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2021-05-12

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Classical speculation has evolved to currency speculation, how will this storm end

2021-05-11

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2021-05-08

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2021-05-04

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Baidu Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing

2021-05-03

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2021-04-26

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Bitcoin stands at $51,000/piece

2021-04-24

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

2021-04-22

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15:03","market":"other","language":"zh","title":"Classical speculation has evolved to currency speculation, how will this storm end","url":"https://stock-news.laohu8.com/highlight/detail?id=1132124258","media":"接招","summary":"加密货币的突然崛起改变了历史进程。","content":"<p>Text/Fang Hao</p><p>In the past year, the shib currency has increased tens of thousands of times, the doge currency has increased nearly 500 times, and the Bitcoin has increased more than 10 times. In other words, Bitcoin, which has seen a low increase in cryptocurrencies, still outperforms the stocks of most listed companies.</p><p>Maybe the only stock Bitcoin has underperformed is<a href=\"https://laohu8.com/S/GME\">GameStop</a>, the latter has a maximum increase of more than 200 times.</p><p>Think about it, a year ago, you used the 10,000 yuan you planned to buy game equipment or cosmetics during the year to buy Dogecoin. Then, now you can contract the game equipment in your community for the next year or cover a Viya game. The goods are broadcast live. Wake up.</p><p>It's always a minority who make money. However, this \"minority\" who got rich overnight through currency speculation is a huge incremental group in the whole social process. They were supposed to be house slaves or leeks in the stock market, daydreaming while eating takeout. Maybe someone will really achieve a counterattack, but the lever behind it is the old lever, the lucky one in the stock funnel.</p><p>The sudden rise of cryptocurrencies has changed the course of history. Some people say that first of all, we should thank the Federal Reserve for releasing unlimited water. The question is, why do some people achieve incremental wealth through currency speculation, while most people still live in the stock world and wait hard?</p><p>The aforementioned demon stocks and demon coins are all behind the same group of people. People who speculate in coins have started GameStop; Many people speculating on GameStop look at (tou) good (ji) cryptocurrency. And their secret weapon is two words: consensus.</p><p>Bitcoin was born in 2008. At first, it was only paid attention to and favored by a few Internet geeks, and slowly began to walk out of Silicon Valley and across the Pacific Ocean. It took about ten years from birth to breaking the circle.</p><p>This process is actually a process in which consensus is constantly strengthened. When a few people buy Bitcoin, there is no speculation, but more out of faith; When a lot of people buy, it's not out of faith but out of speculation. As a result of the interlacing of these two forces, prices have soared.</p><p>Price is the common link between cryptocurrency believers and speculators. Revolutionaries hope to confirm their beliefs through rising prices, while speculators hope to harvest the wealth of others through rising prices. Therefore, rising prices is the consensus of all participants.</p><p>There used to be a speculative way to make a fortune through information asymmetry. In the 1980s, speculation once prevailed, which also made some people get rich first. Speculation is essentially to take advantage of information asymmetry to thoroughly understand the spread of the dual-track price system. In the era of extremely blocked information, you can get rich overnight by selling potatoes from the north to the south and sugar from the south to the north.</p><p>Later, with the stock market, relying on inside information to buy and sell in advance turned stock trading into a business in which a few people cut the leeks of most people.</p><p>Of course, not all businesses that make money by information asymmetry can't get on the table. The reason why many intermediary industries exist is that there is a matching gap between the supply and demand sides, which requires a third party to bridge the gap. Middlemen earn the price difference, and what they earn is the price difference of information asymmetry.</p><p>If you want to make money from the business with asymmetric information, you must first form a monopoly on information as much as possible. The fewer people know the inside information of listed companies, the greater the possibility of making big money; The more information the intermediary industry monopolizes, the more businesses will be matched.</p><p>Therefore, information asymmetry is exclusive, and everyone wants to make profits by monopolizing information.</p><p>The growth and growth of cryptocurrency requires consensus. The more people join this consensus system, the faster the price will rise; It does not have a monopoly on information. On the contrary, the more people who know and approve of cryptocurrencies, the better.