now the industry is developing too fast, and they all hope to commercialize it quickly. No company is too willing to spend time training people, so they may not go at present.\"</p><p>Although he is considered to be at the top of the \"contempt chain\" of employment, Zhao Jun said that his colleagues are currently waiting to see more opportunities. \"(Colleagues change jobs) change frequently, and (the willingness to change jobs) is also very strong. They should consider more autonomous driving startups and new forces. They rarely hear of anyone returning to traditional car companies like Great Wall and Geely..\"</p><p>But not everyone is eager for Xiaomi's car manufacturing, and some automobile practitioners show \"no feeling\" for technology car manufacturing companies. Steven from a new car company said that if it wasn't a company he was optimistic about, he wouldn't go even if he was poached with a high salary.</p><p>\"This matter (joining a technology car-making company) is actually not in my consideration for the time being. Because I think that if you join a company, you want to grow up with him more. In an industry, if you can't do it deeply and thoroughly, your personal value will not be significantly improved.\" In Steven, 40, the higher salary of technology car-making companies is no longer the first attraction for him. Steven joined the current new car manufacturer in 2019. Before that, he worked for a technology company.</p><p>For those who want to switch jobs to technology car manufacturers such as Xiaomi, Steven suggested that they can observe again. \"Most of Xiaomi's current open jobs are related to these industries related to intelligent driving, so we still don't know whether there are demands for the traditional powertrain direction and interior and exterior decoration direction. After all, we don't know what form Xiaomi will take to make its first car. It is uncertain whether it starts from scratch or cooperates with OEM.\" Steven said that under different manufacturing modes, the positions recruited by \"Xiaomi\" will also be very different. At present, there are many targets of Xiaomi OEM scandals, but none of them have been determined.</p><p>At present, new car manufacturers are still entering the game, and the car manufacturing track will be unprecedentedly fierce. This means that the \"people-grabbing war\" in the automobile circle will become more and more fierce.</p><p>Xia Yiping, CEO of Jidu Automobile, said in April this year that the current core team of Jidu Automobile is about 100 people, and plans to expand to 2,500-3,000 people by the end of next year. And these people will undoubtedly come from other corporate talent pools. How to maintain its talent pool in this new wave of car manufacturing has become an issue that every enterprise needs to carefully consider.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167256448","content_text":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n\n王珂（化名）是一位来自国内某传统车企新能源汽车品牌的营销管理层人员，最近他想趁着科技造车的风口换个“跑道”，因此留意了包括小米、360、集度等多家宣布造车的科技公司工作机会。但让他没想到的是，看了一圈后，他发现自己的选择空间非常小。\n“（传统）汽车（企业）出身的人都不太受待见。”王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”王珂有些无奈地表示。\n同样在传统车企工作多年，负责车辆调教工作的陈凡（化名）和他的同事们，近期也非常关注新造车科技公司的机会，“现在观望的人很多”，陈凡说。但据陈凡透露，截至目前身边还没有同事能够进入这些新科技公司。\n“他们（科技公司）看不上传统车企的人，都要搞软件的。”在这一点上，陈凡与王珂有着相似的感受。\n随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。但现实情况却并非如此。\n网络上一张由求职者提供的其与企业的对话截图，从另一个侧面印证着科技造车公司对传统车企人才的“排斥”：“这边是集度（百度和吉利的合资公司），但是我看你是在上汽大众是吧，集度明确表示不要传统汽车的。”\n但小米们开出的豪迈“饭票”，还是让众多车企人士蠢蠢欲动。“现在所有新企业正常招聘都是涨薪10%-30%，很牛的人就自己谈喽。”一位来自某传统车企的求职人士表示。而据新浪财经报道，360汽车招聘仅岗位的推荐奖金就共计达数十万元。\n由职场社交平台脉脉独家提供给经济观察报的一份数据显示，据统计，在新造车企业中，汽车圈里计划去滴滴的人最多，互动数量最高；其次是理想汽车，第三名是百度和吉利合作的集度汽车，第四名是小米汽车。\n一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n1、选择性“挖角”\n在传统车企从业人员求职遭“冷遇”的同时，新造车企业却成了科技造车企业“挖人”的重点方向。\n在5月蔚来汽车的发布会上，蔚来创始人、董事长李斌感慨，“最近挖我们的人实在太多了，没办法，我们要把同事的信息都隐藏一下。”由于彼时正值百度、小米、滴滴等陆续宣布造车，这被认为是科技公司和“蔚小理”等新造车企业抢人大战的开始。与传统车企相比，这两类企业在造车理念和技术上被认为更加先进和超前。\n值得玩味的是，就在几年前，“蔚小理”还是“挖角者”的角色，曾高薪从传统车企挖人，而如今他们的员工也成了科技造车公司眼中的“香饽饽”。据报道，原蔚来汽车用户发展副总裁朱江或将加盟滴滴造车。而为了留住人才，有信息透露，新造车企业也已开始采取行动，或增加签订竞业协议，或增加员工持股，以此抵抗小米们的“挖墙脚”。\n“这（挖人）是很正常的，现在这个行业需要着它（人才）的速度已经远远超过了它供给的速度。当‘水池子’里没有水的时候，不得去别人那儿去找水喝吗？”在某新造车企业任职的Steven说。“如果有合适的机会，当然会考虑，为什么不呢？”Steven说。\n值得注意的是，传统车企从业人员求职遇阻，并不意味着科技新造车企业对传统车企的人才完全不感兴趣。一些高层管理人员，仍然是科技新造车企业的目标。\n近日有媒体爆料，小米汽车开出上亿天价“挖角”吉利汽车研究院院长胡峥楠，胡峥楠也将离开吉利加盟小米造车。但随后胡峥楠在朋友圈辟谣。吉利内部人员表示，胡峥楠“（在吉利研究院的）职位撤了，不过走没走还没有消息。”此外，另有信息显示，滴滴曾寻找副总级别的人物，开出的待遇超百万级，是传统车企的三倍以上。\n由于携重金入局，科技造车公司为了迅速组建团队普遍出手阔绰。360集团创始人、董事长周鸿掉更是亲自在社交媒体上广发英雄帖，表示“公司在薪酬待遇方面全面放开、全力支持。\n值得注意的是，“小米”们如今开放的岗位，主要是集中在自动驾驶研发等方面。从小米发布的招聘信息看，涉及自动驾驶数据平台、车载基础架构、决策规划、毫米波算法等20个岗位。360重金寻求的职位则包括感知融合算法、软件架构、信息安全、智能驾驶开发等岗位。\n这表明科技造车公司更加聚焦自动驾驶等核心技术的研发，因此当前这方面的从业人员可能获得更多的“跳槽”机会。\n而根据认证用户在脉脉上的发言，这些企业吸引他们的地方主要是在薪资方面，另外也有求职者自称是“米粉”，打出情怀牌。\n2、新从业“鄙视链”\n随着各方参与者陆续到位，造车阵营持续扩大，且派系逐渐分明。在这个过程中，形成了一条业内默认的就职“鄙视链”。\n在脉脉平台上，汽车从业者普遍认同，求职选择的优劣排序是：一二线新造车企业、传统车企孵化的新品牌、传统主机厂、二三线新造车企业。而在这些企业中，自动驾驶等前沿科技研发岗位更胜一筹。\n因此，加入自动驾驶行业的从业人员被认为是“上了岸”。赵钧（化名）是其中一个“幸运儿”。赵钧今年25岁，毕业刚几年，现在某科技企业担任无人驾驶项目工程师。在此之前，他在一家传统车企短暂工作。\n赵钧回忆称，自己求职时，现在的公司刚好在招聘，而且对于经验的丰富性要求较低。“面试时问了一些汽车行业测试常用工具的使用情况，以及一些简单的工具编程情况。”成功入职后，赵钧在公司做外包adas（高级驾驶辅助系统）测试。\n赵钧表示，决定进入现在这家公司，除了因为之前在传统车企的工作内容变更频繁，有些招架不住，另一个契机是其看到了一家知名公司CEO对未来自动驾驶看法的视频，这让他深受触动。“另外就是，传统车企的工资实在太低了，而且几乎不会涨薪。”赵钧说，他来到这家公司后，薪资水平和涨薪制度都优于传统车企。\n“更重要的是，我接触的东西多了，眼界开拓了，能够更清晰地看清未来的趋势。”基于此，赵钧能够接受现在公司较长的工作时长。“之前大小周，后来变成全单休，安排得特别满。”\n如果再换工作的话，赵钧称会选择新造车企业、互联网公司，或者自动驾驶创业公司。“原因无它，感觉这些背景的公司给的工钱更多。”\n对于是否考虑小米这类新科技造车公司，赵钧表示“考虑过，但目前来说，入行经验少，进不去，他们需要的基本都是三年经验起步的老人，来了就可以干活，现在行业发展太快，都希望可以快速落地商业化，没有公司太愿意花时间培养人，所以目前来说可能不会去。”\n尽管被认为已经处于从业“鄙视链”较顶端的位置，但赵钧说，他的同事们目前也在观望更多的机会。“（同事换工作）变动很频繁，（跳槽的意愿）也很强烈，他们对自动驾驶初创公司和新势力应该考虑的更多，很少听说有谁又回到长城吉利类的传统车企。”\n但并非所有人都对小米造车趋之若鹜，一些汽车从业人员对科技造车企业表现出“无感”。来自某新造车企业的Steven就表示，如果不是自己看好的公司，就算是被高薪挖，也不会去。\n“这个事（加入科技造车企业）其实暂时还不在我的考虑之内。因为我觉得，你如果加入一家企业，更多的是希望能够跟他一块成长。一个行业，如果你没有能够把做深做透的话，你的个人价值是不会得到非常明显提升的。”在40岁的Steven看来，科技造车企业更高的薪资对他而言已经不是第一吸引力。Steven2019年加入现在的新造车企业，在此之前就职于某科技公司。\n对于想跳槽到小米等科技造车企业的人，Steven建议可以再观察一下。“小米现在open的岗位大多和智能驾驶相关的这些行业有关，那么对于传统的动力总成方向、内外饰方向是不是有诉求我们还不知道，毕竟现在也不知道小米会以什么样的形式去做它的第一款车，是从0开始，还是合作代工都不确定。”Steven表示，在不同的制造模式下，“小米”们招聘的岗位也会非常不同。目前，小米代工绯闻对象不少，但均未确定。\n目前来看，新的造车者还在不断入局，造车赛道也将空前激烈。这意味着汽车圈的“抢人大战”将越来越激烈。\n集度汽车CEO夏一平在今年4月表示，当前集度汽车核心团队约100人，到明年年底计划扩大到2500-3000人。而这些人无疑将来源于其它企业人才库。如何在这波造车新浪潮中守住自己的人才储备，已成为每个企业都需要慎重考虑的问题。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126356335,"gmtCreate":1624545451627,"gmtModify":1703840010412,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126356335","repostId":"1180116198","repostType":4,"isVote":1,"tweetType":1,"viewCount":3024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126359753,"gmtCreate":1624545361072,"gmtModify":1703840005336,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126359753","repostId":"1121154040","repostType":4,"repost":{"id":"1121154040","kind":"news","pubTimestamp":1624539354,"share":"https://ttm.financial/m/news/1121154040?lang=en_US&edition=fundamental","pubTime":"2021-06-24 20:55","market":"us","language":"zh","title":"The Big Reveal: Windows 11 Strikes Tonight! What updates can we see","url":"https://stock-news.laohu8.com/highlight/detail?id=1121154040","media":"腾讯科技","summary":"被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。","content":"<p>At 11 pm on June 24th, Beijing time,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch conference will be held, which Microsoft CEO Nadella called the \"most important update\" of Windows in ten years.</p><p>Although Microsoft has not confirmed the upcoming new products on any public occasion, the major leak of the Windows 11 development version on June 16th made this matter less mysterious. Windows 11 will be the protagonist of tonight's press conference, and the most important update of Windows in the decade in Microsoft's mouth has been fully shown to us before the press conference.</p><p>But regarding this press conference, it can't be said that there is nothing to watch at all, and there are some details worthy of our attention.</p><p><b>How can Windows 11 improve touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people find that compared with the previous Windows 10, this so-called \"big version\" has made some design adjustments on the interface to make it more in line with Microsoft's Fluent Design design language, and there are no very obvious functional improvements.</p><p>Some users even gave it a Windows 10 skin positioning after experiencing the Windows 11 development version.</p><p>To a certain extent, Windows 11 is indeed not as good as when switching from Win8 to Win10 before, with huge design improvements. But in fact, if you understand Microsoft's previous design evolution on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which has been cut off by Microsoft.</p><p>Including \"Start menu centering, same-screen multitasking layout\" and other functions that appear on the Windows 11 development version, they are all standard features of Windows 10X.</p><p>So the current leaked Windows 11 is more like an iterative version of the previous Windows 10X. However, since 10X is a product made by Microsoft for touch dual screens, what features Windows 11 will add to the system to support touch operations will become an important highlight at tonight's press conference.</p><p>Microsoft has confirmed that it is planning to \"innovate and develop exciting sensor technologies\" for future Windows versions. Popular features such as \"user presence detection\", gesture detection, and ambient light will be improved as part of Windows 11 or an upcoming Windows update to \"enable a dazzling user experience on Windows\".</p><p>This means that Microsoft hopes to achieve the integration of desktop and mobile terminals through the new Windows 11. Although Microsoft's current mobile phone project is basically in a semi-abandoned state, Surface still needs touch operation to achieve an excellent experience in more usage scenarios. Therefore, Windows 11's improvements in touch and gestures are very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although the presence of MacOS's App Store is not strong, in comparison, the App Store currently provided by Windows 10 is more tasteless.</p><p>However, this matter may be greatly improved on Windows 11, which arrives tonight.</p><p>According to media reports, Microsoft has been developing a brand-new app store, which is more inclusive and free. Microsoft plans to introduce more developers into the new app store, such as apps like Chorme or Firefox, which can be downloaded from the Microsoft app store in the future.</p><p>Another major improvement will be the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and implement in-App payments through third-party payment mechanisms in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this happens at tonight's press conference, after all, Microsoft is now uniting with Epic to boycott<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store's high \"Apple tax\". This move may affect the reshuffle of the charging methods of application services by big companies such as Microsoft, Apple and Google in the next few years.</p><p>Microsoft also recently announced that it will reduce the purchase commission of games on its own App Store from the previous 30% to 12%. This substantial discount has put pressure on app stores like Steam.</p><p><b>Windows 11 will focus on improving the experience of professional users?</b></p><p>As the largest desktop operating system in the world, Windows's professional ability has been ignored by many people. In this Windows 11 development version, we actually saw Microsoft's optimization and improvement for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display mode of switching between multiple desktops, and at the same time, the support for multiple monitors is even better, which to a certain extent solves the problems accumulated by high-end users in multitasking for many years.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>At the same time, Windows 11 has also focused on improving the experience of game users. On this brand new set of operating systems, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social portion of the Xbox network, and the Xbox Store.</p><p>At the same time, Windows 11 has also been tested on XBox. We also hope to see more XBox features incorporated into the desktop, such as providing automatic HDR display function, or faster game loading speed, etc., to improve the PC gaming experience at one time.</p><p><b>Free Upgrade?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, this is what we would most like to see on Windows 11.</p><p>When Microsoft previously upgraded Windows 10 from Windows 7/8, it adopted a free upgrade method, and all users can upgrade the corresponding Win10 version. We hope that the free thing will still appear on Windows 11.</p><p>The market has successfully told Microsoft that it is meaningless to collect money from users to upgrade the system. As an operating system development company, Microsoft's software revenue needs to come from OEM licenses and commercial licenses. Therefore, it is very likely that Win11 will still adopt the previous free upgrade method of Win10.</p><p>Although Microsoft Windows 11 has stolen away, in fact, Microsoft has left us a lot of suspense. At 23:00 on June 24th, Beijing time, when Microsoft officially holds a new product launch conference, these answers may be revealed.</p>","source":"lsy1580517846866","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Big Reveal: Windows 11 Strikes Tonight! What updates can we see</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Big Reveal: Windows 11 Strikes Tonight! What updates can we see\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\">2021-06-24 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At 11 pm on June 24th, Beijing time,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch conference will be held, which Microsoft CEO Nadella called the \"most important update\" of Windows in ten years.</p><p>Although Microsoft has not confirmed the upcoming new products on any public occasion, the major leak of the Windows 11 development version on June 16th made this matter less mysterious. Windows 11 will be the protagonist of tonight's press conference, and the most important update of Windows in the decade in Microsoft's mouth has been fully shown to us before the press conference.</p><p>But regarding this press conference, it can't be said that there is nothing to watch at all, and there are some details worthy of our attention.</p><p><b>How can Windows 11 improve touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people find that compared with the previous Windows 10, this so-called \"big version\" has made some design adjustments on the interface to make it more in line with Microsoft's Fluent Design design language, and there are no very obvious functional improvements.</p><p>Some users even gave it a Windows 10 skin positioning after experiencing the Windows 11 development version.</p><p>To a certain extent, Windows 11 is indeed not as good as when switching from Win8 to Win10 before, with huge design improvements. But in fact, if you understand Microsoft's previous design evolution on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which has been cut off by Microsoft.</p><p>Including \"Start menu centering, same-screen multitasking layout\" and other functions that appear on the Windows 11 development version, they are all standard features of Windows 10X.</p><p>So the current leaked Windows 11 is more like an iterative version of the previous Windows 10X. However, since 10X is a product made by Microsoft for touch dual screens, what features Windows 11 will add to the system to support touch operations will become an important highlight at tonight's press conference.</p><p>Microsoft has confirmed that it is planning to \"innovate and develop exciting sensor technologies\" for future Windows versions. Popular features such as \"user presence detection\", gesture detection, and ambient light will be improved as part of Windows 11 or an upcoming Windows update to \"enable a dazzling user experience on Windows\".</p><p>This means that Microsoft hopes to achieve the integration of desktop and mobile terminals through the new Windows 11. Although Microsoft's current mobile phone project is basically in a semi-abandoned state, Surface still needs touch operation to achieve an excellent experience in more usage scenarios. Therefore, Windows 11's improvements in touch and gestures are very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although the presence of MacOS's App Store is not strong, in comparison, the App Store currently provided by Windows 10 is more tasteless.</p><p>However, this matter may be greatly improved on Windows 11, which arrives tonight.</p><p>According to media reports, Microsoft has been developing a brand-new app store, which is more inclusive and free. Microsoft plans to introduce more developers into the new app store, such as apps like Chorme or Firefox, which can be downloaded from the Microsoft app store in the future.</p><p>Another major improvement will be the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and implement in-App payments through third-party payment mechanisms in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this happens at tonight's press conference, after all, Microsoft is now uniting with Epic to boycott<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store's high \"Apple tax\". This move may affect the reshuffle of the charging methods of application services by big companies such as Microsoft, Apple and Google in the next few years.</p><p>Microsoft also recently announced that it will reduce the purchase commission of games on its own App Store from the previous 30% to 12%. This substantial discount has put pressure on app stores like Steam.</p><p><b>Windows 11 will focus on improving the experience of professional users?</b></p><p>As the largest desktop operating system in the world, Windows's professional ability has been ignored by many people. In this Windows 11 development version, we actually saw Microsoft's optimization and improvement for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display mode of switching between multiple desktops, and at the same time, the support for multiple monitors is even better, which to a certain extent solves the problems accumulated by high-end users in multitasking for many years.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>At the same time, Windows 11 has also focused on improving the experience of game users. On this brand new set of operating systems, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social portion of the Xbox network, and the Xbox Store.</p><p>At the same time, Windows 11 has also been tested on XBox. We also hope to see more XBox features incorporated into the desktop, such as providing automatic HDR display function, or faster game loading speed, etc., to improve the PC gaming experience at one time.</p><p><b>Free Upgrade?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, this is what we would most like to see on Windows 11.</p><p>When Microsoft previously upgraded Windows 10 from Windows 7/8, it adopted a free upgrade method, and all users can upgrade the corresponding Win10 version. We hope that the free thing will still appear on Windows 11.</p><p>The market has successfully told Microsoft that it is meaningless to collect money from users to upgrade the system. As an operating system development company, Microsoft's software revenue needs to come from OEM licenses and commercial licenses. Therefore, it is very likely that Win11 will still adopt the previous free upgrade method of Win10.</p><p>Although Microsoft Windows 11 has stolen away, in fact, Microsoft has left us a lot of suspense. At 23:00 on June 24th, Beijing time, when Microsoft officially holds a new product launch conference, these answers may be revealed.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a04bf2da8ab76e823e11aa8e2f8fa5a2","relate_stocks":{"MSFT":"微软"},"source_url":"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121154040","content_text":"北京时间6月24日晚11点，微软将召开一场新品发布会，被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。\n尽管微软并没有在任何的公开场合确认过即将发布的新品，但因为6月16日Windows 11开发版本的重大泄露，让这件事变得没有那么神秘了。Windows 11将会成为今晚发布会的主角，而微软口中Windows十年最重要的更新，也已经在发布会之前就全方位的展示给我们了。\n但关于这场发布会，也不能说完全没有看点，其中还有一些细节值得我们关注。\nWindows 11在触摸和手势上能有何改善？\n\n很多人在体验过Windows 11的开发版本之后，发现这个所谓的“大版本”和之前的Windows 10相比，除了在界面上进行了一些设计调整，让它更贴合微软Fluent Design设计语言外，并让没有非常明显的功能性改进。\n甚至有的用户在体验完Windows 11开发版之后，给它了一个Windows 10皮肤的定位。\n从一定程度上讲，Windows 11确实不如之前从Win8转Win10时，设计改进巨大。但实际上如果你了解之前微软在Windows上的设计演进外，你会发现当下这个版本Windows 11实际上和已经被微软砍掉的Windows 10X有着极为相似的设计。\n包括“开始菜单居中、同屏多任务布局”等等在Windows 11开发版上出现的功能，原来都是Windows 10X的标配。\n所以目前泄露的Windows 11，更像是之前Windows 10X的迭代版本。但由于10X是微软为触摸双屏幕打造的产品，因此Windows 11将会在系统上增加哪些支持触摸操作的特性，将会成为今晚发布会上重要的看点。\n微软方面已经确认，正计划为未来的Windows版本 “创新和开发令人兴奋的传感器技术”。作为Windows 11或即将到来的Windows更新的一部分，“用户存在检测”、手势检测和环境光等流行功能将得到改进，以 “实现Windows上令人眼花缭乱的用户体验”。\n这意味着微软希望通过新的Windows 11来实现桌面和移动端的融合，尽管微软目前的手机项目基本上处于半放弃状态，但Surface依然需要触摸操作来实现在更多使用场景下的出色体验，因此Windows 11在触摸和手势上的改进，非常重要。\n全新的Windows App Store？\n\n尽管MacOS的App Store存在感也不强，但是相比之下，Windows 10目前提供的应用商店显得更加鸡肋。\n不过这件事可能会在今晚到来的Windows 11上大为改善。\n据媒体报道，微软一直在开发一个全新的应用商店，它更加的海纳百川也更加的自由。微软计划在新的应用商店中引入更多的开发者，比如Chorme或者Firefox这样的应用，未来都可以在微软应用商店进行下载。\n另外一个重大的改进，将会是支付机制上。微软或许将在新的应用商店中允许开发者绕过微软的支付机制，通过第三方的支付机制实现App内付款，以换得减免15%的微软抽成。\n如果这件事在今天晚上的发布会上成真，请别惊讶，毕竟微软现在正和Epic统一战线，以抵制苹果App Store高昂的“苹果税”。此举可能会影响到未来几年内，微软、苹果、Google这样的大公司，在应用服务上的收费方式重新洗牌。\n微软最近也宣布了将自家App Store中上架游戏的购买抽成从之前的30%降到12%，这大幅的优惠，让Steam这样的应用商店倍感压力。\nWindows 11将重点提升专业用户的使用感受？\nWindows作为全球最大的桌面操作系统，其专业能力其实一直被很多人忽视。而在此次Windows 11开发版中，我们其实看到了微软对于一些专业用户的优化改进。\n微软在新的Windows 11中，改善了多桌面之间切换的显示方式，同时对于多显示器的支持，也更加的出色，这从一定程度上解决了高端用户对于多任务处理上，多年积累的问题。\n\n同时Windows 11也更专注的改善了游戏用户的体验。在这套全新的操作系统上，新的Xbox应用程序现已集成到Windows 11中，提供对Xbox Game Pass游戏、Xbox网络的社交部分和Xbox商店的快速访问。\n同时目前Windows 11也已经在XBox上进行了测试，我们也希望看到更多XBox的功能被纳入到桌面端来，比如提供自动HDR显示功能，或者是更快的游戏加载速度等等，一次提升PC在游戏方面的体验。\n免费升级？\n\n是的，这是我们最希望在Windows 11上看到的。\n微软之前在Windows 7/8升级Windows 10时，采用了免费升级的方式，所有用户都可以升级对应的Win10版本。我们希望免费这件事，依然会出现在Windows 11上。\n市场已经成功的告诉微软，从用户手里收钱升级系统这件事是没有意义的，微软作为一家操作系统开发公司，更多软件的收入要来自OEM授权和商业许可。因此很有可能Win11依然会采用之前Win10免费升级的方式。\n尽管微软Windows 11已经偷跑，但实际上微软还是留下了不少悬念给我们。北京时间6月24日23点，微软正式召开新品发布会之时，这些答案可能会被揭开。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":3167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129729459,"gmtCreate":1624398684971,"gmtModify":1703835323504,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129729459","repostId":"1184471845","repostType":4,"repost":{"id":"1184471845","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1624338169,"share":"https://ttm.financial/m/news/1184471845?lang=en_US&edition=fundamental","pubTime":"2021-06-22 13:02","market":"us","language":"zh","title":"5 trillion funds are \"hiding\" from the Federal Reserve, and the inflection point of global liquidity is approaching!","url":"https://stock-news.laohu8.com/highlight/detail?id=1184471845","media":"格隆汇投资学苑","summary":"“水漫金山”已经成为现实，美国资本市场上泛滥的资金正面临着无处可去的境地。","content":"<p>What are institutions worried about? In the biblical story, in order to escape the great flood of the world, the animals boarded Noah's Ark and survived.</p><p>Nowadays, \"flooding Jinshan\" has become a reality, and the flooding funds in the American capital market are facing the situation of nowhere to go.</p><p>In recent weeks, the use of the Fed's overnight reverse repurchases has set new records almost every day. As of June 18, this transaction volume reached 747.1 billion US dollars (about 4.8 trillion yuan), and the scale of the previous day was as high as 756 billion US dollars, which is rare in history.</p><p><img src=\"https://static.tigerbbs.com/35d704eca454097f1c1fd735cad294c9\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>The previous record was $485.3 billion on May 27, and the last record was $476 billion at the end of December 2015.</p><p>The increasingly high scale of reverse repurchase is precisely the serious excess liquidity going to Noah's Ark.</p><p><b>1. Reverse repurchase surges, what are institutions worried about?</b></p><p>The reverse repurchase in the United States is just the opposite of that in China. Financial institutions purchase bond securities from the Federal Reserve, which is equivalent to the central bank recovering part of market liquidity. The initiator of the transaction is financial institutions. The situation of \"muzzle guidance\" cannot be said to do not exist, but it is rare in history.</p><p>In other words, financial institutions are voluntarily returning some liquidity to the central bank, and this willingness is getting stronger and stronger.</p><p>There are three direct reasons for this phenomenon:</p><p><b>First, the reduction of the Federal Reserve's TGA account has accelerated the investment of liquidity into the market in the short term</b>。</p><p>TGA-The Treasury General Account can be simply understood as the deposit account opened by the U.S. Treasury Department in the central bank. This account does not create additional new liquidity, but stores part of the liquidity brought by the Federal Reserve's QE.</p><p>During the epidemic last year, the Federal Reserve's TGA account climbed from less than US $500 billion to more than US $1.7 trillion. Since March this year, the Ministry of Finance has begun to significantly reduce pressure and \"transfuse blood\" into the banking system, with the goal of reducing the cash balance in the account by the end of July. to $450 billion. As of early June, about $940 billion had been released.</p><p><img src=\"https://static.tigerbbs.com/be9d8018820ef426e4f3872833bd62fd\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the June FOMC meeting raised the reverse repurchase rate by 5 BP to 0.05%.</b></p><p>After more than a year of large-scale monetary and fiscal stimulus, the assets under management of the federal government money market fund exceeded $4 trillion for the first time last month, and its investment was limited to Treasury Bond, which caused too many funds to pour into short-term Treasury Bond and other securities assets in the near future; On the other hand, the U.S. Treasury Department has recently reduced the issuance of short-term Treasury Bond.</p><p>With demand exceeding supply, some short-term Treasury Bond yields have fallen to 0% in the near future, and are expected to move towards negative territory.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>This has the big money turning their sights to the Fed's overnight reverse repo, although before the FOMC meeting, this rate was 0%.</p><p><b>Third, seasonal adjustment.</b>Conventionally speaking, the surge of overnight reverse repurchases often occurs at the end of the quarter, because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with the norms.</p><p>In March, the Federal Reserve announced that the SLR exemption would not be renewed, and regulatory standards were improved. Launching an overnight reverse repurchase application to the Federal Reserve can effectively take deposits off the balance sheet and achieve the purpose of reducing total leverage.</p><p>To sum up,<b>The flood of liquidity has put great pressure on short-term interest rates. Financial institutions have chosen to lock in some cash at reverse repurchase rates due to concerns about negative interest rates. The increase in interest rates at the FOMC meeting has further stimulated the expansion of trading volume</b>。</p><p>In the Interest Rate Corridor set by the Federal Reserve, the upper limit is the excess deposit reserve rate, and the lower limit is the overnight reverse repurchase rate, because commercial banks are not willing to lend in the market at interest rates lower than those that can be obtained by directly depositing cash with the Federal Reserve. So, as Powell said at the press conference, overnight reverse repos \"worked well... to protect the interest rate floor.\"</p><p>At present, the demand for tools to control short-term interest rates has reached new highs continuously. No matter what Fed officials say, it indicates that a liquidity tightening is approaching.</p><p><b>2. How far is the inflection point of liquidity?</b></p><p><b>Croce said that all history is contemporary history.</b>The present and the past may be different in details, but the logic of things remains the same.</p><p>Since the establishment of the Federal Reserve in 1914, this is the third time that funds have launched a large-scale \"attack\" on overnight reverse repurchases, most recently in 2013. At that time, the economy entered the recovery channel but the unemployment rate was still around 7%, while inflation was expected to be strong, and short-term market interest rates continued to fall under pressure, which was generally the same as it is now.</p><p>The scale of reverse repurchase that began at the end of 2013 has surged all the way, reaching its peak in December 2016. Major events experienced in the middle include: in February 2014, the Federal Reserve made it clear that it would withdraw from QE in the autumn of that year, and announced a rate hike on December 16, 2015.</p><p><img src=\"https://static.tigerbbs.com/0e9561b4c095ecbae6c3ec18367deb73\" tg-width=\"1080\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p>In other words, the change of reverse repurchase runs through the entire rate hike cycle, and it is not surprising that it is regarded as a signal that the turning point of liquidity is coming.</p><p><b>Rate hike expectations rise, discuss, release signals, announce implementation</b>, is the consistent process of the Fed's policy change. The figure of reverse repurchase is not enough to predict when the QE exit or rate hike time will come, but it undoubtedly represents that the most dovish period has passed.</p><p>If it is already at the bottom of the valley, the next step will be upward.</p><p>The June FOMC meeting released a \"hawkish\" signal. The dot plot shows that 13 of 18 officials support at least one rate hike before the end of 2023, compared with 7 in March; Eleven officials expect at least two rate hike by the end of 2023; Seven commissioners are expected to start rate hike in 2022.</p><p>Referring to the past few rate hike processes, the most panicked period for the market is often the period from the clear tightening signal to the formal implementation, and before the signal is confirmed, worries have begun to dominate the market. During the panic in 2013, risk-free interest rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and the prices of precious metals such as gold and silver plummeted.</p><p>The risk appetite of investors in the market can be roughly divided into<b>\"Bitcoin-Commodities-Stock Market-Reverse Repurchase\"</b>。 Obviously, the current wind bias of investors is gradually declining. First, the cryptocurrency collapsed, and BTC fell from 60,000 US dollars to more than 30,000 US dollars; The commodity bubble is also constantly being squeezed out. LME copper fell more than 13% from a high of $10,700. U.S. stocks fluctuated at high levels, and reverse repurchase transactions surged.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As the conditions of the liquidity tightening gradually mature, the market will gradually reduce the wind bias, and this impact will be transmitted to the stock market along the chain. The impact may not be trending, but there will still be pressure on high-valued stocks, similar to that in February. The wave of killing.</p><p>Before the inflection point comes, the panic caused by expectations is the main factor affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the inflection point of global liquidity will eventually come, but when it will land depends only on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Fed\" doesn't mean that you can continue to chase higher in casinos. Don't forget, even in China, where liquidity is the first to turn, liquidity is still plentiful, and stability is only maintained in stages. Once the inflection point signal is established, it is reasonable logic to have another wave of killing to complete the value return.</p><p>Charlie Munger once said that if I knew where I would die, I would never go there. But the only lesson history has taught people is that people have never learned any lessons in history, and most people feel that they will not be the last receiver.</p><p>In the cold winter, survival is more important than anything else.</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>5 trillion funds are \"hiding\" from the Federal Reserve, and the inflection point of global liquidity is approaching!</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\">\n5 trillion funds are \"hiding\" from the Federal Reserve, and the inflection point of global liquidity is approaching!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2021-06-22 13:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>What are institutions worried about? In the biblical story, in order to escape the great flood of the world, the animals boarded Noah's Ark and survived.</p><p>Nowadays, \"flooding Jinshan\" has become a reality, and the flooding funds in the American capital market are facing the situation of nowhere to go.</p><p>In recent weeks, the use of the Fed's overnight reverse repurchases has set new records almost every day. As of June 18, this transaction volume reached 747.1 billion US dollars (about 4.8 trillion yuan), and the scale of the previous day was as high as 756 billion US dollars, which is rare in history.</p><p><img src=\"https://static.tigerbbs.com/35d704eca454097f1c1fd735cad294c9\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>The previous record was $485.3 billion on May 27, and the last record was $476 billion at the end of December 2015.</p><p>The increasingly high scale of reverse repurchase is precisely the serious excess liquidity going to Noah's Ark.</p><p><b>1. Reverse repurchase surges, what are institutions worried about?</b></p><p>The reverse repurchase in the United States is just the opposite of that in China. Financial institutions purchase bond securities from the Federal Reserve, which is equivalent to the central bank recovering part of market liquidity. The initiator of the transaction is financial institutions. The situation of \"muzzle guidance\" cannot be said to do not exist, but it is rare in history.</p><p>In other words, financial institutions are voluntarily returning some liquidity to the central bank, and this willingness is getting stronger and stronger.</p><p>There are three direct reasons for this phenomenon:</p><p><b>First, the reduction of the Federal Reserve's TGA account has accelerated the investment of liquidity into the market in the short term</b>。