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JackyLove

JackyLove

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2021-06-15

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2021-06-15

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Angel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot

2021-06-13

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2021-06-13

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2021-06-08

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Guan Qingyou: The A-share style switches again, and the core assets are back?

2021-05-28

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Reminder: Due to Memorial Day, U.S. stocks will be closed for one day on May 31

2021-05-17

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Sorry, the original content has been removed

2021-04-27

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SAIC and WM Motor's efforts in SOA are "overtaking in corners" under the switching dimension?

2021-04-26

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$6 billion run to leave! Tech Stocks Snubbed by Investors

2021-04-24

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The two K12 giants have released financial reports successively. Who has a "good future"?

2021-04-21

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Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September

2021-04-15

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Spokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization

2021-04-14

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The total market value of global cryptocurrencies has surpassed Apple's market value

2021-04-13

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Tencent Holdings: Will raise the limit of medium-term note program to US $30 billion

2021-04-05

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2021-03-27

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2021-03-24

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Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8

2021-03-21

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The surge in US Treasury Bond yields is getting worse, will the Fed "submit"?

2021-03-19

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2021-03-17

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Tonight's ups and downs depend on the dot plot: If the Fed releases an "hawk", how will the market react?

Go to Tiger App to see more news

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09:36","market":"sh","language":"zh","title":"Angel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>News on June 15, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16.8296 million shares, priced at HK $173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering stage, Times Angel was subscribed 2079.16 times, and the final number of offer shares allocated to the public offering was 8.4148 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 792,388 valid applications were received, with a winning rate of 1.5% for one lot, and 750 subscriptions were secure for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares on offer was 8,414,800 shares (excluding over-allocated shares), equivalent to 50% of the total number of shares on offer. The relevant data of Tiger Information Collation is as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>There are 200 shares per lot, and the admission fee is HK $34,948.66. The winning rate of one lot is 1.5%, and the subscription rate of 750 lots is stable.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are about HK $5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is China's leading provider of invisible orthodontic solutions. According to the CIC Consulting report, China's invisible orthodontic solution market is highly concentrated. Based on the number of cases achieved in 2020, the total market share of the top two market players is 82.4%. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the performance record period, the number of dental surgeons served by the company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further increased to 19,900 in 2020. The number of completed cases of the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further increased to 137,600 in 2020.</p><p>In terms of financial status, in 2018, 2019 and 2020, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million respectively, with a compound growth rate of 29.26% from 2018 to 2020; The net profit was 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measurement) for the same period was 129 million yuan, 175 million yuan and 297 million yuan respectively.</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>Angel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAngel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 15, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16.8296 million shares, priced at HK $173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering stage, Times Angel was subscribed 2079.16 times, and the final number of offer shares allocated to the public offering was 8.4148 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 792,388 valid applications were received, with a winning rate of 1.5% for one lot, and 750 subscriptions were secure for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares on offer was 8,414,800 shares (excluding over-allocated shares), equivalent to 50% of the total number of shares on offer. The relevant data of Tiger Information Collation is as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>There are 200 shares per lot, and the admission fee is HK $34,948.66. The winning rate of one lot is 1.5%, and the subscription rate of 750 lots is stable.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are about HK $5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is China's leading provider of invisible orthodontic solutions. According to the CIC Consulting report, China's invisible orthodontic solution market is highly concentrated. Based on the number of cases achieved in 2020, the total market share of the top two market players is 82.4%. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the performance record period, the number of dental surgeons served by the company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further increased to 19,900 in 2020. The number of completed cases of the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further increased to 137,600 in 2020.</p><p>In terms of financial status, in 2018, 2019 and 2020, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million respectively, with a compound growth rate of 29.26% from 2018 to 2020; The net profit was 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measurement) for the same period was 129 million yuan, 175 million yuan and 297 million yuan respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182872610,"gmtCreate":1623565601630,"gmtModify":1704206337705,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/182872610","repostId":"1172667270","repostType":4,"isVote":1,"tweetType":1,"viewCount":3023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182876017,"gmtCreate":1623565567139,"gmtModify":1704206335756,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"a","listText":"a","text":"a","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182876017","repostId":"1159028389","repostType":4,"isVote":1,"tweetType":1,"viewCount":1899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117103923,"gmtCreate":1623120045262,"gmtModify":1704196489621,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117103923","repostId":"1151376161","repostType":4,"repost":{"id":"1151376161","kind":"news","pubTimestamp":1623119950,"share":"https://ttm.financial/m/news/1151376161?lang=en_US&edition=fundamental","pubTime":"2021-06-08 10:39","market":"hk","language":"zh","title":"Guan Qingyou: The A-share style switches again, and the core assets are back?","url":"https://stock-news.laohu8.com/highlight/detail?id=1151376161","media":"清友会","summary":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲","content":"<p><i><b>Editor's Note:</b></i>Recently, hot spots in the market have emerged in an endless stream. Stocks, bonds and Huijin have soared simultaneously, A-shares have improved, the bond market has picked up, the RMB has appreciated, gold has continued to rise, commodities have heated up again, etc. The market has changed drastically, styles have switched rapidly, and operations have become more difficult. To this end, according to the live speech of Dean Guan's recent wealth activities, we sorted out the top ten issues that attract the most attention of investors.<b>1. The economic slowdown is coupled with rising inflation, and a stagflation-like cycle is approaching</b></p><p>In fact, the judgment of the economic cycle can be simplified by complex issues. Combined with the judgment of PMI, the leading economic indicator, and PPI, the sensitive economic indicator, China's economy has gradually entered a state of stagflation. PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly because external demand orders have begun to weaken. PPI continues to rise, commodities still have momentum to rise, and short-term inflation has not yet peaked. Economic growth is slowing down and prices are at a high level, which is a typical feature of stagflation. But it is not the classic stagflation mentioned in textbooks. Prices are rising across the board. This is because this round of recovery has a typical feature, that is, imbalance and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to sluggish domestic demand at terminals, The bargaining power is weak, so the transmission of PPI to CPI is not smooth, and the profit has not improved significantly, which in turn has a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The peak of recovery is likely to appear in the second quarter, and the economic growth momentum will weaken in the second half of the year</b></p><p>This problem can be analyzed from three angles:<b>First, real estate is likely to be at risk of falling back in the second half of the year.</b>The resilience of real estate is very strong, but the \"invincible Xiaoqiang\" can't stand fighting every day. Now that mortgage loans are becoming stricter, the support on the sales side has begun to weaken. In addition, the financing side of real estate has been restricted, new construction has slowed down, and investment is very likely to gradually fall back;<b>Second, infrastructure has gradually entered a downward cycle</b>。 For local governments, risk prevention in the second half of the year is far more important than stabilizing growth. The limit for new local government debt in 2021 issued by the Ministry of Finance a few days ago is lower than the budget arrangement. The issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt It has not been completely alleviated, the decline in infrastructure investment is inevitable, and the high growth rate is unsustainable;<b>The third is weak consumption, which is also the most difficult problem.</b>This is because stimulating consumption recovery cannot be achieved overnight, and it is a slow job. On the one hand, the impact of the epidemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, and there are structural problems.</p><p><b>3. Short-term inflation still has upward momentum, continuing \"semi-inflation\", but it is basically controllable in the long run</b></p><p>At present, there are structural differences in China's price levels. Looking at CPI and PPI separately, the pressure on CPI is not great, and the pressure on PPI is not small. CPI is easily disturbed by the pig cycle. Pig prices have entered a downward cycle, which is not enough to represent the actual price level. PPI is more sensitive and objective to inflation. At this stage, the pressure on rising prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also very serious, and CPI has recorded the largest year-on-year increase since the subprime mortgage crisis in 2008. This round of inflation may have the momentum to continue to rise in the short term. This is because although the recovery on the demand side has slowed down, it is not over. Demand is still strong. On the supply side, the epidemic situation in India, Southeast Asia and other countries has worsened again, affecting production and supply. The short-term supply side is damaged, the demand side is relatively strong, and the gap between supply and demand still exists, but it will be alleviated due to high-level efforts to stabilize commodity prices. Although the commodity market has not yet peaked, considering that the price increase of upstream commodities has seriously affected the operations of some enterprises, the government has begun to intervene. In addition, the speculation of commodities in the international financial market is indeed very serious. The market is coming to an end, and the fluctuations will also increase significantly, making it difficult to grasp. It is recommended to participate cautiously. In the long run, as the popularity of vaccines increases, corporate production gradually recovers, the gap between supply and demand is repaired, and inflationary pressure is still controllable.</p><p><b>4. Global monetary policy is facing a \"trilemma\" dilemma, with different loose boundaries. At present, it is difficult for the world to balance economic recovery, price stability and asset price stability</b></p><p>First, it is necessary to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go from full employment. Loose monetary stimulus is needed to maintain economic growth and ensure employment. Therefore, it is still too early for many countries to withdraw monetary policies; Second, commodity prices have risen one after another, inflation expectations have continued to rise, and market concerns about rate hike's resistance to global inflation have continued to rise; Third, after the epidemic, the global flood release gave birth to an unprecedented asset bull market. The problem of asset bubbles deserves vigilance, but now the world's major central banks dare not act rashly. The financial market collapse after the Turkish rate hike is a tragic lesson, and the Federal Reserve has gradually been \"kidnapped\" by Wall Street, dare not take the initiative to burst the US stock bubble, but they cannot allow asset prices to rise indefinitely.</p><p><b>5. The U.S. employment data is far less than expected, and the Federal Reserve is likely to continue to be loose and will not make a sudden rate hike</b></p><p>As non-farm payrolls missed expectations for two consecutive months, Fed rate hike expectations eased. In April, U.S. non-farm employment was a big upset, with only 266,000 new jobs created, far lower than the expected value of 1 million. In May, it increased by 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved. It is difficult to say that the Federal Reserve's monetary policy will be tightened. However, the minutes of the recent Federal Reserve meeting released several signals worthy of attention: First, it began to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but it will consider reducing the scale of bond purchases. But now it is only beginning to \"consider\" when will it be? The reduction has not yet been concluded; Second, it may take some time to achieve the goal of maximizing employment and price stability, which means that the most important thing at this stage is full employment, and it is necessary to continue to maintain easing; Third, we are basically optimistic about inflation. After the short-term effect of inflation subsides, it will ease during the year, and we will maintain a high tolerance for inflation. On the whole, the Fed's stance is a little more hawkish than before, and it will tighten monetary policy marginally by reducing the scale of bond purchases in the future, but now is not the time yet.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sharp turns\", which may be fine-tuned, but it will not turn</b></p><p>The wave of rate hike in emerging markets is coming, and Russian, Brazilian, Turkish and other countries have started rate hike. On the one hand, it is to control inflation, and on the other hand, it is to prevent the possible impact of the Federal Reserve's rate hike, but it will not spread to China soon. This is because China has carried out a relatively thorough financial rectification after 2017, so we will be affected by the policy adjustment of the United States, but our ability to resist risks will be stronger. But Russia, Brazil and Turkey are different from ours, and they are much more affected by the Federal Reserve than we are. Especially after the epidemic in 2020, my country's monetary policy easing was relatively restrained. It did not practice MMT like countries such as Europe, the United States, Japan and other countries, with unlimited easing. This is because China's economic development stage and China's monetary policy transmission mechanism are very different from those of European and American countries. There is a big difference and cannot be generalized. At the same time, China still has other potential growth potentials, and it doesn't necessarily need flooding to stimulate the economy. Therefore, China's current monetary policy is relatively cautious and rational, and the official has clearly stated that it \"does not make a sharp turn\" and pays attention to \"fine-tuning\".</p><p><b>7. 2021 is a small year for assets, and the expected rate of return should be lowered, so that stability can achieve long-term progress</b></p><p>When we looked forward at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the property market. This year's stock market will definitely not be as full of opportunities as 2020. For ordinary investors, risks outweigh opportunities. It is mainly based on two judgments: First, there is not so much water. In 2020, M2 will be around 21%, and the nominal GDP growth rate will be around 16%, with a 5% difference; In 2021, M2 is expected to be around 10%, and the real GDP growth target is 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is exactly a 1: 1 match., not much room. Second, leading stocks are expensive. The core asset group has risen too much, divorced from fundamentals, the valuation is too high, and the risk compensation premium is too low, especially the SSE 50, CSI 300 and science and technology innovation board. Therefore, this wave of adjustments after the Spring Festival is in our expectations. Although there will be phased repair opportunities after the rapid adjustment, the stagflation-like cycle strikes, and neither liquidity nor fundamentals can support a comprehensive bull market, maintaining assets during the year. The judgment of small years.</p><p><b>8. A-shares only have structural opportunities, and the style gradually switches from pro-cyclical to cross-cyclical</b></p><p>The structural opportunities we talked about at the end of last year mainly refer to the fact that the stock market style will switch from the sector where the valuation will push up institutions in 2020 to the pro-cyclical sector driven by performance. From the white horse stock market crash around the Spring Festival to the \"coal flying\" market brought about by the subsequent rise in commodity prices, it basically confirmed the pro-cyclical market we predicted. But now the recovery is beginning to slow down, the stagflation-like cycle is getting closer and closer, and the market style is rebalancing. Due to the slowdown in recovery and early overdraft, the pro-cyclical market is coming to an end. Although there are still opportunities after adjustment, it has shifted from a unilateral upward trend to a shock stage, with intensified volatility and more difficult operation. Cross-cyclical consumption, medicine and other sectors, especially those companies whose performance can be continuously released, may still have opportunities as long as there is no major tightening of liquidity. In the counter-cyclical technology growth sector, due to the tightening of liquidity margins and low risk appetite, the overall situation is still under pressure, and only a few performance-driven core leaders can withstand it.</p><p><b>9. After the adjustment, the trend of the leading stocks in the group is obviously differentiated, and the \"Xueba Model\" is used to select core assets</b></p><p>The stock market crash of white horse stocks after the Spring Festival was actually expected. Institutional grouping is not a reliable and long-term thing. Once some of the elements change, grouping will definitely collapse. The investment logic in 2021 is no longer driven by valuation caused by loose expectations, but driven by fundamentals after the water level drops. Whoever makes good profits and has a high cost-effective stock price will win the top spot.<b>The view of white horse stocks can be explained by the \"Xueba Model\".</b>Suppose there is a schoolmaster who falls in love after the Spring Festival this year, and his academic performance plummets, suddenly dropping from the top five in the grade to over twenties. What should you do at this time? Is it to abandon the schoolmaster and turn to find the scum? Or wait patiently for Xueba to do his own ideological work well? In fact, it all depends on your understanding of Xueba. Do you want to understand that the mistake of Xueba this time is because falling in love delayed time? Or sick? Or is there a psychological problem? This is the same logic as choosing stocks. There is a high probability that the real academic tyrant will make a comeback, and the probability that the academic scum will perform extraordinarily is relatively small.<b>Therefore, we advocate that we should continue to pay attention to performance. While supported by fundamentals, investors should resist the pressure of valuation adjustment of core assets and accompany Xueba.</b></p><p><b>1</b><b><b>0. Mortgage interest rates increase, and the window period for house purchase gradually closes</b></b></p><p>Under easing, there is no bear market in real estate. Similarly, after tightening, the bull market in real estate is unsustainable. At the end of last year, we said that this year is a big year for the property market. Due to the low base effect and the intensified push, the real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, a historical record. The big year for the property market has been booked in advance. However, with the change of liquidity, various places have raised mortgage interest rates, and some cities even plan to tentatively make second-hand housing loans. It is the general trend that loans are difficult and expensive, which is bound to dampen the enthusiasm for buying houses, and the window period for buying houses will gradually close.</p>","source":"lsy1615432093283","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>Guan Qingyou: The A-share style switches again, and the core assets are back?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGuan Qingyou: The A-share style switches again, and the core assets are back?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">清友会</strong><span class=\"h-time small\">2021-06-08 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>Editor's Note:</b></i>Recently, hot spots in the market have emerged in an endless stream. Stocks, bonds and Huijin have soared simultaneously, A-shares have improved, the bond market has picked up, the RMB has appreciated, gold has continued to rise, commodities have heated up again, etc. The market has changed drastically, styles have switched rapidly, and operations have become more difficult. To this end, according to the live speech of Dean Guan's recent wealth activities, we sorted out the top ten issues that attract the most attention of investors.<b>1. The economic slowdown is coupled with rising inflation, and a stagflation-like cycle is approaching</b></p><p>In fact, the judgment of the economic cycle can be simplified by complex issues. Combined with the judgment of PMI, the leading economic indicator, and PPI, the sensitive economic indicator, China's economy has gradually entered a state of stagflation. PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly because external demand orders have begun to weaken. PPI continues to rise, commodities still have momentum to rise, and short-term inflation has not yet peaked. Economic growth is slowing down and prices are at a high level, which is a typical feature of stagflation. But it is not the classic stagflation mentioned in textbooks. Prices are rising across the board. This is because this round of recovery has a typical feature, that is, imbalance and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to sluggish domestic demand at terminals, The bargaining power is weak, so the transmission of PPI to CPI is not smooth, and the profit has not improved significantly, which in turn has a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The peak of recovery is likely to appear in the second quarter, and the economic growth momentum will weaken in the second half of the year</b></p><p>This problem can be analyzed from three angles:<b>First, real estate is likely to be at risk of falling back in the second half of the year.</b>The resilience of real estate is very strong, but the \"invincible Xiaoqiang\" can't stand fighting every day. Now that mortgage loans are becoming stricter, the support on the sales side has begun to weaken. In addition, the financing side of real estate has been restricted, new construction has slowed down, and investment is very likely to gradually fall back;<b>Second, infrastructure has gradually entered a downward cycle</b>。 For local governments, risk prevention in the second half of the year is far more important than stabilizing growth. The limit for new local government debt in 2021 issued by the Ministry of Finance a few days ago is lower than the budget arrangement. The issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt It has not been completely alleviated, the decline in infrastructure investment is inevitable, and the high growth rate is unsustainable;<b>The third is weak consumption, which is also the most difficult problem.</b>This is because stimulating consumption recovery cannot be achieved overnight, and it is a slow job. On the one hand, the impact of the epidemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, and there are structural problems.</p><p><b>3. Short-term inflation still has upward momentum, continuing \"semi-inflation\", but it is basically controllable in the long run</b></p><p>At present, there are structural differences in China's price levels. Looking at CPI and PPI separately, the pressure on CPI is not great, and the pressure on PPI is not small. CPI is easily disturbed by the pig cycle. Pig prices have entered a downward cycle, which is not enough to represent the actual price level. PPI is more sensitive and objective to inflation. At this stage, the pressure on rising prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also very serious, and CPI has recorded the largest year-on-year increase since the subprime mortgage crisis in 2008. This round of inflation may have the momentum to continue to rise in the short term. This is because although the recovery on the demand side has slowed down, it is not over. Demand is still strong. On the supply side, the epidemic situation in India, Southeast Asia and other countries has worsened again, affecting production and supply. The short-term supply side is damaged, the demand side is relatively strong, and the gap between supply and demand still exists, but it will be alleviated due to high-level efforts to stabilize commodity prices. Although the commodity market has not yet peaked, considering that the price increase of upstream commodities has seriously affected the operations of some enterprises, the government has begun to intervene. In addition, the speculation of commodities in the international financial market is indeed very serious. The market is coming to an end, and the fluctuations will also increase significantly, making it difficult to grasp. It is recommended to participate cautiously. In the long run, as the popularity of vaccines increases, corporate production gradually recovers, the gap between supply and demand is repaired, and inflationary pressure is still controllable.</p><p><b>4. Global monetary policy is facing a \"trilemma\" dilemma, with different loose boundaries. At present, it is difficult for the world to balance economic recovery, price stability and asset price stability</b></p><p>First, it is necessary to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go from full employment. Loose monetary stimulus is needed to maintain economic growth and ensure employment. Therefore, it is still too early for many countries to withdraw monetary policies; Second, commodity prices have risen one after another, inflation expectations have continued to rise, and market concerns about rate hike's resistance to global inflation have continued to rise; Third, after the epidemic, the global flood release gave birth to an unprecedented asset bull market. The problem of asset bubbles deserves vigilance, but now the world's major central banks dare not act rashly. The financial market collapse after the Turkish rate hike is a tragic lesson, and the Federal Reserve has gradually been \"kidnapped\" by Wall Street, dare not take the initiative to burst the US stock bubble, but they cannot allow asset prices to rise indefinitely.</p><p><b>5. The U.S. employment data is far less than expected, and the Federal Reserve is likely to continue to be loose and will not make a sudden rate hike</b></p><p>As non-farm payrolls missed expectations for two consecutive months, Fed rate hike expectations eased. In April, U.S. non-farm employment was a big upset, with only 266,000 new jobs created, far lower than the expected value of 1 million. In May, it increased by 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved. It is difficult to say that the Federal Reserve's monetary policy will be tightened. However, the minutes of the recent Federal Reserve meeting released several signals worthy of attention: First, it began to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but it will consider reducing the scale of bond purchases. But now it is only beginning to \"consider\" when will it be? The reduction has not yet been concluded; Second, it may take some time to achieve the goal of maximizing employment and price stability, which means that the most important thing at this stage is full employment, and it is necessary to continue to maintain easing; Third, we are basically optimistic about inflation. After the short-term effect of inflation subsides, it will ease during the year, and we will maintain a high tolerance for inflation. On the whole, the Fed's stance is a little more hawkish than before, and it will tighten monetary policy marginally by reducing the scale of bond purchases in the future, but now is not the time yet.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sharp turns\", which may be fine-tuned, but it will not turn</b></p><p>The wave of rate hike in emerging markets is coming, and Russian, Brazilian, Turkish and other countries have started rate hike. On the one hand, it is to control inflation, and on the other hand, it is to prevent the possible impact of the Federal Reserve's rate hike, but it will not spread to China soon. This is because China has carried out a relatively thorough financial rectification after 2017, so we will be affected by the policy adjustment of the United States, but our ability to resist risks will be stronger. But Russia, Brazil and Turkey are different from ours, and they are much more affected by the Federal Reserve than we are. Especially after the epidemic in 2020, my country's monetary policy easing was relatively restrained. It did not practice MMT like countries such as Europe, the United States, Japan and other countries, with unlimited easing. This is because China's economic development stage and China's monetary policy transmission mechanism are very different from those of European and American countries. There is a big difference and cannot be generalized. At the same time, China still has other potential growth potentials, and it doesn't necessarily need flooding to stimulate the economy. Therefore, China's current monetary policy is relatively cautious and rational, and the official has clearly stated that it \"does not make a sharp turn\" and pays attention to \"fine-tuning\".</p><p><b>7. 2021 is a small year for assets, and the expected rate of return should be lowered, so that stability can achieve long-term progress</b></p><p>When we looked forward at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the property market. This year's stock market will definitely not be as full of opportunities as 2020. For ordinary investors, risks outweigh opportunities. It is mainly based on two judgments: First, there is not so much water. In 2020, M2 will be around 21%, and the nominal GDP growth rate will be around 16%, with a 5% difference; In 2021, M2 is expected to be around 10%, and the real GDP growth target is 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is exactly a 1: 1 match., not much room. Second, leading stocks are expensive. The core asset group has risen too much, divorced from fundamentals, the valuation is too high, and the risk compensation premium is too low, especially the SSE 50, CSI 300 and science and technology innovation board. Therefore, this wave of adjustments after the Spring Festival is in our expectations. Although there will be phased repair opportunities after the rapid adjustment, the stagflation-like cycle strikes, and neither liquidity nor fundamentals can support a comprehensive bull market, maintaining assets during the year. The judgment of small years.</p><p><b>8. A-shares only have structural opportunities, and the style gradually switches from pro-cyclical to cross-cyclical</b></p><p>The structural opportunities we talked about at the end of last year mainly refer to the fact that the stock market style will switch from the sector where the valuation will push up institutions in 2020 to the pro-cyclical sector driven by performance. From the white horse stock market crash around the Spring Festival to the \"coal flying\" market brought about by the subsequent rise in commodity prices, it basically confirmed the pro-cyclical market we predicted. But now the recovery is beginning to slow down, the stagflation-like cycle is getting closer and closer, and the market style is rebalancing. Due to the slowdown in recovery and early overdraft, the pro-cyclical market is coming to an end. Although there are still opportunities after adjustment, it has shifted from a unilateral upward trend to a shock stage, with intensified volatility and more difficult operation. Cross-cyclical consumption, medicine and other sectors, especially those companies whose performance can be continuously released, may still have opportunities as long as there is no major tightening of liquidity. In the counter-cyclical technology growth sector, due to the tightening of liquidity margins and low risk appetite, the overall situation is still under pressure, and only a few performance-driven core leaders can withstand it.</p><p><b>9. After the adjustment, the trend of the leading stocks in the group is obviously differentiated, and the \"Xueba Model\" is used to select core assets</b></p><p>The stock market crash of white horse stocks after the Spring Festival was actually expected. Institutional grouping is not a reliable and long-term thing. Once some of the elements change, grouping will definitely collapse. The investment logic in 2021 is no longer driven by valuation caused by loose expectations, but driven by fundamentals after the water level drops. Whoever makes good profits and has a high cost-effective stock price will win the top spot.<b>The view of white horse stocks can be explained by the \"Xueba Model\".</b>Suppose there is a schoolmaster who falls in love after the Spring Festival this year, and his academic performance plummets, suddenly dropping from the top five in the grade to over twenties. What should you do at this time? Is it to abandon the schoolmaster and turn to find the scum? Or wait patiently for Xueba to do his own ideological work well? In fact, it all depends on your understanding of Xueba. Do you want to understand that the mistake of Xueba this time is because falling in love delayed time? Or sick? Or is there a psychological problem? This is the same logic as choosing stocks. There is a high probability that the real academic tyrant will make a comeback, and the probability that the academic scum will perform extraordinarily is relatively small.<b>Therefore, we advocate that we should continue to pay attention to performance. While supported by fundamentals, investors should resist the pressure of valuation adjustment of core assets and accompany Xueba.</b></p><p><b>1</b><b><b>0. Mortgage interest rates increase, and the window period for house purchase gradually closes</b></b></p><p>Under easing, there is no bear market in real estate. Similarly, after tightening, the bull market in real estate is unsustainable. At the end of last year, we said that this year is a big year for the property market. Due to the low base effect and the intensified push, the real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, a historical record. The big year for the property market has been booked in advance. However, with the change of liquidity, various places have raised mortgage interest rates, and some cities even plan to tentatively make second-hand housing loans. It is the general trend that loans are difficult and expensive, which is bound to dampen the enthusiasm for buying houses, and the window period for buying houses will gradually close.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw\">清友会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151376161","content_text":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲，整理出最受投资者关注的十大问题。\n\n1、经济放缓叠加通胀升温，类滞胀周期正在临近\n对于经济周期的判断，其实可以复杂问题简单化，结合经济先行指标PMI和经济敏感指标PPI判断，当前中国经济已经逐步进入到类滞胀状态。PMI连续两个月回落，经济复苏步伐开始放缓，增长动能有所下滑，主要是外需订单开始走弱。PPI持续上行，大宗商品还有冲高动能，短期通胀尚未见顶。经济增速放缓，物价处于高位，这就是滞胀的典型特征。但并不是教科书里讲的那种经典滞胀，物价全面上行，这是因为本轮复苏有一个典型的特征，那就是不均衡、分化明显，涨价主要集中在上游原材料上，终端由于内需不振、议价能力偏弱，所以PPI向CPI传导并不顺畅，盈利也未能有明显的改善，进而对消费也产生了一定的抑制作用，这种情况比滞胀还要严重。\n2、复苏顶点大概率在二季度出现，下半年经济增长动能会有所衰减\n可以从三个角度来分析这个问题：一是房地产在下半年很可能有回落风险。房地产的韧性很强，但“打不死的小强”也架不住天天打，如今房贷趋严，销售端支撑开始趋弱，再加上房地产的融资端受到了限制，新开工放缓，投资很有可能逐渐回落；二是基建已经逐步进入了下行周期。对于地方政府，下半年防风险远比稳增长更重要，前几天财政部下达的2021年新增地方债限额低于预算安排额度，5月地方政府专项债发行也是不及预期，加之地方债压力仍未彻底缓解，基建投资下滑是在所难免，高增速难以为继；三是消费疲软，这也是最棘手的问题。这是因为刺激消费复苏不能一蹴而就，是个慢活。一方面是疫情对中小企业的冲击并没有完全过去，居民可支配收入增长放缓，另一方面我们也正处于消费增长的减速期，存在结构性问题。\n3、短期通胀仍有上行动力，延续“半通货膨胀”，但长期来看基本可控\n当前中国的物价水平是有结构性差异的，将CPI和PPI分开来看，CPI压力不大，PPI压力不小。CPI容易受猪周期干扰，猪价已进入下行周期，不足以代表实际物价水平，PPI对通胀更加敏感和客观，现阶段物价上涨压力主要集中在生产端，主要原因是供需错配。美国通胀也很严重，CPI已经创下2008年次贷危机以来最大同比增幅。本轮通胀短期可能还有继续上行的动力，这是因为需求端虽然复苏有所放缓，但并未结束，需求依旧强劲，供给端由于印度、东南亚等国家疫情再度恶化，影响生产供给，短期供给侧受损、需求侧相对旺盛，供需缺口依旧存在，但由于高层出手稳定大宗商品价格，会有所缓解。大宗商品行情虽然尚未见顶，但考虑到上游大宗商品涨价已经严重影响到部分企业经营情况，政府已经出手开始干预，加之国际金融市场对商品的炒作确实非常严重，行情已接近尾声，波动也会明显加大，难以把握，建议谨慎参与。长期来看，随着疫苗普及程度提升，企业生产逐渐恢复，供求缺口修复，通胀压力还算可控。\n4、全球货币政策面临“三难”困境，宽松的边界各不相同。