</p><p>But any speculative behavior requires a receiver, that is, both winners and losers are indispensable. The winners in the currency circle are based on consensus asymmetry. There is no secret in virtual currency, the circulation is fixed and open, there is no business line, and there is no corporate governance. It rises and falls only depending on how big the consensus is about it.</p><p>When Bitcoin only has a consensus circle of 100 people, they need a consensus circle of 1,000 people to make a profit. When it becomes a consensus circle of 10,000 people, they need a consensus circle of 1 million people to achieve huge profits... Small consensus The circle needs a big consensus circle to take over, and the big consensus circle needs a super large consensus circle to take over. It is the asymmetry of the size of the consensus circle that makes it possible to get rich. Information asymmetry creates classical speculation, and consensus asymmetry creates currency circle speculation.</p><p>From the beginning, Bitcoin only belonged to the reckless circle of Silicon Valley, but now even the mainstream funds on Wall Street have begun to hold positions. It can be said that the consensus circle has assimilated the enemy it wanted to subvert. As long as virtual currency is limited to speculation, there is only speculation in the currency circle.</p><p>Some people say that stock trading is also based on the consensus circle, but stock trading is inseparable from one fundamental: company performance. Company performance determines the size of the stock consensus circle, rather than the size of the consensus circle determining company value. Most of the time, the consensus on the stock price tends to deviate from the true value of the company.</p><p>Virtual currency has almost no performance except investment (tou) capital (ji) value. The result of decentralization is that \"we don't produce performance, we are just porters of other people's performance\". When the price rises, everyone's performance will be good. When the price falls, everyone just has to eat dirt. The only way out is to expand the consensus circle and find more people to take over.</p><p>The birth of virtual currency and its continuous breaking of the circle are most thankful to the mobile Internet. While the dissemination of information anytime and anywhere eliminates information asymmetry, it is also constantly building consensus asymmetry. But now that the consensus of faith has given way to the consensus of speculation, compared with a few years ago, can you still hear the bold rhetoric of \"this is a revolution\"?</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>Classical speculation has evolved to currency speculation, how will this storm end</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\">\nClassical speculation has evolved to currency speculation, how will this storm end\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1049897162\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/27bae14b56414ca59b681e5e9b6a9596);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">接招 </p>\n<p class=\"h-time smaller\">2021-05-11 15:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Fang Hao</p><p>In the past year, the shib currency has increased tens of thousands of times, the doge currency has increased nearly 500 times, and the Bitcoin has increased more than 10 times. In other words, Bitcoin, which has seen a low increase in cryptocurrencies, still outperforms the stocks of most listed companies.</p><p>Maybe the only stock Bitcoin has underperformed is<a href=\"https://laohu8.com/S/GME\">GameStop</a>, the latter has a maximum increase of more than 200 times.</p><p>Think about it, a year ago, you used the 10,000 yuan you planned to buy game equipment or cosmetics during the year to buy Dogecoin. Then, now you can contract the game equipment in your community for the next year or cover a Viya game. The goods are broadcast live. Wake up.</p><p>It's always a minority who make money. However, this \"minority\" who got rich overnight through currency speculation is a huge incremental group in the whole social process. They were supposed to be house slaves or leeks in the stock market, daydreaming while eating takeout. Maybe someone will really achieve a counterattack, but the lever behind it is the old lever, the lucky one in the stock funnel.</p><p>The sudden rise of cryptocurrencies has changed the course of history. Some people say that first of all, we should thank the Federal Reserve for releasing unlimited water. The question is, why do some people achieve incremental wealth through currency speculation, while most people still live in the stock world and wait hard?</p><p>The aforementioned demon stocks and demon coins are all behind the same group of people. People who speculate in coins have started GameStop; Many people speculating on GameStop look at (tou) good (ji) cryptocurrency. And their secret weapon is two words: consensus.</p><p>Bitcoin was born in 2008. At first, it was only paid attention to and favored by a few Internet geeks, and slowly began to walk out of Silicon Valley and across the Pacific Ocean. It took about ten years from birth to breaking the circle.</p><p>This process is actually a process in which consensus is constantly strengthened. When a few people buy Bitcoin, there is no speculation, but more out of faith; When a lot of people buy, it's not out of faith but out of speculation. As a result of the interlacing of these two forces, prices have soared.