</p><p>TGA-The Treasury General Account can be simply understood as the deposit account opened by the U.S. Treasury Department in the central bank. This account does not create additional new liquidity, but stores part of the liquidity brought by the Federal Reserve's QE.</p><p>During the epidemic last year, the Federal Reserve's TGA account climbed from less than US $500 billion to more than US $1.7 trillion. Since March this year, the Ministry of Finance has begun to significantly reduce pressure and \"transfuse blood\" into the banking system, with the goal of reducing the cash balance in the account by the end of July. to $450 billion. As of early June, about $940 billion had been released.</p><p><img src=\"https://static.tigerbbs.com/be9d8018820ef426e4f3872833bd62fd\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the June FOMC meeting raised the reverse repurchase rate by 5 BP to 0.05%.</b></p><p>After more than a year of large-scale monetary and fiscal stimulus, the assets under management of the federal government money market fund exceeded $4 trillion for the first time last month, and its investment was limited to Treasury Bond, which caused too many funds to pour into short-term Treasury Bond and other securities assets in the near future; On the other hand, the U.S. Treasury Department has recently reduced the issuance of short-term Treasury Bond.</p><p>With demand exceeding supply, some short-term Treasury Bond yields have fallen to 0% in the near future, and are expected to move towards negative territory.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>This has the big money turning their sights to the Fed's overnight reverse repo, although before the FOMC meeting, this rate was 0%.</p><p><b>Third, seasonal adjustment.</b>Conventionally speaking, the surge of overnight reverse repurchases often occurs at the end of the quarter, because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with the norms.</p><p>In March, the Federal Reserve announced that the SLR exemption would not be renewed, and regulatory standards were improved. Launching an overnight reverse repurchase application to the Federal Reserve can effectively take deposits off the balance sheet and achieve the purpose of reducing total leverage.</p><p>To sum up,<b>The flood of liquidity has put great pressure on short-term interest rates. Financial institutions have chosen to lock in some cash at reverse repurchase rates due to concerns about negative interest rates. The increase in interest rates at the FOMC meeting has further stimulated the expansion of trading volume</b>。</p><p>In the Interest Rate Corridor set by the Federal Reserve, the upper limit is the excess deposit reserve rate, and the lower limit is the overnight reverse repurchase rate, because commercial banks are not willing to lend in the market at interest rates lower than those that can be obtained by directly depositing cash with the Federal Reserve. So, as Powell said at the press conference, overnight reverse repos \"worked well... to protect the interest rate floor.\"</p><p>At present, the demand for tools to control short-term interest rates has reached new highs continuously. No matter what Fed officials say, it indicates that a liquidity tightening is approaching.</p><p><b>2. How far is the inflection point of liquidity?</b></p><p><b>Croce said that all history is contemporary history.</b>The present and the past may be different in details, but the logic of things remains the same.</p><p>Since the establishment of the Federal Reserve in 1914, this is the third time that funds have launched a large-scale \"attack\" on overnight reverse repurchases, most recently in 2013. At that time, the economy entered the recovery channel but the unemployment rate was still around 7%, while inflation was expected to be strong, and short-term market interest rates continued to fall under pressure, which was generally the same as it is now.</p><p>The scale of reverse repurchase that began at the end of 2013 has surged all the way, reaching its peak in December 2016. Major events experienced in the middle include: in February 2014, the Federal Reserve made it clear that it would withdraw from QE in the autumn of that year, and announced a rate hike on December 16, 2015.</p><p><img src=\"https://static.tigerbbs.com/0e9561b4c095ecbae6c3ec18367deb73\" tg-width=\"1080\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p>In other words, the change of reverse repurchase runs through the entire rate hike cycle, and it is not surprising that it is regarded as a signal that the turning point of liquidity is coming.</p><p><b>Rate hike expectations rise, discuss, release signals, announce implementation</b>, is the consistent process of the Fed's policy change. The figure of reverse repurchase is not enough to predict when the QE exit or rate hike time will come, but it undoubtedly represents that the most dovish period has passed.</p><p>If it is already at the bottom of the valley, the next step will be upward.</p><p>The June FOMC meeting released a \"hawkish\" signal. The dot plot shows that 13 of 18 officials support at least one rate hike before the end of 2023, compared with 7 in March; Eleven officials expect at least two rate hike by the end of 2023; Seven commissioners are expected to start rate hike in 2022.</p><p>Referring to the past few rate hike processes, the most panicked period for the market is often the period from the clear tightening signal to the formal implementation, and before the signal is confirmed, worries have begun to dominate the market. During the panic in 2013, risk-free interest rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and the prices of precious metals such as gold and silver plummeted.</p><p>The risk appetite of investors in the market can be roughly divided into<b>\"Bitcoin-Commodities-Stock Market-Reverse Repurchase\"</b>。 Obviously, the current wind bias of investors is gradually declining. First, the cryptocurrency collapsed, and BTC fell from 60,000 US dollars to more than 30,000 US dollars; The commodity bubble is also constantly being squeezed out. LME copper fell more than 13% from a high of $10,700. U.S. stocks fluctuated at high levels, and reverse repurchase transactions surged.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As the conditions of the liquidity tightening gradually mature, the market will gradually reduce the wind bias, and this impact will be transmitted to the stock market along the chain. The impact may not be trending, but there will still be pressure on high-valued stocks, similar to that in February. The wave of killing.</p><p>Before the inflection point comes, the panic caused by expectations is the main factor affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the inflection point of global liquidity will eventually come, but when it will land depends only on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Fed\" doesn't mean that you can continue to chase higher in casinos. Don't forget, even in China, where liquidity is the first to turn, liquidity is still plentiful, and stability is only maintained in stages. Once the inflection point signal is established, it is reasonable logic to have another wave of killing to complete the value return.</p><p>Charlie Munger once said that if I knew where I would die, I would never go there. But the only lesson history has taught people is that people have never learned any lessons in history, and most people feel that they will not be the last receiver.</p><p>In the cold winter, survival is more important than anything else.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184471845","content_text":"机构在担心什么？\n\n在圣经的故事中，为了躲避旷世的大洪灾，动物们登上了诺亚方舟得以幸免于难。\n如今，“水漫金山”已经成为现实，美国资本市场上泛滥的资金正面临着无处可去的境地。\n近几周，美联储的隔夜逆回购的使用量几乎每天都在刷新历史记录。截止到6月18日，这一交易额达到了7471亿美元（约合人民币4.8万亿元），前一天的规模更是高达7560亿美元，历史罕见。\n\n前一次创纪录是5月27日的4853亿美元，再上一次则要追溯到2015年12月末的4760亿美元。\n日益高企的逆回购规模，正是严重过剩的流动性在奔赴“诺亚方舟”。\n1、逆回购激增，机构在担心什么？\n美国的逆回购和中国恰好相反，是由金融机构向美联储购债证券，相当于央行回收一部分市场流动性，而交易的发起方是金融机构，“枪口指导”的情况不能说不存在，但历史上并不多见。\n换言之，金融机构在主动交还给央行一部分流动性，并且这个意愿愈发强烈。\n导致这一现象的直接原因有三：\n第一，美联储TGA账户削减，造成短期内流动性加速投向市场。\nTGA——The Treasury General Account，可以简单地理解为美国财政部在中央银行开设的存款账户，这一账户并不会额外创造新的流动性，而是储存一部分美联储QE带来的流动性。\n去年疫情期间美联储TGA账户从不到5000亿美元攀升至超过1.7万亿美元，今年3月份以来，财政部开始大幅压降，向银行体系“输血”，目标是7月末将账户上的现金余额缩减为4500亿美元。截止到6月初，已释放约9400亿美元。\n\n第二，6月FOMC会议将逆回购利率上调5个BP至0.05％。\n经过一年多的大规模货币和财政刺激，联邦政府货币市场基金的管理资产在上个月首次超过4万亿美元，而其投资又仅限于国债，这使得太多的资金于近期涌入短期国债和其他证券资产；另一方面，美国财政部近期减少了短期国债发行规模。\n供不应求之下，一些短期国债收益率在近期跌至0%，并且预期在向负值行进。\n\n这使得大资金将目光转向了美联储的隔夜逆回购，尽管在FOMC会议之前，这一利率为0%。\n第三，季节性调整。常规而言，季度末往往也会发生隔夜逆回购激增的现象，因为巴塞尔协定III要求，金融机构需要暂时收缩资产负债表以符合规范。\n3月份美联储宣布SLR豁免不续作，监管标准提高，而向美联储发起隔夜逆回购申请可以有效使得存款脱表，达到降低总杠杆的目的。\n总结下来就是，流动性泛滥对短期利率造成极大的压力，金融机构出于对负利率的担忧，选择以逆回购利率锁定一部分现金，而FOMC会议上调利率进一步刺激了交易量的扩大。\n美联储设定的利率走廊中，上限是超额存款准备金利率，下限则是隔夜逆回购利率，因为商业银行不会愿意在市场上以低于直接将现金存放在美联储所能获得的利率放贷。因此，正如鲍威尔在记者会上所说，隔夜逆回购“很好地发挥了作用……保护了利率下限”。\n当前，控制短期利率的工具需求用量连续创新高，无论美联储官员表态如何，都预示着流动性收紧的临近。\n2、流动性拐点还有多远？\n克罗齐说，一切历史都是当代史。当下和过去，或许在细枝末节上会有所不同，但事物运行的逻辑万变不离其宗。\n自1914年美联储成立以来，这是第三次资金在隔夜逆回购上发动大规模“攻击”，最近的一次是2013年。当时，经济进入复苏通道但失业率尚在7%附近，而通胀出现较强的预期，短期市场利率不断承压下降，大体上和现在如出一辙。\n2013年末开始的逆回购规模一路激增，在2016年12月达到峰值，中间经历的重大事件包括：2014年2月美联储明确表示将于当年秋季退出QE，2015年12月16日宣布加息。\n\n也就是说，逆回购的异动贯穿整个加息周期，被当成流动性拐点即将到来的信号也不足为奇。\n加息预期抬升、讨论、释放信号、宣布实施，是美联储政策转变的一贯流程，逆回购的数字并不足以预测QE退出或者加息时点会在什么时候到来，但毫无疑问代表着最鸽派的时期已经过去。\n如果已经在谷底了，接下来怎么都是向上。\n6月FOMC会议释放“鹰派”信号。点阵图显示，18位官员中有13人支持在2023年底前至少加息一次，而3月为7位；11位官员预计到2023年底至少加息两次；7名委员预计在2022年开始加息。\n参考过去几次加息流程，市场最恐慌的时期往往是在明确发出收紧信号到正式实施的一段时间，而在信号得到确定之前，担忧情绪已经开始主导市场。2013年的恐慌期间，无风险利率（主要是短期国债）明显上行，美元指数走高，新兴市场股市暴跌，黄金、白银等贵金属价格大跌。\n市场中投资者的风险偏好按照等级，大致可以分为“比特币—大宗商品—股市—逆回购”。显然，当前投资者的风偏正在逐渐下降，先是加密货币崩盘，BTC从6万美元跌至3万多美元；大宗商品的泡沫也在不断挤出，LME铜从10700美元高位跌超13%，美股在高位震荡，逆回购交易激增。\n\n随着流动性收紧的条件逐渐成熟，市场将慢慢降低风偏，这一影响将会顺着链条传导到股市中，影响可能不是趋势性的，但高估值股票仍然会有压力，类似于2月份那波下杀。\n在拐点来临之前，预期带来的恐慌是影响资产价格的主因。\n3、结语\n所有人都明白，全球流动性拐点终将到来，但何时落地，只在于美联储，甚至不在于通胀。\n“不要和美联储作对”，并不意味着可以继续在赌场追高。别忘了，即使是流动性最先转弯的中国，流动性依然是宽裕的，阶段性维稳而已。一旦拐点信号确立，再来一波下杀完成价值回归，才是合理的逻辑。\n查理·芒格曾说，如果我知道自己会在哪里死去，我就永远都不去那儿。但历史给人的唯一教训，就是人们从未在历史中吸取过任何教训，大多数人都觉得，自己不会成为最后一个接盘侠。\n在寒冬将至的时候，活下来比任何事都重要。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165821302,"gmtCreate":1624117973706,"gmtModify":1703829047820,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/165821302","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"A surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股","content":"<p>The market value of the Hong Kong technology stock market has shown a blowout trend in the past 10 years. The market value of the Hang Seng Information Technology Industry Index has surged by 1,800% from less than 1 trillion yuan 10 years ago (June 2011) to over 17 trillion yuan in 10 years, surpassing the market value of the Hang Seng Financial Industry Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>Changes in the market value of the three major industry indexes of Hong Kong stocks in the past 10 years (see chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks has increased from about 20 trillion Hong Kong dollars 10 years ago to over 50 trillion Hong Kong dollars.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks. The number of listed companies has increased from 1,448 10 years ago to nearly 2,600 today. At the same time, the Hang Seng Index, which was once dominated by financial and real estate stocks, saw a relatively limited increase, only about 20% in ten years.</p><p>The number of companies listed on Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>Judging from the proportion of market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in the Hang Seng series of industry indexes) has exploded from 3% in June 2011 to the latest 25%!</p><p>The old economic sector is in the doldrums</p><p>The three weighted old economic sectors of finance, real estate, and energy obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The Hang Seng Financial Industry Index has increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan latest. However, the proportion of the Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index that gathered together also performed weakly, and the market value share dropped from 10% to 9%.</p><p>In addition, the downturn in oil prices in the past 10 years has also caused the market value of the Hang Seng Energy Industry Index to decline from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the proportion of market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of the Times and the Reform of HKEx</p><p>The past 10 years can be said to be the golden decade for Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>The two heroes have grown explosively, and their market value has increased to a behemoth of 5 trillion yuan. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>From years of losses to today's stable profits, the market value has reached trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>A little less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>The strong development of the short video industry in recent years has created Kuaishou,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Waiting for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter's employment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of US $400 billion. ByteDance, a phenomenal blockbuster company, will land on the Hong Kong stock market in the near future, and there is still considerable room for growth in the value of the Hong Kong technology stock market in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks, and on the other hand, the Hong Kong Stock Exchange has learned from the bitter experience and reformed itself.</p><p>Hong Kong Stock Exchange missed in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Later, at the end of 2017, it finally made its biggest change in more than 20 years-releasing the structure of different rights for the same shares and the listing of biological companies that have not yet been profitable.</p><p>It is no exaggeration to say that starting from 2018, it will be the beginning of a new era for Hong Kong stocks. A large number of technology leaders who have missed the Hong Kong stock market before have chosen secondary listing in Hong Kong, including Alibaba, Baidu, JD.com, NetEase and other established technology leaders. It also allows upstarts Meituan, Xiaomi, Kuaishou, etc. to choose Hong Kong as the first listing location. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","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>A surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market value of the Hong Kong technology stock market has shown a blowout trend in the past 10 years. The market value of the Hang Seng Information Technology Industry Index has surged by 1,800% from less than 1 trillion yuan 10 years ago (June 2011) to over 17 trillion yuan in 10 years, surpassing the market value of the Hang Seng Financial Industry Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>Changes in the market value of the three major industry indexes of Hong Kong stocks in the past 10 years (see chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks has increased from about 20 trillion Hong Kong dollars 10 years ago to over 50 trillion Hong Kong dollars.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks. The number of listed companies has increased from 1,448 10 years ago to nearly 2,600 today. At the same time, the Hang Seng Index, which was once dominated by financial and real estate stocks, saw a relatively limited increase, only about 20% in ten years.</p><p>The number of companies listed on Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>Judging from the proportion of market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in the Hang Seng series of industry indexes) has exploded from 3% in June 2011 to the latest 25%!</p><p>The old economic sector is in the doldrums</p><p>The three weighted old economic sectors of finance, real estate, and energy obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The Hang Seng Financial Industry Index has increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan latest. However, the proportion of the Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index that gathered together also performed weakly, and the market value share dropped from 10% to 9%.</p><p>In addition, the downturn in oil prices in the past 10 years has also caused the market value of the Hang Seng Energy Industry Index to decline from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the proportion of market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of the Times and the Reform of HKEx</p><p>The past 10 years can be said to be the golden decade for Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>The two heroes have grown explosively, and their market value has increased to a behemoth of 5 trillion yuan. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>From years of losses to today's stable profits, the market value has reached trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>A little less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>The strong development of the short video industry in recent years has created Kuaishou,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Waiting for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter's employment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of US $400 billion. ByteDance, a phenomenal blockbuster company, will land on the Hong Kong stock market in the near future, and there is still considerable room for growth in the value of the Hong Kong technology stock market in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks, and on the other hand, the Hong Kong Stock Exchange has learned from the bitter experience and reformed itself.</p><p>Hong Kong Stock Exchange missed in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Later, at the end of 2017, it finally made its biggest change in more than 20 years-releasing the structure of different rights for the same shares and the listing of biological companies that have not yet been profitable.</p><p>It is no exaggeration to say that starting from 2018, it will be the beginning of a new era for Hong Kong stocks. A large number of technology leaders who have missed the Hong Kong stock market before have chosen secondary listing in Hong Kong, including Alibaba, Baidu, JD.com, NetEase and other established technology leaders. It also allows upstarts Meituan, Xiaomi, Kuaishou, etc. to choose Hong Kong as the first listing location. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股各行业市值榜首！\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化（见下图）。数据来源：Wind\n与此同时，港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源：Wind\n市值增长的主要原因是港股上市公司的大幅扩张，上市公司数量由10年前的1448家增至现今的近2600家。于此同时，曾以金融、地产股为主的恒生指数涨幅则相对有限，十年间仅有约20%。\n港股上市公司数量，如下图所示。\n\n从各行业指数市值占比来看，恒生资讯科技业指数比重（占入选恒生系列行业指数的公司总市值）由2011年6月的3%爆发式增至最新的25%！\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块，则明显跑输市场，甚至能源已不再是一个权重板块。\n数据来源：Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显，由占比46%下滑至25%，是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱，市值占比从10%降至9%。\n此外，近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元，10年来不增反而腰斩，市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年，可以说是中国科技公司的黄金10年，阿里、腾讯双雄爆发式成长，市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传，但美团已成为市值近2万亿的科技龙头，小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利，市值达到万亿量级。百度、网易稍逊风骚，虽不如本世纪前十年的爆发式增长，也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展，造就了快手、哔哩哔哩等视频龙头的崛起。此外，据媒体今年4月报道称，字节跳动已向港交所提交了承销商聘用函，启动了赴港上市流程，估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股，未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利，另外一边则是港交所痛定思痛，自身改革。\n港交所在2014年错失阿里巴巴后，最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说，从2018年起，对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市，其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场，已是投资中国科技行业不可或缺的市场！","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181791987,"gmtCreate":1623410321349,"gmtModify":1704202838315,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181791987","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"fut","language":"zh","title":"Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14\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\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115843871,"gmtCreate":1622977663393,"gmtModify":1704194004229,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115843871","repostId":"2141286885","repostType":2,"repost":{"id":"2141286885","kind":"highlight","pubTimestamp":1622966528,"share":"https://ttm.financial/m/news/2141286885?lang=en_US&edition=fundamental","pubTime":"2021-06-06 16:02","market":"us","language":"zh","title":"Are European and American stock markets in danger? Morgan Stanley market indicators send out sell signals across the board!","url":"https://stock-news.laohu8.com/highlight/detail?id=2141286885","media":"华尔街见闻","summary":"在过去的几个月里，摩根士丹利的基本面分析师对股市的看法越来越悲观。\n本周早些时候，摩根士丹利首席股票策略师Michael Wilson表示，对于美股，目前市场过于乐观，但收益却不高，悲观情绪蔓延。Wi","content":"<p>In the last few months,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Fundamental analysts are becoming increasingly pessimistic about the stock market.</p><p>Earlier this week Michael Wilson, chief equity strategist at Morgan Stanley, said,<b>For US stocks</b>, the current market is too optimistic, but the returns are not high, and pessimism is spreading. Wilson also believes that the current market forward P/E is too high and will decline in the future. \"From now on, the valuation will drop by 15%, and the profit revision will not be able to offset the future valuation killing. The entire market will be in the next 6 months. There will be a 10-15% revision.</p><p><img src=\"https://static.tigerbbs.com/f72ac2b1254473a56a44d443d5b0af2e\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p>Currently, Wilson is one of the most pessimistic analysts on Wall Street. And his bearish sentiment on fundamentals has spread to the investment bank's team of technical analysts.</p><p>As Matthew Garman, the bank's chief euro equity strategist, writes,<b>For European stocks</b>, not only are fundamentals deteriorating, each of Morgan Stanley's five technical market timing indicators gives a sell signal, which has happened for the fifth time in more than 30 years.</p><p>Not only that, but the bank's composite market timing indicator, which has been giving sell signals since March, just hit an all-time high of 1.19, surpassing the all-time high set in June 2007, which was timed just before the US stock crash.</p><p>According to Garman, the only time the stock market rose after this sell signal occurred was on February 17, 2017, and the other times before \"this sell signal occurred were March 1990, May 1992, and June 2007. In the six months since this signal was issued, the MSCI Europe index has fallen by an average of 6%.</p><p><img src=\"https://static.tigerbbs.com/9c5ad156b3885ff11dc842d79da75705\" tg-width=\"500\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p>So every internal risk indicator is prompting to sell, does that mean Morgan Stanley will have the courage to tell its clients to sell? It turns out not necessarily, because there are too many unusual companies like AMC, GameStop, and Bed Bath in this market, and too many unusual events in the capital market, which seriously disrupts the judgment of analysts.</p><p>Moreover, some analysts at Morgan Stanley are assuming that the current situation is similar to that of 2017-this is the only time when the indicator signal is misjudged.</p><p>In terms of market style and industry sector, Morgan Stanley believes that defensive stocks may have little impact after the sell signal is issued, while cyclical stocks will suffer heavy losses. After all, within 6 months after the sell signal, the average performance of cyclical stocks is 12% lower than that of defensive stocks, even when it rose in 2017.</p><p><img src=\"https://static.tigerbbs.com/ee9618b756a6aed053f89c0eff76d963\" tg-width=\"500\" tg-height=\"179\" referrerpolicy=\"no-referrer\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Are European and American stock markets in danger? Morgan Stanley market indicators send out sell signals across the board!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAre European and American stock markets in danger? Morgan Stanley market indicators send out sell signals across the board!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-06 16:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the last few months,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Fundamental analysts are becoming increasingly pessimistic about the stock market.</p><p>Earlier this week Michael Wilson, chief equity strategist at Morgan Stanley, said,<b>For US stocks</b>, the current market is too optimistic, but the returns are not high, and pessimism is spreading. Wilson also believes that the current market forward P/E is too high and will decline in the future. \"From now on, the valuation will drop by 15%, and the profit revision will not be able to offset the future valuation killing. The entire market will be in the next 6 months. There will be a 10-15% revision.</p><p><img src=\"https://static.tigerbbs.com/f72ac2b1254473a56a44d443d5b0af2e\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p>Currently, Wilson is one of the most pessimistic analysts on Wall Street. And his bearish sentiment on fundamentals has spread to the investment bank's team of technical analysts.</p><p>As Matthew Garman, the bank's chief euro equity strategist, writes,<b>For European stocks</b>, not only are fundamentals deteriorating, each of Morgan Stanley's five technical market timing indicators gives a sell signal, which has happened for the fifth time in more than 30 years.</p><p>Not only that, but the bank's composite market timing indicator, which has been giving sell signals since March, just hit an all-time high of 1.19, surpassing the all-time high set in June 2007, which was timed just before the US stock crash.</p><p>According to Garman, the only time the stock market rose after this sell signal occurred was on February 17, 2017, and the other times before \"this sell signal occurred were March 1990, May 1992, and June 2007. In the six months since this signal was issued, the MSCI Europe index has fallen by an average of 6%.</p><p><img src=\"https://static.tigerbbs.com/9c5ad156b3885ff11dc842d79da75705\" tg-width=\"500\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p>So every internal risk indicator is prompting to sell, does that mean Morgan Stanley will have the courage to tell its clients to sell? It turns out not necessarily, because there are too many unusual companies like AMC, GameStop, and Bed Bath in this market, and too many unusual events in the capital market, which seriously disrupts the judgment of analysts.</p><p>Moreover, some analysts at Morgan Stanley are assuming that the current situation is similar to that of 2017-this is the only time when the indicator signal is misjudged.</p><p>In terms of market style and industry sector, Morgan Stanley believes that defensive stocks may have little impact after the sell signal is issued, while cyclical stocks will suffer heavy losses. After all, within 6 months after the sell signal, the average performance of cyclical stocks is 12% lower than that of defensive stocks, even when it rose in 2017.</p><p><img src=\"https://static.tigerbbs.com/ee9618b756a6aed053f89c0eff76d963\" tg-width=\"500\" tg-height=\"179\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632247\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d2488184ce4815610e2426c10250da75","relate_stocks":{"MS":"摩根士丹利"},"source_url":"https://wallstreetcn.com/articles/3632247","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141286885","content_text":"在过去的几个月里，摩根士丹利的基本面分析师对股市的看法越来越悲观。\n本周早些时候，摩根士丹利首席股票策略师Michael Wilson表示，对于美股，目前市场过于乐观，但收益却不高，悲观情绪蔓延。Wilson同时认为，目前市场远期市盈率太高，未来会下滑，“从现在开始，估值将下降15%，而盈利修正也无法抵消未来的杀估值，整个市场在接下来的6个月中会有10-15%的修正。\n\n目前，Wilson属于华尔街最悲观的分析师之一。并且他对基本面的看跌情绪已经蔓延到该投行的技术分析师团队中。\n正如该银行首席欧元股票策略师Matthew Garman所写的那样，对于欧股，不仅是基本面恶化，摩根士丹利的五个技术面市场时机指标中的每一个都给出了卖出信号，这在过去30多年来第五次发生。\n不仅如此，该银行的综合市场时机指标自3月以来一直给出了卖出信号，该指标刚刚创下1.19的历史新高，超过了2007年6月创下的历史新高，而后者的时机正处于美股崩盘之前。\n根据Garman的说法，在该卖出信号发生之后，股市唯一一次上涨是在2017年2月17日，之前出现“该卖出信号的其他时间是1990年3月、1992年5月和2007年6月。在该信号发布后的6个月中，MSCI欧洲指数平均下跌了6%。\n\n因此，每个内部风险指标都在提示卖出，这是否意味着摩根士丹利将有勇气告诉其客户卖出？事实证明并不一定，因为在这个市场上，像AMC、GameStop和Bed Bath这样的不寻常公司太多，资本市场上不寻常的事件也太多，这严重扰乱了分析师们的判断力。\n并且，摩根士丹利有分析师正在假设目前的情况和2017年相似——这是唯一一次指标信号判断错误的状况。\n在市场风格和行业板块上，摩根士丹利认为，防御股可能会在卖出信号发出后影响不大，而周期股则会遭受重创，毕竟在卖出信号发生后的6个月内，周期股的平均表现比防御股低12%，即便在2017年上涨时也是如此。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110092292,"gmtCreate":1622415686016,"gmtModify":1704183862374,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110092292","repostId":"1164691489","repostType":4,"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134057976,"gmtCreate":1622194988895,"gmtModify":1704181258803,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134057976","repostId":"308097455","repostType":1,"repost":{"id":308097455,"gmtCreate":1603790040977,"gmtModify":1705073260010,"author":{"id":"3562804614994746","authorId":"3562804614994746","name":"TigerFeatures","avatar":"https://static.tigerbbs.com/5a8e4414a77df621346870c2f7e7cab7","crmLevel":0,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562804614994746","idStr":"3562804614994746"},"themes":[],"title":"【期權價格預測】幫助說明","htmlText":"一、什麼是期權價格預測期權預測是指根據期權定價公式計算期權價格。用戶輸入預測條件，包括日期、正股價格、隱含波動率後，自動計算出當天期權的參考價格。二、如何使用顧名思義，該功能用於預測期權未來的價格。場景1：預期3天內正股價格會上漲到351.5，現在買個Call，3天后盈利是多少？場景2：買了call之後，如果正股沒有如預期一樣上漲，那麼5天后會虧損多少？在我的止損點以內嗎？場景3:&nbsp;公司明天發財報，所以現在期權的隱含波動率很高。如果預期財報後波動率會大幅下降，那麼此時賣出一個call，明天會盈利多少？場景4:&nbsp;盤前正股價格大漲，但是期權由於不支持盤前交易，所以價格暫時沒有變化。那麼，如果想把持倉的call開盤立刻賣出，掛一個什麼價格合適？三、功能入口個股頁-查看更多期權-期權鏈-單期權頁","listText":"一、什麼是期權價格預測期權預測是指根據期權定價公式計算期權價格。用戶輸入預測條件，包括日期、正股價格、隱含波動率後，自動計算出當天期權的參考價格。二、如何使用顧名思義，該功能用於預測期權未來的價格。場景1：預期3天內正股價格會上漲到351.5，現在買個Call，3天后盈利是多少？場景2：買了call之後，如果正股沒有如預期一樣上漲，那麼5天后會虧損多少？在我的止損點以內嗎？場景3:&nbsp;公司明天發財報，所以現在期權的隱含波動率很高。如果預期財報後波動率會大幅下降，那麼此時賣出一個call，明天會盈利多少？場景4:&nbsp;盤前正股價格大漲，但是期權由於不支持盤前交易，所以價格暫時沒有變化。那麼，如果想把持倉的call開盤立刻賣出，掛一個什麼價格合適？三、功能入口個股頁-查看更多期權-期權鏈-單期權頁","text":"一、什麼是期權價格預測期權預測是指根據期權定價公式計算期權價格。用戶輸入預測條件，包括日期、正股價格、隱含波動率後，自動計算出當天期權的參考價格。二、如何使用顧名思義，該功能用於預測期權未來的價格。場景1：預期3天內正股價格會上漲到351.5，現在買個Call，3天后盈利是多少？場景2：買了call之後，如果正股沒有如預期一樣上漲，那麼5天后會虧損多少？在我的止損點以內嗎？場景3: 公司明天發財報，所以現在期權的隱含波動率很高。如果預期財報後波動率會大幅下降，那麼此時賣出一個call，明天會盈利多少？場景4: 盤前正股價格大漲，但是期權由於不支持盤前交易，所以價格暫時沒有變化。那麼，如果想把持倉的call開盤立刻賣出，掛一個什麼價格合適？三、功能入口個股頁-查看更多期權-期權鏈-單期權頁","images":[{"img":"https://static.tigerbbs.com/0c713f964cceaab3b35de13faca32a64"},{"img":"https://static.tigerbbs.com/ece8122cfd0b3048e2cba2b0fe5d89b4"},{"img":"https://static.tigerbbs.com/3eebe7e720432e5125fa6eb163c307be"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/308097455","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135156575,"gmtCreate":1622152830897,"gmtModify":1704180292595,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/135156575","repostId":"2138123597","repostType":4,"isVote":1,"tweetType":1,"viewCount":900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198868842,"gmtCreate":1620951444186,"gmtModify":1704350938003,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/198868842","repostId":"1184785046","repostType":4,"repost":{"id":"1184785046","kind":"news","pubTimestamp":1620869787,"share":"https://ttm.financial/m/news/1184785046?lang=en_US&edition=fundamental","pubTime":"2021-05-13 09:36","market":"us","language":"zh","title":"How long will \"temporary\" high inflation last? Several indicators may provide clues","url":"https://stock-news.laohu8.com/highlight/detail?id=1184785046","media":"彭博环球财经","summary":"长期通货膨胀风险仍然是投资者关注的头等大事大宗商品，芯片短缺推动对通胀率上涨的预期美联储官员一遍又一遍强调今年通胀的任何回升都是“暂时”的，但金融市场的交易员并没有他们那么笃定。在周三美国公布CPI超","content":"<p><ul><li>Long-term inflation risk remains a top investor concern</p><p></li><li>Commodities, chip shortages drive expectations for higher inflation</p><p></li></ul>Fed officials have repeatedly stressed that any pickup in inflation this year is \"temporary,\" but traders in financial markets are not as sure as they are.</p><p>Before the U.S. CPI surged more than expected on Wednesday, investors were already paying close attention to the general signs of rising costs. Commodity prices such as copper and timber soared to record levels, and the bond market's inflation expectations for the next decade climbed to the highest in eight years. That sentiment is also shaking stock markets, with the Cboe Volatility Index rising to its highest level since March.</p><p>according to<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>According to the data, in the latest round of U.S. corporate earnings conference calls, the word inflation became a buzzword, appearing 800% more frequently than a year ago. Although last week's non-farm payrolls report showed that new jobs in April were only a quarter of what economists expected, the market generally viewed the data as a signal that companies must raise wages to fill job openings.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Savita Subramanian, head of U.S. equities and quantitative strategy, said on Friday, \"Inflation risks are what we need to pay attention to. I don't know if they are only temporary.\"</p><p><img src=\"https://static.tigerbbs.com/8b19d7a32edc0f9d2783247837929e99\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>The surge in CPI data in April raised five-year inflation expectations in the U.S. bond market to the highest level since 2005. CPI rose 0.8% month-on-month, higher than economists' expectations of 0.2%; The year-on-year increase was 4.2%, higher than the expected 3.6%. The yield on the 10-year U.S. Treasury Bond rose five basis points to 1.67% following the data.</p><p>Growing inflation concerns pose a political threat to Biden's massive stimulus package, especially after last Friday's disappointing non-farm payrolls data.</p><p>But Fed policymakers remained unmoved, with even several hawkish officials saying in recent weeks that inflation is unlikely to get out of control even if the scale of fiscal stimulus is unprecedented. Federal Reserve Chairman Jerome Powell and economic advisers to the Biden administration said that inflation in some areas is now \"temporary.\"</p><p>This raises an important question: How long does the so-called \"temporary\" mean? At present, the answer is likely to be unknown, but previous recessions may provide some clues.</p><p><b>Commodities after the recession</b></p><p>If the recent price rally has been largely commodity-driven, it depends on how long the commodity rally can last. Taking the economic recovery in 2009 as the road map, the demand for raw materials and commodity prices continued to rise for two years, and the global inflation trend remained until the commodity market peaked and fell.</p><p><img src=\"https://static.tigerbbs.com/d30a04b2deadf97b800413229a4e4d4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Much of these price increases have been driven by massive Chinese infrastructure build-up. This time, with the launch of the Biden administration's huge infrastructure plan, the United States has become the China it was more than ten years ago. According to this logic, the so-called \"temporary\" may mean two years.