当前全球对于经济复苏、物价平稳、资产价格平稳三者之间难以兼顾\n一是要刺激经济的复苏，虽然经济还在复苏过程中，但增速已经开始放缓，离充分就业还有不小的距离，需要宽松的货币刺激来维持经济增长和保障就业，所以对于不少国家货币政策退出还为时尚早；二是大宗商品接连涨价，通胀预期不断升温，市场关于加息抵御全球性通胀的担忧不断提升；三是疫情之后，全球大放水催生了史无前例的资产大牛市，资产泡沫问题值得警惕，但现在全球主要央行都不敢轻举妄动，土耳其加息后金融市场崩盘就是很惨烈的教训，美联储也逐步被华尔街“绑架”，不敢主动戳破美股泡沫，但也不能放任资产价格无限上涨。\n5、美国就业数据远不及预期，美联储大概率持续宽松，不会骤然加息\n由于非农就业连续两个月不及预期，美联储加息预期有所缓解。4月美国非农就业大爆冷，新增就业人数仅26.6万人，远低于100万的预计值，5月增加55.9万，低于预期的67.4万，充分就业和经济复苏的目标远未达成，美联储货币政策难说收紧。但近期的美联储会议纪要释放了几点值得关注的信号：一是开始考虑缩减购债规模，短期不会加息，但会考虑缩减购债规模，但现在仅仅是开始“考虑”，具体什么时候开始缩减还没结论；二是要实现最大化就业和价格稳定目标，可能还需要一段时间，意味着现阶段最重要的是充分就业，还要继续维持宽松；三是对通胀基本持有乐观态度，通胀短期效应消退后，年内会有所缓解，对通胀保持较高的容忍度。综合来看，美联储表态比之前更鹰派一点，未来会通过缩减购债规模来边际收紧货币政策，但现在还不是时候。\n6、中国货币政策维持中性，强调“不急转弯”，可能微调，但不至于转向\n新兴市场加息潮将来袭，俄罗斯、巴西、土耳其等国已经开始加息，一方面是控制通胀，另一方面是防止美联储加息可能带来的冲击，但不会很快蔓延到中国。这是因为中国在2017年之后进行了一场比较彻底的金融大整顿，因此我们受到美国政策调整的影响会有，但是抗风险能力会比较强。可俄罗斯、巴西和土耳其这些经济体和我们不同，它们受到美联储的影响要比我们要大得多。特别是2020年疫情以后，我国货币政策宽松相对克制，并没有像欧美日等国践行MMT，无上限宽松，这是因为中国的经济发展阶段、中国的货币政策传导机制，都和欧美国家有很大差别，不能一概而论。同时中国仍有其他潜在增长潜力，并不一定需要大水漫灌来刺激经济。因此我国当前的货币政策比较谨慎、理性，官方也明确表明“不急转弯”，注重“微调”。\n7、2021年是资产小年，应降低预期收益率，行稳才能致远\n我们在去年年底展望的时候说2020年是股市大年，2021年是楼市大年。今年的股市肯定不会像2020年那样充满机会，对于普通投资者而言，是风险大于机会。主要是基于两点判断：一是水没有那么多。2020年M2在21%左右，名义GDP增速在16%左右，有5%的差值；2021年M2预计在10%左右，实际GDP增速定的目标是6%，预留了边际收紧的空间，通胀目标是3%，名义GDP增速在9%左右，正好1:1匹配，没有太大的空间。二是龙头股偏贵。核心资产抱团涨得太多，脱离基本面，估值太高，风险补偿溢价太低，特别是上证50、沪深300和科创板。所以春节过后的这波调整在我们的预期之中，虽然快速调整之后，会有阶段性的修复机会，但类滞胀周期来袭，流动性和基本面都无法支撑全面的大牛市，维持年内资产小年的判断。\n8、A股只有结构性机会，风格逐渐从顺周期向跨周期切换\n去年年底我们说的结构性的机会，主要指的是股市风格将从2020年估值推升机构抱团的板块，切换为业绩驱动的顺周期板块。从春节前后这一轮白马股股灾，到后来大宗商品价格上涨带来的“煤飞色舞”行情，基本印证了我们预判的顺周期行情。但现在复苏开始放缓，类滞胀周期越来越近，市场风格出现再平衡。顺周期行情由于复苏放缓和前期透支，行情接近尾声，虽然调整后还有机会，但已经从单边上行转向震荡阶段，波动加剧，操作难度加大。跨周期的消费、医药等板块，特别是那些业绩能持续释放的公司，流动性只要没有大的收紧，可能仍有机会。逆周期的科技成长板块，由于流动性边际收紧，风险偏好处于低位，整体依然承压，只有极少数业绩驱动型的核心龙头能扛住。\n9、抱团龙头股调整后走势明显分化，用“学霸模型”选择核心资产\n春节后白马股的股灾其实是在意料中的，机构抱团并不是一件靠谱且长久的事，一旦其中部分要素发生变化，抱团肯定会瓦解。2021年投资逻辑不再是宽松预期导致的估值驱动，而是水位下降之后的基本面驱动，谁盈利好，股价性价比高，谁就能拔得头筹。对于白马股的看法，可以用“学霸模型”来解释一下。假设有一个学霸，在今年春节以后谈恋爱，学习成绩直线下降，一下子从年级前五名掉到了年纪二十多名。这时候你该怎么办？是抛弃学霸转身去找学渣？还是耐心等学霸做好自己的思想工作？其实这一切都取决于你对学霸的理解。你要搞懂这次学霸发挥失误是因为谈恋爱耽误时间了？还是生病了？抑或是心理出现了问题？这和选择股票的逻辑是一样的。真正的学霸大概率会东山再起，学渣超常发挥的概率相对较小。因此我们主张要继续去关注业绩，有基本面支撑的同时，投资者要抗住核心资产的估值调整的压力，陪伴学霸。\n10、房贷利率上调，购房窗口期逐渐关闭\n宽松之下，地产无熊市，同理，紧缩之后，地产牛市难以为继。去年年底我们曾说今年是楼市大年，由于低基数效应和推盘力度加大，一季度地产销量创历史新高，全年销售额有望突破18万亿，创历史记录，楼市大年已经提前预定。但是随着流动性发生变化，各地纷纷上调房贷利率，部分城市甚至计划暂定二手房贷款，贷款难和贷款贵已是大势所趋，势必会打击购房积极性，购房窗口期逐渐关闭。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135623440,"gmtCreate":1622162055380,"gmtModify":1704180549155,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135623440","repostId":"1139893263","repostType":4,"repost":{"id":"1139893263","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":1621926753,"share":"https://ttm.financial/m/news/1139893263?lang=en_US&edition=fundamental","pubTime":"2021-05-25 15:12","market":"hk","language":"zh","title":"Reminder: Due to Memorial Day, U.S. stocks will be closed for one day on May 31","url":"https://stock-news.laohu8.com/highlight/detail?id=1139893263","media":"老虎资讯综合","summary":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景","content":"<p>It is reported that on May 31 (Monday) due to Memorial Day in the United States, the U.S. stock market will be closed for one day, and trading will continue as usual from Tuesday.</p><p>On May 31 (Monday), the British stock market will be closed for one day due to Bank Holiday, and trading will continue as usual from Tuesday.</p><p>Hong Kong stocks, A-shares, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p>Memorial Day: It is a holiday commemorated by most states in the United States. It was originally May 30th. After 1971, in order to ensure that federal employees can enjoy this rest day, many states changed it to the last Monday in May.</p><p>In the American Civil War, countless soldiers were killed in the war. At the end of the war, many families in the south began to pay homage to the soldiers killed in the war. Regardless of the north and the south, they offered flowers to the cemeteries of the dead on both sides in spring. Northerners were deeply moved by this and regarded this act as a symbol of national unity. In 1868, May 30 was officially approved as a day to lay flowers to the soldiers who died heroically defending the motherland.</p><p>On Memorial Day, American active-duty soldiers and veterans line up in a long queue to go to the cemetery, fire guns to greet the fallen soldiers, and blow the lights out signal in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" 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: Due to Memorial Day, U.S. stocks will be closed for one day on May 31</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: Due to Memorial Day, U.S. stocks will be closed for one day on May 31\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\">2021-05-25 15:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that on May 31 (Monday) due to Memorial Day in the United States, the U.S. stock market will be closed for one day, and trading will continue as usual from Tuesday.</p><p>On May 31 (Monday), the British stock market will be closed for one day due to Bank Holiday, and trading will continue as usual from Tuesday.</p><p>Hong Kong stocks, A-shares, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p>Memorial Day: It is a holiday commemorated by most states in the United States. It was originally May 30th. After 1971, in order to ensure that federal employees can enjoy this rest day, many states changed it to the last Monday in May.</p><p>In the American Civil War, countless soldiers were killed in the war. At the end of the war, many families in the south began to pay homage to the soldiers killed in the war. Regardless of the north and the south, they offered flowers to the cemeteries of the dead on both sides in spring. Northerners were deeply moved by this and regarded this act as a symbol of national unity. In 1868, May 30 was officially approved as a day to lay flowers to the soldiers who died heroically defending the motherland.</p><p>On Memorial Day, American active-duty soldiers and veterans line up in a long queue to go to the cemetery, fire guns to greet the fallen soldiers, and blow the lights out signal in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139893263","content_text":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景简介：阵亡将士纪念日（Memorial Day）：是美国大多数州都要纪念的节日，时间原为5月30日，1971年以后，为保证联邦雇员都能享有这一休息日，许多州将它改在5月的最后一个星期一。美国南北战争中，无数将士在战火中阵亡。战争结束，南部许多家庭开始祭奠战争中阵亡的将士。他们不分南北双方，在春天向双方死者的墓地都奉献鲜花，北方人为此深受感动，将这一举动视为民族团结的象征。1868年，5月30日这一天被正式批准为向为保卫祖国而英勇牺牲的士兵们敬献鲜花的日子。每逢阵亡将士纪念日，美国现役军人和老战士便排成长长的队伍前往墓地，鸣枪向阵亡将士致意，吹响军中熄灯号让死难将士安息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192463198,"gmtCreate":1621223004314,"gmtModify":1704354191592,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192463198","repostId":"1173867331","repostType":4,"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377364484,"gmtCreate":1619498025648,"gmtModify":1704724951825,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/377364484","repostId":"1171495583","repostType":4,"repost":{"id":"1171495583","kind":"news","pubTimestamp":1619497808,"share":"https://ttm.financial/m/news/1171495583?lang=en_US&edition=fundamental","pubTime":"2021-04-27 12:30","market":"sh","language":"zh","title":"SAIC and WM Motor's efforts in SOA are \"overtaking in corners\" under the switching dimension?","url":"https://stock-news.laohu8.com/highlight/detail?id=1171495583","media":"投中网","summary":"SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。\n\n是什么成就苹果超2万亿美元的市值？\n凯文·凯利曾在演讲时指出：","content":"<p>The idea of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. What made Apple's market value exceed $2 trillion?</p><p>Kevin Kelly once pointed out in his speech: \"The future technological innovation lies in the edge outside the mainstream. For example, when your tractor is getting better and better, the car may counterattack at another technical level. This is where the future lies.\" This sentence not only explains that Apple's innovation is a breakthrough in another dimension, but also invisibly reveals a possible change idea of the automobile industry.</p><p>In the post-epidemic era, SDV (software-defined car) has become a word spoken badly by car companies, and then the term \"user-defined car\" was born. However, car companies still want to make it easy for users to understand. When the change is related to technology research and development, they must consider what concept to design the architecture to carry the software and give full play to the true value of SDV.</p><p>The concept of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. This month, SAIC also held a global SOA platform developer conference. What signals does SOA architecture reveal about the industry when it is introduced into automobiles?</p><p><b>SOA sets up the \"stage\", and cars play the \"Apple APP\" revolution</b></p><p>SOA is not a new term, and it has long been tried in the automotive industry. In fact, Nio and XPeng are already trying to apply some SOA architecture designs, such as the mature OTA function and remote diagnosis function, which are all within the application scope of SOA architecture.</p><p>Taking the analogy of smart phones, Apple phones have a similar architecture, which is manifested in the form of a platform open to developers-App Store. SOA is to cars what Apple's App Store is to iPhone. It opens up the hardware capabilities of cars for software developers to call to implement corresponding functions.</p><p>From the advent of iPhone 3G and the opening of the Apple Store to third-party developers, there are now more than 5 million applications on the Apple Store, and Apple has the world's leading software ecosystem. With the support of a few sensors and actuators on Apple's mobile phones, iOS has been able to provide millions of applications, and the hardware complexity of cars far exceeds that of mobile phones. Importing the SOA platform into it has huge imagination behind it.</p><p>An ordinary user who doesn't know how to write code can generate personalized scenarios that meet user needs by collecting the trigger conditions of various modules such as car windows, audio, and ambient lights into his own APP. The APP is uploaded to the APP store and then downloaded to the car, and users can use it.</p><p>For example, when ventilation is needed inside the car, the driver wants to open the external circulation of the car, and at the same time, two passengers want to open the window and sunroof respectively, so there are three different needs, which can be completely realized by the user's self-customization. This is just the simplest way to play. Through the combination of multiple functions, it can theoretically produce a large number of new applications, ultimately expanding the capabilities of smart cars.</p><p>Similar to the App Store, developers can use buyout or subscription charges when using SOA platform to provide services to users. Developers make commercial profits, and car companies can also make profits. However, the SOA platform is still in its infancy, and it is still unclear how to formulate a business model.</p><p>At present, SAIC Lingshu and Weimar are one of the few companies that choose to build an SOA platform for the entire vehicle, while Nezha and Gaohe have mentioned the introduction of SOA concepts, but the products have not yet landed.</p><p>SAIC Zero Beam has worked with the first batch of developers to develop dozens of exclusive application scenarios for smart cars, hundreds of users' \"thousands of people, thousands of faces\" mode, and some typical automotive intelligent applications. At present, the software of the platform can be used in SAIC's R car and Zhiji car.</p><p>WM Motor applied the SOA platform in WM Motor W6 car, and launched custom programming functions. There are more than 100 custom scenarios, and the mobile phone terminal is synchronized with the car terminal; Nezha S will also base the entire system on SOA architecture, but the official launch time of the product may be in the second half of 2022.</p><p>Comparing these companies, SAIC and WM Motor's exploration on the SOA platform has implemented products. Among them, SAIC's opening process runs faster, while WM Motor's landing time, that is, the car release time, is slightly earlier. However, Nezha has the slowest progress because the whole vehicle has not been announced.</p><p>Even so, there is still room for significant improvement in the openness of SAIC's zero-beam SOA platform. Intelligent Relativity learned that its platform is divided into three modes. Two versions for ordinary users and third-party developers have been announced to the outside world, while the versions for OEMs and suppliers have not been specifically displayed.</p><p>As a key part of opening up, it is most difficult for car companies to achieve cross-brand and cross-model models. It not only puts high requirements on the R&D engineer team, but also weighs the interests with Tier1 and other OEMs. This also makes everyone see many difficulties and challenges when looking forward to SOA platform.</p><p><b>It's not easy to set up a \"stage\", and I'm afraid that \"no one sings and no one joins in\"</b></p><p>Through the SOA architecture, another advantage is that the dominance of software development will return to car companies. As a result, car companies need a lot of research and development work and talents.</p><p>Industry insiders told Intelligent Relativity, \"The salary of architectural engineers is very high, but they can't be recruited with a high salary, because this position has extremely high requirements for people, and he needs to have a professional understanding of cars and software.\"</p><p>In the early stage of the definition of vehicle functions, the entire SOA team must be involved. Whether it is SAIC Lingshu, WM Motor, Nezha, or other car companies, it will cost a lot of money. But apart from the technical level, there are still many practical problems, such as how do car companies attract developers to settle in the platform?</p><p>Taking SAIC's zero-beam SOA platform as an example, in order to achieve the original intention of allowing more developers and even ordinary users to continue to participate in software development, it is necessary to lower the entry threshold to expand the user base and help make the platform atmosphere active. After building good services and functions, the quality of the whole platform will be improved to attract new developers, and finally feed back the SOA platform. Once it runs, there will be a \"flywheel effect\" and form a scale.</p><p>Many Internet phenomena are similar to this, such as take-out, shopping e-commerce, and online car-hailing platforms. The number of merchants and users are mutually reinforcing and mutually premised. In order to expand the scale of both platforms, it is often a common practice for cold start to spend money on subsidies.</p><p>Indeed, developers can't always \"generate electricity for love\". Similar to the App Store, making a good incentive plan is a question that car companies need to think about. It is inevitable for car companies to invest in the early stage, and after that, how to divide the interests among users, developers, and car companies is very important, which is related to the long-term survival of the platform.</p><p>Another key question is, how do car companies break boundaries? When developing, mobile phone developers only need to focus on Android and iOS systems, and then simply adapt the models. When the software is on the car, there are countless models and brands. Whether it is SAIC Zero Beam or Weimar, the current platform is only implemented in its models. In the future, the scale of developers will open up new growth space, and more friends will undoubtedly need to integrate into the platform.</p><p>The difficulty in this area actually lies not in how the platform \"adapts\" to friends, but in how the platform \"absorbs\" friends. The current trend in the automotive industry is that underlying things such as traditional automotive hardware and intelligent hardware have gradually become open, standardized, and supported by industrial scale. On the contrary, the competition among various companies is the competition between the software layer and the service layer, which \"friends\" don't want to lose.</p><p>In addition, security issues are also necessary considerations for platform development. There are hundreds of pieces of hardware on the car that can be called by software. Considering driving safety, the fault tolerance rate of car software (such as crashes and crashes) is far lower than that of the App Store.</p><p>This means that some functions related to automobile sports and autonomous driving cannot be opened to users and can only be designed by OEMs with strong R&D capabilities. This also leads to a contradictory fact: \"high-tech entry threshold\" and \"attracting more developers\" can't have both, because security must be guaranteed.</p><p>Weimar said that W6 users can create their own driving modes through \"Weimar Express\", including L2 driving assistance system, music, air conditioning temperature, seat adjustment and other user-preferred software and hardware settings, and add and set them according to their own preferences. When SAIC Zero Beam introduced the platform, it talked more about the functions of life and entertainment systems.</p><p>The safety level of the entertainment system function itself is lower than the requirements of other domains, which is the easiest to implement, while the ADAS domain is completely opposite. Therefore, in the development trend of SOA platforms, functions need to be promoted and improved step by step by SAIC Zero Beam and WM Motor until they are completely connected.</p><p><b>Soul Torture: Everyone wants to do it, so why are you successful?</b></p><p>The ideal is full, but the reality is a bit skinny. If car companies want to build a moat of SOA platforms, the difficulties they face cannot be underestimated. As mentioned earlier, the car companies that are eyeing its huge potential include SAIC and WM Motor, and Nezha and Gaohe are also eager to try SOA architecture.</p><p>Of course, these are only the currently known OEMs. Including Xiaomi, Didi, etc., more and more technology Internet giants have begun to deploy in the field of smart cars. From \"software-defined cars\" to \"user-defined cars\", it is conceivable that Xiaomi and Didi attach importance to \"SOA\".</p><p>With its advantages in hardware manufacturing and software operation in the original business field, Xiaomi Didi has made a new related strategic extension of car manufacturing. Among them, Xiaomi has a larger number of users than traditional car companies, and can better support the commercial imagination of SOA platforms.</p><p>The architecture of Xiaomi's car manufacturing system is currently unknown, but in the face of its huge number of \"rice fans\", Xiaomi will undoubtedly pay attention to their opinions, and there is a high probability that it will introduce \"SOA\". Through the SOA platform, \"rice fans\" can generate personalized scenarios that meet their own car ownership preferences and driving habits, which is consistent with their emphasis on \"user participation\".</p><p>Compared with their competitors, the advantage of SAIC Lingshu and Weimar is that they are \"first-mover\" and will reach a certain scale earlier. Wang Jun, president of Huawei Smart Car Solutions BU, said at the SAIC Developer Conference that the wider the application range of the software platform, the lower the marginal cost. Scale is the most fundamental business logic to achieve profitability.</p><p>Although Baidu, Tencent, Huawei and many other technology Internet companies have talked about the possible cooperation between themselves and SAIC SOA, they and SAIC will be more competitive and cooperative in the future, taking these things into their own hands. Similarly, other car companies will also build their own SOA platforms. The development ideas can be to expand outward or choose for their own use, but it also means that SAIC and WM Motor SOA platforms lose this part of resources.</p><p>But for small car companies, they will consider whether the user scale can support the commercialization of self-built platforms. If they decide to use the platforms of large car companies, they will weigh which platform ecosystem is better, so that every link in their own industry chain is expected to benefit from it.</p><p>Therefore, absorbing these small car companies will be an important direction for large car companies such as SAIC to expand their \"circle of friends\" in the future. In the long run, as SAIC's zero-beam SOA platform gradually opens up, it will be tested on other brands of cars. Regardless of whether small car companies adopt their own platforms or not, the first step is to unify interface standards to facilitate small car companies to integrate into the ecosystem.</p><p>Generally speaking, electrification and intelligence are building a new track for the next round of industrial competition, and the SOA platform has become one of the keys for many car companies to compete for voice. Everyone wants to be an \"App Store\", but in the end there may only be one. At present, car companies such as SAIC Lingshu and WM Motor are still in their infancy in the direction of \"SOA\", and the future competition format is still unknown. What we need to do is to let the \"bullets\" of car companies fly for a while.</p>","source":"tzw","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>SAIC and WM Motor's efforts in SOA are \"overtaking in corners\" under the switching dimension?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSAIC and WM Motor's efforts in SOA are \"overtaking in corners\" under the switching dimension?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2021-04-27 12:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The idea of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. What made Apple's market value exceed $2 trillion?</p><p>Kevin Kelly once pointed out in his speech: \"The future technological innovation lies in the edge outside the mainstream. For example, when your tractor is getting better and better, the car may counterattack at another technical level. This is where the future lies.\" This sentence not only explains that Apple's innovation is a breakthrough in another dimension, but also invisibly reveals a possible change idea of the automobile industry.</p><p>In the post-epidemic era, SDV (software-defined car) has become a word spoken badly by car companies, and then the term \"user-defined car\" was born. However, car companies still want to make it easy for users to understand. When the change is related to technology research and development, they must consider what concept to design the architecture to carry the software and give full play to the true value of SDV.</p><p>The concept of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. This month, SAIC also held a global SOA platform developer conference. What signals does SOA architecture reveal about the industry when it is introduced into automobiles?</p><p><b>SOA sets up the \"stage\", and cars play the \"Apple APP\" revolution</b></p><p>SOA is not a new term, and it has long been tried in the automotive industry. In fact, Nio and XPeng are already trying to apply some SOA architecture designs, such as the mature OTA function and remote diagnosis function, which are all within the application scope of SOA architecture.</p><p>Taking the analogy of smart phones, Apple phones have a similar architecture, which is manifested in the form of a platform open to developers-App Store. SOA is to cars what Apple's App Store is to iPhone. It opens up the hardware capabilities of cars for software developers to call to implement corresponding functions.</p><p>From the advent of iPhone 3G and the opening of the Apple Store to third-party developers, there are now more than 5 million applications on the Apple Store, and Apple has the world's leading software ecosystem. With the support of a few sensors and actuators on Apple's mobile phones, iOS has been able to provide millions of applications, and the hardware complexity of cars far exceeds that of mobile phones. Importing the SOA platform into it has huge imagination behind it.</p><p>An ordinary user who doesn't know how to write code can generate personalized scenarios that meet user needs by collecting the trigger conditions of various modules such as car windows, audio, and ambient lights into his own APP. The APP is uploaded to the APP store and then downloaded to the car, and users can use it.</p><p>For example, when ventilation is needed inside the car, the driver wants to open the external circulation of the car, and at the same time, two passengers want to open the window and sunroof respectively, so there are three different needs, which can be completely realized by the user's self-customization. This is just the simplest way to play. Through the combination of multiple functions, it can theoretically produce a large number of new applications, ultimately expanding the capabilities of smart cars.</p><p>Similar to the App Store, developers can use buyout or subscription charges when using SOA platform to provide services to users. Developers make commercial profits, and car companies can also make profits. However, the SOA platform is still in its infancy, and it is still unclear how to formulate a business model.</p><p>At present, SAIC Lingshu and Weimar are one of the few companies that choose to build an SOA platform for the entire vehicle, while Nezha and Gaohe have mentioned the introduction of SOA concepts, but the products have not yet landed.</p><p>SAIC Zero Beam has worked with the first batch of developers to develop dozens of exclusive application scenarios for smart cars, hundreds of users' \"thousands of people, thousands of faces\" mode, and some typical automotive intelligent applications. At present, the software of the platform can be used in SAIC's R car and Zhiji car.</p><p>WM Motor applied the SOA platform in WM Motor W6 car, and launched custom programming functions. There are more than 100 custom scenarios, and the mobile phone terminal is synchronized with the car terminal; Nezha S will also base the entire system on SOA architecture, but the official launch time of the product may be in the second half of 2022.</p><p>Comparing these companies, SAIC and WM Motor's exploration on the SOA platform has implemented products. Among them, SAIC's opening process runs faster, while WM Motor's landing time, that is, the car release time, is slightly earlier. However, Nezha has the slowest progress because the whole vehicle has not been announced.</p><p>Even so, there is still room for significant improvement in the openness of SAIC's zero-beam SOA platform. Intelligent Relativity learned that its platform is divided into three modes. Two versions for ordinary users and third-party developers have been announced to the outside world, while the versions for OEMs and suppliers have not been specifically displayed.</p><p>As a key part of opening up, it is most difficult for car companies to achieve cross-brand and cross-model models. It not only puts high requirements on the R&D engineer team, but also weighs the interests with Tier1 and other OEMs. This also makes everyone see many difficulties and challenges when looking forward to SOA platform.</p><p><b>It's not easy to set up a \"stage\", and I'm afraid that \"no one sings and no one joins in\"</b></p><p>Through the SOA architecture, another advantage is that the dominance of software development will return to car companies. As a result, car companies need a lot of research and development work and talents.</p><p>Industry insiders told Intelligent Relativity, \"The salary of architectural engineers is very high, but they can't be recruited with a high salary, because this position has extremely high requirements for people, and he needs to have a professional understanding of cars and software.\"</p><p>In the early stage of the definition of vehicle functions, the entire SOA team must be involved. Whether it is SAIC Lingshu, WM Motor, Nezha, or other car companies, it will cost a lot of money. But apart from the technical level, there are still many practical problems, such as how do car companies attract developers to settle in the platform?</p><p>Taking SAIC's zero-beam SOA platform as an example, in order to achieve the original intention of allowing more developers and even ordinary users to continue to participate in software development, it is necessary to lower the entry threshold to expand the user base and help make the platform atmosphere active. After building good services and functions, the quality of the whole platform will be improved to attract new developers, and finally feed back the SOA platform. Once it runs, there will be a \"flywheel effect\" and form a scale.</p><p>Many Internet phenomena are similar to this, such as take-out, shopping e-commerce, and online car-hailing platforms. The number of merchants and users are mutually reinforcing and mutually premised. In order to expand the scale of both platforms, it is often a common practice for cold start to spend money on subsidies.</p><p>Indeed, developers can't always \"generate electricity for love\". Similar to the App Store, making a good incentive plan is a question that car companies need to think about. It is inevitable for car companies to invest in the early stage, and after that, how to divide the interests among users, developers, and car companies is very important, which is related to the long-term survival of the platform.</p><p>Another key question is, how do car companies break boundaries? When developing, mobile phone developers only need to focus on Android and iOS systems, and then simply adapt the models. When the software is on the car, there are countless models and brands. Whether it is SAIC Zero Beam or Weimar, the current platform is only implemented in its models. In the future, the scale of developers will open up new growth space, and more friends will undoubtedly need to integrate into the platform.</p><p>The difficulty in this area actually lies not in how the platform \"adapts\" to friends, but in how the platform \"absorbs\" friends. The current trend in the automotive industry is that underlying things such as traditional automotive hardware and intelligent hardware have gradually become open, standardized, and supported by industrial scale. On the contrary, the competition among various companies is the competition between the software layer and the service layer, which \"friends\" don't want to lose.</p><p>In addition, security issues are also necessary considerations for platform development. There are hundreds of pieces of hardware on the car that can be called by software. Considering driving safety, the fault tolerance rate of car software (such as crashes and crashes) is far lower than that of the App Store.</p><p>This means that some functions related to automobile sports and autonomous driving cannot be opened to users and can only be designed by OEMs with strong R&D capabilities. This also leads to a contradictory fact: \"high-tech entry threshold\" and \"attracting more developers\" can't have both, because security must be guaranteed.</p><p>Weimar said that W6 users can create their own driving modes through \"Weimar Express\", including L2 driving assistance system, music, air conditioning temperature, seat adjustment and other user-preferred software and hardware settings, and add and set them according to their own preferences. When SAIC Zero Beam introduced the platform, it talked more about the functions of life and entertainment systems.</p><p>The safety level of the entertainment system function itself is lower than the requirements of other domains, which is the easiest to implement, while the ADAS domain is completely opposite. Therefore, in the development trend of SOA platforms, functions need to be promoted and improved step by step by SAIC Zero Beam and WM Motor until they are completely connected.</p><p><b>Soul Torture: Everyone wants to do it, so why are you successful?</b></p><p>The ideal is full, but the reality is a bit skinny. If car companies want to build a moat of SOA platforms, the difficulties they face cannot be underestimated. As mentioned earlier, the car companies that are eyeing its huge potential include SAIC and WM Motor, and Nezha and Gaohe are also eager to try SOA architecture.</p><p>Of course, these are only the currently known OEMs. Including Xiaomi, Didi, etc., more and more technology Internet giants have begun to deploy in the field of smart cars. From \"software-defined cars\" to \"user-defined cars\", it is conceivable that Xiaomi and Didi attach importance to \"SOA\".</p><p>With its advantages in hardware manufacturing and software operation in the original business field, Xiaomi Didi has made a new related strategic extension of car manufacturing. Among them, Xiaomi has a larger number of users than traditional car companies, and can better support the commercial imagination of SOA platforms.</p><p>The architecture of Xiaomi's car manufacturing system is currently unknown, but in the face of its huge number of \"rice fans\", Xiaomi will undoubtedly pay attention to their opinions, and there is a high probability that it will introduce \"SOA\". Through the SOA platform, \"rice fans\" can generate personalized scenarios that meet their own car ownership preferences and driving habits, which is consistent with their emphasis on \"user participation\".</p><p>Compared with their competitors, the advantage of SAIC Lingshu and Weimar is that they are \"first-mover\" and will reach a certain scale earlier. Wang Jun, president of Huawei Smart Car Solutions BU, said at the SAIC Developer Conference that the wider the application range of the software platform, the lower the marginal cost. Scale is the most fundamental business logic to achieve profitability.</p><p>Although Baidu, Tencent, Huawei and many other technology Internet companies have talked about the possible cooperation between themselves and SAIC SOA, they and SAIC will be more competitive and cooperative in the future, taking these things into their own hands. Similarly, other car companies will also build their own SOA platforms. The development ideas can be to expand outward or choose for their own use, but it also means that SAIC and WM Motor SOA platforms lose this part of resources.</p><p>But for small car companies, they will consider whether the user scale can support the commercialization of self-built platforms. If they decide to use the platforms of large car companies, they will weigh which platform ecosystem is better, so that every link in their own industry chain is expected to benefit from it.</p><p>Therefore, absorbing these small car companies will be an important direction for large car companies such as SAIC to expand their \"circle of friends\" in the future. In the long run, as SAIC's zero-beam SOA platform gradually opens up, it will be tested on other brands of cars. Regardless of whether small car companies adopt their own platforms or not, the first step is to unify interface standards to facilitate small car companies to integrate into the ecosystem.</p><p>Generally speaking, electrification and intelligence are building a new track for the next round of industrial competition, and the SOA platform has become one of the keys for many car companies to compete for voice. Everyone wants to be an \"App Store\", but in the end there may only be one. At present, car companies such as SAIC Lingshu and WM Motor are still in their infancy in the direction of \"SOA\", and the future competition format is still unknown. What we need to do is to let the \"bullets\" of car companies fly for a while.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.chinaventure.com.cn/news/78-20210427-361891.html\">投中网</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":{},"source_url":"https://www.chinaventure.com.cn/news/78-20210427-361891.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171495583","content_text":"SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。\n\n是什么成就苹果超2万亿美元的市值？\n凯文·凯利曾在演讲时指出：“未来技术革新的所在，是在主流之外的边缘地带，比如当你的拖拉机越造越好的时候，汽车也许在另一个技术层面上逆袭。这就是未来的所在。”这句话不仅诠释苹果的创新是换一种维度的突破，也无形中道出汽车产业一种可能的变革思路。\n后疫情时代，SDV（软件定义汽车）成为被车企们讲烂的词汇，随后还诞生出“用户定义汽车”这一说法。但是，车企更多还是想让用户好理解罢了，当变革关乎到技术研发时，必然要考虑用什么理念设计架构以承载软件，发挥SDV的真正价值。\n而SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。这个月，上汽还举办了全球SOA平台开发者大会。SOA架构被引入汽车，透露出行业的哪些信号？\nSOA搭“戏台”，汽车玩起“苹果APP”式革命\nSOA并不是个新名词，在汽车行业也早有尝试。蔚来、小鹏实际上已经在尝试进行一些SOA架构设计的运用，比如目前已经较为成熟的OTA功能以及远程诊断功能，都在SOA架构的运用范畴之内。\n拿智能手机类比，苹果手机就具有相似的架构，表现出来的形式就是向开发者开放的平台——App Store。SOA之于汽车，就好比苹果App Store之于iPhone，它将汽车的硬件能力开放出来，供软件开发者调用，以实现相应的功能。\n从iPhone 3G问世并向第三方开发者开放Apple Store，到如今Apple Store上已经有超过500万应用，苹果由此拥有了全球领先的软件生态。在苹果手机上为数不多的传感器、执行器支持下，iOS已能够提供百万级应用，而汽车的硬件复杂程度远超手机，将SOA平台导入其中，背后的想象空间是巨大的。\n一个不懂编写代码的普通用户，可以通过将车窗、音响、氛围灯等各个模块的触发条件集合到自己的APP中，生成符合用户需求的个性化场景。APP上传到应用商店再下载到车上，用户便可使用。\n比如，车内需要透气时，司机希望打开汽车外循环，同时两位乘客分别希望打开车窗和天窗，这样就出现三个不同的需求，而它们完全可以通过用户自我定制来实现。这只是最简单的玩法，通过多种功能组合，理论上可产生海量全新的应用，最终拓展智能汽车的能力。\n类似于App Store，开发者利用SOA平台向用户提供服务时，可以采用买断式或订阅式收费。开发者取得商业收益，车企也可以获得利润。只是，SOA平台尚在起步阶段，如何制定商业模式还不明朗。\n目前选择将整车搭建SOA平台，上汽零束、威马是为数不多的两家，而哪吒、高合有提及引入SOA理念，不过产品目前没有落地。\n上汽零束已经与首批开发者一起，开发了几十个智能车专属应用场景，几百个用户“千人千面”模式，以及部分典型的汽车智能化应用，目前平台的软件可以在上汽旗下R汽车和智己汽车上通用。\n威马在威马W6汽车中应用SOA平台，上线了自定义编程功能，自定义场景超100个，手机端与车机端同步；哪吒S也将整个系统基于SOA架构，不过产品正式上市时间可能在2022年下半年。\n对比这几家，上汽、威马在SOA平台上的探索是有产品落地的，其中上汽的开放进程跑得更快，威马的落地时间即汽车发布时间则稍早一些。而哪吒因为整车未公布，进度最慢。\n即便如此，上汽零束SOA平台的开放性都仍有大幅提升空间。「智能相对论」了解到，其平台分为三种模式，面向普通用户、第三方开发者的两种版本已对外界公布，而面向OEM和供应商的版本并未具体展示。\n作为走向开放的关键部分，车企想让其实现跨品牌、跨车型是最为困难的，不仅对研发工程师团队提出高要求，而且还要关系到和Tier1、其他OEM的利益权衡。这也让大家期待SOA平台时，看到了很多的困难和挑战。\n搭“戏台”不易，还怕“没人唱戏、没人捧场”\n通过SOA架构，还有一层好处是，软件的开发主导权会回归车企。随之而来的是，车企需要大量研发工作，也需要人才。\n业内人士告诉「智能相对论」，“架构工程师薪酬就很高，可不是开高薪就能招到的，因为这个职位对人的要求极高，他要对车和软件都有专业的理解。”\n在整车功能定义初期，整个SOA团队就必须要参与进来，这个无论是上汽零束、威马、哪吒，还是其他车企都要花费一大笔钱。但除开技术层面，之后还有许多现实问题存在，比如车企如何吸引开发者入驻平台？\n以上汽零束SOA平台为例，若要达到让更多开发者甚至普通用户，持续参与软件开发的初衷，需要降低进入门槛来扩大用户基数，帮助平台氛围活跃起来。打造好服务和功能后，再带动整个平台质量提高以吸引新的开发者，最终反哺SOA平台。一旦运转起来就会有“飞轮效应”，形成规模化。\n许多互联网现象都与此类似，比如外卖、拼购电商、网约车平台，商家量和用户量是相互促进、互为前提的。平台为了扩大两者规模，砸钱补贴往往是冷启动常见的做法。\n事实的确如此，开发者不可能一直是“为爱发电”。类似于App Store，做好激励方案是车企需要思考的问题。车企前期投入难以避免，而之后，用户、开发者、车企三者之间的利益如何划分十分重要，这关乎到平台的长期生存。\n还有一个关键问题是，车企如何打破边界？手机软件开发者在开发时，只需要围绕安卓和iOS两个系统，再简单进行机型适配即可。而软件上车时，有着数不清的车型、品牌。无论是上汽零束还是威马，目前平台还只是落地在旗下车型，未来开发者规模要打开新的增长空间，无疑需要更多友商融入平台。\n这一块的困难其实不在于平台如何“适配”友商，更在于平台如何“吸纳”友商。汽车行业当下的趋势是，传统汽车硬件、智能化硬件这类底层的东西逐渐变成开放的、标准化、有产业规模支撑的。各家的竞争反而是软件层和服务层的竞争，它们都是“友商”不愿失去的。\n此外，安全问题也是平台发展的必要考量。汽车上有数百个硬件可供软件调用，考虑到驾驶安全，因此汽车软件的容错率（如闪退、崩溃）要远远低于App Store。\n这就意味着，一些涉及汽车运动、自动驾驶的功能无法开放给用户，只能交由研发能力强的OEM自己设计。这也就产生一个矛盾的事实：“高技术准入门槛”和“吸引更多开发者”不可兼得，因为安全必须得到保证。\n威马表示，W6用户可以通过“威马快捷”，创建属于自己的驾驶模式，包括L2驾驶辅助系统、音乐、空调温度、座椅调整等用户偏好的软硬件设置，按照自己的喜好进行添加和设置。而上汽零束在介绍平台时，具体谈的更多也是生活、娱乐系统功能。\n娱乐系统功能本身的安全等级低于其他域的要求，是最为容易实现的，而ADAS域内则完全相反。所以在SOA平台发展趋势中，功能需要上汽零束、威马一步一步去推、去完善，直至完全打通。\n灵魂拷问：大家都想做，凭什么你成功？\n理想很丰满，现实却有些骨感。车企若想建立起SOA平台这条护城河，其面临的难度不可小觑。此前提及到，盯住其巨大潜能的车企已有上汽、威马，哪吒、高合也对SOA架构跃跃欲试。\n当然，这些只是目前已知的主机厂。包括小米、滴滴等在内，愈多科技互联网巨头开始布局智能汽车领域。从“软件定义汽车”到“用户定义汽车”成为热门，小米、滴滴们重视“SOA”是可以想象的。\n小米滴滴凭借在原有业务领域的硬件制造、软件运营等优势，造车算是做了一次新相关战略延伸。其中小米背后有着比传统车企更庞大的用户量，更能够支撑起SOA平台的商业化想象。\n小米造车的体系架构目前尚不可知，但面对其数量庞大的“米粉”们，小米无疑会重视他们的意见，很大概率会引入“SOA”。通过SOA平台，“米粉”可以生成符合自己拥车偏好及驾驶习惯的个性化场景，这与其强调“用户参与感”是相契合的。\n相比于友商们，上汽零束、威马的优势在于“先发”，会更早地跑出一定规模。华为智能汽车解决方案BU总裁王军在上汽开发者大会就表示，软件平台应用范围越广，边际成本越低。规模化俨然是实现盈利最根本的商业逻辑。\n尽管百度、腾讯、华为等多家科技互联网公司都谈到自身与上汽SOA之间的可能性合作，但它们和上汽未来更会是竞合关系，把这些东西掌握在自己手里。