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2023-04-04

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2023-03-24

$小米集团-W(01810)$

2023-02-25

$英特尔(INTC)$ business shrinking....

2022-10-19

6

Market Overview | Eight consecutive limit-up stocks see massive trading volume and turnover! Shipping stocks bucked the trend and surged

2022-09-13

6

The Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?

2022-09-13

6

The Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?

2022-08-22

6

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2022-08-03

6

What is the origin of the "speculative stock" Shangcheng Data Technology? How big is the bubble?

2022-08-03

6

What is the origin of the "speculative stock" Shangcheng Data Technology? How big is the bubble?

2022-07-26

66

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2022-07-26

6

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2022-07-04

66

Wenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.

2022-07-04

6

Wenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.

2022-06-23

6

Why is the Federal Reserve afraid to bail out US stocks?

2022-06-16

6

The "Lehman Brothers crisis" is escalating in the cryptocurrency world, and now it's hedge funds' turn!

2022-06-06

6

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2022-06-06

66

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2022-06-06

66

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2022-05-13

6

Hong Kong stocks opened higher and continued to rise, with the Hang Seng Tech Index extending its gains to 4%.

2022-05-13

6

Hong Kong stocks opened higher and continued to rise, with the Hang Seng Tech Index extending its gains to 4%.

Go to Tiger App to see more news

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shrinking....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957259675","isVote":1,"tweetType":1,"viewCount":6025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983131948,"gmtCreate":1666174654785,"gmtModify":1676537718081,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983131948","repostId":"1141641724","repostType":2,"repost":{"id":"1141641724","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":1666169142,"share":"https://ttm.financial/m/news/1141641724?lang=en_US&edition=fundamental","pubTime":"2022-10-19 16:45","market":"hk","language":"zh","title":"Market Overview | Eight consecutive limit-up stocks see massive trading volume and turnover! Shipping stocks bucked the trend and surged","url":"https://stock-news.laohu8.com/highlight/detail?id=1141641724","media":"老虎资讯综合","summary":"恒科指大跌逾4%，科技股重挫；沪指震荡调整跌1.19%；美股指期货、欧洲股市、原油、黄金均走低；奈飞、阿斯麦、美联航绩后大涨>>>港股港股三大指数全天呈单边下跌行情，昨日反弹上涨的市场情绪再度陷入低迷","content":"<p><html><head></head><body>The Hang Seng Tech Index plunged more than 4%, and technology stocks suffered a sharp decline. The Shanghai Composite Index fluctuated and adjusted, falling 1.19%. US stock index futures, European stock markets, crude oil, and gold all declined;<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/ASML\">Asma</a>United Airlines surges after earnings report >>><b>Hong Kong Stocks</b></p><p>The three major Hong Kong stock indices fell throughout the day, and market sentiment, which had rebounded yesterday, fell into a slump again. At the close, the Hang Seng Index fell 2.38%, or 403 points, and the Hang Seng Tech Index fell 4.19%, falling below the 3,200-point mark.</p><p><img src=\"https://static.tigerbbs.com/2694773a7c1d671f7fa8b16a222dbb92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the market, the decline in major technology stocks across the board dragged down the overall market.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>It fell more than 7%.<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>It fell more than 6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>It fell 5.55%.<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>It fell more than 5%.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>All declined; Home appliance stocks led the decline throughout the day, while gambling stocks, sporting goods stocks, mobile game stocks, automotive stocks, photovoltaic stocks, catering stocks, and Chinese securities firms all extended their losses at the close. New energy vehicle stocks...<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The price plummeted by more than 9%, hitting a new low. On the other hand, water stocks and online education stocks bucked the trend and rose.<a href=\"https://laohu8.com/S/01797\">New Oriental online</a>The best performance was a rise of over 8%; Power stocks, port and shipping stocks, and telecommunications stocks performed actively amidst weakness. Today, southbound capital saw a net inflow of HK$5.417 billion, with a market turnover of HK$84.7 billion.</p><p><b>A-shares</b></p><p>The market fluctuated and adjusted throughout the day, with the ChiNext index relatively strong. At the close, the Shanghai Composite Index fell 1.19%, the Shenzhen Component Index fell 1.43%, and the ChiNext Index fell 0.86%. Northbound capital saw a net outflow of 6.002 billion yuan throughout the day, marking the third consecutive day of net outflows. Shanghai-Hong Kong Stock Connect saw a net outflow of 4.515 billion yuan, while Shenzhen-Hong Kong Stock Connect saw a net outflow of 1.488 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/32883f80e36c15adabf2c7d9f6691398\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the market, port and shipping stocks were strong throughout the day.<a href=\"https://laohu8.com/S/600026\">COSCO Shipping Energy</a>、<a href=\"https://laohu8.com/S/601008\">Lianyungang</a>、<a href=\"https://laohu8.com/S/600428\">COSCO Shipping Special</a>、<a href=\"https://laohu8.com/S/600798\">Ningbo Shipping</a>It hit the daily limit. Stocks in sectors such as energy storage and lithium batteries were initially active, but gradually declined in the afternoon.<a href=\"https://laohu8.com/S/002245\">Blue lithium core</a>、<a href=\"https://laohu8.com/S/002796\">Sega Technology</a>、<a href=\"https://laohu8.com/S/000049\">Desay Battery</a>Wait for the stock to hit the daily limit. On the downside, consumer stocks collectively adjusted, with aquaculture stocks leading the decline. Overall, more stocks fell than rose, with more than 3,700 stocks declining in the two markets. The combined turnover of the Shanghai and Shenzhen stock exchanges today was 758.4 billion yuan, a decrease of 35.4 billion yuan compared to the previous trading day. In terms of sectors, ports, e-commerce, education, and integrated die casting sectors led the gains, while oil and gas, chicken farming, precious metals, and pet economy sectors led the declines.</p><p>It is worth noting that,<a href=\"https://laohu8.com/S/002093\">Guomai Technology</a>Today marked its eighth consecutive day of limit-up trading, with massive turnover. By the close of trading, the turnover exceeded 2.5 billion yuan, and the turnover rate exceeded 25%. Guomai Technology's latest total market capitalization is 10.4 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/4398a3a4c02b4fbc320d636c80e9ed99\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes continued to decline. As of press time, Dow Jones futures were down 0.29%, Nasdaq 100 futures were down 0.17%, and S&P 500 futures were down 0.26%.</p><p><img src=\"https://static.tigerbbs.com/58ed1e960f3ca0cc5ad74e87356277db\" tg-width=\"395\" tg-height=\"183\" referrerpolicy=\"no-referrer\"/></p><p>Netflix surged over 13% in pre-market trading, with a net increase of 2.41 million paid subscribers in the third quarter, exceeding expectations.</p><p><a href=\"https://laohu8.com/S/ASML\">Asma</a>It rose 6.4% in pre-market trading after third-quarter revenue increased by 10% year-on-year to €5.778 billion, exceeding expectations and achieving a record net booking of €8.9 billion.</p><p><a href=\"https://laohu8.com/S/UAL\">United Continental</a>The stock rose 6.8% in pre-market trading after third-quarter revenue increased 66.15% year-over-year to $12.877 billion, and net profit nearly doubled compared to the same period last year.</p><p><b>European stocks</b></p><p>Major European indices fell across the board, with Germany's DAX 30 down 0.41%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It fell 0.59%, and the French CAC40 fell 0.33%.</p><p><img src=\"https://static.tigerbbs.com/108c582b9efef82807b6b41b22f0842b\" tg-width=\"814\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures fell in the short term. As of press time, WTI crude oil was trading at $81.89 per barrel, down 0.22%. Brent crude is currently trading at $89.59 a barrel, down 0.49%.</p><p><img src=\"https://static.tigerbbs.com/3fcd29290758e89f4ac7cd049bf7491c\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/fcda1a4d514bf49d96232092b48ce4f0\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p><b>gold</b></p><p>Gold futures fluctuated lower, currently down 0.65% at $1,645 per ounce.