</p><p><b>Computer chip shortage</b></p><p>But raw materials such as lumber and copper are not the only factors that could fuel inflation. Chips used in all electronic products such as mobile phones, cars and refrigerators will also play an important role.</p><p>Honda, BMW and other automakers have been forced to stop production due to chip shortages. Given the importance of chips, it's not surprising that the 30-component Philadelphia Semiconductor Index shows a positive correlation with the bond market's 10-year breakeven inflation rate. Over the past year, these two indicators have remained in the same direction.</p><p><img src=\"https://static.tigerbbs.com/0120691a3f36045234357a8d4a3e555e\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Used cars</b></p><p>A slowdown in new car production caused by chip shortages triggered a 10% surge in used car and truck prices in April, data released on Wednesday showed.</p><p>Sebastien Galy, senior macro strategist at Nordea Investment Funds SA, said the release of consumer demand who can't afford high-priced cars has sent used car prices soaring. The Mannheim Used Car Value Index shows they are up 20% from the end of last year.</p><p><img src=\"https://static.tigerbbs.com/c93c36b231e1120dbc979eb56bd5992d\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Breakeven inflation rate</b></p><p>The bond market has been aware of inflationary pressures, and the inflation expectations it reflects have an impact on investors' forecasts. The 10-year breakeven inflation rate, which measures inflation expectations over the next decade, is about 2.57%, near its highest level since March 2013. On Wednesday, 5-year breakeven inflation reached 2.82%, its highest level since 2005.</p><p><img src=\"https://static.tigerbbs.com/58ab57b2061fc6789a8e2c024b49eb11\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>To be sure, not all market participants agree with the inflationary signals coming from the bond market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Investment management firm (Pimco) estimates that bond traders are too aggressive in their expectations of 3% annual inflation over the next few years.</p><p><b>Salary pressure</b></p><p>Some investors, strategists and politicians believe that the far-lower-than-expected employment data sends a real message that the employment cost of enterprises will rise. This is partly because the government has increased unemployment benefits, which has made the wages previously offered by employers less attractive. Any upward pressure on wages is likely to be reflected in the prices of goods and services, further raising inflation.</p><p><img src=\"https://static.tigerbbs.com/77ac04125b7ce459e89fea2ca72b3ccd\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1568765252508","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>How long will \"temporary\" high inflation last? Several indicators may provide clues</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\">\nHow long will \"temporary\" high inflation last? Several indicators may provide clues\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">彭博环球财经</strong><span class=\"h-time small\">2021-05-13 09:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul><li>Long-term inflation risk remains a top investor concern</p><p></li><li>Commodities, chip shortages drive expectations for higher inflation</p><p></li></ul>Fed officials have repeatedly stressed that any pickup in inflation this year is \"temporary,\" but traders in financial markets are not as sure as they are.</p><p>Before the U.S. CPI surged more than expected on Wednesday, investors were already paying close attention to the general signs of rising costs. Commodity prices such as copper and timber soared to record levels, and the bond market's inflation expectations for the next decade climbed to the highest in eight years. That sentiment is also shaking stock markets, with the Cboe Volatility Index rising to its highest level since March.</p><p>according to<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>According to the data, in the latest round of U.S. corporate earnings conference calls, the word inflation became a buzzword, appearing 800% more frequently than a year ago. Although last week's non-farm payrolls report showed that new jobs in April were only a quarter of what economists expected, the market generally viewed the data as a signal that companies must raise wages to fill job openings.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Savita Subramanian, head of U.S. equities and quantitative strategy, said on Friday, \"Inflation risks are what we need to pay attention to. I don't know if they are only temporary.\"</p><p><img src=\"https://static.tigerbbs.com/8b19d7a32edc0f9d2783247837929e99\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>The surge in CPI data in April raised five-year inflation expectations in the U.S. bond market to the highest level since 2005. CPI rose 0.8% month-on-month, higher than economists' expectations of 0.2%; The year-on-year increase was 4.2%, higher than the expected 3.6%. The yield on the 10-year U.S. Treasury Bond rose five basis points to 1.67% following the data.</p><p>Growing inflation concerns pose a political threat to Biden's massive stimulus package, especially after last Friday's disappointing non-farm payrolls data.</p><p>But Fed policymakers remained unmoved, with even several hawkish officials saying in recent weeks that inflation is unlikely to get out of control even if the scale of fiscal stimulus is unprecedented. Federal Reserve Chairman Jerome Powell and economic advisers to the Biden administration said that inflation in some areas is now \"temporary.\"</p><p>This raises an important question: How long does the so-called \"temporary\" mean? At present, the answer is likely to be unknown, but previous recessions may provide some clues.</p><p><b>Commodities after the recession</b></p><p>If the recent price rally has been largely commodity-driven, it depends on how long the commodity rally can last. Taking the economic recovery in 2009 as the road map, the demand for raw materials and commodity prices continued to rise for two years, and the global inflation trend remained until the commodity market peaked and fell.</p><p><img src=\"https://static.tigerbbs.com/d30a04b2deadf97b800413229a4e4d4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Much of these price increases have been driven by massive Chinese infrastructure build-up. This time, with the launch of the Biden administration's huge infrastructure plan, the United States has become the China it was more than ten years ago. According to this logic, the so-called \"temporary\" may mean two years.</p><p><b>Computer chip shortage</b></p><p>But raw materials such as lumber and copper are not the only factors that could fuel inflation. Chips used in all electronic products such as mobile phones, cars and refrigerators will also play an important role.</p><p>Honda, BMW and other automakers have been forced to stop production due to chip shortages. Given the importance of chips, it's not surprising that the 30-component Philadelphia Semiconductor Index shows a positive correlation with the bond market's 10-year breakeven inflation rate. Over the past year, these two indicators have remained in the same direction.</p><p><img src=\"https://static.tigerbbs.com/0120691a3f36045234357a8d4a3e555e\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Used cars</b></p><p>A slowdown in new car production caused by chip shortages triggered a 10% surge in used car and truck prices in April, data released on Wednesday showed.</p><p>Sebastien Galy, senior macro strategist at Nordea Investment Funds SA, said the release of consumer demand who can't afford high-priced cars has sent used car prices soaring. The Mannheim Used Car Value Index shows they are up 20% from the end of last year.</p><p><img src=\"https://static.tigerbbs.com/c93c36b231e1120dbc979eb56bd5992d\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Breakeven inflation rate</b></p><p>The bond market has been aware of inflationary pressures, and the inflation expectations it reflects have an impact on investors' forecasts. The 10-year breakeven inflation rate, which measures inflation expectations over the next decade, is about 2.57%, near its highest level since March 2013. On Wednesday, 5-year breakeven inflation reached 2.82%, its highest level since 2005.</p><p><img src=\"https://static.tigerbbs.com/58ab57b2061fc6789a8e2c024b49eb11\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>To be sure, not all market participants agree with the inflationary signals coming from the bond market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Investment management firm (Pimco) estimates that bond traders are too aggressive in their expectations of 3% annual inflation over the next few years.</p><p><b>Salary pressure</b></p><p>Some investors, strategists and politicians believe that the far-lower-than-expected employment data sends a real message that the employment cost of enterprises will rise. This is partly because the government has increased unemployment benefits, which has made the wages previously offered by employers less attractive. Any upward pressure on wages is likely to be reflected in the prices of goods and services, further raising inflation.</p><p><img src=\"https://static.tigerbbs.com/77ac04125b7ce459e89fea2ca72b3ccd\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/kMsMuk-zb7_c2dGQ-4bPLA\">彭博环球财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d26d2e743adbb3b7a16bc81651b06c89","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/kMsMuk-zb7_c2dGQ-4bPLA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184785046","content_text":"长期通货膨胀风险仍然是投资者关注的头等大事大宗商品，芯片短缺推动对通胀率上涨的预期美联储官员一遍又一遍强调今年通胀的任何回升都是“暂时”的，但金融市场的交易员并没有他们那么笃定。在周三美国公布CPI超预期大涨前，投资者已经对普遍成本上升迹象高度关注，铜、木材等大宗商品价格飙升至创纪录水平，债券市场对未来十年的通货膨胀预期攀升至八年来最高。这种情绪也在动摇股票市场，Cboe波动率指数升至3月以来最高水平。根据美国银行的数据，最近一轮美国企业业绩电话会议上，通胀一词成为流行词，出现次数比一年前增加了800%。尽管上周的非农就业报告中显示4月份新增就业只有经济学家预期的四分之一，但市场普遍将数据视为企业必须提高工资以填补职位空缺的信号。美国银行美国股票和量化策略主管Savita Subramanian上周五表示，“通货膨胀风险是我们要关注的，我不知道它们是否只是暂时的”.4月CPI数据的飙升令美债市场5年通胀预期提升至2005年以来的最高水平。CPI环比增长0.8％，高于经济学家预期的0.2％；同比升幅4.2％，高于预期的3.6％。10年期美国国债收益率在数据发布后上涨五个基点，至1.67％。通货膨胀担忧日益加剧对拜登庞大的刺激计划构成政治威胁，尤其是在上周五令人失望的非农就业数据发布后。但是美联储决策者不为所动，最近几周就连几位鹰派官员也说，即使财政刺激规模史无前例，通货膨胀也不太可能失去控制。美联储主席鲍威尔和拜登政府经济顾问表示，现在一些领域出现的通货膨胀是“暂时性”的。这就产生了一个重要的问题：所谓 “暂时性”到底意味着多长时间？目前来看，答案很可能是未知的，但以往几次的衰退可能为人们提供一些线索。经济衰退后的大宗商品如果最近的价格上涨主要是由大宗商品驱动的，那么这取决于大宗商品涨势能持续多长时间。以2009年经济回升为路线图，对原材料的需求以及大宗商品价格的高涨持续了两年，全球通货膨胀升势维持到大宗商品市场见顶回落才停止。这些价格上涨很大程度上是由庞大的中国基础设施建设推动的。这次，随着拜登政府巨额基建计划的推出，美国变成了十多年前的中国。按照这种逻辑，所谓“暂时性”可能意味着两年。电脑芯片短缺但是，木材和铜等原材料并不是可能加剧通胀的唯一因素。用于手机 、汽车、冰箱等一切电子产品的芯片也将发挥重要作用。由于芯片短缺，本田，宝马和其他汽车制造商被迫停产。鉴于芯片的重要性，由30个成分股组成的费城半导体指数与债市10年盈亏平衡通胀率呈现正相关也就不足为奇了。过去的一年，这两个指标一直保持同向。二手车周三公布的数据显示，芯片短缺导致的新车生产放缓引发二手车和卡车价格4月份大涨10%。Nordea Investment Funds SA的高级宏观策略师Sebastien Galy表示 ，买不起高价车的消费者需求的释放令二手车价格飙涨。曼海姆二手车价值指数显示它们已比去年年底上涨20%。盈亏平衡通胀率债券市场已经察觉了通胀压力，它所反映的通货膨胀预期对投资者的预测有影响。衡量未来十年通胀预期的10年盈亏平衡通胀率约为2.57％，接近2013年3月以来最高水平。周三，5年盈亏平衡通胀率达到2.82％，是2005年以来的最高水平。可以肯定的是，并非所有市场参与者都同意来自债券市场的通胀信号。高盛和太平洋投资管理公司(Pimco)估计，债券交易员对未来几年3%的年通胀率预期过于激进。薪资压力一些投资者，策略师和政界人士认为，远低于预期的就业数据传递出一个真正的信息是企业雇佣成本将上升。部分原因是政府增加了失业救济金，这使雇主之前开出的工资吸引力降低了。任何薪资上升压力都可能反映到商品和服务的价格中，从而进一步提高通货膨胀率。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191069553,"gmtCreate":1620828218872,"gmtModify":1704349018585,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"✨","listText":"✨","text":"✨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191069553","repostId":"1108257056","repostType":4,"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107823891,"gmtCreate":1620467510213,"gmtModify":1704344140359,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/107823891","repostId":"107146221","repostType":1,"repost":{"id":107146221,"gmtCreate":1620457451959,"gmtModify":1704344032338,"author":{"id":"3561588897589235","authorId":"3561588897589235","name":"北美韭菜日记","avatar":"https://static.tigerbbs.com/2d01b6e0504f82d0b06101a70e792206","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561588897589235","idStr":"3561588897589235"},"themes":[],"title":"","htmlText":"\n \n \n  Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！\n \n","listText":"Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！","text":"Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！","images":[{"img":"https://static.tigerbbs.com/eebc883d72f00550957280e5879ebeb2","width":"0","height":"0"}],"top":1,"highlighted":1,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107146221","isVote":1,"tweetType":2,"object":{"id":"e86b446fa12744eeb6c0f0531f248b3d","tweetId":"107146221","title":"Cathie Wood 5/07采访：大幅提高ARK未来五年回报率至年化30%！她又语出惊人了！","videoUrl":"http://v.tigerbbs.com/1620457448948531a28a25b7f402b236c3bc3ad0b6435.mp4","poster":"https://static.tigerbbs.com/eebc883d72f00550957280e5879ebeb2","shareLink":"http://v.tigerbbs.com/1620457448948531a28a25b7f402b236c3bc3ad0b6435.mp4","subtitleCn":"http://v.tigerbbs.com/1620457449754531a28a25b7f402b236c3bc3ad0b6435.zh-Hans.vtt"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104388421,"gmtCreate":1620355913463,"gmtModify":1704342475906,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"20b~","listText":"20b~","text":"20b~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/104388421","repostId":"1187390590","repostType":4,"repost":{"id":"1187390590","kind":"news","weMediaInfo":{"introduction":"解密财经，透视真相。为您传递第一手新鲜财经深度报道。","home_visible":1,"media_name":"棱镜","id":"91","head_image":"https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8"},"pubTimestamp":1620355343,"share":"https://ttm.financial/m/news/1187390590?lang=en_US&edition=fundamental","pubTime":"2021-05-07 10:42","market":"us","language":"zh","title":"The Gates' property division starts, and more than $2 billion in stock has been transferred to his wife's name","url":"https://stock-news.laohu8.com/highlight/detail?id=1187390590","media":"棱镜","summary":"2021年5月3日，比尔盖茨和梅琳达在社交媒体上共同发文宣布结束27年婚姻。梅琳达周一在美国华盛顿州金郡提交的离婚申请中称，她与比尔·盖茨的婚姻已经“彻底破裂”，请求法院解除该婚姻关系。\n虽然盖茨夫妇","content":"<p>On May 3, 2021, Bill Gates and Melinda jointly posted on social media to announce the end of their 27-year marriage. Melinda claimed in a divorce petition filed in King County, Washington, USA on Monday that her marriage to Bill Gates has \"completely broken down\" and asked the court to dissolve the marriage.</p><p>Although the Gates' joint property is as high as 130 billion US dollars (about 840.3 billion yuan), and the real estate accounts for a large proportion, the difficulty of property division is higher than that of those living in Seattle<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Bezos divorced, but the division of their property has already begun, and it is faster than in Bezos' case.</p><p>According to the disclosure documents of the US Securities and Exchange Commission, on the day Melinda filed for divorce, Cascade, a personal investment company owned by Gates, had transferred more than $2 billion worth of shares to Melinda's name. In the process of divorce property division, if it only involves the transfer of stock ownership without buying and selling operations, it does not involve taxation.</p><p><img src=\"https://static.tigerbbs.com/089e068728c1a8e1a7c1ec2222c04d3b\" tg-width=\"961\" tg-height=\"488\" referrerpolicy=\"no-referrer\"></p><p>In August 2010, Bill Gates, Melinda and Buffett jointly advocated the \"Giving Pledge\", promising to use at least half of their wealth for charity before or after their death.</p><p>Seattle<a href=\"https://laohu8.com/S/300083\">Genesis</a>Xu Qiuwen, a lawyer from a law firm, analyzed the author's reason why the property division between the two was relatively quick. First, according to public information, the Gates and his wife broke up peacefully; Second, both of them promised that most of their property would be donated; Third, they still share the same belief in the mission of the foundation.</p><p><b>Why didn't Melinda ask for alimony in her divorce petition?</b></p><p><img src=\"https://static.tigerbbs.com/42d778337d3f194db58fe828f1014314\" tg-width=\"943\" tg-height=\"874\" referrerpolicy=\"no-referrer\"></p><p>The US Securities and Exchange Commission disclosed documents that within three days of filing the divorce petition, Gates' personal investment institution had transferred more than $2 billion in shares to Melinda's name</p><p>Regarding how to understand Melinda's practice of not asking for alimony in her divorce application, Xu Qiuwen told the author that in the absence of signing a prenuptial agreement or a postnuptial agreement, according to the default laws and regulations of Washington State, there is no specific calculation formula for husband and wife's alimony, and it is based on the judge's individual ruling power. Generally speaking, if an incumbent executive still has a large amount of income, and his income is significantly higher than that of his spouse, his spouse is more willing and more likely to ask for husband and wife alimony. Considering that Gates is no longer<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Current CEO and quit last year<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway's board of directors, therefore, this article does not apply to the Gates.</p><p>At the same time, lawyer Xu said that for the related income from stocks and other commercial interests, the core issue is property division, not husband and wife alimony, that is, if the sources of income such as stocks or other commercial interests have been divided in property division, it may be unreasonable to ask for additional husband and wife alimony.</p><p>According to the disclosure data of the US Securities and Exchange Commission, within three days of Melinda filing her divorce application, Gates had transferred more than $2 billion (about 12.9 billion yuan) worth of shares to Melinda's name.</p><p>Among them, on the day Melinda filed her divorce petition, Gates sold 2.94 million shares of Auto Nation (<a href=\"https://laohu8.com/S/AN\">AutoNation</a>) stock and 14.1 million<a href=\"https://laohu8.com/S/CNI\">Canadian National Railway</a>The company (Canadian National Railway) shares were transferred to Melinda's name, with a total value of more than US $1.8 billion (approximately 11.6 billion yuan).</p><p>Within three days of filing the divorce petition, Gates also transferred the personal or foundation trust held<a href=\"https://laohu8.com/S/KOF\">Coca-Cola Vanza Bottled</a>(FEMSA) and Grupo Televisa shares were transferred to Melinda. As of Wednesday, she held respectively<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>4.9% and 6.7% stakes in Vansa Bottling and Trevisa Group, with a total value of approximately US $121 million and US $386 million respectively.</p><p>Xu Qiuwen said that according to the statement of the divorce application, both parties should have reached a consensus on property division through a private separation agreement (i.e. property division agreement) before submitting the application. Although the court's automatically generated case schedule lists the time of the big trial as 11 months later, Washington state law stipulates that the minimum waiting period for divorce is three months. That is to say, if there is no objection to divorce and property division, the judge will formally approve the Gates' divorce application as soon as three months later.</p><p><b>The foundation is like the Gates' \"school district house that won't be sold after divorce\"</b></p><p><img src=\"https://static.tigerbbs.com/4f79ff18fc743facb810344df2561d59\" tg-width=\"823\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>The Gates jointly manage the foundation and write the annual letter</p><p>Regarding whether it is common for husband and wife to continue to hold some assets together after divorce, Xu Qiuwen told the author, \"It is a minority phenomenon, but it is not particularly rare. For example, if you want your children to be cared for by both parties or the school district house purchased during marriage is unwilling to sell, some people will choose to hold it together after divorce. The Gates Foundation is probably similar to the house that ordinary couples can't separate.\"</p><p>Bill & Melinda Gates Foundation is the largest private charitable foundation in the world. It once used family wealth and social influence to promote the formulation and innovation of public policies such as global health, gender equality and American education. As of the end of 2020, the Gates Foundation had donated up to US $1.75 billion to accelerate the development and equitable distribution of COVID-19 testing tools, drugs and vaccines to help end global COVID-19 pandemic faster. According to data from the foundation, between 1994 and 2020, the Gates allocated US $36 billion to the foundation, with total assets of US $49.8 billion.</p><p>Therefore, when the Gates announced their divorce, the outside world was also worried about whether it would change the foundation's long-term commitment to various public issues. Since its inception in 2000, Mr. and Mrs. Gates have jointly managed the fund as co-chairmen and are both fund trustees.</p><p>In an email reply to the author, the foundation wrote that the foundation will not be separated, and \"there are no plans to change its role or organization. They will continue to cooperate to formulate and approve the foundation strategy, advocate for the foundation's issues, and determine the overall direction of the organization\".</p><p>According to foreign media reports, Gates and Melinda have different interests within the foundation. Gates pays more attention to technological innovation breakthroughs such as vaccines, while Melinda pays more attention to issues such as gender equality and women's empowerment.</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>The Gates' property division starts, and more than $2 billion in stock has been transferred to his wife's name</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Gates' property division starts, and more than $2 billion in stock has been transferred to his wife's name\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/91\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">棱镜 </p>\n<p class=\"h-time smaller\">2021-05-07 10:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 3, 2021, Bill Gates and Melinda jointly posted on social media to announce the end of their 27-year marriage. Melinda claimed in a divorce petition filed in King County, Washington, USA on Monday that her marriage to Bill Gates has \"completely broken down\" and asked the court to dissolve the marriage.</p><p>Although the Gates' joint property is as high as 130 billion US dollars (about 840.3 billion yuan), and the real estate accounts for a large proportion, the difficulty of property division is higher than that of those living in Seattle<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Bezos divorced, but the division of their property has already begun, and it is faster than in Bezos' case.</p><p>According to the disclosure documents of the US Securities and Exchange Commission, on the day Melinda filed for divorce, Cascade, a personal investment company owned by Gates, had transferred more than $2 billion worth of shares to Melinda's name. In the process of divorce property division, if it only involves the transfer of stock ownership without buying and selling operations, it does not involve taxation.</p><p><img src=\"https://static.tigerbbs.com/089e068728c1a8e1a7c1ec2222c04d3b\" tg-width=\"961\" tg-height=\"488\" referrerpolicy=\"no-referrer\"></p><p>In August 2010, Bill Gates, Melinda and Buffett jointly advocated the \"Giving Pledge\", promising to use at least half of their wealth for charity before or after their death.</p><p>Seattle<a href=\"https://laohu8.com/S/300083\">Genesis</a>Xu Qiuwen, a lawyer from a law firm, analyzed the author's reason why the property division between the two was relatively quick. First, according to public information, the Gates and his wife broke up peacefully; Second, both of them promised that most of their property would be donated; Third, they still share the same belief in the mission of the foundation.</p><p><b>Why didn't Melinda ask for alimony in her divorce petition?</b></p><p><img src=\"https://static.tigerbbs.com/42d778337d3f194db58fe828f1014314\" tg-width=\"943\" tg-height=\"874\" referrerpolicy=\"no-referrer\"></p><p>The US Securities and Exchange Commission disclosed documents that within three days of filing the divorce petition, Gates' personal investment institution had transferred more than $2 billion in shares to Melinda's name</p><p>Regarding how to understand Melinda's practice of not asking for alimony in her divorce application, Xu Qiuwen told the author that in the absence of signing a prenuptial agreement or a postnuptial agreement, according to the default laws and regulations of Washington State, there is no specific calculation formula for husband and wife's alimony, and it is based on the judge's individual ruling power. Generally speaking, if an incumbent executive still has a large amount of income, and his income is significantly higher than that of his spouse, his spouse is more willing and more likely to ask for husband and wife alimony. Considering that Gates is no longer<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Current CEO and quit last year<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway's board of directors, therefore, this article does not apply to the Gates.</p><p>At the same time, lawyer Xu said that for the related income from stocks and other commercial interests, the core issue is property division, not husband and wife alimony, that is, if the sources of income such as stocks or other commercial interests have been divided in property division, it may be unreasonable to ask for additional husband and wife alimony.</p><p>According to the disclosure data of the US Securities and Exchange Commission, within three days of Melinda filing her divorce application, Gates had transferred more than $2 billion (about 12.9 billion yuan) worth of shares to Melinda's name.</p><p>Among them, on the day Melinda filed her divorce petition, Gates sold 2.94 million shares of Auto Nation (<a href=\"https://laohu8.com/S/AN\">AutoNation</a>) stock and 14.1 million<a href=\"https://laohu8.com/S/CNI\">Canadian National Railway</a>The company (Canadian National Railway) shares were transferred to Melinda's name, with a total value of more than US $1.8 billion (approximately 11.6 billion yuan).</p><p>Within three days of filing the divorce petition, Gates also transferred the personal or foundation trust held<a href=\"https://laohu8.com/S/KOF\">Coca-Cola Vanza Bottled</a>(FEMSA) and Grupo Televisa shares were transferred to Melinda. As of Wednesday, she held respectively<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>4.9% and 6.7% stakes in Vansa Bottling and Trevisa Group, with a total value of approximately US $121 million and US $386 million respectively.</p><p>Xu Qiuwen said that according to the statement of the divorce application, both parties should have reached a consensus on property division through a private separation agreement (i.e. property division agreement) before submitting the application. Although the court's automatically generated case schedule lists the time of the big trial as 11 months later, Washington state law stipulates that the minimum waiting period for divorce is three months. That is to say, if there is no objection to divorce and property division, the judge will formally approve the Gates' divorce application as soon as three months later.</p><p><b>The foundation is like the Gates' \"school district house that won't be sold after divorce\"</b></p><p><img src=\"https://static.tigerbbs.com/4f79ff18fc743facb810344df2561d59\" tg-width=\"823\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>The Gates jointly manage the foundation and write the annual letter</p><p>Regarding whether it is common for husband and wife to continue to hold some assets together after divorce, Xu Qiuwen told the author, \"It is a minority phenomenon, but it is not particularly rare. For example, if you want your children to be cared for by both parties or the school district house purchased during marriage is unwilling to sell, some people will choose to hold it together after divorce. The Gates Foundation is probably similar to the house that ordinary couples can't separate.\"</p><p>Bill & Melinda Gates Foundation is the largest private charitable foundation in the world. It once used family wealth and social influence to promote the formulation and innovation of public policies such as global health, gender equality and American education. As of the end of 2020, the Gates Foundation had donated up to US $1.75 billion to accelerate the development and equitable distribution of COVID-19 testing tools, drugs and vaccines to help end global COVID-19 pandemic faster. According to data from the foundation, between 1994 and 2020, the Gates allocated US $36 billion to the foundation, with total assets of US $49.8 billion.</p><p>Therefore, when the Gates announced their divorce, the outside world was also worried about whether it would change the foundation's long-term commitment to various public issues. Since its inception in 2000, Mr. and Mrs. Gates have jointly managed the fund as co-chairmen and are both fund trustees.</p><p>In an email reply to the author, the foundation wrote that the foundation will not be separated, and \"there are no plans to change its role or organization. They will continue to cooperate to formulate and approve the foundation strategy, advocate for the foundation's issues, and determine the overall direction of the organization\".</p><p>According to foreign media reports, Gates and Melinda have different interests within the foundation. Gates pays more attention to technological innovation breakthroughs such as vaccines, while Melinda pays more attention to issues such as gender equality and women's empowerment.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f79ff18fc743facb810344df2561d59","relate_stocks":{"MSFT":"微软"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187390590","content_text":"2021年5月3日，比尔盖茨和梅琳达在社交媒体上共同发文宣布结束27年婚姻。梅琳达周一在美国华盛顿州金郡提交的离婚申请中称，她与比尔·盖茨的婚姻已经“彻底破裂”，请求法院解除该婚姻关系。\n虽然盖茨夫妇共同财产高达1300亿美元（约合8403亿元人民币），且不动产占比大，财产分割难度高于同在西雅图居住的亚马逊创始人贝索斯离婚，但他们的财产分割已经开始，且比贝索斯的案例更为迅速。\n美国证监会的披露文件显示，在梅琳达提交离婚申请的当天，盖茨旗下的个人投资公司瀑布投资（Cascade）已经将价值超过20亿美元的股票转到梅琳达名下。在离婚财产分割过程中，如果只是涉及股票归属权的转移而不进行买卖操作的话，并不涉及税务。\n\n2010年8月，比尔·盖茨、梅琳达和巴菲特曾共同倡导“捐赠誓言”，承诺在生前或去世后至少用自己一半的财富来做慈善。\n西雅图创世纪律师事务所徐秋雯律师对作者分析两人财产分割较为快速的原因是，一来，根据公开信息，盖茨夫妇两人和平分手；二来，两人均许诺大多数财产将用于捐赠；三来，两人仍对基金会使命怀有相同信念。\n梅琳达离婚申请中为何未要求赡养费？\n\n美国证监会披露文件显示，离婚申请提交三天内，盖茨的个人投资机构已经将逾20亿美元股票转至梅琳达名下\n关于如何理解梅琳达在离婚申请中未要求赡养费的做法，徐秋雯对作者表示，在没有签署婚前协议或者婚后协议的情况下，依据华盛顿州的默认法规，夫妻赡养费没有具体计算公式，是以法官的个人裁决权为基准个案个判。一般来说，在职高管如果还有大量收入的话，且收入明显高于配偶的情况下，配偶更有意愿也更有几率来要求夫妻赡养费。考虑到盖茨早已不是微软在职CEO，而且去年退出微软和伯克希尔哈撒韦董事会，因此，此条并不适用于盖茨夫妇。\n徐律师同时表示，对于来自股票和其它商业利益的相关收入，更核心的问题是财产分割，而不是夫妻赡养费，即如果在财产分割上已经分割了股票或其它商业利益等收入的来源，那么再额外要求夫妻赡养费可能是不合理的。\n美国证监会的披露数据显示，在梅琳达提交离婚申请三天内，盖茨已经将价值超过20亿美元（约合129亿元人民币）的股票转至梅琳达名下。\n其中，在梅琳达提交离婚申请当天，盖茨就将294万股汽车国度（AutoNation）股票和1410万股加拿大国家铁路公司（Canadian National Railway）股票转至梅琳达名下，总价值超过18亿美元（约合116亿元人民币）。\n在离婚申请提交的三天内，盖茨还将个人持有或通过基金会信托持有的可口可乐凡萨瓶装（FEMSA）和特莱维萨集团（Grupo Televisa）股份转让给了梅琳达。截至周三，她分别持有可口可乐凡萨瓶装和特莱维萨集团4.9%和6.7%的股份，总价值分别约1.21亿美元和3.86亿美元。\n徐秋雯称，根据离婚申请书的表述，双方应该在递交申请前已经通过私密的分居协议（即财产分割协议）就财产分割达成了共识。虽然法院自动生成的案子时间表中列出大庭审的时间为11个月之后，但华盛顿州法规定，离婚的最短等待期为3个月。也就是说，如果对离婚和财产分割没有异议，最快三个月之后，法官将正式批准盖茨夫妇的离婚申请。\n基金会就像盖茨夫妇 “离婚后不出售的学区房”\n\n盖茨夫妇共同管理基金会，并撰写年信\n对于夫妻离婚后继续共同持有部分资产是否普遍，徐秋雯对作者表示，“是少数现象，但也并不特别罕见。比如，如果想让孩子受到双方的关怀或婚内所购学区房不愿意卖的话，有些人就会选择离婚后共同持有。盖茨基金会很可能就和普通夫妇分不开的房子类似。”\n比尔及梅琳达·盖茨基金会是全球最大的私人慈善基金会，曾经利用家族财富和社会影响力，推动全球健康、性别平等、美国教育等公共政策的制定和领域创新。截至2020年底，盖茨基金会曾经捐赠高达17.5亿美元用于加速开发并公平分配新冠检测工具、药物和疫苗，以助力更快终结全球新冠疫情。基金会的数据显示，1994年至2020年期间，盖茨夫妇向基金会拨款达到360亿美元，资产总规模为498亿美元。\n因此，当盖茨夫妇宣布离婚之际，外界也担心，是否会改变基金会对各项公共议题的长期承诺。自2000年成立以来，盖茨夫妇以联合主席的身份共同管理基金，也都是基金受托人。\n基金会在回复给作者的邮件中写道，基金会并不会分家，“没有计划更改其角色或组织。他们将继续合作制定和批准基金会战略，倡导基金会的问题，并确定组织的总体方向”。\n外媒报道称，在基金会内部盖茨和梅琳达的兴趣侧重各有不同。盖茨更关注疫苗等科技创新突破，梅琳达更偏重性别平等、女性赋权等议题。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104388835,"gmtCreate":1620355878927,"gmtModify":1704342473077,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/104388835","repostId":"1172819387","repostType":4,"repost":{"id":"1172819387","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1620355302,"share":"https://ttm.financial/m/news/1172819387?lang=en_US&edition=fundamental","pubTime":"2021-05-07 10:41","market":"us","language":"zh","title":"The funds owned by the \"Queen of the Bull Market\" plummeted, why did it bring trouble to the market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1172819387","media":"Wind万得","summary":"香港万得通讯社报道，随着明星成长股纷纷回调，最热门的成长股ETF也开始大幅下滑。分析师表示，如果此类热门基金抛售加剧，标普500指数将测试4000点下方。\n由“牛市女皇”凯茜·伍德（Cathie Wo","content":"<p>Hong Kong's Wind News Agency reported that as star growth stocks pulled back one after another, the hottest growth stock ETFs also began to decline sharply. Analysts said the S&P 500 would test below 4,000 if the sell-off in such popular funds intensifies.</p><p>The ARK Innovation ETF, managed by \"Queen of the Bull Market\" Cathie Wood, delivered nearly 150% returns in 2020, but it is now quickly giving up those gains. This ETF has a pullback/retracement of more than 30% since its February high and has fallen 10.47% since May. On Thursday, the index fell again, and as of the close of the day, the ETF fell 3.07% to $108.13.</p><p><img src=\"https://static.tigerbbs.com/4b391a72064ea5465f406126af8e8de3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>This ETF focuses on biotech,<a href=\"https://laohu8.com/S/300024\">Robot</a>\"Disruptive innovation\" stocks in areas such as artificial intelligence, blockchain and financial technology. This is a concentrated thematic fund that will fluctuate significantly with the price of a few high-growth stocks.</p><p>The fund's top 10 assets account for nearly half of its portfolio.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The shareholding ratio is the highest, accounting for about 11% of total assets, followed by U.S. mobile payments company Square, medical company Teladoc Health and streaming platform Roku. The top 10 companies also include U.S. real estate information inquiry websites<a href=\"https://laohu8.com/S/Z\">Zillow</a>, virtual conference companies<a href=\"https://laohu8.com/S/ZM\">Zoom</a>And Baidu, etc.