</p><p>Price is the common link between cryptocurrency believers and speculators. Revolutionaries hope to confirm their beliefs through rising prices, while speculators hope to harvest the wealth of others through rising prices. Therefore, rising prices is the consensus of all participants.</p><p>There used to be a speculative way to make a fortune through information asymmetry. In the 1980s, speculation once prevailed, which also made some people get rich first. Speculation is essentially to take advantage of information asymmetry to thoroughly understand the spread of the dual-track price system. In the era of extremely blocked information, you can get rich overnight by selling potatoes from the north to the south and sugar from the south to the north.</p><p>Later, with the stock market, relying on inside information to buy and sell in advance turned stock trading into a business in which a few people cut the leeks of most people.</p><p>Of course, not all businesses that make money by information asymmetry can't get on the table. The reason why many intermediary industries exist is that there is a matching gap between the supply and demand sides, which requires a third party to bridge the gap. Middlemen earn the price difference, and what they earn is the price difference of information asymmetry.</p><p>If you want to make money from the business with asymmetric information, you must first form a monopoly on information as much as possible. The fewer people know the inside information of listed companies, the greater the possibility of making big money; The more information the intermediary industry monopolizes, the more businesses will be matched.</p><p>Therefore, information asymmetry is exclusive, and everyone wants to make profits by monopolizing information.</p><p>The growth and growth of cryptocurrency requires consensus. The more people join this consensus system, the faster the price will rise; It does not have a monopoly on information. On the contrary, the more people who know and approve of cryptocurrencies, the better.</p><p>But any speculative behavior requires a receiver, that is, both winners and losers are indispensable. The winners in the currency circle are based on consensus asymmetry. There is no secret in virtual currency, the circulation is fixed and open, there is no business line, and there is no corporate governance. It rises and falls only depending on how big the consensus is about it.</p><p>When Bitcoin only has a consensus circle of 100 people, they need a consensus circle of 1,000 people to make a profit. When it becomes a consensus circle of 10,000 people, they need a consensus circle of 1 million people to achieve huge profits... Small consensus The circle needs a big consensus circle to take over, and the big consensus circle needs a super large consensus circle to take over. It is the asymmetry of the size of the consensus circle that makes it possible to get rich. Information asymmetry creates classical speculation, and consensus asymmetry creates currency circle speculation.</p><p>From the beginning, Bitcoin only belonged to the reckless circle of Silicon Valley, but now even the mainstream funds on Wall Street have begun to hold positions. It can be said that the consensus circle has assimilated the enemy it wanted to subvert. As long as virtual currency is limited to speculation, there is only speculation in the currency circle.</p><p>Some people say that stock trading is also based on the consensus circle, but stock trading is inseparable from one fundamental: company performance. Company performance determines the size of the stock consensus circle, rather than the size of the consensus circle determining company value. Most of the time, the consensus on the stock price tends to deviate from the true value of the company.</p><p>Virtual currency has almost no performance except investment (tou) capital (ji) value. The result of decentralization is that \"we don't produce performance, we are just porters of other people's performance\". When the price rises, everyone's performance will be good. When the price falls, everyone just has to eat dirt. The only way out is to expand the consensus circle and find more people to take over.</p><p>The birth of virtual currency and its continuous breaking of the circle are most thankful to the mobile Internet. While the dissemination of information anytime and anywhere eliminates information asymmetry, it is also constantly building consensus asymmetry. But now that the consensus of faith has given way to the consensus of speculation, compared with a few years ago, can you still hear the bold rhetoric of \"this is a revolution\"?</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9712b6f035d7a01dae3855140d621802","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132124258","content_text":"文/方浩过去一年，shib币涨了上万倍，doge币涨了近500倍，比特币涨了10多倍。换句话说，加密货币中涨幅较低的比特币，依然跑赢了绝大多数上市公司的股票。可能比特币唯一跑输了一只股票就是游戏驿站，后者最高涨幅超过200倍。想想，一年前你把年内准备买游戏装备或化妆品的一万块钱用来买了狗狗币，那么，现在你可以承包你们小区未来一年的游戏装备或者包圆一场薇娅的带货直播了。醒醒。赚钱的永远是少数。但通过炒币一夜暴富的这个“少数”，放在整个社会进程中却是一个巨大的增量群体。他们本来应该是房奴或者股市中的韭菜，一边吃着外卖一边做白日梦。也许真的有人会实现逆袭，但背后的杠杆是老杠杆，是存量漏斗里的幸运儿。加密货币的突然崛起改变了历史进程。有人说首先要感谢美联储无限放水。问题是，为什么有人通过炒币实现了增量暴富，而大多数人却依旧活在存量世界里苦苦等待？前面提到的妖股和妖币，背后都是同一拨人。炒币的人，炒起了游戏驿站；炒游戏驿站的人，很多又看（tou）好（ji）加密货币。而他们的秘密武器，就是两个字：共识。比特币在2008年诞生，一开始只是受到极少数互联网极客的关注和青睐，慢慢开始走出硅谷、穿过太平洋。从诞生到破圈，大概花了十年时间。这个过程其实就是共识不断被强化的过程。少数人购买比特币时，不存在投机，更多是出于信仰；当很多人购买时，不是出于信仰而是出于投机。这两股力量交错形成的结果，就是价格猛涨。价格是加密货币信仰者和投机者的共同纽带。革命者希望通过价格上涨印证自己的信仰，投机者希望通过价格上涨收割别人的财富。所以，价格涨上去是所有参与者的共识。以前有一种投机方式，通过信息不对称发财。上世纪八十年代，投机倒把一度盛行，也让一部分人先富起来。投机倒把本质上就是利用信息不对称，吃透价格双轨制的利差。在信息极度闭塞的年代，把北方的土豆卖到南方，把南方的蔗糖卖到北方，都可以一夜暴富。后来有了股市，靠内部消息提前买进、卖出，把炒股变成了少数人割大多数人韭菜的生意。