同样地，其他车企也会搭建自己的SOA平台，发展思路可以是向外扩张或者选择自用，但也意味着上汽、威马SOA平台失去这部分资源。\n可是对于小车企而言，它们会去考虑用户规模能否支撑自建平台做好商业化。若决定使用大型车企的平台，它们会去权衡哪个平台生态做得更好，这样自身产业链每一环都有望从中受益。\n因此，吸纳这部分小车企会是将来上汽等大型车企扩大“朋友圈”的重要方向。长期来看，随着上汽零束SOA平台逐步开放，其将会在其他品牌车上测试。无论小车企是否采用自己的平台，第一步可以先把接口标准统一，便于小车企融入生态。\n总的来看，电动化、智能化正在构筑起下一轮产业竞争的新赛道，而SOA平台成为一众车企抢夺声量的关键之一。人人都想做“App Store”，可最后可能只会有一个，目前上汽零束、威马等车企在“SOA”方向尚处起步阶段，未来竞争业态仍是未知。而我们需要做的则是，让车企的“子弹”再飞一会儿。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374324050,"gmtCreate":1619422100770,"gmtModify":1704723580629,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374324050","repostId":"1182402252","repostType":4,"repost":{"id":"1182402252","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619421307,"share":"https://ttm.financial/m/news/1182402252?lang=en_US&edition=fundamental","pubTime":"2021-04-26 15:15","market":"us","language":"zh","title":"$6 billion run to leave! Tech Stocks Snubbed by Investors","url":"https://stock-news.laohu8.com/highlight/detail?id=1182402252","media":"英为财情Investing","summary":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自20","content":"<p>The lackluster performance of U.S. tech stocks last week sent investors dumping billions of dollars of stocks ahead of the tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 Index ETF ((NASDAQ: QQQ)) had a net outflow of $6 billion last week, the largest outflow since the dot-com bubble burst in 2000, which also made the ETF The ETF saw its first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Tech stocks were sought after by investors last year, but this year the situation has been completely different. Since 2021, ETFs tracking finance have attracted inflows of $15.7 billion, while energy and materials funds have attracted inflows of $14.4 billion and $4.9 billion respectively, but technology ETFs have only seen inflows of $3.9 billion so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investor expectations for tech stocks may be too high as earnings season kicks off, and he is looking at materials, energy and financials, which could grow as much as 80%.</p><p>After Netflix released a disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many technology giants are about to announce their financial reports this week.</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>$6 billion run to leave! Tech Stocks Snubbed by Investors</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$6 billion run to leave! Tech Stocks Snubbed by Investors\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-26 15:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The lackluster performance of U.S. tech stocks last week sent investors dumping billions of dollars of stocks ahead of the tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 Index ETF ((NASDAQ: QQQ)) had a net outflow of $6 billion last week, the largest outflow since the dot-com bubble burst in 2000, which also made the ETF The ETF saw its first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Tech stocks were sought after by investors last year, but this year the situation has been completely different. Since 2021, ETFs tracking finance have attracted inflows of $15.7 billion, while energy and materials funds have attracted inflows of $14.4 billion and $4.9 billion respectively, but technology ETFs have only seen inflows of $3.9 billion so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investor expectations for tech stocks may be too high as earnings season kicks off, and he is looking at materials, energy and financials, which could grow as much as 80%.</p><p>After Netflix released a disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many technology giants are about to announce their financial reports this week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/48729940b5a815d99b2cb055fae07190","relate_stocks":{"QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182402252","content_text":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自2000年互联网泡沫破裂以来流出规模最大的一次，这也使得该ETF在一个多月来首次出现了周下跌。\n\n去年，科技股受到了投资者的追捧，但今年以来形势却完全不同。2021年以来，追踪金融的ETF已经吸引了157亿美元的资金流入，而能源和材料基金分别吸引了144亿美元和49亿美元的资金流入，但科技ETF今年迄今的资金流入却仅有39亿美元。\nMoors＆Cabot Inc.董事总经理James Pillow表示，随着财报季拉开序幕，投资者们对科技股的预期可能过高，他正在关注材料、能源和金融板块，这些板块的增长可能高达80%。\n在上周奈飞公布了令人失望的财务报告后，亚马逊、苹果、微软等诸多科技巨头即将在本周公布财报。","news_type":1,"symbols_score_info":{".IXIC":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372251330,"gmtCreate":1619223070920,"gmtModify":1704721409806,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"Z","listText":"Z","text":"Z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/372251330","repostId":"2129035903","repostType":4,"repost":{"id":"2129035903","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619191931,"share":"https://ttm.financial/m/news/2129035903?lang=en_US&edition=fundamental","pubTime":"2021-04-23 23:32","market":"us","language":"zh","title":"The two K12 giants have released financial reports successively. Who has a \"good future\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2129035903","media":"英为财情Investing","summary":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这","content":"<p>China's two major education giants recently released their latest financial report data. After experiencing a first quarter with high stock price volatility, the financial reports of these two companies have received close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market and the US stock market have both fallen by more than 12% this year, which is not only significantly weaker than the trend of the US stock market, but also not in line with the trend of vigorous economic recovery in the \"post-epidemic\" era.</p><p>The weakness of Zhonggai Education Stocks can be traced back to January this year. At that time, the website of the Central Commission for Discipline Inspection and the State Supervision Commission issued a document pointing out the various problems existing in online education. There are also media sources that after-school counseling institutions have been raided by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Noncommittal on the news.</p><p>In the following months, online education was frequently named by relevant departments and official media, and the issue of how to regulate the education and training industry also triggered heated discussions in the society. Chen Baosheng, Minister of Education, recently said that this year, efforts should be made to rectify off-campus training institutions. On March 31, Lu Yugang, director of the Department of Basic Education of the Ministry of Education, said at the press conference of the State Council Information Office that this year, the Ministry of Education has listed the governance of training institutions as a key task, and further strengthened the governance of off-campus training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under the strict regulatory environment, Wall Street has also turned to,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Of analysts will<a href=\"https://laohu8.com/S/TAL\">TAL</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Analysts believe that the impact of regulation on leading companies will not be too great. However, the investment bank also said that in the current situation of a lot of news, investors chose to \"vote with their feet\" and sell stocks first, which is a common way for Wall Street investors to deal with negative news of international stocks.</p><p><b>1、</b>TAL</p><p>According to the latest data released by TAL, the company's revenue in the Q4 quarter of fiscal year 2021 was US $1.36 billion, a year-on-year increase of 59%, which was better than the company's guidance expected to be between US $1.175 and US $1.2 billion announced in Q3. The company achieved revenue of approximately 4.5 billion for the whole year. U.S. dollars, a year-on-year increase of 37.3%. However, its losses also enlarged. The net loss in the fourth quarter was US $169 million, an increase of 87.56% from the net loss of US $90 million in the same period last year, and the net loss for the whole year was US $116.0 million.</p><p>It should be noted that TAL's losses have increased, mainly due to the substantial increase in marketing expenses brought about by the online education war. Recently, the competition among major online education institutions has become increasingly fierce, the company's advertising investment has further surged, and the overall marketing expenses have soared sharply. Specifically, the company's Q4 sales expenses reached US $660 million, a year-on-year increase of 172%; The annual sales expenses were 1.68 billion yuan, a year-on-year increase of 37.4%.</p><p>Although it is backed by the strict regulatory environment, and the problem of a large number of advertisements before the winter vacation has attracted the attention of the regulatory authorities, the company's online courses in Q4 achieved revenue of approximately US $440 million, a year-on-year increase of 115%, accounting for 32% from 24% in the same period last year.%, the number of participants in long-term regular-priced courses increased by 71% year-on-year to 3.5 million, and the ASP of regular-priced courses increased by 9% year-on-year.</p><p>According to the market data of Investing.com, at the beginning of TAL's financial report, the market gave the stock a relatively positive reaction (up about 6% before the market), but then the stock price fell back and finally closed down 2.16%.</p><p>Market analysts believe that under the severe pressure of entering a higher school in China, the company still has huge opportunities in the extracurricular tutoring market. Although the competition is fierce, under the background of stricter supervision, the competition will become calmer, and its management of marketing expenses is also expected to improve. The company's market outlook is more rational in terms of online expansion. And its cash flow is still as high as $5.938 billion.</p><p>TAL expects that in Q1 of fiscal year 2022 (the three months ending May 31, 2021), its revenue will increase by 43%-45% year-on-year to between US $1.3022 billion and US $1.3205 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, New Oriental, TAL's number one competitor, also released its financial report. Data show that in the third quarter of fiscal year 2021, New Oriental's net income exceeded US $1.19 billion, a year-on-year increase of 29%. In addition, Q3.151 billion US dollars, a year-on-year increase of 9.9%. Profit per ADS was US $0.09, unchanged from US $0.09 in the same period last year, and the market expected US $0.06.</p><p>Like TAL, in the face of a fierce competitive environment, the company's business expansion has also led to an increase in costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of the OMO system, investing US $59 million in existing cities and surrounding areas. Trial OMO online courses in 25 new satellite cities. (OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate online and offline channels. It is considered a business model with greater market efficiency improvement after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US $1.089 billion, a year-on-year increase of 35.1%; Cost of revenue was US $529.5 million, a year-on-year increase of 35.3%; Sales and marketing expenses were US $156.1 million, a year-on-year increase of 32.0%; General and administrative expenses were US $393.4 million, a year-on-year increase of 36.1%. However, the increase in costs has also suppressed the company's profit margins.</p><p>However, New Oriental is still profitable, which also makes Wall Street investors more \"tolerant\" of it. On the day of the financial report, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China's better control of the epidemic, offline education has also picked up, and the two educational methods can complement each other, which can help established educational institutions like New Oriental seize more markets and resources. However, it is undeniable that in the fierce competitive environment, the erosion of the stock's market share by other industry participants cannot be ignored.</p><p>New Oriental predicts that in Q4 of fiscal year 2021 (three months ending May 31, 2021), its revenue will increase by 38%-43% year-on-year to between US $1.1019 billion and US $1.1418 billion.</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 two K12 giants have released financial reports successively. Who has a \"good future\"?</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 two K12 giants have released financial reports successively. Who has a \"good future\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's two major education giants recently released their latest financial report data. After experiencing a first quarter with high stock price volatility, the financial reports of these two companies have received close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market and the US stock market have both fallen by more than 12% this year, which is not only significantly weaker than the trend of the US stock market, but also not in line with the trend of vigorous economic recovery in the \"post-epidemic\" era.</p><p>The weakness of Zhonggai Education Stocks can be traced back to January this year. At that time, the website of the Central Commission for Discipline Inspection and the State Supervision Commission issued a document pointing out the various problems existing in online education. There are also media sources that after-school counseling institutions have been raided by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Noncommittal on the news.</p><p>In the following months, online education was frequently named by relevant departments and official media, and the issue of how to regulate the education and training industry also triggered heated discussions in the society. Chen Baosheng, Minister of Education, recently said that this year, efforts should be made to rectify off-campus training institutions. On March 31, Lu Yugang, director of the Department of Basic Education of the Ministry of Education, said at the press conference of the State Council Information Office that this year, the Ministry of Education has listed the governance of training institutions as a key task, and further strengthened the governance of off-campus training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under the strict regulatory environment, Wall Street has also turned to,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Of analysts will<a href=\"https://laohu8.com/S/TAL\">TAL</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Analysts believe that the impact of regulation on leading companies will not be too great. However, the investment bank also said that in the current situation of a lot of news, investors chose to \"vote with their feet\" and sell stocks first, which is a common way for Wall Street investors to deal with negative news of international stocks.</p><p><b>1、</b>TAL</p><p>According to the latest data released by TAL, the company's revenue in the Q4 quarter of fiscal year 2021 was US $1.36 billion, a year-on-year increase of 59%, which was better than the company's guidance expected to be between US $1.175 and US $1.2 billion announced in Q3. The company achieved revenue of approximately 4.5 billion for the whole year. U.S. dollars, a year-on-year increase of 37.3%. However, its losses also enlarged. The net loss in the fourth quarter was US $169 million, an increase of 87.56% from the net loss of US $90 million in the same period last year, and the net loss for the whole year was US $116.0 million.</p><p>It should be noted that TAL's losses have increased, mainly due to the substantial increase in marketing expenses brought about by the online education war. Recently, the competition among major online education institutions has become increasingly fierce, the company's advertising investment has further surged, and the overall marketing expenses have soared sharply. Specifically, the company's Q4 sales expenses reached US $660 million, a year-on-year increase of 172%; The annual sales expenses were 1.68 billion yuan, a year-on-year increase of 37.4%.</p><p>Although it is backed by the strict regulatory environment, and the problem of a large number of advertisements before the winter vacation has attracted the attention of the regulatory authorities, the company's online courses in Q4 achieved revenue of approximately US $440 million, a year-on-year increase of 115%, accounting for 32% from 24% in the same period last year.%, the number of participants in long-term regular-priced courses increased by 71% year-on-year to 3.5 million, and the ASP of regular-priced courses increased by 9% year-on-year.</p><p>According to the market data of Investing.com, at the beginning of TAL's financial report, the market gave the stock a relatively positive reaction (up about 6% before the market), but then the stock price fell back and finally closed down 2.16%.</p><p>Market analysts believe that under the severe pressure of entering a higher school in China, the company still has huge opportunities in the extracurricular tutoring market. Although the competition is fierce, under the background of stricter supervision, the competition will become calmer, and its management of marketing expenses is also expected to improve. The company's market outlook is more rational in terms of online expansion. And its cash flow is still as high as $5.938 billion.</p><p>TAL expects that in Q1 of fiscal year 2022 (the three months ending May 31, 2021), its revenue will increase by 43%-45% year-on-year to between US $1.3022 billion and US $1.3205 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, New Oriental, TAL's number one competitor, also released its financial report. Data show that in the third quarter of fiscal year 2021, New Oriental's net income exceeded US $1.19 billion, a year-on-year increase of 29%. In addition, Q3.151 billion US dollars, a year-on-year increase of 9.9%. Profit per ADS was US $0.09, unchanged from US $0.09 in the same period last year, and the market expected US $0.06.</p><p>Like TAL, in the face of a fierce competitive environment, the company's business expansion has also led to an increase in costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of the OMO system, investing US $59 million in existing cities and surrounding areas. Trial OMO online courses in 25 new satellite cities. (OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate online and offline channels. It is considered a business model with greater market efficiency improvement after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US $1.089 billion, a year-on-year increase of 35.1%; Cost of revenue was US $529.5 million, a year-on-year increase of 35.3%; Sales and marketing expenses were US $156.1 million, a year-on-year increase of 32.0%; General and administrative expenses were US $393.4 million, a year-on-year increase of 36.1%. However, the increase in costs has also suppressed the company's profit margins.</p><p>However, New Oriental is still profitable, which also makes Wall Street investors more \"tolerant\" of it. On the day of the financial report, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China's better control of the epidemic, offline education has also picked up, and the two educational methods can complement each other, which can help established educational institutions like New Oriental seize more markets and resources. However, it is undeniable that in the fierce competitive environment, the erosion of the stock's market share by other industry participants cannot be ignored.</p><p>New Oriental predicts that in Q4 of fiscal year 2021 (three months ending May 31, 2021), its revenue will increase by 38%-43% year-on-year to between US $1.1019 billion and US $1.1418 billion.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/95a52bac654e212de5e6a737e01fc5ff","relate_stocks":{"TAL":"好未来","EDU":"新东方","09901":"新东方-S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129035903","content_text":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这不仅大幅弱于美股大盘的走势，也并不符合“后疫情”时代经济蓬勃复苏的趋势。\n中概教育股的弱势，可以追溯到今年1月，彼时，中央纪委国家监委网站发文直指在线教育存在的种种问题。还有媒体消息称，课后辅导机构受到了相关监管部门的突击检查。而当时新东方对这一消息不置可否。\n接下来的几个月里，在线教育频频被有关部门和官媒点名，关于如何规范教培行业的问题也引发了社会热议。教育部部长陈宝生近期表示，今年要大力度治理整顿校外培训机构。3月31日，教育部基础教育司司长吕玉刚在国新办发布会上表示，今年教育部把培训机构治理工作列入重点工作任务，进一步加大校外培训机构治理力度。随着监管政策的陆续出台，2021年也被视作教培行业变革性的一年。\n严监管环境下，华尔街也纷纷转向，花旗的分析师将好未来的目标价下调了20美元；而杰富瑞的分析师则认为，监管对于龙头企业的影响不会太大。但是该投行也表示，在当前消息较多的情况下，投资者选择了“用脚投票”，先抛售股票，这是华尔街投资者对国际股票负面消息常见的处理方式。\n1、好未来\n好未来最新公布的数据显示，公司2021财年Q4季度营收为13.6亿美元，同比增长59%，优于公司Q3时公布的指引预期11.75-12亿美元之间，全年公司实现收入约45亿美元，同比增长37.3%。但是，其亏损也放大，第四季净亏损为1.69亿美元，较上年同期的净亏损0.90亿美元扩大87.56%，全年净亏损为1.160亿美元。\n需要注意的是，好未来的亏损加大，主要是因为线上教育大战所带来的营销费用大幅增长。近期，各大头部在线教育机构之间的竞争越发激烈，公司的广告投入也进一步激增，整体营销费用大幅飙升。具体而言，公司Q4销售费用达到6.6亿美元，同比大增172%；全年销售费用16.8亿元，同比大增37.4%。\n虽然背靠严监管环境，而且寒假前的广告大量投放问题，被监管部门关注，但是Q4公司在线课程实现收入约4.4亿美元，同比增长115%，占比从去年同期的24%大幅增至32%，长期正价课程的参培人数同比增长71%达到350万人，正价课程ASP同比增长9%。\n根据英为财情Investing.com的行情数据显示，在好未来公布财报之初，市场给予该股较为正面的反应(盘前涨约6%)，但是随后股价回落，最终收跌2.16%。\n市场分析师认为，在中国严峻的升学压力之下，公司在课外辅导市场仍然具备巨大机会，虽然竞争激烈，但是在监管趋严的背景下，竞争会更加趋于冷静，其在营销费用的管理方面也有望提升。公司后市在线上扩张方面更理性。而且其现金流仍然高达59.38亿美元。\n好未来预计，2022财年Q1(截至2021年5月31日止三个月)，其营收同比增长43%-45%，至13.022亿美元-13.205亿美元之间。\n2、新东方\n本周稍早前，好未来的头号竞争对手新东方也发布了财报。数据显示，2021财年第三季度，新东方净收入超11.9亿美元，同比增长29%，此外，Q31.51亿美元，同比增长9.9%。每ADS盈利0.09美元，和去年同期的0.09美元持平，市场预期0.06美元。\n和好未来一样，面对激烈的竞争环境，公司业务扩张也导致了成本的增加，数据显示，2021财年Q3，新东方继续扩大OMO系统的覆盖范围，投入5900万美元，在现有城市和周围的25个新的卫星城市中试用OMO在线课程。(OMO战略是指Online-Merge-Offline模式，旨在深度融合线上和线下渠道，被认为是继O2O之后市场效率更大提升的商业模式。)\n在2021财年第三季度，新东方运营成本和开支为10.890亿美元，同比增长35.1%；营收成本为5.295亿美元，同比增长35.3%；销售及营销开支为1.561亿美元，同比增长32.0%；总务及行政开支为3.934亿美元，同比增长36.1%。不过成本的增长也导致了公司的利润空间受到压制。\n不过，新东方仍然盈利，这也让华尔街的投资者对其更为“宽容”，在财报发布当日，公司股价收盘涨超6.4%。\n分析师认为，在中国较好地控制疫情的情况下，线下教育也已经回暖，两种教育方式就能得到相互补充，可以帮助新东方这样的老牌教育机构抢占更多市场和资源。但是不可否认的是，激烈的竞争环境中，其他行业参与者对该股市场份额的侵蚀也不容忽视。\n新东方预测，2021财年Q4(截至2021年5月31日止三个月)，其营收同比增长38%-43%，至11.019亿美元-11.418亿美元之间。","news_type":1,"symbols_score_info":{"09901":0.9,"TAL":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371426656,"gmtCreate":1618966908875,"gmtModify":1704717582321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/371426656","repostId":"2129231758","repostType":4,"repost":{"id":"2129231758","kind":"news","pubTimestamp":1618956775,"share":"https://ttm.financial/m/news/2129231758?lang=en_US&edition=fundamental","pubTime":"2021-04-21 06:12","market":"us","language":"zh","title":"Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September","url":"https://stock-news.laohu8.com/highlight/detail?id=2129231758","media":"腾讯美股","summary":"腾讯证券4月21日讯，国际日化巨头宝洁公司今年秋季将开始提高从尿布到卫生棉条等日常用品的价格。宝洁是最新一家宣布涨价的消费品公司，也是规模最大的一家。与此同时，宝洁公布了其季度财报。这标志着宝洁自2018年以来最慢的整体销售增长，此前一年疫情肆虐导致宝洁旗下清洁用品、纸巾和厕纸等产品供不应求。该公司表示，此次涨价将于9月份生效，涉及婴儿产品、成人纸尿裤和女性护理品牌，价格涨幅将在中至高个位数百分点。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Securities News on April 21, international daily chemical giants<a href=\"https://laohu8.com/S/PG\">Procter Gamble</a>Companies will start raising prices for everyday items from diapers to tampons this fall. Procter & Gamble is the latest consumer goods company to announce a price hike, and the largest.</p><p>The manufacturer, which owns Gillette razors and Tide washing powder, said the price increase was mainly due to higher costs of raw materials such as resin and pulp, as well as higher transportation costs.</p><p>Meanwhile, P&G reported its quarterly earnings. Last month, rival Kimberly-Clark made a similar move.</p><p>Procter & Gamble said that its sales increased by 4% in the first quarter ended March 31, with the beauty, cloth and home care divisions seeing the largest increases.</p><p>This marks P&G's slowest overall sales growth since 2018, after a year of raging pandemic that left P&G's products such as cleaning products, paper towels and toilet paper in short supply.</p><p>Jon Moeller, the company's chief operating officer, said in an interview: \"This is a completely different situation than it was a year ago. In terms of getting out of the epidemic, the situation is different around the world. But consumption in all sectors is very strong.\"</p><p>While sales of some products are cooling, demand for others is picking up, such as beauty products and supplies sold directly to businesses reopening after widespread shutdowns, Mohler said.</p><p>Moller said that Procter & Gamble's goal is to improve its products and add product functions. After the company raises prices, consumers will feel that they get more. The price increase, which will take effect in September, involves baby products, adult diapers and feminine care brands, will see price increases in the mid-to high single-digit percentage points, the company said.</p><p>The last time large consumer goods companies raised prices sharply because of material costs was in 2018, when surging pulp prices pushed up costs for diapers, toilet paper and other products.</p><p>Kimberly-Clark, the maker of Huggies diapers and Scott paper products, said its increase would be between the median and high single digits and would take effect at the end of June. The products will be available for the company's baby and child care, adult care, and Scott's bathroom tissue businesses.</p><p>Several food producers have also raised prices.<a href=\"https://laohu8.com/S/HRL\">Hormel</a>The food company said in February this year that it raised the prices of a number of turkey products in response to rising grain prices. J.M. The Smucker Company said they recently raised the price of Jif peanut butter, and they may also raise the price of pet food due to higher shipping costs and other inflationary pressures.</p><p>The U.S. consumer price index (CPI), which measures how much consumers pay for everyday items such as groceries, clothing, recreational activities and cars, jumped 2.6% in the year to March this year, the largest 12-month increase since August 2018, the Labor Department said last week.</p><p>In the first quarter, P&G's net sales rose 5% to $18.1 billion, ahead of the $18 billion consensus forecast of analysts polled by FactSet. Volume was flat for the first time in years, while both price and blend price rose 2%.</p><p>Procter & Gamble reported net income of $3.27 billion, or $1.26 per share, up from $2.92 billion and $1.12 per share in the same period last year. Analysts expect the company to post net income of 3.09 billion.</p><p>For the fiscal year ended June 30, the company maintained its sales growth forecast of 5% to 6%. (Midsummer)</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnother one! International daily chemical giant Procter & Gamble will raise the prices of its products in September\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-04-21 06:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Securities News on April 21, international daily chemical giants<a href=\"https://laohu8.com/S/PG\">Procter Gamble</a>Companies will start raising prices for everyday items from diapers to tampons this fall. Procter & Gamble is the latest consumer goods company to announce a price hike, and the largest.</p><p>The manufacturer, which owns Gillette razors and Tide washing powder, said the price increase was mainly due to higher costs of raw materials such as resin and pulp, as well as higher transportation costs.</p><p>Meanwhile, P&G reported its quarterly earnings. Last month, rival Kimberly-Clark made a similar move.</p><p>Procter & Gamble said that its sales increased by 4% in the first quarter ended March 31, with the beauty, cloth and home care divisions seeing the largest increases.</p><p>This marks P&G's slowest overall sales growth since 2018, after a year of raging pandemic that left P&G's products such as cleaning products, paper towels and toilet paper in short supply.</p><p>Jon Moeller, the company's chief operating officer, said in an interview: \"This is a completely different situation than it was a year ago. In terms of getting out of the epidemic, the situation is different around the world. But consumption in all sectors is very strong.\"</p><p>While sales of some products are cooling, demand for others is picking up, such as beauty products and supplies sold directly to businesses reopening after widespread shutdowns, Mohler said.</p><p>Moller said that Procter & Gamble's goal is to improve its products and add product functions. After the company raises prices, consumers will feel that they get more. The price increase, which will take effect in September, involves baby products, adult diapers and feminine care brands, will see price increases in the mid-to high single-digit percentage points, the company said.</p><p>The last time large consumer goods companies raised prices sharply because of material costs was in 2018, when surging pulp prices pushed up costs for diapers, toilet paper and other products.</p><p>Kimberly-Clark, the maker of Huggies diapers and Scott paper products, said its increase would be between the median and high single digits and would take effect at the end of June. The products will be available for the company's baby and child care, adult care, and Scott's bathroom tissue businesses.</p><p>Several food producers have also raised prices.<a href=\"https://laohu8.com/S/HRL\">Hormel</a>The food company said in February this year that it raised the prices of a number of turkey products in response to rising grain prices. J.M. The Smucker Company said they recently raised the price of Jif peanut butter, and they may also raise the price of pet food due to higher shipping costs and other inflationary pressures.</p><p>The U.S. consumer price index (CPI), which measures how much consumers pay for everyday items such as groceries, clothing, recreational activities and cars, jumped 2.6% in the year to March this year, the largest 12-month increase since August 2018, the Labor Department said last week.</p><p>In the first quarter, P&G's net sales rose 5% to $18.1 billion, ahead of the $18 billion consensus forecast of analysts polled by FactSet. Volume was flat for the first time in years, while both price and blend price rose 2%.</p><p>Procter & Gamble reported net income of $3.27 billion, or $1.26 per share, up from $2.92 billion and $1.12 per share in the same period last year. Analysts expect the company to post net income of 3.09 billion.</p><p>For the fiscal year ended June 30, the company maintained its sales growth forecast of 5% to 6%. (Midsummer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210421061344774c0a92&s=b\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0b342767d9403687d333cacaf9a8fcc","relate_stocks":{"PG":"宝洁"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210421061344774c0a92&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2129231758","content_text":"腾讯证券4月21日讯，国际日化巨头宝洁公司今年秋季将开始提高从尿布到卫生棉条等日常用品的价格。宝洁是最新一家宣布涨价的消费品公司，也是规模最大的一家。\n这家旗下拥有吉列剃须刀和汰渍洗衣粉的生产商称，涨价的原因主要是树脂和纸浆等原材料成本上升，运输费用也上升。\n与此同时，宝洁公布了其季度财报。上个月，其竞争对手金佰利公司也做出了类似的举动。\n宝洁公司说，在截至3月31日的一季度其销售额增长了4%，其中美容、布料和家庭护理部门的增幅最大。\n这标志着宝洁自2018年以来最慢的整体销售增长，此前一年疫情肆虐导致宝洁旗下清洁用品、纸巾和厕纸等产品供不应求。\n该公司首席运营官乔恩-莫勒(Jon Moeller)在接受采访时说：“这跟一年前是完全不同的情况，就摆脱疫情而言，全球各地的状况都不同。但各部门的消费都非常强劲。”\n莫勒表示，虽然一些产品的销售正在降温，但还有一些产品的需求正在回升，比如美容产品和直接销售给大范围关闭后重新开业的企业的用品。\n莫勒说，宝洁的目标是改进产品，增加产品功能，公司提高价格后消费者会觉得他们得到了更多。该公司表示，此次涨价将于9月份生效，涉及婴儿产品、成人纸尿裤和女性护理品牌，价格涨幅将在中至高个位数百分点。\n大型消费品公司上次因为材料成本而大幅涨价是在2018年，当时纸浆价格飙升推高了尿布、厕纸和其他产品的成本。\n好奇(Huggies)纸尿裤和斯科特(Scott)纸制品制造商金佰利(Kimberly-Clark)表示，其增幅将在中位数至高个位数之间，将于6月底生效。这些产品将适用于该公司的婴儿和儿童护理、成人护理和斯科特浴室纸巾业务。\n几家食品生产商也提高了价格。荷美尔食品公司今年2月表示，为了应对谷物价格上涨，它提高了一些列火鸡产品的价格。J.M. Smucker公司表示，他们最近提高了Jif花生酱的价格，而且由于更高的运输成本和其他通货膨胀压力，他们可能也会提高宠物食品的价格。\n美国劳工部上周表示，截至今年3月的一年中，美国消费者价格指数(CPI）跃升2.6%，为2018年8月以来的最大12个月增幅。CPI衡量的是消费者为食品杂货、服装、娱乐活动和汽车等日常用品支付的金额。\n第一季度，宝洁的净销售额增长5%，达到181亿美元，高于FactSet调查分析师一致预测的180亿美元。成交量多年来首次持平，而价格和混合价格均上涨了2%。\n宝洁公布净利润32.7亿美元，合每股1.26美元，高于上年同期的29.2亿美元和每股1.12美元。分析师预计该公司净利润为30.9亿美元。\n在截至6月30日的财年中，该公司保持了5%至6%的销售增长预期。（仲夏）","news_type":1,"symbols_score_info":{"PG":0.9}},"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347197954,"gmtCreate":1618473278478,"gmtModify":1704711360321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347197954","repostId":"1158737349","repostType":4,"repost":{"id":"1158737349","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":1618472281,"share":"https://ttm.financial/m/news/1158737349?lang=en_US&edition=fundamental","pubTime":"2021-04-15 15:38","market":"hk","language":"zh","title":"Spokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization","url":"https://stock-news.laohu8.com/highlight/detail?id=1158737349","media":"老虎资讯综合","summary":"针对近日$阿里巴巴(BABA)$集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。\n\n此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","content":"<p>For recent days<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The group was fined 18 billion yuan, which attracted the attention of the outside world. Gao Feng, spokesman of the Ministry of Commerce, said: Regarding the e-commerce industry, we always adhere to the principle of paying equal attention to development and standardization. We support the innovative development and healthy competition of enterprises, and at the same time, we are committed to creating a fair competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard (draft for comments) of \"Mobile E-commerce Service Commodity Operation Specifications\".</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>Spokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization</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\">\nSpokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-15 15:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>For recent days<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The group was fined 18 billion yuan, which attracted the attention of the outside world. Gao Feng, spokesman of the Ministry of Commerce, said: Regarding the e-commerce industry, we always adhere to the principle of paying equal attention to development and standardization. We support the innovative development and healthy competition of enterprises, and at the same time, we are committed to creating a fair competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard (draft for comments) of \"Mobile E-commerce Service Commodity Operation Specifications\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/995418fbbbc235e75883dec898dccaa8","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158737349","content_text":"针对近日阿里巴巴集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344165050,"gmtCreate":1618388746870,"gmtModify":1704710032458,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/344165050","repostId":"1125475263","repostType":4,"repost":{"id":"1125475263","kind":"news","pubTimestamp":1618388143,"share":"https://ttm.financial/m/news/1125475263?lang=en_US&edition=fundamental","pubTime":"2021-04-14 16:15","market":"us","language":"zh","title":"The total market value of global cryptocurrencies has surpassed Apple's market value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125475263","media":"新浪科技","summary":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","content":"<p>The total global cryptocurrency market capitalization has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. According to Asset Dash data, Apple's market value is now about $2.25 trillion. According to Coingecko's quotes, the total market value of global cryptocurrencies is now approximately US $2.31 trillion.</p>","source":"sina_tech","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 total market value of global cryptocurrencies has surpassed Apple's market value</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 total market value of global cryptocurrencies has surpassed Apple's market value\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-04-14 16:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The total global cryptocurrency market capitalization has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. According to Asset Dash data, Apple's market value is now about $2.25 trillion. According to Coingecko's quotes, the total market value of global cryptocurrencies is now approximately US $2.31 trillion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4856ec4f591737ec230b966483fc4f7","relate_stocks":{"DEFI":"比特币期货ETF-Hashdex","AAPL":"苹果","BITB":"比特币ETF-Bitwise","GBTC":"比特币ETF-Grayscale","ARKB":"比特币ETF-21Shares","FBTC":"比特币ETF-Fidelity","HODL":"比特币ETF-VanEck","BTCW":"比特币ETF-Wisdom Tree","BRRR":"比特币ETF-CoinShares","EZBC":"比特币ETF-Franklin","BTCO":"比特币ETF-Invesco Galaxy"},"source_url":"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125475263","content_text":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","news_type":1,"symbols_score_info":{"BTCO":1,"DEFI":1,"FBTC":1,"ARKB":1,"GBTC":1,"HODL":1,"BITB":1,"EZBC":1,"BTCW":1,"BRRR":1,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345949180,"gmtCreate":1618274887340,"gmtModify":1704708413265,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/345949180","repostId":"1176660010","repostType":4,"repost":{"id":"1176660010","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":1618272389,"share":"https://ttm.financial/m/news/1176660010?lang=en_US&edition=fundamental","pubTime":"2021-04-13 08:06","market":"us","language":"zh","title":"Tencent Holdings: Will raise the limit of medium-term note program to US $30 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1176660010","media":"老虎资讯综合","summary":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公","content":"<p>Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13th, including (among others) the company's recent corporate and financial information, and increased the program limit from US $20 billion to US $30 billion (or the equivalent amount in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in an aggregate principal amount of US $18 billion under the Plan.</p><p>In connection with the planned and proposed Note Issue, the Company will provide recent corporate and financial information to certain professional investors. In order to disseminate information to shareholders and the wider investment community in a transparent and timely manner, a summary of relevant information of management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, BofA Securities and Deutsche Bank as arrangers of the Scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators of the proposed note issue.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's global medium-term note program with a maximum limit of US $30 billion</a></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent Holdings: Will raise the limit of medium-term note program to US $30 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTencent Holdings: Will raise the limit of medium-term note program to US $30 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-13 08:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13th, including (among others) the company's recent corporate and financial information, and increased the program limit from US $20 billion to US $30 billion (or the equivalent amount in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in an aggregate principal amount of US $18 billion under the Plan.</p><p>In connection with the planned and proposed Note Issue, the Company will provide recent corporate and financial information to certain professional investors. In order to disseminate information to shareholders and the wider investment community in a transparent and timely manner, a summary of relevant information of management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, BofA Securities and Deutsche Bank as arrangers of the Scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators of the proposed note issue.