</p><p><img src=\"https://static.tigerbbs.com/41f1cd9a349c955f212069251309920c\" tg-width=\"796\" tg-height=\"488\" referrerpolicy=\"no-referrer\"></p><p>Many of these stocks have plunged as the market sector rotation has shifted from high-growth, high-multiple stocks to value and cyclical stocks. Although this ETF provides access to many<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>Investment in areas that may deliver excess returns in the long run, but as investors' risk appetite cools and crowded momentum trading reverses, such individual stocks have underperformed recently.</p><p>Take Tesla as an example. The company has fallen more than 6% since May. Zoom, Zillow and<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Shares fell more than 8%.</p><p>The ETF still has $21 billion in assets and is one of the largest actively managed ETFs. But as high-valued stocks pulled back, many investors pulled out of the fund. According to Barron's, investors have redeemed $770 million in shares in the past week and $866 million in the past month.</p><p><b>The selling tide of high-valued stocks is expected to continue</b></p><p>Looking ahead, analysts are cautious about the future of ARK Innovation ETF. Highly valued businesses have become harder to justify as concerns about inflation mount, and the strong early rally has many investors choosing to take profits. The Bear Traps Report shows that most of the money flowing into this ETF came from the past nine months. That means 50% of the ETF is currently in the red, the report said.</p><p>In addition, analysts' pessimistic expectations also come from the investment style of ARK Innovation ETF. Cathy Wood's investing style looks at risk from a bottom-up stock-picking perspective, rather than trying to model the exposure of an overall portfolio across various market conditions. As an ETF's asset base balloons, the fund's liquidity decreases, making it more vulnerable to severe losses.</p><p>Others are worried about the impact of the fund on the market. AndrewAdams of Saut Strategy said: \"My real concern is that the high-growth areas represented by ARK and many similar funds are in danger of a sharp sell-off and may cause a waterfall decline. If these more speculative areas start selling together, that's not a good sign for the market.\"</p><p>\"If high-growth stocks start to break support and take the rest of the market, then the S&P 500 will eventually be retested in the 3,980-4,000 area,\" Adams wrote.The S&P 500 closed Thursday at 4,201.62, up 0.82%.</p><p>Adams said that testing the support level in the 3,980-4,000 area would only mark a 5% to 6% pullback, but given the loss of the U.S. stock market, it would cause more serious losses in other areas. \"I'd rather avoid that.\"</p><p>Granted, this ETF's track record remains astonishing, at least for investors who caught up with this rising wave. Since the end of 2017, the ETF has risen by more than 456%, compared with an 88% increase in the S&P 500 during the same period. Renato Leggi, client portfolio manager at ARK, expects the cyclical rotation in sectors such as energy and finance to disappear, saying these sectors are particularly \"vulnerable to disruption\" in the long term. He added: \"Our performance tends to pull back in periods of risk aversion, and we tend to outperform in subsequent periods of rising risk appetite.\"</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>The funds owned by the \"Queen of the Bull Market\" plummeted, why did it bring trouble to the market?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe funds owned by the \"Queen of the Bull Market\" plummeted, why did it bring trouble to the market?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-05-07 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hong Kong's Wind News Agency reported that as star growth stocks pulled back one after another, the hottest growth stock ETFs also began to decline sharply. Analysts said the S&P 500 would test below 4,000 if the sell-off in such popular funds intensifies.</p><p>The ARK Innovation ETF, managed by \"Queen of the Bull Market\" Cathie Wood, delivered nearly 150% returns in 2020, but it is now quickly giving up those gains. This ETF has a pullback/retracement of more than 30% since its February high and has fallen 10.47% since May. On Thursday, the index fell again, and as of the close of the day, the ETF fell 3.07% to $108.13.</p><p><img src=\"https://static.tigerbbs.com/4b391a72064ea5465f406126af8e8de3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>This ETF focuses on biotech,<a href=\"https://laohu8.com/S/300024\">Robot</a>\"Disruptive innovation\" stocks in areas such as artificial intelligence, blockchain and financial technology. This is a concentrated thematic fund that will fluctuate significantly with the price of a few high-growth stocks.</p><p>The fund's top 10 assets account for nearly half of its portfolio.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The shareholding ratio is the highest, accounting for about 11% of total assets, followed by U.S. mobile payments company Square, medical company Teladoc Health and streaming platform Roku. The top 10 companies also include U.S. real estate information inquiry websites<a href=\"https://laohu8.com/S/Z\">Zillow</a>, virtual conference companies<a href=\"https://laohu8.com/S/ZM\">Zoom</a>And Baidu, etc.</p><p><img src=\"https://static.tigerbbs.com/41f1cd9a349c955f212069251309920c\" tg-width=\"796\" tg-height=\"488\" referrerpolicy=\"no-referrer\"></p><p>Many of these stocks have plunged as the market sector rotation has shifted from high-growth, high-multiple stocks to value and cyclical stocks. Although this ETF provides access to many<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>Investment in areas that may deliver excess returns in the long run, but as investors' risk appetite cools and crowded momentum trading reverses, such individual stocks have underperformed recently.</p><p>Take Tesla as an example. The company has fallen more than 6% since May. Zoom, Zillow and<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Shares fell more than 8%.</p><p>The ETF still has $21 billion in assets and is one of the largest actively managed ETFs. But as high-valued stocks pulled back, many investors pulled out of the fund. According to Barron's, investors have redeemed $770 million in shares in the past week and $866 million in the past month.</p><p><b>The selling tide of high-valued stocks is expected to continue</b></p><p>Looking ahead, analysts are cautious about the future of ARK Innovation ETF. Highly valued businesses have become harder to justify as concerns about inflation mount, and the strong early rally has many investors choosing to take profits. The Bear Traps Report shows that most of the money flowing into this ETF came from the past nine months. That means 50% of the ETF is currently in the red, the report said.</p><p>In addition, analysts' pessimistic expectations also come from the investment style of ARK Innovation ETF. Cathy Wood's investing style looks at risk from a bottom-up stock-picking perspective, rather than trying to model the exposure of an overall portfolio across various market conditions. As an ETF's asset base balloons, the fund's liquidity decreases, making it more vulnerable to severe losses.</p><p>Others are worried about the impact of the fund on the market. AndrewAdams of Saut Strategy said: \"My real concern is that the high-growth areas represented by ARK and many similar funds are in danger of a sharp sell-off and may cause a waterfall decline. If these more speculative areas start selling together, that's not a good sign for the market.\"</p><p>\"If high-growth stocks start to break support and take the rest of the market, then the S&P 500 will eventually be retested in the 3,980-4,000 area,\" Adams wrote.The S&P 500 closed Thursday at 4,201.62, up 0.82%.</p><p>Adams said that testing the support level in the 3,980-4,000 area would only mark a 5% to 6% pullback, but given the loss of the U.S. stock market, it would cause more serious losses in other areas. \"I'd rather avoid that.\"</p><p>Granted, this ETF's track record remains astonishing, at least for investors who caught up with this rising wave. Since the end of 2017, the ETF has risen by more than 456%, compared with an 88% increase in the S&P 500 during the same period. Renato Leggi, client portfolio manager at ARK, expects the cyclical rotation in sectors such as energy and finance to disappear, saying these sectors are particularly \"vulnerable to disruption\" in the long term. He added: \"Our performance tends to pull back in periods of risk aversion, and we tend to outperform in subsequent periods of rising risk appetite.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1243a3c3332646ecb05aa2adbc87f85e","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100","OEF":"标普100指数ETF-iShares","ARKF":"ARK Fintech Innovation ETF","QNETCN":"纳斯达克中美互联网老虎指数","ARKG":"ARK Genomic Revolution ETF","ARKK":"ARK Innovation ETF","ZM":"Zoom","BIDU":"百度","SPY":"标普500ETF","ARKO":"ARKO Corp","UPRO":"三倍做多标普500ETF-ProShares","TDOC":"Teladoc Health Inc.",".SPX":"S&P 500 Index","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares","TSLA":"特斯拉","ROKU":"Roku Inc","SSO":"2倍做多标普500ETF-ProShares","Z":"Zillow"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172819387","content_text":"香港万得通讯社报道，随着明星成长股纷纷回调，最热门的成长股ETF也开始大幅下滑。分析师表示，如果此类热门基金抛售加剧，标普500指数将测试4000点下方。\n由“牛市女皇”凯茜·伍德（Cathie Wood）管理的ARK创新ETF在2020年实现了近150%的回报率，但它现在正在迅速放弃这些收益。这只ETF自2月高点已回撤逾30%，5月以来已下跌10.47%。周四，该指数再次下跌，截至当日收盘，该ETF跌3.07%至108.13美元。\n\n这只ETF专注于生物技术、机器人、人工智能、区块链和金融技术等领域的“颠覆性创新”股票。这是一只集中的主题型基金，会随少数高增长股票价格大幅波动。\n该基金的前10大资产占其投资组合的近一半。特斯拉的持股比例最高，约占总资产的11%，其次是美国移动支付公司Square、医疗企业Teladoc Health和流媒体平台Roku。排名前10位的公司还包括美国房地产信息查询网站Zillow、虚拟会议公司Zoom以及百度等。\n\n随着市场板块轮动从高增长、高倍数股票转向价值型和周期性股票，许多此类股票都出现了暴跌。尽管该ETF提供了对许多创新科技领域的投资，这些领域可能在长期会带来超额回报，但随着投资者的风险偏好降温，拥挤的动量交易出现逆转，此类个股近期表现不佳。\n以特斯拉为例，该公司5月以来已跌逾6%。Zoom，Zillow和百度的股价下跌了超过8%。\n该ETF仍然拥有210亿美元的资产，是最大的主动管理型ETF之一。但随着高估值个股回调，许多投资者纷纷撤离该基金。据《巴伦周刊》报道，投资者在过去一周赎回了7.7亿美元的股票，在过去一个月赎回了8.66亿美元的股票。\n高估值个股抛售潮料将持续\n展望未来，分析师对ARK创新ETF的未来持谨慎态度。随着人们对通胀的担忧与日俱增，高估值企业变得更难证明其合理性，而前期的强劲涨势也让许多投资者选择获利了结。Bear Traps Report显示，流入该ETF的资金大部分来自过去9个月。报告称，这意味着该ETF目前有50%的资金处于亏损状态。\n此外，分析师的悲观预期也来自于ARK创新ETF的投资风格。凯茜·伍德的投资风格是从自下而上选股的角度来看待风险的，而不是试图模拟各种市场条件下整体投资组合的风险敞口。随着ETF资产基础的膨胀，该基金的流动性下降，更容易遭受严重损失。\n另一部分人则担心该基金对市场造成的影响。Saut Strategy的安德鲁·亚当斯（AndrewAdams）称：“我真正的担心是，以ARK和许多类似基金为代表的高增长区域正处于大幅抛售的危险中，并有可能造成瀑布式下跌。如果这些更具投机性的领域共同开始抛售，那对市场来说不是一个好现象。”\n亚当斯写道：“如果高增长股票开始打破支撑，并带动其余市场，那么标准普尔500指数在3,980-4,000区域终将受到重新测试。”标普500指数周四收于4,201.62点，上涨0.82%。\n亚当斯称，测试3,980-4,000区域的支撑位只会标志着5%至6%的回落，但鉴于美股市场的损失会在其他领域造成更严重亏损。“我宁愿避免这种情况。”\n诚然，这只ETF的记录依然惊人，至少对那些赶上这股上涨浪潮的投资者来说是如此。自2017年年底以来，该ETF涨幅已超过456%，而同期标普500指数的涨幅为88%。ARK的客户投资组合经理雷纳托•莱吉(Renato Leggi)预计，能源和金融等行业的周期性轮动将会消失，并表示这些行业在长期内尤其“容易受到干扰”。他补充称：“我们的表现往往会在风险规避期回调，而在随后的风险偏好上升期，我们往往会表现出色。”","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SH":0.9,"ZM":0.9,"SQ":0.9,"Z":0.9,"ARKK":0.9,"TDOC":0.9,"IVV":0.9,"SDS":0.9,"ARKF":0.9,".SPX":0.9,"ROKU":0.9,"QNETCN":0.9,"BIDU":0.9,"ARKG":0.9,"SPY":0.9,"ARKO":0.9,"SPXU":0.9,"TSLA":0.9,"OEX":0.9,"OEF":0.9,"SSO":0.9,"ESmain":0.9,"UPRO":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":101309253,"gmtCreate":1619841568572,"gmtModify":1704335648927,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"Malaysia Boleh Mah~???","listText":"Malaysia Boleh Mah~???","text":"Malaysia Boleh Mah~???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/101309253","repostId":"1127607572","repostType":4,"isVote":1,"tweetType":1,"viewCount":788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198868842,"gmtCreate":1620951444186,"gmtModify":1704350938003,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/198868842","repostId":"1184785046","repostType":4,"repost":{"id":"1184785046","kind":"news","pubTimestamp":1620869787,"share":"https://ttm.financial/m/news/1184785046?lang=en_US&edition=fundamental","pubTime":"2021-05-13 09:36","market":"us","language":"zh","title":"How long will \"temporary\" high inflation last? Several indicators may provide clues","url":"https://stock-news.laohu8.com/highlight/detail?id=1184785046","media":"彭博环球财经","summary":"长期通货膨胀风险仍然是投资者关注的头等大事大宗商品，芯片短缺推动对通胀率上涨的预期美联储官员一遍又一遍强调今年通胀的任何回升都是“暂时”的，但金融市场的交易员并没有他们那么笃定。在周三美国公布CPI超","content":"<p><ul><li>Long-term inflation risk remains a top investor concern</p><p></li><li>Commodities, chip shortages drive expectations for higher inflation</p><p></li></ul>Fed officials have repeatedly stressed that any pickup in inflation this year is \"temporary,\" but traders in financial markets are not as sure as they are.</p><p>Before the U.S. CPI surged more than expected on Wednesday, investors were already paying close attention to the general signs of rising costs. Commodity prices such as copper and timber soared to record levels, and the bond market's inflation expectations for the next decade climbed to the highest in eight years. That sentiment is also shaking stock markets, with the Cboe Volatility Index rising to its highest level since March.</p><p>according to<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>According to the data, in the latest round of U.S. corporate earnings conference calls, the word inflation became a buzzword, appearing 800% more frequently than a year ago. Although last week's non-farm payrolls report showed that new jobs in April were only a quarter of what economists expected, the market generally viewed the data as a signal that companies must raise wages to fill job openings.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Savita Subramanian, head of U.S. equities and quantitative strategy, said on Friday, \"Inflation risks are what we need to pay attention to. I don't know if they are only temporary.\"</p><p><img src=\"https://static.tigerbbs.com/8b19d7a32edc0f9d2783247837929e99\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>The surge in CPI data in April raised five-year inflation expectations in the U.S. bond market to the highest level since 2005. CPI rose 0.8% month-on-month, higher than economists' expectations of 0.2%; The year-on-year increase was 4.2%, higher than the expected 3.6%. The yield on the 10-year U.S. Treasury Bond rose five basis points to 1.67% following the data.</p><p>Growing inflation concerns pose a political threat to Biden's massive stimulus package, especially after last Friday's disappointing non-farm payrolls data.</p><p>But Fed policymakers remained unmoved, with even several hawkish officials saying in recent weeks that inflation is unlikely to get out of control even if the scale of fiscal stimulus is unprecedented. Federal Reserve Chairman Jerome Powell and economic advisers to the Biden administration said that inflation in some areas is now \"temporary.\"</p><p>This raises an important question: How long does the so-called \"temporary\" mean? At present, the answer is likely to be unknown, but previous recessions may provide some clues.</p><p><b>Commodities after the recession</b></p><p>If the recent price rally has been largely commodity-driven, it depends on how long the commodity rally can last. Taking the economic recovery in 2009 as the road map, the demand for raw materials and commodity prices continued to rise for two years, and the global inflation trend remained until the commodity market peaked and fell.</p><p><img src=\"https://static.tigerbbs.com/d30a04b2deadf97b800413229a4e4d4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Much of these price increases have been driven by massive Chinese infrastructure build-up. This time, with the launch of the Biden administration's huge infrastructure plan, the United States has become the China it was more than ten years ago. According to this logic, the so-called \"temporary\" may mean two years.</p><p><b>Computer chip shortage</b></p><p>But raw materials such as lumber and copper are not the only factors that could fuel inflation. Chips used in all electronic products such as mobile phones, cars and refrigerators will also play an important role.</p><p>Honda, BMW and other automakers have been forced to stop production due to chip shortages. Given the importance of chips, it's not surprising that the 30-component Philadelphia Semiconductor Index shows a positive correlation with the bond market's 10-year breakeven inflation rate. Over the past year, these two indicators have remained in the same direction.</p><p><img src=\"https://static.tigerbbs.com/0120691a3f36045234357a8d4a3e555e\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Used cars</b></p><p>A slowdown in new car production caused by chip shortages triggered a 10% surge in used car and truck prices in April, data released on Wednesday showed.</p><p>Sebastien Galy, senior macro strategist at Nordea Investment Funds SA, said the release of consumer demand who can't afford high-priced cars has sent used car prices soaring. The Mannheim Used Car Value Index shows they are up 20% from the end of last year.</p><p><img src=\"https://static.tigerbbs.com/c93c36b231e1120dbc979eb56bd5992d\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Breakeven inflation rate</b></p><p>The bond market has been aware of inflationary pressures, and the inflation expectations it reflects have an impact on investors' forecasts. The 10-year breakeven inflation rate, which measures inflation expectations over the next decade, is about 2.57%, near its highest level since March 2013. On Wednesday, 5-year breakeven inflation reached 2.82%, its highest level since 2005.</p><p><img src=\"https://static.tigerbbs.com/58ab57b2061fc6789a8e2c024b49eb11\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>To be sure, not all market participants agree with the inflationary signals coming from the bond market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Investment management firm (Pimco) estimates that bond traders are too aggressive in their expectations of 3% annual inflation over the next few years.</p><p><b>Salary pressure</b></p><p>Some investors, strategists and politicians believe that the far-lower-than-expected employment data sends a real message that the employment cost of enterprises will rise. This is partly because the government has increased unemployment benefits, which has made the wages previously offered by employers less attractive. Any upward pressure on wages is likely to be reflected in the prices of goods and services, further raising inflation.</p><p><img src=\"https://static.tigerbbs.com/77ac04125b7ce459e89fea2ca72b3ccd\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1568765252508","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>How long will \"temporary\" high inflation last? Several indicators may provide clues</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\">\nHow long will \"temporary\" high inflation last? Several indicators may provide clues\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">彭博环球财经</strong><span class=\"h-time small\">2021-05-13 09:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul><li>Long-term inflation risk remains a top investor concern</p><p></li><li>Commodities, chip shortages drive expectations for higher inflation</p><p></li></ul>Fed officials have repeatedly stressed that any pickup in inflation this year is \"temporary,\" but traders in financial markets are not as sure as they are.</p><p>Before the U.S. CPI surged more than expected on Wednesday, investors were already paying close attention to the general signs of rising costs. Commodity prices such as copper and timber soared to record levels, and the bond market's inflation expectations for the next decade climbed to the highest in eight years. That sentiment is also shaking stock markets, with the Cboe Volatility Index rising to its highest level since March.</p><p>according to<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>According to the data, in the latest round of U.S. corporate earnings conference calls, the word inflation became a buzzword, appearing 800% more frequently than a year ago. Although last week's non-farm payrolls report showed that new jobs in April were only a quarter of what economists expected, the market generally viewed the data as a signal that companies must raise wages to fill job openings.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Savita Subramanian, head of U.S. equities and quantitative strategy, said on Friday, \"Inflation risks are what we need to pay attention to. I don't know if they are only temporary.\"</p><p><img src=\"https://static.tigerbbs.com/8b19d7a32edc0f9d2783247837929e99\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>The surge in CPI data in April raised five-year inflation expectations in the U.S. bond market to the highest level since 2005. CPI rose 0.8% month-on-month, higher than economists' expectations of 0.2%; The year-on-year increase was 4.2%, higher than the expected 3.6%. The yield on the 10-year U.S. Treasury Bond rose five basis points to 1.67% following the data.</p><p>Growing inflation concerns pose a political threat to Biden's massive stimulus package, especially after last Friday's disappointing non-farm payrolls data.</p><p>But Fed policymakers remained unmoved, with even several hawkish officials saying in recent weeks that inflation is unlikely to get out of control even if the scale of fiscal stimulus is unprecedented. Federal Reserve Chairman Jerome Powell and economic advisers to the Biden administration said that inflation in some areas is now \"temporary.\"</p><p>This raises an important question: How long does the so-called \"temporary\" mean? At present, the answer is likely to be unknown, but previous recessions may provide some clues.</p><p><b>Commodities after the recession</b></p><p>If the recent price rally has been largely commodity-driven, it depends on how long the commodity rally can last. Taking the economic recovery in 2009 as the road map, the demand for raw materials and commodity prices continued to rise for two years, and the global inflation trend remained until the commodity market peaked and fell.</p><p><img src=\"https://static.tigerbbs.com/d30a04b2deadf97b800413229a4e4d4c\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Much of these price increases have been driven by massive Chinese infrastructure build-up. This time, with the launch of the Biden administration's huge infrastructure plan, the United States has become the China it was more than ten years ago. According to this logic, the so-called \"temporary\" may mean two years.</p><p><b>Computer chip shortage</b></p><p>But raw materials such as lumber and copper are not the only factors that could fuel inflation. Chips used in all electronic products such as mobile phones, cars and refrigerators will also play an important role.</p><p>Honda, BMW and other automakers have been forced to stop production due to chip shortages. Given the importance of chips, it's not surprising that the 30-component Philadelphia Semiconductor Index shows a positive correlation with the bond market's 10-year breakeven inflation rate. Over the past year, these two indicators have remained in the same direction.</p><p><img src=\"https://static.tigerbbs.com/0120691a3f36045234357a8d4a3e555e\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Used cars</b></p><p>A slowdown in new car production caused by chip shortages triggered a 10% surge in used car and truck prices in April, data released on Wednesday showed.</p><p>Sebastien Galy, senior macro strategist at Nordea Investment Funds SA, said the release of consumer demand who can't afford high-priced cars has sent used car prices soaring. The Mannheim Used Car Value Index shows they are up 20% from the end of last year.</p><p><img src=\"https://static.tigerbbs.com/c93c36b231e1120dbc979eb56bd5992d\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><b>Breakeven inflation rate</b></p><p>The bond market has been aware of inflationary pressures, and the inflation expectations it reflects have an impact on investors' forecasts. The 10-year breakeven inflation rate, which measures inflation expectations over the next decade, is about 2.57%, near its highest level since March 2013. On Wednesday, 5-year breakeven inflation reached 2.82%, its highest level since 2005.</p><p><img src=\"https://static.tigerbbs.com/58ab57b2061fc6789a8e2c024b49eb11\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>To be sure, not all market participants agree with the inflationary signals coming from the bond market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Investment management firm (Pimco) estimates that bond traders are too aggressive in their expectations of 3% annual inflation over the next few years.</p><p><b>Salary pressure</b></p><p>Some investors, strategists and politicians believe that the far-lower-than-expected employment data sends a real message that the employment cost of enterprises will rise. This is partly because the government has increased unemployment benefits, which has made the wages previously offered by employers less attractive. Any upward pressure on wages is likely to be reflected in the prices of goods and services, further raising inflation.</p><p><img src=\"https://static.tigerbbs.com/77ac04125b7ce459e89fea2ca72b3ccd\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/kMsMuk-zb7_c2dGQ-4bPLA\">彭博环球财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d26d2e743adbb3b7a16bc81651b06c89","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/kMsMuk-zb7_c2dGQ-4bPLA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184785046","content_text":"长期通货膨胀风险仍然是投资者关注的头等大事大宗商品，芯片短缺推动对通胀率上涨的预期美联储官员一遍又一遍强调今年通胀的任何回升都是“暂时”的，但金融市场的交易员并没有他们那么笃定。在周三美国公布CPI超预期大涨前，投资者已经对普遍成本上升迹象高度关注，铜、木材等大宗商品价格飙升至创纪录水平，债券市场对未来十年的通货膨胀预期攀升至八年来最高。这种情绪也在动摇股票市场，Cboe波动率指数升至3月以来最高水平。根据美国银行的数据，最近一轮美国企业业绩电话会议上，通胀一词成为流行词，出现次数比一年前增加了800%。尽管上周的非农就业报告中显示4月份新增就业只有经济学家预期的四分之一，但市场普遍将数据视为企业必须提高工资以填补职位空缺的信号。美国银行美国股票和量化策略主管Savita Subramanian上周五表示，“通货膨胀风险是我们要关注的，我不知道它们是否只是暂时的”.4月CPI数据的飙升令美债市场5年通胀预期提升至2005年以来的最高水平。CPI环比增长0.8％，高于经济学家预期的0.2％；同比升幅4.2％，高于预期的3.6％。10年期美国国债收益率在数据发布后上涨五个基点，至1.67％。通货膨胀担忧日益加剧对拜登庞大的刺激计划构成政治威胁，尤其是在上周五令人失望的非农就业数据发布后。但是美联储决策者不为所动，最近几周就连几位鹰派官员也说，即使财政刺激规模史无前例，通货膨胀也不太可能失去控制。美联储主席鲍威尔和拜登政府经济顾问表示，现在一些领域出现的通货膨胀是“暂时性”的。这就产生了一个重要的问题：所谓 “暂时性”到底意味着多长时间？目前来看，答案很可能是未知的，但以往几次的衰退可能为人们提供一些线索。经济衰退后的大宗商品如果最近的价格上涨主要是由大宗商品驱动的，那么这取决于大宗商品涨势能持续多长时间。以2009年经济回升为路线图，对原材料的需求以及大宗商品价格的高涨持续了两年，全球通货膨胀升势维持到大宗商品市场见顶回落才停止。这些价格上涨很大程度上是由庞大的中国基础设施建设推动的。这次，随着拜登政府巨额基建计划的推出，美国变成了十多年前的中国。按照这种逻辑，所谓“暂时性”可能意味着两年。电脑芯片短缺但是，木材和铜等原材料并不是可能加剧通胀的唯一因素。用于手机 、汽车、冰箱等一切电子产品的芯片也将发挥重要作用。由于芯片短缺，本田，宝马和其他汽车制造商被迫停产。鉴于芯片的重要性，由30个成分股组成的费城半导体指数与债市10年盈亏平衡通胀率呈现正相关也就不足为奇了。过去的一年，这两个指标一直保持同向。二手车周三公布的数据显示，芯片短缺导致的新车生产放缓引发二手车和卡车价格4月份大涨10%。Nordea Investment Funds SA的高级宏观策略师Sebastien Galy表示 ，买不起高价车的消费者需求的释放令二手车价格飙涨。曼海姆二手车价值指数显示它们已比去年年底上涨20%。盈亏平衡通胀率债券市场已经察觉了通胀压力，它所反映的通货膨胀预期对投资者的预测有影响。衡量未来十年通胀预期的10年盈亏平衡通胀率约为2.57％，接近2013年3月以来最高水平。周三，5年盈亏平衡通胀率达到2.82％，是2005年以来的最高水平。可以肯定的是，并非所有市场参与者都同意来自债券市场的通胀信号。高盛和太平洋投资管理公司(Pimco)估计，债券交易员对未来几年3%的年通胀率预期过于激进。薪资压力一些投资者，策略师和政界人士认为，远低于预期的就业数据传递出一个真正的信息是企业雇佣成本将上升。部分原因是政府增加了失业救济金，这使雇主之前开出的工资吸引力降低了。任何薪资上升压力都可能反映到商品和服务的价格中，从而进一步提高通货膨胀率。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102514285,"gmtCreate":1620223777847,"gmtModify":1704340436466,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/102514285","repostId":"2133152381","repostType":4,"isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102744487,"gmtCreate":1620256980149,"gmtModify":1704340769903,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"????????","listText":"????????","text":"????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/102744487","repostId":"1145881706","repostType":4,"repost":{"id":"1145881706","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":1620256293,"share":"https://ttm.financial/m/news/1145881706?lang=en_US&edition=fundamental","pubTime":"2021-05-06 07:11","market":"us","language":"zh","title":"PayPal's first-quarter net profit increased by 1206% year-on-year, and its stock price rose more than 4% after hours.","url":"https://stock-news.laohu8.com/highlight/detail?id=1145881706","media":"老虎资讯综合","summary":"5月6日，在线支付服务商Paypal周三盘后公布了该公司第一季度财报。财报显示，第一季度营收60.3亿美元，市场预期59.04亿美元，去年同期46.18亿美元；第一季度净利润10.97亿美元，市场预期净利润7.95亿美元，去年同期净利润0.84亿美元；第一季度每股盈利0.92美元，市场预期0.65美元，去年同期0.07美元。在截至3月31日的这一财季，PayPal的净利润为10.97亿美元，比上年同期的8400万美元增长1206%；每股摊薄收益为0.92美元，比去年同期的0.07美元增长1200%。","content":"<p>On May 6, online payment service provider Paypal announced the company's first-quarter financial report after the market closed on Wednesday. The financial report shows that revenue in the first quarter was US $6.03 billion, market expectations were US $5.904 billion, and US $4.618 billion in the same period last year; The net profit in the first quarter was US $1.097 billion, the market expected a net profit of US $795 million, and a net profit of US $84 million in the same period last year; Earnings per share in the first quarter were US $0.92, compared with market expectations of US $0.65 and US $0.07 in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/b310be06ef646365a11b0ad68717cf98\" tg-width=\"838\" tg-height=\"638\"></p><p><b>Financial performance and operational metrics:</b></p><p>In the fiscal quarter ended March 31, PayPal's net profit was US $1.097 billion, an increase of 1206% from US $84 million in the same period last year; Diluted earnings per share were $0.92, an increase of 1,200% from $0.07 in the same period last year. Excluding certain one-time items (not in accordance with US GAAP), PayPal's adjusted net profit in the first quarter was US $1.455 billion, an increase of 85% compared with US $786 million in the same period last year; Adjusted earnings per share were $1.22, an increase of 84% compared to $0.66 in the same period last year, and beat analysts' expectations. According to data provided by Yahoo Finance Channel, 38 analysts had previously expected PayPal's earnings per share in the first quarter to reach $1.01 on average.</p><p>PayPal's net revenue in the first quarter was US $6.033 billion, an increase of 31% from US $4.618 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 29%. This performance also exceeded analysts' expectations. According to data provided by Yahoo Finance Channel, 36 analysts had previously expected PayPal's first-quarter revenue to reach $5.9 billion on average.</p><p>PayPal's total payment volume (TPV) in the first quarter was US $285.447 billion, an increase of 50% from US $190.567 billion in the same period last year, and a year-on-year increase of 46% excluding the impact of exchange rate changes.</p><p>PayPal's total operating expenses in the first quarter were $4.991 billion, compared with $4.220 billion in the same period last year. Among them, transaction expenses were US $2.275 billion, compared with US $1.739 billion in the same period last year; Trading and loan losses were $273 million, compared with $591 million in the same period last year; Customer support and operating expenses were $518 million, compared to $399 million in the same period last year; Sales and marketing expenses were $602 million, compared to $371 million in the same period last year; Technology and development expenditures were $741 million, compared to $605 million in the same period last year; General and administrative expenses were $524 million, compared to $486 million in the same period last year; Restructuring and other expenses were $58 million, compared to $29 million in the same period last year.</p><p>PayPal's operating profit in the first quarter was $104.2 billion, compared with $398 million in the same period last year; Operating margin was 17.3%, an increase of 865 basis points compared to 8.6% in the same period last year. Not in accordance with U.S. GAAP, PayPal's adjusted operating profit in the first quarter was $1.673 billion, compared with $908 million in the same period last year; Adjusted operating margin was 27.7%, up 807 basis points compared to 19.7% in the year-ago quarter.</p><p>PayPal's cash flow from business operating activities in the first quarter was US $1.758 billion, an increase of 24% compared with US $1.421 billion in the same period last year; Free cash flow was $1.537 billion, an increase of 27% compared to $1.215 billion in the same period last year. As of December 31, 2021, PayPal held cash and cash equivalents and non-equity investments totaling $19.1 billion and total liabilities of $8.9 billion. PayPal's effective tax rate in the first quarter was-25.8%, a decrease of 93.9 percentage points compared with 68.1% in the same period last year; Not in accordance with U.S. GAAP, PayPal's effective tax rate in the first quarter was 10.4%, down 2.0 percentage points compared with 12.4% in the same period last year. PayPal returned $1.3 billion in cash to shareholders in the first quarter by repurchasing approximately 5.3 million shares of common stock.</p><p>PayPal's net new active accounts in the first quarter were 14.5 million, an increase of 21% compared with the same period last year, and the total active accounts reached 392 million. In the first quarter, PayPal processed 4.4 billion transactions, a year-on-year increase of 34%. In the past 12 months, PayPal processed 42.2 transactions per active account, a year-on-year increase of 7%.</p><p><b>Results outlook:</b></p><p>PayPal expects that the company's net revenue will reach US $6.25 billion in the second quarter of fiscal year 2021, a year-on-year increase of 19%, and a year-on-year increase of 17% excluding the impact of exchange rate changes, exceeding expectations; Diluted earnings per share are expected to reach $0.76, compared to $1.29 in the same period last year; Non-GAAP adjusted earnings per share are expected to be $1.12, up 5% year-over-year and also beating expectations. The second quarter earnings per share outlook includes an expected net unrealized gain of approximately $0.58 per share, which comes from PayPal's strategic investment portfolio; Non-GAAP performance expectations for the second quarter reflect adjustments of approximately $525 million, which include equity award expenses and their related payroll taxes expected to be approximately $400 million. According to statistics from Yahoo Finance Channel, 35 analysts had previously expected PayPal's second-quarter revenue to reach US $6.16 billion on average, and 37 analysts had previously expected PayPal's second-quarter earnings per share to reach US $1.1 on average.</p><p>PayPal predicts that the company's net revenue for the full year of fiscal year 2021 will reach US $25.75 billion, a year-on-year increase of 20%, and a year-on-year increase of 18.5% excluding the impact of exchange rate changes, slightly exceeding expectations; Diluted earnings per share are expected to reach $3.33; Non-GAAP adjusted earnings per share are expected to be $4.70, up 21% year-over-year and also beat expectations. The fiscal 2021 earnings per share outlook includes an expected net unrealized gain of approximately $1.24 per share, which comes from PayPal's strategic portfolio; Non-GAAP performance expectations for fiscal 2021 reflect adjustments of approximately $2.21 billion, which include equity award expenses and their related payroll taxes expected to be approximately $1.7 billion. According to statistics from Yahoo Finance Channel, 47 analysts had previously expected PayPal's annual revenue to reach US $25.71 billion on average, and 47 analysts had previously expected PayPal's annual earnings per share to reach US $4.57 on average.