</p><p><img src=\"https://static.tigerbbs.com/bb6b633b30da26822bb36294ed6a0f71\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Overview | Eight consecutive limit-up stocks see massive trading volume and turnover! Shipping stocks bucked the trend and surged</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\">\nMarket Overview | Eight consecutive limit-up stocks see massive trading volume and turnover! Shipping stocks bucked the trend and surged\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-10-19 16:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The Hang Seng Tech Index plunged more than 4%, and technology stocks suffered a sharp decline. The Shanghai Composite Index fluctuated and adjusted, falling 1.19%. US stock index futures, European stock markets, crude oil, and gold all declined;<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/ASML\">Asma</a>United Airlines surges after earnings report >>><b>Hong Kong Stocks</b></p><p>The three major Hong Kong stock indices fell throughout the day, and market sentiment, which had rebounded yesterday, fell into a slump again. At the close, the Hang Seng Index fell 2.38%, or 403 points, and the Hang Seng Tech Index fell 4.19%, falling below the 3,200-point mark.</p><p><img src=\"https://static.tigerbbs.com/2694773a7c1d671f7fa8b16a222dbb92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the market, the decline in major technology stocks across the board dragged down the overall market.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>It fell more than 7%.<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>It fell more than 6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>It fell 5.55%.<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>It fell more than 5%.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>All declined; Home appliance stocks led the decline throughout the day, while gambling stocks, sporting goods stocks, mobile game stocks, automotive stocks, photovoltaic stocks, catering stocks, and Chinese securities firms all extended their losses at the close. New energy vehicle stocks...<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The price plummeted by more than 9%, hitting a new low. On the other hand, water stocks and online education stocks bucked the trend and rose.<a href=\"https://laohu8.com/S/01797\">New Oriental online</a>The best performance was a rise of over 8%; Power stocks, port and shipping stocks, and telecommunications stocks performed actively amidst weakness. Today, southbound capital saw a net inflow of HK$5.417 billion, with a market turnover of HK$84.7 billion.</p><p><b>A-shares</b></p><p>The market fluctuated and adjusted throughout the day, with the ChiNext index relatively strong. At the close, the Shanghai Composite Index fell 1.19%, the Shenzhen Component Index fell 1.43%, and the ChiNext Index fell 0.86%. Northbound capital saw a net outflow of 6.002 billion yuan throughout the day, marking the third consecutive day of net outflows. Shanghai-Hong Kong Stock Connect saw a net outflow of 4.515 billion yuan, while Shenzhen-Hong Kong Stock Connect saw a net outflow of 1.488 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/32883f80e36c15adabf2c7d9f6691398\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the market, port and shipping stocks were strong throughout the day.<a href=\"https://laohu8.com/S/600026\">COSCO Shipping Energy</a>、<a href=\"https://laohu8.com/S/601008\">Lianyungang</a>、<a href=\"https://laohu8.com/S/600428\">COSCO Shipping Special</a>、<a href=\"https://laohu8.com/S/600798\">Ningbo Shipping</a>It hit the daily limit. Stocks in sectors such as energy storage and lithium batteries were initially active, but gradually declined in the afternoon.<a href=\"https://laohu8.com/S/002245\">Blue lithium core</a>、<a href=\"https://laohu8.com/S/002796\">Sega Technology</a>、<a href=\"https://laohu8.com/S/000049\">Desay Battery</a>Wait for the stock to hit the daily limit. On the downside, consumer stocks collectively adjusted, with aquaculture stocks leading the decline. Overall, more stocks fell than rose, with more than 3,700 stocks declining in the two markets. The combined turnover of the Shanghai and Shenzhen stock exchanges today was 758.4 billion yuan, a decrease of 35.4 billion yuan compared to the previous trading day. In terms of sectors, ports, e-commerce, education, and integrated die casting sectors led the gains, while oil and gas, chicken farming, precious metals, and pet economy sectors led the declines.</p><p>It is worth noting that,<a href=\"https://laohu8.com/S/002093\">Guomai Technology</a>Today marked its eighth consecutive day of limit-up trading, with massive turnover. By the close of trading, the turnover exceeded 2.5 billion yuan, and the turnover rate exceeded 25%. Guomai Technology's latest total market capitalization is 10.4 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/4398a3a4c02b4fbc320d636c80e9ed99\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes continued to decline. As of press time, Dow Jones futures were down 0.29%, Nasdaq 100 futures were down 0.17%, and S&P 500 futures were down 0.26%.</p><p><img src=\"https://static.tigerbbs.com/58ed1e960f3ca0cc5ad74e87356277db\" tg-width=\"395\" tg-height=\"183\" referrerpolicy=\"no-referrer\"/></p><p>Netflix surged over 13% in pre-market trading, with a net increase of 2.41 million paid subscribers in the third quarter, exceeding expectations.</p><p><a href=\"https://laohu8.com/S/ASML\">Asma</a>It rose 6.4% in pre-market trading after third-quarter revenue increased by 10% year-on-year to €5.778 billion, exceeding expectations and achieving a record net booking of €8.9 billion.</p><p><a href=\"https://laohu8.com/S/UAL\">United Continental</a>The stock rose 6.8% in pre-market trading after third-quarter revenue increased 66.15% year-over-year to $12.877 billion, and net profit nearly doubled compared to the same period last year.</p><p><b>European stocks</b></p><p>Major European indices fell across the board, with Germany's DAX 30 down 0.41%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It fell 0.59%, and the French CAC40 fell 0.33%.</p><p><img src=\"https://static.tigerbbs.com/108c582b9efef82807b6b41b22f0842b\" tg-width=\"814\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures fell in the short term. As of press time, WTI crude oil was trading at $81.89 per barrel, down 0.22%. Brent crude is currently trading at $89.59 a barrel, down 0.49%.</p><p><img src=\"https://static.tigerbbs.com/3fcd29290758e89f4ac7cd049bf7491c\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/fcda1a4d514bf49d96232092b48ce4f0\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p><b>gold</b></p><p>Gold futures fluctuated lower, currently down 0.65% at $1,645 per ounce.</p><p><img src=\"https://static.tigerbbs.com/bb6b633b30da26822bb36294ed6a0f71\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"399006":"创业板指","HSI":"恒生指数",".IXIC":"NASDAQ Composite","000001.SH":"上证指数","HSTECH":"恒生科技指数",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141641724","content_text":"恒科指大跌逾4%，科技股重挫；沪指震荡调整跌1.19%；美股指期货、欧洲股市、原油、黄金均走低；奈飞、阿斯麦、美联航绩后大涨>>>港股港股三大指数全天呈单边下跌行情，昨日反弹上涨的市场情绪再度陷入低迷。截止收盘，恒指跌2.38%下挫403点，恒生科技指数跌4.19%，失守3200点关口。盘面上，大型科技股全线下跌拖累大市下挫，快手-W跌超7%，美团-W跌超6%，京东集团-SW跌5.55%，阿里巴巴-SW跌超5%，腾讯控股、百度集团-SW等均下跌；家电股全天领跌，濠赌股、体育用品、手游股、汽车股、光伏股、餐饮股、中资券商股尾盘跌幅均扩大，新能源汽车股小鹏汽车-W大跌超9%再创新低。另一方面，水务股、在线教育股逆势走高，新东方在线涨超8%表现最佳；电力股、港口航运股、电信股在弱势中表现活跃。今日南下资金净流入54.17亿港元，大市成交额为847亿港元。A股大盘全天震荡调整，创业板指相对偏强。截至收盘，沪指跌1.19%，深成指跌1.43%，创业板指跌0.86%。北向资金全天净卖出60.02亿元，连续3日净卖出，其中沪股通净卖出45.15亿元，深股通净卖出14.88亿元。盘面上，港口航运股全天强势，中远海能、连云港、中远海特、宁波海运涨停。储能、锂电等赛道股一度活跃，但午后逐步回落，蔚蓝锂芯、世嘉科技、德赛电池等涨停。下跌方面，消费股集体调整，养殖股领跌。总体上个股跌多涨少，两市超3700只个股下跌。沪深两市今日成交额7584亿，较上个交易日缩量354亿。板块方面，港口、互联网电商、教育、一体化压铸等板块涨幅居前，油气、养鸡、贵金属、宠物经济等板块跌幅居前。值得注意的是，国脉科技今日迎来8连板，并出现爆量换手，截至收盘，成交额超25亿元，换手率超25%。国脉科技最新总市值为104亿元。美股美股三大股指期货持续下挫，截至发稿，道指期货跌0.29%，纳斯达克100指数期货跌0.17%，标普500指数期货跌0.26%。奈飞盘前大涨超13%，第三季度付费订阅用户净增241万超预期。阿斯麦盘前涨6.4%，第三季度营收同比增长10%至57.78亿欧元超预期，实现创纪录的89亿欧元的净预订量。联合大陆航空盘前涨6.8%，第三季度营收同比增长66.15%至128.77亿美元，净利润较去年同期接近翻倍。欧股欧洲主要指数全线下跌，德国DAX30跌0.41%，英国富时100跌0.59%，法国CAC40跌0.33%。原油原油期货短线走低，截止发稿，WTI原油报81.89美元/桶，跌0.22%；布油现报89.59美元/桶，跌0.49%。黄金黄金期货震荡走低，现跌0.65%，报1645美元/盎司。","news_type":1,"symbols_score_info":{"399006":0.9,".IXIC":0.9,".SPX":0.9,"000001.SH":0.9,"HSI":0.9,"HSTECH":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935802178,"gmtCreate":1663058365094,"gmtModify":1676537193549,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935802178","repostId":"1177421171","repostType":4,"repost":{"id":"1177421171","kind":"news","pubTimestamp":1663038466,"share":"https://ttm.financial/m/news/1177421171?lang=en_US&edition=fundamental","pubTime":"2022-09-13 11:07","market":"us","language":"zh","title":"The Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?","url":"https://stock-news.laohu8.com/highlight/detail?id=1177421171","media":"第一财经","summary":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。","content":"<p><div>With the Federal Reserve's \"hawks gathering,\" when will its aggressive rate hike ease? Since mid-August, the Federal Reserve has been sending strong policy signals to the outside world. Although rate hike may bring shocks, its attitude towards combating inflation has not changed. For policymakers, strengthening communication with the outside world is beneficial to avoiding market shocks. Therefore, US stocks began to stabilize in the middle of last week, policy expectations were further digested, and Federal Reserve interest rate futures showed that a rate hike of 75 basis points in September was almost a foregone conclusion. With the release of the latest US inflation data on the 13th local time, the focus will gradually shift to the future game of how the Federal Reserve will slow down its policy tightening.