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's global medium-term note program with a maximum limit of US $30 billion</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176660010","content_text":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公告刊发日期，本公司根据计划仍有本金总额180亿美元的未偿还票据。就计划及建议票据发行而言，本公司将向若干专业投资者提供近期的公司及财务资料。为了透明地和适时地向股东及更广泛的投资团体发布资料，管理层对本集团财务状况及经营业绩的讨论与分析的相关资料摘要随附于本公告。本公司已委任摩根士丹利、美银证券及德意志银行担任计划的安排行。摩根士丹利、美银证券、高盛（亚洲）有限责任公司及汇丰为建议票据发行的联席全球协调人。【公告原文】腾讯控股有限公司最高限额为300亿美元之全球中期票据计划","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349634177,"gmtCreate":1617600995099,"gmtModify":1704700711377,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349634177","repostId":"1185840581","repostType":4,"isVote":1,"tweetType":1,"viewCount":738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352999301,"gmtCreate":1616848709003,"gmtModify":1704799585423,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/352999301","repostId":"1110290207","repostType":4,"isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351148861,"gmtCreate":1616578754553,"gmtModify":1704795900501,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351148861","repostId":"1183778649","repostType":4,"repost":{"id":"1183778649","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":1616578360,"share":"https://ttm.financial/m/news/1183778649?lang=en_US&edition=fundamental","pubTime":"2021-03-24 17:32","market":"us","language":"zh","title":"Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8","url":"https://stock-news.laohu8.com/highlight/detail?id=1183778649","media":"老虎资讯综合","summary":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","content":"<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>Meet the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Corporation</a>Index, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index, and will take effect on April 9, 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8</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\">\nBaidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-24 17:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>Meet the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Corporation</a>Index, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index, and will take effect on April 9, 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8901bb897f52869e81f726671f8e37d3","relate_stocks":{"09888":"百度集团-SW","BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183778649","content_text":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","news_type":1,"symbols_score_info":{"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359015988,"gmtCreate":1616300283144,"gmtModify":1704792746362,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/359015988","repostId":"2120549145","repostType":4,"repost":{"id":"2120549145","kind":"news","pubTimestamp":1616299535,"share":"https://ttm.financial/m/news/2120549145?lang=en_US&edition=fundamental","pubTime":"2021-03-21 12:05","market":"us","language":"zh","title":"The surge in US Treasury Bond yields is getting worse, will the Fed \"submit\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2120549145","media":"FX168","summary":"英国媒体周六报道称，美联储正陷入与市场的“摊牌”中。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。","content":"<p>British media reported on Saturday (March 20th) that the Federal Reserve was caught in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the burgeoning economic outlook and the possibility of further rising inflation, while underscoring his commitment to keeping interest rates at a minimum for the foreseeable future.</p><p>But this accommodative approach to inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times said that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Fed can allow such rates to run compared to his counterparts in the euro zone.</p><p>\"It's not the level of yield that matters, but the way it interacts with risky assets,\" said Gene Tannuzzo, head of global fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes stocks to fall and credit spreads to widen, then Powell will be even more concerned.\"</p><p>In the past week, the benchmark ten-year U.S. Treasury Bond yield jumped to 1.75%, up from about 1.6% a few days ago. The Bloomberg Barclays index shows that the price of U.S. Treasury Bond 10 years or longer has fallen by nearly 15% since the start of the year. If these losses persist, the first quarter of this year will be the worst sell-off in the U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a sharp rise in inflation and growth expectations, with economists suspecting that the Fed will eventually be forced to present its first rate hike.</p><p>The European Central Bank is concerned that borrowing costs for companies and individuals could rise harmfully, so it has taken measures to resist rising yields on its Treasury Bond. In contrast, the Fed chairman did not appear uneasy, in stark contrast to what happened in March 2020, when policymakers aligned with banks and other market participants on chaotic market movements.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Treasury Bond yields even topped some expectations for the year's highest following a poor U.S. Treasury Bond auction in February, triggering volatile trading.</p><p>Powell on Wednesday again dismissed doubts that should be concerned about near-term volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain \"highly accommodative\" across various indicators, while the central bank will only worry about \"disorder\" that could undermine money markets to support the economic recovery. \"move. To illustrate this point, he said he had no intention of adjusting the Fed's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but for now Fed policymakers are making it clear that they don't want to be directly involved in behavior that has an impact on the yield curve,\" said Rish Bhandari, senior portfolio manager at hedge funds.</p><p>Mike Collins, senior portfolio manager at PGIM's fixed income division, warned that another sharp rise in US Treasury Bond yields could test their stance.</p><p>\"Financial conditions do remain accommodative, but if interest rates go up another 0.5 to 1 percentage point, that does slow down,\" he said. The rebound in equity and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even move to buying more long-term debt.</p>","source":"fxdaily_fut","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 surge in US Treasury Bond yields is getting worse, will the Fed \"submit\"?</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 surge in US Treasury Bond yields is getting worse, will the Fed \"submit\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX168</strong><span class=\"h-time small\">2021-03-21 12:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>British media reported on Saturday (March 20th) that the Federal Reserve was caught in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the burgeoning economic outlook and the possibility of further rising inflation, while underscoring his commitment to keeping interest rates at a minimum for the foreseeable future.</p><p>But this accommodative approach to inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times said that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Fed can allow such rates to run compared to his counterparts in the euro zone.</p><p>\"It's not the level of yield that matters, but the way it interacts with risky assets,\" said Gene Tannuzzo, head of global fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes stocks to fall and credit spreads to widen, then Powell will be even more concerned.\"</p><p>In the past week, the benchmark ten-year U.S. Treasury Bond yield jumped to 1.75%, up from about 1.6% a few days ago. The Bloomberg Barclays index shows that the price of U.S. Treasury Bond 10 years or longer has fallen by nearly 15% since the start of the year. If these losses persist, the first quarter of this year will be the worst sell-off in the U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a sharp rise in inflation and growth expectations, with economists suspecting that the Fed will eventually be forced to present its first rate hike.</p><p>The European Central Bank is concerned that borrowing costs for companies and individuals could rise harmfully, so it has taken measures to resist rising yields on its Treasury Bond. In contrast, the Fed chairman did not appear uneasy, in stark contrast to what happened in March 2020, when policymakers aligned with banks and other market participants on chaotic market movements.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Treasury Bond yields even topped some expectations for the year's highest following a poor U.S. Treasury Bond auction in February, triggering volatile trading.</p><p>Powell on Wednesday again dismissed doubts that should be concerned about near-term volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain \"highly accommodative\" across various indicators, while the central bank will only worry about \"disorder\" that could undermine money markets to support the economic recovery. \"move. To illustrate this point, he said he had no intention of adjusting the Fed's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but for now Fed policymakers are making it clear that they don't want to be directly involved in behavior that has an impact on the yield curve,\" said Rish Bhandari, senior portfolio manager at hedge funds.</p><p>Mike Collins, senior portfolio manager at PGIM's fixed income division, warned that another sharp rise in US Treasury Bond yields could test their stance.</p><p>\"Financial conditions do remain accommodative, but if interest rates go up another 0.5 to 1 percentage point, that does slow down,\" he said. The rebound in equity and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even move to buying more long-term debt.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.fx168.com/bank/fed/2103/4838373.shtml\">FX168</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a56aa88d539d7b65b8089a421c05150c","relate_stocks":{"161125":"标普500","513500":"标普500ETF",".IXIC":"NASDAQ Composite","SPXU":"三倍做空标普500ETF-ProShares","SH":"做空标普500-Proshares","SSO":"2倍做多标普500ETF-ProShares","IEI":"iShares Barclays 3-7 Year Trea","IVV":"标普500ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","TQQQ":"纳指三倍做多ETF","DXD":"两倍做空道琼30指数ETF-ProShares",".DJI":"道琼斯","DDM":"2倍做多道指ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","BND":"债券指数ETF-Vanguard美国","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","GOVT":"iShares安硕核心美国国债ETF","DOG":"道指ETF-ProShares做空","SHY":"债券指数ETF-iShares Barclays 1-3年国债",".SPX":"S&P 500 Index","OEX":"标普100","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","IEF":"债券指数ETF-iShares Barclays 7-10年","QQQ":"纳指100ETF","TLT":"20+年以上美国国债ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares"},"source_url":"https://news.fx168.com/bank/fed/2103/4838373.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120549145","content_text":"英国媒体周六（3月20日）报道称，美联储正陷入与市场的“摊牌”中。\n本周，美联储主席鲍威尔承认迅速发展的经济前景以及通货膨胀率进一步攀升的可能，同时强调了他在可预见的未来将利率保持在最低水平的承诺。\n但是，这种对通货膨胀的宽松态度正在侵蚀美国长期政府债券的价格，在全球市场上引发了涟漪。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。\nColumbia Threadneedle Investments全球固定收益负责人Gene Tannuzzo表示：“重要的不是收益率水平，而是其与风险资产之间的相互作用方式。” “如果收益率以导致股市下跌和信贷息差扩大的速度上升，那么鲍威尔将更加担忧。”\n在过去的一周中，基准十年期美国国债收益率跳升至1.75％，几天前约为1.6％。彭博巴克莱（Bloomberg Barclays）指数显示，自今年年初以来，10年或更长期的美国国债价格下跌了近15％。如果这些损失持续下去，那么今年第一季度将是至少自1970年代初以来美国国债遭遇最严重的一次抛售。\n美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。\n欧洲央行担心公司和个人的借贷成本可能会有害地增加，因此采取措施以抵制其国债收益率的上涨。相比之下，美联储主席表现得并未有任何不安，这与2020年3月的情形形成鲜明对比，当时决策者就混乱的市场走势与银行和其他市场参与者保持一致。\n抛售的迅速开始蔓延到股票和信贷市场，这激怒了投资者。2月份美国国债拍卖表现不佳之后，国债收益率甚至突破了今年最高的一些预期，引发了波动性交易。\n鲍威尔周三再次驳回了应该对21亿美元美国政府债券市场的近期波动担忧的疑虑，重申各种指标的财务状况仍然“高度宽松”，而央行只会担心可能破坏货币市场支持经济复苏的“无序”举动。为说明这一点，他表示无意调整美联储每月1200亿美元的债券购买计划。\n对冲基金高级投资组合经理Rish Bhandari表示：“市场可能会迫使他们改变其行为，但目前美联储决策者明确表示，他们不希望直接参与对收益率曲线产生影响的行为。”\nPGIM固定收益部高级投资组合经理Mike Collins警告说，美国国债收益率的再次大幅上升可能会考验他们的立场。\n他说：“金融状况确实仍然很宽松，但是如果利率再上升0.5至1个百分点，那的确会放慢脚步。”股票和信贷市场的反弹可能也足够严重，以至于促使美联储进行口头干预，甚至转向购买更多长期债务的措施。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"MNQmain":0.9,"SH":0.9,"IEI":0.9,"SDOW":0.9,"GOVT":0.9,".DJI":0.9,"DXD":0.9,"UBmain":0.9,"TQQQ":0.9,"DDM":0.9,"QQQ":0.9,".IXIC":0.9,"BND":0.9,"IVV":0.9,"SDS":0.9,"QID":0.9,"SQQQ":0.9,".SPX":0.9,"DOG":0.9,"UDOW":0.9,"TLT":0.9,"PSQ":0.9,"DJX":0.9,"SHY":0.9,"QLD":0.9,"NQmain":0.9,"SPY":0.9,"SPXU":0.9,"ZBmain":0.9,"ZFmain":0.9,"OEX":0.9,"OEF":0.9,"ESmain":0.9,"SSO":0.9,"UPRO":0.9,"ZTmain":0.9,"TNmain":0.9,"IEF":0.9}},"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350396218,"gmtCreate":1616158177234,"gmtModify":1704791654095,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/350396218","repostId":"1173651311","repostType":4,"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324888349,"gmtCreate":1615982732981,"gmtModify":1704789273156,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324888349","repostId":"1104408842","repostType":4,"repost":{"id":"1104408842","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1615981679,"share":"https://ttm.financial/m/news/1104408842?lang=en_US&edition=fundamental","pubTime":"2021-03-17 19:47","market":"us","language":"zh","title":"Tonight's ups and downs depend on the dot plot: If the Fed releases an \"hawk\", how will the market react?","url":"https://stock-news.laohu8.com/highlight/detail?id=1104408842","media":"英为财情Investing","summary":"距离美联储凌晨02:00的货币政策公告已经不到9小时，VIX恐慌指数还在20附近徘徊。但这也有可能是暴风雨之前的平静——债市、汇市、利率掉期市场的波动率在大幅攀升。\n在昨日的分析中，我们大体阐述了经济","content":"<p>It has been less than 9 hours since the Fed's monetary policy announcement at 02:00 a.m., and the VIX fear index is still hovering around 20. But this may also be the calm before the storm-volatility in the bond market, foreign exchange market and interest rate swap market is rising sharply.</p><p>In yesterday's analysis, we roughly elaborated on the consensus expectations of economists for the Federal Reserve's resolution, including economic forecasts, dot plots, etc. As the resolution looms, Wall Street also releases more opinions, raising a question: If the Fed behaves hawkish, how will the market react?</p><p>A key to judging whether it is hawkish or not is the dot plot. Currently, the consensus expectation in the market is that the median forecast for 2023 will not change, that is, there will be no rate hike until 2023. But one-third of economists still expect the dot plot's median forecast for 2023 to be revised upward.</p><p><img src=\"https://static.tigerbbs.com/21e2e3ade6488faa22fc3f1f20c899ac\" tg-width=\"592\" tg-height=\"573\" referrerpolicy=\"no-referrer\">The Federal Reserve's dot plot last December</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>It is expected that the dot plot will show that 11 Fed officials believe that there will be at least one rate hike before the end of 2023, and 7 officials believe that there will be no rate hike.</p><p>Charlie McElligott, cross-asset macro strategist at Nomura, pointed out that if the market does usher in a \"slight surprise\"-the 2023 median of the dot plot is raised by 25 basis points, then the interest rate market is likely to Maintain the status quo and continue to \"sharpen the knife\" towards the bears; And at least in the short term, the stock market may have a knee-jerk reaction to the decline, because at this time the market will interpret higher yields as \"tightening easing policy\" rather than \"higher growth/inflation expectations.\"</p><p>Steve Englander, global chief foreign exchange strategist at Standard Chartered Bank, gave a more aggressive forecast based on economic and inflation expectations: the median dot plot shows two rate hike in 2023, although it is believed that there will be a rate hike (25 basis points) number of policymakers will follow closely; However, the dot plot will not show the Fed's rate hike in 2022.</p><p>Currently, the money market counts the Fed's three rate hike in 2023, and the first rate hike is more likely to occur at the end of 2022.</p><p>If this forecast is accurate, and FOMC members continue to take a laissez-faire attitude towards rising yields, then this will be interpreted by the market as extremely hawkish. After all, most investors believe that the median dot plot shows no rate hike or rate hike in 2023 once.</p><p>Naturally, the Fed's \"extremely hawkish\" stance will push the dollar higher against almost all non-US currencies. The weakness of the G10 currency may vary, though.</p><p>Standard Chartered Bank pointed out that since the impact of higher U.S. bond yields spread to the foreign exchange market, G10 commodity currencies have instead<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Higher, mainly driven by the strength of the Canadian dollar; The pound was basically flat, and the euro, RMB and trade-weighted emerging currencies all depreciated by 1.5%-2.0%; Safe-haven currencies Swiss franc and Japanese yen fell 4%. Safe-haven currencies are expected to be hit the hardest as risk aversion has been weak recently, there isn't much safe-haven demand, and yield spreads are widening.</p><p>In contrast, Standard Chartered Bank believes that the dot plot shows that one rate hike in 2023 is actually closer to neutral. Because the money market has factored in a lot of rate hike expectations, the dot plot suggests that a rate hike of 25 basis points will not be too much of a surprise. However, the strategist also added that the market will initially interpret this as slightly hawkish.</p><p>So, what if the bitmap stays the same? This will be interpreted by the market as dovish.</p><p>Nomura strategist McLigott believes that stock market investors may breathe a sigh of relief and their rave party will continue, with the S&P 500 easily breaking through 4,000 points and rising higher.</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>Tonight's ups and downs depend on the dot plot: If the Fed releases an \"hawk\", how will the market react?</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\">\nTonight's ups and downs depend on the dot plot: If the Fed releases an \"hawk\", how will the market react?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-03-17 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It has been less than 9 hours since the Fed's monetary policy announcement at 02:00 a.m., and the VIX fear index is still hovering around 20. But this may also be the calm before the storm-volatility in the bond market, foreign exchange market and interest rate swap market is rising sharply.</p><p>In yesterday's analysis, we roughly elaborated on the consensus expectations of economists for the Federal Reserve's resolution, including economic forecasts, dot plots, etc. As the resolution looms, Wall Street also releases more opinions, raising a question: If the Fed behaves hawkish, how will the market react?</p><p>A key to judging whether it is hawkish or not is the dot plot. Currently, the consensus expectation in the market is that the median forecast for 2023 will not change, that is, there will be no rate hike until 2023. But one-third of economists still expect the dot plot's median forecast for 2023 to be revised upward.</p><p><img src=\"https://static.tigerbbs.com/21e2e3ade6488faa22fc3f1f20c899ac\" tg-width=\"592\" tg-height=\"573\" referrerpolicy=\"no-referrer\">The Federal Reserve's dot plot last December</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>It is expected that the dot plot will show that 11 Fed officials believe that there will be at least one rate hike before the end of 2023, and 7 officials believe that there will be no rate hike.</p><p>Charlie McElligott, cross-asset macro strategist at Nomura, pointed out that if the market does usher in a \"slight surprise\"-the 2023 median of the dot plot is raised by 25 basis points, then the interest rate market is likely to Maintain the status quo and continue to \"sharpen the knife\" towards the bears; And at least in the short term, the stock market may have a knee-jerk reaction to the decline, because at this time the market will interpret higher yields as \"tightening easing policy\" rather than \"higher growth/inflation expectations.\"</p><p>Steve Englander, global chief foreign exchange strategist at Standard Chartered Bank, gave a more aggressive forecast based on economic and inflation expectations: the median dot plot shows two rate hike in 2023, although it is believed that there will be a rate hike (25 basis points) number of policymakers will follow closely; However, the dot plot will not show the Fed's rate hike in 2022.</p><p>Currently, the money market counts the Fed's three rate hike in 2023, and the first rate hike is more likely to occur at the end of 2022.</p><p>If this forecast is accurate, and FOMC members continue to take a laissez-faire attitude towards rising yields, then this will be interpreted by the market as extremely hawkish. After all, most investors believe that the median dot plot shows no rate hike or rate hike in 2023 once.</p><p>Naturally, the Fed's \"extremely hawkish\" stance will push the dollar higher against almost all non-US currencies. The weakness of the G10 currency may vary, though.</p><p>Standard Chartered Bank pointed out that since the impact of higher U.S. bond yields spread to the foreign exchange market, G10 commodity currencies have instead<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Higher, mainly driven by the strength of the Canadian dollar; The pound was basically flat, and the euro, RMB and trade-weighted emerging currencies all depreciated by 1.5%-2.0%; Safe-haven currencies Swiss franc and Japanese yen fell 4%. Safe-haven currencies are expected to be hit the hardest as risk aversion has been weak recently, there isn't much safe-haven demand, and yield spreads are widening.</p><p>In contrast, Standard Chartered Bank believes that the dot plot shows that one rate hike in 2023 is actually closer to neutral. Because the money market has factored in a lot of rate hike expectations, the dot plot suggests that a rate hike of 25 basis points will not be too much of a surprise. However, the strategist also added that the market will initially interpret this as slightly hawkish.</p><p>So, what if the bitmap stays the same? This will be interpreted by the market as dovish.</p><p>Nomura strategist McLigott believes that stock market investors may breathe a sigh of relief and their rave party will continue, with the S&P 500 easily breaking through 4,000 points and rising higher.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104408842","content_text":"距离美联储凌晨02:00的货币政策公告已经不到9小时，VIX恐慌指数还在20附近徘徊。但这也有可能是暴风雨之前的平静——债市、汇市、利率掉期市场的波动率在大幅攀升。\n在昨日的分析中，我们大体阐述了经济学家们对于美联储此次决议的共识预期，包括经济预测、点阵图等。随着决议的逼近，华尔街也发布了更多的观点，提出的一个问题是：如果美联储表现鹰派，市场会怎么反应？\n判断是否鹰派的一大关键是点阵图。目前，市场的共识预期是，2023年的中值预测不会改变，即直到2023年都不会加息。但仍有三分之一的经济学家预计，点阵图对于2023年的中值预测会上调。\n美联储去年12月的点阵图\n高盛就预计，点阵图将显示，有11名美联储官员认为2023年底之前至少加息一次，7名官员认为不会加息。\n野村跨资产宏观策略师查理·麦克利戈特（Charlie McElligott）指出，如果市场确实迎来一个“轻微的惊喜”——点阵图的2023年中值上调了25个基点，那么利率市场很可能会维持现状，继续“磨刀霍霍”向空头；而至少在短期内，股市可能会出现下跌的膝跳反应，因为这个时候市场会将更高的收益率解读为“收紧宽松政策”，而不是“更高的增长/通胀预期”。\n渣打银行全球首席外汇策略师史蒂夫·英格兰德（Steve Englander）基于经济和通胀预期，给出了更加激进的预测：点阵图中值显示2023年有两次加息，虽然认为会加息一次（25个基点）的决策者人数将紧随其后；不过点阵图不会显示美联储会在2022年加息。\n当前，货币市场计入美联储在2023年加息三次，第一次加息更可能出现在2022年底。\n如果这个预测准确，而FOMC委员继续对收益率的上升采取放任态度，那么这将被市场解读为极其鹰派，毕竟大多数的投资者都认为点阵图中值显示2023年无加息或加息一次。\n自然，美联储“极其鹰派”的立场将会推动美元兑几乎所有非美货币走高。不过，G10货币的疲软程度可能会有所不同。\n渣打银行指出，自从美债收益率走高的影响蔓延到外汇市场以来，G10大宗商品货币兑美元反而微软走高，主要是由加元的强势推动；英镑基本持平，欧元、人民币和贸易加权新兴货币都有1.5%-2.0%的贬值；避险货币瑞郎和日元大跌4%。避险货币受到的打击预计最为严重，因为近期风险规避情绪较弱，没有太多的避险需求，而且收益率差也在扩大。\n相比之下，渣打银行认为，点阵图显示2023年有一次加息其实更接近中性。因为货币市场已经计入了大量的加息预期，因此点阵图暗示加息25个基点不会是太大的意外。不过这位策略师也补充称，市场最初会将这解读为轻微的鹰派。\n那么，如果点阵图维持不变呢？这将被市场解读为鸽派。\n野村策略师麦克利戈特认为，股市投资者可能会松一口气，他们的狂欢派对也将会继续，标普500指数将轻松突破4000点并涨至更高。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":187070518,"gmtCreate":1623732403034,"gmtModify":1704209876409,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187070518","repostId":"1119444358","repostType":4,"isVote":1,"tweetType":1,"viewCount":2600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345949180,"gmtCreate":1618274887340,"gmtModify":1704708413265,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/345949180","repostId":"1176660010","repostType":4,"repost":{"id":"1176660010","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":1618272389,"share":"https://ttm.financial/m/news/1176660010?lang=en_US&edition=fundamental","pubTime":"2021-04-13 08:06","market":"us","language":"zh","title":"Tencent Holdings: Will raise the limit of medium-term note program to US $30 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1176660010","media":"老虎资讯综合","summary":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公","content":"<p>Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13th, including (among others) the company's recent corporate and financial information, and increased the program limit from US $20 billion to US $30 billion (or the equivalent amount in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in an aggregate principal amount of US $18 billion under the Plan.</p><p>In connection with the planned and proposed Note Issue, the Company will provide recent corporate and financial information to certain professional investors. In order to disseminate information to shareholders and the wider investment community in a transparent and timely manner, a summary of relevant information of management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, BofA Securities and Deutsche Bank as arrangers of the Scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators of the proposed note issue.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's global medium-term note program with a maximum limit of US $30 billion</a></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent Holdings: Will raise the limit of medium-term note program to US $30 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTencent Holdings: Will raise the limit of medium-term note program to US $30 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-13 08:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13th, including (among others) the company's recent corporate and financial information, and increased the program limit from US $20 billion to US $30 billion (or the equivalent amount in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in an aggregate principal amount of US $18 billion under the Plan.</p><p>In connection with the planned and proposed Note Issue, the Company will provide recent corporate and financial information to certain professional investors. In order to disseminate information to shareholders and the wider investment community in a transparent and timely manner, a summary of relevant information of management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, BofA Securities and Deutsche Bank as arrangers of the Scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators of the proposed note issue.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's global medium-term note program with a maximum limit of US $30 billion</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176660010","content_text":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公告刊发日期，本公司根据计划仍有本金总额180亿美元的未偿还票据。就计划及建议票据发行而言，本公司将向若干专业投资者提供近期的公司及财务资料。为了透明地和适时地向股东及更广泛的投资团体发布资料，管理层对本集团财务状况及经营业绩的讨论与分析的相关资料摘要随附于本公告。本公司已委任摩根士丹利、美银证券及德意志银行担任计划的安排行。摩根士丹利、美银证券、高盛（亚洲）有限责任公司及汇丰为建议票据发行的联席全球协调人。【公告原文】腾讯控股有限公司最高限额为300亿美元之全球中期票据计划","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187045667,"gmtCreate":1623732271559,"gmtModify":1704209871543,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187045667","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"sh","language":"zh","title":"Angel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>News on June 15, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16.8296 million shares, priced at HK $173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering stage, Times Angel was subscribed 2079.16 times, and the final number of offer shares allocated to the public offering was 8.4148 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 792,388 valid applications were received, with a winning rate of 1.5% for one lot, and 750 subscriptions were secure for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares on offer was 8,414,800 shares (excluding over-allocated shares), equivalent to 50% of the total number of shares on offer. The relevant data of Tiger Information Collation is as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>There are 200 shares per lot, and the admission fee is HK $34,948.66. The winning rate of one lot is 1.5%, and the subscription rate of 750 lots is stable.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are about HK $5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is China's leading provider of invisible orthodontic solutions. According to the CIC Consulting report, China's invisible orthodontic solution market is highly concentrated. Based on the number of cases achieved in 2020, the total market share of the top two market players is 82.4%. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the performance record period, the number of dental surgeons served by the company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further increased to 19,900 in 2020. The number of completed cases of the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further increased to 137,600 in 2020.</p><p>In terms of financial status, in 2018, 2019 and 2020, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million respectively, with a compound growth rate of 29.26% from 2018 to 2020; The net profit was 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measurement) for the same period was 129 million yuan, 175 million yuan and 297 million yuan respectively.</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>Angel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAngel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 15, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16.8296 million shares, priced at HK $173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering stage, Times Angel was subscribed 2079.16 times, and the final number of offer shares allocated to the public offering was 8.4148 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 792,388 valid applications were received, with a winning rate of 1.5% for one lot, and 750 subscriptions were secure for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares on offer was 8,414,800 shares (excluding over-allocated shares), equivalent to 50% of the total number of shares on offer. The relevant data of Tiger Information Collation is as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>There are 200 shares per lot, and the admission fee is HK $34,948.66. The winning rate of one lot is 1.5%, and the subscription rate of 750 lots is stable.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are about HK $5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is China's leading provider of invisible orthodontic solutions. According to the CIC Consulting report, China's invisible orthodontic solution market is highly concentrated. Based on the number of cases achieved in 2020, the total market share of the top two market players is 82.4%. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the performance record period, the number of dental surgeons served by the company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further increased to 19,900 in 2020. The number of completed cases of the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further increased to 137,600 in 2020.</p><p>In terms of financial status, in 2018, 2019 and 2020, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million respectively, with a compound growth rate of 29.26% from 2018 to 2020; The net profit was 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measurement) for the same period was 129 million yuan, 175 million yuan and 297 million yuan respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374324050,"gmtCreate":1619422100770,"gmtModify":1704723580629,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374324050","repostId":"1182402252","repostType":4,"repost":{"id":"1182402252","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619421307,"share":"https://ttm.financial/m/news/1182402252?lang=en_US&edition=fundamental","pubTime":"2021-04-26 15:15","market":"us","language":"zh","title":"$6 billion run to leave! Tech Stocks Snubbed by Investors","url":"https://stock-news.laohu8.com/highlight/detail?id=1182402252","media":"英为财情Investing","summary":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自20","content":"<p>The lackluster performance of U.S. tech stocks last week sent investors dumping billions of dollars of stocks ahead of the tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 Index ETF ((NASDAQ: QQQ)) had a net outflow of $6 billion last week, the largest outflow since the dot-com bubble burst in 2000, which also made the ETF The ETF saw its first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Tech stocks were sought after by investors last year, but this year the situation has been completely different. Since 2021, ETFs tracking finance have attracted inflows of $15.7 billion, while energy and materials funds have attracted inflows of $14.4 billion and $4.9 billion respectively, but technology ETFs have only seen inflows of $3.9 billion so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investor expectations for tech stocks may be too high as earnings season kicks off, and he is looking at materials, energy and financials, which could grow as much as 80%.</p><p>After Netflix released a disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many technology giants are about to announce their financial reports this week.</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>$6 billion run to leave! Tech Stocks Snubbed by Investors</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$6 billion run to leave! Tech Stocks Snubbed by Investors\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-26 15:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The lackluster performance of U.S. tech stocks last week sent investors dumping billions of dollars of stocks ahead of the tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 Index ETF ((NASDAQ: QQQ)) had a net outflow of $6 billion last week, the largest outflow since the dot-com bubble burst in 2000, which also made the ETF The ETF saw its first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Tech stocks were sought after by investors last year, but this year the situation has been completely different. Since 2021, ETFs tracking finance have attracted inflows of $15.7 billion, while energy and materials funds have attracted inflows of $14.4 billion and $4.9 billion respectively, but technology ETFs have only seen inflows of $3.9 billion so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investor expectations for tech stocks may be too high as earnings season kicks off, and he is looking at materials, energy and financials, which could grow as much as 80%.</p><p>After Netflix released a disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many technology giants are about to announce their financial reports this week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/48729940b5a815d99b2cb055fae07190","relate_stocks":{"QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182402252","content_text":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自2000年互联网泡沫破裂以来流出规模最大的一次，这也使得该ETF在一个多月来首次出现了周下跌。\n\n去年，科技股受到了投资者的追捧，但今年以来形势却完全不同。2021年以来，追踪金融的ETF已经吸引了157亿美元的资金流入，而能源和材料基金分别吸引了144亿美元和49亿美元的资金流入，但科技ETF今年迄今的资金流入却仅有39亿美元。\nMoors＆Cabot Inc.董事总经理James Pillow表示，随着财报季拉开序幕，投资者们对科技股的预期可能过高，他正在关注材料、能源和金融板块，这些板块的增长可能高达80%。\n在上周奈飞公布了令人失望的财务报告后，亚马逊、苹果、微软等诸多科技巨头即将在本周公布财报。","news_type":1,"symbols_score_info":{".IXIC":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372251330,"gmtCreate":1619223070920,"gmtModify":1704721409806,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"Z","listText":"Z","text":"Z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/372251330","repostId":"2129035903","repostType":4,"repost":{"id":"2129035903","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619191931,"share":"https://ttm.financial/m/news/2129035903?lang=en_US&edition=fundamental","pubTime":"2021-04-23 23:32","market":"us","language":"zh","title":"The two K12 giants have released financial reports successively. Who has a \"good future\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2129035903","media":"英为财情Investing","summary":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这","content":"<p>China's two major education giants recently released their latest financial report data. After experiencing a first quarter with high stock price volatility, the financial reports of these two companies have received close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market and the US stock market have both fallen by more than 12% this year, which is not only significantly weaker than the trend of the US stock market, but also not in line with the trend of vigorous economic recovery in the \"post-epidemic\" era.</p><p>The weakness of Zhonggai Education Stocks can be traced back to January this year. At that time, the website of the Central Commission for Discipline Inspection and the State Supervision Commission issued a document pointing out the various problems existing in online education. There are also media sources that after-school counseling institutions have been raided by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Noncommittal on the news.</p><p>In the following months, online education was frequently named by relevant departments and official media, and the issue of how to regulate the education and training industry also triggered heated discussions in the society. Chen Baosheng, Minister of Education, recently said that this year, efforts should be made to rectify off-campus training institutions. On March 31, Lu Yugang, director of the Department of Basic Education of the Ministry of Education, said at the press conference of the State Council Information Office that this year, the Ministry of Education has listed the governance of training institutions as a key task, and further strengthened the governance of off-campus training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under the strict regulatory environment, Wall Street has also turned to,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Of analysts will<a href=\"https://laohu8.com/S/TAL\">TAL</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Analysts believe that the impact of regulation on leading companies will not be too great. However, the investment bank also said that in the current situation of a lot of news, investors chose to \"vote with their feet\" and sell stocks first, which is a common way for Wall Street investors to deal with negative news of international stocks.</p><p><b>1、</b>TAL</p><p>According to the latest data released by TAL, the company's revenue in the Q4 quarter of fiscal year 2021 was US $1.36 billion, a year-on-year increase of 59%, which was better than the company's guidance expected to be between US $1.175 and US $1.2 billion announced in Q3. The company achieved revenue of approximately 4.5 billion for the whole year. U.S. dollars, a year-on-year increase of 37.3%. However, its losses also enlarged. The net loss in the fourth quarter was US $169 million, an increase of 87.56% from the net loss of US $90 million in the same period last year, and the net loss for the whole year was US $116.0 million.