</p><p>PayPal expects the company's net new active accounts to be between 52 million and 55 million for the full year of fiscal 2021, and expects total full-year payments to increase by 30% year-on-year.</p><p>After the financial report was announced, Paypal's stock price rose more than 4% after hours. The company's stock price closed down 1.1% on Wednesday at $247.4.</p><p><img src=\"https://static.tigerbbs.com/66cc879026e08bd5e63401804a1e1ced\" tg-width=\"1302\" tg-height=\"833\"></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>PayPal's first-quarter net profit increased by 1206% year-on-year, and its stock price rose more than 4% after hours.</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\">\nPayPal's first-quarter net profit increased by 1206% year-on-year, and its stock price rose more than 4% after hours.\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\">2021-05-06 07:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 6, online payment service provider Paypal announced the company's first-quarter financial report after the market closed on Wednesday. The financial report shows that revenue in the first quarter was US $6.03 billion, market expectations were US $5.904 billion, and US $4.618 billion in the same period last year; The net profit in the first quarter was US $1.097 billion, the market expected a net profit of US $795 million, and a net profit of US $84 million in the same period last year; Earnings per share in the first quarter were US $0.92, compared with market expectations of US $0.65 and US $0.07 in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/b310be06ef646365a11b0ad68717cf98\" tg-width=\"838\" tg-height=\"638\"></p><p><b>Financial performance and operational metrics:</b></p><p>In the fiscal quarter ended March 31, PayPal's net profit was US $1.097 billion, an increase of 1206% from US $84 million in the same period last year; Diluted earnings per share were $0.92, an increase of 1,200% from $0.07 in the same period last year. Excluding certain one-time items (not in accordance with US GAAP), PayPal's adjusted net profit in the first quarter was US $1.455 billion, an increase of 85% compared with US $786 million in the same period last year; Adjusted earnings per share were $1.22, an increase of 84% compared to $0.66 in the same period last year, and beat analysts' expectations. According to data provided by Yahoo Finance Channel, 38 analysts had previously expected PayPal's earnings per share in the first quarter to reach $1.01 on average.</p><p>PayPal's net revenue in the first quarter was US $6.033 billion, an increase of 31% from US $4.618 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 29%. This performance also exceeded analysts' expectations. According to data provided by Yahoo Finance Channel, 36 analysts had previously expected PayPal's first-quarter revenue to reach $5.9 billion on average.</p><p>PayPal's total payment volume (TPV) in the first quarter was US $285.447 billion, an increase of 50% from US $190.567 billion in the same period last year, and a year-on-year increase of 46% excluding the impact of exchange rate changes.</p><p>PayPal's total operating expenses in the first quarter were $4.991 billion, compared with $4.220 billion in the same period last year. Among them, transaction expenses were US $2.275 billion, compared with US $1.739 billion in the same period last year; Trading and loan losses were $273 million, compared with $591 million in the same period last year; Customer support and operating expenses were $518 million, compared to $399 million in the same period last year; Sales and marketing expenses were $602 million, compared to $371 million in the same period last year; Technology and development expenditures were $741 million, compared to $605 million in the same period last year; General and administrative expenses were $524 million, compared to $486 million in the same period last year; Restructuring and other expenses were $58 million, compared to $29 million in the same period last year.</p><p>PayPal's operating profit in the first quarter was $104.2 billion, compared with $398 million in the same period last year; Operating margin was 17.3%, an increase of 865 basis points compared to 8.6% in the same period last year. Not in accordance with U.S. GAAP, PayPal's adjusted operating profit in the first quarter was $1.673 billion, compared with $908 million in the same period last year; Adjusted operating margin was 27.7%, up 807 basis points compared to 19.7% in the year-ago quarter.</p><p>PayPal's cash flow from business operating activities in the first quarter was US $1.758 billion, an increase of 24% compared with US $1.421 billion in the same period last year; Free cash flow was $1.537 billion, an increase of 27% compared to $1.215 billion in the same period last year. As of December 31, 2021, PayPal held cash and cash equivalents and non-equity investments totaling $19.1 billion and total liabilities of $8.9 billion. PayPal's effective tax rate in the first quarter was-25.8%, a decrease of 93.9 percentage points compared with 68.1% in the same period last year; Not in accordance with U.S. GAAP, PayPal's effective tax rate in the first quarter was 10.4%, down 2.0 percentage points compared with 12.4% in the same period last year. PayPal returned $1.3 billion in cash to shareholders in the first quarter by repurchasing approximately 5.3 million shares of common stock.</p><p>PayPal's net new active accounts in the first quarter were 14.5 million, an increase of 21% compared with the same period last year, and the total active accounts reached 392 million. In the first quarter, PayPal processed 4.4 billion transactions, a year-on-year increase of 34%. In the past 12 months, PayPal processed 42.2 transactions per active account, a year-on-year increase of 7%.</p><p><b>Results outlook:</b></p><p>PayPal expects that the company's net revenue will reach US $6.25 billion in the second quarter of fiscal year 2021, a year-on-year increase of 19%, and a year-on-year increase of 17% excluding the impact of exchange rate changes, exceeding expectations; Diluted earnings per share are expected to reach $0.76, compared to $1.29 in the same period last year; Non-GAAP adjusted earnings per share are expected to be $1.12, up 5% year-over-year and also beating expectations. The second quarter earnings per share outlook includes an expected net unrealized gain of approximately $0.58 per share, which comes from PayPal's strategic investment portfolio; Non-GAAP performance expectations for the second quarter reflect adjustments of approximately $525 million, which include equity award expenses and their related payroll taxes expected to be approximately $400 million. According to statistics from Yahoo Finance Channel, 35 analysts had previously expected PayPal's second-quarter revenue to reach US $6.16 billion on average, and 37 analysts had previously expected PayPal's second-quarter earnings per share to reach US $1.1 on average.</p><p>PayPal predicts that the company's net revenue for the full year of fiscal year 2021 will reach US $25.75 billion, a year-on-year increase of 20%, and a year-on-year increase of 18.5% excluding the impact of exchange rate changes, slightly exceeding expectations; Diluted earnings per share are expected to reach $3.33; Non-GAAP adjusted earnings per share are expected to be $4.70, up 21% year-over-year and also beat expectations. The fiscal 2021 earnings per share outlook includes an expected net unrealized gain of approximately $1.24 per share, which comes from PayPal's strategic portfolio; Non-GAAP performance expectations for fiscal 2021 reflect adjustments of approximately $2.21 billion, which include equity award expenses and their related payroll taxes expected to be approximately $1.7 billion. According to statistics from Yahoo Finance Channel, 47 analysts had previously expected PayPal's annual revenue to reach US $25.71 billion on average, and 47 analysts had previously expected PayPal's annual earnings per share to reach US $4.57 on average.</p><p>PayPal expects the company's net new active accounts to be between 52 million and 55 million for the full year of fiscal 2021, and expects total full-year payments to increase by 30% year-on-year.</p><p>After the financial report was announced, Paypal's stock price rose more than 4% after hours. The company's stock price closed down 1.1% on Wednesday at $247.4.</p><p><img src=\"https://static.tigerbbs.com/66cc879026e08bd5e63401804a1e1ced\" tg-width=\"1302\" tg-height=\"833\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f3d6910b39b74c9e31da213a675621c","relate_stocks":{"PYPL":"PayPal"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145881706","content_text":"5月6日，在线支付服务商Paypal周三盘后公布了该公司第一季度财报。财报显示，第一季度营收60.3亿美元，市场预期59.04亿美元，去年同期46.18亿美元；第一季度净利润10.97亿美元，市场预期净利润7.95亿美元，去年同期净利润0.84亿美元；第一季度每股盈利0.92美元，市场预期0.65美元，去年同期0.07美元。\n\n财务业绩和运营指标：\n在截至3月31日的这一财季，PayPal的净利润为10.97亿美元，比上年同期的8400万美元增长1206%；每股摊薄收益为0.92美元，比去年同期的0.07美元增长1200%。不计入某些一次性项目（不按照美国通用会计准则），PayPal第一季度调整后净利润为14.55亿美元，与上年同期的7.86亿美元相比增长85%；调整后每股收益为1.22美元，与上年同期的0.66美元相比增长84%，超出分析师预期。据雅虎财经频道提供的数据显示，38名分析师此前平均预期PayPal第一季度每股收益将达1.01美元。\nPayPal第一季度净营收为60.33亿美元，比上年同期的46.18亿美元增长31%，不计入汇率变动的影响为同比增长29%，这一业绩也超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期PayPal第一季度营收将达59亿美元。\nPayPal第一季度总支付额（TPV）为2854.47亿美元，比去年同期的1905.67亿美元增长50%，不计入汇率变动的影响为同比增长46%。\nPayPal第一季度总运营支出为49.91亿美元，相比之下上年同期为42.20亿美元。其中，交易支出为22.75亿美元，相比之下上年同期为17.39亿美元；交易和贷款损失为2.73亿美元，相比之下上年同期为5.91亿美元；客户支持和运营支出为5.18亿美元，相比之下上年同期为3.99亿美元；销售和营销支出为6.02亿美元，相比之下上年同期为3.71亿美元；技术和开发支出为7.41亿美元，相比之下上年同期为6.05亿美元；总务和行政支出为5.24亿美元，相比之下上年同期为4.86亿美元；重组及其他支出为5800万美元，相比之下上年同期为2900万美元。\nPayPal第一季度运营利润为1042亿美元，相比之下去年同期的运营利润为3.98亿美元；运营利润率为17.3%，与去年同期的8.6%相比上升865个基点。不按照美国通用会计准则，PayPal第一季度调整后运营利润为16.73亿美元，相比之下去年同期为9.08亿美元；调整后运营利润率为27.7%，与去年同期的19.7%相比上升807个基点。\nPayPal第一季度来自于业务运营活动的现金流为17.58亿美元，与上年同期的14.21亿美元相比增长24%；自由现金流为15.37亿美元，与上年同期的12.15亿美元相比增长27%。截至2021年12月31日，PayPal持有的现金和现金等价物以及非股权投资总额为191亿美元，总负债为89亿美元。PayPal第一季度有效税率为-25.8%，与上年同期的68.1%相比下降93.9个百分点；不按照美国通用会计准则，PayPal第一季度有效税率为10.4%，与去年同期的12.4%相比下降2.0个百分点。PayPal在第一季度中通过回购约530万股普通股的形式向股东返还了13亿美元现金。\nPayPal第一季度净新增活跃账户为1450万个，与去年同期相比增长21%，总活跃账户达到了3.92亿个。在第一季度中，PayPal处理的交易量达到了44亿次，同比增长34%。在过去12个月时间里，PayPal的每活跃账户交易处理量为42.2次，同比增长7%。\n业绩展望：\nPayPal预计，2021财年第二季度该公司净营收将达62.5亿美元，同比增长19%，不计入汇率变动的影响为同比增长17%，超出预期；每股摊薄收益预计将达0.76美元，相比之下去年同期为1.29美元；不按照美国通用会计准则的调整后每股收益预计将达1.12美元，同比增长5%，也超出预期。第二季度每股收益展望中包含了一笔约为每股0.58美元的预期净未实现收益，这项收益来自于PayPal的战略投资组合；第二季度不按照美国通用会计准则的业绩预期反映了约5.25亿美元的调整，其中包括预计约为4亿美元的股权奖励支出及其相关工资税。据雅虎财经频道统计的数据显示，35名分析师此前平均预期PayPal第二季度营收将达61.6亿美元，37名分析师此前平均预期PayPal第二季度每股收益将达1.1美元。\nPayPal预计，2021财年全年该公司净营收将达257.5亿美元，同比增长20%，不计入汇率变动的影响为同比增长18.5%，略微超出预期；每股摊薄收益预计将达3.33美元；不按照美国通用会计准则的调整后每股收益预计将达4.70美元，同比增长21%，也超出预期。2021财年每股收益展望中包含了一笔约为每股1.24美元的预期净未实现收益，这项收益来自于PayPal的战略投资组合；2021财年不按照美国通用会计准则的业绩预期反映了约22.1亿美元的调整，其中包括预计约为17亿美元的股权奖励支出及其相关工资税。据雅虎财经频道统计的数据显示，47名分析师此前平均预期PayPal全年营收将达257.1亿美元，47名分析师此前平均预期PayPal全年每股收益将达4.57美元。\nPayPal预计，2021财年全年该公司的净新增活跃账户将在5200万到5500万个之间，并预计全年总支付额将同比增长30%。\n财报公布后，Paypal股价盘后涨超4%，该公司股价周三收跌1.1%，报247.4美元。","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126356335,"gmtCreate":1624545451627,"gmtModify":1703840010412,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126356335","repostId":"1180116198","repostType":4,"isVote":1,"tweetType":1,"viewCount":3024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165821302,"gmtCreate":1624117973706,"gmtModify":1703829047820,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/165821302","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"A surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股","content":"<p>The market value of the Hong Kong technology stock market has shown a blowout trend in the past 10 years. The market value of the Hang Seng Information Technology Industry Index has surged by 1,800% from less than 1 trillion yuan 10 years ago (June 2011) to over 17 trillion yuan in 10 years, surpassing the market value of the Hang Seng Financial Industry Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>Changes in the market value of the three major industry indexes of Hong Kong stocks in the past 10 years (see chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks has increased from about 20 trillion Hong Kong dollars 10 years ago to over 50 trillion Hong Kong dollars.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks. The number of listed companies has increased from 1,448 10 years ago to nearly 2,600 today. At the same time, the Hang Seng Index, which was once dominated by financial and real estate stocks, saw a relatively limited increase, only about 20% in ten years.</p><p>The number of companies listed on Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>Judging from the proportion of market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in the Hang Seng series of industry indexes) has exploded from 3% in June 2011 to the latest 25%!</p><p>The old economic sector is in the doldrums</p><p>The three weighted old economic sectors of finance, real estate, and energy obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The Hang Seng Financial Industry Index has increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan latest. However, the proportion of the Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index that gathered together also performed weakly, and the market value share dropped from 10% to 9%.</p><p>In addition, the downturn in oil prices in the past 10 years has also caused the market value of the Hang Seng Energy Industry Index to decline from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the proportion of market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of the Times and the Reform of HKEx</p><p>The past 10 years can be said to be the golden decade for Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>The two heroes have grown explosively, and their market value has increased to a behemoth of 5 trillion yuan. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>From years of losses to today's stable profits, the market value has reached trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>A little less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>The strong development of the short video industry in recent years has created Kuaishou,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Waiting for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter's employment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of US $400 billion. ByteDance, a phenomenal blockbuster company, will land on the Hong Kong stock market in the near future, and there is still considerable room for growth in the value of the Hong Kong technology stock market in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks, and on the other hand, the Hong Kong Stock Exchange has learned from the bitter experience and reformed itself.</p><p>Hong Kong Stock Exchange missed in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Later, at the end of 2017, it finally made its biggest change in more than 20 years-releasing the structure of different rights for the same shares and the listing of biological companies that have not yet been profitable.</p><p>It is no exaggeration to say that starting from 2018, it will be the beginning of a new era for Hong Kong stocks. A large number of technology leaders who have missed the Hong Kong stock market before have chosen secondary listing in Hong Kong, including Alibaba, Baidu, JD.com, NetEase and other established technology leaders. It also allows upstarts Meituan, Xiaomi, Kuaishou, etc. to choose Hong Kong as the first listing location. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","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>A surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA surge of 18 times in 10 years! Did you miss out on the lucrative dividends of tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market value of the Hong Kong technology stock market has shown a blowout trend in the past 10 years. The market value of the Hang Seng Information Technology Industry Index has surged by 1,800% from less than 1 trillion yuan 10 years ago (June 2011) to over 17 trillion yuan in 10 years, surpassing the market value of the Hang Seng Financial Industry Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>Changes in the market value of the three major industry indexes of Hong Kong stocks in the past 10 years (see chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks has increased from about 20 trillion Hong Kong dollars 10 years ago to over 50 trillion Hong Kong dollars.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks. The number of listed companies has increased from 1,448 10 years ago to nearly 2,600 today. At the same time, the Hang Seng Index, which was once dominated by financial and real estate stocks, saw a relatively limited increase, only about 20% in ten years.</p><p>The number of companies listed on Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>Judging from the proportion of market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in the Hang Seng series of industry indexes) has exploded from 3% in June 2011 to the latest 25%!</p><p>The old economic sector is in the doldrums</p><p>The three weighted old economic sectors of finance, real estate, and energy obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The Hang Seng Financial Industry Index has increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan latest. However, the proportion of the Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index that gathered together also performed weakly, and the market value share dropped from 10% to 9%.</p><p>In addition, the downturn in oil prices in the past 10 years has also caused the market value of the Hang Seng Energy Industry Index to decline from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the proportion of market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of the Times and the Reform of HKEx</p><p>The past 10 years can be said to be the golden decade for Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>The two heroes have grown explosively, and their market value has increased to a behemoth of 5 trillion yuan. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>From years of losses to today's stable profits, the market value has reached trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>A little less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>The strong development of the short video industry in recent years has created Kuaishou,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Waiting for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter's employment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of US $400 billion. ByteDance, a phenomenal blockbuster company, will land on the Hong Kong stock market in the near future, and there is still considerable room for growth in the value of the Hong Kong technology stock market in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks, and on the other hand, the Hong Kong Stock Exchange has learned from the bitter experience and reformed itself.</p><p>Hong Kong Stock Exchange missed in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Later, at the end of 2017, it finally made its biggest change in more than 20 years-releasing the structure of different rights for the same shares and the listing of biological companies that have not yet been profitable.</p><p>It is no exaggeration to say that starting from 2018, it will be the beginning of a new era for Hong Kong stocks. A large number of technology leaders who have missed the Hong Kong stock market before have chosen secondary listing in Hong Kong, including Alibaba, Baidu, JD.com, NetEase and other established technology leaders. It also allows upstarts Meituan, Xiaomi, Kuaishou, etc. to choose Hong Kong as the first listing location. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股各行业市值榜首！\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化（见下图）。数据来源：Wind\n与此同时，港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源：Wind\n市值增长的主要原因是港股上市公司的大幅扩张，上市公司数量由10年前的1448家增至现今的近2600家。于此同时，曾以金融、地产股为主的恒生指数涨幅则相对有限，十年间仅有约20%。\n港股上市公司数量，如下图所示。\n\n从各行业指数市值占比来看，恒生资讯科技业指数比重（占入选恒生系列行业指数的公司总市值）由2011年6月的3%爆发式增至最新的25%！\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块，则明显跑输市场，甚至能源已不再是一个权重板块。\n数据来源：Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显，由占比46%下滑至25%，是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱，市值占比从10%降至9%。\n此外，近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元，10年来不增反而腰斩，市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年，可以说是中国科技公司的黄金10年，阿里、腾讯双雄爆发式成长，市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传，但美团已成为市值近2万亿的科技龙头，小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利，市值达到万亿量级。百度、网易稍逊风骚，虽不如本世纪前十年的爆发式增长，也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展，造就了快手、哔哩哔哩等视频龙头的崛起。此外，据媒体今年4月报道称，字节跳动已向港交所提交了承销商聘用函，启动了赴港上市流程，估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股，未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利，另外一边则是港交所痛定思痛，自身改革。\n港交所在2014年错失阿里巴巴后，最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说，从2018年起，对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市，其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场，已是投资中国科技行业不可或缺的市场！","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144020889,"gmtCreate":1626254764641,"gmtModify":1703756424849,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144020889","repostId":"2151593458","repostType":4,"repost":{"id":"2151593458","kind":"highlight","pubTimestamp":1626228999,"share":"https://ttm.financial/m/news/2151593458?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:16","market":"us","language":"zh","title":"U.S. inflation continues to fever, and it's time to test the Fed","url":"https://stock-news.laohu8.com/highlight/detail?id=2151593458","media":"华尔街见闻","summary":"美国6月物价再度爆表，美联储的“通胀暂时论”还能否站得住脚，以及货币政策将如何作出应对，成为市场关注的焦点。北京时间周二晚间公布的数据显示，美国6月CPI及核心CPI环比、同比均高于预期及前值，多项数据创新高。今年以来，美国通胀节节走高，但美联储一直坚称物价上涨只是“暂时的”，随着疫情封锁进一步放松、供应赶上被压抑的需求，通胀将消退。当地时间周三和周四，美联储主席鲍威尔将接受国会议员的质询。","content":"<p>Prices in the United States exploded again in June. Whether the Federal Reserve's \"temporary inflation theory\" can still be tenable and how monetary policy will respond has become the focus of market attention.</p><p>Data released on Tuesday evening, Beijing time, showed that the U.S. CPI and core CPI in June were both higher than expected and previous values month-on-month and year-on-year, and many data hit new highs. Among them, CPI rose by 5.4% year-on-year, the highest increase since August 2008, much higher than the 5% increase in May and the 4.9% increase previously predicted by economists.</p><p><img src=\"https://static.tigerbbs.com/a1c1b19fafe4fccf8df811ab9531e0be\" tg-width=\"525\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p>Industries directly affected by the pandemic saw the biggest price increases, with travel-related expenses such as air tickets soaring, and semiconductor shortages also sending used car prices soaring. According to data from the U.S. Bureau of Labor Statistics, used car prices rose 10.5% month-on-month in June, contributing one-third of last month's CPI increase.</p><p>After the data was released, market expectations for the Federal Reserve's rate hike rose sharply, U.S. bond yields jumped intraday, and the yield curve flattened. Under the threat of inflation, the dollar strengthened further, approaching a three-month high.</p><p><img src=\"https://static.tigerbbs.com/41e83a31c11d1be5a229daf643f2d3ae\" tg-width=\"1088\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p><h2>Challenges for the Fed</h2>U.S. inflation has been rising steadily this year, but the Federal Reserve has insisted that price increases are only \"temporary\" and will subside as epidemic lockdowns are further eased and supply catches up with pent-up demand.</p><p><img src=\"https://static.tigerbbs.com/1ce1f249aafa91beb78c3bda811d915d\" tg-width=\"1083\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>At the June FOMC meeting, the Fed predicted that its favored gauge of core inflation would rise 3% this year and fall back to 2.1% in 2022.</p><p>In terms of monetary policy, the Federal Reserve released hawkish signals that surprised the market last month, suggesting that there will be two rate hike in 2023. The minutes of the meeting showed that the Fed has begun to discuss the Taper matter within, but no consensus can be reached, and the discussion will continue in the future.</p><p>But Tuesday's unexpectedly high inflation data could put pressure on the Fed to consider reducing asset purchases at a faster pace than previously expected, slowing monetary stimulus.</p><p>St. Louis Federal Reserve Bank President Bullard said on Tuesday that as the U.S. economy grows at a rate of 7% and the epidemic is getting better and better under control, it is now time to lift the Fed's stimulus measures. Bullard has always been known as a \"dove\", and his hawkish remarks have aroused great concern in the market.</p><p>But the New York Fed president<a href=\"https://laohu8.com/S/WMB\">Williams</a>On Monday, the U.S. economy has not yet reached the conditions for the Federal Reserve to reduce the scale of asset purchases. San Francisco Fed President Daly also warned on Friday that premature withdrawal from the stimulus plan would pose great risks as the Delta variant strain continues to spread.</p><p>On Wednesday and Thursday local time, Federal Reserve Chairman Jerome Powell will be questioned by members of Congress. Investors will pay close attention to whether Powell will signal that he will start discussing tapering asset purchases at the July Federal Reserve meeting.</p><p><a href=\"https://laohu8.com/S/ING\">Dutch International</a>James Knightley, chief international economist at the Group (ING), said that there seems to be no reason for the Fed to continue its quantitative easing plan of buying $120 billion in assets per month, and we will look for hints about impending tapering from Powell's testimony and the August Jackson Hole meeting.</p><p><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Analysts wrote in a note on Tuesday that if the Fed sticks to its average inflation target, putting the rate hike ahead of market expectations, it could mean increased interest rate volatility in the future.</p><p>Wells Fargo analysts pointed out that the Fed will face more challenges in communication in the future. On the one hand, it hopes to continue to be patient; on the other hand, the market does not seem to \"buy\" the Fed's new strategy to deal with inflation. These contradictions should aggravate the future volatility of macro markets.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. inflation continues to fever, and it's time to test the Fed</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\">\nU.S. inflation continues to fever, and it's time to test the Fed\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Prices in the United States exploded again in June. Whether the Federal Reserve's \"temporary inflation theory\" can still be tenable and how monetary policy will respond has become the focus of market attention.</p><p>Data released on Tuesday evening, Beijing time, showed that the U.S. CPI and core CPI in June were both higher than expected and previous values month-on-month and year-on-year, and many data hit new highs. Among them, CPI rose by 5.4% year-on-year, the highest increase since August 2008, much higher than the 5% increase in May and the 4.9% increase previously predicted by economists.</p><p><img src=\"https://static.tigerbbs.com/a1c1b19fafe4fccf8df811ab9531e0be\" tg-width=\"525\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p>Industries directly affected by the pandemic saw the biggest price increases, with travel-related expenses such as air tickets soaring, and semiconductor shortages also sending used car prices soaring. According to data from the U.S. Bureau of Labor Statistics, used car prices rose 10.5% month-on-month in June, contributing one-third of last month's CPI increase.</p><p>After the data was released, market expectations for the Federal Reserve's rate hike rose sharply, U.S. bond yields jumped intraday, and the yield curve flattened. Under the threat of inflation, the dollar strengthened further, approaching a three-month high.</p><p><img src=\"https://static.tigerbbs.com/41e83a31c11d1be5a229daf643f2d3ae\" tg-width=\"1088\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>(Image credit: Zerohedge)</p><p><h2>Challenges for the Fed</h2>U.S. inflation has been rising steadily this year, but the Federal Reserve has insisted that price increases are only \"temporary\" and will subside as epidemic lockdowns are further eased and supply catches up with pent-up demand.</p><p><img src=\"https://static.tigerbbs.com/1ce1f249aafa91beb78c3bda811d915d\" tg-width=\"1083\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>At the June FOMC meeting, the Fed predicted that its favored gauge of core inflation would rise 3% this year and fall back to 2.1% in 2022.</p><p>In terms of monetary policy, the Federal Reserve released hawkish signals that surprised the market last month, suggesting that there will be two rate hike in 2023. The minutes of the meeting showed that the Fed has begun to discuss the Taper matter within, but no consensus can be reached, and the discussion will continue in the future.</p><p>But Tuesday's unexpectedly high inflation data could put pressure on the Fed to consider reducing asset purchases at a faster pace than previously expected, slowing monetary stimulus.</p><p>St. Louis Federal Reserve Bank President Bullard said on Tuesday that as the U.S. economy grows at a rate of 7% and the epidemic is getting better and better under control, it is now time to lift the Fed's stimulus measures. Bullard has always been known as a \"dove\", and his hawkish remarks have aroused great concern in the market.</p><p>But the New York Fed president<a href=\"https://laohu8.com/S/WMB\">Williams</a>On Monday, the U.S. economy has not yet reached the conditions for the Federal Reserve to reduce the scale of asset purchases. San Francisco Fed President Daly also warned on Friday that premature withdrawal from the stimulus plan would pose great risks as the Delta variant strain continues to spread.</p><p>On Wednesday and Thursday local time, Federal Reserve Chairman Jerome Powell will be questioned by members of Congress. Investors will pay close attention to whether Powell will signal that he will start discussing tapering asset purchases at the July Federal Reserve meeting.</p><p><a href=\"https://laohu8.com/S/ING\">Dutch International</a>James Knightley, chief international economist at the Group (ING), said that there seems to be no reason for the Fed to continue its quantitative easing plan of buying $120 billion in assets per month, and we will look for hints about impending tapering from Powell's testimony and the August Jackson Hole meeting.</p><p><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Analysts wrote in a note on Tuesday that if the Fed sticks to its average inflation target, putting the rate hike ahead of market expectations, it could mean increased interest rate volatility in the future.</p><p>Wells Fargo analysts pointed out that the Fed will face more challenges in communication in the future. On the one hand, it hopes to continue to be patient; on the other hand, the market does not seem to \"buy\" the Fed's new strategy to deal with inflation. These contradictions should aggravate the future volatility of macro markets.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635336\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0dd1549a90968778a7afdc56cd660b1b","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares","TQQQ":"纳指三倍做多ETF","SPY":"标普500ETF","IVV":"标普500ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares",".SPX":"S&P 500 Index","QID":"两倍做空纳斯达克指数ETF-ProShares","OEX":"标普100",".IXIC":"NASDAQ Composite","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空",".DJI":"道琼斯","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DJX":"1/100道琼斯"},"source_url":"https://wallstreetcn.com/articles/3635336","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151593458","content_text":"美国6月物价再度爆表，美联储的“通胀暂时论”还能否站得住脚，以及货币政策将如何作出应对，成为市场关注的焦点。\n北京时间周二晚间公布的数据显示，美国6月CPI及核心CPI环比、同比均高于预期及前值，多项数据创新高。其中CPI同比上涨5.4%，创下2008年8月以来的最高涨幅，远高于5月份的5%和经济学家此前预测的4.9%的涨幅。\n\n（图片来源：Zerohedge）\n受疫情直接影响的行业的价格涨幅最大，机票等差旅相关费用飙升，半导体短缺也导致二手车价格飙升。美国劳工统计局的数据显示，6月二手车价格环比上涨了10.5%，贡献了上个月CPI上涨的三分之一涨幅。\n数据公布后，市场对美联储加息预期陡升，美债收益率盘中跃升，收益率曲线趋平。通胀威胁下，美元进一步走强，逼近三个月来高位。\n\n（图片来源：Zerohedge）\n美联储面临的挑战\n今年以来，美国通胀节节走高，但美联储一直坚称物价上涨只是“暂时的”，随着疫情封锁进一步放松、供应赶上被压抑的需求，通胀将消退。\n\n在6月的FOMC会议上，美联储预测，其青睐的核心通胀指标今年将上升3%，2022年将回落至2.1%。\n货币政策方面，美联储上月释放出令市场意外的鹰派信号，暗示2023年会有两次加息。会议纪要显示，美联储内部已经开始讨论Taper事宜，不过无法达成共识，未来将继续讨论。\n但周二意外高企的通胀数据可能会给美联储带来压力，迫使其考虑以比此前预期更快的速度减少资产购买，从而放缓货币刺激。\n美国圣路易斯联邦储备银行行长布拉德周二表示，随着美国经济以7%的速度增长，以及疫情得到越来越好的控制，现在是取消美联储的刺激措施了。布拉德一直以来以“鸽派”著称，他的鹰派言论引发了市场高度关注。\n但纽约联储行长威廉姆斯周一称，美国经济尚未达到美联储减少资产购买规模的条件。旧金山联储总裁戴利也在上周五警告，由于Delta变种毒株持续蔓延，过早退出刺激计划将造成极大的风险。\n当地时间周三和周四，美联储主席鲍威尔将接受国会议员的质询。投资者将密切关注鲍威尔会否释放在7月美联储会议上开始讨论缩减资产购买规模的信号。\n荷兰国际集团(ING)首席国际经济学家James Knightley表示，美联储似乎没有理由继续每月购买1200亿美元资产的量化宽松计划，我们将从鲍威尔的证词以及8月杰克逊霍尔会议上寻找有关即将缩减规模的暗示。\n富国银行分析们在周二的一份报告中写道，如果美联储坚守平均通胀目标，使得加息的时点超过市场预期，那么这可能意味着未来利率波动将加剧。\n富国分析师们指出，未来美联储在沟通方面将面临更多挑战，一方面它希望能够继续保持耐心，另一方面市场对美联储对待通胀的新策略似乎并不“买账”，这些矛盾应该会加剧宏观市场未来的波动。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDOW":0.9,"TQQQ":0.9,"SQQQ":0.9,"SPY":0.9,"SPXU":0.9,"SH":0.9,"UPRO":0.9,"ESmain":0.9,"OEX":0.9,"DOG":0.9,"IVV":0.9,"SDS":0.9,"QID":0.9,".IXIC":0.9,"PSQ":0.9,"UDOW":0.9,"OEF":0.9,"QLD":0.9,"MNQmain":0.9,"NQmain":0.9,"DDM":0.9,"QQQ":0.9,"SSO":0.9,".DJI":0.9,".SPX":0.9,"DJX":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":2848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124908096,"gmtCreate":1624714748115,"gmtModify":1703844027883,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124908096","repostId":"1167256448","repostType":4,"repost":{"id":"1167256448","kind":"news","pubTimestamp":1624686286,"share":"https://ttm.financial/m/news/1167256448?lang=en_US&edition=fundamental","pubTime":"2021-06-26 13:44","market":"hk","language":"zh","title":"Xiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry","url":"https://stock-news.laohu8.com/highlight/detail?id=1167256448","media":"全天候科技","summary":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。","content":"<p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner? Kelly (pseudonym) is a marketing management member of a new energy vehicle brand from a traditional domestic car company. Recently, he wanted to take advantage of the trend of technology car manufacturing to change the \"runway\", so he paid attention to Xiaomi, 360, Jidu, etc. Many technology companies have announced job opportunities for car manufacturing. But what he didn't expect was that after looking around, he found that his choice was very small.