当然，不是所有靠信息不对称赚钱的生意都上不了台面。很多中介行业之所以存在，就是因为供需双方之间存在着匹配鸿沟，需要第三方牵线搭桥。中间商赚差价，赚的是信息不对称的差价。要想从信息不对称的生意中赚钱，首先要尽可能地对信息形成垄断。上市公司的内幕消息知道的人越少，赚大钱的可能越大；中介行业垄断的信息越多，撮合成交的生意就越多。所以，信息不对称是排他性的，都想通过独占信息而获利。而加密货币的成长壮大，需要的是共识。加入这个共识体系的人越多，价格涨得越快；它不存在对信息的垄断，相反，知道、认可加密货币的人越多越好。但任何投机行为，都需要接盘侠，也就是赢家和输家缺一不可。币圈的赢家，是建立在共识不对称的基础之上的。虚拟货币没有秘密可言，发行量是固定的、公开的，不存在业务线，也没有公司治理一说。它的涨跌只依赖于人们对它的共识有多大。当比特币只有100个人的共识圈时，他们需要一个1000人的共识圈才能获利，当变成1万人的共识圈时，他们需要一个100万人的共识圈才能实现暴利……小的共识圈需要大的共识圈接盘，大的共识圈需要超大的共识圈接盘，正是共识圈大小的不对称，才有了暴富的可能。信息不对称造就了古典投机，共识不对称造就了币圈投机。比特币从一开始仅仅属于硅谷的草莽圈子，到如今连华尔街的主流基金都开始持仓布局，可以说共识圈已经同化了当初它要颠覆的敌人。只要虚拟货币还仅限于被炒作，币圈就只有投机。有人说炒股也是基于共识圈，但是炒股离不开一个基本面：公司业绩。公司业绩决定股票共识圈的大小，而不是共识圈的大小决定公司价值。大多数时候，股价的共识往往背离公司的真实价值。而虚拟货币除了投（tou）资（ji）价值，几乎没有任何业绩可言，去中心化的结果就是“我们不生产业绩，我们只是别人业绩的搬运工”。价格涨了，大家的业绩就好，价格跌了，大家就只要吃土，唯一的出路就是扩大共识圈，找更多的人来接盘。虚拟货币的诞生及其不断破圈，最应该感谢的是移动互联网，随时随地的信息传播在消除信息不对称的同时，也在不停搭建共识不对称。但现在信仰的共识已经让位于投机的共识，与几年前相比，你还听得到“这是一场革命”之类的豪言吗？","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199604640,"gmtCreate":1620698017680,"gmtModify":1704346918307,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199604640","repostId":"1145594222","repostType":4,"isVote":1,"tweetType":1,"viewCount":1815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107904439,"gmtCreate":1620437058721,"gmtModify":1704343658406,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107904439","repostId":"1133370256","repostType":4,"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106606458,"gmtCreate":1620106858174,"gmtModify":1704338762085,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/106606458","repostId":"1167821230","repostType":4,"repost":{"id":"1167821230","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":1620092245,"share":"https://ttm.financial/m/news/1167821230?lang=en_US&edition=fundamental","pubTime":"2021-05-04 09:37","market":"us","language":"zh","title":"Baidu Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1167821230","media":"老虎资讯综合","summary":"5月4日，百度集团-SW跌近2%，触及回港上市以来低位至200.40港元/股。隔夜美股收跌2.56%，报204.94美元。","content":"<p>May 4th,<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell nearly 2%, hitting the lowest since returning to Hong Kong for listing to HK $200.40 per share. U.S. stocks closed down 2.56% overnight at $204.94.</p><p><img src=\"https://static.tigerbbs.com/09fc5620703e7b4e6c8de7a7da78292f\" 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 Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBaidu Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-04 09:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 4th,<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell nearly 2%, hitting the lowest since returning to Hong Kong for listing to HK $200.40 per share. U.S. stocks closed down 2.56% overnight at $204.94.</p><p><img src=\"https://static.tigerbbs.com/09fc5620703e7b4e6c8de7a7da78292f\" 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/68a814138696b6daf296c3939a776531","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","09888":"百度集团-SW","BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167821230","content_text":"5月4日，百度集团-SW跌近2%，触及回港上市以来低位至200.40港元/股。隔夜美股收跌2.56%，报204.94美元。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":1348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108243458,"gmtCreate":1620034244774,"gmtModify":1704337652055,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108243458","repostId":"2132465595","repostType":4,"isVote":1,"tweetType":1,"viewCount":1226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374061366,"gmtCreate":1619402684455,"gmtModify":1704723280081,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374061366","repostId":"1163395994","repostType":4,"repost":{"id":"1163395994","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":1619397999,"share":"https://ttm.financial/m/news/1163395994?lang=en_US&edition=fundamental","pubTime":"2021-04-26 08:46","market":"us","language":"zh","title":"Bitcoin stands at $51,000/piece","url":"https://stock-news.laohu8.com/highlight/detail?id=1163395994","media":"老虎资讯综合","summary":"4月26日讯，比特币持续上扬，站上51000美元/枚，涨幅扩大至3.7%。","content":"<p>According to news on April 26, Bitcoin continued to rise, reaching US $51,000 per piece, with an increase of 3.7%.</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>Bitcoin stands at $51,000/piece</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; 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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\">\nBitcoin stands at $51,000/piece\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\">2021-04-26 08:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to news on April 26, Bitcoin continued to rise, reaching US $51,000 per piece, with an increase of 3.7%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/962be253ee7459c393769e9105cb1429","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163395994","content_text":"4月26日讯，比特币持续上扬，站上51000美元/枚，涨幅扩大至3.7%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375072661,"gmtCreate":1619268741353,"gmtModify":1704721989059,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/375072661","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":1277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378700737,"gmtCreate":1619058448829,"gmtModify":1704718989186,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837681630279","idStr":"3577837681630279"},"themes":[],"htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378700737","repostId":"2129055308","repostType":2,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":107904439,"gmtCreate":1620437058721,"gmtModify":1704343658406,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107904439","repostId":"1133370256","repostType":4,"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193659169,"gmtCreate":1620786088451,"gmtModify":1704348361804,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193659169","repostId":"1132124258","repostType":4,"repost":{"id":"1132124258","kind":"news","weMediaInfo":{"introduction":"创业路上关键一招。","home_visible":1,"media_name":"接招","id":"1049897162","head_image":"https://static.tigerbbs.com/27bae14b56414ca59b681e5e9b6a9596"},"pubTimestamp":1620716637,"share":"https://ttm.financial/m/news/1132124258?lang=en_US&edition=fundamental","pubTime":"2021-05-11 