</p><p>It should be noted that TAL's losses have increased, mainly due to the substantial increase in marketing expenses brought about by the online education war. Recently, the competition among major online education institutions has become increasingly fierce, the company's advertising investment has further surged, and the overall marketing expenses have soared sharply. Specifically, the company's Q4 sales expenses reached US $660 million, a year-on-year increase of 172%; The annual sales expenses were 1.68 billion yuan, a year-on-year increase of 37.4%.</p><p>Although it is backed by the strict regulatory environment, and the problem of a large number of advertisements before the winter vacation has attracted the attention of the regulatory authorities, the company's online courses in Q4 achieved revenue of approximately US $440 million, a year-on-year increase of 115%, accounting for 32% from 24% in the same period last year.%, the number of participants in long-term regular-priced courses increased by 71% year-on-year to 3.5 million, and the ASP of regular-priced courses increased by 9% year-on-year.</p><p>According to the market data of Investing.com, at the beginning of TAL's financial report, the market gave the stock a relatively positive reaction (up about 6% before the market), but then the stock price fell back and finally closed down 2.16%.</p><p>Market analysts believe that under the severe pressure of entering a higher school in China, the company still has huge opportunities in the extracurricular tutoring market. Although the competition is fierce, under the background of stricter supervision, the competition will become calmer, and its management of marketing expenses is also expected to improve. The company's market outlook is more rational in terms of online expansion. And its cash flow is still as high as $5.938 billion.</p><p>TAL expects that in Q1 of fiscal year 2022 (the three months ending May 31, 2021), its revenue will increase by 43%-45% year-on-year to between US $1.3022 billion and US $1.3205 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, New Oriental, TAL's number one competitor, also released its financial report. Data show that in the third quarter of fiscal year 2021, New Oriental's net income exceeded US $1.19 billion, a year-on-year increase of 29%. In addition, Q3.151 billion US dollars, a year-on-year increase of 9.9%. Profit per ADS was US $0.09, unchanged from US $0.09 in the same period last year, and the market expected US $0.06.</p><p>Like TAL, in the face of a fierce competitive environment, the company's business expansion has also led to an increase in costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of the OMO system, investing US $59 million in existing cities and surrounding areas. Trial OMO online courses in 25 new satellite cities. (OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate online and offline channels. It is considered a business model with greater market efficiency improvement after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US $1.089 billion, a year-on-year increase of 35.1%; Cost of revenue was US $529.5 million, a year-on-year increase of 35.3%; Sales and marketing expenses were US $156.1 million, a year-on-year increase of 32.0%; General and administrative expenses were US $393.4 million, a year-on-year increase of 36.1%. However, the increase in costs has also suppressed the company's profit margins.</p><p>However, New Oriental is still profitable, which also makes Wall Street investors more \"tolerant\" of it. On the day of the financial report, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China's better control of the epidemic, offline education has also picked up, and the two educational methods can complement each other, which can help established educational institutions like New Oriental seize more markets and resources. However, it is undeniable that in the fierce competitive environment, the erosion of the stock's market share by other industry participants cannot be ignored.</p><p>New Oriental predicts that in Q4 of fiscal year 2021 (three months ending May 31, 2021), its revenue will increase by 38%-43% year-on-year to between US $1.1019 billion and US $1.1418 billion.</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 two K12 giants have released financial reports successively. Who has a \"good future\"?</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 two K12 giants have released financial reports successively. Who has a \"good future\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's two major education giants recently released their latest financial report data. After experiencing a first quarter with high stock price volatility, the financial reports of these two companies have received close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market and the US stock market have both fallen by more than 12% this year, which is not only significantly weaker than the trend of the US stock market, but also not in line with the trend of vigorous economic recovery in the \"post-epidemic\" era.</p><p>The weakness of Zhonggai Education Stocks can be traced back to January this year. At that time, the website of the Central Commission for Discipline Inspection and the State Supervision Commission issued a document pointing out the various problems existing in online education. There are also media sources that after-school counseling institutions have been raided by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Noncommittal on the news.</p><p>In the following months, online education was frequently named by relevant departments and official media, and the issue of how to regulate the education and training industry also triggered heated discussions in the society. Chen Baosheng, Minister of Education, recently said that this year, efforts should be made to rectify off-campus training institutions. On March 31, Lu Yugang, director of the Department of Basic Education of the Ministry of Education, said at the press conference of the State Council Information Office that this year, the Ministry of Education has listed the governance of training institutions as a key task, and further strengthened the governance of off-campus training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under the strict regulatory environment, Wall Street has also turned to,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Of analysts will<a href=\"https://laohu8.com/S/TAL\">TAL</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Analysts believe that the impact of regulation on leading companies will not be too great. However, the investment bank also said that in the current situation of a lot of news, investors chose to \"vote with their feet\" and sell stocks first, which is a common way for Wall Street investors to deal with negative news of international stocks.</p><p><b>1、</b>TAL</p><p>According to the latest data released by TAL, the company's revenue in the Q4 quarter of fiscal year 2021 was US $1.36 billion, a year-on-year increase of 59%, which was better than the company's guidance expected to be between US $1.175 and US $1.2 billion announced in Q3. The company achieved revenue of approximately 4.5 billion for the whole year. U.S. dollars, a year-on-year increase of 37.3%. However, its losses also enlarged. The net loss in the fourth quarter was US $169 million, an increase of 87.56% from the net loss of US $90 million in the same period last year, and the net loss for the whole year was US $116.0 million.</p><p>It should be noted that TAL's losses have increased, mainly due to the substantial increase in marketing expenses brought about by the online education war. Recently, the competition among major online education institutions has become increasingly fierce, the company's advertising investment has further surged, and the overall marketing expenses have soared sharply. Specifically, the company's Q4 sales expenses reached US $660 million, a year-on-year increase of 172%; The annual sales expenses were 1.68 billion yuan, a year-on-year increase of 37.4%.</p><p>Although it is backed by the strict regulatory environment, and the problem of a large number of advertisements before the winter vacation has attracted the attention of the regulatory authorities, the company's online courses in Q4 achieved revenue of approximately US $440 million, a year-on-year increase of 115%, accounting for 32% from 24% in the same period last year.%, the number of participants in long-term regular-priced courses increased by 71% year-on-year to 3.5 million, and the ASP of regular-priced courses increased by 9% year-on-year.</p><p>According to the market data of Investing.com, at the beginning of TAL's financial report, the market gave the stock a relatively positive reaction (up about 6% before the market), but then the stock price fell back and finally closed down 2.16%.</p><p>Market analysts believe that under the severe pressure of entering a higher school in China, the company still has huge opportunities in the extracurricular tutoring market. Although the competition is fierce, under the background of stricter supervision, the competition will become calmer, and its management of marketing expenses is also expected to improve. The company's market outlook is more rational in terms of online expansion. And its cash flow is still as high as $5.938 billion.</p><p>TAL expects that in Q1 of fiscal year 2022 (the three months ending May 31, 2021), its revenue will increase by 43%-45% year-on-year to between US $1.3022 billion and US $1.3205 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, New Oriental, TAL's number one competitor, also released its financial report. Data show that in the third quarter of fiscal year 2021, New Oriental's net income exceeded US $1.19 billion, a year-on-year increase of 29%. In addition, Q3.151 billion US dollars, a year-on-year increase of 9.9%. Profit per ADS was US $0.09, unchanged from US $0.09 in the same period last year, and the market expected US $0.06.</p><p>Like TAL, in the face of a fierce competitive environment, the company's business expansion has also led to an increase in costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of the OMO system, investing US $59 million in existing cities and surrounding areas. Trial OMO online courses in 25 new satellite cities. (OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate online and offline channels. It is considered a business model with greater market efficiency improvement after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US $1.089 billion, a year-on-year increase of 35.1%; Cost of revenue was US $529.5 million, a year-on-year increase of 35.3%; Sales and marketing expenses were US $156.1 million, a year-on-year increase of 32.0%; General and administrative expenses were US $393.4 million, a year-on-year increase of 36.1%. However, the increase in costs has also suppressed the company's profit margins.</p><p>However, New Oriental is still profitable, which also makes Wall Street investors more \"tolerant\" of it. On the day of the financial report, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China's better control of the epidemic, offline education has also picked up, and the two educational methods can complement each other, which can help established educational institutions like New Oriental seize more markets and resources. However, it is undeniable that in the fierce competitive environment, the erosion of the stock's market share by other industry participants cannot be ignored.</p><p>New Oriental predicts that in Q4 of fiscal year 2021 (three months ending May 31, 2021), its revenue will increase by 38%-43% year-on-year to between US $1.1019 billion and US $1.1418 billion.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/95a52bac654e212de5e6a737e01fc5ff","relate_stocks":{"TAL":"好未来","EDU":"新东方","09901":"新东方-S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129035903","content_text":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这不仅大幅弱于美股大盘的走势，也并不符合“后疫情”时代经济蓬勃复苏的趋势。\n中概教育股的弱势，可以追溯到今年1月，彼时，中央纪委国家监委网站发文直指在线教育存在的种种问题。还有媒体消息称，课后辅导机构受到了相关监管部门的突击检查。而当时新东方对这一消息不置可否。\n接下来的几个月里，在线教育频频被有关部门和官媒点名，关于如何规范教培行业的问题也引发了社会热议。教育部部长陈宝生近期表示，今年要大力度治理整顿校外培训机构。3月31日，教育部基础教育司司长吕玉刚在国新办发布会上表示，今年教育部把培训机构治理工作列入重点工作任务，进一步加大校外培训机构治理力度。随着监管政策的陆续出台，2021年也被视作教培行业变革性的一年。\n严监管环境下，华尔街也纷纷转向，花旗的分析师将好未来的目标价下调了20美元；而杰富瑞的分析师则认为，监管对于龙头企业的影响不会太大。但是该投行也表示，在当前消息较多的情况下，投资者选择了“用脚投票”，先抛售股票，这是华尔街投资者对国际股票负面消息常见的处理方式。\n1、好未来\n好未来最新公布的数据显示，公司2021财年Q4季度营收为13.6亿美元，同比增长59%，优于公司Q3时公布的指引预期11.75-12亿美元之间，全年公司实现收入约45亿美元，同比增长37.3%。但是，其亏损也放大，第四季净亏损为1.69亿美元，较上年同期的净亏损0.90亿美元扩大87.56%，全年净亏损为1.160亿美元。\n需要注意的是，好未来的亏损加大，主要是因为线上教育大战所带来的营销费用大幅增长。近期，各大头部在线教育机构之间的竞争越发激烈，公司的广告投入也进一步激增，整体营销费用大幅飙升。具体而言，公司Q4销售费用达到6.6亿美元，同比大增172%；全年销售费用16.8亿元，同比大增37.4%。\n虽然背靠严监管环境，而且寒假前的广告大量投放问题，被监管部门关注，但是Q4公司在线课程实现收入约4.4亿美元，同比增长115%，占比从去年同期的24%大幅增至32%，长期正价课程的参培人数同比增长71%达到350万人，正价课程ASP同比增长9%。\n根据英为财情Investing.com的行情数据显示，在好未来公布财报之初，市场给予该股较为正面的反应(盘前涨约6%)，但是随后股价回落，最终收跌2.16%。\n市场分析师认为，在中国严峻的升学压力之下，公司在课外辅导市场仍然具备巨大机会，虽然竞争激烈，但是在监管趋严的背景下，竞争会更加趋于冷静，其在营销费用的管理方面也有望提升。公司后市在线上扩张方面更理性。而且其现金流仍然高达59.38亿美元。\n好未来预计，2022财年Q1(截至2021年5月31日止三个月)，其营收同比增长43%-45%，至13.022亿美元-13.205亿美元之间。\n2、新东方\n本周稍早前，好未来的头号竞争对手新东方也发布了财报。数据显示，2021财年第三季度，新东方净收入超11.9亿美元，同比增长29%，此外，Q31.51亿美元，同比增长9.9%。每ADS盈利0.09美元，和去年同期的0.09美元持平，市场预期0.06美元。\n和好未来一样，面对激烈的竞争环境，公司业务扩张也导致了成本的增加，数据显示，2021财年Q3，新东方继续扩大OMO系统的覆盖范围，投入5900万美元，在现有城市和周围的25个新的卫星城市中试用OMO在线课程。(OMO战略是指Online-Merge-Offline模式，旨在深度融合线上和线下渠道，被认为是继O2O之后市场效率更大提升的商业模式。)\n在2021财年第三季度，新东方运营成本和开支为10.890亿美元，同比增长35.1%；营收成本为5.295亿美元，同比增长35.3%；销售及营销开支为1.561亿美元，同比增长32.0%；总务及行政开支为3.934亿美元，同比增长36.1%。不过成本的增长也导致了公司的利润空间受到压制。\n不过，新东方仍然盈利，这也让华尔街的投资者对其更为“宽容”，在财报发布当日，公司股价收盘涨超6.4%。\n分析师认为，在中国较好地控制疫情的情况下，线下教育也已经回暖，两种教育方式就能得到相互补充，可以帮助新东方这样的老牌教育机构抢占更多市场和资源。但是不可否认的是，激烈的竞争环境中，其他行业参与者对该股市场份额的侵蚀也不容忽视。\n新东方预测，2021财年Q4(截至2021年5月31日止三个月)，其营收同比增长38%-43%，至11.019亿美元-11.418亿美元之间。","news_type":1,"symbols_score_info":{"09901":0.9,"TAL":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347197954,"gmtCreate":1618473278478,"gmtModify":1704711360321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347197954","repostId":"1158737349","repostType":4,"repost":{"id":"1158737349","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":1618472281,"share":"https://ttm.financial/m/news/1158737349?lang=en_US&edition=fundamental","pubTime":"2021-04-15 15:38","market":"hk","language":"zh","title":"Spokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization","url":"https://stock-news.laohu8.com/highlight/detail?id=1158737349","media":"老虎资讯综合","summary":"针对近日$阿里巴巴(BABA)$集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。\n\n此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","content":"<p>For recent days<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The group was fined 18 billion yuan, which attracted the attention of the outside world. Gao Feng, spokesman of the Ministry of Commerce, said: Regarding the e-commerce industry, we always adhere to the principle of paying equal attention to development and standardization. We support the innovative development and healthy competition of enterprises, and at the same time, we are committed to creating a fair competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard (draft for comments) of \"Mobile E-commerce Service Commodity Operation Specifications\".</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>Spokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization</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\">\nSpokesperson of the Ministry of Commerce: For e-commerce companies, adhere to equal emphasis on development and standardization\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-15 15:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>For recent days<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The group was fined 18 billion yuan, which attracted the attention of the outside world. Gao Feng, spokesman of the Ministry of Commerce, said: Regarding the e-commerce industry, we always adhere to the principle of paying equal attention to development and standardization. We support the innovative development and healthy competition of enterprises, and at the same time, we are committed to creating a fair competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard (draft for comments) of \"Mobile E-commerce Service Commodity Operation Specifications\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/995418fbbbc235e75883dec898dccaa8","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158737349","content_text":"针对近日阿里巴巴集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344165050,"gmtCreate":1618388746870,"gmtModify":1704710032458,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/344165050","repostId":"1125475263","repostType":4,"repost":{"id":"1125475263","kind":"news","pubTimestamp":1618388143,"share":"https://ttm.financial/m/news/1125475263?lang=en_US&edition=fundamental","pubTime":"2021-04-14 16:15","market":"us","language":"zh","title":"The total market value of global cryptocurrencies has surpassed Apple's market value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125475263","media":"新浪科技","summary":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","content":"<p>The total global cryptocurrency market capitalization has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. According to Asset Dash data, Apple's market value is now about $2.25 trillion. According to Coingecko's quotes, the total market value of global cryptocurrencies is now approximately US $2.31 trillion.</p>","source":"sina_tech","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 total market value of global cryptocurrencies has surpassed Apple's market value</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 total market value of global cryptocurrencies has surpassed Apple's market value\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-04-14 16:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The total global cryptocurrency market capitalization has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. According to Asset Dash data, Apple's market value is now about $2.25 trillion. According to Coingecko's quotes, the total market value of global cryptocurrencies is now approximately US $2.31 trillion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4856ec4f591737ec230b966483fc4f7","relate_stocks":{"DEFI":"比特币期货ETF-Hashdex","AAPL":"苹果","BITB":"比特币ETF-Bitwise","GBTC":"比特币ETF-Grayscale","ARKB":"比特币ETF-21Shares","FBTC":"比特币ETF-Fidelity","HODL":"比特币ETF-VanEck","BTCW":"比特币ETF-Wisdom Tree","BRRR":"比特币ETF-CoinShares","EZBC":"比特币ETF-Franklin","BTCO":"比特币ETF-Invesco Galaxy"},"source_url":"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125475263","content_text":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","news_type":1,"symbols_score_info":{"BTCO":1,"DEFI":1,"FBTC":1,"ARKB":1,"GBTC":1,"HODL":1,"BITB":1,"EZBC":1,"BTCW":1,"BRRR":1,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351148861,"gmtCreate":1616578754553,"gmtModify":1704795900501,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351148861","repostId":"1183778649","repostType":4,"repost":{"id":"1183778649","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":1616578360,"share":"https://ttm.financial/m/news/1183778649?lang=en_US&edition=fundamental","pubTime":"2021-03-24 17:32","market":"us","language":"zh","title":"Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8","url":"https://stock-news.laohu8.com/highlight/detail?id=1183778649","media":"老虎资讯综合","summary":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","content":"<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>Meet the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Corporation</a>Index, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index, and will take effect on April 9, 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8</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\">\nBaidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-24 17:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>Meet the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Corporation</a>Index, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index, and will take effect on April 9, 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8901bb897f52869e81f726671f8e37d3","relate_stocks":{"09888":"百度集团-SW","BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183778649","content_text":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","news_type":1,"symbols_score_info":{"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117103923,"gmtCreate":1623120045262,"gmtModify":1704196489621,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117103923","repostId":"1151376161","repostType":4,"repost":{"id":"1151376161","kind":"news","pubTimestamp":1623119950,"share":"https://ttm.financial/m/news/1151376161?lang=en_US&edition=fundamental","pubTime":"2021-06-08 10:39","market":"hk","language":"zh","title":"Guan Qingyou: The A-share style switches again, and the core assets are back?","url":"https://stock-news.laohu8.com/highlight/detail?id=1151376161","media":"清友会","summary":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲","content":"<p><i><b>Editor's Note:</b></i>Recently, hot spots in the market have emerged in an endless stream. Stocks, bonds and Huijin have soared simultaneously, A-shares have improved, the bond market has picked up, the RMB has appreciated, gold has continued to rise, commodities have heated up again, etc. The market has changed drastically, styles have switched rapidly, and operations have become more difficult. To this end, according to the live speech of Dean Guan's recent wealth activities, we sorted out the top ten issues that attract the most attention of investors.<b>1. The economic slowdown is coupled with rising inflation, and a stagflation-like cycle is approaching</b></p><p>In fact, the judgment of the economic cycle can be simplified by complex issues. Combined with the judgment of PMI, the leading economic indicator, and PPI, the sensitive economic indicator, China's economy has gradually entered a state of stagflation. PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly because external demand orders have begun to weaken. PPI continues to rise, commodities still have momentum to rise, and short-term inflation has not yet peaked. Economic growth is slowing down and prices are at a high level, which is a typical feature of stagflation. But it is not the classic stagflation mentioned in textbooks. Prices are rising across the board. This is because this round of recovery has a typical feature, that is, imbalance and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to sluggish domestic demand at terminals, The bargaining power is weak, so the transmission of PPI to CPI is not smooth, and the profit has not improved significantly, which in turn has a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The peak of recovery is likely to appear in the second quarter, and the economic growth momentum will weaken in the second half of the year</b></p><p>This problem can be analyzed from three angles:<b>First, real estate is likely to be at risk of falling back in the second half of the year.</b>The resilience of real estate is very strong, but the \"invincible Xiaoqiang\" can't stand fighting every day. Now that mortgage loans are becoming stricter, the support on the sales side has begun to weaken. In addition, the financing side of real estate has been restricted, new construction has slowed down, and investment is very likely to gradually fall back;<b>Second, infrastructure has gradually entered a downward cycle</b>。 For local governments, risk prevention in the second half of the year is far more important than stabilizing growth. The limit for new local government debt in 2021 issued by the Ministry of Finance a few days ago is lower than the budget arrangement. The issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt It has not been completely alleviated, the decline in infrastructure investment is inevitable, and the high growth rate is unsustainable;<b>The third is weak consumption, which is also the most difficult problem.</b>This is because stimulating consumption recovery cannot be achieved overnight, and it is a slow job. On the one hand, the impact of the epidemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, and there are structural problems.</p><p><b>3. Short-term inflation still has upward momentum, continuing \"semi-inflation\", but it is basically controllable in the long run</b></p><p>At present, there are structural differences in China's price levels. Looking at CPI and PPI separately, the pressure on CPI is not great, and the pressure on PPI is not small. CPI is easily disturbed by the pig cycle. Pig prices have entered a downward cycle, which is not enough to represent the actual price level. PPI is more sensitive and objective to inflation. At this stage, the pressure on rising prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also very serious, and CPI has recorded the largest year-on-year increase since the subprime mortgage crisis in 2008. This round of inflation may have the momentum to continue to rise in the short term. This is because although the recovery on the demand side has slowed down, it is not over. Demand is still strong. On the supply side, the epidemic situation in India, Southeast Asia and other countries has worsened again, affecting production and supply. The short-term supply side is damaged, the demand side is relatively strong, and the gap between supply and demand still exists, but it will be alleviated due to high-level efforts to stabilize commodity prices. Although the commodity market has not yet peaked, considering that the price increase of upstream commodities has seriously affected the operations of some enterprises, the government has begun to intervene. In addition, the speculation of commodities in the international financial market is indeed very serious. The market is coming to an end, and the fluctuations will also increase significantly, making it difficult to grasp. It is recommended to participate cautiously. In the long run, as the popularity of vaccines increases, corporate production gradually recovers, the gap between supply and demand is repaired, and inflationary pressure is still controllable.</p><p><b>4. Global monetary policy is facing a \"trilemma\" dilemma, with different loose boundaries. At present, it is difficult for the world to balance economic recovery, price stability and asset price stability</b></p><p>First, it is necessary to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go from full employment. Loose monetary stimulus is needed to maintain economic growth and ensure employment. Therefore, it is still too early for many countries to withdraw monetary policies; Second, commodity prices have risen one after another, inflation expectations have continued to rise, and market concerns about rate hike's resistance to global inflation have continued to rise; Third, after the epidemic, the global flood release gave birth to an unprecedented asset bull market. The problem of asset bubbles deserves vigilance, but now the world's major central banks dare not act rashly. The financial market collapse after the Turkish rate hike is a tragic lesson, and the Federal Reserve has gradually been \"kidnapped\" by Wall Street, dare not take the initiative to burst the US stock bubble, but they cannot allow asset prices to rise indefinitely.</p><p><b>5. The U.S. employment data is far less than expected, and the Federal Reserve is likely to continue to be loose and will not make a sudden rate hike</b></p><p>As non-farm payrolls missed expectations for two consecutive months, Fed rate hike expectations eased. In April, U.S. non-farm employment was a big upset, with only 266,000 new jobs created, far lower than the expected value of 1 million. In May, it increased by 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved. It is difficult to say that the Federal Reserve's monetary policy will be tightened. However, the minutes of the recent Federal Reserve meeting released several signals worthy of attention: First, it began to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but it will consider reducing the scale of bond purchases. But now it is only beginning to \"consider\" when will it be? The reduction has not yet been concluded; Second, it may take some time to achieve the goal of maximizing employment and price stability, which means that the most important thing at this stage is full employment, and it is necessary to continue to maintain easing; Third, we are basically optimistic about inflation. After the short-term effect of inflation subsides, it will ease during the year, and we will maintain a high tolerance for inflation. On the whole, the Fed's stance is a little more hawkish than before, and it will tighten monetary policy marginally by reducing the scale of bond purchases in the future, but now is not the time yet.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sharp turns\", which may be fine-tuned, but it will not turn</b></p><p>The wave of rate hike in emerging markets is coming, and Russian, Brazilian, Turkish and other countries have started rate hike. On the one hand, it is to control inflation, and on the other hand, it is to prevent the possible impact of the Federal Reserve's rate hike, but it will not spread to China soon. This is because China has carried out a relatively thorough financial rectification after 2017, so we will be affected by the policy adjustment of the United States, but our ability to resist risks will be stronger. But Russia, Brazil and Turkey are different from ours, and they are much more affected by the Federal Reserve than we are. Especially after the epidemic in 2020, my country's monetary policy easing was relatively restrained. It did not practice MMT like countries such as Europe, the United States, Japan and other countries, with unlimited easing. This is because China's economic development stage and China's monetary policy transmission mechanism are very different from those of European and American countries. There is a big difference and cannot be generalized. At the same time, China still has other potential growth potentials, and it doesn't necessarily need flooding to stimulate the economy. Therefore, China's current monetary policy is relatively cautious and rational, and the official has clearly stated that it \"does not make a sharp turn\" and pays attention to \"fine-tuning\".</p><p><b>7. 2021 is a small year for assets, and the expected rate of return should be lowered, so that stability can achieve long-term progress</b></p><p>When we looked forward at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the property market. This year's stock market will definitely not be as full of opportunities as 2020. For ordinary investors, risks outweigh opportunities. It is mainly based on two judgments: First, there is not so much water. In 2020, M2 will be around 21%, and the nominal GDP growth rate will be around 16%, with a 5% difference; In 2021, M2 is expected to be around 10%, and the real GDP growth target is 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is exactly a 1: 1 match., not much room. Second, leading stocks are expensive. The core asset group has risen too much, divorced from fundamentals, the valuation is too high, and the risk compensation premium is too low, especially the SSE 50, CSI 300 and science and technology innovation board. Therefore, this wave of adjustments after the Spring Festival is in our expectations. Although there will be phased repair opportunities after the rapid adjustment, the stagflation-like cycle strikes, and neither liquidity nor fundamentals can support a comprehensive bull market, maintaining assets during the year. The judgment of small years.</p><p><b>8. A-shares only have structural opportunities, and the style gradually switches from pro-cyclical to cross-cyclical</b></p><p>The structural opportunities we talked about at the end of last year mainly refer to the fact that the stock market style will switch from the sector where the valuation will push up institutions in 2020 to the pro-cyclical sector driven by performance. From the white horse stock market crash around the Spring Festival to the \"coal flying\" market brought about by the subsequent rise in commodity prices, it basically confirmed the pro-cyclical market we predicted. But now the recovery is beginning to slow down, the stagflation-like cycle is getting closer and closer, and the market style is rebalancing. Due to the slowdown in recovery and early overdraft, the pro-cyclical market is coming to an end. Although there are still opportunities after adjustment, it has shifted from a unilateral upward trend to a shock stage, with intensified volatility and more difficult operation. Cross-cyclical consumption, medicine and other sectors, especially those companies whose performance can be continuously released, may still have opportunities as long as there is no major tightening of liquidity. In the counter-cyclical technology growth sector, due to the tightening of liquidity margins and low risk appetite, the overall situation is still under pressure, and only a few performance-driven core leaders can withstand it.</p><p><b>9. After the adjustment, the trend of the leading stocks in the group is obviously differentiated, and the \"Xueba Model\" is used to select core assets</b></p><p>The stock market crash of white horse stocks after the Spring Festival was actually expected. Institutional grouping is not a reliable and long-term thing. Once some of the elements change, grouping will definitely collapse. The investment logic in 2021 is no longer driven by valuation caused by loose expectations, but driven by fundamentals after the water level drops. Whoever makes good profits and has a high cost-effective stock price will win the top spot.<b>The view of white horse stocks can be explained by the \"Xueba Model\".</b>Suppose there is a schoolmaster who falls in love after the Spring Festival this year, and his academic performance plummets, suddenly dropping from the top five in the grade to over twenties. What should you do at this time? Is it to abandon the schoolmaster and turn to find the scum? Or wait patiently for Xueba to do his own ideological work well? In fact, it all depends on your understanding of Xueba. Do you want to understand that the mistake of Xueba this time is because falling in love delayed time? Or sick? Or is there a psychological problem? This is the same logic as choosing stocks. There is a high probability that the real academic tyrant will make a comeback, and the probability that the academic scum will perform extraordinarily is relatively small.<b>Therefore, we advocate that we should continue to pay attention to performance. While supported by fundamentals, investors should resist the pressure of valuation adjustment of core assets and accompany Xueba.</b></p><p><b>1</b><b><b>0. Mortgage interest rates increase, and the window period for house purchase gradually closes</b></b></p><p>Under easing, there is no bear market in real estate. Similarly, after tightening, the bull market in real estate is unsustainable. At the end of last year, we said that this year is a big year for the property market. Due to the low base effect and the intensified push, the real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, a historical record. The big year for the property market has been booked in advance. However, with the change of liquidity, various places have raised mortgage interest rates, and some cities even plan to tentatively make second-hand housing loans. It is the general trend that loans are difficult and expensive, which is bound to dampen the enthusiasm for buying houses, and the window period for buying houses will gradually close.</p>","source":"lsy1615432093283","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>Guan Qingyou: The A-share style switches again, and the core assets are back?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGuan Qingyou: The A-share style switches again, and the core assets are back?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">清友会</strong><span class=\"h-time small\">2021-06-08 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>Editor's Note:</b></i>Recently, hot spots in the market have emerged in an endless stream. Stocks, bonds and Huijin have soared simultaneously, A-shares have improved, the bond market has picked up, the RMB has appreciated, gold has continued to rise, commodities have heated up again, etc. The market has changed drastically, styles have switched rapidly, and operations have become more difficult. To this end, according to the live speech of Dean Guan's recent wealth activities, we sorted out the top ten issues that attract the most attention of investors.<b>1. The economic slowdown is coupled with rising inflation, and a stagflation-like cycle is approaching</b></p><p>In fact, the judgment of the economic cycle can be simplified by complex issues. Combined with the judgment of PMI, the leading economic indicator, and PPI, the sensitive economic indicator, China's economy has gradually entered a state of stagflation. PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly because external demand orders have begun to weaken. PPI continues to rise, commodities still have momentum to rise, and short-term inflation has not yet peaked. Economic growth is slowing down and prices are at a high level, which is a typical feature of stagflation. But it is not the classic stagflation mentioned in textbooks. Prices are rising across the board. This is because this round of recovery has a typical feature, that is, imbalance and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to sluggish domestic demand at terminals, The bargaining power is weak, so the transmission of PPI to CPI is not smooth, and the profit has not improved significantly, which in turn has a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The peak of recovery is likely to appear in the second quarter, and the economic growth momentum will weaken in the second half of the year</b></p><p>This problem can be analyzed from three angles:<b>First, real estate is likely to be at risk of falling back in the second half of the year.</b>The resilience of real estate is very strong, but the \"invincible Xiaoqiang\" can't stand fighting every day. Now that mortgage loans are becoming stricter, the support on the sales side has begun to weaken. In addition, the financing side of real estate has been restricted, new construction has slowed down, and investment is very likely to gradually fall back;<b>Second, infrastructure has gradually entered a downward cycle</b>。 For local governments, risk prevention in the second half of the year is far more important than stabilizing growth. The limit for new local government debt in 2021 issued by the Ministry of Finance a few days ago is lower than the budget arrangement. The issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt It has not been completely alleviated, the decline in infrastructure investment is inevitable, and the high growth rate is unsustainable;<b>The third is weak consumption, which is also the most difficult problem.