</p><p>\"People from (traditional) automobile (enterprise) backgrounds are not very popular.\" Kelly's feelings when applying for jobs from these technology car manufacturers, \"Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking.\" Kelly said somewhat helplessly.</p><p>Chen Fan (pseudonym), who has also worked in traditional car companies for many years and is responsible for vehicle tuning, and his colleagues have recently paid great attention to the opportunities of new car technology companies. \"There are many people waiting and watching now,\" Chen Fan said. But according to Chen Fan, up to now, no colleagues around me have been able to enter these new technology companies.</p><p>\"They (technology companies) despise people from traditional car companies, and they all want to engage in software.\" At this point, Chen Fan and Kelly have similar feelings.</p><p>As technology companies represented by Xiaomi enter the market to build cars, news of their heavy \"recruitment\" continues to spread, which seems to give automobile employees more opportunities to \"change jobs\". But the reality is not the case.</p><p>A screenshot of his conversation with the company provided by a job seeker on the Internet confirms the \"rejection\" of talents from traditional car companies by technology car companies from another aspect: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>A joint venture with Geely), but I think you are in SAIC Volkswagen, right? Jidu made it clear that it doesn't want traditional cars. \"</p><p>However, the heroic \"meal ticket\" issued by Xiaomi still makes many car companies eager to move. \"Now the normal recruitment of all new companies is a salary increase of 10%-30%. People who are very good can talk about it themselves.\" A job seeker from a traditional car company said. And according to<a href=\"https://laohu8.com/S/SINA\">SINA</a>According to financial reports, the recommendation bonus of 360 Auto Recruitment alone totals hundreds of thousands of yuan.</p><p>According to a data exclusively provided to the Economic Observer by the workplace social platform Maimai, according to statistics, among new car companies, the number of people in the automotive circle plan to go to Didi is the largest, and the number of interactions is the highest; Followed by<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, the third place is Jidu Automobile, a cooperation between Baidu and Geely, and the fourth place is Xiaomi Automobile.</p><p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner?</p><p><b>1、</b><b><b>Selective \"poaching corners\"</b></b></p><p>While the employees of traditional car companies are \"cold reception\" when applying for jobs, new car companies have become the key direction for technology car companies to \"poach people\".</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the press conference of the car, Li Bin, founder and chairman of Nio, said with emotion, \"There are too many people poaching us recently, and there is no way. We have to hide all the information of our colleagues.\" Because at that time, Baidu, Xiaomi, Didi, etc. have successively announced the construction of cars, which is considered to be the beginning of the war between technology companies and new car companies such as \"Wei Xiaoli\" to grab people. Compared with traditional car companies, these two types of companies are considered to be more advanced and advanced in car manufacturing concepts and technologies.</p><p>It is worth pondering that just a few years ago, \"Wei Xiaoli\" was still a \"poacher\". He once poached people from traditional car companies with high salaries, but now their employees have become \"sweet cakes\" in the eyes of technology car companies. \". According to reports, Zhu Jiang, former vice president of Nio Automobile User Development, may join Didi to build cars. In order to retain talents, information revealed that new car manufacturers have also begun to take actions, either signing more non-competition agreements or increasing employee stock ownership, in order to resist Xiaomi's \"poaching\".</p><p>\"This (poaching people) is normal. Now the industry needs it (talents) at a speed far faster than it supplies. When there is no water in the'pool ', can't you go to others to find water?\" Steven, who works in a new car company, said. \"If there is the right opportunity, of course it will be considered, so why not?\" Steven said.</p><p>It is worth noting that the obstacles encountered by employees of traditional car companies in applying for jobs do not mean that new technology car companies are completely disinterested in talents from traditional car companies. Some senior managers are still the targets of new technology car companies.</p><p>Recently, some media broke the news that Xiaomi Motors offered hundreds of millions of sky-high prices to \"poach corners\"<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, president of the research institute, and Hu Zhengnan will also leave Geely to join Xiaomi in building cars. But then Hu Zhennan refuted rumors in the circle of friends. Geely insiders said that Hu Zhengnan's \"position (at Geely Research Institute) was removed, but there is no news about whether he left or not.\" In addition, other information shows that Didi once looked for a person at the vice president level, and the salary offered exceeded one million levels, which is more than three times that of traditional car companies.</p><p>Due to bringing a lot of money into the game, technology car-making companies generally spend a lot of money in order to quickly form teams. Zhou Hongluo, founder and chairman of 360 Group, even personally posted hero posts on social media, saying that \"the company is fully liberalized and fully supported in terms of salary and benefits.</p><p>It is worth noting that the positions that \"Xiaomi\" are now open are mainly focused on autonomous driving research and development. Judging from the recruitment information released by Xiaomi, it involves 20 positions including autonomous driving data platform, vehicle infrastructure, decision-making planning, and millimeter wave algorithm. The positions that 360 is seeking include perception fusion algorithms, software architecture, information security,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving development and other positions.</p><p>This shows that technology car companies are more focused on the research and development of core technologies such as autonomous driving, so current employees in this field may get more \"job-hopping\" opportunities.</p><p>According to the speeches of certified users on Maimai, these enterprises mainly attract them in terms of salary. In addition, some job seekers claim to be \"rice noodles\" and play emotional cards.</p><p><b>2、</b><b><b>New employment \"contempt chain\"</b></b></p><p>As participants from all sides are in place one after another, the car-making camp continues to expand, and the factions gradually become clear. In this process, a default employment \"contempt chain\" in the industry has been formed.</p><p>On the Maimai platform, automobile practitioners generally agree that the ranking of job hunting choices is: first-and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second-and third-tier new car manufacturers. Among these companies, cutting-edge technology research and development positions such as autonomous driving are even better.</p><p>Therefore, practitioners who join the autonomous driving industry are considered to be \"ashore\". Zhao Jun (a pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old, just a few years after graduation, and now works as an unmanned project engineer in a technology company. Prior to this, he worked briefly in a traditional car company.</p><p>Zhao Jun recalled that when he applied for a job, the current company was just recruiting, and the requirements for the richness of experience were low. \"During the interview, I asked about the use of some commonly used tools for testing in the automotive industry, as well as some simple tool programming.\" After successfully joining the company, Zhao Jun did outsourced adas (advanced driver assistance system) testing in the company.</p><p>Zhao Jun said that he decided to join the current company, except because his previous work content in traditional car companies changed frequently, and he was overwhelmed. Another opportunity was that he saw a video of the CEO of a well-known company's views on future autonomous driving, which made him deeply touched. \"In addition, the wages of traditional car companies are too low, and there is almost no salary increase.\" Zhao Jun said that after he came to this company, the salary level and salary increase system were better than those of traditional car companies.</p><p>\"More importantly, I have been exposed to more things, my horizons have broadened, and I can see the future trend more clearly.\" Based on this, Zhao Jun can accept the longer working hours of the company now. \"Before the big and small weeks, it later became a full break, and the arrangement was particularly full.\"</p><p>If he changes jobs again, Zhao Jun said he would choose new car companies, Internet companies, or autonomous driving<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>。 \"There is no other reason. I feel that companies with these backgrounds pay more.\"</p><p>Regarding whether to consider new technology car manufacturing companies such as Xiaomi, Zhao Jun said, \"I have considered it, but at present, they have little experience in the industry and can't get in. What they need are basically old people who have started with three years of experience, and they can work when they come. Now the industry is developing too fast, and they all hope to commercialize it quickly. No company is too willing to spend time training people, so they may not go at present.\"</p><p>Although he is considered to be at the top of the \"contempt chain\" of employment, Zhao Jun said that his colleagues are currently waiting to see more opportunities. \"(Colleagues change jobs) change frequently, and (the willingness to change jobs) is also very strong. They should consider more autonomous driving startups and new forces. They rarely hear of anyone returning to traditional car companies like Great Wall and Geely..\"</p><p>But not everyone is eager for Xiaomi's car manufacturing, and some automobile practitioners show \"no feeling\" for technology car manufacturing companies. Steven from a new car company said that if it wasn't a company he was optimistic about, he wouldn't go even if he was poached with a high salary.</p><p>\"This matter (joining a technology car-making company) is actually not in my consideration for the time being. Because I think that if you join a company, you want to grow up with him more. In an industry, if you can't do it deeply and thoroughly, your personal value will not be significantly improved.\" In Steven, 40, the higher salary of technology car-making companies is no longer the first attraction for him. Steven joined the current new car manufacturer in 2019. Before that, he worked for a technology company.</p><p>For those who want to switch jobs to technology car manufacturers such as Xiaomi, Steven suggested that they can observe again. \"Most of Xiaomi's current open jobs are related to these industries related to intelligent driving, so we still don't know whether there are demands for the traditional powertrain direction and interior and exterior decoration direction. After all, we don't know what form Xiaomi will take to make its first car. It is uncertain whether it starts from scratch or cooperates with OEM.\" Steven said that under different manufacturing modes, the positions recruited by \"Xiaomi\" will also be very different. At present, there are many targets of Xiaomi OEM scandals, but none of them have been determined.</p><p>At present, new car manufacturers are still entering the game, and the car manufacturing track will be unprecedentedly fierce. This means that the \"people-grabbing war\" in the automobile circle will become more and more fierce.</p><p>Xia Yiping, CEO of Jidu Automobile, said in April this year that the current core team of Jidu Automobile is about 100 people, and plans to expand to 2,500-3,000 people by the end of next year. And these people will undoubtedly come from other corporate talent pools. How to maintain its talent pool in this new wave of car manufacturing has become an issue that every enterprise needs to carefully consider.</p>","source":"qthkj","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>Xiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry</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\">\nXiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-06-26 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner? Kelly (pseudonym) is a marketing management member of a new energy vehicle brand from a traditional domestic car company. Recently, he wanted to take advantage of the trend of technology car manufacturing to change the \"runway\", so he paid attention to Xiaomi, 360, Jidu, etc. Many technology companies have announced job opportunities for car manufacturing. But what he didn't expect was that after looking around, he found that his choice was very small.</p><p>\"People from (traditional) automobile (enterprise) backgrounds are not very popular.\" Kelly's feelings when applying for jobs from these technology car manufacturers, \"Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking.\" Kelly said somewhat helplessly.</p><p>Chen Fan (pseudonym), who has also worked in traditional car companies for many years and is responsible for vehicle tuning, and his colleagues have recently paid great attention to the opportunities of new car technology companies. \"There are many people waiting and watching now,\" Chen Fan said. But according to Chen Fan, up to now, no colleagues around me have been able to enter these new technology companies.</p><p>\"They (technology companies) despise people from traditional car companies, and they all want to engage in software.\" At this point, Chen Fan and Kelly have similar feelings.</p><p>As technology companies represented by Xiaomi enter the market to build cars, news of their heavy \"recruitment\" continues to spread, which seems to give automobile employees more opportunities to \"change jobs\". But the reality is not the case.</p><p>A screenshot of his conversation with the company provided by a job seeker on the Internet confirms the \"rejection\" of talents from traditional car companies by technology car companies from another aspect: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>A joint venture with Geely), but I think you are in SAIC Volkswagen, right? Jidu made it clear that it doesn't want traditional cars. \"</p><p>However, the heroic \"meal ticket\" issued by Xiaomi still makes many car companies eager to move. \"Now the normal recruitment of all new companies is a salary increase of 10%-30%. People who are very good can talk about it themselves.\" A job seeker from a traditional car company said. And according to<a href=\"https://laohu8.com/S/SINA\">SINA</a>According to financial reports, the recommendation bonus of 360 Auto Recruitment alone totals hundreds of thousands of yuan.</p><p>According to a data exclusively provided to the Economic Observer by the workplace social platform Maimai, according to statistics, among new car companies, the number of people in the automotive circle plan to go to Didi is the largest, and the number of interactions is the highest; Followed by<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, the third place is Jidu Automobile, a cooperation between Baidu and Geely, and the fourth place is Xiaomi Automobile.</p><p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner?</p><p><b>1、</b><b><b>Selective \"poaching corners\"</b></b></p><p>While the employees of traditional car companies are \"cold reception\" when applying for jobs, new car companies have become the key direction for technology car companies to \"poach people\".</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the press conference of the car, Li Bin, founder and chairman of Nio, said with emotion, \"There are too many people poaching us recently, and there is no way. We have to hide all the information of our colleagues.\" Because at that time, Baidu, Xiaomi, Didi, etc. have successively announced the construction of cars, which is considered to be the beginning of the war between technology companies and new car companies such as \"Wei Xiaoli\" to grab people. Compared with traditional car companies, these two types of companies are considered to be more advanced and advanced in car manufacturing concepts and technologies.</p><p>It is worth pondering that just a few years ago, \"Wei Xiaoli\" was still a \"poacher\". He once poached people from traditional car companies with high salaries, but now their employees have become \"sweet cakes\" in the eyes of technology car companies. \". According to reports, Zhu Jiang, former vice president of Nio Automobile User Development, may join Didi to build cars. In order to retain talents, information revealed that new car manufacturers have also begun to take actions, either signing more non-competition agreements or increasing employee stock ownership, in order to resist Xiaomi's \"poaching\".</p><p>\"This (poaching people) is normal. Now the industry needs it (talents) at a speed far faster than it supplies. When there is no water in the'pool ', can't you go to others to find water?\" Steven, who works in a new car company, said. \"If there is the right opportunity, of course it will be considered, so why not?\" Steven said.</p><p>It is worth noting that the obstacles encountered by employees of traditional car companies in applying for jobs do not mean that new technology car companies are completely disinterested in talents from traditional car companies. Some senior managers are still the targets of new technology car companies.</p><p>Recently, some media broke the news that Xiaomi Motors offered hundreds of millions of sky-high prices to \"poach corners\"<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, president of the research institute, and Hu Zhengnan will also leave Geely to join Xiaomi in building cars. But then Hu Zhennan refuted rumors in the circle of friends. Geely insiders said that Hu Zhengnan's \"position (at Geely Research Institute) was removed, but there is no news about whether he left or not.\" In addition, other information shows that Didi once looked for a person at the vice president level, and the salary offered exceeded one million levels, which is more than three times that of traditional car companies.</p><p>Due to bringing a lot of money into the game, technology car-making companies generally spend a lot of money in order to quickly form teams. Zhou Hongluo, founder and chairman of 360 Group, even personally posted hero posts on social media, saying that \"the company is fully liberalized and fully supported in terms of salary and benefits.</p><p>It is worth noting that the positions that \"Xiaomi\" are now open are mainly focused on autonomous driving research and development. Judging from the recruitment information released by Xiaomi, it involves 20 positions including autonomous driving data platform, vehicle infrastructure, decision-making planning, and millimeter wave algorithm. The positions that 360 is seeking include perception fusion algorithms, software architecture, information security,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving development and other positions.</p><p>This shows that technology car companies are more focused on the research and development of core technologies such as autonomous driving, so current employees in this field may get more \"job-hopping\" opportunities.</p><p>According to the speeches of certified users on Maimai, these enterprises mainly attract them in terms of salary. In addition, some job seekers claim to be \"rice noodles\" and play emotional cards.</p><p><b>2、</b><b><b>New employment \"contempt chain\"</b></b></p><p>As participants from all sides are in place one after another, the car-making camp continues to expand, and the factions gradually become clear. In this process, a default employment \"contempt chain\" in the industry has been formed.</p><p>On the Maimai platform, automobile practitioners generally agree that the ranking of job hunting choices is: first-and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second-and third-tier new car manufacturers. Among these companies, cutting-edge technology research and development positions such as autonomous driving are even better.</p><p>Therefore, practitioners who join the autonomous driving industry are considered to be \"ashore\". Zhao Jun (a pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old, just a few years after graduation, and now works as an unmanned project engineer in a technology company. Prior to this, he worked briefly in a traditional car company.</p><p>Zhao Jun recalled that when he applied for a job, the current company was just recruiting, and the requirements for the richness of experience were low. \"During the interview, I asked about the use of some commonly used tools for testing in the automotive industry, as well as some simple tool programming.\" After successfully joining the company, Zhao Jun did outsourced adas (advanced driver assistance system) testing in the company.</p><p>Zhao Jun said that he decided to join the current company, except because his previous work content in traditional car companies changed frequently, and he was overwhelmed. Another opportunity was that he saw a video of the CEO of a well-known company's views on future autonomous driving, which made him deeply touched. \"In addition, the wages of traditional car companies are too low, and there is almost no salary increase.\" Zhao Jun said that after he came to this company, the salary level and salary increase system were better than those of traditional car companies.</p><p>\"More importantly, I have been exposed to more things, my horizons have broadened, and I can see the future trend more clearly.\" Based on this, Zhao Jun can accept the longer working hours of the company now. \"Before the big and small weeks, it later became a full break, and the arrangement was particularly full.\"</p><p>If he changes jobs again, Zhao Jun said he would choose new car companies, Internet companies, or autonomous driving<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>。 \"There is no other reason. I feel that companies with these backgrounds pay more.\"</p><p>Regarding whether to consider new technology car manufacturing companies such as Xiaomi, Zhao Jun said, \"I have considered it, but at present, they have little experience in the industry and can't get in. What they need are basically old people who have started with three years of experience, and they can work when they come. Now the industry is developing too fast, and they all hope to commercialize it quickly. No company is too willing to spend time training people, so they may not go at present.\"</p><p>Although he is considered to be at the top of the \"contempt chain\" of employment, Zhao Jun said that his colleagues are currently waiting to see more opportunities. \"(Colleagues change jobs) change frequently, and (the willingness to change jobs) is also very strong. They should consider more autonomous driving startups and new forces. They rarely hear of anyone returning to traditional car companies like Great Wall and Geely..\"</p><p>But not everyone is eager for Xiaomi's car manufacturing, and some automobile practitioners show \"no feeling\" for technology car manufacturing companies. Steven from a new car company said that if it wasn't a company he was optimistic about, he wouldn't go even if he was poached with a high salary.</p><p>\"This matter (joining a technology car-making company) is actually not in my consideration for the time being. Because I think that if you join a company, you want to grow up with him more. In an industry, if you can't do it deeply and thoroughly, your personal value will not be significantly improved.\" In Steven, 40, the higher salary of technology car-making companies is no longer the first attraction for him. Steven joined the current new car manufacturer in 2019. Before that, he worked for a technology company.</p><p>For those who want to switch jobs to technology car manufacturers such as Xiaomi, Steven suggested that they can observe again. \"Most of Xiaomi's current open jobs are related to these industries related to intelligent driving, so we still don't know whether there are demands for the traditional powertrain direction and interior and exterior decoration direction. After all, we don't know what form Xiaomi will take to make its first car. It is uncertain whether it starts from scratch or cooperates with OEM.\" Steven said that under different manufacturing modes, the positions recruited by \"Xiaomi\" will also be very different. At present, there are many targets of Xiaomi OEM scandals, but none of them have been determined.</p><p>At present, new car manufacturers are still entering the game, and the car manufacturing track will be unprecedentedly fierce. This means that the \"people-grabbing war\" in the automobile circle will become more and more fierce.</p><p>Xia Yiping, CEO of Jidu Automobile, said in April this year that the current core team of Jidu Automobile is about 100 people, and plans to expand to 2,500-3,000 people by the end of next year. And these people will undoubtedly come from other corporate talent pools. How to maintain its talent pool in this new wave of car manufacturing has become an issue that every enterprise needs to carefully consider.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167256448","content_text":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n\n王珂（化名）是一位来自国内某传统车企新能源汽车品牌的营销管理层人员，最近他想趁着科技造车的风口换个“跑道”，因此留意了包括小米、360、集度等多家宣布造车的科技公司工作机会。但让他没想到的是，看了一圈后，他发现自己的选择空间非常小。\n“（传统）汽车（企业）出身的人都不太受待见。”王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”王珂有些无奈地表示。\n同样在传统车企工作多年，负责车辆调教工作的陈凡（化名）和他的同事们，近期也非常关注新造车科技公司的机会，“现在观望的人很多”，陈凡说。但据陈凡透露，截至目前身边还没有同事能够进入这些新科技公司。\n“他们（科技公司）看不上传统车企的人，都要搞软件的。”在这一点上，陈凡与王珂有着相似的感受。\n随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。但现实情况却并非如此。\n网络上一张由求职者提供的其与企业的对话截图，从另一个侧面印证着科技造车公司对传统车企人才的“排斥”：“这边是集度（百度和吉利的合资公司），但是我看你是在上汽大众是吧，集度明确表示不要传统汽车的。”\n但小米们开出的豪迈“饭票”，还是让众多车企人士蠢蠢欲动。“现在所有新企业正常招聘都是涨薪10%-30%，很牛的人就自己谈喽。”一位来自某传统车企的求职人士表示。而据新浪财经报道，360汽车招聘仅岗位的推荐奖金就共计达数十万元。\n由职场社交平台脉脉独家提供给经济观察报的一份数据显示，据统计，在新造车企业中，汽车圈里计划去滴滴的人最多，互动数量最高；其次是理想汽车，第三名是百度和吉利合作的集度汽车，第四名是小米汽车。\n一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n1、选择性“挖角”\n在传统车企从业人员求职遭“冷遇”的同时，新造车企业却成了科技造车企业“挖人”的重点方向。\n在5月蔚来汽车的发布会上，蔚来创始人、董事长李斌感慨，“最近挖我们的人实在太多了，没办法，我们要把同事的信息都隐藏一下。”由于彼时正值百度、小米、滴滴等陆续宣布造车，这被认为是科技公司和“蔚小理”等新造车企业抢人大战的开始。与传统车企相比，这两类企业在造车理念和技术上被认为更加先进和超前。\n值得玩味的是，就在几年前，“蔚小理”还是“挖角者”的角色，曾高薪从传统车企挖人，而如今他们的员工也成了科技造车公司眼中的“香饽饽”。据报道，原蔚来汽车用户发展副总裁朱江或将加盟滴滴造车。而为了留住人才，有信息透露，新造车企业也已开始采取行动，或增加签订竞业协议，或增加员工持股，以此抵抗小米们的“挖墙脚”。\n“这（挖人）是很正常的，现在这个行业需要着它（人才）的速度已经远远超过了它供给的速度。当‘水池子’里没有水的时候，不得去别人那儿去找水喝吗？”在某新造车企业任职的Steven说。“如果有合适的机会，当然会考虑，为什么不呢？”Steven说。\n值得注意的是，传统车企从业人员求职遇阻，并不意味着科技新造车企业对传统车企的人才完全不感兴趣。一些高层管理人员，仍然是科技新造车企业的目标。\n近日有媒体爆料，小米汽车开出上亿天价“挖角”吉利汽车研究院院长胡峥楠，胡峥楠也将离开吉利加盟小米造车。但随后胡峥楠在朋友圈辟谣。吉利内部人员表示，胡峥楠“（在吉利研究院的）职位撤了，不过走没走还没有消息。”此外，另有信息显示，滴滴曾寻找副总级别的人物，开出的待遇超百万级，是传统车企的三倍以上。\n由于携重金入局，科技造车公司为了迅速组建团队普遍出手阔绰。360集团创始人、董事长周鸿掉更是亲自在社交媒体上广发英雄帖，表示“公司在薪酬待遇方面全面放开、全力支持。\n值得注意的是，“小米”们如今开放的岗位，主要是集中在自动驾驶研发等方面。从小米发布的招聘信息看，涉及自动驾驶数据平台、车载基础架构、决策规划、毫米波算法等20个岗位。360重金寻求的职位则包括感知融合算法、软件架构、信息安全、智能驾驶开发等岗位。\n这表明科技造车公司更加聚焦自动驾驶等核心技术的研发，因此当前这方面的从业人员可能获得更多的“跳槽”机会。\n而根据认证用户在脉脉上的发言，这些企业吸引他们的地方主要是在薪资方面，另外也有求职者自称是“米粉”，打出情怀牌。\n2、新从业“鄙视链”\n随着各方参与者陆续到位，造车阵营持续扩大，且派系逐渐分明。在这个过程中，形成了一条业内默认的就职“鄙视链”。\n在脉脉平台上，汽车从业者普遍认同，求职选择的优劣排序是：一二线新造车企业、传统车企孵化的新品牌、传统主机厂、二三线新造车企业。而在这些企业中，自动驾驶等前沿科技研发岗位更胜一筹。\n因此，加入自动驾驶行业的从业人员被认为是“上了岸”。赵钧（化名）是其中一个“幸运儿”。赵钧今年25岁，毕业刚几年，现在某科技企业担任无人驾驶项目工程师。在此之前，他在一家传统车企短暂工作。\n赵钧回忆称，自己求职时，现在的公司刚好在招聘，而且对于经验的丰富性要求较低。“面试时问了一些汽车行业测试常用工具的使用情况，以及一些简单的工具编程情况。”成功入职后，赵钧在公司做外包adas（高级驾驶辅助系统）测试。\n赵钧表示，决定进入现在这家公司，除了因为之前在传统车企的工作内容变更频繁，有些招架不住，另一个契机是其看到了一家知名公司CEO对未来自动驾驶看法的视频，这让他深受触动。“另外就是，传统车企的工资实在太低了，而且几乎不会涨薪。”赵钧说，他来到这家公司后，薪资水平和涨薪制度都优于传统车企。\n“更重要的是，我接触的东西多了，眼界开拓了，能够更清晰地看清未来的趋势。”基于此，赵钧能够接受现在公司较长的工作时长。“之前大小周，后来变成全单休，安排得特别满。”\n如果再换工作的话，赵钧称会选择新造车企业、互联网公司，或者自动驾驶创业公司。“原因无它，感觉这些背景的公司给的工钱更多。”\n对于是否考虑小米这类新科技造车公司，赵钧表示“考虑过，但目前来说，入行经验少，进不去，他们需要的基本都是三年经验起步的老人，来了就可以干活，现在行业发展太快，都希望可以快速落地商业化，没有公司太愿意花时间培养人，所以目前来说可能不会去。”\n尽管被认为已经处于从业“鄙视链”较顶端的位置，但赵钧说，他的同事们目前也在观望更多的机会。“（同事换工作）变动很频繁，（跳槽的意愿）也很强烈，他们对自动驾驶初创公司和新势力应该考虑的更多，很少听说有谁又回到长城吉利类的传统车企。”\n但并非所有人都对小米造车趋之若鹜，一些汽车从业人员对科技造车企业表现出“无感”。来自某新造车企业的Steven就表示，如果不是自己看好的公司，就算是被高薪挖，也不会去。\n“这个事（加入科技造车企业）其实暂时还不在我的考虑之内。因为我觉得，你如果加入一家企业，更多的是希望能够跟他一块成长。一个行业，如果你没有能够把做深做透的话，你的个人价值是不会得到非常明显提升的。”在40岁的Steven看来，科技造车企业更高的薪资对他而言已经不是第一吸引力。Steven2019年加入现在的新造车企业，在此之前就职于某科技公司。\n对于想跳槽到小米等科技造车企业的人，Steven建议可以再观察一下。“小米现在open的岗位大多和智能驾驶相关的这些行业有关，那么对于传统的动力总成方向、内外饰方向是不是有诉求我们还不知道，毕竟现在也不知道小米会以什么样的形式去做它的第一款车，是从0开始，还是合作代工都不确定。”Steven表示，在不同的制造模式下，“小米”们招聘的岗位也会非常不同。目前，小米代工绯闻对象不少，但均未确定。\n目前来看，新的造车者还在不断入局，造车赛道也将空前激烈。这意味着汽车圈的“抢人大战”将越来越激烈。\n集度汽车CEO夏一平在今年4月表示，当前集度汽车核心团队约100人，到明年年底计划扩大到2500-3000人。而这些人无疑将来源于其它企业人才库。如何在这波造车新浪潮中守住自己的人才储备，已成为每个企业都需要慎重考虑的问题。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135156575,"gmtCreate":1622152830897,"gmtModify":1704180292595,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/135156575","repostId":"2138123597","repostType":4,"isVote":1,"tweetType":1,"viewCount":900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801773907,"gmtCreate":1627539053209,"gmtModify":1703491954533,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/801773907","repostId":"2155977655","repostType":4,"repost":{"id":"2155977655","kind":"highlight","pubTimestamp":1627537962,"share":"https://ttm.financial/m/news/2155977655?lang=en_US&edition=fundamental","pubTime":"2021-07-29 13:52","market":"hk","language":"zh","title":"Why do you still get infected after vaccination? How to understand vaccine effectiveness","url":"https://stock-news.laohu8.com/highlight/detail?id=2155977655","media":"华尔街见闻","summary":"95%的疫苗效力并不意味着疫苗能保护95%的人，而其他5%的人会感染病毒。","content":"<p>As the variant virus rages, COVID-19 pandemic is showing a resurgence around the world. What is even more disturbing is that many confirmed cases are people who have been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and British Health Secretary Sajid Sajid Javid both tested positive for the new crown after being vaccinated, and both were diagnosed with \"Breakthrough Infection\".</p><p>So what exactly is a breakthrough infection? Why do you still get infected after vaccination? How common is this phenomenon and how dangerous is it? Sanjay Mishra, project coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently explained these issues.</p><p><h2>What is a breakthrough infection?</h2>When people become infected after being vaccinated, scientists call these cases \"breakthrough\" infections because the virus breaks through the protective barrier provided by the vaccine.</p><p><b>Be aware that all vaccines are not 100% effective.</b>For example, vaccines that protect children from polio are around 80 to 90 percent effective, and measles vaccines are 94 percent effective.</p><p>In terms of COVID-19 vaccine, according to clinical trials,<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/The effectiveness of BioNTech and Moderna's mRNA vaccines is 94%-95%, which is higher than expected.</p><p><h2>How to understand vaccine effectiveness?</h2>95% vaccine efficacy doesn't mean that the vaccine protects 95% of people while the other 5% will catch the virus.</p><p>Vaccine effectiveness measures relative risk, which is comparing a group of vaccinated people to a group of unvaccinated people under the same exposure conditions. Assuming that during a three-month clinical trial, there are 100 infections for every 10,000 unvaccinated people, and at the same time, there are 5 infections for every 10,000 vaccinated people, then the vaccine is 95% effective.</p><p><b>In other words, the vaccine protects 95% of these 100 people (who are not vaccinated and sure to be infected), not 95% of the entire 10,000 people.</b></p><p><h2><b>How common are breakthrough infections?</b></h2>As the Delta variant spreads, breakthrough infections appear slightly more frequently than expected.<b>But among vaccinated people, infections are still very rare and often result in mild or asymptomatic cases.</b></p><p>For example, between January 1 and April 30, 2021, 46 U.S. states and territories reported 10,262 breakthrough infections to the U.S. Centers for Disease Control and Prevention. This compares to a total of 11.8 million confirmed cases over the same period. As of July 19, 2021, more than 159 million people nationwide have been vaccinated with COVID-19 vaccine, of which 5,914 have been hospitalized or died due to breakthrough infections.</p><p>Additionally, a study conducted between December 15, 2020, and March 31, 2021 showed that out of 258,716 veterans who received two doses of the Pfizer or Moderna vaccine, 410 had breakthrough infections, or 0.16% of the total.</p><p>Similarly, a New York study found 86 breakthrough infections among 126,367 people who were fully vaccinated (mainly mRNA vaccines) between February 1 and April 30, 2021, which represents 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious is a breakthrough infection?</h2>The Centers for Disease Control and Prevention (CDC) defines vaccine breakthrough infection as a nasal swab that can detect SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of an FDA-authorized COVID-19 vaccine.</p><p>It's important to note that a breakthrough infection does not necessarily mean that the patient is feeling unwell-in fact, 27% of breakthrough infection cases reported to the US CDC are asymptomatic. It is understood that only 10% of breakthrough infections were hospitalized (some due to reasons other than COVID-19), and 2% died. In contrast, more than 6% of confirmed infections were fatal in spring 2020, when vaccination had not yet been opened.</p><p>These breakthrough infections did not lead to hospitalization in a study conducted at a U.S. military treatment facility.<b>In another study, after just one dose of the Pfizer vaccine, vaccinated people who tested positive for COVID-19 had a quarter less virus in their bodies than unvaccinated people who tested positive.</b></p><p><h2>Under what circumstances are breakthrough infections prone to occur?