</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web page link</a></div></p>","source":"dyvj","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 Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?</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 Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2022-09-13 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>With the Federal Reserve's \"hawks gathering,\" when will its aggressive rate hike ease? Since mid-August, the Federal Reserve has been sending strong policy signals to the outside world. Although rate hike may bring shocks, its attitude towards combating inflation has not changed. For policymakers, strengthening communication with the outside world is beneficial to avoiding market shocks. Therefore, US stocks began to stabilize in the middle of last week, policy expectations were further digested, and Federal Reserve interest rate futures showed that a rate hike of 75 basis points in September was almost a foregone conclusion. With the release of the latest US inflation data on the 13th local time, the focus will gradually shift to the future game of how the Federal Reserve will slow down its policy tightening.</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101534146.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a8642475395bb363eacb86148917e7b","relate_stocks":{"161125":"标普500","SSO":"2倍做多标普500ETF-ProShares","BK4581":"高盛持仓",".DJI":"道琼斯","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","QID":"两倍做空纳斯达克指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","SPY":"标普500ETF","BK4550":"红杉资本持仓",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空","OEX":"标普100","QQQ":"纳指100ETF"},"source_url":"https://www.yicai.com/news/101534146.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177421171","content_text":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。因此，美股从上周中期开始企稳，政策预期进一步被消化，美联储利率基金期货显示，9月加息75基点几无悬念。随着当地时间13日美国最新通胀数据的公布，焦点将逐步转向未来美联储如何放缓政策收紧的博弈上来。美联储政策效果初现美联储主席鲍威尔上周重申了近期的强硬立场。“历史强烈警告不要过早放松政策，”他在卡托研究所第40届年度货币会议上表示。“我们将继续努力控制通胀，直到工作完成。”他的评论与美联储二号人物、副主席布雷纳德（Lael Brainard）在纽约银行政策会议上的讲话相呼应。当时后者表示，要防范家庭和企业可能开始预期通胀在长期内保持在2%以上的风险。”随着美联储进入缄默期，市场对于本月政策前景基本达成了共识。包括高盛、美国银行和野村证券在内的多家机构将9月会议的预测从50基点上调至75基点。芝商所CME利率观察工具显示，一周后美联储历史性的75基点“三连加”概率已经升至了92%。美国汽油价格较6月高位回落近26%（来源：美国汽车协会AAA）如今近40年来最激进的加息周期正在产生效果。自6月消费者物价指数（CPI）突破9%以后，通胀见顶迹象愈加明显。资产管理机构BK Asset Management宏观策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，对于物价而言，能源价格的变动影响最大。美国汽车协会（AAA）数据显示，汽油平均价格已超过80天连续回落，夏季驾驶季结束对供需关系的影响有望持续释放。与此同时，美元强势对其他大宗商品的冲击也缓解终端产品的价格压力。供应链逐步恢复、需求降温下的经济放缓正在使原本紧张的消费供需环境得到缓解。最新美国采购经理人（PMI）调查显示，制造商支付价格指数降至2020年6月以来的最低水平，而服务业支付价格价格则刷新2021年1月以来新低。美国供应管理研究所（Institute for Supply Management）服务业调查委员会主席尼维斯（Anthony Nieves）表示，受访者称近期供应链、物流成本都有所改善。美国8月ISM制造业支付指数降至近27个月低位通胀预期正在逐步降温。密歇根大学消费者调查显示，8月1年期通胀预期从此前的5.2%降至4.8%，创年内新低，同时5年期通胀预期回落到2.9%，处于近一年的区间下端。与此同时，作为重要物价前景指标，美债市场一年期盈亏平衡通胀率已经降至2%以下，这也是近两年来首次低于这一水平。瑞士信贷首席美国股市策略师兼量化研究负责人戈卢布（Jonathan Golub）认为，这是通胀预期崩溃的最新迹象 ，“美联储并不是在试图控制下一次通胀指标，而是在试图控制未来12至18个月的通胀。如果预期通胀正在下降，在其他条件不变的情况下，这可能意味着政策不必过度收紧。”加息节奏何时调整从联邦基金利率期货报价看，在9月预期加息75基点后，年内剩余两次会议继续加息至少100基点的概率同样达到30%，但可能在明年3月后暂停本轮紧缩周期。这显示出，投资者对美联储年内继续鹰派立场的担忧依然存在，而随着利率达到或超过限制水平，货币政策有望迎来新窗口期。施罗斯伯格告诉第一财经，油价有助于抑制短期通胀预期，但还有其他障碍可能让美联储无法放松警惕。例如，住房、教育、医疗、交通等“核心”通胀因素的成本短期内更难控制。从美联储官员的表态看，他们似乎认为通胀降温的速度并不像预想的那样顺利。富国银行指出，美联储的通胀斗争日趋复杂化。食品、燃料价格回落的同时，粘性通胀（如公寓租金）的存在意味着未来几个月通胀道路将“崎岖不平”。该行预计，CPI将在2022年底回落到7%以下，然后在明年年底降至3.5%。这仍将远高于美联储2%的目标。当地时间13日美国公布的通胀数据有望成为美联储下一步行动的重要基准点。目前市场预期8月CPI同比增速将回落至8%，环比月率将回落0.1个百分点，为2020年5月疫情初期以来首次，不过核心CPI月率将小幅反弹。T.Rowe Price首席美国经济学家乌鲁奇（Blerina Uruci）写道：“由于基数效应，在未来两份报告中，年度核心通胀可能会加快，这将成为美联储不安的因素。他们将更加关注动能，并关注未来三个月和六个月的增速变化。同时，美联储对公众和国会的看法也很敏感，有理由保持鹰派的立场。”联合信贷银行（UniCredit Bank）认为，最新通胀数据将喜忧参半，总体上是中性的。美联储将继续观察未来的数据表现，作为政策决定的参考依据。BMO Capital Market策略师林根（Ian Lyngen）则写道，在8月CPI为75基点定价时，市场将思考，美联储将如何调整未来加息的节奏。值得注意的是，货币政策对经济的影响已经引起了美联储内部的广泛关注。美国8月PMI跌破荣枯线，房地产市场降温迹象愈发明显。鲍威尔上月在杰克逊霍尔演讲中表示，加息可能会造成“痛苦”和“持续低于趋势的增长期”。美国财长耶伦上周日表示，（经济衰退）是一个令人担忧的问题，“美联储需要高超的技能，也需要一些运气，才能实现我们有时所说的软着陆，即在保持劳动力市场强劲的同时降低通胀。”因此，外界将密切关注接下来美联储可能出现的任何政策立场变化信号。牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）此前在接受第一财经记者时表示，美国个人储蓄率已经降至5%，这是2009年以来的最低水平。虽然消费者支出表现出韧性，但选择变得更为谨慎。如今经济放缓对就业市场的冲击正在显现，他预计劳动力需求和经济环境疲软将转化为2023年消费势头放缓，进而威胁软着陆的目标。","news_type":1,"symbols_score_info":{"161125":0.9,"PSQ":0.9,"UPRO":0.9,".DJI":0.9,"IVV":0.9,"QQQ":0.9,"SPY":0.9,"MNQmain":0.9,"OEF":0.9,"OEX":0.9,"NQmain":0.9,".IXIC":0.9,"QID":0.9,"TQQQ":0.9,".SPX":0.9,"DOG":0.9,"SSO":0.9,"SQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":5953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935802309,"gmtCreate":1663058357801,"gmtModify":1676537193415,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935802309","repostId":"1177421171","repostType":4,"repost":{"id":"1177421171","kind":"news","pubTimestamp":1663038466,"share":"https://ttm.financial/m/news/1177421171?lang=en_US&edition=fundamental","pubTime":"2022-09-13 11:07","market":"us","language":"zh","title":"The Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?","url":"https://stock-news.laohu8.com/highlight/detail?id=1177421171","media":"第一财经","summary":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。","content":"<p><div>With the Federal Reserve's \"hawks gathering,\" when will its aggressive rate hike ease? Since mid-August, the Federal Reserve has been sending strong policy signals to the outside world. Although rate hike may bring shocks, its attitude towards combating inflation has not changed. For policymakers, strengthening communication with the outside world is beneficial to avoiding market shocks. Therefore, US stocks began to stabilize in the middle of last week, policy expectations were further digested, and Federal Reserve interest rate futures showed that a rate hike of 75 basis points in September was almost a foregone conclusion. With the release of the latest US inflation data on the 13th local time, the focus will gradually shift to the future game of how the Federal Reserve will slow down its policy tightening.</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web page link</a></div></p>","source":"dyvj","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 Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?</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 Federal Reserve's final inflation report before its interest rate meeting is about to be released. Why is this data so crucial?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2022-09-13 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>With the Federal Reserve's \"hawks gathering,\" when will its aggressive rate hike ease? Since mid-August, the Federal Reserve has been sending strong policy signals to the outside world. Although rate hike may bring shocks, its attitude towards combating inflation has not changed. For policymakers, strengthening communication with the outside world is beneficial to avoiding market shocks. Therefore, US stocks began to stabilize in the middle of last week, policy expectations were further digested, and Federal Reserve interest rate futures showed that a rate hike of 75 basis points in September was almost a foregone conclusion. With the release of the latest US inflation data on the 13th local time, the focus will gradually shift to the future game of how the Federal Reserve will slow down its policy tightening.</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101534146.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a8642475395bb363eacb86148917e7b","relate_stocks":{"161125":"标普500","SSO":"2倍做多标普500ETF-ProShares","BK4581":"高盛持仓",".DJI":"道琼斯","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","QID":"两倍做空纳斯达克指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","SPY":"标普500ETF","BK4550":"红杉资本持仓",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空","OEX":"标普100","QQQ":"纳指100ETF"},"source_url":"https://www.yicai.com/news/101534146.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177421171","content_text":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。因此，美股从上周中期开始企稳，政策预期进一步被消化，美联储利率基金期货显示，9月加息75基点几无悬念。随着当地时间13日美国最新通胀数据的公布，焦点将逐步转向未来美联储如何放缓政策收紧的博弈上来。美联储政策效果初现美联储主席鲍威尔上周重申了近期的强硬立场。“历史强烈警告不要过早放松政策，”他在卡托研究所第40届年度货币会议上表示。“我们将继续努力控制通胀，直到工作完成。”他的评论与美联储二号人物、副主席布雷纳德（Lael Brainard）在纽约银行政策会议上的讲话相呼应。当时后者表示，要防范家庭和企业可能开始预期通胀在长期内保持在2%以上的风险。”随着美联储进入缄默期，市场对于本月政策前景基本达成了共识。包括高盛、美国银行和野村证券在内的多家机构将9月会议的预测从50基点上调至75基点。芝商所CME利率观察工具显示，一周后美联储历史性的75基点“三连加”概率已经升至了92%。美国汽油价格较6月高位回落近26%（来源：美国汽车协会AAA）如今近40年来最激进的加息周期正在产生效果。自6月消费者物价指数（CPI）突破9%以后，通胀见顶迹象愈加明显。资产管理机构BK Asset Management宏观策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，对于物价而言，能源价格的变动影响最大。美国汽车协会（AAA）数据显示，汽油平均价格已超过80天连续回落，夏季驾驶季结束对供需关系的影响有望持续释放。与此同时，美元强势对其他大宗商品的冲击也缓解终端产品的价格压力。供应链逐步恢复、需求降温下的经济放缓正在使原本紧张的消费供需环境得到缓解。最新美国采购经理人（PMI）调查显示，制造商支付价格指数降至2020年6月以来的最低水平，而服务业支付价格价格则刷新2021年1月以来新低。美国供应管理研究所（Institute for Supply Management）服务业调查委员会主席尼维斯（Anthony Nieves）表示，受访者称近期供应链、物流成本都有所改善。美国8月ISM制造业支付指数降至近27个月低位通胀预期正在逐步降温。密歇根大学消费者调查显示，8月1年期通胀预期从此前的5.2%降至4.8%，创年内新低，同时5年期通胀预期回落到2.9%，处于近一年的区间下端。与此同时，作为重要物价前景指标，美债市场一年期盈亏平衡通胀率已经降至2%以下，这也是近两年来首次低于这一水平。瑞士信贷首席美国股市策略师兼量化研究负责人戈卢布（Jonathan Golub）认为，这是通胀预期崩溃的最新迹象 ，“美联储并不是在试图控制下一次通胀指标，而是在试图控制未来12至18个月的通胀。如果预期通胀正在下降，在其他条件不变的情况下，这可能意味着政策不必过度收紧。”加息节奏何时调整从联邦基金利率期货报价看，在9月预期加息75基点后，年内剩余两次会议继续加息至少100基点的概率同样达到30%，但可能在明年3月后暂停本轮紧缩周期。这显示出，投资者对美联储年内继续鹰派立场的担忧依然存在，而随着利率达到或超过限制水平，货币政策有望迎来新窗口期。施罗斯伯格告诉第一财经，油价有助于抑制短期通胀预期，但还有其他障碍可能让美联储无法放松警惕。例如，住房、教育、医疗、交通等“核心”通胀因素的成本短期内更难控制。从美联储官员的表态看，他们似乎认为通胀降温的速度并不像预想的那样顺利。富国银行指出，美联储的通胀斗争日趋复杂化。食品、燃料价格回落的同时，粘性通胀（如公寓租金）的存在意味着未来几个月通胀道路将“崎岖不平”。该行预计，CPI将在2022年底回落到7%以下，然后在明年年底降至3.5%。这仍将远高于美联储2%的目标。