</b>This is because stimulating consumption recovery cannot be achieved overnight, and it is a slow job. On the one hand, the impact of the epidemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, and there are structural problems.</p><p><b>3. Short-term inflation still has upward momentum, continuing \"semi-inflation\", but it is basically controllable in the long run</b></p><p>At present, there are structural differences in China's price levels. Looking at CPI and PPI separately, the pressure on CPI is not great, and the pressure on PPI is not small. CPI is easily disturbed by the pig cycle. Pig prices have entered a downward cycle, which is not enough to represent the actual price level. PPI is more sensitive and objective to inflation. At this stage, the pressure on rising prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also very serious, and CPI has recorded the largest year-on-year increase since the subprime mortgage crisis in 2008. This round of inflation may have the momentum to continue to rise in the short term. This is because although the recovery on the demand side has slowed down, it is not over. Demand is still strong. On the supply side, the epidemic situation in India, Southeast Asia and other countries has worsened again, affecting production and supply. The short-term supply side is damaged, the demand side is relatively strong, and the gap between supply and demand still exists, but it will be alleviated due to high-level efforts to stabilize commodity prices. Although the commodity market has not yet peaked, considering that the price increase of upstream commodities has seriously affected the operations of some enterprises, the government has begun to intervene. In addition, the speculation of commodities in the international financial market is indeed very serious. The market is coming to an end, and the fluctuations will also increase significantly, making it difficult to grasp. It is recommended to participate cautiously. In the long run, as the popularity of vaccines increases, corporate production gradually recovers, the gap between supply and demand is repaired, and inflationary pressure is still controllable.</p><p><b>4. Global monetary policy is facing a \"trilemma\" dilemma, with different loose boundaries. At present, it is difficult for the world to balance economic recovery, price stability and asset price stability</b></p><p>First, it is necessary to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go from full employment. Loose monetary stimulus is needed to maintain economic growth and ensure employment. Therefore, it is still too early for many countries to withdraw monetary policies; Second, commodity prices have risen one after another, inflation expectations have continued to rise, and market concerns about rate hike's resistance to global inflation have continued to rise; Third, after the epidemic, the global flood release gave birth to an unprecedented asset bull market. The problem of asset bubbles deserves vigilance, but now the world's major central banks dare not act rashly. The financial market collapse after the Turkish rate hike is a tragic lesson, and the Federal Reserve has gradually been \"kidnapped\" by Wall Street, dare not take the initiative to burst the US stock bubble, but they cannot allow asset prices to rise indefinitely.</p><p><b>5. The U.S. employment data is far less than expected, and the Federal Reserve is likely to continue to be loose and will not make a sudden rate hike</b></p><p>As non-farm payrolls missed expectations for two consecutive months, Fed rate hike expectations eased. In April, U.S. non-farm employment was a big upset, with only 266,000 new jobs created, far lower than the expected value of 1 million. In May, it increased by 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved. It is difficult to say that the Federal Reserve's monetary policy will be tightened. However, the minutes of the recent Federal Reserve meeting released several signals worthy of attention: First, it began to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but it will consider reducing the scale of bond purchases. But now it is only beginning to \"consider\" when will it be? The reduction has not yet been concluded; Second, it may take some time to achieve the goal of maximizing employment and price stability, which means that the most important thing at this stage is full employment, and it is necessary to continue to maintain easing; Third, we are basically optimistic about inflation. After the short-term effect of inflation subsides, it will ease during the year, and we will maintain a high tolerance for inflation. On the whole, the Fed's stance is a little more hawkish than before, and it will tighten monetary policy marginally by reducing the scale of bond purchases in the future, but now is not the time yet.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sharp turns\", which may be fine-tuned, but it will not turn</b></p><p>The wave of rate hike in emerging markets is coming, and Russian, Brazilian, Turkish and other countries have started rate hike. On the one hand, it is to control inflation, and on the other hand, it is to prevent the possible impact of the Federal Reserve's rate hike, but it will not spread to China soon. This is because China has carried out a relatively thorough financial rectification after 2017, so we will be affected by the policy adjustment of the United States, but our ability to resist risks will be stronger. But Russia, Brazil and Turkey are different from ours, and they are much more affected by the Federal Reserve than we are. Especially after the epidemic in 2020, my country's monetary policy easing was relatively restrained. It did not practice MMT like countries such as Europe, the United States, Japan and other countries, with unlimited easing. This is because China's economic development stage and China's monetary policy transmission mechanism are very different from those of European and American countries. There is a big difference and cannot be generalized. At the same time, China still has other potential growth potentials, and it doesn't necessarily need flooding to stimulate the economy. Therefore, China's current monetary policy is relatively cautious and rational, and the official has clearly stated that it \"does not make a sharp turn\" and pays attention to \"fine-tuning\".</p><p><b>7. 2021 is a small year for assets, and the expected rate of return should be lowered, so that stability can achieve long-term progress</b></p><p>When we looked forward at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the property market. This year's stock market will definitely not be as full of opportunities as 2020. For ordinary investors, risks outweigh opportunities. It is mainly based on two judgments: First, there is not so much water. In 2020, M2 will be around 21%, and the nominal GDP growth rate will be around 16%, with a 5% difference; In 2021, M2 is expected to be around 10%, and the real GDP growth target is 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is exactly a 1: 1 match., not much room. Second, leading stocks are expensive. The core asset group has risen too much, divorced from fundamentals, the valuation is too high, and the risk compensation premium is too low, especially the SSE 50, CSI 300 and science and technology innovation board. Therefore, this wave of adjustments after the Spring Festival is in our expectations. Although there will be phased repair opportunities after the rapid adjustment, the stagflation-like cycle strikes, and neither liquidity nor fundamentals can support a comprehensive bull market, maintaining assets during the year. The judgment of small years.</p><p><b>8. A-shares only have structural opportunities, and the style gradually switches from pro-cyclical to cross-cyclical</b></p><p>The structural opportunities we talked about at the end of last year mainly refer to the fact that the stock market style will switch from the sector where the valuation will push up institutions in 2020 to the pro-cyclical sector driven by performance. From the white horse stock market crash around the Spring Festival to the \"coal flying\" market brought about by the subsequent rise in commodity prices, it basically confirmed the pro-cyclical market we predicted. But now the recovery is beginning to slow down, the stagflation-like cycle is getting closer and closer, and the market style is rebalancing. Due to the slowdown in recovery and early overdraft, the pro-cyclical market is coming to an end. Although there are still opportunities after adjustment, it has shifted from a unilateral upward trend to a shock stage, with intensified volatility and more difficult operation. Cross-cyclical consumption, medicine and other sectors, especially those companies whose performance can be continuously released, may still have opportunities as long as there is no major tightening of liquidity. In the counter-cyclical technology growth sector, due to the tightening of liquidity margins and low risk appetite, the overall situation is still under pressure, and only a few performance-driven core leaders can withstand it.</p><p><b>9. After the adjustment, the trend of the leading stocks in the group is obviously differentiated, and the \"Xueba Model\" is used to select core assets</b></p><p>The stock market crash of white horse stocks after the Spring Festival was actually expected. Institutional grouping is not a reliable and long-term thing. Once some of the elements change, grouping will definitely collapse. The investment logic in 2021 is no longer driven by valuation caused by loose expectations, but driven by fundamentals after the water level drops. Whoever makes good profits and has a high cost-effective stock price will win the top spot.<b>The view of white horse stocks can be explained by the \"Xueba Model\".</b>Suppose there is a schoolmaster who falls in love after the Spring Festival this year, and his academic performance plummets, suddenly dropping from the top five in the grade to over twenties. What should you do at this time? Is it to abandon the schoolmaster and turn to find the scum? Or wait patiently for Xueba to do his own ideological work well? In fact, it all depends on your understanding of Xueba. Do you want to understand that the mistake of Xueba this time is because falling in love delayed time? Or sick? Or is there a psychological problem? This is the same logic as choosing stocks. There is a high probability that the real academic tyrant will make a comeback, and the probability that the academic scum will perform extraordinarily is relatively small.<b>Therefore, we advocate that we should continue to pay attention to performance. While supported by fundamentals, investors should resist the pressure of valuation adjustment of core assets and accompany Xueba.</b></p><p><b>1</b><b><b>0. Mortgage interest rates increase, and the window period for house purchase gradually closes</b></b></p><p>Under easing, there is no bear market in real estate. Similarly, after tightening, the bull market in real estate is unsustainable. At the end of last year, we said that this year is a big year for the property market. Due to the low base effect and the intensified push, the real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, a historical record. The big year for the property market has been booked in advance. However, with the change of liquidity, various places have raised mortgage interest rates, and some cities even plan to tentatively make second-hand housing loans. It is the general trend that loans are difficult and expensive, which is bound to dampen the enthusiasm for buying houses, and the window period for buying houses will gradually close.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw\">清友会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151376161","content_text":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲，整理出最受投资者关注的十大问题。\n\n1、经济放缓叠加通胀升温，类滞胀周期正在临近\n对于经济周期的判断，其实可以复杂问题简单化，结合经济先行指标PMI和经济敏感指标PPI判断，当前中国经济已经逐步进入到类滞胀状态。PMI连续两个月回落，经济复苏步伐开始放缓，增长动能有所下滑，主要是外需订单开始走弱。PPI持续上行，大宗商品还有冲高动能，短期通胀尚未见顶。经济增速放缓，物价处于高位，这就是滞胀的典型特征。但并不是教科书里讲的那种经典滞胀，物价全面上行，这是因为本轮复苏有一个典型的特征，那就是不均衡、分化明显，涨价主要集中在上游原材料上，终端由于内需不振、议价能力偏弱，所以PPI向CPI传导并不顺畅，盈利也未能有明显的改善，进而对消费也产生了一定的抑制作用，这种情况比滞胀还要严重。\n2、复苏顶点大概率在二季度出现，下半年经济增长动能会有所衰减\n可以从三个角度来分析这个问题：一是房地产在下半年很可能有回落风险。房地产的韧性很强，但“打不死的小强”也架不住天天打，如今房贷趋严，销售端支撑开始趋弱，再加上房地产的融资端受到了限制，新开工放缓，投资很有可能逐渐回落；二是基建已经逐步进入了下行周期。对于地方政府，下半年防风险远比稳增长更重要，前几天财政部下达的2021年新增地方债限额低于预算安排额度，5月地方政府专项债发行也是不及预期，加之地方债压力仍未彻底缓解，基建投资下滑是在所难免，高增速难以为继；三是消费疲软，这也是最棘手的问题。这是因为刺激消费复苏不能一蹴而就，是个慢活。一方面是疫情对中小企业的冲击并没有完全过去，居民可支配收入增长放缓，另一方面我们也正处于消费增长的减速期，存在结构性问题。\n3、短期通胀仍有上行动力，延续“半通货膨胀”，但长期来看基本可控\n当前中国的物价水平是有结构性差异的，将CPI和PPI分开来看，CPI压力不大，PPI压力不小。CPI容易受猪周期干扰，猪价已进入下行周期，不足以代表实际物价水平，PPI对通胀更加敏感和客观，现阶段物价上涨压力主要集中在生产端，主要原因是供需错配。美国通胀也很严重，CPI已经创下2008年次贷危机以来最大同比增幅。本轮通胀短期可能还有继续上行的动力，这是因为需求端虽然复苏有所放缓，但并未结束，需求依旧强劲，供给端由于印度、东南亚等国家疫情再度恶化，影响生产供给，短期供给侧受损、需求侧相对旺盛，供需缺口依旧存在，但由于高层出手稳定大宗商品价格，会有所缓解。大宗商品行情虽然尚未见顶，但考虑到上游大宗商品涨价已经严重影响到部分企业经营情况，政府已经出手开始干预，加之国际金融市场对商品的炒作确实非常严重，行情已接近尾声，波动也会明显加大，难以把握，建议谨慎参与。长期来看，随着疫苗普及程度提升，企业生产逐渐恢复，供求缺口修复，通胀压力还算可控。\n4、全球货币政策面临“三难”困境，宽松的边界各不相同。当前全球对于经济复苏、物价平稳、资产价格平稳三者之间难以兼顾\n一是要刺激经济的复苏，虽然经济还在复苏过程中，但增速已经开始放缓，离充分就业还有不小的距离，需要宽松的货币刺激来维持经济增长和保障就业，所以对于不少国家货币政策退出还为时尚早；二是大宗商品接连涨价，通胀预期不断升温，市场关于加息抵御全球性通胀的担忧不断提升；三是疫情之后，全球大放水催生了史无前例的资产大牛市，资产泡沫问题值得警惕，但现在全球主要央行都不敢轻举妄动，土耳其加息后金融市场崩盘就是很惨烈的教训，美联储也逐步被华尔街“绑架”，不敢主动戳破美股泡沫，但也不能放任资产价格无限上涨。\n5、美国就业数据远不及预期，美联储大概率持续宽松，不会骤然加息\n由于非农就业连续两个月不及预期，美联储加息预期有所缓解。4月美国非农就业大爆冷，新增就业人数仅26.6万人，远低于100万的预计值，5月增加55.9万，低于预期的67.4万，充分就业和经济复苏的目标远未达成，美联储货币政策难说收紧。但近期的美联储会议纪要释放了几点值得关注的信号：一是开始考虑缩减购债规模，短期不会加息，但会考虑缩减购债规模，但现在仅仅是开始“考虑”，具体什么时候开始缩减还没结论；二是要实现最大化就业和价格稳定目标，可能还需要一段时间，意味着现阶段最重要的是充分就业，还要继续维持宽松；三是对通胀基本持有乐观态度，通胀短期效应消退后，年内会有所缓解，对通胀保持较高的容忍度。综合来看，美联储表态比之前更鹰派一点，未来会通过缩减购债规模来边际收紧货币政策，但现在还不是时候。\n6、中国货币政策维持中性，强调“不急转弯”，可能微调，但不至于转向\n新兴市场加息潮将来袭，俄罗斯、巴西、土耳其等国已经开始加息，一方面是控制通胀，另一方面是防止美联储加息可能带来的冲击，但不会很快蔓延到中国。这是因为中国在2017年之后进行了一场比较彻底的金融大整顿，因此我们受到美国政策调整的影响会有，但是抗风险能力会比较强。可俄罗斯、巴西和土耳其这些经济体和我们不同，它们受到美联储的影响要比我们要大得多。特别是2020年疫情以后，我国货币政策宽松相对克制，并没有像欧美日等国践行MMT，无上限宽松，这是因为中国的经济发展阶段、中国的货币政策传导机制，都和欧美国家有很大差别，不能一概而论。同时中国仍有其他潜在增长潜力，并不一定需要大水漫灌来刺激经济。因此我国当前的货币政策比较谨慎、理性，官方也明确表明“不急转弯”，注重“微调”。\n7、2021年是资产小年，应降低预期收益率，行稳才能致远\n我们在去年年底展望的时候说2020年是股市大年，2021年是楼市大年。今年的股市肯定不会像2020年那样充满机会，对于普通投资者而言，是风险大于机会。主要是基于两点判断：一是水没有那么多。2020年M2在21%左右，名义GDP增速在16%左右，有5%的差值；2021年M2预计在10%左右，实际GDP增速定的目标是6%，预留了边际收紧的空间，通胀目标是3%，名义GDP增速在9%左右，正好1:1匹配，没有太大的空间。二是龙头股偏贵。核心资产抱团涨得太多，脱离基本面，估值太高，风险补偿溢价太低，特别是上证50、沪深300和科创板。所以春节过后的这波调整在我们的预期之中，虽然快速调整之后，会有阶段性的修复机会，但类滞胀周期来袭，流动性和基本面都无法支撑全面的大牛市，维持年内资产小年的判断。\n8、A股只有结构性机会，风格逐渐从顺周期向跨周期切换\n去年年底我们说的结构性的机会，主要指的是股市风格将从2020年估值推升机构抱团的板块，切换为业绩驱动的顺周期板块。从春节前后这一轮白马股股灾，到后来大宗商品价格上涨带来的“煤飞色舞”行情，基本印证了我们预判的顺周期行情。但现在复苏开始放缓，类滞胀周期越来越近，市场风格出现再平衡。顺周期行情由于复苏放缓和前期透支，行情接近尾声，虽然调整后还有机会，但已经从单边上行转向震荡阶段，波动加剧，操作难度加大。跨周期的消费、医药等板块，特别是那些业绩能持续释放的公司，流动性只要没有大的收紧，可能仍有机会。逆周期的科技成长板块，由于流动性边际收紧，风险偏好处于低位，整体依然承压，只有极少数业绩驱动型的核心龙头能扛住。\n9、抱团龙头股调整后走势明显分化，用“学霸模型”选择核心资产\n春节后白马股的股灾其实是在意料中的，机构抱团并不是一件靠谱且长久的事，一旦其中部分要素发生变化，抱团肯定会瓦解。2021年投资逻辑不再是宽松预期导致的估值驱动，而是水位下降之后的基本面驱动，谁盈利好，股价性价比高，谁就能拔得头筹。对于白马股的看法，可以用“学霸模型”来解释一下。假设有一个学霸，在今年春节以后谈恋爱，学习成绩直线下降，一下子从年级前五名掉到了年纪二十多名。这时候你该怎么办？是抛弃学霸转身去找学渣？还是耐心等学霸做好自己的思想工作？其实这一切都取决于你对学霸的理解。你要搞懂这次学霸发挥失误是因为谈恋爱耽误时间了？还是生病了？抑或是心理出现了问题？这和选择股票的逻辑是一样的。真正的学霸大概率会东山再起，学渣超常发挥的概率相对较小。因此我们主张要继续去关注业绩，有基本面支撑的同时，投资者要抗住核心资产的估值调整的压力，陪伴学霸。\n10、房贷利率上调，购房窗口期逐渐关闭\n宽松之下，地产无熊市，同理，紧缩之后，地产牛市难以为继。去年年底我们曾说今年是楼市大年，由于低基数效应和推盘力度加大，一季度地产销量创历史新高，全年销售额有望突破18万亿，创历史记录，楼市大年已经提前预定。但是随着流动性发生变化，各地纷纷上调房贷利率，部分城市甚至计划暂定二手房贷款，贷款难和贷款贵已是大势所趋，势必会打击购房积极性，购房窗口期逐渐关闭。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359015988,"gmtCreate":1616300283144,"gmtModify":1704792746362,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/359015988","repostId":"2120549145","repostType":4,"repost":{"id":"2120549145","kind":"news","pubTimestamp":1616299535,"share":"https://ttm.financial/m/news/2120549145?lang=en_US&edition=fundamental","pubTime":"2021-03-21 12:05","market":"us","language":"zh","title":"The surge in US Treasury Bond yields is getting worse, will the Fed \"submit\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2120549145","media":"FX168","summary":"英国媒体周六报道称，美联储正陷入与市场的“摊牌”中。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。","content":"<p>British media reported on Saturday (March 20th) that the Federal Reserve was caught in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the burgeoning economic outlook and the possibility of further rising inflation, while underscoring his commitment to keeping interest rates at a minimum for the foreseeable future.</p><p>But this accommodative approach to inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times said that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Fed can allow such rates to run compared to his counterparts in the euro zone.</p><p>\"It's not the level of yield that matters, but the way it interacts with risky assets,\" said Gene Tannuzzo, head of global fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes stocks to fall and credit spreads to widen, then Powell will be even more concerned.\"</p><p>In the past week, the benchmark ten-year U.S. Treasury Bond yield jumped to 1.75%, up from about 1.6% a few days ago. The Bloomberg Barclays index shows that the price of U.S. Treasury Bond 10 years or longer has fallen by nearly 15% since the start of the year. If these losses persist, the first quarter of this year will be the worst sell-off in the U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a sharp rise in inflation and growth expectations, with economists suspecting that the Fed will eventually be forced to present its first rate hike.</p><p>The European Central Bank is concerned that borrowing costs for companies and individuals could rise harmfully, so it has taken measures to resist rising yields on its Treasury Bond. In contrast, the Fed chairman did not appear uneasy, in stark contrast to what happened in March 2020, when policymakers aligned with banks and other market participants on chaotic market movements.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Treasury Bond yields even topped some expectations for the year's highest following a poor U.S. Treasury Bond auction in February, triggering volatile trading.</p><p>Powell on Wednesday again dismissed doubts that should be concerned about near-term volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain \"highly accommodative\" across various indicators, while the central bank will only worry about \"disorder\" that could undermine money markets to support the economic recovery. \"move. To illustrate this point, he said he had no intention of adjusting the Fed's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but for now Fed policymakers are making it clear that they don't want to be directly involved in behavior that has an impact on the yield curve,\" said Rish Bhandari, senior portfolio manager at hedge funds.</p><p>Mike Collins, senior portfolio manager at PGIM's fixed income division, warned that another sharp rise in US Treasury Bond yields could test their stance.</p><p>\"Financial conditions do remain accommodative, but if interest rates go up another 0.5 to 1 percentage point, that does slow down,\" he said. The rebound in equity and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even move to buying more long-term debt.</p>","source":"fxdaily_fut","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 surge in US Treasury Bond yields is getting worse, will the Fed \"submit\"?</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 surge in US Treasury Bond yields is getting worse, will the Fed \"submit\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX168</strong><span class=\"h-time small\">2021-03-21 12:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>British media reported on Saturday (March 20th) that the Federal Reserve was caught in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the burgeoning economic outlook and the possibility of further rising inflation, while underscoring his commitment to keeping interest rates at a minimum for the foreseeable future.</p><p>But this accommodative approach to inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times said that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Fed can allow such rates to run compared to his counterparts in the euro zone.</p><p>\"It's not the level of yield that matters, but the way it interacts with risky assets,\" said Gene Tannuzzo, head of global fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes stocks to fall and credit spreads to widen, then Powell will be even more concerned.\"</p><p>In the past week, the benchmark ten-year U.S. Treasury Bond yield jumped to 1.75%, up from about 1.6% a few days ago. The Bloomberg Barclays index shows that the price of U.S. Treasury Bond 10 years or longer has fallen by nearly 15% since the start of the year. If these losses persist, the first quarter of this year will be the worst sell-off in the U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a sharp rise in inflation and growth expectations, with economists suspecting that the Fed will eventually be forced to present its first rate hike.</p><p>The European Central Bank is concerned that borrowing costs for companies and individuals could rise harmfully, so it has taken measures to resist rising yields on its Treasury Bond. In contrast, the Fed chairman did not appear uneasy, in stark contrast to what happened in March 2020, when policymakers aligned with banks and other market participants on chaotic market movements.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Treasury Bond yields even topped some expectations for the year's highest following a poor U.S. Treasury Bond auction in February, triggering volatile trading.</p><p>Powell on Wednesday again dismissed doubts that should be concerned about near-term volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain \"highly accommodative\" across various indicators, while the central bank will only worry about \"disorder\" that could undermine money markets to support the economic recovery. \"move. To illustrate this point, he said he had no intention of adjusting the Fed's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but for now Fed policymakers are making it clear that they don't want to be directly involved in behavior that has an impact on the yield curve,\" said Rish Bhandari, senior portfolio manager at hedge funds.</p><p>Mike Collins, senior portfolio manager at PGIM's fixed income division, warned that another sharp rise in US Treasury Bond yields could test their stance.</p><p>\"Financial conditions do remain accommodative, but if interest rates go up another 0.5 to 1 percentage point, that does slow down,\" he said. The rebound in equity and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even move to buying more long-term debt.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.fx168.com/bank/fed/2103/4838373.shtml\">FX168</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a56aa88d539d7b65b8089a421c05150c","relate_stocks":{"161125":"标普500","513500":"标普500ETF",".IXIC":"NASDAQ Composite","SPXU":"三倍做空标普500ETF-ProShares","SH":"做空标普500-Proshares","SSO":"2倍做多标普500ETF-ProShares","IEI":"iShares Barclays 3-7 Year Trea","IVV":"标普500ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","TQQQ":"纳指三倍做多ETF","DXD":"两倍做空道琼30指数ETF-ProShares",".DJI":"道琼斯","DDM":"2倍做多道指ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","BND":"债券指数ETF-Vanguard美国","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","GOVT":"iShares安硕核心美国国债ETF","DOG":"道指ETF-ProShares做空","SHY":"债券指数ETF-iShares Barclays 1-3年国债",".SPX":"S&P 500 Index","OEX":"标普100","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","IEF":"债券指数ETF-iShares Barclays 7-10年","QQQ":"纳指100ETF","TLT":"20+年以上美国国债ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares"},"source_url":"https://news.fx168.com/bank/fed/2103/4838373.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120549145","content_text":"英国媒体周六（3月20日）报道称，美联储正陷入与市场的“摊牌”中。\n本周，美联储主席鲍威尔承认迅速发展的经济前景以及通货膨胀率进一步攀升的可能，同时强调了他在可预见的未来将利率保持在最低水平的承诺。\n但是，这种对通货膨胀的宽松态度正在侵蚀美国长期政府债券的价格，在全球市场上引发了涟漪。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。\nColumbia Threadneedle Investments全球固定收益负责人Gene Tannuzzo表示：“重要的不是收益率水平，而是其与风险资产之间的相互作用方式。” “如果收益率以导致股市下跌和信贷息差扩大的速度上升，那么鲍威尔将更加担忧。”\n在过去的一周中，基准十年期美国国债收益率跳升至1.75％，几天前约为1.6％。彭博巴克莱（Bloomberg Barclays）指数显示，自今年年初以来，10年或更长期的美国国债价格下跌了近15％。如果这些损失持续下去，那么今年第一季度将是至少自1970年代初以来美国国债遭遇最严重的一次抛售。\n美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。\n欧洲央行担心公司和个人的借贷成本可能会有害地增加，因此采取措施以抵制其国债收益率的上涨。相比之下，美联储主席表现得并未有任何不安，这与2020年3月的情形形成鲜明对比，当时决策者就混乱的市场走势与银行和其他市场参与者保持一致。\n抛售的迅速开始蔓延到股票和信贷市场，这激怒了投资者。2月份美国国债拍卖表现不佳之后，国债收益率甚至突破了今年最高的一些预期，引发了波动性交易。\n鲍威尔周三再次驳回了应该对21亿美元美国政府债券市场的近期波动担忧的疑虑，重申各种指标的财务状况仍然“高度宽松”，而央行只会担心可能破坏货币市场支持经济复苏的“无序”举动。为说明这一点，他表示无意调整美联储每月1200亿美元的债券购买计划。\n对冲基金高级投资组合经理Rish Bhandari表示：“市场可能会迫使他们改变其行为，但目前美联储决策者明确表示，他们不希望直接参与对收益率曲线产生影响的行为。”\nPGIM固定收益部高级投资组合经理Mike Collins警告说，美国国债收益率的再次大幅上升可能会考验他们的立场。\n他说：“金融状况确实仍然很宽松，但是如果利率再上升0.5至1个百分点，那的确会放慢脚步。”股票和信贷市场的反弹可能也足够严重，以至于促使美联储进行口头干预，甚至转向购买更多长期债务的措施。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"MNQmain":0.9,"SH":0.9,"IEI":0.9,"SDOW":0.9,"GOVT":0.9,".DJI":0.9,"DXD":0.9,"UBmain":0.9,"TQQQ":0.9,"DDM":0.9,"QQQ":0.9,".IXIC":0.9,"BND":0.9,"IVV":0.9,"SDS":0.9,"QID":0.9,"SQQQ":0.9,".SPX":0.9,"DOG":0.9,"UDOW":0.9,"TLT":0.9,"PSQ":0.9,"DJX":0.9,"SHY":0.9,"QLD":0.9,"NQmain":0.9,"SPY":0.9,"SPXU":0.9,"ZBmain":0.9,"ZFmain":0.9,"OEX":0.9,"OEF":0.9,"ESmain":0.9,"SSO":0.9,"UPRO":0.9,"ZTmain":0.9,"TNmain":0.9,"IEF":0.9}},"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182872610,"gmtCreate":1623565601630,"gmtModify":1704206337705,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/182872610","repostId":"1172667270","repostType":4,"isVote":1,"tweetType":1,"viewCount":3023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135623440,"gmtCreate":1622162055380,"gmtModify":1704180549155,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135623440","repostId":"1139893263","repostType":4,"repost":{"id":"1139893263","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":1621926753,"share":"https://ttm.financial/m/news/1139893263?lang=en_US&edition=fundamental","pubTime":"2021-05-25 15:12","market":"hk","language":"zh","title":"Reminder: Due to Memorial Day, U.S. stocks will be closed for one day on May 31","url":"https://stock-news.laohu8.com/highlight/detail?id=1139893263","media":"老虎资讯综合","summary":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景","content":"<p>It is reported that on May 31 (Monday) due to Memorial Day in the United States, the U.S. stock market will be closed for one day, and trading will continue as usual from Tuesday.</p><p>On May 31 (Monday), the British stock market will be closed for one day due to Bank Holiday, and trading will continue as usual from Tuesday.</p><p>Hong Kong stocks, A-shares, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p>Memorial Day: It is a holiday commemorated by most states in the United States. It was originally May 30th. After 1971, in order to ensure that federal employees can enjoy this rest day, many states changed it to the last Monday in May.</p><p>In the American Civil War, countless soldiers were killed in the war. At the end of the war, many families in the south began to pay homage to the soldiers killed in the war. Regardless of the north and the south, they offered flowers to the cemeteries of the dead on both sides in spring. Northerners were deeply moved by this and regarded this act as a symbol of national unity. In 1868, May 30 was officially approved as a day to lay flowers to the soldiers who died heroically defending the motherland.</p><p>On Memorial Day, American active-duty soldiers and veterans line up in a long queue to go to the cemetery, fire guns to greet the fallen soldiers, and blow the lights out signal in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" 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: Due to Memorial Day, U.S. stocks will be closed for one day on May 31</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: Due to Memorial Day, U.S. stocks will be closed for one day on May 31\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\">2021-05-25 15:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that on May 31 (Monday) due to Memorial Day in the United States, the U.S. stock market will be closed for one day, and trading will continue as usual from Tuesday.</p><p>On May 31 (Monday), the British stock market will be closed for one day due to Bank Holiday, and trading will continue as usual from Tuesday.</p><p>Hong Kong stocks, A-shares, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p>Memorial Day: It is a holiday commemorated by most states in the United States. It was originally May 30th. After 1971, in order to ensure that federal employees can enjoy this rest day, many states changed it to the last Monday in May.</p><p>In the American Civil War, countless soldiers were killed in the war. At the end of the war, many families in the south began to pay homage to the soldiers killed in the war. Regardless of the north and the south, they offered flowers to the cemeteries of the dead on both sides in spring. Northerners were deeply moved by this and regarded this act as a symbol of national unity. In 1868, May 30 was officially approved as a day to lay flowers to the soldiers who died heroically defending the motherland.</p><p>On Memorial Day, American active-duty soldiers and veterans line up in a long queue to go to the cemetery, fire guns to greet the fallen soldiers, and blow the lights out signal in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139893263","content_text":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景简介：阵亡将士纪念日（Memorial Day）：是美国大多数州都要纪念的节日，时间原为5月30日，1971年以后，为保证联邦雇员都能享有这一休息日，许多州将它改在5月的最后一个星期一。美国南北战争中，无数将士在战火中阵亡。战争结束，南部许多家庭开始祭奠战争中阵亡的将士。他们不分南北双方，在春天向双方死者的墓地都奉献鲜花，北方人为此深受感动，将这一举动视为民族团结的象征。1868年，5月30日这一天被正式批准为向为保卫祖国而英勇牺牲的士兵们敬献鲜花的日子。每逢阵亡将士纪念日，美国现役军人和老战士便排成长长的队伍前往墓地，鸣枪向阵亡将士致意，吹响军中熄灯号让死难将士安息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377364484,"gmtCreate":1619498025648,"gmtModify":1704724951825,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/377364484","repostId":"1171495583","repostType":4,"repost":{"id":"1171495583","kind":"news","pubTimestamp":1619497808,"share":"https://ttm.financial/m/news/1171495583?lang=en_US&edition=fundamental","pubTime":"2021-04-27 12:30","market":"sh","language":"zh","title":"SAIC and WM Motor's efforts in SOA are \"overtaking in corners\" under the switching dimension?","url":"https://stock-news.laohu8.com/highlight/detail?id=1171495583","media":"投中网","summary":"SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。\n\n是什么成就苹果超2万亿美元的市值？\n凯文·凯利曾在演讲时指出：","content":"<p>The idea of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. What made Apple's market value exceed $2 trillion?</p><p>Kevin Kelly once pointed out in his speech: \"The future technological innovation lies in the edge outside the mainstream. For example, when your tractor is getting better and better, the car may counterattack at another technical level. This is where the future lies.\" This sentence not only explains that Apple's innovation is a breakthrough in another dimension, but also invisibly reveals a possible change idea of the automobile industry.</p><p>In the post-epidemic era, SDV (software-defined car) has become a word spoken badly by car companies, and then the term \"user-defined car\" was born. However, car companies still want to make it easy for users to understand. When the change is related to technology research and development, they must consider what concept to design the architecture to carry the software and give full play to the true value of SDV.</p><p>The concept of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. This month, SAIC also held a global SOA platform developer conference. What signals does SOA architecture reveal about the industry when it is introduced into automobiles?</p><p><b>SOA sets up the \"stage\", and cars play the \"Apple APP\" revolution</b></p><p>SOA is not a new term, and it has long been tried in the automotive industry. In fact, Nio and XPeng are already trying to apply some SOA architecture designs, such as the mature OTA function and remote diagnosis function, which are all within the application scope of SOA architecture.</p><p>Taking the analogy of smart phones, Apple phones have a similar architecture, which is manifested in the form of a platform open to developers-App Store. SOA is to cars what Apple's App Store is to iPhone. It opens up the hardware capabilities of cars for software developers to call to implement corresponding functions.</p><p>From the advent of iPhone 3G and the opening of the Apple Store to third-party developers, there are now more than 5 million applications on the Apple Store, and Apple has the world's leading software ecosystem. With the support of a few sensors and actuators on Apple's mobile phones, iOS has been able to provide millions of applications, and the hardware complexity of cars far exceeds that of mobile phones. Importing the SOA platform into it has huge imagination behind it.</p><p>An ordinary user who doesn't know how to write code can generate personalized scenarios that meet user needs by collecting the trigger conditions of various modules such as car windows, audio, and ambient lights into his own APP. The APP is uploaded to the APP store and then downloaded to the car, and users can use it.</p><p>For example, when ventilation is needed inside the car, the driver wants to open the external circulation of the car, and at the same time, two passengers want to open the window and sunroof respectively, so there are three different needs, which can be completely realized by the user's self-customization. This is just the simplest way to play. Through the combination of multiple functions, it can theoretically produce a large number of new applications, ultimately expanding the capabilities of smart cars.</p><p>Similar to the App Store, developers can use buyout or subscription charges when using SOA platform to provide services to users. Developers make commercial profits, and car companies can also make profits. However, the SOA platform is still in its infancy, and it is still unclear how to formulate a business model.</p><p>At present, SAIC Lingshu and Weimar are one of the few companies that choose to build an SOA platform for the entire vehicle, while Nezha and Gaohe have mentioned the introduction of SOA concepts, but the products have not yet landed.</p><p>SAIC Zero Beam has worked with the first batch of developers to develop dozens of exclusive application scenarios for smart cars, hundreds of users' \"thousands of people, thousands of faces\" mode, and some typical automotive intelligent applications. At present, the software of the platform can be used in SAIC's R car and Zhiji car.</p><p>WM Motor applied the SOA platform in WM Motor W6 car, and launched custom programming functions. There are more than 100 custom scenarios, and the mobile phone terminal is synchronized with the car terminal; Nezha S will also base the entire system on SOA architecture, but the official launch time of the product may be in the second half of 2022.</p><p>Comparing these companies, SAIC and WM Motor's exploration on the SOA platform has implemented products. Among them, SAIC's opening process runs faster, while WM Motor's landing time, that is, the car release time, is slightly earlier. However, Nezha has the slowest progress because the whole vehicle has not been announced.</p><p>Even so, there is still room for significant improvement in the openness of SAIC's zero-beam SOA platform. Intelligent Relativity learned that its platform is divided into three modes. Two versions for ordinary users and third-party developers have been announced to the outside world, while the versions for OEMs and suppliers have not been specifically displayed.</p><p>As a key part of opening up, it is most difficult for car companies to achieve cross-brand and cross-model models. It not only puts high requirements on the R&D engineer team, but also weighs the interests with Tier1 and other OEMs. This also makes everyone see many difficulties and challenges when looking forward to SOA platform.</p><p><b>It's not easy to set up a \"stage\", and I'm afraid that \"no one sings and no one joins in\"</b></p><p>Through the SOA architecture, another advantage is that the dominance of software development will return to car companies. As a result, car companies need a lot of research and development work and talents.</p><p>Industry insiders told Intelligent Relativity, \"The salary of architectural engineers is very high, but they can't be recruited with a high salary, because this position has extremely high requirements for people, and he needs to have a professional understanding of cars and software.\"</p><p>In the early stage of the definition of vehicle functions, the entire SOA team must be involved. Whether it is SAIC Lingshu, WM Motor, Nezha, or other car companies, it will cost a lot of money. But apart from the technical level, there are still many practical problems, such as how do car companies attract developers to settle in the platform?</p><p>Taking SAIC's zero-beam SOA platform as an example, in order to achieve the original intention of allowing more developers and even ordinary users to continue to participate in software development, it is necessary to lower the entry threshold to expand the user base and help make the platform atmosphere active. After building good services and functions, the quality of the whole platform will be improved to attract new developers, and finally feed back the SOA platform. Once it runs, there will be a \"flywheel effect\" and form a scale.</p><p>Many Internet phenomena are similar to this, such as take-out, shopping e-commerce, and online car-hailing platforms. The number of merchants and users are mutually reinforcing and mutually premised. In order to expand the scale of both platforms, it is often a common practice for cold start to spend money on subsidies.</p><p>Indeed, developers can't always \"generate electricity for love\". Similar to the App Store, making a good incentive plan is a question that car companies need to think about. It is inevitable for car companies to invest in the early stage, and after that, how to divide the interests among users, developers, and car companies is very important, which is related to the long-term survival of the platform.</p><p>Another key question is, how do car companies break boundaries? When developing, mobile phone developers only need to focus on Android and iOS systems, and then simply adapt the models. When the software is on the car, there are countless models and brands. Whether it is SAIC Zero Beam or Weimar, the current platform is only implemented in its models. In the future, the scale of developers will open up new growth space, and more friends will undoubtedly need to integrate into the platform.</p><p>The difficulty in this area actually lies not in how the platform \"adapts\" to friends, but in how the platform \"absorbs\" friends. The current trend in the automotive industry is that underlying things such as traditional automotive hardware and intelligent hardware have gradually become open, standardized, and supported by industrial scale. On the contrary, the competition among various companies is the competition between the software layer and the service layer, which \"friends\" don't want to lose.