</h2>In community cluster transmission, the probability of breakthrough infection is high.</p><p>Infection is more likely in situations of close contact, such as in cramped workspaces, parties, restaurants, or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who frequently come into contact with infected patients.</p><p><b>Gender, age, and physical condition also affect the infection rate.</b></p><p>According to CDC data, women account for 63% of breakthrough infections, and the reason is unclear. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>The vaccine elicits a weaker immune response in older adults, and the chance of breakthrough infection increases as we age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 years and older.</p><p>Immunocompromised or underlying conditions such as hypertension, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chance of breakthrough infections and can lead to severe illness.</p><p>For example, in one study, fully vaccinated organ transplant recipients were 82 times more likely to develop a breakthrough infection and had a 485 times higher risk of hospitalization and death following a breakthrough infection compared to the vaccinated general population.</p><p><h2>How big is the impact of the Delta variant?</h2>Existing vaccines mainly target earlier strains, while new variants, including Delta, are better at dodging the antibodies produced by current vaccines. While existing vaccines are still effective, their effectiveness has decreased.</p><p>According to Public Health England, two doses of the mRNA vaccine are only 79% effective in protecting against the Delta virus, compared to 89% effective against the earlier Alpha virus. The single-dose vaccine is only 35% effective against the Delta strain.</p><p>In Israel, which has a high vaccination rate, after being fully vaccinated with the Pfizer vaccine, the effective rate of preventing severe illness caused by the Delta variant is only 39%-40.5%, far lower than the early estimate of 90%.</p><p>The Israeli findings suggest that vaccines are less effective in preventing infections and symptomatic diseases within 6 months.<b>The good news, though, is that vaccines are still very effective at preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>How effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or just over 163 million people, had been fully vaccinated. Nearly 90% of Americans over the age of 65 have received at least one dose of the vaccine.</p><p>Scientists'modelling suggests that vaccinations may have saved roughly 279,000 lives and prevented as many as 1.25 million hospitalizations in the United States by the end of June 2021. In the UK, vaccines may have prevented some 30,300 deaths, 46,300 hospitalizations and 8.15 million infections. In Israel, the high vaccination rate is believed to be the main reason for the 77% drop in case numbers and the 68% drop in hospitalizations in the country at the peak of the pandemic.</p><p><b>In the United States, only 150 of the more than 18,000 people who died due to novel coronavirus pneumonia in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, puts it, the United States is becoming \"almost like two Americas,\" divided into vaccinated and unvaccinated parts. Those who are not fully vaccinated are still at risk from the coronavirus.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why do you still get infected after vaccination? How to understand vaccine effectiveness</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy do you still get infected after vaccination? How to understand vaccine effectiveness\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-29 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the variant virus rages, COVID-19 pandemic is showing a resurgence around the world. What is even more disturbing is that many confirmed cases are people who have been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and British Health Secretary Sajid Sajid Javid both tested positive for the new crown after being vaccinated, and both were diagnosed with \"Breakthrough Infection\".</p><p>So what exactly is a breakthrough infection? Why do you still get infected after vaccination? How common is this phenomenon and how dangerous is it? Sanjay Mishra, project coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently explained these issues.</p><p><h2>What is a breakthrough infection?</h2>When people become infected after being vaccinated, scientists call these cases \"breakthrough\" infections because the virus breaks through the protective barrier provided by the vaccine.</p><p><b>Be aware that all vaccines are not 100% effective.</b>For example, vaccines that protect children from polio are around 80 to 90 percent effective, and measles vaccines are 94 percent effective.</p><p>In terms of COVID-19 vaccine, according to clinical trials,<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/The effectiveness of BioNTech and Moderna's mRNA vaccines is 94%-95%, which is higher than expected.</p><p><h2>How to understand vaccine effectiveness?</h2>95% vaccine efficacy doesn't mean that the vaccine protects 95% of people while the other 5% will catch the virus.</p><p>Vaccine effectiveness measures relative risk, which is comparing a group of vaccinated people to a group of unvaccinated people under the same exposure conditions. Assuming that during a three-month clinical trial, there are 100 infections for every 10,000 unvaccinated people, and at the same time, there are 5 infections for every 10,000 vaccinated people, then the vaccine is 95% effective.</p><p><b>In other words, the vaccine protects 95% of these 100 people (who are not vaccinated and sure to be infected), not 95% of the entire 10,000 people.</b></p><p><h2><b>How common are breakthrough infections?</b></h2>As the Delta variant spreads, breakthrough infections appear slightly more frequently than expected.<b>But among vaccinated people, infections are still very rare and often result in mild or asymptomatic cases.</b></p><p>For example, between January 1 and April 30, 2021, 46 U.S. states and territories reported 10,262 breakthrough infections to the U.S. Centers for Disease Control and Prevention. This compares to a total of 11.8 million confirmed cases over the same period. As of July 19, 2021, more than 159 million people nationwide have been vaccinated with COVID-19 vaccine, of which 5,914 have been hospitalized or died due to breakthrough infections.</p><p>Additionally, a study conducted between December 15, 2020, and March 31, 2021 showed that out of 258,716 veterans who received two doses of the Pfizer or Moderna vaccine, 410 had breakthrough infections, or 0.16% of the total.</p><p>Similarly, a New York study found 86 breakthrough infections among 126,367 people who were fully vaccinated (mainly mRNA vaccines) between February 1 and April 30, 2021, which represents 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious is a breakthrough infection?</h2>The Centers for Disease Control and Prevention (CDC) defines vaccine breakthrough infection as a nasal swab that can detect SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of an FDA-authorized COVID-19 vaccine.</p><p>It's important to note that a breakthrough infection does not necessarily mean that the patient is feeling unwell-in fact, 27% of breakthrough infection cases reported to the US CDC are asymptomatic. It is understood that only 10% of breakthrough infections were hospitalized (some due to reasons other than COVID-19), and 2% died. In contrast, more than 6% of confirmed infections were fatal in spring 2020, when vaccination had not yet been opened.</p><p>These breakthrough infections did not lead to hospitalization in a study conducted at a U.S. military treatment facility.<b>In another study, after just one dose of the Pfizer vaccine, vaccinated people who tested positive for COVID-19 had a quarter less virus in their bodies than unvaccinated people who tested positive.</b></p><p><h2>Under what circumstances are breakthrough infections prone to occur?</h2>In community cluster transmission, the probability of breakthrough infection is high.</p><p>Infection is more likely in situations of close contact, such as in cramped workspaces, parties, restaurants, or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who frequently come into contact with infected patients.</p><p><b>Gender, age, and physical condition also affect the infection rate.</b></p><p>According to CDC data, women account for 63% of breakthrough infections, and the reason is unclear. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>The vaccine elicits a weaker immune response in older adults, and the chance of breakthrough infection increases as we age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 years and older.</p><p>Immunocompromised or underlying conditions such as hypertension, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chance of breakthrough infections and can lead to severe illness.</p><p>For example, in one study, fully vaccinated organ transplant recipients were 82 times more likely to develop a breakthrough infection and had a 485 times higher risk of hospitalization and death following a breakthrough infection compared to the vaccinated general population.</p><p><h2>How big is the impact of the Delta variant?</h2>Existing vaccines mainly target earlier strains, while new variants, including Delta, are better at dodging the antibodies produced by current vaccines. While existing vaccines are still effective, their effectiveness has decreased.</p><p>According to Public Health England, two doses of the mRNA vaccine are only 79% effective in protecting against the Delta virus, compared to 89% effective against the earlier Alpha virus. The single-dose vaccine is only 35% effective against the Delta strain.</p><p>In Israel, which has a high vaccination rate, after being fully vaccinated with the Pfizer vaccine, the effective rate of preventing severe illness caused by the Delta variant is only 39%-40.5%, far lower than the early estimate of 90%.</p><p>The Israeli findings suggest that vaccines are less effective in preventing infections and symptomatic diseases within 6 months.<b>The good news, though, is that vaccines are still very effective at preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>How effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or just over 163 million people, had been fully vaccinated. Nearly 90% of Americans over the age of 65 have received at least one dose of the vaccine.</p><p>Scientists'modelling suggests that vaccinations may have saved roughly 279,000 lives and prevented as many as 1.25 million hospitalizations in the United States by the end of June 2021. In the UK, vaccines may have prevented some 30,300 deaths, 46,300 hospitalizations and 8.15 million infections. In Israel, the high vaccination rate is believed to be the main reason for the 77% drop in case numbers and the 68% drop in hospitalizations in the country at the peak of the pandemic.</p><p><b>In the United States, only 150 of the more than 18,000 people who died due to novel coronavirus pneumonia in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, puts it, the United States is becoming \"almost like two Americas,\" divided into vaccinated and unvaccinated parts. Those who are not fully vaccinated are still at risk from the coronavirus.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636611\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636611","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155977655","content_text":"随着变种病毒肆虐，新冠疫情在全球呈现复燃之势。更让人感到不安的是，有不少确诊病例是已经接种过疫苗的人群。\n例如，美国华裔体操运动员卡拉·埃克(Kara Eaker)和英国卫生大臣赛义德·贾维德(Sajid Javid)都是在接种疫苗后，被检测出新冠阳性，均被诊断为“突破性感染”(Breakthrough Infection)。\n那么到底什么是突破性感染？为何接种疫苗后仍会感染？这种现象有多普遍，又有多危险呢？美国范德堡大学医学中心项目协调员和员工科学家Sanjay Mishra近日对这些问题作出解读。\n什么是突破性感染？\n当人们在接种疫苗后被感染时，科学家称这些病例为“突破性”感染，因为病毒突破了疫苗提供的保护屏障。\n要知道所有的疫苗都不是100%有效的。例如，保护儿童免受脊髓灰质炎侵害的疫苗有效率在80%到90%左右，麻疹疫苗的有效率为94%。\n在新冠疫苗方面，据临床试验，辉瑞/BioNTech和Moderna的mRNA疫苗的有效性为94%-95%，该数值高于预期值。\n如何理解疫苗有效率？\n95%的疫苗效力并不意味着疫苗能保护95%的人，而其他5%的人会感染病毒。\n疫苗有效性衡量的是相对风险，即在相同的暴露条件下，将一组接种疫苗的人与一组未接种疫苗的人进行比较。假设在一个为期三个月的临床试验期间，每10000名未接种疫苗的人中有100人感染，同时，每10000名接种疫苗的人中有5人感染，那么疫苗的有效性为95%。\n也就是说，疫苗保护的是这100个（没接种疫苗且确定会感染）人群的95%，而不是整个10000人群的95%。\n突破性感染的现象有多普遍？\n随着Delta变种病毒的蔓延，突破性感染出现的频率略有些高于预期。但在已接种疫苗人群中，感染仍然非常罕见，且通常导致轻微或无症状。\n例如，在2021年1月1日至4月30日期间，美国46个州和地区向美国疾病控制与预防中心报告了10262例突破性感染。相比之下，同期共有1180万例确诊病例。截至2021年7月19日，美国全国已有1.59亿多人接种了新冠疫苗，其中5914人因突破性感染住院或死亡。\n此外， 2020年12月15日至2021年3月31日期间开展的一项研究显示，在258716名接受了辉瑞或Moderna两剂疫苗的退伍军人中，410人出现了突破性感染，占总数的0.16%。\n同样，纽约的一项研究发现，在2021年2月1日至4月30日期间，在126367名全面接种疫苗(主要是mRNA疫苗)的人中，出现了86例突破性感染，这占病例总数的1.2%，占完全接种人群的0.07%。\n突破性感染有多严重?\n美国疾病控制与预防中心（CDC）将疫苗突破性感染定义为，在完成FDA授权的COVID-19疫苗的全部推荐剂量后14天以上，鼻拭子可以检测到SARS-CoV-2 RNA或蛋白质。\n需要注意的是，突破性感染并不一定意味着患者感到不适——事实上，向美国CDC报告的突破性感染病例中，27%是无症状的。据了解，只有10%的突破感染者住院(有些是由于新冠以外的原因)，2%的人死亡。相比之下，在尚未开启疫苗接种的2020年春季，超过6%的确诊感染是致命的。\n在美国军事治疗设施进行的一项研究中，这些突破性感染没有导致住院治疗。在另一项研究中，仅注射一剂辉瑞疫苗后，COVID-19检测呈阳性的接种者体内的病毒含量比未接种且检测呈阳性的人少四分之一。\n什么情况下容易发生突破性感染？\n社区聚集性传播中，出现突破性感染的机率较大。\n在近距离接触的情况下，如在狭窄的工作空间、聚会、餐厅或体育场，感染可能性更大。突破性感染也更有可能发生在经常接触受感染患者的医务工作者中。\n性别、年龄、身体状况也都会影响感染机率。\n美国CDC的数据显示，突破性感染中女性占63%，原因尚不清楚。一些规模较小的研究也确定女性在突破性病例中占比较大。\n疫苗在老年人中引发的免疫反应较弱，而且随着年龄的增长，突破性感染的机会越来越高。在CDC追踪的突破性病例中，75%发生在65岁及以上的患者中。\n免疫功能低下或有高血压、糖尿病、心脏病、慢性肾脏和肺部疾病以及癌症等潜在疾病，会增加突破性感染的机会，并可能导致重症。\n例如，在一项研究中，与接种过疫苗的普通人群相比，完全接种过疫苗的器官移植受者发生突破性感染的可能性高82倍，突破性感染后住院和死亡的风险高485倍。\nDelta变种病毒的影响有多大？\n现有的疫苗主要是针对早期的毒株，而包括Delta在内的新变种更擅长于躲避目前疫苗产生的抗体。虽然现有疫苗仍然有效，但有效性有所降低。\n根据英国公共卫生部的数据，两剂mRNA疫苗预防Delta病毒的有效性仅为79%，而对早期Alpha病毒的有效性为89%。单剂疫苗对Delta毒株的有效性仅为35%。\n在接种率较高的以色列，完全接种辉瑞疫苗后，对于预防Delta变种导致重症的有效率仅为39%-40.5%，远低于早期估计的90%。\n以色列的研究结果表明，在6个月内，疫苗预防感染和症状性疾病的效力会下降。不过，好消息是，疫苗在预防由Delta毒株导致的住院(88%)和重症(91.4%)方面仍然非常有效。\n疫苗效果到底怎么样？\n截至2021年7月底，49.1%的美国人口，即略超过1.63亿人，已全面接种疫苗。近90%的65岁以上的美国人至少接种过一剂疫苗。\n科学家的模型表明，截至2021年6月底，疫苗接种可能挽救了美国大约27.9万人的生命，防止了多达125万人住院治疗。在英国，疫苗可能预防了约30300例死亡、46300例住院和815万例感染。在以色列，高接种率被认为是推动该国病例数较大流行高峰时下降77%，住院人数下降68%的主要原因。\n在美国，5月份因新冠肺炎死亡的1.8万多人中，只有150人接种了疫苗。\n正如美国国家过敏症和传染病研究所所长安东尼·福奇(Anthony Fauci)所说，美国正变得“几乎像两个美国”，分为接种疫苗和未接种疫苗两部分。那些没有完全接种疫苗的人仍然面临来自冠状病毒的风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143440711,"gmtCreate":1625812533133,"gmtModify":1703749065461,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/143440711","repostId":"2150320298","repostType":4,"isVote":1,"tweetType":1,"viewCount":2362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107823891,"gmtCreate":1620467510213,"gmtModify":1704344140359,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/107823891","repostId":"107146221","repostType":1,"repost":{"id":107146221,"gmtCreate":1620457451959,"gmtModify":1704344032338,"author":{"id":"3561588897589235","authorId":"3561588897589235","name":"北美韭菜日记","avatar":"https://static.tigerbbs.com/2d01b6e0504f82d0b06101a70e792206","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561588897589235","idStr":"3561588897589235"},"themes":[],"title":"","htmlText":"\n \n \n  Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！\n \n","listText":"Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！","text":"Cathie Wood 5/07採訪：大幅提高ARK未來五年回報率至年化30%！她又語出驚人了！","images":[{"img":"https://static.tigerbbs.com/eebc883d72f00550957280e5879ebeb2","width":"0","height":"0"}],"top":1,"highlighted":1,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107146221","isVote":1,"tweetType":2,"object":{"id":"e86b446fa12744eeb6c0f0531f248b3d","tweetId":"107146221","title":"Cathie Wood 5/07采访：大幅提高ARK未来五年回报率至年化30%！她又语出惊人了！","videoUrl":"http://v.tigerbbs.com/1620457448948531a28a25b7f402b236c3bc3ad0b6435.mp4","poster":"https://static.tigerbbs.com/eebc883d72f00550957280e5879ebeb2","shareLink":"http://v.tigerbbs.com/1620457448948531a28a25b7f402b236c3bc3ad0b6435.mp4","subtitleCn":"http://v.tigerbbs.com/1620457449754531a28a25b7f402b236c3bc3ad0b6435.zh-Hans.vtt"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805728200,"gmtCreate":1627908463800,"gmtModify":1703497625567,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/805728200","repostId":"1187558503","repostType":4,"isVote":1,"tweetType":1,"viewCount":3142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126359753,"gmtCreate":1624545361072,"gmtModify":1703840005336,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126359753","repostId":"1121154040","repostType":4,"repost":{"id":"1121154040","kind":"news","pubTimestamp":1624539354,"share":"https://ttm.financial/m/news/1121154040?lang=en_US&edition=fundamental","pubTime":"2021-06-24 20:55","market":"us","language":"zh","title":"The Big Reveal: Windows 11 Strikes Tonight! What updates can we see","url":"https://stock-news.laohu8.com/highlight/detail?id=1121154040","media":"腾讯科技","summary":"被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。","content":"<p>At 11 pm on June 24th, Beijing time,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch conference will be held, which Microsoft CEO Nadella called the \"most important update\" of Windows in ten years.</p><p>Although Microsoft has not confirmed the upcoming new products on any public occasion, the major leak of the Windows 11 development version on June 16th made this matter less mysterious. Windows 11 will be the protagonist of tonight's press conference, and the most important update of Windows in the decade in Microsoft's mouth has been fully shown to us before the press conference.</p><p>But regarding this press conference, it can't be said that there is nothing to watch at all, and there are some details worthy of our attention.</p><p><b>How can Windows 11 improve touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people find that compared with the previous Windows 10, this so-called \"big version\" has made some design adjustments on the interface to make it more in line with Microsoft's Fluent Design design language, and there are no very obvious functional improvements.</p><p>Some users even gave it a Windows 10 skin positioning after experiencing the Windows 11 development version.</p><p>To a certain extent, Windows 11 is indeed not as good as when switching from Win8 to Win10 before, with huge design improvements. But in fact, if you understand Microsoft's previous design evolution on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which has been cut off by Microsoft.</p><p>Including \"Start menu centering, same-screen multitasking layout\" and other functions that appear on the Windows 11 development version, they are all standard features of Windows 10X.</p><p>So the current leaked Windows 11 is more like an iterative version of the previous Windows 10X. However, since 10X is a product made by Microsoft for touch dual screens, what features Windows 11 will add to the system to support touch operations will become an important highlight at tonight's press conference.</p><p>Microsoft has confirmed that it is planning to \"innovate and develop exciting sensor technologies\" for future Windows versions. Popular features such as \"user presence detection\", gesture detection, and ambient light will be improved as part of Windows 11 or an upcoming Windows update to \"enable a dazzling user experience on Windows\".</p><p>This means that Microsoft hopes to achieve the integration of desktop and mobile terminals through the new Windows 11. Although Microsoft's current mobile phone project is basically in a semi-abandoned state, Surface still needs touch operation to achieve an excellent experience in more usage scenarios. Therefore, Windows 11's improvements in touch and gestures are very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although the presence of MacOS's App Store is not strong, in comparison, the App Store currently provided by Windows 10 is more tasteless.</p><p>However, this matter may be greatly improved on Windows 11, which arrives tonight.</p><p>According to media reports, Microsoft has been developing a brand-new app store, which is more inclusive and free. Microsoft plans to introduce more developers into the new app store, such as apps like Chorme or Firefox, which can be downloaded from the Microsoft app store in the future.</p><p>Another major improvement will be the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and implement in-App payments through third-party payment mechanisms in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this happens at tonight's press conference, after all, Microsoft is now uniting with Epic to boycott<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store's high \"Apple tax\". This move may affect the reshuffle of the charging methods of application services by big companies such as Microsoft, Apple and Google in the next few years.</p><p>Microsoft also recently announced that it will reduce the purchase commission of games on its own App Store from the previous 30% to 12%. This substantial discount has put pressure on app stores like Steam.</p><p><b>Windows 11 will focus on improving the experience of professional users?</b></p><p>As the largest desktop operating system in the world, Windows's professional ability has been ignored by many people. In this Windows 11 development version, we actually saw Microsoft's optimization and improvement for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display mode of switching between multiple desktops, and at the same time, the support for multiple monitors is even better, which to a certain extent solves the problems accumulated by high-end users in multitasking for many years.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>At the same time, Windows 11 has also focused on improving the experience of game users. On this brand new set of operating systems, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social portion of the Xbox network, and the Xbox Store.</p><p>At the same time, Windows 11 has also been tested on XBox. We also hope to see more XBox features incorporated into the desktop, such as providing automatic HDR display function, or faster game loading speed, etc., to improve the PC gaming experience at one time.</p><p><b>Free Upgrade?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, this is what we would most like to see on Windows 11.</p><p>When Microsoft previously upgraded Windows 10 from Windows 7/8, it adopted a free upgrade method, and all users can upgrade the corresponding Win10 version. We hope that the free thing will still appear on Windows 11.</p><p>The market has successfully told Microsoft that it is meaningless to collect money from users to upgrade the system. As an operating system development company, Microsoft's software revenue needs to come from OEM licenses and commercial licenses. Therefore, it is very likely that Win11 will still adopt the previous free upgrade method of Win10.</p><p>Although Microsoft Windows 11 has stolen away, in fact, Microsoft has left us a lot of suspense. At 23:00 on June 24th, Beijing time, when Microsoft officially holds a new product launch conference, these answers may be revealed.</p>","source":"lsy1580517846866","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Big Reveal: Windows 11 Strikes Tonight! What updates can we see</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Big Reveal: Windows 11 Strikes Tonight! What updates can we see\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\">2021-06-24 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At 11 pm on June 24th, Beijing time,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch conference will be held, which Microsoft CEO Nadella called the \"most important update\" of Windows in ten years.</p><p>Although Microsoft has not confirmed the upcoming new products on any public occasion, the major leak of the Windows 11 development version on June 16th made this matter less mysterious. Windows 11 will be the protagonist of tonight's press conference, and the most important update of Windows in the decade in Microsoft's mouth has been fully shown to us before the press conference.</p><p>But regarding this press conference, it can't be said that there is nothing to watch at all, and there are some details worthy of our attention.</p><p><b>How can Windows 11 improve touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people find that compared with the previous Windows 10, this so-called \"big version\" has made some design adjustments on the interface to make it more in line with Microsoft's Fluent Design design language, and there are no very obvious functional improvements.</p><p>Some users even gave it a Windows 10 skin positioning after experiencing the Windows 11 development version.</p><p>To a certain extent, Windows 11 is indeed not as good as when switching from Win8 to Win10 before, with huge design improvements. But in fact, if you understand Microsoft's previous design evolution on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which has been cut off by Microsoft.</p><p>Including \"Start menu centering, same-screen multitasking layout\" and other functions that appear on the Windows 11 development version, they are all standard features of Windows 10X.</p><p>So the current leaked Windows 11 is more like an iterative version of the previous Windows 10X. However, since 10X is a product made by Microsoft for touch dual screens, what features Windows 11 will add to the system to support touch operations will become an important highlight at tonight's press conference.</p><p>Microsoft has confirmed that it is planning to \"innovate and develop exciting sensor technologies\" for future Windows versions. Popular features such as \"user presence detection\", gesture detection, and ambient light will be improved as part of Windows 11 or an upcoming Windows update to \"enable a dazzling user experience on Windows\".</p><p>This means that Microsoft hopes to achieve the integration of desktop and mobile terminals through the new Windows 11. Although Microsoft's current mobile phone project is basically in a semi-abandoned state, Surface still needs touch operation to achieve an excellent experience in more usage scenarios. Therefore, Windows 11's improvements in touch and gestures are very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although the presence of MacOS's App Store is not strong, in comparison, the App Store currently provided by Windows 10 is more tasteless.</p><p>However, this matter may be greatly improved on Windows 11, which arrives tonight.</p><p>According to media reports, Microsoft has been developing a brand-new app store, which is more inclusive and free. Microsoft plans to introduce more developers into the new app store, such as apps like Chorme or Firefox, which can be downloaded from the Microsoft app store in the future.</p><p>Another major improvement will be the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and implement in-App payments through third-party payment mechanisms in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this happens at tonight's press conference, after all, Microsoft is now uniting with Epic to boycott<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store's high \"Apple tax\". This move may affect the reshuffle of the charging methods of application services by big companies such as Microsoft, Apple and Google in the next few years.</p><p>Microsoft also recently announced that it will reduce the purchase commission of games on its own App Store from the previous 30% to 12%. This substantial discount has put pressure on app stores like Steam.</p><p><b>Windows 11 will focus on improving the experience of professional users?</b></p><p>As the largest desktop operating system in the world, Windows's professional ability has been ignored by many people. In this Windows 11 development version, we actually saw Microsoft's optimization and improvement for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display mode of switching between multiple desktops, and at the same time, the support for multiple monitors is even better, which to a certain extent solves the problems accumulated by high-end users in multitasking for many years.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>At the same time, Windows 11 has also focused on improving the experience of game users. On this brand new set of operating systems, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social portion of the Xbox network, and the Xbox Store.</p><p>At the same time, Windows 11 has also been tested on XBox. We also hope to see more XBox features incorporated into the desktop, such as providing automatic HDR display function, or faster game loading speed, etc., to improve the PC gaming experience at one time.</p><p><b>Free Upgrade?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, this is what we would most like to see on Windows 11.</p><p>When Microsoft previously upgraded Windows 10 from Windows 7/8, it adopted a free upgrade method, and all users can upgrade the corresponding Win10 version. We hope that the free thing will still appear on Windows 11.</p><p>The market has successfully told Microsoft that it is meaningless to collect money from users to upgrade the system. As an operating system development company, Microsoft's software revenue needs to come from OEM licenses and commercial licenses. Therefore, it is very likely that Win11 will still adopt the previous free upgrade method of Win10.</p><p>Although Microsoft Windows 11 has stolen away, in fact, Microsoft has left us a lot of suspense. At 23:00 on June 24th, Beijing time, when Microsoft officially holds a new product launch conference, these answers may be revealed.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a04bf2da8ab76e823e11aa8e2f8fa5a2","relate_stocks":{"MSFT":"微软"},"source_url":"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121154040","content_text":"北京时间6月24日晚11点，微软将召开一场新品发布会，被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。\n尽管微软并没有在任何的公开场合确认过即将发布的新品，但因为6月16日Windows 11开发版本的重大泄露，让这件事变得没有那么神秘了。Windows 11将会成为今晚发布会的主角，而微软口中Windows十年最重要的更新，也已经在发布会之前就全方位的展示给我们了。\n但关于这场发布会，也不能说完全没有看点，其中还有一些细节值得我们关注。\nWindows 11在触摸和手势上能有何改善？\n\n很多人在体验过Windows 11的开发版本之后，发现这个所谓的“大版本”和之前的Windows 10相比，除了在界面上进行了一些设计调整，让它更贴合微软Fluent Design设计语言外，并让没有非常明显的功能性改进。\n甚至有的用户在体验完Windows 11开发版之后，给它了一个Windows 10皮肤的定位。\n从一定程度上讲，Windows 11确实不如之前从Win8转Win10时，设计改进巨大。但实际上如果你了解之前微软在Windows上的设计演进外，你会发现当下这个版本Windows 11实际上和已经被微软砍掉的Windows 10X有着极为相似的设计。\n包括“开始菜单居中、同屏多任务布局”等等在Windows 11开发版上出现的功能，原来都是Windows 10X的标配。\n所以目前泄露的Windows 11，更像是之前Windows 10X的迭代版本。但由于10X是微软为触摸双屏幕打造的产品，因此Windows 11将会在系统上增加哪些支持触摸操作的特性，将会成为今晚发布会上重要的看点。\n微软方面已经确认，正计划为未来的Windows版本 “创新和开发令人兴奋的传感器技术”。作为Windows 11或即将到来的Windows更新的一部分，“用户存在检测”、手势检测和环境光等流行功能将得到改进，以 “实现Windows上令人眼花缭乱的用户体验”。\n这意味着微软希望通过新的Windows 11来实现桌面和移动端的融合，尽管微软目前的手机项目基本上处于半放弃状态，但Surface依然需要触摸操作来实现在更多使用场景下的出色体验，因此Windows 11在触摸和手势上的改进，非常重要。\n全新的Windows App Store？\n\n尽管MacOS的App Store存在感也不强，但是相比之下，Windows 10目前提供的应用商店显得更加鸡肋。\n不过这件事可能会在今晚到来的Windows 11上大为改善。\n据媒体报道，微软一直在开发一个全新的应用商店，它更加的海纳百川也更加的自由。微软计划在新的应用商店中引入更多的开发者，比如Chorme或者Firefox这样的应用，未来都可以在微软应用商店进行下载。\n另外一个重大的改进，将会是支付机制上。微软或许将在新的应用商店中允许开发者绕过微软的支付机制，通过第三方的支付机制实现App内付款，以换得减免15%的微软抽成。\n如果这件事在今天晚上的发布会上成真，请别惊讶，毕竟微软现在正和Epic统一战线，以抵制苹果App Store高昂的“苹果税”。此举可能会影响到未来几年内，微软、苹果、Google这样的大公司，在应用服务上的收费方式重新洗牌。\n微软最近也宣布了将自家App Store中上架游戏的购买抽成从之前的30%降到12%，这大幅的优惠，让Steam这样的应用商店倍感压力。\nWindows 11将重点提升专业用户的使用感受？\nWindows作为全球最大的桌面操作系统，其专业能力其实一直被很多人忽视。而在此次Windows 11开发版中，我们其实看到了微软对于一些专业用户的优化改进。\n微软在新的Windows 11中，改善了多桌面之间切换的显示方式，同时对于多显示器的支持，也更加的出色，这从一定程度上解决了高端用户对于多任务处理上，多年积累的问题。\n\n同时Windows 11也更专注的改善了游戏用户的体验。在这套全新的操作系统上，新的Xbox应用程序现已集成到Windows 11中，提供对Xbox Game Pass游戏、Xbox网络的社交部分和Xbox商店的快速访问。\n同时目前Windows 11也已经在XBox上进行了测试，我们也希望看到更多XBox的功能被纳入到桌面端来，比如提供自动HDR显示功能，或者是更快的游戏加载速度等等，一次提升PC在游戏方面的体验。\n免费升级？\n\n是的，这是我们最希望在Windows 11上看到的。\n微软之前在Windows 7/8升级Windows 10时，采用了免费升级的方式，所有用户都可以升级对应的Win10版本。我们希望免费这件事，依然会出现在Windows 11上。\n市场已经成功的告诉微软，从用户手里收钱升级系统这件事是没有意义的，微软作为一家操作系统开发公司，更多软件的收入要来自OEM授权和商业许可。因此很有可能Win11依然会采用之前Win10免费升级的方式。\n尽管微软Windows 11已经偷跑，但实际上微软还是留下了不少悬念给我们。北京时间6月24日23点，微软正式召开新品发布会之时，这些答案可能会被揭开。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":3167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110092292,"gmtCreate":1622415686016,"gmtModify":1704183862374,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110092292","repostId":"1164691489","repostType":4,"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129729459,"gmtCreate":1624398684971,"gmtModify":1703835323504,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129729459","repostId":"1184471845","repostType":4,"repost":{"id":"1184471845","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1624338169,"share":"https://ttm.financial/m/news/1184471845?lang=en_US&edition=fundamental","pubTime":"2021-06-22 13:02","market":"us","language":"zh","title":"5 trillion funds are \"hiding\" from the Federal Reserve, and the inflection point of global liquidity is approaching!","url":"https://stock-news.laohu8.com/highlight/detail?id=1184471845","media":"格隆汇投资学苑","summary":"“水漫金山”已经成为现实，美国资本市场上泛滥的资金正面临着无处可去的境地。","content":"<p>What are institutions worried about? In the biblical story, in order to escape the great flood of the world, the animals boarded Noah's Ark and survived.</p><p>Nowadays, \"flooding Jinshan\" has become a reality, and the flooding funds in the American capital market are facing the situation of nowhere to go.</p><p>In recent weeks, the use of the Fed's overnight reverse repurchases has set new records almost every day. As of June 18, this transaction volume reached 747.1 billion US dollars (about 4.8 trillion yuan), and the scale of the previous day was as high as 756 billion US dollars, which is rare in history.</p><p><img src=\"https://static.tigerbbs.com/35d704eca454097f1c1fd735cad294c9\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>The previous record was $485.3 billion on May 27, and the last record was $476 billion at the end of December 2015.</p><p>The increasingly high scale of reverse repurchase is precisely the serious excess liquidity going to Noah's Ark.</p><p><b>1. Reverse repurchase surges, what are institutions worried about?</b></p><p>The reverse repurchase in the United States is just the opposite of that in China. Financial institutions purchase bond securities from the Federal Reserve, which is equivalent to the central bank recovering part of market liquidity. The initiator of the transaction is financial institutions. The situation of \"muzzle guidance\" cannot be said to do not exist, but it is rare in history.</p><p>In other words, financial institutions are voluntarily returning some liquidity to the central bank, and this willingness is getting stronger and stronger.</p><p>There are three direct reasons for this phenomenon:</p><p><b>First, the reduction of the Federal Reserve's TGA account has accelerated the investment of liquidity into the market in the short term</b>。</p><p>TGA-The Treasury General Account can be simply understood as the deposit account opened by the U.S. Treasury Department in the central bank. This account does not create additional new liquidity, but stores part of the liquidity brought by the Federal Reserve's QE.