当地时间13日美国公布的通胀数据有望成为美联储下一步行动的重要基准点。目前市场预期8月CPI同比增速将回落至8%，环比月率将回落0.1个百分点，为2020年5月疫情初期以来首次，不过核心CPI月率将小幅反弹。T.Rowe Price首席美国经济学家乌鲁奇（Blerina Uruci）写道：“由于基数效应，在未来两份报告中，年度核心通胀可能会加快，这将成为美联储不安的因素。他们将更加关注动能，并关注未来三个月和六个月的增速变化。同时，美联储对公众和国会的看法也很敏感，有理由保持鹰派的立场。”联合信贷银行（UniCredit Bank）认为，最新通胀数据将喜忧参半，总体上是中性的。美联储将继续观察未来的数据表现，作为政策决定的参考依据。BMO Capital Market策略师林根（Ian Lyngen）则写道，在8月CPI为75基点定价时，市场将思考，美联储将如何调整未来加息的节奏。值得注意的是，货币政策对经济的影响已经引起了美联储内部的广泛关注。美国8月PMI跌破荣枯线，房地产市场降温迹象愈发明显。鲍威尔上月在杰克逊霍尔演讲中表示，加息可能会造成“痛苦”和“持续低于趋势的增长期”。美国财长耶伦上周日表示，（经济衰退）是一个令人担忧的问题，“美联储需要高超的技能，也需要一些运气，才能实现我们有时所说的软着陆，即在保持劳动力市场强劲的同时降低通胀。”因此，外界将密切关注接下来美联储可能出现的任何政策立场变化信号。牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）此前在接受第一财经记者时表示，美国个人储蓄率已经降至5%，这是2009年以来的最低水平。虽然消费者支出表现出韧性，但选择变得更为谨慎。如今经济放缓对就业市场的冲击正在显现，他预计劳动力需求和经济环境疲软将转化为2023年消费势头放缓，进而威胁软着陆的目标。","news_type":1,"symbols_score_info":{"161125":0.9,"PSQ":0.9,"UPRO":0.9,".DJI":0.9,"IVV":0.9,"QQQ":0.9,"SPY":0.9,"MNQmain":0.9,"OEF":0.9,"OEX":0.9,"NQmain":0.9,".IXIC":0.9,"QID":0.9,"TQQQ":0.9,".SPX":0.9,"DOG":0.9,"SSO":0.9,"SQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9996871968,"gmtCreate":1661152062656,"gmtModify":1676536462910,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9996871968","repostId":"1141625467","repostType":2,"isVote":1,"tweetType":1,"viewCount":6212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906121703,"gmtCreate":1659499466404,"gmtModify":1705981045032,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906121703","repostId":"2256670674","repostType":2,"repost":{"id":"2256670674","kind":"news","pubTimestamp":1659488233,"share":"https://ttm.financial/m/news/2256670674?lang=en_US&edition=fundamental","pubTime":"2022-08-03 08:57","market":"us","language":"zh","title":"What is the origin of the \"speculative stock\" Shangcheng Data Technology? How big is the bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=2256670674","media":"大摩财经","summary":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.43","content":"<p><html><head></head><body>A small to medium-sized Chinese concept stock that has received little attention has stirred up a \"demonic storm\" on Wall Street: within half a month of its listing, its stock price rose 215 times, and its market capitalization exceeded $310 billion.</p><p>Controlled by Hong Kong businessman Choi Chi-kin<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It listed on the US stock market on July 14 with an offering price of $7.80. After the greenshoe, it raised $143.5 million, making it the largest Chinese concept stock IPO in the US this year.</p><p>After its listing, Shangcheng Digital Technology unexpectedly experienced a strong upward trend, with gains exceeding 100% for several consecutive trading days. On August 1, the closing price was $742, a 94-fold increase compared to the issue price. On August 2, Shangcheng Digital Technology closed at $1,679, with its market capitalization exceeding $310 billion at its peak. Leading Chinese companies listed in the US<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market capitalization that day was approximately $240 billion.</p><p><b>It is worth mentioning that Shangcheng Digital Technology has a total share capital of 74.01 million shares, but only 8.37 million shares are circulating, accounting for approximately 11.3%. After listing, the daily trading volume was only a few hundred thousand shares.</b></p><p><b>The most volatile \"speculative stocks\" this year</b></p><p>Shangcheng Digital Technology is a digital finance company under Shangcheng Group. Shangcheng Group was originally founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Following the establishment of the Asian Private Equity Fund (MSPE), the Li family is no longer involved in its day-to-day management and operations. Tsai Chi-kin, a Hong Kong businessman with a background in investment banking, has become the actual controller of Shangcheng Group.</p><p>Public information shows that Shangcheng Group has laid out its business around the IDEA strategy, with \"I\" representing investment banking and traditional finance, \"D\" representing the digital finance sector (Shangcheng Digital Technology), \"E\" representing education, and \"A\" representing real estate and hotels.</p><p>In recent years, Shangcheng Group has continuously spun off its business segments and gone public, among which<a href=\"https://laohu8.com/S/AMTD\">Shangcheng International</a>It listed on the New York Stock Exchange in August 2019 and in 2020.<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>This secondary listing marks Singapore's first listed company with a dual-class share structure.</p><p>Shangcheng Digital Technology was founded in 2019 and was acquired by Shangcheng International for US$1.2 billion in early 2022. Following the acquisition, Shangcheng International will own 97.1% of the equity of Shangcheng Digital Technology, which will also change its stock abbreviation to Shangcheng IDEA Group.</p><p><b>As of the end of 2021, AMTD Group held 50.6% of Shangcheng International's shares, while Infinity Power Investments Limited, wholly owned by Cai Zhijian, held 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>It holds 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. AMTD Group's shareholding is not disclosed. According to the prospectus, it is only known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of Shangcheng IDEA Group (formerly Shangcheng International) rose sharply on August 2, reaching a historical high of $12.89 during the session. As of 11 p.m. on August 2, Shangcheng IDEA Group had increased by about 300%, and its latest market capitalization was around $3.1 billion.</p><p>Tsai Chih-chien, 44, previously worked at PwC.<a href=\"https://laohu8.com/S/UBS\">UBS</a>Wait for the company to take up a position. From 2014 to 2015, while working at UBS, Tsai Chi-kin participated in two projects that were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities and Futures Commission issued a Notice of Decision to Tsai Chi-kin, ruling that Tsai Chi-kin had committed two illegal acts: disclosure and fair treatment and conflict of interest, and imposed a two-year ban on him from the business. Cai Zhijian subsequently filed a review application and a closed-door hearing application.</p><p>However, Tsai Chih-chien's application for a closed-door hearing was not approved. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public between December 12 and 16, 2022.</p><p>In 2019, Cai Zhijian was pursued by China Minsheng Investment Group and accused of financial fraud. Since then, Cai Zhijian's whereabouts have become more low-key. Caixin, citing sources familiar with the matter, reported that Tsai Chih-chien apparently left Hong Kong this year to avoid debt and was in Singapore between March and April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, Shangcheng Digital's rolling P/E had reached 5992 times. Can Shangcheng Digital Technology's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 is less than 20 times that of US financial giants.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared to international giants, Shangcheng Digital Technology is overrated by more than a little bit. For fiscal years 2019 to 2021 (ending April 30 of that year), Shangcheng Digital Technology's revenue was HK$15 million, HK$167.5 million, and HK$195.8 million, respectively. Profit (including changes in fair value of financial assets) for the same period was HK$22 million, HK$158 million and HK$172 million, respectively. In the ten months from May 2021 to the end of February 2021, Shangcheng Digital Technology's revenue was HK$168 million and its net profit was HK$187 million, representing year-on-year increases of 3.7% and 65.5%, respectively.</p><p>Shangcheng Digital Technology has two main business lines: digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. The \"scarcest digital finance license in Asia,\" which Shangcheng Digital Technology has repeatedly emphasized, actually only implements an insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Monetary Authority of Singapore.</p><p>Another major business line, the SpiderNet ecosystem solution, provides paid members with exclusive access to the AMTD SpiderNet ecosystem and its renowned corporate members, outstanding corporate executives, and partners. At the same time, the business provides support in relevant professional fields by collaborating with industry leaders and academic institutions. To summarize briefly, this business doesn't seem much different from that of a typical investment banking think tank.</p><p>It is worth mentioning that the growth rates of Shangcheng Digital Technology's two major businesses have slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, revenue from the digital financial services business was HK$8.671 million, HK$9.869 million, HK$11.721 million and HK$10.088 million, respectively. During the same period, profits were HK$1.863 million, HK$4.765 million, HK$1.084 million and HK$1.089 million, respectively.<b>In the first ten months of fiscal year 2022, both revenue and profit in the digital financial services business declined year-on-year, with profit declining by 18%, far exceeding the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal years 2019 to 2022, Shangcheng Digital's spider web ecosystem solutions business generated revenue of HK$5.88 million, HK$158 million, HK$184 million and HK$157 million respectively, with profits of HK$1.95 million, HK$140 million, HK$144 million and HK$117 million.