15:03","market":"other","language":"zh","title":"Classical speculation has evolved to currency speculation, how will this storm end","url":"https://stock-news.laohu8.com/highlight/detail?id=1132124258","media":"接招","summary":"加密货币的突然崛起改变了历史进程。","content":"<p>Text/Fang Hao</p><p>In the past year, the shib currency has increased tens of thousands of times, the doge currency has increased nearly 500 times, and the Bitcoin has increased more than 10 times. In other words, Bitcoin, which has seen a low increase in cryptocurrencies, still outperforms the stocks of most listed companies.</p><p>Maybe the only stock Bitcoin has underperformed is<a href=\"https://laohu8.com/S/GME\">GameStop</a>, the latter has a maximum increase of more than 200 times.</p><p>Think about it, a year ago, you used the 10,000 yuan you planned to buy game equipment or cosmetics during the year to buy Dogecoin. Then, now you can contract the game equipment in your community for the next year or cover a Viya game. The goods are broadcast live. Wake up.</p><p>It's always a minority who make money. However, this \"minority\" who got rich overnight through currency speculation is a huge incremental group in the whole social process. They were supposed to be house slaves or leeks in the stock market, daydreaming while eating takeout. Maybe someone will really achieve a counterattack, but the lever behind it is the old lever, the lucky one in the stock funnel.</p><p>The sudden rise of cryptocurrencies has changed the course of history. Some people say that first of all, we should thank the Federal Reserve for releasing unlimited water. The question is, why do some people achieve incremental wealth through currency speculation, while most people still live in the stock world and wait hard?</p><p>The aforementioned demon stocks and demon coins are all behind the same group of people. People who speculate in coins have started GameStop; Many people speculating on GameStop look at (tou) good (ji) cryptocurrency. And their secret weapon is two words: consensus.</p><p>Bitcoin was born in 2008. At first, it was only paid attention to and favored by a few Internet geeks, and slowly began to walk out of Silicon Valley and across the Pacific Ocean. It took about ten years from birth to breaking the circle.</p><p>This process is actually a process in which consensus is constantly strengthened. When a few people buy Bitcoin, there is no speculation, but more out of faith; When a lot of people buy, it's not out of faith but out of speculation. As a result of the interlacing of these two forces, prices have soared.</p><p>Price is the common link between cryptocurrency believers and speculators. Revolutionaries hope to confirm their beliefs through rising prices, while speculators hope to harvest the wealth of others through rising prices. Therefore, rising prices is the consensus of all participants.</p><p>There used to be a speculative way to make a fortune through information asymmetry. In the 1980s, speculation once prevailed, which also made some people get rich first. Speculation is essentially to take advantage of information asymmetry to thoroughly understand the spread of the dual-track price system. In the era of extremely blocked information, you can get rich overnight by selling potatoes from the north to the south and sugar from the south to the north.</p><p>Later, with the stock market, relying on inside information to buy and sell in advance turned stock trading into a business in which a few people cut the leeks of most people.</p><p>Of course, not all businesses that make money by information asymmetry can't get on the table. The reason why many intermediary industries exist is that there is a matching gap between the supply and demand sides, which requires a third party to bridge the gap. Middlemen earn the price difference, and what they earn is the price difference of information asymmetry.</p><p>If you want to make money from the business with asymmetric information, you must first form a monopoly on information as much as possible. The fewer people know the inside information of listed companies, the greater the possibility of making big money; The more information the intermediary industry monopolizes, the more businesses will be matched.</p><p>Therefore, information asymmetry is exclusive, and everyone wants to make profits by monopolizing information.</p><p>The growth and growth of cryptocurrency requires consensus. The more people join this consensus system, the faster the price will rise; It does not have a monopoly on information. On the contrary, the more people who know and approve of cryptocurrencies, the better.