</p><p>During the epidemic last year, the Federal Reserve's TGA account climbed from less than US $500 billion to more than US $1.7 trillion. Since March this year, the Ministry of Finance has begun to significantly reduce pressure and \"transfuse blood\" into the banking system, with the goal of reducing the cash balance in the account by the end of July. to $450 billion. As of early June, about $940 billion had been released.</p><p><img src=\"https://static.tigerbbs.com/be9d8018820ef426e4f3872833bd62fd\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the June FOMC meeting raised the reverse repurchase rate by 5 BP to 0.05%.</b></p><p>After more than a year of large-scale monetary and fiscal stimulus, the assets under management of the federal government money market fund exceeded $4 trillion for the first time last month, and its investment was limited to Treasury Bond, which caused too many funds to pour into short-term Treasury Bond and other securities assets in the near future; On the other hand, the U.S. Treasury Department has recently reduced the issuance of short-term Treasury Bond.</p><p>With demand exceeding supply, some short-term Treasury Bond yields have fallen to 0% in the near future, and are expected to move towards negative territory.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>This has the big money turning their sights to the Fed's overnight reverse repo, although before the FOMC meeting, this rate was 0%.</p><p><b>Third, seasonal adjustment.</b>Conventionally speaking, the surge of overnight reverse repurchases often occurs at the end of the quarter, because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with the norms.</p><p>In March, the Federal Reserve announced that the SLR exemption would not be renewed, and regulatory standards were improved. Launching an overnight reverse repurchase application to the Federal Reserve can effectively take deposits off the balance sheet and achieve the purpose of reducing total leverage.</p><p>To sum up,<b>The flood of liquidity has put great pressure on short-term interest rates. Financial institutions have chosen to lock in some cash at reverse repurchase rates due to concerns about negative interest rates. The increase in interest rates at the FOMC meeting has further stimulated the expansion of trading volume</b>。</p><p>In the Interest Rate Corridor set by the Federal Reserve, the upper limit is the excess deposit reserve rate, and the lower limit is the overnight reverse repurchase rate, because commercial banks are not willing to lend in the market at interest rates lower than those that can be obtained by directly depositing cash with the Federal Reserve. So, as Powell said at the press conference, overnight reverse repos \"worked well... to protect the interest rate floor.\"</p><p>At present, the demand for tools to control short-term interest rates has reached new highs continuously. No matter what Fed officials say, it indicates that a liquidity tightening is approaching.</p><p><b>2. How far is the inflection point of liquidity?</b></p><p><b>Croce said that all history is contemporary history.</b>The present and the past may be different in details, but the logic of things remains the same.</p><p>Since the establishment of the Federal Reserve in 1914, this is the third time that funds have launched a large-scale \"attack\" on overnight reverse repurchases, most recently in 2013. At that time, the economy entered the recovery channel but the unemployment rate was still around 7%, while inflation was expected to be strong, and short-term market interest rates continued to fall under pressure, which was generally the same as it is now.</p><p>The scale of reverse repurchase that began at the end of 2013 has surged all the way, reaching its peak in December 2016. Major events experienced in the middle include: in February 2014, the Federal Reserve made it clear that it would withdraw from QE in the autumn of that year, and announced a rate hike on December 16, 2015.</p><p><img src=\"https://static.tigerbbs.com/0e9561b4c095ecbae6c3ec18367deb73\" tg-width=\"1080\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p>In other words, the change of reverse repurchase runs through the entire rate hike cycle, and it is not surprising that it is regarded as a signal that the turning point of liquidity is coming.</p><p><b>Rate hike expectations rise, discuss, release signals, announce implementation</b>, is the consistent process of the Fed's policy change. The figure of reverse repurchase is not enough to predict when the QE exit or rate hike time will come, but it undoubtedly represents that the most dovish period has passed.</p><p>If it is already at the bottom of the valley, the next step will be upward.</p><p>The June FOMC meeting released a \"hawkish\" signal. The dot plot shows that 13 of 18 officials support at least one rate hike before the end of 2023, compared with 7 in March; Eleven officials expect at least two rate hike by the end of 2023; Seven commissioners are expected to start rate hike in 2022.</p><p>Referring to the past few rate hike processes, the most panicked period for the market is often the period from the clear tightening signal to the formal implementation, and before the signal is confirmed, worries have begun to dominate the market. During the panic in 2013, risk-free interest rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and the prices of precious metals such as gold and silver plummeted.</p><p>The risk appetite of investors in the market can be roughly divided into<b>\"Bitcoin-Commodities-Stock Market-Reverse Repurchase\"</b>。 Obviously, the current wind bias of investors is gradually declining. First, the cryptocurrency collapsed, and BTC fell from 60,000 US dollars to more than 30,000 US dollars; The commodity bubble is also constantly being squeezed out. LME copper fell more than 13% from a high of $10,700. U.S. stocks fluctuated at high levels, and reverse repurchase transactions surged.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As the conditions of the liquidity tightening gradually mature, the market will gradually reduce the wind bias, and this impact will be transmitted to the stock market along the chain. The impact may not be trending, but there will still be pressure on high-valued stocks, similar to that in February. The wave of killing.</p><p>Before the inflection point comes, the panic caused by expectations is the main factor affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the inflection point of global liquidity will eventually come, but when it will land depends only on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Fed\" doesn't mean that you can continue to chase higher in casinos. Don't forget, even in China, where liquidity is the first to turn, liquidity is still plentiful, and stability is only maintained in stages. Once the inflection point signal is established, it is reasonable logic to have another wave of killing to complete the value return.</p><p>Charlie Munger once said that if I knew where I would die, I would never go there. But the only lesson history has taught people is that people have never learned any lessons in history, and most people feel that they will not be the last receiver.</p><p>In the cold winter, survival is more important than anything else.</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>5 trillion funds are \"hiding\" from the Federal Reserve, and the inflection point of global liquidity is approaching!</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\">\n5 trillion funds are \"hiding\" from the Federal Reserve, and the inflection point of global liquidity is approaching!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2021-06-22 13:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>What are institutions worried about? In the biblical story, in order to escape the great flood of the world, the animals boarded Noah's Ark and survived.</p><p>Nowadays, \"flooding Jinshan\" has become a reality, and the flooding funds in the American capital market are facing the situation of nowhere to go.</p><p>In recent weeks, the use of the Fed's overnight reverse repurchases has set new records almost every day. As of June 18, this transaction volume reached 747.1 billion US dollars (about 4.8 trillion yuan), and the scale of the previous day was as high as 756 billion US dollars, which is rare in history.</p><p><img src=\"https://static.tigerbbs.com/35d704eca454097f1c1fd735cad294c9\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>The previous record was $485.3 billion on May 27, and the last record was $476 billion at the end of December 2015.</p><p>The increasingly high scale of reverse repurchase is precisely the serious excess liquidity going to Noah's Ark.</p><p><b>1. Reverse repurchase surges, what are institutions worried about?</b></p><p>The reverse repurchase in the United States is just the opposite of that in China. Financial institutions purchase bond securities from the Federal Reserve, which is equivalent to the central bank recovering part of market liquidity. The initiator of the transaction is financial institutions. The situation of \"muzzle guidance\" cannot be said to do not exist, but it is rare in history.</p><p>In other words, financial institutions are voluntarily returning some liquidity to the central bank, and this willingness is getting stronger and stronger.</p><p>There are three direct reasons for this phenomenon:</p><p><b>First, the reduction of the Federal Reserve's TGA account has accelerated the investment of liquidity into the market in the short term</b>。</p><p>TGA-The Treasury General Account can be simply understood as the deposit account opened by the U.S. Treasury Department in the central bank. This account does not create additional new liquidity, but stores part of the liquidity brought by the Federal Reserve's QE.</p><p>During the epidemic last year, the Federal Reserve's TGA account climbed from less than US $500 billion to more than US $1.7 trillion. Since March this year, the Ministry of Finance has begun to significantly reduce pressure and \"transfuse blood\" into the banking system, with the goal of reducing the cash balance in the account by the end of July. to $450 billion. As of early June, about $940 billion had been released.</p><p><img src=\"https://static.tigerbbs.com/be9d8018820ef426e4f3872833bd62fd\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the June FOMC meeting raised the reverse repurchase rate by 5 BP to 0.05%.</b></p><p>After more than a year of large-scale monetary and fiscal stimulus, the assets under management of the federal government money market fund exceeded $4 trillion for the first time last month, and its investment was limited to Treasury Bond, which caused too many funds to pour into short-term Treasury Bond and other securities assets in the near future; On the other hand, the U.S. Treasury Department has recently reduced the issuance of short-term Treasury Bond.</p><p>With demand exceeding supply, some short-term Treasury Bond yields have fallen to 0% in the near future, and are expected to move towards negative territory.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>This has the big money turning their sights to the Fed's overnight reverse repo, although before the FOMC meeting, this rate was 0%.</p><p><b>Third, seasonal adjustment.</b>Conventionally speaking, the surge of overnight reverse repurchases often occurs at the end of the quarter, because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with the norms.</p><p>In March, the Federal Reserve announced that the SLR exemption would not be renewed, and regulatory standards were improved. Launching an overnight reverse repurchase application to the Federal Reserve can effectively take deposits off the balance sheet and achieve the purpose of reducing total leverage.</p><p>To sum up,<b>The flood of liquidity has put great pressure on short-term interest rates. Financial institutions have chosen to lock in some cash at reverse repurchase rates due to concerns about negative interest rates. The increase in interest rates at the FOMC meeting has further stimulated the expansion of trading volume</b>。</p><p>In the Interest Rate Corridor set by the Federal Reserve, the upper limit is the excess deposit reserve rate, and the lower limit is the overnight reverse repurchase rate, because commercial banks are not willing to lend in the market at interest rates lower than those that can be obtained by directly depositing cash with the Federal Reserve. So, as Powell said at the press conference, overnight reverse repos \"worked well... to protect the interest rate floor.\"</p><p>At present, the demand for tools to control short-term interest rates has reached new highs continuously. No matter what Fed officials say, it indicates that a liquidity tightening is approaching.</p><p><b>2. How far is the inflection point of liquidity?</b></p><p><b>Croce said that all history is contemporary history.</b>The present and the past may be different in details, but the logic of things remains the same.</p><p>Since the establishment of the Federal Reserve in 1914, this is the third time that funds have launched a large-scale \"attack\" on overnight reverse repurchases, most recently in 2013. At that time, the economy entered the recovery channel but the unemployment rate was still around 7%, while inflation was expected to be strong, and short-term market interest rates continued to fall under pressure, which was generally the same as it is now.</p><p>The scale of reverse repurchase that began at the end of 2013 has surged all the way, reaching its peak in December 2016. Major events experienced in the middle include: in February 2014, the Federal Reserve made it clear that it would withdraw from QE in the autumn of that year, and announced a rate hike on December 16, 2015.</p><p><img src=\"https://static.tigerbbs.com/0e9561b4c095ecbae6c3ec18367deb73\" tg-width=\"1080\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p>In other words, the change of reverse repurchase runs through the entire rate hike cycle, and it is not surprising that it is regarded as a signal that the turning point of liquidity is coming.</p><p><b>Rate hike expectations rise, discuss, release signals, announce implementation</b>, is the consistent process of the Fed's policy change. The figure of reverse repurchase is not enough to predict when the QE exit or rate hike time will come, but it undoubtedly represents that the most dovish period has passed.</p><p>If it is already at the bottom of the valley, the next step will be upward.</p><p>The June FOMC meeting released a \"hawkish\" signal. The dot plot shows that 13 of 18 officials support at least one rate hike before the end of 2023, compared with 7 in March; Eleven officials expect at least two rate hike by the end of 2023; Seven commissioners are expected to start rate hike in 2022.</p><p>Referring to the past few rate hike processes, the most panicked period for the market is often the period from the clear tightening signal to the formal implementation, and before the signal is confirmed, worries have begun to dominate the market. During the panic in 2013, risk-free interest rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and the prices of precious metals such as gold and silver plummeted.</p><p>The risk appetite of investors in the market can be roughly divided into<b>\"Bitcoin-Commodities-Stock Market-Reverse Repurchase\"</b>。 Obviously, the current wind bias of investors is gradually declining. First, the cryptocurrency collapsed, and BTC fell from 60,000 US dollars to more than 30,000 US dollars; The commodity bubble is also constantly being squeezed out. LME copper fell more than 13% from a high of $10,700. U.S. stocks fluctuated at high levels, and reverse repurchase transactions surged.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As the conditions of the liquidity tightening gradually mature, the market will gradually reduce the wind bias, and this impact will be transmitted to the stock market along the chain. The impact may not be trending, but there will still be pressure on high-valued stocks, similar to that in February. The wave of killing.</p><p>Before the inflection point comes, the panic caused by expectations is the main factor affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the inflection point of global liquidity will eventually come, but when it will land depends only on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Fed\" doesn't mean that you can continue to chase higher in casinos. Don't forget, even in China, where liquidity is the first to turn, liquidity is still plentiful, and stability is only maintained in stages. Once the inflection point signal is established, it is reasonable logic to have another wave of killing to complete the value return.</p><p>Charlie Munger once said that if I knew where I would die, I would never go there. But the only lesson history has taught people is that people have never learned any lessons in history, and most people feel that they will not be the last receiver.</p><p>In the cold winter, survival is more important than anything else.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184471845","content_text":"机构在担心什么？\n\n在圣经的故事中，为了躲避旷世的大洪灾，动物们登上了诺亚方舟得以幸免于难。\n如今，“水漫金山”已经成为现实，美国资本市场上泛滥的资金正面临着无处可去的境地。\n近几周，美联储的隔夜逆回购的使用量几乎每天都在刷新历史记录。截止到6月18日，这一交易额达到了7471亿美元（约合人民币4.8万亿元），前一天的规模更是高达7560亿美元，历史罕见。\n\n前一次创纪录是5月27日的4853亿美元，再上一次则要追溯到2015年12月末的4760亿美元。\n日益高企的逆回购规模，正是严重过剩的流动性在奔赴“诺亚方舟”。\n1、逆回购激增，机构在担心什么？\n美国的逆回购和中国恰好相反，是由金融机构向美联储购债证券，相当于央行回收一部分市场流动性，而交易的发起方是金融机构，“枪口指导”的情况不能说不存在，但历史上并不多见。\n换言之，金融机构在主动交还给央行一部分流动性，并且这个意愿愈发强烈。\n导致这一现象的直接原因有三：\n第一，美联储TGA账户削减，造成短期内流动性加速投向市场。\nTGA——The Treasury General Account，可以简单地理解为美国财政部在中央银行开设的存款账户，这一账户并不会额外创造新的流动性，而是储存一部分美联储QE带来的流动性。\n去年疫情期间美联储TGA账户从不到5000亿美元攀升至超过1.7万亿美元，今年3月份以来，财政部开始大幅压降，向银行体系“输血”，目标是7月末将账户上的现金余额缩减为4500亿美元。截止到6月初，已释放约9400亿美元。\n\n第二，6月FOMC会议将逆回购利率上调5个BP至0.05％。\n经过一年多的大规模货币和财政刺激，联邦政府货币市场基金的管理资产在上个月首次超过4万亿美元，而其投资又仅限于国债，这使得太多的资金于近期涌入短期国债和其他证券资产；另一方面，美国财政部近期减少了短期国债发行规模。\n供不应求之下，一些短期国债收益率在近期跌至0%，并且预期在向负值行进。\n\n这使得大资金将目光转向了美联储的隔夜逆回购，尽管在FOMC会议之前，这一利率为0%。\n第三，季节性调整。常规而言，季度末往往也会发生隔夜逆回购激增的现象，因为巴塞尔协定III要求，金融机构需要暂时收缩资产负债表以符合规范。\n3月份美联储宣布SLR豁免不续作，监管标准提高，而向美联储发起隔夜逆回购申请可以有效使得存款脱表，达到降低总杠杆的目的。\n总结下来就是，流动性泛滥对短期利率造成极大的压力，金融机构出于对负利率的担忧，选择以逆回购利率锁定一部分现金，而FOMC会议上调利率进一步刺激了交易量的扩大。\n美联储设定的利率走廊中，上限是超额存款准备金利率，下限则是隔夜逆回购利率，因为商业银行不会愿意在市场上以低于直接将现金存放在美联储所能获得的利率放贷。因此，正如鲍威尔在记者会上所说，隔夜逆回购“很好地发挥了作用……保护了利率下限”。\n当前，控制短期利率的工具需求用量连续创新高，无论美联储官员表态如何，都预示着流动性收紧的临近。\n2、流动性拐点还有多远？\n克罗齐说，一切历史都是当代史。当下和过去，或许在细枝末节上会有所不同，但事物运行的逻辑万变不离其宗。\n自1914年美联储成立以来，这是第三次资金在隔夜逆回购上发动大规模“攻击”，最近的一次是2013年。当时，经济进入复苏通道但失业率尚在7%附近，而通胀出现较强的预期，短期市场利率不断承压下降，大体上和现在如出一辙。\n2013年末开始的逆回购规模一路激增，在2016年12月达到峰值，中间经历的重大事件包括：2014年2月美联储明确表示将于当年秋季退出QE，2015年12月16日宣布加息。\n\n也就是说，逆回购的异动贯穿整个加息周期，被当成流动性拐点即将到来的信号也不足为奇。\n加息预期抬升、讨论、释放信号、宣布实施，是美联储政策转变的一贯流程，逆回购的数字并不足以预测QE退出或者加息时点会在什么时候到来，但毫无疑问代表着最鸽派的时期已经过去。\n如果已经在谷底了，接下来怎么都是向上。\n6月FOMC会议释放“鹰派”信号。点阵图显示，18位官员中有13人支持在2023年底前至少加息一次，而3月为7位；11位官员预计到2023年底至少加息两次；7名委员预计在2022年开始加息。\n参考过去几次加息流程，市场最恐慌的时期往往是在明确发出收紧信号到正式实施的一段时间，而在信号得到确定之前，担忧情绪已经开始主导市场。2013年的恐慌期间，无风险利率（主要是短期国债）明显上行，美元指数走高，新兴市场股市暴跌，黄金、白银等贵金属价格大跌。\n市场中投资者的风险偏好按照等级，大致可以分为“比特币—大宗商品—股市—逆回购”。显然，当前投资者的风偏正在逐渐下降，先是加密货币崩盘，BTC从6万美元跌至3万多美元；大宗商品的泡沫也在不断挤出，LME铜从10700美元高位跌超13%，美股在高位震荡，逆回购交易激增。\n\n随着流动性收紧的条件逐渐成熟，市场将慢慢降低风偏，这一影响将会顺着链条传导到股市中，影响可能不是趋势性的，但高估值股票仍然会有压力，类似于2月份那波下杀。\n在拐点来临之前，预期带来的恐慌是影响资产价格的主因。\n3、结语\n所有人都明白，全球流动性拐点终将到来，但何时落地，只在于美联储，甚至不在于通胀。\n“不要和美联储作对”，并不意味着可以继续在赌场追高。别忘了，即使是流动性最先转弯的中国，流动性依然是宽裕的，阶段性维稳而已。一旦拐点信号确立，再来一波下杀完成价值回归，才是合理的逻辑。\n查理·芒格曾说，如果我知道自己会在哪里死去，我就永远都不去那儿。但历史给人的唯一教训，就是人们从未在历史中吸取过任何教训，大多数人都觉得，自己不会成为最后一个接盘侠。\n在寒冬将至的时候，活下来比任何事都重要。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134057976,"gmtCreate":1622194988895,"gmtModify":1704181258803,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134057976","repostId":"308097455","repostType":1,"repost":{"id":308097455,"gmtCreate":1603790040977,"gmtModify":1705073260010,"author":{"id":"3562804614994746","authorId":"3562804614994746","name":"TigerFeatures","avatar":"https://static.tigerbbs.com/5a8e4414a77df621346870c2f7e7cab7","crmLevel":0,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562804614994746","idStr":"3562804614994746"},"themes":[],"title":"【期權價格預測】幫助說明","htmlText":"一、什麼是期權價格預測期權預測是指根據期權定價公式計算期權價格。用戶輸入預測條件，包括日期、正股價格、隱含波動率後，自動計算出當天期權的參考價格。二、如何使用顧名思義，該功能用於預測期權未來的價格。場景1：預期3天內正股價格會上漲到351.5，現在買個Call，3天后盈利是多少？場景2：買了call之後，如果正股沒有如預期一樣上漲，那麼5天后會虧損多少？在我的止損點以內嗎？場景3:&nbsp;公司明天發財報，所以現在期權的隱含波動率很高。如果預期財報後波動率會大幅下降，那麼此時賣出一個call，明天會盈利多少？場景4:&nbsp;盤前正股價格大漲，但是期權由於不支持盤前交易，所以價格暫時沒有變化。那麼，如果想把持倉的call開盤立刻賣出，掛一個什麼價格合適？三、功能入口個股頁-查看更多期權-期權鏈-單期權頁","listText":"一、什麼是期權價格預測期權預測是指根據期權定價公式計算期權價格。用戶輸入預測條件，包括日期、正股價格、隱含波動率後，自動計算出當天期權的參考價格。二、如何使用顧名思義，該功能用於預測期權未來的價格。場景1：預期3天內正股價格會上漲到351.5，現在買個Call，3天后盈利是多少？場景2：買了call之後，如果正股沒有如預期一樣上漲，那麼5天后會虧損多少？在我的止損點以內嗎？場景3:&nbsp;公司明天發財報，所以現在期權的隱含波動率很高。如果預期財報後波動率會大幅下降，那麼此時賣出一個call，明天會盈利多少？場景4:&nbsp;盤前正股價格大漲，但是期權由於不支持盤前交易，所以價格暫時沒有變化。那麼，如果想把持倉的call開盤立刻賣出，掛一個什麼價格合適？三、功能入口個股頁-查看更多期權-期權鏈-單期權頁","text":"一、什麼是期權價格預測期權預測是指根據期權定價公式計算期權價格。用戶輸入預測條件，包括日期、正股價格、隱含波動率後，自動計算出當天期權的參考價格。二、如何使用顧名思義，該功能用於預測期權未來的價格。場景1：預期3天內正股價格會上漲到351.5，現在買個Call，3天后盈利是多少？場景2：買了call之後，如果正股沒有如預期一樣上漲，那麼5天后會虧損多少？在我的止損點以內嗎？場景3: 公司明天發財報，所以現在期權的隱含波動率很高。如果預期財報後波動率會大幅下降，那麼此時賣出一個call，明天會盈利多少？場景4: 盤前正股價格大漲，但是期權由於不支持盤前交易，所以價格暫時沒有變化。那麼，如果想把持倉的call開盤立刻賣出，掛一個什麼價格合適？三、功能入口個股頁-查看更多期權-期權鏈-單期權頁","images":[{"img":"https://static.tigerbbs.com/0c713f964cceaab3b35de13faca32a64"},{"img":"https://static.tigerbbs.com/ece8122cfd0b3048e2cba2b0fe5d89b4"},{"img":"https://static.tigerbbs.com/3eebe7e720432e5125fa6eb163c307be"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/308097455","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191069553,"gmtCreate":1620828218872,"gmtModify":1704349018585,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"✨","listText":"✨","text":"✨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191069553","repostId":"1108257056","repostType":4,"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106837510,"gmtCreate":1620100396730,"gmtModify":1704338656837,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/106837510","repostId":"1193618912","repostType":4,"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377814986,"gmtCreate":1619514524645,"gmtModify":1704725204680,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377814986","repostId":"2130475313","repostType":4,"repost":{"id":"2130475313","kind":"highlight","pubTimestamp":1619504570,"share":"https://ttm.financial/m/news/2130475313?lang=en_US&edition=fundamental","pubTime":"2021-04-27 14:22","market":"us","language":"zh","title":"There are three major reasons why Biden's tax increase plan is accused of being pointless","url":"https://stock-news.laohu8.com/highlight/detail?id=2130475313","media":"新浪财经","summary":"在拜登即将揭晓大规模增税计划之际，经济学家兼基金经理丹尼尔·拉考（Daniel Lacalle）却表示，拜登宣布对企业和富人大规模增税根本没有意义。\n他认为，增税将对经济增长、投资和就业创造产生影响，","content":"<p>Just as Biden is about to unveil his plan for massive tax increases, economist and fund manager Daniel Lacalle said that Biden's announcement of massive tax increases on corporations and the wealthy simply makes no sense.</p><p>He believes that tax increases will have an impact on economic growth, investment and job creation, but they will not solve the structural deficit problem, and the impact on debt and deficit is almost negligible.</p><p>Such a massive tax rate hike is unjustified either from an income perspective or from a growth target perspective. The Biden administration should use all its tools to support economic growth if it solves the rising deficit problem.</p><p>Lacalle shows why raising taxes makes no sense in three ways:</p><p>First, the impact on real income is negligible.</p><p>In 2018, the U.S. federal capital gains tax revenue was $158.4 billion. Princeton University estimates that every 5 percentage point increase in the current tax system would provide an additional $18 billion to $30 billion in tax revenue under an optimistic scenario of not being negatively impacted by tax increases.</p><p>According to optimistic expectations for growth in corporate and personal income tax revenues, corporate income tax rate increases will increase taxes by $691 billion, while so-called \"abolishing tax loopholes,\" ending fossil fuel tax breaks and anti-tax inversion measures will increase revenues by $271 billion.</p><p>Of course, the above is only an optimistic estimate, provided that the tax increase will not have any negative impact on the economy and GDP growth will not be affected in any way, but the actual situation cannot be so idealistic.</p><p>Second, the negative impact of tax increases will exceed the Biden administration's expectations.</p><p>These tax increases don't just affect the \"rich\". Such a high capital gains tax would stifle innovation and reduce flows into private equity, which is essential to driving start-ups and new high-productivity businesses.</p><p>This is why Europe has lowered or even eliminated capital gains taxes. Belgium, Luxembourg and Switzerland all have no capital gains tax. Among the countries that impose capital gains tax, Greece and Hungary have the lowest tax rate at 15%. The average for European countries is 19.3%.</p><p>The same goes for corporate tax rates. Under Biden's plan, the U.S. would have the highest corporate tax rate in the OECD (28%). Many people believe that the effective tax rate for businesses is lower, while in other countries businesses are also subject to VAT.</p><p>The average effective tax rate for U.S. companies is 36.5%, compared with 21.1% for EU companies, according to the European Commission.</p><p>When comparing real interest rates, many American analysts are playing some tricks, either adding loss-making companies to calculate together, or averaging the tax rates of technology giants with those of other industries.</p><p>It is clear that tax increases will increase the risk of capital outflows from the United States to other countries with more competitive taxes. These tax increases may have little impact on multinational companies, but they have had a particularly negative impact on medium-sized enterprises. This is why these measures are regressive.</p><p>Even Yellen knows that this tax increase is harmful, which is why she wants a global tax. If she didn't see the downside, she'd let other countries manage their taxes as they wanted.</p><p>Finally, the problem of mandatory spending (that is, the deficit problem) remains unsolved.</p><p>Mandatory spending in the United States has surged from $1.8 trillion in 2008 to $2.9 trillion in 2020, and is expected to increase by another $1 trillion over the next 10 years. The main reason for the U.S. deficit is the increase in mandatory spending, because revenues can't match the increase in spending that the government can't control.</p><p>When the spending side is growing faster than economic output and income, even in times of economic expansion, it is impossible to reduce the deficit by raising taxes.</p><p>No matter in any economic cycle, the fiscal revenue brought by tax increases can hardly cover the annual expenditure growth of more than 200 billion dollars and the deficit of more than one trillion dollars.</p><p>So why is Biden doing this?</p><p>Lacalle believes that Biden is trying to please his party and voters, and is not worried about what negative impact this will have on the economy. They just want to stop the rich from getting richer.</p><p>He said Biden's plan to raise taxes doesn't make sense from a growth, revenue or deficit perspective. And it makes no sense from the perspective of the interests of the Republican Party or the Democratic Party. Because it simply doesn't make sense, and it doesn't solve America's main problem: ballooning mandatory spending.</p>","source":"sina_us","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>There are three major reasons why Biden's tax increase plan is accused of being pointless</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\">\nThere are three major reasons why Biden's tax increase plan is accused of being pointless\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-27 14:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just as Biden is about to unveil his plan for massive tax increases, economist and fund manager Daniel Lacalle said that Biden's announcement of massive tax increases on corporations and the wealthy simply makes no sense.</p><p>He believes that tax increases will have an impact on economic growth, investment and job creation, but they will not solve the structural deficit problem, and the impact on debt and deficit is almost negligible.</p><p>Such a massive tax rate hike is unjustified either from an income perspective or from a growth target perspective. The Biden administration should use all its tools to support economic growth if it solves the rising deficit problem.</p><p>Lacalle shows why raising taxes makes no sense in three ways:</p><p>First, the impact on real income is negligible.</p><p>In 2018, the U.S. federal capital gains tax revenue was $158.4 billion. Princeton University estimates that every 5 percentage point increase in the current tax system would provide an additional $18 billion to $30 billion in tax revenue under an optimistic scenario of not being negatively impacted by tax increases.</p><p>According to optimistic expectations for growth in corporate and personal income tax revenues, corporate income tax rate increases will increase taxes by $691 billion, while so-called \"abolishing tax loopholes,\" ending fossil fuel tax breaks and anti-tax inversion measures will increase revenues by $271 billion.</p><p>Of course, the above is only an optimistic estimate, provided that the tax increase will not have any negative impact on the economy and GDP growth will not be affected in any way, but the actual situation cannot be so idealistic.</p><p>Second, the negative impact of tax increases will exceed the Biden administration's expectations.</p><p>These tax increases don't just affect the \"rich\". Such a high capital gains tax would stifle innovation and reduce flows into private equity, which is essential to driving start-ups and new high-productivity businesses.</p><p>This is why Europe has lowered or even eliminated capital gains taxes. Belgium, Luxembourg and Switzerland all have no capital gains tax. Among the countries that impose capital gains tax, Greece and Hungary have the lowest tax rate at 15%. The average for European countries is 19.3%.</p><p>The same goes for corporate tax rates. Under Biden's plan, the U.S. would have the highest corporate tax rate in the OECD (28%). Many people believe that the effective tax rate for businesses is lower, while in other countries businesses are also subject to VAT.</p><p>The average effective tax rate for U.S. companies is 36.5%, compared with 21.1% for EU companies, according to the European Commission.</p><p>When comparing real interest rates, many American analysts are playing some tricks, either adding loss-making companies to calculate together, or averaging the tax rates of technology giants with those of other industries.</p><p>It is clear that tax increases will increase the risk of capital outflows from the United States to other countries with more competitive taxes. These tax increases may have little impact on multinational companies, but they have had a particularly negative impact on medium-sized enterprises. This is why these measures are regressive.</p><p>Even Yellen knows that this tax increase is harmful, which is why she wants a global tax. If she didn't see the downside, she'd let other countries manage their taxes as they wanted.</p><p>Finally, the problem of mandatory spending (that is, the deficit problem) remains unsolved.</p><p>Mandatory spending in the United States has surged from $1.8 trillion in 2008 to $2.9 trillion in 2020, and is expected to increase by another $1 trillion over the next 10 years. The main reason for the U.S. deficit is the increase in mandatory spending, because revenues can't match the increase in spending that the government can't control.</p><p>When the spending side is growing faster than economic output and income, even in times of economic expansion, it is impossible to reduce the deficit by raising taxes.</p><p>No matter in any economic cycle, the fiscal revenue brought by tax increases can hardly cover the annual expenditure growth of more than 200 billion dollars and the deficit of more than one trillion dollars.</p><p>So why is Biden doing this?</p><p>Lacalle believes that Biden is trying to please his party and voters, and is not worried about what negative impact this will have on the economy. They just want to stop the rich from getting richer.</p><p>He said Biden's plan to raise taxes doesn't make sense from a growth, revenue or deficit perspective. And it makes no sense from the perspective of the interests of the Republican Party or the Democratic Party. Because it simply doesn't make sense, and it doesn't solve America's main problem: ballooning mandatory spending.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/world/2021-04-27/doc-ikmxzfmk9226419.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/be1f2064b1def89283b4efa9b8ac4586","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.sina.com.cn/world/2021-04-27/doc-ikmxzfmk9226419.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130475313","content_text":"在拜登即将揭晓大规模增税计划之际，经济学家兼基金经理丹尼尔·拉考（Daniel Lacalle）却表示，拜登宣布对企业和富人大规模增税根本没有意义。\n他认为，增税将对经济增长、投资和就业创造产生影响，但却并不能解决结构性的赤字问题，对债务和赤字的影响几乎可以忽略不计。\n无论是从收入角度还是从增长目标来看，如此大规模的税率上调都是毫无道理的。如果经济增长能解决不断上升的赤字问题，拜登政府就应该使用所有工具来支持经济增长。\nLacalle从三个方面说明了为什么增税毫无意义：\n首先，对实际收入的影响可以忽略不计。\n2018年，美国联邦资本利得税收入为1584亿美元。据普林斯顿大学（Princeton University）估计，在不受增税负面影响的乐观情况下，现行税收制度每提高5个百分点，将额外提供180亿至300亿美元的税收。\n根据对企业和个人所得税收入增长的乐观预期，企业所得税税率提高将增加6910亿美元税收，而所谓的“废除税收漏洞”、终止化石燃料税收减免和反税收倒置措施将增加2710亿美元收入。\n当然，以上只是乐观估计，前提是增税不会对经济产生任何负面影响，GDP增长也不会受到任何影响，但实际情况不可能如此理想化。\n其次，增税的负面影响将超过拜登政府的预期。\n这些增税并不只会影响“富人”。如此高的资本利得税会扼杀创新，减少流入私人股本的资金，而私人股本对于推动初创企业和新的高生产率企业至关重要。\n这就是欧洲降低甚至取消资本利得税的原因。比利时，卢森堡，瑞士都没有资本利得税。在征收资本利得税的国家中，希腊和匈牙利的税率最低，为15%。欧洲国家的平均水平是19.3%。\n企业税率也是如此。根据拜登的计划，美国将拥有经合组织中最高的企业税率（28%）。许多人认为，企业的实际税率更低，而在其他国家，企业还需要缴纳增值税。\n欧盟委员会的数据显示，美国公司的实际平均税率为36.5%，而欧盟公司的平均税率为21.1%。\n在比较实际利率时，很多美国的分析都在耍些小把戏，要么把亏损的公司加进去一起计算，要么把科技巨头的税率与其他行业的进行平均。\n增税将增加资本从美国外流到其他税收更有竞争力的国家的风险，这是显而易见的。这些增税措施可能对跨国公司影响不大，但却对中型企业产生了特别大的负面影响。这就是为什么这些措施是倒退的。\n就连耶伦也知道这种增税是有害的，这就是她想要全球征税的原因。如果她没有看到负面影响，她会让其他国家按照他们的意愿管理他们的税收。\n最后，强制性支出的问题（也就是赤字问题）依然没有得到解决。\n美国的强制支出已从2008年的1.8万亿美元激增至2020年的2.9万亿美元，预计未来10年还会再增加1万亿美元。美国赤字的主要原因是强制性支出的增加，因为收入无法与政府控制不了的支出增长相匹配。\n当支出方面的增长速度超过经济产出和收入时，即使是在经济扩张时期，也不可能通过增税来削减赤字。\n不管在任何经济周期中，增税带来的财政收入，都难以覆盖每年逾2000亿美元的支出增长，以及超过一万亿美元的赤字。\n那么拜登为什么要这么做呢？\nLacalle认为，拜登是为了取悦他的政党和选民，并不担心这会对经济产生什么负面影响，他们只是想阻止富人变得更富。\n他表示，从增长、收入或赤字的角度来看，拜登的增税计划没有意义。而且无论从共和党还是民主党的利益角度来看，也都没有意义。因为这根本不合情理，也没有解决美国最主要的问题：不断膨胀的强制性支出。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}