<b>Although this business maintained revenue growth in the first ten months of fiscal year 2022, it fell into a situation of increased revenue but not increased profit, with profits declining by 2.5% year-on-year.</b></p><p></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What is the origin of the \"speculative stock\" Shangcheng Data Technology? How big is the bubble?</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\">\nWhat is the origin of the \"speculative stock\" Shangcheng Data Technology? How big is the bubble?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">大摩财经</strong><span class=\"h-time small\">2022-08-03 08:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A small to medium-sized Chinese concept stock that has received little attention has stirred up a \"demonic storm\" on Wall Street: within half a month of its listing, its stock price rose 215 times, and its market capitalization exceeded $310 billion.</p><p>Controlled by Hong Kong businessman Choi Chi-kin<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It listed on the US stock market on July 14 with an offering price of $7.80. After the greenshoe, it raised $143.5 million, making it the largest Chinese concept stock IPO in the US this year.</p><p>After its listing, Shangcheng Digital Technology unexpectedly experienced a strong upward trend, with gains exceeding 100% for several consecutive trading days. On August 1, the closing price was $742, a 94-fold increase compared to the issue price. On August 2, Shangcheng Digital Technology closed at $1,679, with its market capitalization exceeding $310 billion at its peak. Leading Chinese companies listed in the US<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market capitalization that day was approximately $240 billion.</p><p><b>It is worth mentioning that Shangcheng Digital Technology has a total share capital of 74.01 million shares, but only 8.37 million shares are circulating, accounting for approximately 11.3%. After listing, the daily trading volume was only a few hundred thousand shares.</b></p><p><b>The most volatile \"speculative stocks\" this year</b></p><p>Shangcheng Digital Technology is a digital finance company under Shangcheng Group. Shangcheng Group was originally founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Following the establishment of the Asian Private Equity Fund (MSPE), the Li family is no longer involved in its day-to-day management and operations. Tsai Chi-kin, a Hong Kong businessman with a background in investment banking, has become the actual controller of Shangcheng Group.</p><p>Public information shows that Shangcheng Group has laid out its business around the IDEA strategy, with \"I\" representing investment banking and traditional finance, \"D\" representing the digital finance sector (Shangcheng Digital Technology), \"E\" representing education, and \"A\" representing real estate and hotels.</p><p>In recent years, Shangcheng Group has continuously spun off its business segments and gone public, among which<a href=\"https://laohu8.com/S/AMTD\">Shangcheng International</a>It listed on the New York Stock Exchange in August 2019 and in 2020.<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>This secondary listing marks Singapore's first listed company with a dual-class share structure.</p><p>Shangcheng Digital Technology was founded in 2019 and was acquired by Shangcheng International for US$1.2 billion in early 2022. Following the acquisition, Shangcheng International will own 97.1% of the equity of Shangcheng Digital Technology, which will also change its stock abbreviation to Shangcheng IDEA Group.</p><p><b>As of the end of 2021, AMTD Group held 50.6% of Shangcheng International's shares, while Infinity Power Investments Limited, wholly owned by Cai Zhijian, held 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>It holds 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. AMTD Group's shareholding is not disclosed. According to the prospectus, it is only known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of Shangcheng IDEA Group (formerly Shangcheng International) rose sharply on August 2, reaching a historical high of $12.89 during the session. As of 11 p.m. on August 2, Shangcheng IDEA Group had increased by about 300%, and its latest market capitalization was around $3.1 billion.</p><p>Tsai Chih-chien, 44, previously worked at PwC.<a href=\"https://laohu8.com/S/UBS\">UBS</a>Wait for the company to take up a position. From 2014 to 2015, while working at UBS, Tsai Chi-kin participated in two projects that were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities and Futures Commission issued a Notice of Decision to Tsai Chi-kin, ruling that Tsai Chi-kin had committed two illegal acts: disclosure and fair treatment and conflict of interest, and imposed a two-year ban on him from the business. Cai Zhijian subsequently filed a review application and a closed-door hearing application.</p><p>However, Tsai Chih-chien's application for a closed-door hearing was not approved. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public between December 12 and 16, 2022.</p><p>In 2019, Cai Zhijian was pursued by China Minsheng Investment Group and accused of financial fraud. Since then, Cai Zhijian's whereabouts have become more low-key. Caixin, citing sources familiar with the matter, reported that Tsai Chih-chien apparently left Hong Kong this year to avoid debt and was in Singapore between March and April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, Shangcheng Digital's rolling P/E had reached 5992 times. Can Shangcheng Digital Technology's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 is less than 20 times that of US financial giants.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared to international giants, Shangcheng Digital Technology is overrated by more than a little bit. For fiscal years 2019 to 2021 (ending April 30 of that year), Shangcheng Digital Technology's revenue was HK$15 million, HK$167.5 million, and HK$195.8 million, respectively. Profit (including changes in fair value of financial assets) for the same period was HK$22 million, HK$158 million and HK$172 million, respectively. In the ten months from May 2021 to the end of February 2021, Shangcheng Digital Technology's revenue was HK$168 million and its net profit was HK$187 million, representing year-on-year increases of 3.7% and 65.5%, respectively.</p><p>Shangcheng Digital Technology has two main business lines: digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. The \"scarcest digital finance license in Asia,\" which Shangcheng Digital Technology has repeatedly emphasized, actually only implements an insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Monetary Authority of Singapore.</p><p>Another major business line, the SpiderNet ecosystem solution, provides paid members with exclusive access to the AMTD SpiderNet ecosystem and its renowned corporate members, outstanding corporate executives, and partners. At the same time, the business provides support in relevant professional fields by collaborating with industry leaders and academic institutions. To summarize briefly, this business doesn't seem much different from that of a typical investment banking think tank.</p><p>It is worth mentioning that the growth rates of Shangcheng Digital Technology's two major businesses have slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, revenue from the digital financial services business was HK$8.671 million, HK$9.869 million, HK$11.721 million and HK$10.088 million, respectively. During the same period, profits were HK$1.863 million, HK$4.765 million, HK$1.084 million and HK$1.089 million, respectively.<b>In the first ten months of fiscal year 2022, both revenue and profit in the digital financial services business declined year-on-year, with profit declining by 18%, far exceeding the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal years 2019 to 2022, Shangcheng Digital's spider web ecosystem solutions business generated revenue of HK$5.88 million, HK$158 million, HK$184 million and HK$157 million respectively, with profits of HK$1.95 million, HK$140 million, HK$144 million and HK$117 million.<b>Although this business maintained revenue growth in the first ten months of fiscal year 2022, it fell into a situation of increased revenue but not increased profit, with profits declining by 2.5% year-on-year.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b\">大摩财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/675f5186f47a5ae9453d9922f4bd33f5","relate_stocks":{"HKD":"尚乘数科","BK4526":"热门中概股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2256670674","content_text":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.435亿美元，是年内最大的中概股在美IPO项目。上市后，尚乘数科意外走出强势上涨行情，连续多个交易日涨幅超过100%，8月1日收盘价742美元，相比发行价上涨94倍。8月2日，尚乘数科收盘价1679美元，市值最高突破3100亿美元。美国上市的中概龙头阿里巴巴当日市值约2400亿美元。值得一提的是，尚乘数科总股本7401万股，但流通股只有837万股，占比约11.3%。上市以后每日交易量只有几十万股。年内最妖的“妖股”尚乘数科是尚乘集团旗下的一家数字金融公司。尚乘集团最早由李嘉诚的长江实业、和记黄埔于2003年创立，2014年引入新股东摩根士丹利亚洲私募股权投资基金（MSPE）后，李氏家族不再参与其日常管理营运。投行出身的香港商人蔡志坚成为尚乘集团的实际控制人。公开资料显示，尚乘集团围绕IDEA战略展开业务布局，其中”I”代表投资银行及传统金融，“D”即数字金融板块（尚乘数科），“E”是教育方，”A”则地产及酒店。最近几年，尚乘集团不断拆分旗下业务板块上市，其中尚乘国际于2019年8月登陆纽交所，并在2020年在新加坡交易所二次上市，是新加坡第一家同股不同权的上市公司。尚乘数科成立于2019年，2022年初被尚乘国际斥资12亿美元收购。收购完成后，尚乘国际拥有尚乘数科97.1%股权，前者也将股票简称更名为尚乘IDEA集团。