</p><p>But any speculative behavior requires a receiver, that is, both winners and losers are indispensable. The winners in the currency circle are based on consensus asymmetry. There is no secret in virtual currency, the circulation is fixed and open, there is no business line, and there is no corporate governance. It rises and falls only depending on how big the consensus is about it.</p><p>When Bitcoin only has a consensus circle of 100 people, they need a consensus circle of 1,000 people to make a profit. When it becomes a consensus circle of 10,000 people, they need a consensus circle of 1 million people to achieve huge profits... Small consensus The circle needs a big consensus circle to take over, and the big consensus circle needs a super large consensus circle to take over. It is the asymmetry of the size of the consensus circle that makes it possible to get rich. Information asymmetry creates classical speculation, and consensus asymmetry creates currency circle speculation.</p><p>From the beginning, Bitcoin only belonged to the reckless circle of Silicon Valley, but now even the mainstream funds on Wall Street have begun to hold positions. It can be said that the consensus circle has assimilated the enemy it wanted to subvert. As long as virtual currency is limited to speculation, there is only speculation in the currency circle.</p><p>Some people say that stock trading is also based on the consensus circle, but stock trading is inseparable from one fundamental: company performance. Company performance determines the size of the stock consensus circle, rather than the size of the consensus circle determining company value. Most of the time, the consensus on the stock price tends to deviate from the true value of the company.</p><p>Virtual currency has almost no performance except investment (tou) capital (ji) value. The result of decentralization is that \"we don't produce performance, we are just porters of other people's performance\". When the price rises, everyone's performance will be good. When the price falls, everyone just has to eat dirt. The only way out is to expand the consensus circle and find more people to take over.</p><p>The birth of virtual currency and its continuous breaking of the circle are most thankful to the mobile Internet. While the dissemination of information anytime and anywhere eliminates information asymmetry, it is also constantly building consensus asymmetry. But now that the consensus of faith has given way to the consensus of speculation, compared with a few years ago, can you still hear the bold rhetoric of \"this is a revolution\"?</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>Classical speculation has evolved to currency speculation, how will this storm end</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\">\nClassical speculation has evolved to currency speculation, how will this storm end\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1049897162\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/27bae14b56414ca59b681e5e9b6a9596);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">接招 </p>\n<p class=\"h-time smaller\">2021-05-11 15:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Fang Hao</p><p>In the past year, the shib currency has increased tens of thousands of times, the doge currency has increased nearly 500 times, and the Bitcoin has increased more than 10 times. In other words, Bitcoin, which has seen a low increase in cryptocurrencies, still outperforms the stocks of most listed companies.</p><p>Maybe the only stock Bitcoin has underperformed is<a href=\"https://laohu8.com/S/GME\">GameStop</a>, the latter has a maximum increase of more than 200 times.</p><p>Think about it, a year ago, you used the 10,000 yuan you planned to buy game equipment or cosmetics during the year to buy Dogecoin. Then, now you can contract the game equipment in your community for the next year or cover a Viya game. The goods are broadcast live. Wake up.</p><p>It's always a minority who make money. However, this \"minority\" who got rich overnight through currency speculation is a huge incremental group in the whole social process. They were supposed to be house slaves or leeks in the stock market, daydreaming while eating takeout. Maybe someone will really achieve a counterattack, but the lever behind it is the old lever, the lucky one in the stock funnel.</p><p>The sudden rise of cryptocurrencies has changed the course of history. Some people say that first of all, we should thank the Federal Reserve for releasing unlimited water. The question is, why do some people achieve incremental wealth through currency speculation, while most people still live in the stock world and wait hard?</p><p>The aforementioned demon stocks and demon coins are all behind the same group of people. People who speculate in coins have started GameStop; Many people speculating on GameStop look at (tou) good (ji) cryptocurrency. And their secret weapon is two words: consensus.</p><p>Bitcoin was born in 2008. At first, it was only paid attention to and favored by a few Internet geeks, and slowly began to walk out of Silicon Valley and across the Pacific Ocean. It took about ten years from birth to breaking the circle.</p><p>This process is actually a process in which consensus is constantly strengthened. When a few people buy Bitcoin, there is no speculation, but more out of faith; When a lot of people buy, it's not out of faith but out of speculation. As a result of the interlacing of these two forces, prices have soared.</p><p>Price is the common link between cryptocurrency believers and speculators. Revolutionaries hope to confirm their beliefs through rising prices, while speculators hope to harvest the wealth of others through rising prices. Therefore, rising prices is the consensus of all participants.