</p><p>In addition, security issues are also necessary considerations for platform development. There are hundreds of pieces of hardware on the car that can be called by software. Considering driving safety, the fault tolerance rate of car software (such as crashes and crashes) is far lower than that of the App Store.</p><p>This means that some functions related to automobile sports and autonomous driving cannot be opened to users and can only be designed by OEMs with strong R&D capabilities. This also leads to a contradictory fact: \"high-tech entry threshold\" and \"attracting more developers\" can't have both, because security must be guaranteed.</p><p>Weimar said that W6 users can create their own driving modes through \"Weimar Express\", including L2 driving assistance system, music, air conditioning temperature, seat adjustment and other user-preferred software and hardware settings, and add and set them according to their own preferences. When SAIC Zero Beam introduced the platform, it talked more about the functions of life and entertainment systems.</p><p>The safety level of the entertainment system function itself is lower than the requirements of other domains, which is the easiest to implement, while the ADAS domain is completely opposite. Therefore, in the development trend of SOA platforms, functions need to be promoted and improved step by step by SAIC Zero Beam and WM Motor until they are completely connected.</p><p><b>Soul Torture: Everyone wants to do it, so why are you successful?</b></p><p>The ideal is full, but the reality is a bit skinny. If car companies want to build a moat of SOA platforms, the difficulties they face cannot be underestimated. As mentioned earlier, the car companies that are eyeing its huge potential include SAIC and WM Motor, and Nezha and Gaohe are also eager to try SOA architecture.</p><p>Of course, these are only the currently known OEMs. Including Xiaomi, Didi, etc., more and more technology Internet giants have begun to deploy in the field of smart cars. From \"software-defined cars\" to \"user-defined cars\", it is conceivable that Xiaomi and Didi attach importance to \"SOA\".</p><p>With its advantages in hardware manufacturing and software operation in the original business field, Xiaomi Didi has made a new related strategic extension of car manufacturing. Among them, Xiaomi has a larger number of users than traditional car companies, and can better support the commercial imagination of SOA platforms.</p><p>The architecture of Xiaomi's car manufacturing system is currently unknown, but in the face of its huge number of \"rice fans\", Xiaomi will undoubtedly pay attention to their opinions, and there is a high probability that it will introduce \"SOA\". Through the SOA platform, \"rice fans\" can generate personalized scenarios that meet their own car ownership preferences and driving habits, which is consistent with their emphasis on \"user participation\".</p><p>Compared with their competitors, the advantage of SAIC Lingshu and Weimar is that they are \"first-mover\" and will reach a certain scale earlier. Wang Jun, president of Huawei Smart Car Solutions BU, said at the SAIC Developer Conference that the wider the application range of the software platform, the lower the marginal cost. Scale is the most fundamental business logic to achieve profitability.</p><p>Although Baidu, Tencent, Huawei and many other technology Internet companies have talked about the possible cooperation between themselves and SAIC SOA, they and SAIC will be more competitive and cooperative in the future, taking these things into their own hands. Similarly, other car companies will also build their own SOA platforms. The development ideas can be to expand outward or choose for their own use, but it also means that SAIC and WM Motor SOA platforms lose this part of resources.</p><p>But for small car companies, they will consider whether the user scale can support the commercialization of self-built platforms. If they decide to use the platforms of large car companies, they will weigh which platform ecosystem is better, so that every link in their own industry chain is expected to benefit from it.</p><p>Therefore, absorbing these small car companies will be an important direction for large car companies such as SAIC to expand their \"circle of friends\" in the future. In the long run, as SAIC's zero-beam SOA platform gradually opens up, it will be tested on other brands of cars. Regardless of whether small car companies adopt their own platforms or not, the first step is to unify interface standards to facilitate small car companies to integrate into the ecosystem.</p><p>Generally speaking, electrification and intelligence are building a new track for the next round of industrial competition, and the SOA platform has become one of the keys for many car companies to compete for voice. Everyone wants to be an \"App Store\", but in the end there may only be one. At present, car companies such as SAIC Lingshu and WM Motor are still in their infancy in the direction of \"SOA\", and the future competition format is still unknown. What we need to do is to let the \"bullets\" of car companies fly for a while.</p>","source":"tzw","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>SAIC and WM Motor's efforts in SOA are \"overtaking in corners\" under the switching dimension?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSAIC and WM Motor's efforts in SOA are \"overtaking in corners\" under the switching dimension?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2021-04-27 12:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The idea of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. What made Apple's market value exceed $2 trillion?</p><p>Kevin Kelly once pointed out in his speech: \"The future technological innovation lies in the edge outside the mainstream. For example, when your tractor is getting better and better, the car may counterattack at another technical level. This is where the future lies.\" This sentence not only explains that Apple's innovation is a breakthrough in another dimension, but also invisibly reveals a possible change idea of the automobile industry.</p><p>In the post-epidemic era, SDV (software-defined car) has become a word spoken badly by car companies, and then the term \"user-defined car\" was born. However, car companies still want to make it easy for users to understand. When the change is related to technology research and development, they must consider what concept to design the architecture to carry the software and give full play to the true value of SDV.</p><p>The concept of SOA may be the pawn of this change, which can make this change more natural. Since this year, SAIC, WM Motor, Lantu, Nezha, etc. have all mentioned SOA architecture when talking about smart cars. This month, SAIC also held a global SOA platform developer conference. What signals does SOA architecture reveal about the industry when it is introduced into automobiles?</p><p><b>SOA sets up the \"stage\", and cars play the \"Apple APP\" revolution</b></p><p>SOA is not a new term, and it has long been tried in the automotive industry. In fact, Nio and XPeng are already trying to apply some SOA architecture designs, such as the mature OTA function and remote diagnosis function, which are all within the application scope of SOA architecture.</p><p>Taking the analogy of smart phones, Apple phones have a similar architecture, which is manifested in the form of a platform open to developers-App Store. SOA is to cars what Apple's App Store is to iPhone. It opens up the hardware capabilities of cars for software developers to call to implement corresponding functions.</p><p>From the advent of iPhone 3G and the opening of the Apple Store to third-party developers, there are now more than 5 million applications on the Apple Store, and Apple has the world's leading software ecosystem. With the support of a few sensors and actuators on Apple's mobile phones, iOS has been able to provide millions of applications, and the hardware complexity of cars far exceeds that of mobile phones. Importing the SOA platform into it has huge imagination behind it.</p><p>An ordinary user who doesn't know how to write code can generate personalized scenarios that meet user needs by collecting the trigger conditions of various modules such as car windows, audio, and ambient lights into his own APP. The APP is uploaded to the APP store and then downloaded to the car, and users can use it.</p><p>For example, when ventilation is needed inside the car, the driver wants to open the external circulation of the car, and at the same time, two passengers want to open the window and sunroof respectively, so there are three different needs, which can be completely realized by the user's self-customization. This is just the simplest way to play. Through the combination of multiple functions, it can theoretically produce a large number of new applications, ultimately expanding the capabilities of smart cars.</p><p>Similar to the App Store, developers can use buyout or subscription charges when using SOA platform to provide services to users. Developers make commercial profits, and car companies can also make profits. However, the SOA platform is still in its infancy, and it is still unclear how to formulate a business model.</p><p>At present, SAIC Lingshu and Weimar are one of the few companies that choose to build an SOA platform for the entire vehicle, while Nezha and Gaohe have mentioned the introduction of SOA concepts, but the products have not yet landed.</p><p>SAIC Zero Beam has worked with the first batch of developers to develop dozens of exclusive application scenarios for smart cars, hundreds of users' \"thousands of people, thousands of faces\" mode, and some typical automotive intelligent applications. At present, the software of the platform can be used in SAIC's R car and Zhiji car.</p><p>WM Motor applied the SOA platform in WM Motor W6 car, and launched custom programming functions. There are more than 100 custom scenarios, and the mobile phone terminal is synchronized with the car terminal; Nezha S will also base the entire system on SOA architecture, but the official launch time of the product may be in the second half of 2022.</p><p>Comparing these companies, SAIC and WM Motor's exploration on the SOA platform has implemented products. Among them, SAIC's opening process runs faster, while WM Motor's landing time, that is, the car release time, is slightly earlier. However, Nezha has the slowest progress because the whole vehicle has not been announced.</p><p>Even so, there is still room for significant improvement in the openness of SAIC's zero-beam SOA platform. Intelligent Relativity learned that its platform is divided into three modes. Two versions for ordinary users and third-party developers have been announced to the outside world, while the versions for OEMs and suppliers have not been specifically displayed.</p><p>As a key part of opening up, it is most difficult for car companies to achieve cross-brand and cross-model models. It not only puts high requirements on the R&D engineer team, but also weighs the interests with Tier1 and other OEMs. This also makes everyone see many difficulties and challenges when looking forward to SOA platform.</p><p><b>It's not easy to set up a \"stage\", and I'm afraid that \"no one sings and no one joins in\"</b></p><p>Through the SOA architecture, another advantage is that the dominance of software development will return to car companies. As a result, car companies need a lot of research and development work and talents.</p><p>Industry insiders told Intelligent Relativity, \"The salary of architectural engineers is very high, but they can't be recruited with a high salary, because this position has extremely high requirements for people, and he needs to have a professional understanding of cars and software.\"</p><p>In the early stage of the definition of vehicle functions, the entire SOA team must be involved. Whether it is SAIC Lingshu, WM Motor, Nezha, or other car companies, it will cost a lot of money. But apart from the technical level, there are still many practical problems, such as how do car companies attract developers to settle in the platform?</p><p>Taking SAIC's zero-beam SOA platform as an example, in order to achieve the original intention of allowing more developers and even ordinary users to continue to participate in software development, it is necessary to lower the entry threshold to expand the user base and help make the platform atmosphere active. After building good services and functions, the quality of the whole platform will be improved to attract new developers, and finally feed back the SOA platform. Once it runs, there will be a \"flywheel effect\" and form a scale.</p><p>Many Internet phenomena are similar to this, such as take-out, shopping e-commerce, and online car-hailing platforms. The number of merchants and users are mutually reinforcing and mutually premised. In order to expand the scale of both platforms, it is often a common practice for cold start to spend money on subsidies.</p><p>Indeed, developers can't always \"generate electricity for love\". Similar to the App Store, making a good incentive plan is a question that car companies need to think about. It is inevitable for car companies to invest in the early stage, and after that, how to divide the interests among users, developers, and car companies is very important, which is related to the long-term survival of the platform.</p><p>Another key question is, how do car companies break boundaries? When developing, mobile phone developers only need to focus on Android and iOS systems, and then simply adapt the models. When the software is on the car, there are countless models and brands. Whether it is SAIC Zero Beam or Weimar, the current platform is only implemented in its models. In the future, the scale of developers will open up new growth space, and more friends will undoubtedly need to integrate into the platform.</p><p>The difficulty in this area actually lies not in how the platform \"adapts\" to friends, but in how the platform \"absorbs\" friends. The current trend in the automotive industry is that underlying things such as traditional automotive hardware and intelligent hardware have gradually become open, standardized, and supported by industrial scale. On the contrary, the competition among various companies is the competition between the software layer and the service layer, which \"friends\" don't want to lose.</p><p>In addition, security issues are also necessary considerations for platform development. There are hundreds of pieces of hardware on the car that can be called by software. Considering driving safety, the fault tolerance rate of car software (such as crashes and crashes) is far lower than that of the App Store.</p><p>This means that some functions related to automobile sports and autonomous driving cannot be opened to users and can only be designed by OEMs with strong R&D capabilities. This also leads to a contradictory fact: \"high-tech entry threshold\" and \"attracting more developers\" can't have both, because security must be guaranteed.</p><p>Weimar said that W6 users can create their own driving modes through \"Weimar Express\", including L2 driving assistance system, music, air conditioning temperature, seat adjustment and other user-preferred software and hardware settings, and add and set them according to their own preferences. When SAIC Zero Beam introduced the platform, it talked more about the functions of life and entertainment systems.</p><p>The safety level of the entertainment system function itself is lower than the requirements of other domains, which is the easiest to implement, while the ADAS domain is completely opposite. Therefore, in the development trend of SOA platforms, functions need to be promoted and improved step by step by SAIC Zero Beam and WM Motor until they are completely connected.</p><p><b>Soul Torture: Everyone wants to do it, so why are you successful?</b></p><p>The ideal is full, but the reality is a bit skinny. If car companies want to build a moat of SOA platforms, the difficulties they face cannot be underestimated. As mentioned earlier, the car companies that are eyeing its huge potential include SAIC and WM Motor, and Nezha and Gaohe are also eager to try SOA architecture.</p><p>Of course, these are only the currently known OEMs. Including Xiaomi, Didi, etc., more and more technology Internet giants have begun to deploy in the field of smart cars. From \"software-defined cars\" to \"user-defined cars\", it is conceivable that Xiaomi and Didi attach importance to \"SOA\".</p><p>With its advantages in hardware manufacturing and software operation in the original business field, Xiaomi Didi has made a new related strategic extension of car manufacturing. Among them, Xiaomi has a larger number of users than traditional car companies, and can better support the commercial imagination of SOA platforms.</p><p>The architecture of Xiaomi's car manufacturing system is currently unknown, but in the face of its huge number of \"rice fans\", Xiaomi will undoubtedly pay attention to their opinions, and there is a high probability that it will introduce \"SOA\". Through the SOA platform, \"rice fans\" can generate personalized scenarios that meet their own car ownership preferences and driving habits, which is consistent with their emphasis on \"user participation\".</p><p>Compared with their competitors, the advantage of SAIC Lingshu and Weimar is that they are \"first-mover\" and will reach a certain scale earlier. Wang Jun, president of Huawei Smart Car Solutions BU, said at the SAIC Developer Conference that the wider the application range of the software platform, the lower the marginal cost. Scale is the most fundamental business logic to achieve profitability.</p><p>Although Baidu, Tencent, Huawei and many other technology Internet companies have talked about the possible cooperation between themselves and SAIC SOA, they and SAIC will be more competitive and cooperative in the future, taking these things into their own hands. Similarly, other car companies will also build their own SOA platforms. The development ideas can be to expand outward or choose for their own use, but it also means that SAIC and WM Motor SOA platforms lose this part of resources.</p><p>But for small car companies, they will consider whether the user scale can support the commercialization of self-built platforms. If they decide to use the platforms of large car companies, they will weigh which platform ecosystem is better, so that every link in their own industry chain is expected to benefit from it.</p><p>Therefore, absorbing these small car companies will be an important direction for large car companies such as SAIC to expand their \"circle of friends\" in the future. In the long run, as SAIC's zero-beam SOA platform gradually opens up, it will be tested on other brands of cars. Regardless of whether small car companies adopt their own platforms or not, the first step is to unify interface standards to facilitate small car companies to integrate into the ecosystem.</p><p>Generally speaking, electrification and intelligence are building a new track for the next round of industrial competition, and the SOA platform has become one of the keys for many car companies to compete for voice. Everyone wants to be an \"App Store\", but in the end there may only be one. At present, car companies such as SAIC Lingshu and WM Motor are still in their infancy in the direction of \"SOA\", and the future competition format is still unknown. What we need to do is to let the \"bullets\" of car companies fly for a while.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.chinaventure.com.cn/news/78-20210427-361891.html\">投中网</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":{},"source_url":"https://www.chinaventure.com.cn/news/78-20210427-361891.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171495583","content_text":"SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。\n\n是什么成就苹果超2万亿美元的市值？\n凯文·凯利曾在演讲时指出：“未来技术革新的所在，是在主流之外的边缘地带，比如当你的拖拉机越造越好的时候，汽车也许在另一个技术层面上逆袭。这就是未来的所在。”这句话不仅诠释苹果的创新是换一种维度的突破，也无形中道出汽车产业一种可能的变革思路。\n后疫情时代，SDV（软件定义汽车）成为被车企们讲烂的词汇，随后还诞生出“用户定义汽车”这一说法。但是，车企更多还是想让用户好理解罢了，当变革关乎到技术研发时，必然要考虑用什么理念设计架构以承载软件，发挥SDV的真正价值。\n而SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。这个月，上汽还举办了全球SOA平台开发者大会。SOA架构被引入汽车，透露出行业的哪些信号？\nSOA搭“戏台”，汽车玩起“苹果APP”式革命\nSOA并不是个新名词，在汽车行业也早有尝试。蔚来、小鹏实际上已经在尝试进行一些SOA架构设计的运用，比如目前已经较为成熟的OTA功能以及远程诊断功能，都在SOA架构的运用范畴之内。\n拿智能手机类比，苹果手机就具有相似的架构，表现出来的形式就是向开发者开放的平台——App Store。SOA之于汽车，就好比苹果App Store之于iPhone，它将汽车的硬件能力开放出来，供软件开发者调用，以实现相应的功能。\n从iPhone 3G问世并向第三方开发者开放Apple Store，到如今Apple Store上已经有超过500万应用，苹果由此拥有了全球领先的软件生态。在苹果手机上为数不多的传感器、执行器支持下，iOS已能够提供百万级应用，而汽车的硬件复杂程度远超手机，将SOA平台导入其中，背后的想象空间是巨大的。\n一个不懂编写代码的普通用户，可以通过将车窗、音响、氛围灯等各个模块的触发条件集合到自己的APP中，生成符合用户需求的个性化场景。APP上传到应用商店再下载到车上，用户便可使用。\n比如，车内需要透气时，司机希望打开汽车外循环，同时两位乘客分别希望打开车窗和天窗，这样就出现三个不同的需求，而它们完全可以通过用户自我定制来实现。这只是最简单的玩法，通过多种功能组合，理论上可产生海量全新的应用，最终拓展智能汽车的能力。\n类似于App Store，开发者利用SOA平台向用户提供服务时，可以采用买断式或订阅式收费。开发者取得商业收益，车企也可以获得利润。只是，SOA平台尚在起步阶段，如何制定商业模式还不明朗。\n目前选择将整车搭建SOA平台，上汽零束、威马是为数不多的两家，而哪吒、高合有提及引入SOA理念，不过产品目前没有落地。\n上汽零束已经与首批开发者一起，开发了几十个智能车专属应用场景，几百个用户“千人千面”模式，以及部分典型的汽车智能化应用，目前平台的软件可以在上汽旗下R汽车和智己汽车上通用。\n威马在威马W6汽车中应用SOA平台，上线了自定义编程功能，自定义场景超100个，手机端与车机端同步；哪吒S也将整个系统基于SOA架构，不过产品正式上市时间可能在2022年下半年。\n对比这几家，上汽、威马在SOA平台上的探索是有产品落地的，其中上汽的开放进程跑得更快，威马的落地时间即汽车发布时间则稍早一些。而哪吒因为整车未公布，进度最慢。\n即便如此，上汽零束SOA平台的开放性都仍有大幅提升空间。「智能相对论」了解到，其平台分为三种模式，面向普通用户、第三方开发者的两种版本已对外界公布，而面向OEM和供应商的版本并未具体展示。\n作为走向开放的关键部分，车企想让其实现跨品牌、跨车型是最为困难的，不仅对研发工程师团队提出高要求，而且还要关系到和Tier1、其他OEM的利益权衡。这也让大家期待SOA平台时，看到了很多的困难和挑战。\n搭“戏台”不易，还怕“没人唱戏、没人捧场”\n通过SOA架构，还有一层好处是，软件的开发主导权会回归车企。随之而来的是，车企需要大量研发工作，也需要人才。\n业内人士告诉「智能相对论」，“架构工程师薪酬就很高，可不是开高薪就能招到的，因为这个职位对人的要求极高，他要对车和软件都有专业的理解。”\n在整车功能定义初期，整个SOA团队就必须要参与进来，这个无论是上汽零束、威马、哪吒，还是其他车企都要花费一大笔钱。但除开技术层面，之后还有许多现实问题存在，比如车企如何吸引开发者入驻平台？\n以上汽零束SOA平台为例，若要达到让更多开发者甚至普通用户，持续参与软件开发的初衷，需要降低进入门槛来扩大用户基数，帮助平台氛围活跃起来。打造好服务和功能后，再带动整个平台质量提高以吸引新的开发者，最终反哺SOA平台。一旦运转起来就会有“飞轮效应”，形成规模化。\n许多互联网现象都与此类似，比如外卖、拼购电商、网约车平台，商家量和用户量是相互促进、互为前提的。平台为了扩大两者规模，砸钱补贴往往是冷启动常见的做法。\n事实的确如此，开发者不可能一直是“为爱发电”。类似于App Store，做好激励方案是车企需要思考的问题。车企前期投入难以避免，而之后，用户、开发者、车企三者之间的利益如何划分十分重要，这关乎到平台的长期生存。\n还有一个关键问题是，车企如何打破边界？手机软件开发者在开发时，只需要围绕安卓和iOS两个系统，再简单进行机型适配即可。而软件上车时，有着数不清的车型、品牌。无论是上汽零束还是威马，目前平台还只是落地在旗下车型，未来开发者规模要打开新的增长空间，无疑需要更多友商融入平台。\n这一块的困难其实不在于平台如何“适配”友商，更在于平台如何“吸纳”友商。汽车行业当下的趋势是，传统汽车硬件、智能化硬件这类底层的东西逐渐变成开放的、标准化、有产业规模支撑的。各家的竞争反而是软件层和服务层的竞争，它们都是“友商”不愿失去的。\n此外，安全问题也是平台发展的必要考量。汽车上有数百个硬件可供软件调用，考虑到驾驶安全，因此汽车软件的容错率（如闪退、崩溃）要远远低于App Store。\n这就意味着，一些涉及汽车运动、自动驾驶的功能无法开放给用户，只能交由研发能力强的OEM自己设计。这也就产生一个矛盾的事实：“高技术准入门槛”和“吸引更多开发者”不可兼得，因为安全必须得到保证。\n威马表示，W6用户可以通过“威马快捷”，创建属于自己的驾驶模式，包括L2驾驶辅助系统、音乐、空调温度、座椅调整等用户偏好的软硬件设置，按照自己的喜好进行添加和设置。而上汽零束在介绍平台时，具体谈的更多也是生活、娱乐系统功能。\n娱乐系统功能本身的安全等级低于其他域的要求，是最为容易实现的，而ADAS域内则完全相反。所以在SOA平台发展趋势中，功能需要上汽零束、威马一步一步去推、去完善，直至完全打通。\n灵魂拷问：大家都想做，凭什么你成功？\n理想很丰满，现实却有些骨感。车企若想建立起SOA平台这条护城河，其面临的难度不可小觑。此前提及到，盯住其巨大潜能的车企已有上汽、威马，哪吒、高合也对SOA架构跃跃欲试。\n当然，这些只是目前已知的主机厂。包括小米、滴滴等在内，愈多科技互联网巨头开始布局智能汽车领域。从“软件定义汽车”到“用户定义汽车”成为热门，小米、滴滴们重视“SOA”是可以想象的。\n小米滴滴凭借在原有业务领域的硬件制造、软件运营等优势，造车算是做了一次新相关战略延伸。其中小米背后有着比传统车企更庞大的用户量，更能够支撑起SOA平台的商业化想象。\n小米造车的体系架构目前尚不可知，但面对其数量庞大的“米粉”们，小米无疑会重视他们的意见，很大概率会引入“SOA”。通过SOA平台，“米粉”可以生成符合自己拥车偏好及驾驶习惯的个性化场景，这与其强调“用户参与感”是相契合的。\n相比于友商们，上汽零束、威马的优势在于“先发”，会更早地跑出一定规模。华为智能汽车解决方案BU总裁王军在上汽开发者大会就表示，软件平台应用范围越广，边际成本越低。规模化俨然是实现盈利最根本的商业逻辑。\n尽管百度、腾讯、华为等多家科技互联网公司都谈到自身与上汽SOA之间的可能性合作，但它们和上汽未来更会是竞合关系，把这些东西掌握在自己手里。同样地，其他车企也会搭建自己的SOA平台，发展思路可以是向外扩张或者选择自用，但也意味着上汽、威马SOA平台失去这部分资源。\n可是对于小车企而言，它们会去考虑用户规模能否支撑自建平台做好商业化。若决定使用大型车企的平台，它们会去权衡哪个平台生态做得更好，这样自身产业链每一环都有望从中受益。\n因此，吸纳这部分小车企会是将来上汽等大型车企扩大“朋友圈”的重要方向。长期来看，随着上汽零束SOA平台逐步开放，其将会在其他品牌车上测试。无论小车企是否采用自己的平台，第一步可以先把接口标准统一，便于小车企融入生态。\n总的来看，电动化、智能化正在构筑起下一轮产业竞争的新赛道，而SOA平台成为一众车企抢夺声量的关键之一。人人都想做“App Store”，可最后可能只会有一个，目前上汽零束、威马等车企在“SOA”方向尚处起步阶段，未来竞争业态仍是未知。而我们需要做的则是，让车企的“子弹”再飞一会儿。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371426656,"gmtCreate":1618966908875,"gmtModify":1704717582321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/371426656","repostId":"2129231758","repostType":4,"repost":{"id":"2129231758","kind":"news","pubTimestamp":1618956775,"share":"https://ttm.financial/m/news/2129231758?lang=en_US&edition=fundamental","pubTime":"2021-04-21 06:12","market":"us","language":"zh","title":"Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September","url":"https://stock-news.laohu8.com/highlight/detail?id=2129231758","media":"腾讯美股","summary":"腾讯证券4月21日讯，国际日化巨头宝洁公司今年秋季将开始提高从尿布到卫生棉条等日常用品的价格。宝洁是最新一家宣布涨价的消费品公司，也是规模最大的一家。与此同时，宝洁公布了其季度财报。这标志着宝洁自2018年以来最慢的整体销售增长，此前一年疫情肆虐导致宝洁旗下清洁用品、纸巾和厕纸等产品供不应求。该公司表示，此次涨价将于9月份生效，涉及婴儿产品、成人纸尿裤和女性护理品牌，价格涨幅将在中至高个位数百分点。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Securities News on April 21, international daily chemical giants<a href=\"https://laohu8.com/S/PG\">Procter Gamble</a>Companies will start raising prices for everyday items from diapers to tampons this fall. Procter & Gamble is the latest consumer goods company to announce a price hike, and the largest.</p><p>The manufacturer, which owns Gillette razors and Tide washing powder, said the price increase was mainly due to higher costs of raw materials such as resin and pulp, as well as higher transportation costs.</p><p>Meanwhile, P&G reported its quarterly earnings. Last month, rival Kimberly-Clark made a similar move.</p><p>Procter & Gamble said that its sales increased by 4% in the first quarter ended March 31, with the beauty, cloth and home care divisions seeing the largest increases.</p><p>This marks P&G's slowest overall sales growth since 2018, after a year of raging pandemic that left P&G's products such as cleaning products, paper towels and toilet paper in short supply.</p><p>Jon Moeller, the company's chief operating officer, said in an interview: \"This is a completely different situation than it was a year ago. In terms of getting out of the epidemic, the situation is different around the world. But consumption in all sectors is very strong.\"</p><p>While sales of some products are cooling, demand for others is picking up, such as beauty products and supplies sold directly to businesses reopening after widespread shutdowns, Mohler said.</p><p>Moller said that Procter & Gamble's goal is to improve its products and add product functions. After the company raises prices, consumers will feel that they get more. The price increase, which will take effect in September, involves baby products, adult diapers and feminine care brands, will see price increases in the mid-to high single-digit percentage points, the company said.</p><p>The last time large consumer goods companies raised prices sharply because of material costs was in 2018, when surging pulp prices pushed up costs for diapers, toilet paper and other products.</p><p>Kimberly-Clark, the maker of Huggies diapers and Scott paper products, said its increase would be between the median and high single digits and would take effect at the end of June. The products will be available for the company's baby and child care, adult care, and Scott's bathroom tissue businesses.</p><p>Several food producers have also raised prices.<a href=\"https://laohu8.com/S/HRL\">Hormel</a>The food company said in February this year that it raised the prices of a number of turkey products in response to rising grain prices. J.M. The Smucker Company said they recently raised the price of Jif peanut butter, and they may also raise the price of pet food due to higher shipping costs and other inflationary pressures.</p><p>The U.S. consumer price index (CPI), which measures how much consumers pay for everyday items such as groceries, clothing, recreational activities and cars, jumped 2.6% in the year to March this year, the largest 12-month increase since August 2018, the Labor Department said last week.</p><p>In the first quarter, P&G's net sales rose 5% to $18.1 billion, ahead of the $18 billion consensus forecast of analysts polled by FactSet. Volume was flat for the first time in years, while both price and blend price rose 2%.</p><p>Procter & Gamble reported net income of $3.27 billion, or $1.26 per share, up from $2.92 billion and $1.12 per share in the same period last year. Analysts expect the company to post net income of 3.09 billion.</p><p>For the fiscal year ended June 30, the company maintained its sales growth forecast of 5% to 6%. (Midsummer)</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnother one! International daily chemical giant Procter & Gamble will raise the prices of its products in September\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-04-21 06:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Securities News on April 21, international daily chemical giants<a href=\"https://laohu8.com/S/PG\">Procter Gamble</a>Companies will start raising prices for everyday items from diapers to tampons this fall. Procter & Gamble is the latest consumer goods company to announce a price hike, and the largest.</p><p>The manufacturer, which owns Gillette razors and Tide washing powder, said the price increase was mainly due to higher costs of raw materials such as resin and pulp, as well as higher transportation costs.</p><p>Meanwhile, P&G reported its quarterly earnings. Last month, rival Kimberly-Clark made a similar move.</p><p>Procter & Gamble said that its sales increased by 4% in the first quarter ended March 31, with the beauty, cloth and home care divisions seeing the largest increases.</p><p>This marks P&G's slowest overall sales growth since 2018, after a year of raging pandemic that left P&G's products such as cleaning products, paper towels and toilet paper in short supply.</p><p>Jon Moeller, the company's chief operating officer, said in an interview: \"This is a completely different situation than it was a year ago. In terms of getting out of the epidemic, the situation is different around the world. But consumption in all sectors is very strong.\"</p><p>While sales of some products are cooling, demand for others is picking up, such as beauty products and supplies sold directly to businesses reopening after widespread shutdowns, Mohler said.</p><p>Moller said that Procter & Gamble's goal is to improve its products and add product functions. After the company raises prices, consumers will feel that they get more. The price increase, which will take effect in September, involves baby products, adult diapers and feminine care brands, will see price increases in the mid-to high single-digit percentage points, the company said.</p><p>The last time large consumer goods companies raised prices sharply because of material costs was in 2018, when surging pulp prices pushed up costs for diapers, toilet paper and other products.</p><p>Kimberly-Clark, the maker of Huggies diapers and Scott paper products, said its increase would be between the median and high single digits and would take effect at the end of June. The products will be available for the company's baby and child care, adult care, and Scott's bathroom tissue businesses.</p><p>Several food producers have also raised prices.<a href=\"https://laohu8.com/S/HRL\">Hormel</a>The food company said in February this year that it raised the prices of a number of turkey products in response to rising grain prices. J.M. The Smucker Company said they recently raised the price of Jif peanut butter, and they may also raise the price of pet food due to higher shipping costs and other inflationary pressures.</p><p>The U.S. consumer price index (CPI), which measures how much consumers pay for everyday items such as groceries, clothing, recreational activities and cars, jumped 2.6% in the year to March this year, the largest 12-month increase since August 2018, the Labor Department said last week.</p><p>In the first quarter, P&G's net sales rose 5% to $18.1 billion, ahead of the $18 billion consensus forecast of analysts polled by FactSet. Volume was flat for the first time in years, while both price and blend price rose 2%.</p><p>Procter & Gamble reported net income of $3.27 billion, or $1.26 per share, up from $2.92 billion and $1.12 per share in the same period last year. Analysts expect the company to post net income of 3.09 billion.</p><p>For the fiscal year ended June 30, the company maintained its sales growth forecast of 5% to 6%. (Midsummer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210421061344774c0a92&s=b\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0b342767d9403687d333cacaf9a8fcc","relate_stocks":{"PG":"宝洁"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210421061344774c0a92&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2129231758","content_text":"腾讯证券4月21日讯，国际日化巨头宝洁公司今年秋季将开始提高从尿布到卫生棉条等日常用品的价格。宝洁是最新一家宣布涨价的消费品公司，也是规模最大的一家。\n这家旗下拥有吉列剃须刀和汰渍洗衣粉的生产商称，涨价的原因主要是树脂和纸浆等原材料成本上升，运输费用也上升。\n与此同时，宝洁公布了其季度财报。上个月，其竞争对手金佰利公司也做出了类似的举动。\n宝洁公司说，在截至3月31日的一季度其销售额增长了4%，其中美容、布料和家庭护理部门的增幅最大。\n这标志着宝洁自2018年以来最慢的整体销售增长，此前一年疫情肆虐导致宝洁旗下清洁用品、纸巾和厕纸等产品供不应求。\n该公司首席运营官乔恩-莫勒(Jon Moeller)在接受采访时说：“这跟一年前是完全不同的情况，就摆脱疫情而言，全球各地的状况都不同。但各部门的消费都非常强劲。”\n莫勒表示，虽然一些产品的销售正在降温，但还有一些产品的需求正在回升，比如美容产品和直接销售给大范围关闭后重新开业的企业的用品。\n莫勒说，宝洁的目标是改进产品，增加产品功能，公司提高价格后消费者会觉得他们得到了更多。该公司表示，此次涨价将于9月份生效，涉及婴儿产品、成人纸尿裤和女性护理品牌，价格涨幅将在中至高个位数百分点。\n大型消费品公司上次因为材料成本而大幅涨价是在2018年，当时纸浆价格飙升推高了尿布、厕纸和其他产品的成本。\n好奇(Huggies)纸尿裤和斯科特(Scott)纸制品制造商金佰利(Kimberly-Clark)表示，其增幅将在中位数至高个位数之间，将于6月底生效。这些产品将适用于该公司的婴儿和儿童护理、成人护理和斯科特浴室纸巾业务。\n几家食品生产商也提高了价格。荷美尔食品公司今年2月表示，为了应对谷物价格上涨，它提高了一些列火鸡产品的价格。J.M. Smucker公司表示，他们最近提高了Jif花生酱的价格，而且由于更高的运输成本和其他通货膨胀压力，他们可能也会提高宠物食品的价格。\n美国劳工部上周表示，截至今年3月的一年中，美国消费者价格指数(CPI）跃升2.6%，为2018年8月以来的最大12个月增幅。CPI衡量的是消费者为食品杂货、服装、娱乐活动和汽车等日常用品支付的金额。\n第一季度，宝洁的净销售额增长5%，达到181亿美元，高于FactSet调查分析师一致预测的180亿美元。成交量多年来首次持平，而价格和混合价格均上涨了2%。\n宝洁公布净利润32.7亿美元，合每股1.26美元，高于上年同期的29.2亿美元和每股1.12美元。分析师预计该公司净利润为30.9亿美元。\n在截至6月30日的财年中，该公司保持了5%至6%的销售增长预期。（仲夏）","news_type":1,"symbols_score_info":{"PG":0.9}},"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352999301,"gmtCreate":1616848709003,"gmtModify":1704799585423,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/352999301","repostId":"1110290207","repostType":4,"isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350396218,"gmtCreate":1616158177234,"gmtModify":1704791654095,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/350396218","repostId":"1173651311","repostType":4,"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324881692,"gmtCreate":1615982640316,"gmtModify":1704789271536,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324881692","repostId":"1186465313","repostType":4,"repost":{"id":"1186465313","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":1615981522,"share":"https://ttm.financial/m/news/1186465313?lang=en_US&edition=fundamental","pubTime":"2021-03-17 19:45","market":"us","language":"zh","title":"Nasdaq futures fell 1% as U.S. Treasury Bond yields continued to rise","url":"https://stock-news.laohu8.com/highlight/detail?id=1186465313","media":"老虎资讯综合","summary":"3月17日，纳指期货跌幅达1%，标普500指数期货跌0.32%，道指期货微涨0.03%。美国5年期国债收益率升至0.86%上方，为2020年3月以来最高水平。美国10年期国债收益率继续走高，最新报1.","content":"<p>On March 17, Nasdaq futures fell by 1%, S&P 500 futures fell by 0.32%, and Dow futures rose slightly by 0.03%. The U.S. 5-year Treasury Bond yield rose above 0.86%, the highest level since March 2020. The yield on the 10-year U.S. Treasury Bond continued to rise, with the latest price at 1.664%, and the intraday increase expanded to 2.51%. The 30-year U.S. Treasury Bond yield rose to 2.419%, its highest level since November 2019.</p><p><img src=\"https://static.tigerbbs.com/e55bf5849d2afb31e184f36a0fd58d45\" tg-width=\"478\" tg-height=\"183\" 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>Nasdaq futures fell 1% as U.S. Treasury Bond yields continued to rise</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\">\nNasdaq futures fell 1% as U.S. Treasury Bond yields continued to rise\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-17 19:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 17, Nasdaq futures fell by 1%, S&P 500 futures fell by 0.32%, and Dow futures rose slightly by 0.03%. The U.S. 5-year Treasury Bond yield rose above 0.86%, the highest level since March 2020. The yield on the 10-year U.S. Treasury Bond continued to rise, with the latest price at 1.664%, and the intraday increase expanded to 2.51%. The 30-year U.S. Treasury Bond yield rose to 2.419%, its highest level since November 2019.</p><p><img src=\"https://static.tigerbbs.com/e55bf5849d2afb31e184f36a0fd58d45\" tg-width=\"478\" tg-height=\"183\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186465313","content_text":"3月17日，纳指期货跌幅达1%，标普500指数期货跌0.32%，道指期货微涨0.03%。美国5年期国债收益率升至0.86%上方，为2020年3月以来最高水平。美国10年期国债收益率继续走高，最新报1.664%，日内涨幅扩大至2.51%。美国30年期国债收益率升至2.419%，为2019年11月以来最高水平。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325224255,"gmtCreate":1615903212077,"gmtModify":1704788231249,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/325224255","repostId":"1198040293","repostType":4,"repost":{"id":"1198040293","kind":"news","weMediaInfo":{"introduction":"我们不推荐股票，我们只是财富的情报员。【美港股】每日收评/新股聚焦/热股视点/财报研读/周报前瞻，独家解密大V情报尽收囊中！","home_visible":1,"media_name":"美港股观察社","id":"1055988462","head_image":"https://static.tigerbbs.com/ff3ab350389b4f17afb81b016ba802bb"},"pubTimestamp":1615900277,"share":"https://ttm.financial/m/news/1198040293?lang=en_US&edition=fundamental","pubTime":"2021-03-16 21:11","market":"us","language":"zh","title":"From Baidu's oversubscription, look at the bottom-hunting logic under the correction of US stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1198040293","media":"美港股观察社","summary":"为什么说科技股回调幅度过大是不理性最近百度回港上市，百度新股认购火爆，孖展超过430亿元，认购倍数近31倍。为什么百度回港上市如此吸引投资者呢？我认为主要有两个原因，一个是前一段时间由美国10年期国债","content":"<p>Why is it irrational to say that the correction of technology stocks is too large? Recently, Baidu returned to Hong Kong for listing. Baidu's new share subscriptions are hot, with a margin of more than 43 billion yuan and a subscription multiple of nearly 31 times. Why is Baidu's listing in Hong Kong so attractive to investors? I think there are two main reasons. One is that some time ago, the rise in the yield of 10-year Treasury Bond in the United States caused the correction of technology stocks to be too large, so that the market was in an irrational state. The other is that investors gradually adapt to this situation and find investment targets suitable for the current market environment.</p><p>Next, let's first talk about why it was irrational for technology stocks to pull back too much some time ago.</p><p><b>U.S. Treasury Bond yields and stocks are not correlated</b></p><p>Some time ago, the U.S. 10-year Treasury Bond yield affected market fluctuations. The news that \"the U.S. 10-year Treasury Bond yield exceeded 1.5%, and the Nasdaq futures once fell by more than 1%\" often popped up on the mobile phone screen. In this volatility in the U.S. Treasury Bond, technology stocks bore the brunt and have been sold off to varying degrees. Tesla, in particular, dropped from a maximum of $900 to a minimum of $539.49 in just four weeks, a drop of more than 40%. This is obviously a huge volatility for a company that was about to exceed a trillion-dollar market value.</p><p>So is the rise in US Treasury Bond yields really a fatal blow to US stocks? Or irrational selling?