截至2021年底，AMTD集团持有尚乘国际50.6%股权，蔡志坚独资的Infinity Power Investments Limited 持股32.5%，世纪城市国际持股5.8%。根据招股书，Infinity Power Investments Limited是尚乘国际最大单一股东，AMTD集团股权并未披露，根据招股书内容，仅可以知道其董事会成员包括蔡志坚。值得一提的是，尚乘IDEA集团（原来的尚乘国际）在8月2日股价大幅上涨，盘中触及12.89美元的历史高点，截至8月2日23时，尚乘IDEA集团涨幅约300%，最新市值在31亿美元左右。现年44岁的蔡志坚，曾在普华永道、瑞银等公司任职。2014年至2015年，蔡志坚在瑞银工作期间，参与的两个项目，由于存在利益冲突及信息披露问题，遭到香港证监会调查。2022年1月，香港证监会向蔡志坚发出《决定通知书》，裁定蔡志坚有披露及公平对待、利益冲突两项违法行为，并对其做出禁业两年的处罚决定。蔡志坚随后提出了复核申请，并提出了闭门聆讯申请。不过，蔡志坚的闭门聆讯申请并没有通过，目前该案尚待审理，禁令暂未生效，正式聆讯将在2022年12月12日至16日间公开举行。2019年，蔡志坚曾被中民投追债，并被指控金融诈骗。此后，蔡志坚行踪趋于低调。财新引述知情人士消息称，蔡志坚今年疑似为躲债而离开香港，2022年3月至4月期间，曾身处新加坡。泡沫有多大？8月1日收盘后，尚乘数科的滚动市盈率已经达到5992倍。尚乘数科的基本面能撑起这样的估值吗？作为对比的是，标普500指数平均市盈率不到20倍，美国金融巨头摩根大通市盈率不到9倍，摩根士丹利市盈率为10.7倍。相比国际巨头，尚乘数科被高估了不止一星半点。2019财年至2021财年（截至当年4月30日），尚乘数科营收分别为0.15亿港元、1.675亿港元和1.958亿港元；同期利润（包括金融资产公允价值的变动）分别为0.22亿港元、1.58亿港元和1.72亿港元。在2021年5月至2021年2月底的十个月内，尚乘数科营收为1.68亿港元，净利润为1.87亿港元，同比分别增长3.7%和65.5%。尚乘数科主要有两大业务线，即数字金融服务和蛛网生态系统解决方案。其中，数字金融服务主要为客户提供保险和数字银行业务。尚乘数科一再强调的“亚洲最稀缺的数字金融牌照”实际落实的只有保险经纪牌照，可以在新加坡和香港进行保险经纪业务。其余的几个金融资产和牌照，还需要等待新加坡金融监管局的批准。另一大业务线蛛网生态系统解决方案，则是为付费会员提供独家访问AMTD SpiderNet生态系统及其著名的企业成员、杰出的企业高管和合作伙伴的机会。同时，该业务通过与行业领袖和学术机构合作，提供相关专业领域的支持。简单梳理一下，这个业务与一般的投行智库，似乎没有太大区别。值得一提的是，尚乘数科两大业务增速已经明显放缓。2019财年至2022财年的前十个月，数字金融服务业务营收分别为867.1万港元、986.9万港元、1172.1万港元和1008.8万港元。同期，利润为186.3万港元、476.5万港元108.4万港元和108.9万港元。2022财年前十个月，数字金融服务业务营收和利润都出现了同比下滑，其中利润下滑幅度达到18%，远大于营收下滑的2.74%。在2019财年至2022财年的前十个月，尚乘数科的蛛网生态系统解决方案业务营收分别为588万港元、1.58亿港元、1.84亿港元和1.57亿港元，利润为195万港元、1.4亿港元、1.44亿港元和1.17亿港元。这部分业务在2022财年十个月虽然保持了营收增长，但却陷入增收不增利的局面中，当期利润同比下滑2.5%。","news_type":1,"symbols_score_info":{"HKD":0.9}},"isVote":1,"tweetType":1,"viewCount":5316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906121413,"gmtCreate":1659499460335,"gmtModify":1705981044870,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906121413","repostId":"2256670674","repostType":2,"repost":{"id":"2256670674","kind":"news","pubTimestamp":1659488233,"share":"https://ttm.financial/m/news/2256670674?lang=en_US&edition=fundamental","pubTime":"2022-08-03 08:57","market":"us","language":"zh","title":"What is the origin of the \"speculative stock\" Shangcheng Data Technology? How big is the bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=2256670674","media":"大摩财经","summary":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.43","content":"<p><html><head></head><body>A small to medium-sized Chinese concept stock that has received little attention has stirred up a \"demonic storm\" on Wall Street: within half a month of its listing, its stock price rose 215 times, and its market capitalization exceeded $310 billion.</p><p>Controlled by Hong Kong businessman Choi Chi-kin<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It listed on the US stock market on July 14 with an offering price of $7.80. After the greenshoe, it raised $143.5 million, making it the largest Chinese concept stock IPO in the US this year.</p><p>After its listing, Shangcheng Digital Technology unexpectedly experienced a strong upward trend, with gains exceeding 100% for several consecutive trading days. On August 1, the closing price was $742, a 94-fold increase compared to the issue price. On August 2, Shangcheng Digital Technology closed at $1,679, with its market capitalization exceeding $310 billion at its peak. Leading Chinese companies listed in the US<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market capitalization that day was approximately $240 billion.</p><p><b>It is worth mentioning that Shangcheng Digital Technology has a total share capital of 74.01 million shares, but only 8.37 million shares are circulating, accounting for approximately 11.3%. After listing, the daily trading volume was only a few hundred thousand shares.</b></p><p><b>The most volatile \"speculative stocks\" this year</b></p><p>Shangcheng Digital Technology is a digital finance company under Shangcheng Group. Shangcheng Group was originally founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Following the establishment of the Asian Private Equity Fund (MSPE), the Li family is no longer involved in its day-to-day management and operations. Tsai Chi-kin, a Hong Kong businessman with a background in investment banking, has become the actual controller of Shangcheng Group.</p><p>Public information shows that Shangcheng Group has laid out its business around the IDEA strategy, with \"I\" representing investment banking and traditional finance, \"D\" representing the digital finance sector (Shangcheng Digital Technology), \"E\" representing education, and \"A\" representing real estate and hotels.</p><p>In recent years, Shangcheng Group has continuously spun off its business segments and gone public, among which<a href=\"https://laohu8.com/S/AMTD\">Shangcheng International</a>It listed on the New York Stock Exchange in August 2019 and in 2020.<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>This secondary listing marks Singapore's first listed company with a dual-class share structure.</p><p>Shangcheng Digital Technology was founded in 2019 and was acquired by Shangcheng International for US$1.2 billion in early 2022. Following the acquisition, Shangcheng International will own 97.1% of the equity of Shangcheng Digital Technology, which will also change its stock abbreviation to Shangcheng IDEA Group.</p><p><b>As of the end of 2021, AMTD Group held 50.6% of Shangcheng International's shares, while Infinity Power Investments Limited, wholly owned by Cai Zhijian, held 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>It holds 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. AMTD Group's shareholding is not disclosed. According to the prospectus, it is only known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of Shangcheng IDEA Group (formerly Shangcheng International) rose sharply on August 2, reaching a historical high of $12.89 during the session. As of 11 p.m. on August 2, Shangcheng IDEA Group had increased by about 300%, and its latest market capitalization was around $3.1 billion.</p><p>Tsai Chih-chien, 44, previously worked at PwC.<a href=\"https://laohu8.com/S/UBS\">UBS</a>Wait for the company to take up a position. From 2014 to 2015, while working at UBS, Tsai Chi-kin participated in two projects that were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities and Futures Commission issued a Notice of Decision to Tsai Chi-kin, ruling that Tsai Chi-kin had committed two illegal acts: disclosure and fair treatment and conflict of interest, and imposed a two-year ban on him from the business. Cai Zhijian subsequently filed a review application and a closed-door hearing application.</p><p>However, Tsai Chih-chien's application for a closed-door hearing was not approved. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public between December 12 and 16, 2022.</p><p>In 2019, Cai Zhijian was pursued by China Minsheng Investment Group and accused of financial fraud. Since then, Cai Zhijian's whereabouts have become more low-key. Caixin, citing sources familiar with the matter, reported that Tsai Chih-chien apparently left Hong Kong this year to avoid debt and was in Singapore between March and April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, Shangcheng Digital's rolling P/E had reached 5992 times. Can Shangcheng Digital Technology's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 is less than 20 times that of US financial giants.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared to international giants, Shangcheng Digital Technology is overrated by more than a little bit. For fiscal years 2019 to 2021 (ending April 30 of that year), Shangcheng Digital Technology's revenue was HK$15 million, HK$167.5 million, and HK$195.8 million, respectively. Profit (including changes in fair value of financial assets) for the same period was HK$22 million, HK$158 million and HK$172 million, respectively. In the ten months from May 2021 to the end of February 2021, Shangcheng Digital Technology's revenue was HK$168 million and its net profit was HK$187 million, representing year-on-year increases of 3.7% and 65.5%, respectively.</p><p>Shangcheng Digital Technology has two main business lines: digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. The \"scarcest digital finance license in Asia,\" which Shangcheng Digital Technology has repeatedly emphasized, actually only implements an insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Monetary Authority of Singapore.</p><p>Another major business line, the SpiderNet ecosystem solution, provides paid members with exclusive access to the AMTD SpiderNet ecosystem and its renowned corporate members, outstanding corporate executives, and partners. At the same time, the business provides support in relevant professional fields by collaborating with industry leaders and academic institutions. To summarize briefly, this business doesn't seem much different from that of a typical investment banking think tank.</p><p>It is worth mentioning that the growth rates of Shangcheng Digital Technology's two major businesses have slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, revenue from the digital financial services business was HK$8.671 million, HK$9.869 million, HK$11.721 million and HK$10.088 million, respectively. During the same period, profits were HK$1.863 million, HK$4.765 million, HK$1.084 million and HK$1.089 million, respectively.