</p><p>There used to be a speculative way to make a fortune through information asymmetry. In the 1980s, speculation once prevailed, which also made some people get rich first. Speculation is essentially to take advantage of information asymmetry to thoroughly understand the spread of the dual-track price system. In the era of extremely blocked information, you can get rich overnight by selling potatoes from the north to the south and sugar from the south to the north.</p><p>Later, with the stock market, relying on inside information to buy and sell in advance turned stock trading into a business in which a few people cut the leeks of most people.</p><p>Of course, not all businesses that make money by information asymmetry can't get on the table. The reason why many intermediary industries exist is that there is a matching gap between the supply and demand sides, which requires a third party to bridge the gap. Middlemen earn the price difference, and what they earn is the price difference of information asymmetry.</p><p>If you want to make money from the business with asymmetric information, you must first form a monopoly on information as much as possible. The fewer people know the inside information of listed companies, the greater the possibility of making big money; The more information the intermediary industry monopolizes, the more businesses will be matched.</p><p>Therefore, information asymmetry is exclusive, and everyone wants to make profits by monopolizing information.</p><p>The growth and growth of cryptocurrency requires consensus. The more people join this consensus system, the faster the price will rise; It does not have a monopoly on information. On the contrary, the more people who know and approve of cryptocurrencies, the better.</p><p>But any speculative behavior requires a receiver, that is, both winners and losers are indispensable. The winners in the currency circle are based on consensus asymmetry. There is no secret in virtual currency, the circulation is fixed and open, there is no business line, and there is no corporate governance. It rises and falls only depending on how big the consensus is about it.</p><p>When Bitcoin only has a consensus circle of 100 people, they need a consensus circle of 1,000 people to make a profit. When it becomes a consensus circle of 10,000 people, they need a consensus circle of 1 million people to achieve huge profits... Small consensus The circle needs a big consensus circle to take over, and the big consensus circle needs a super large consensus circle to take over. It is the asymmetry of the size of the consensus circle that makes it possible to get rich. Information asymmetry creates classical speculation, and consensus asymmetry creates currency circle speculation.</p><p>From the beginning, Bitcoin only belonged to the reckless circle of Silicon Valley, but now even the mainstream funds on Wall Street have begun to hold positions. It can be said that the consensus circle has assimilated the enemy it wanted to subvert. As long as virtual currency is limited to speculation, there is only speculation in the currency circle.</p><p>Some people say that stock trading is also based on the consensus circle, but stock trading is inseparable from one fundamental: company performance. Company performance determines the size of the stock consensus circle, rather than the size of the consensus circle determining company value. Most of the time, the consensus on the stock price tends to deviate from the true value of the company.</p><p>Virtual currency has almost no performance except investment (tou) capital (ji) value. The result of decentralization is that \"we don't produce performance, we are just porters of other people's performance\". When the price rises, everyone's performance will be good. When the price falls, everyone just has to eat dirt. The only way out is to expand the consensus circle and find more people to take over.</p><p>The birth of virtual currency and its continuous breaking of the circle are most thankful to the mobile Internet. While the dissemination of information anytime and anywhere eliminates information asymmetry, it is also constantly building consensus asymmetry. But now that the consensus of faith has given way to the consensus of speculation, compared with a few years ago, can you still hear the bold rhetoric of \"this is a revolution\"?</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9712b6f035d7a01dae3855140d621802","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132124258","content_text":"文/方浩过去一年，shib币涨了上万倍，doge币涨了近500倍，比特币涨了10多倍。换句话说，加密货币中涨幅较低的比特币，依然跑赢了绝大多数上市公司的股票。可能比特币唯一跑输了一只股票就是游戏驿站，后者最高涨幅超过200倍。想想，一年前你把年内准备买游戏装备或化妆品的一万块钱用来买了狗狗币，那么，现在你可以承包你们小区未来一年的游戏装备或者包圆一场薇娅的带货直播了。醒醒。赚钱的永远是少数。但通过炒币一夜暴富的这个“少数”，放在整个社会进程中却是一个巨大的增量群体。他们本来应该是房奴或者股市中的韭菜，一边吃着外卖一边做白日梦。也许真的有人会实现逆袭，但背后的杠杆是老杠杆，是存量漏斗里的幸运儿。加密货币的突然崛起改变了历史进程。有人说首先要感谢美联储无限放水。问题是，为什么有人通过炒币实现了增量暴富，而大多数人却依旧活在存量世界里苦苦等待？前面提到的妖股和妖币，背后都是同一拨人。炒币的人，炒起了游戏驿站；炒游戏驿站的人，很多又看（tou）好（ji）加密货币。而他们的秘密武器，就是两个字：共识。比特币在2008年诞生，一开始只是受到极少数互联网极客的关注和青睐，慢慢开始走出硅谷、穿过太平洋。从诞生到破圈，大概花了十年时间。这个过程其实就是共识不断被强化的过程。少数人购买比特币时，不存在投机，更多是出于信仰；当很多人购买时，不是出于信仰而是出于投机。这两股力量交错形成的结果，就是价格猛涨。价格是加密货币信仰者和投机者的共同纽带。革命者希望通过价格上涨印证自己的信仰，投机者希望通过价格上涨收割别人的财富。所以，价格涨上去是所有参与者的共识。以前有一种投机方式，通过信息不对称发财。上世纪八十年代，投机倒把一度盛行，也让一部分人先富起来。投机倒把本质上就是利用信息不对称，吃透价格双轨制的利差。在信息极度闭塞的年代，把北方的土豆卖到南方，把南方的蔗糖卖到北方，都可以一夜暴富。后来有了股市，靠内部消息提前买进、卖出，把炒股变成了少数人割大多数人韭菜的生意。当然，不是所有靠信息不对称赚钱的生意都上不了台面。