</p><p>Before talking about the sell-off wave caused by the rise in U.S. 10-year Treasury Bond yields, let's recall that from the end of July to the beginning of October 2019, there was also a sell-off wave caused by fluctuations in U.S. Treasury Bond yields. However, at that time, it was not that the yield of long-term Treasury Bond rose, but that the yield of short-term Treasury Bond rose so fast that the yield of short-term Treasury Bond exceeded the yield of long-term Treasury Bond, which is what everyone called the inversion of interest rates.</p><p>The impact of this interest rate inversion on the market is shown in the red box in the figure below. At the greatest time, the S&P 500 index fell 5.59% in four days, and the Nasdaq index fell 6.62%.</p><p><img src=\"https://static.tigerbbs.com/e421e97f454da977f3826d53a2bc677c\" tg-width=\"830\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p>Quotes source: Flush</p><p>Of course, looking back now, the selling wave at that time was actually nothing, because since mid-October, U.S. stocks have continued to rise again. But at that time, almost the whole world was discussing this matter, mainly because the bull market in the United States had been going on for 10 years, and the interest rate inversion also appeared before the subprime mortgage crisis plummeted in 2008. Mechanistically speaking, the reason why interest rate inversion occurs is that investors believe that the stock market is risky and want to buy assets with long-term stable cash flow to protect themselves. Therefore, they will sell stocks and buy long-term Treasury Bond.</p><p>Bond prices and yields are always inversely related, and normally, the longer the bond, the higher the yield. When investors buy a large amount of long-term Treasury Bond, it pushes up the price of long-term Treasury Bond, causing the yield of long-term Treasury Bond to decline, so that it is lower than the yield of short-term Treasury Bond.</p><p>Going back to the selling wave brought about by the rise in 10-year Treasury Bond yields, you will find that this is exactly the opposite of interest rate inversion. Because the Federal Reserve will release a huge amount of water in 2020, inflation will rise. If inflation rises, it is not a wise thing to hold bonds, especially long-term bonds. Because inflation eats up bond yields, investors will tend to sell long-term bonds.</p><p>In addition, when inflation rises, rate hike is expected to rise, because the Fed's goal is to stabilize inflation. Because the U.S. economy has not fully recovered, rate hike is also the future. Therefore, the rise in long-term Treasury Bond yields also reflects the expectation of the Federal Reserve's future rate hike.</p><p>So why does the rise in Treasury Bond yields affect stocks? Buffet once said: \"Interest rates are like gravity in investing.\" From the discounted cash flow valuation model, future cash flow valuations need to be divided by the discount rate, which often refers to Treasury Bond yields. When the Treasury Bond yield rises, the discount rate rises, the denominator of the formula becomes larger, and the discounted value becomes smaller, which also means that the stock will kill the valuation and the stock price will fall.</p><p>U.S. technology stocks have risen to a very high valuation in 2020. Under the influence of rising Treasury Bond yields and rate hike expectations, technology stocks bear the brunt of the valuation-killing market.</p><p>The mechanism of this wave of selling has been explained, so is this wave of selling reasonable?</p><p>As explained just now, the investor behavior that leads to the rise in Treasury Bond yields is actually the opposite of interest rate inversion. This becomes a paradox. If investors are afraid of interest rate inversion and sell stocks, contrary to interest rate inversion, rising Treasury Bond yields should make investors happy.</p><p>Looking at the impact of the U.S. 10-year Treasury Bond yield on the stock market from a longer-term perspective, the figure below superimposes the trend charts of the U.S. 10-year Treasury Bond yield and the S&P 500 index from 1962 to the present.</p><p><img src=\"https://static.tigerbbs.com/6ded55404de1a4e727e85c04d899dd6b\" tg-width=\"1268\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg</p><p>At a glance, in the past 59 years, there has been a cycle of sharp rise and sharp fall in the yield of 10-year Treasury Bond in the United States, and the S&P 500 index has continued to rise in both cycles. In the figure, we can see the two most obvious declines of the S&P 500 index were the Internet bubble in 2000 and the subprime mortgage crisis in 2008, when the yield of 10-year Treasury Bond in the United States fell, not rose.</p><p>Of course, some people will say Regime Change, the background of the rising cycle of the US 10-year Treasury Bond yield is definitely different from the falling cycle. Looking at it separately, the figure below shows the 19 years when the yield of the 10-year Treasury Bond in the United States rose from 1962 to 1981. The three red boxes are the stage when the yield of the Treasury Bond continued to rise sharply, corresponding to the S&P 500 index. The first two red boxes are all rising first and then falling, and the third red box is falling first and then rising.</p><p><img src=\"https://static.tigerbbs.com/8028a63c2c9dd7754c83add9db302ca9\" tg-width=\"1080\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg</p><p>The figure below shows the 40 years since the US 10-year Treasury Bond yield has fallen from 1981 to the present. The red box also marks the performance of the S&P 500 when the Treasury Bond yield rose. As you can see from these red boxes, when the 10-year Treasury Bond yield rises, the S&P 500 sometimes falls, sometimes fluctuates, and many times rises.</p><p><img src=\"https://static.tigerbbs.com/08efead9e059cc2112931ff9b3b2326a\" tg-width=\"830\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg</p><p>Judging from the above three charts, even without calculation, it can be found that in the long run, the 10-year Treasury Bond yield in the United States has little correlation with the rise and fall of the S&P 500. Even this rise in the U.S. 10-year Treasury Bond yield began to rise in early August 2020, and the Nasdaq did not begin to respond until mid-to-late February 2021.</p><p><img src=\"https://static.tigerbbs.com/6bddefcb5247cc252ed2bb3d7fe5f467\" tg-width=\"1268\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p>Source: Yingwei Finance</p><p><b>Bargain hunting Baidu</b></p><p>Since this selling wave caused by the rising yield of 10-year Treasury Bond in the United States is irrational, we can take advantage of this irrationality. From this sell-off, it can be observed that whenever the yield of 10-year U.S. Treasury Bond rises, traditional stocks led by the Dow are stronger than technology stocks. Then, we need to find a target that has the attributes of both traditional stocks and technology stocks. I think Baidu is the best choice.</p><p>First of all, Baidu's traditional business has been upgraded to a mobile ecosystem, and its advertising business has recovered. The monthly active users of Baidu App reached 544 million in the fourth quarter of 2020, and the search volume in the App maintained a double-digit growth rate. Baijiahao has 3.8 million content creators, and has also opened up 12 heavyweight product account systems in the App, such as Haokan Video, Baidu Zhizhi, Baidu Library, Miaodong Encyclopedia, Thumb Doctor, Baidu Zhizhi, and Baidu Experience.</p><p>Baidu's mobile ecosystem continues to generate stable cash flow. Baidu's cash flow from operating activities is greater than its net profit all year round, indicating that Baidu's net profit has a high gold content, and even in the bad economic year of 2019, it can still generate stable cash flow.</p><p><img src=\"https://static.tigerbbs.com/f7c4e5099aecb98fdf563bcb457a85a0\" tg-width=\"830\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p>Source: According to Baidu financial report</p><p>From the perspective of stable cash flow generation, Baidu has the attributes of a traditional company.</p><p>At the same time, Baidu is a technology company with cutting-edge artificial intelligence technology. Baidu's AI technology layout runs through the entire industry chain. The AI chip at the bottom of hardware is Kunlun chip, and Kunlun's second-generation chip will also be mass-produced this year. On the software development side, there is Baidu Brain. Baidu Brain modularizes AI solutions to form a solution library. Developers can find open source code, training models, end-to-end development kits and other solutions in the library. According to the 2020 annual report, Baidu Brain has opened more than 270 core AI capabilities to the outside world, with 2.65 million developers. It is the most comprehensive, advanced, and largest AI open platform in the industry.</p><p>The most concerned thing is Baidu's driverless technology. Baidu has obtained fully driverless test licenses in China and the United States, and has launched driverless taxis in many cities in China. Baidu has gone very far in the field of driverless driving. At last year's Baidu World Congress, Baidu demonstrated driverless taxis without safety officers. If the unmanned taxi encounters a difficult road section, the safety officer controls the taxi through 5G cloud driving. After \"getting out of trouble\", the unmanned taxi can continue to drive by itself.</p><p>Only with the completion of unmanned driving, Baidu's future space will be very huge. After this wave of selling is over, Baidu's attributes as a technology stock will also drive the stock price higher.</p><p>In addition, to explore the investment opportunities under the secondary listing of Chinese concept stocks returning to Hong Kong, you can look at the performance data of listed companies returning to Hong Kong.</p><p>Among the 10 companies in the table below, 9 rose, and only Yum China fell by 5.29%. The decline of Yum China was mainly affected by the continuous decline of U.S. stocks, which caused its U.S. stock price to be lower than the issue price of Hong Kong stocks, causing capital to flee. Overall, the average first-day increase and decrease of the 10 companies was 5.16%, and the median was 5.20%, which was a good increase.</p><p><img src=\"https://static.tigerbbs.com/5d9aa0f9568999ad9f4598179457a670\" tg-width=\"830\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Baidu is also about to return to Hong Kong for listing. If the stock price rises on the first day of listing, it will also drive the US stock Baidu to rise together. Furthermore, judging from the data in the above table, Baidu's return to Hong Kong for listing is also worth making new efforts.</p><p>In short, this sell-off wave of U.S. stocks is irrational whether compared with the previous interest rate inversion or from a long-term perspective. Since it is irrational, you can use this opportunity to buy high-quality companies. Baidu has the attributes of both a traditional traditional company and a technology company, and it is obviously the target of being killed by mistake in this sell-off. Furthermore, from the perspective of data statistics, there is a high probability of rising among Chinese concept stocks listed in Hong Kong. Superimposed these factors, whether it is a new Hong Kong stock Baidu or a bottom-hunting US stock Baidu, it is a good investment opportunity.</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>From Baidu's oversubscription, look at the bottom-hunting logic under the correction of US 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\">\nFrom Baidu's oversubscription, look at the bottom-hunting logic under the correction of US stocks\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1055988462\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/ff3ab350389b4f17afb81b016ba802bb);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美港股观察社 </p>\n<p class=\"h-time smaller\">2021-03-16 21:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Why is it irrational to say that the correction of technology stocks is too large? Recently, Baidu returned to Hong Kong for listing. Baidu's new share subscriptions are hot, with a margin of more than 43 billion yuan and a subscription multiple of nearly 31 times. Why is Baidu's listing in Hong Kong so attractive to investors? I think there are two main reasons. One is that some time ago, the rise in the yield of 10-year Treasury Bond in the United States caused the correction of technology stocks to be too large, so that the market was in an irrational state. The other is that investors gradually adapt to this situation and find investment targets suitable for the current market environment.</p><p>Next, let's first talk about why it was irrational for technology stocks to pull back too much some time ago.</p><p><b>U.S. Treasury Bond yields and stocks are not correlated</b></p><p>Some time ago, the U.S. 10-year Treasury Bond yield affected market fluctuations. The news that \"the U.S. 10-year Treasury Bond yield exceeded 1.5%, and the Nasdaq futures once fell by more than 1%\" often popped up on the mobile phone screen. In this volatility in the U.S. Treasury Bond, technology stocks bore the brunt and have been sold off to varying degrees. Tesla, in particular, dropped from a maximum of $900 to a minimum of $539.49 in just four weeks, a drop of more than 40%. This is obviously a huge volatility for a company that was about to exceed a trillion-dollar market value.</p><p>So is the rise in US Treasury Bond yields really a fatal blow to US stocks? Or irrational selling?</p><p>Before talking about the sell-off wave caused by the rise in U.S. 10-year Treasury Bond yields, let's recall that from the end of July to the beginning of October 2019, there was also a sell-off wave caused by fluctuations in U.S. Treasury Bond yields. However, at that time, it was not that the yield of long-term Treasury Bond rose, but that the yield of short-term Treasury Bond rose so fast that the yield of short-term Treasury Bond exceeded the yield of long-term Treasury Bond, which is what everyone called the inversion of interest rates.</p><p>The impact of this interest rate inversion on the market is shown in the red box in the figure below. At the greatest time, the S&P 500 index fell 5.59% in four days, and the Nasdaq index fell 6.62%.</p><p><img src=\"https://static.tigerbbs.com/e421e97f454da977f3826d53a2bc677c\" tg-width=\"830\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p>Quotes source: Flush</p><p>Of course, looking back now, the selling wave at that time was actually nothing, because since mid-October, U.S. stocks have continued to rise again. But at that time, almost the whole world was discussing this matter, mainly because the bull market in the United States had been going on for 10 years, and the interest rate inversion also appeared before the subprime mortgage crisis plummeted in 2008. Mechanistically speaking, the reason why interest rate inversion occurs is that investors believe that the stock market is risky and want to buy assets with long-term stable cash flow to protect themselves. Therefore, they will sell stocks and buy long-term Treasury Bond.</p><p>Bond prices and yields are always inversely related, and normally, the longer the bond, the higher the yield. When investors buy a large amount of long-term Treasury Bond, it pushes up the price of long-term Treasury Bond, causing the yield of long-term Treasury Bond to decline, so that it is lower than the yield of short-term Treasury Bond.</p><p>Going back to the selling wave brought about by the rise in 10-year Treasury Bond yields, you will find that this is exactly the opposite of interest rate inversion. Because the Federal Reserve will release a huge amount of water in 2020, inflation will rise. If inflation rises, it is not a wise thing to hold bonds, especially long-term bonds. Because inflation eats up bond yields, investors will tend to sell long-term bonds.</p><p>In addition, when inflation rises, rate hike is expected to rise, because the Fed's goal is to stabilize inflation. Because the U.S. economy has not fully recovered, rate hike is also the future. Therefore, the rise in long-term Treasury Bond yields also reflects the expectation of the Federal Reserve's future rate hike.</p><p>So why does the rise in Treasury Bond yields affect stocks? Buffet once said: \"Interest rates are like gravity in investing.\" From the discounted cash flow valuation model, future cash flow valuations need to be divided by the discount rate, which often refers to Treasury Bond yields. When the Treasury Bond yield rises, the discount rate rises, the denominator of the formula becomes larger, and the discounted value becomes smaller, which also means that the stock will kill the valuation and the stock price will fall.</p><p>U.S. technology stocks have risen to a very high valuation in 2020. Under the influence of rising Treasury Bond yields and rate hike expectations, technology stocks bear the brunt of the valuation-killing market.</p><p>The mechanism of this wave of selling has been explained, so is this wave of selling reasonable?</p><p>As explained just now, the investor behavior that leads to the rise in Treasury Bond yields is actually the opposite of interest rate inversion. This becomes a paradox. If investors are afraid of interest rate inversion and sell stocks, contrary to interest rate inversion, rising Treasury Bond yields should make investors happy.</p><p>Looking at the impact of the U.S. 10-year Treasury Bond yield on the stock market from a longer-term perspective, the figure below superimposes the trend charts of the U.S. 10-year Treasury Bond yield and the S&P 500 index from 1962 to the present.</p><p><img src=\"https://static.tigerbbs.com/6ded55404de1a4e727e85c04d899dd6b\" tg-width=\"1268\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg</p><p>At a glance, in the past 59 years, there has been a cycle of sharp rise and sharp fall in the yield of 10-year Treasury Bond in the United States, and the S&P 500 index has continued to rise in both cycles. In the figure, we can see the two most obvious declines of the S&P 500 index were the Internet bubble in 2000 and the subprime mortgage crisis in 2008, when the yield of 10-year Treasury Bond in the United States fell, not rose.</p><p>Of course, some people will say Regime Change, the background of the rising cycle of the US 10-year Treasury Bond yield is definitely different from the falling cycle. Looking at it separately, the figure below shows the 19 years when the yield of the 10-year Treasury Bond in the United States rose from 1962 to 1981. The three red boxes are the stage when the yield of the Treasury Bond continued to rise sharply, corresponding to the S&P 500 index. The first two red boxes are all rising first and then falling, and the third red box is falling first and then rising.</p><p><img src=\"https://static.tigerbbs.com/8028a63c2c9dd7754c83add9db302ca9\" tg-width=\"1080\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg</p><p>The figure below shows the 40 years since the US 10-year Treasury Bond yield has fallen from 1981 to the present. The red box also marks the performance of the S&P 500 when the Treasury Bond yield rose. As you can see from these red boxes, when the 10-year Treasury Bond yield rises, the S&P 500 sometimes falls, sometimes fluctuates, and many times rises.</p><p><img src=\"https://static.tigerbbs.com/08efead9e059cc2112931ff9b3b2326a\" tg-width=\"830\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg</p><p>Judging from the above three charts, even without calculation, it can be found that in the long run, the 10-year Treasury Bond yield in the United States has little correlation with the rise and fall of the S&P 500. Even this rise in the U.S. 10-year Treasury Bond yield began to rise in early August 2020, and the Nasdaq did not begin to respond until mid-to-late February 2021.</p><p><img src=\"https://static.tigerbbs.com/6bddefcb5247cc252ed2bb3d7fe5f467\" tg-width=\"1268\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p>Source: Yingwei Finance</p><p><b>Bargain hunting Baidu</b></p><p>Since this selling wave caused by the rising yield of 10-year Treasury Bond in the United States is irrational, we can take advantage of this irrationality. From this sell-off, it can be observed that whenever the yield of 10-year U.S. Treasury Bond rises, traditional stocks led by the Dow are stronger than technology stocks. Then, we need to find a target that has the attributes of both traditional stocks and technology stocks. I think Baidu is the best choice.</p><p>First of all, Baidu's traditional business has been upgraded to a mobile ecosystem, and its advertising business has recovered. The monthly active users of Baidu App reached 544 million in the fourth quarter of 2020, and the search volume in the App maintained a double-digit growth rate. Baijiahao has 3.8 million content creators, and has also opened up 12 heavyweight product account systems in the App, such as Haokan Video, Baidu Zhizhi, Baidu Library, Miaodong Encyclopedia, Thumb Doctor, Baidu Zhizhi, and Baidu Experience.</p><p>Baidu's mobile ecosystem continues to generate stable cash flow. Baidu's cash flow from operating activities is greater than its net profit all year round, indicating that Baidu's net profit has a high gold content, and even in the bad economic year of 2019, it can still generate stable cash flow.</p><p><img src=\"https://static.tigerbbs.com/f7c4e5099aecb98fdf563bcb457a85a0\" tg-width=\"830\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p>Source: According to Baidu financial report</p><p>From the perspective of stable cash flow generation, Baidu has the attributes of a traditional company.</p><p>At the same time, Baidu is a technology company with cutting-edge artificial intelligence technology. Baidu's AI technology layout runs through the entire industry chain. The AI chip at the bottom of hardware is Kunlun chip, and Kunlun's second-generation chip will also be mass-produced this year. On the software development side, there is Baidu Brain. Baidu Brain modularizes AI solutions to form a solution library. Developers can find open source code, training models, end-to-end development kits and other solutions in the library. According to the 2020 annual report, Baidu Brain has opened more than 270 core AI capabilities to the outside world, with 2.65 million developers. It is the most comprehensive, advanced, and largest AI open platform in the industry.</p><p>The most concerned thing is Baidu's driverless technology. Baidu has obtained fully driverless test licenses in China and the United States, and has launched driverless taxis in many cities in China. Baidu has gone very far in the field of driverless driving. At last year's Baidu World Congress, Baidu demonstrated driverless taxis without safety officers. If the unmanned taxi encounters a difficult road section, the safety officer controls the taxi through 5G cloud driving. After \"getting out of trouble\", the unmanned taxi can continue to drive by itself.</p><p>Only with the completion of unmanned driving, Baidu's future space will be very huge. After this wave of selling is over, Baidu's attributes as a technology stock will also drive the stock price higher.</p><p>In addition, to explore the investment opportunities under the secondary listing of Chinese concept stocks returning to Hong Kong, you can look at the performance data of listed companies returning to Hong Kong.</p><p>Among the 10 companies in the table below, 9 rose, and only Yum China fell by 5.29%. The decline of Yum China was mainly affected by the continuous decline of U.S. stocks, which caused its U.S. stock price to be lower than the issue price of Hong Kong stocks, causing capital to flee. Overall, the average first-day increase and decrease of the 10 companies was 5.16%, and the median was 5.20%, which was a good increase.</p><p><img src=\"https://static.tigerbbs.com/5d9aa0f9568999ad9f4598179457a670\" tg-width=\"830\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>Source: Wind</p><p>Baidu is also about to return to Hong Kong for listing. If the stock price rises on the first day of listing, it will also drive the US stock Baidu to rise together. Furthermore, judging from the data in the above table, Baidu's return to Hong Kong for listing is also worth making new efforts.</p><p>In short, this sell-off wave of U.S. stocks is irrational whether compared with the previous interest rate inversion or from a long-term perspective. Since it is irrational, you can use this opportunity to buy high-quality companies. Baidu has the attributes of both a traditional traditional company and a technology company, and it is obviously the target of being killed by mistake in this sell-off. Furthermore, from the perspective of data statistics, there is a high probability of rising among Chinese concept stocks listed in Hong Kong. Superimposed these factors, whether it is a new Hong Kong stock Baidu or a bottom-hunting US stock Baidu, it is a good investment opportunity.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198040293","content_text":"为什么说科技股回调幅度过大是不理性最近百度回港上市，百度新股认购火爆，孖展超过430亿元，认购倍数近31倍。为什么百度回港上市如此吸引投资者呢？我认为主要有两个原因，一个是前一段时间由美国10年期国债收益率上涨导致科技股回调幅度过大，以至于市场处于不理性的状态。另一个是投资者逐渐适应这种情况，找到适合当下市场环境下的投资标的。下面，先来说说为什么前段时间的科技股回调幅度过大是不理性的。美国国债收益率和股市并没有相关性前段时间美国10年期国债收益率牵动着市场的波动，经常手机屏幕弹出“美国10年期国债收益率突破1.5%，纳指期货一度下跌超过1%”的新闻。在这场美国国债波动中，科技股首当其冲，遭到了不同程度的抛售。尤其是特斯拉，仅仅四个星期，从最高900美元下降至最低539.49美元，跌幅超过40%。这对一家本来快突破万亿美元市值的公司来说，显然是一个巨大的波幅。那么美国国债收益率收益率上涨对美股是不是真的是致命打击呢？还是不理性的抛售？在说这次美国10年期国债收益率上涨造成的抛售潮之前，大家先回忆一下，在2019年7月底到10月初，当时也有一场因为美国国债收益率波动造成的抛售潮。不过当时不是长期国债收益率上涨，而是短期国债收益率上涨太快，以至于短期国债收益率超过了长期国债收益率，也就是大家说的利率倒挂。这次利率倒挂对市场的影响如下图红框所示，影响最大的时候，标普500指数四天下跌了5.59%，纳斯达克指数下跌6.62%。行情来源：同花顺当然，现在回过头来看当时的抛售潮其实没什么，因为10月中开始，美股又继续开始上涨了。但是当时几乎全世界都在讨论这件事，主要因为美国牛市已经持续了10年，并且利率倒挂在08年次贷危机暴跌前也出现了。从机理上来说，之所以会出现利率倒挂是因为投资者认为股票市场风险较大，希望买入具有长期稳定现金流的资产保护自己。因此会卖出股票，而买入长期国债。债券价格和收益率总是反向关系，并且正常的时候越长期的债券收益率越高。当投资者大量买入长期国债，推升长期国债价格，导致长期国债收益率下降，以至于低于短期国债收益率。回到这次10年期国债收益率上涨带来的抛售潮，会发现这恰恰和利率倒挂相反。因为美联储2020年天量放水，导致通胀抬头。如果通胀抬头的话，拿着债券就不是一件明智的事，尤其是长期债券。因为通胀会吞噬债券的收益，所以投资者会倾向于抛售长期债券。另外，通胀抬头，加息预期就会抬头，因为美联储其中目标就是稳通胀。因为美国经济还没完全复苏，所以要加息也是未来，因此长期国债收益率上涨也反应了美联储未来加息的预期。那么国债收益率抬头为什么又对股票有影响呢？巴菲特曾经说过：“利率就像是投资上的地心引力。”从现金流折现法估值模型来看，未来的现金流估值需要除以折现率，折现率常常参考国债收益率。当国债收益率上升，折现率上升，公式分母变大，折现后的数值变小，这也意味着股票要杀估值，股价下跌。美国科技股在2020年已经上涨到估值非常高的地步，在国债收益率上涨，加息预期的影响下，在杀估值的行情中科技股首当其冲。这波抛售潮的机理解释完了，那么这波抛售潮合理吗？刚才解释过，导致国债收益率上涨的投资者行为其实和利率倒挂是相反的。这就变成一件矛盾的事了，如果投资者害怕利率倒挂而抛售股票，与利率倒挂相反国债收益率上涨应该让投资者开心才对呀。再从更长期的角度看美国10年期国债收益率对股市的影响，下图叠加了美国10年期国债收益率和标普500指数从1962年至今的走势图。来源：Bloomberg一眼看过去，这59年中经历了一次美国10年期国债收益率大幅上涨和大幅下跌周期，而标普500指数在两个周期中均持续上涨，在图中看到标普500指数两次最明显的下跌是2000年互联网泡沫和08次贷危机，当时美国10年期国债收益率却是下跌的，而不是上涨。当然，有人会说Regime Change，美国10年期国债收益率上涨周期的背景肯定和下跌周期不一样。那么分开来看，下图是1962年到1981年美国10年期国债收益率上涨的19年，三个红框为国债收益率持续大幅上涨的阶段，对应标普500指数，前两个红色框都是先涨后跌，第三个红框是先跌后涨。来源：Bloomberg下图是1981年至今美国10年期国债收益率下跌的40年，红框同样标注了国债收益率上涨时标普500的表现。从这些红框中可以看到，在10年期国债收益率上涨的时候，标普500有时候下跌，有时候震荡，还有不少时候在上涨。来源：Bloomberg从以上三张图来看，即使不用计算也可以发现，从长期来看，美国10年期国债收益率和标普500涨跌没什么相关性。甚至本次美国10年期国债收益率上涨是从2020年8月初开始上涨，到2021年2月中下旬纳指才开始有反应。来源：英为财情抄底百度既然这次因为美国10年期国债收益率上涨引起的抛售潮是不理性的，我们就可以利用这种不理性。从这次抛售潮中可以观察到，每当美国10年期国债收益率上涨，以道指为首的传统股要强于科技股。那么，我们就需要找到兼具传统股和科技股属性的标的，我认为百度就是最优选择。首先，百度的传统业务已经升级成移动生态，广告业务复苏。百度App 2020年四季度的月活达到5.44亿，App内搜索量保持两位数增速增长。百家号拥有380万内容创作者，还在App内打通了好看视频、百度知道、百度文库、秒懂百科、拇指医生、百度知道、百度经验等12个重量级产品账号体系。百度的移动生态持续产生稳定的现金流，百度的经营活动现金流常年大于净利润，说明百度的净利润含金量高，甚至在2019年经济不好的年景，也依然能稳定产生现金流。来源：根据百度财报整理从稳定产生现金流的角度来看，百度具备传统公司的属性。同时，百度又是一家有前沿人工智能技术的科技公司。百度的AI技术布局贯穿了全产业链，硬件最底层的AI芯片有昆仑芯片，并且今年昆仑第二代芯片也要量产了。软件开发端有百度大脑，百度大脑将AI解决方案模块化，形成解决方案库，开发人员可以在库中找到开源代码、训练模型、端到端开发套件等解决方案。根据2020年报披露，百度大脑对外开放270多项核心AI 能力，开发者数量达265万，是业内最全面、最领先、服务规模最大的AI开放平台。最受关注的就是百度的无人驾驶技术，百度在中国和美国已经拿到全无人驾驶测试许可，并在中国多座城市投放无人驾驶出租车。百度在无人驾驶领域走得非常前，在去年的百度世界大会上，百度就展示了没有安全员的无人驾驶出租车。如果无人出租车遇到困难路段，安全员通过5G云代驾控制出租车，“脱困”后无人驾驶出租车可以继续自己行驶。仅仅无人驾驶这项做成，百度未来的空间都将非常巨大。在这波抛售潮过去之后，百度作为科技股的属性也将驱动股价上涨。此外，挖掘中概股回港二次上市下的投资机会，可以看看回港上市公司的表现数据。下表10家公司中，9家上涨，仅百胜中国下跌5.29%，而百胜中国下跌也主要是受到美股连续下跌的影响，导致其美股股价低于港股发行价，引起资金出逃。整体来看，10家公司首日涨跌幅平均数为5.16%，中位数为5.20%，具有不错的涨幅。来源：Wind百度也即将回港上市，如果上市首日股价上涨，也将带动美股百度一起上涨。再者，从上表数据来看，百度回港上市也是值得打新的。总之，这次美股抛售潮无论和之前的利率倒挂对比还是长期的角度来看，都是不理性的。既然不理性，则可以利用这次机会买入优质的公司。百度兼具传统传统公司和科技公司的属性，在这次抛售潮中显然是被错杀的对象。再者，从数据统计的角度来看，回港上市的中概股中上涨概率大。叠加这些因素，无论是打新港股百度，还是抄底美股百度，都是不错的投资机会。","news_type":1,"symbols_score_info":{"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349634177,"gmtCreate":1617600995099,"gmtModify":1704700711377,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349634177","repostId":"1185840581","repostType":4,"isVote":1,"tweetType":1,"viewCount":738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324888349,"gmtCreate":1615982732981,"gmtModify":1704789273156,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324888349","repostId":"1104408842","repostType":4,"repost":{"id":"1104408842","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1615981679,"share":"https://ttm.financial/m/news/1104408842?lang=en_US&edition=fundamental","pubTime":"2021-03-17 19:47","market":"us","language":"zh","title":"Tonight's ups and downs depend on the dot plot: If the Fed releases an \"hawk\", how will the market react?","url":"https://stock-news.laohu8.com/highlight/detail?id=1104408842","media":"英为财情Investing","summary":"距离美联储凌晨02:00的货币政策公告已经不到9小时，VIX恐慌指数还在20附近徘徊。但这也有可能是暴风雨之前的平静——债市、汇市、利率掉期市场的波动率在大幅攀升。\n在昨日的分析中，我们大体阐述了经济","content":"<p>It has been less than 9 hours since the Fed's monetary policy announcement at 02:00 a.m., and the VIX fear index is still hovering around 20. But this may also be the calm before the storm-volatility in the bond market, foreign exchange market and interest rate swap market is rising sharply.</p><p>In yesterday's analysis, we roughly elaborated on the consensus expectations of economists for the Federal Reserve's resolution, including economic forecasts, dot plots, etc. As the resolution looms, Wall Street also releases more opinions, raising a question: If the Fed behaves hawkish, how will the market react?</p><p>A key to judging whether it is hawkish or not is the dot plot. Currently, the consensus expectation in the market is that the median forecast for 2023 will not change, that is, there will be no rate hike until 2023. But one-third of economists still expect the dot plot's median forecast for 2023 to be revised upward.</p><p><img src=\"https://static.tigerbbs.com/21e2e3ade6488faa22fc3f1f20c899ac\" tg-width=\"592\" tg-height=\"573\" referrerpolicy=\"no-referrer\">The Federal Reserve's dot plot last December</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>It is expected that the dot plot will show that 11 Fed officials believe that there will be at least one rate hike before the end of 2023, and 7 officials believe that there will be no rate hike.</p><p>Charlie McElligott, cross-asset macro strategist at Nomura, pointed out that if the market does usher in a \"slight surprise\"-the 2023 median of the dot plot is raised by 25 basis points, then the interest rate market is likely to Maintain the status quo and continue to \"sharpen the knife\" towards the bears; And at least in the short term, the stock market may have a knee-jerk reaction to the decline, because at this time the market will interpret higher yields as \"tightening easing policy\" rather than \"higher growth/inflation expectations.\"</p><p>Steve Englander, global chief foreign exchange strategist at Standard Chartered Bank, gave a more aggressive forecast based on economic and inflation expectations: the median dot plot shows two rate hike in 2023, although it is believed that there will be a rate hike (25 basis points) number of policymakers will follow closely; However, the dot plot will not show the Fed's rate hike in 2022.</p><p>Currently, the money market counts the Fed's three rate hike in 2023, and the first rate hike is more likely to occur at the end of 2022.</p><p>If this forecast is accurate, and FOMC members continue to take a laissez-faire attitude towards rising yields, then this will be interpreted by the market as extremely hawkish. After all, most investors believe that the median dot plot shows no rate hike or rate hike in 2023 once.</p><p>Naturally, the Fed's \"extremely hawkish\" stance will push the dollar higher against almost all non-US currencies. The weakness of the G10 currency may vary, though.</p><p>Standard Chartered Bank pointed out that since the impact of higher U.S. bond yields spread to the foreign exchange market, G10 commodity currencies have instead<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Higher, mainly driven by the strength of the Canadian dollar; The pound was basically flat, and the euro, RMB and trade-weighted emerging currencies all depreciated by 1.5%-2.0%; Safe-haven currencies Swiss franc and Japanese yen fell 4%. Safe-haven currencies are expected to be hit the hardest as risk aversion has been weak recently, there isn't much safe-haven demand, and yield spreads are widening.</p><p>In contrast, Standard Chartered Bank believes that the dot plot shows that one rate hike in 2023 is actually closer to neutral. Because the money market has factored in a lot of rate hike expectations, the dot plot suggests that a rate hike of 25 basis points will not be too much of a surprise. However, the strategist also added that the market will initially interpret this as slightly hawkish.</p><p>So, what if the bitmap stays the same? This will be interpreted by the market as dovish.</p><p>Nomura strategist McLigott believes that stock market investors may breathe a sigh of relief and their rave party will continue, with the S&P 500 easily breaking through 4,000 points and rising higher.</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>Tonight's ups and downs depend on the dot plot: If the Fed releases an \"hawk\", how will the market react?</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\">\nTonight's ups and downs depend on the dot plot: If the Fed releases an \"hawk\", how will the market react?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-03-17 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It has been less than 9 hours since the Fed's monetary policy announcement at 02:00 a.m., and the VIX fear index is still hovering around 20. But this may also be the calm before the storm-volatility in the bond market, foreign exchange market and interest rate swap market is rising sharply.</p><p>In yesterday's analysis, we roughly elaborated on the consensus expectations of economists for the Federal Reserve's resolution, including economic forecasts, dot plots, etc. As the resolution looms, Wall Street also releases more opinions, raising a question: If the Fed behaves hawkish, how will the market react?</p><p>A key to judging whether it is hawkish or not is the dot plot. Currently, the consensus expectation in the market is that the median forecast for 2023 will not change, that is, there will be no rate hike until 2023. But one-third of economists still expect the dot plot's median forecast for 2023 to be revised upward.</p><p><img src=\"https://static.tigerbbs.com/21e2e3ade6488faa22fc3f1f20c899ac\" tg-width=\"592\" tg-height=\"573\" referrerpolicy=\"no-referrer\">The Federal Reserve's dot plot last December</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>It is expected that the dot plot will show that 11 Fed officials believe that there will be at least one rate hike before the end of 2023, and 7 officials believe that there will be no rate hike.</p><p>Charlie McElligott, cross-asset macro strategist at Nomura, pointed out that if the market does usher in a \"slight surprise\"-the 2023 median of the dot plot is raised by 25 basis points, then the interest rate market is likely to Maintain the status quo and continue to \"sharpen the knife\" towards the bears; And at least in the short term, the stock market may have a knee-jerk reaction to the decline, because at this time the market will interpret higher yields as \"tightening easing policy\" rather than \"higher growth/inflation expectations.\"</p><p>Steve Englander, global chief foreign exchange strategist at Standard Chartered Bank, gave a more aggressive forecast based on economic and inflation expectations: the median dot plot shows two rate hike in 2023, although it is believed that there will be a rate hike (25 basis points) number of policymakers will follow closely; However, the dot plot will not show the Fed's rate hike in 2022.</p><p>Currently, the money market counts the Fed's three rate hike in 2023, and the first rate hike is more likely to occur at the end of 2022.</p><p>If this forecast is accurate, and FOMC members continue to take a laissez-faire attitude towards rising yields, then this will be interpreted by the market as extremely hawkish. After all, most investors believe that the median dot plot shows no rate hike or rate hike in 2023 once.</p><p>Naturally, the Fed's \"extremely hawkish\" stance will push the dollar higher against almost all non-US currencies. The weakness of the G10 currency may vary, though.</p><p>Standard Chartered Bank pointed out that since the impact of higher U.S. bond yields spread to the foreign exchange market, G10 commodity currencies have instead<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Higher, mainly driven by the strength of the Canadian dollar; The pound was basically flat, and the euro, RMB and trade-weighted emerging currencies all depreciated by 1.5%-2.0%; Safe-haven currencies Swiss franc and Japanese yen fell 4%. Safe-haven currencies are expected to be hit the hardest as risk aversion has been weak recently, there isn't much safe-haven demand, and yield spreads are widening.</p><p>In contrast, Standard Chartered Bank believes that the dot plot shows that one rate hike in 2023 is actually closer to neutral. Because the money market has factored in a lot of rate hike expectations, the dot plot suggests that a rate hike of 25 basis points will not be too much of a surprise. However, the strategist also added that the market will initially interpret this as slightly hawkish.</p><p>So, what if the bitmap stays the same? This will be interpreted by the market as dovish.</p><p>Nomura strategist McLigott believes that stock market investors may breathe a sigh of relief and their rave party will continue, with the S&P 500 easily breaking through 4,000 points and rising higher.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104408842","content_text":"距离美联储凌晨02:00的货币政策公告已经不到9小时，VIX恐慌指数还在20附近徘徊。但这也有可能是暴风雨之前的平静——债市、汇市、利率掉期市场的波动率在大幅攀升。\n在昨日的分析中，我们大体阐述了经济学家们对于美联储此次决议的共识预期，包括经济预测、点阵图等。随着决议的逼近，华尔街也发布了更多的观点，提出的一个问题是：如果美联储表现鹰派，市场会怎么反应？\n判断是否鹰派的一大关键是点阵图。目前，市场的共识预期是，2023年的中值预测不会改变，即直到2023年都不会加息。但仍有三分之一的经济学家预计，点阵图对于2023年的中值预测会上调。\n美联储去年12月的点阵图\n高盛就预计，点阵图将显示，有11名美联储官员认为2023年底之前至少加息一次，7名官员认为不会加息。\n野村跨资产宏观策略师查理·麦克利戈特（Charlie McElligott）指出，如果市场确实迎来一个“轻微的惊喜”——点阵图的2023年中值上调了25个基点，那么利率市场很可能会维持现状，继续“磨刀霍霍”向空头；而至少在短期内，股市可能会出现下跌的膝跳反应，因为这个时候市场会将更高的收益率解读为“收紧宽松政策”，而不是“更高的增长/通胀预期”。\n渣打银行全球首席外汇策略师史蒂夫·英格兰德（Steve Englander）基于经济和通胀预期，给出了更加激进的预测：点阵图中值显示2023年有两次加息，虽然认为会加息一次（25个基点）的决策者人数将紧随其后；不过点阵图不会显示美联储会在2022年加息。\n当前，货币市场计入美联储在2023年加息三次，第一次加息更可能出现在2022年底。\n如果这个预测准确，而FOMC委员继续对收益率的上升采取放任态度，那么这将被市场解读为极其鹰派，毕竟大多数的投资者都认为点阵图中值显示2023年无加息或加息一次。\n自然，美联储“极其鹰派”的立场将会推动美元兑几乎所有非美货币走高。不过，G10货币的疲软程度可能会有所不同。\n渣打银行指出，自从美债收益率走高的影响蔓延到外汇市场以来，G10大宗商品货币兑美元反而微软走高，主要是由加元的强势推动；英镑基本持平，欧元、人民币和贸易加权新兴货币都有1.5%-2.0%的贬值；避险货币瑞郎和日元大跌4%。避险货币受到的打击预计最为严重，因为近期风险规避情绪较弱，没有太多的避险需求，而且收益率差也在扩大。\n相比之下，渣打银行认为，点阵图显示2023年有一次加息其实更接近中性。因为货币市场已经计入了大量的加息预期，因此点阵图暗示加息25个基点不会是太大的意外。不过这位策略师也补充称，市场最初会将这解读为轻微的鹰派。\n那么，如果点阵图维持不变呢？这将被市场解读为鸽派。\n野村策略师麦克利戈特认为，股市投资者可能会松一口气，他们的狂欢派对也将会继续，标普500指数将轻松突破4000点并涨至更高。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}