<b>In the first ten months of fiscal year 2022, both revenue and profit in the digital financial services business declined year-on-year, with profit declining by 18%, far exceeding the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal years 2019 to 2022, Shangcheng Digital's spider web ecosystem solutions business generated revenue of HK$5.88 million, HK$158 million, HK$184 million and HK$157 million respectively, with profits of HK$1.95 million, HK$140 million, HK$144 million and HK$117 million.<b>Although this business maintained revenue growth in the first ten months of fiscal year 2022, it fell into a situation of increased revenue but not increased profit, with profits declining by 2.5% year-on-year.</b></p><p></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What is the origin of the \"speculative stock\" Shangcheng Data Technology? How big is the bubble?</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\">\nWhat is the origin of the \"speculative stock\" Shangcheng Data Technology? How big is the bubble?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">大摩财经</strong><span class=\"h-time small\">2022-08-03 08:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A small to medium-sized Chinese concept stock that has received little attention has stirred up a \"demonic storm\" on Wall Street: within half a month of its listing, its stock price rose 215 times, and its market capitalization exceeded $310 billion.</p><p>Controlled by Hong Kong businessman Choi Chi-kin<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It listed on the US stock market on July 14 with an offering price of $7.80. After the greenshoe, it raised $143.5 million, making it the largest Chinese concept stock IPO in the US this year.</p><p>After its listing, Shangcheng Digital Technology unexpectedly experienced a strong upward trend, with gains exceeding 100% for several consecutive trading days. On August 1, the closing price was $742, a 94-fold increase compared to the issue price. On August 2, Shangcheng Digital Technology closed at $1,679, with its market capitalization exceeding $310 billion at its peak. Leading Chinese companies listed in the US<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market capitalization that day was approximately $240 billion.</p><p><b>It is worth mentioning that Shangcheng Digital Technology has a total share capital of 74.01 million shares, but only 8.37 million shares are circulating, accounting for approximately 11.3%. After listing, the daily trading volume was only a few hundred thousand shares.</b></p><p><b>The most volatile \"speculative stocks\" this year</b></p><p>Shangcheng Digital Technology is a digital finance company under Shangcheng Group. Shangcheng Group was originally founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Following the establishment of the Asian Private Equity Fund (MSPE), the Li family is no longer involved in its day-to-day management and operations. Tsai Chi-kin, a Hong Kong businessman with a background in investment banking, has become the actual controller of Shangcheng Group.</p><p>Public information shows that Shangcheng Group has laid out its business around the IDEA strategy, with \"I\" representing investment banking and traditional finance, \"D\" representing the digital finance sector (Shangcheng Digital Technology), \"E\" representing education, and \"A\" representing real estate and hotels.</p><p>In recent years, Shangcheng Group has continuously spun off its business segments and gone public, among which<a href=\"https://laohu8.com/S/AMTD\">Shangcheng International</a>It listed on the New York Stock Exchange in August 2019 and in 2020.<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>This secondary listing marks Singapore's first listed company with a dual-class share structure.</p><p>Shangcheng Digital Technology was founded in 2019 and was acquired by Shangcheng International for US$1.2 billion in early 2022. Following the acquisition, Shangcheng International will own 97.1% of the equity of Shangcheng Digital Technology, which will also change its stock abbreviation to Shangcheng IDEA Group.</p><p><b>As of the end of 2021, AMTD Group held 50.6% of Shangcheng International's shares, while Infinity Power Investments Limited, wholly owned by Cai Zhijian, held 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>It holds 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. AMTD Group's shareholding is not disclosed. According to the prospectus, it is only known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of Shangcheng IDEA Group (formerly Shangcheng International) rose sharply on August 2, reaching a historical high of $12.89 during the session. As of 11 p.m. on August 2, Shangcheng IDEA Group had increased by about 300%, and its latest market capitalization was around $3.1 billion.</p><p>Tsai Chih-chien, 44, previously worked at PwC.<a href=\"https://laohu8.com/S/UBS\">UBS</a>Wait for the company to take up a position. From 2014 to 2015, while working at UBS, Tsai Chi-kin participated in two projects that were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities and Futures Commission issued a Notice of Decision to Tsai Chi-kin, ruling that Tsai Chi-kin had committed two illegal acts: disclosure and fair treatment and conflict of interest, and imposed a two-year ban on him from the business. Cai Zhijian subsequently filed a review application and a closed-door hearing application.</p><p>However, Tsai Chih-chien's application for a closed-door hearing was not approved. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public between December 12 and 16, 2022.</p><p>In 2019, Cai Zhijian was pursued by China Minsheng Investment Group and accused of financial fraud. Since then, Cai Zhijian's whereabouts have become more low-key. Caixin, citing sources familiar with the matter, reported that Tsai Chih-chien apparently left Hong Kong this year to avoid debt and was in Singapore between March and April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, Shangcheng Digital's rolling P/E had reached 5992 times. Can Shangcheng Digital Technology's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 is less than 20 times that of US financial giants.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared to international giants, Shangcheng Digital Technology is overrated by more than a little bit. For fiscal years 2019 to 2021 (ending April 30 of that year), Shangcheng Digital Technology's revenue was HK$15 million, HK$167.5 million, and HK$195.8 million, respectively. Profit (including changes in fair value of financial assets) for the same period was HK$22 million, HK$158 million and HK$172 million, respectively. In the ten months from May 2021 to the end of February 2021, Shangcheng Digital Technology's revenue was HK$168 million and its net profit was HK$187 million, representing year-on-year increases of 3.7% and 65.5%, respectively.</p><p>Shangcheng Digital Technology has two main business lines: digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. The \"scarcest digital finance license in Asia,\" which Shangcheng Digital Technology has repeatedly emphasized, actually only implements an insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Monetary Authority of Singapore.</p><p>Another major business line, the SpiderNet ecosystem solution, provides paid members with exclusive access to the AMTD SpiderNet ecosystem and its renowned corporate members, outstanding corporate executives, and partners. At the same time, the business provides support in relevant professional fields by collaborating with industry leaders and academic institutions. To summarize briefly, this business doesn't seem much different from that of a typical investment banking think tank.</p><p>It is worth mentioning that the growth rates of Shangcheng Digital Technology's two major businesses have slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, revenue from the digital financial services business was HK$8.671 million, HK$9.869 million, HK$11.721 million and HK$10.088 million, respectively. During the same period, profits were HK$1.863 million, HK$4.765 million, HK$1.084 million and HK$1.089 million, respectively.<b>In the first ten months of fiscal year 2022, both revenue and profit in the digital financial services business declined year-on-year, with profit declining by 18%, far exceeding the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal years 2019 to 2022, Shangcheng Digital's spider web ecosystem solutions business generated revenue of HK$5.88 million, HK$158 million, HK$184 million and HK$157 million respectively, with profits of HK$1.95 million, HK$140 million, HK$144 million and HK$117 million.<b>Although this business maintained revenue growth in the first ten months of fiscal year 2022, it fell into a situation of increased revenue but not increased profit, with profits declining by 2.5% year-on-year.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b\">大摩财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/675f5186f47a5ae9453d9922f4bd33f5","relate_stocks":{"HKD":"尚乘数科","BK4526":"热门中概股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2256670674","content_text":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.435亿美元，是年内最大的中概股在美IPO项目。上市后，尚乘数科意外走出强势上涨行情，连续多个交易日涨幅超过100%，8月1日收盘价742美元，相比发行价上涨94倍。8月2日，尚乘数科收盘价1679美元，市值最高突破3100亿美元。美国上市的中概龙头阿里巴巴当日市值约2400亿美元。值得一提的是，尚乘数科总股本7401万股，但流通股只有837万股，占比约11.3%。上市以后每日交易量只有几十万股。