很多中介行业之所以存在，就是因为供需双方之间存在着匹配鸿沟，需要第三方牵线搭桥。中间商赚差价，赚的是信息不对称的差价。要想从信息不对称的生意中赚钱，首先要尽可能地对信息形成垄断。上市公司的内幕消息知道的人越少，赚大钱的可能越大；中介行业垄断的信息越多，撮合成交的生意就越多。所以，信息不对称是排他性的，都想通过独占信息而获利。而加密货币的成长壮大，需要的是共识。加入这个共识体系的人越多，价格涨得越快；它不存在对信息的垄断，相反，知道、认可加密货币的人越多越好。但任何投机行为，都需要接盘侠，也就是赢家和输家缺一不可。币圈的赢家，是建立在共识不对称的基础之上的。虚拟货币没有秘密可言，发行量是固定的、公开的，不存在业务线，也没有公司治理一说。它的涨跌只依赖于人们对它的共识有多大。当比特币只有100个人的共识圈时，他们需要一个1000人的共识圈才能获利，当变成1万人的共识圈时，他们需要一个100万人的共识圈才能实现暴利……小的共识圈需要大的共识圈接盘，大的共识圈需要超大的共识圈接盘，正是共识圈大小的不对称，才有了暴富的可能。信息不对称造就了古典投机，共识不对称造就了币圈投机。比特币从一开始仅仅属于硅谷的草莽圈子，到如今连华尔街的主流基金都开始持仓布局，可以说共识圈已经同化了当初它要颠覆的敌人。只要虚拟货币还仅限于被炒作，币圈就只有投机。有人说炒股也是基于共识圈，但是炒股离不开一个基本面：公司业绩。公司业绩决定股票共识圈的大小，而不是共识圈的大小决定公司价值。大多数时候，股价的共识往往背离公司的真实价值。而虚拟货币除了投（tou）资（ji）价值，几乎没有任何业绩可言，去中心化的结果就是“我们不生产业绩，我们只是别人业绩的搬运工”。价格涨了，大家的业绩就好，价格跌了，大家就只要吃土，唯一的出路就是扩大共识圈，找更多的人来接盘。虚拟货币的诞生及其不断破圈，最应该感谢的是移动互联网，随时随地的信息传播在消除信息不对称的同时，也在不停搭建共识不对称。但现在信仰的共识已经让位于投机的共识，与几年前相比，你还听得到“这是一场革命”之类的豪言吗？","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199604640,"gmtCreate":1620698017680,"gmtModify":1704346918307,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199604640","repostId":"1145594222","repostType":4,"isVote":1,"tweetType":1,"viewCount":1815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106606458,"gmtCreate":1620106858174,"gmtModify":1704338762085,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/106606458","repostId":"1167821230","repostType":4,"repost":{"id":"1167821230","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":1620092245,"share":"https://ttm.financial/m/news/1167821230?lang=en_US&edition=fundamental","pubTime":"2021-05-04 09:37","market":"us","language":"zh","title":"Baidu Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1167821230","media":"老虎资讯综合","summary":"5月4日，百度集团-SW跌近2%，触及回港上市以来低位至200.40港元/股。隔夜美股收跌2.56%，报204.94美元。","content":"<p>May 4th,<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell nearly 2%, hitting the lowest since returning to Hong Kong for listing to HK $200.40 per share. U.S. stocks closed down 2.56% overnight at $204.94.</p><p><img src=\"https://static.tigerbbs.com/09fc5620703e7b4e6c8de7a7da78292f\" 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 Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBaidu Group fell nearly 2%, hitting its lowest level since returning to Hong Kong for listing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-04 09:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>May 4th,<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell nearly 2%, hitting the lowest since returning to Hong Kong for listing to HK $200.40 per share. U.S. stocks closed down 2.56% overnight at $204.94.</p><p><img src=\"https://static.tigerbbs.com/09fc5620703e7b4e6c8de7a7da78292f\" 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/68a814138696b6daf296c3939a776531","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","09888":"百度集团-SW","BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167821230","content_text":"5月4日，百度集团-SW跌近2%，触及回港上市以来低位至200.40港元/股。隔夜美股收跌2.56%，报204.94美元。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":1348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108243458,"gmtCreate":1620034244774,"gmtModify":1704337652055,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108243458","repostId":"2132465595","repostType":4,"isVote":1,"tweetType":1,"viewCount":1226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374061366,"gmtCreate":1619402684455,"gmtModify":1704723280081,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374061366","repostId":"1163395994","repostType":4,"repost":{"id":"1163395994","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":1619397999,"share":"https://ttm.financial/m/news/1163395994?lang=en_US&edition=fundamental","pubTime":"2021-04-26 08:46","market":"us","language":"zh","title":"Bitcoin stands at $51,000/piece","url":"https://stock-news.laohu8.com/highlight/detail?id=1163395994","media":"老虎资讯综合","summary":"4月26日讯，比特币持续上扬，站上51000美元/枚，涨幅扩大至3.7%。","content":"<p>According to news on April 26, Bitcoin continued to rise, reaching US $51,000 per piece, with an increase of 3.7%.</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>Bitcoin stands at $51,000/piece</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; 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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\">\nBitcoin stands at $51,000/piece\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\">2021-04-26 08:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to news on April 26, Bitcoin continued to rise, reaching US $51,000 per piece, with an increase of 3.7%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/962be253ee7459c393769e9105cb1429","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163395994","content_text":"4月26日讯，比特币持续上扬，站上51000美元/枚，涨幅扩大至3.7%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375072661,"gmtCreate":1619268741353,"gmtModify":1704721989059,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/375072661","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":1277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378700737,"gmtCreate":1619058448829,"gmtModify":1704718989186,"author":{"id":"3577837681630279","authorId":"3577837681630279","name":"睿果果","avatar":"https://static.tigerbbs.com/27d79a00a2de031793663dce11b41a9a","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837681630279","authorIdStr":"3577837681630279"},"themes":[],"htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378700737","repostId":"2129055308","repostType":2,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}