年内最妖的“妖股”尚乘数科是尚乘集团旗下的一家数字金融公司。尚乘集团最早由李嘉诚的长江实业、和记黄埔于2003年创立，2014年引入新股东摩根士丹利亚洲私募股权投资基金（MSPE）后，李氏家族不再参与其日常管理营运。投行出身的香港商人蔡志坚成为尚乘集团的实际控制人。公开资料显示，尚乘集团围绕IDEA战略展开业务布局，其中”I”代表投资银行及传统金融，“D”即数字金融板块（尚乘数科），“E”是教育方，”A”则地产及酒店。最近几年，尚乘集团不断拆分旗下业务板块上市，其中尚乘国际于2019年8月登陆纽交所，并在2020年在新加坡交易所二次上市，是新加坡第一家同股不同权的上市公司。尚乘数科成立于2019年，2022年初被尚乘国际斥资12亿美元收购。收购完成后，尚乘国际拥有尚乘数科97.1%股权，前者也将股票简称更名为尚乘IDEA集团。截至2021年底，AMTD集团持有尚乘国际50.6%股权，蔡志坚独资的Infinity Power Investments Limited 持股32.5%，世纪城市国际持股5.8%。根据招股书，Infinity Power Investments Limited是尚乘国际最大单一股东，AMTD集团股权并未披露，根据招股书内容，仅可以知道其董事会成员包括蔡志坚。值得一提的是，尚乘IDEA集团（原来的尚乘国际）在8月2日股价大幅上涨，盘中触及12.89美元的历史高点，截至8月2日23时，尚乘IDEA集团涨幅约300%，最新市值在31亿美元左右。现年44岁的蔡志坚，曾在普华永道、瑞银等公司任职。2014年至2015年，蔡志坚在瑞银工作期间，参与的两个项目，由于存在利益冲突及信息披露问题，遭到香港证监会调查。2022年1月，香港证监会向蔡志坚发出《决定通知书》，裁定蔡志坚有披露及公平对待、利益冲突两项违法行为，并对其做出禁业两年的处罚决定。蔡志坚随后提出了复核申请，并提出了闭门聆讯申请。不过，蔡志坚的闭门聆讯申请并没有通过，目前该案尚待审理，禁令暂未生效，正式聆讯将在2022年12月12日至16日间公开举行。2019年，蔡志坚曾被中民投追债，并被指控金融诈骗。此后，蔡志坚行踪趋于低调。财新引述知情人士消息称，蔡志坚今年疑似为躲债而离开香港，2022年3月至4月期间，曾身处新加坡。泡沫有多大？8月1日收盘后，尚乘数科的滚动市盈率已经达到5992倍。尚乘数科的基本面能撑起这样的估值吗？作为对比的是，标普500指数平均市盈率不到20倍，美国金融巨头摩根大通市盈率不到9倍，摩根士丹利市盈率为10.7倍。相比国际巨头，尚乘数科被高估了不止一星半点。2019财年至2021财年（截至当年4月30日），尚乘数科营收分别为0.15亿港元、1.675亿港元和1.958亿港元；同期利润（包括金融资产公允价值的变动）分别为0.22亿港元、1.58亿港元和1.72亿港元。在2021年5月至2021年2月底的十个月内，尚乘数科营收为1.68亿港元，净利润为1.87亿港元，同比分别增长3.7%和65.5%。尚乘数科主要有两大业务线，即数字金融服务和蛛网生态系统解决方案。其中，数字金融服务主要为客户提供保险和数字银行业务。尚乘数科一再强调的“亚洲最稀缺的数字金融牌照”实际落实的只有保险经纪牌照，可以在新加坡和香港进行保险经纪业务。其余的几个金融资产和牌照，还需要等待新加坡金融监管局的批准。另一大业务线蛛网生态系统解决方案，则是为付费会员提供独家访问AMTD SpiderNet生态系统及其著名的企业成员、杰出的企业高管和合作伙伴的机会。同时，该业务通过与行业领袖和学术机构合作，提供相关专业领域的支持。简单梳理一下，这个业务与一般的投行智库，似乎没有太大区别。值得一提的是，尚乘数科两大业务增速已经明显放缓。2019财年至2022财年的前十个月，数字金融服务业务营收分别为867.1万港元、986.9万港元、1172.1万港元和1008.8万港元。同期，利润为186.3万港元、476.5万港元108.4万港元和108.9万港元。2022财年前十个月，数字金融服务业务营收和利润都出现了同比下滑，其中利润下滑幅度达到18%，远大于营收下滑的2.74%。在2019财年至2022财年的前十个月，尚乘数科的蛛网生态系统解决方案业务营收分别为588万港元、1.58亿港元、1.84亿港元和1.57亿港元，利润为195万港元、1.4亿港元、1.44亿港元和1.17亿港元。这部分业务在2022财年十个月虽然保持了营收增长，但却陷入增收不增利的局面中，当期利润同比下滑2.5%。","news_type":1,"symbols_score_info":{"HKD":0.9}},"isVote":1,"tweetType":1,"viewCount":7040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909148235,"gmtCreate":1658839554727,"gmtModify":1676536215223,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9909148235","repostId":"1124135125","repostType":4,"isVote":1,"tweetType":1,"viewCount":5156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909148129,"gmtCreate":1658839540261,"gmtModify":1676536215214,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9909148129","repostId":"1124135125","repostType":4,"isVote":1,"tweetType":1,"viewCount":2087,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047533208,"gmtCreate":1656940303604,"gmtModify":1676535918906,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047533208","repostId":"1128701140","repostType":2,"repost":{"id":"1128701140","kind":"news","weMediaInfo":{"introduction":"有深度、有温度、有态度，在这里读懂财富。","home_visible":1,"media_name":"金融八卦女频道","id":"63","head_image":"https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7"},"pubTimestamp":1656917579,"share":"https://ttm.financial/m/news/1128701140?lang=en_US&edition=fundamental","pubTime":"2022-07-04 14:52","market":"us","language":"zh","title":"Wenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.","url":"https://stock-news.laohu8.com/highlight/detail?id=1128701140","media":"金融八卦女频道","summary":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都","content":"<p><html><head></head><body>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten. More than three months later, the \"nickel short squeeze war,\" known to the whole world, has finally come to an end:</p><p>Wenzhou's richest man, Xiang Guangda, and his Qingshan Group escaped unscathed, while Wall Street giant JPMorgan Chase cut its losses and exited the market, losing $120 million (approximately 800 million RMB).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, actual controller of Tsingshan Holdings / Image source: Internet</p><p>On June 29, it was reported that Tsingshan Holdings Group safely exited most of its short nickel positions on the London Metal Exchange (LME). The holdings have shrunk to around 30,000 tons, far below the peak of over 150,000 tons at the time of the incident, and none of these positions were held through JPMorgan Chase.</p><p>This is likely the result of negotiations between the two parties. Tsingshan Group left the Wall Street tycoon with dignity; otherwise, given the circumstances at the time, $120 million would have been far from enough.</p><p>Those who are following this matter may still be \"confused\". Isn't the legendary mastermind behind this the Swiss commodities giant Glencore? How come JPMorgan Chase ended up losing money?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterattacks, Wall Street miscalculates/</b></p><p>Let's briefly review the entire process of the LME nickel incident:</p><p>On March 7, 2022, LME nickel futures surged from US$29,000/ton to US$55,000/ton, a new high in 15 years.</p><p>On March 8, LME nickel futures surged from $60,000/ton to $100,000/ton, a process that took less than an hour.</p><p>At 8:15 a.m. (UK time) on March 8, the London Money Exchange suspended trading in all nickel contracts and canceled trading after midnight on March 8, commonly known as \"unplugging the network\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot funds through various channels.</p><p>On March 15, Tsingshan Group announced that it had reached a \"tacit agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan Group will not liquidate its holdings; thereafter, Tsingshan Group will reduce its holdings.</p><p>On March 16, nickel trading resumed on the London Money Exchange.</p><p>On June 29, Tsingshan Group exited most of its short nickel positions on the London Financial Exchange, ending the event.</p><p>At this point, those unfamiliar with the details may wonder why Tsingshan Group has been targeted by Wall Street capital.</p><p>You really can't blame Wall Street capital. Tsingshan Group has turned itself into \"Tang Sanzang's flesh,\" and who wouldn't want to eat it?</p><p>Tsingshan Group has three fatal flaws in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the nickel delivered by Longines. The products delivered by Longines are electrolytic nickel with a purity of over 99.8%, while the nickel produced by Tsingshan Group only contains about 70% high nickel matte and about 10% ferronickel. 2. Tsingshan Group's hedging operations are problematic. At the time, it bought 200,000 tons of futures short positions, but the entire London Exchange's nickel inventory was only 80,000 tons. In other words, even if it bought all the nickel on the London Exchange, it still couldn't raise half of its futures short positions. 3. Normally, when Tsingshan Group encounters a delivery period, it will buy nickel from Russia to liquidate its positions. The Russia-Ukraine conflict reversed market logic, leading to an embargo on Russian nickel. Tsingshan Group failed to respond to this news in a timely manner. In conclusion, although Qingshan Group has a wealth of assets, it has played all its good cards at this table, with only \"1 to 3\" in its hand, and it cannot afford any cards played by others. Faced with this situation, how could Wall Street capital, which is naturally bloodthirsty, possibly let this seemingly \"sure-win\" hunt slip by? Wall Street has done something like this before.</p><p>Therefore, Wall Street capital rapidly pushed up nickel futures prices on March 7 and 8, raising something worth $20,000 to $30,000 to $100,000, incidentally breaking \"the record for the highest price volatility of any asset.\"</p><p>The situation at the time was that if Tsingshan Group couldn't deliver its goods, it would have to lose hundreds of billions of yuan, and if it didn't have money, it would have to sell its nickel ore in Indonesia. The new energy industry chain that Chinese companies had painstakingly built was likely to be severely hammered.</p><p>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten.</p><p>Although it was unknown who had done it at the time, Qingshan Group's counterattack began on March 9. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high-grade nickel matte, and has allocated sufficient spot stock through various channels for delivery.</p><p>According to rumors, several large companies in the industry participated in this replacement at the time, which can be described as a united front. Xiang Guangda's original words were: \"I received many phone calls, and relevant national departments and leaders were very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So why didn't Tsingshan Group hand over 200,000 tons of nickel deliverables to Wall Street buyers, leaving them with nowhere to store the goods and ultimately having to sell them at a low price, losing tens of billions of US dollars?</p><p>While raising 200,000 tons of nickel for delivery can certainly solve the immediate problem, what should domestic companies do with so much nickel delivered? Should all companies stop production and wait a few months for new nickel to be produced before resuming production?</p><p>Doing this was certainly satisfying, but the price paid was too high.</p><p>As a seasoned entrepreneur, Xiang Guangda negotiated with his rivals from March 9 to March 15, confident that he could provide 200,000 tons of deliverables, and ultimately reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short positions to turn the tide. Although Wall Street institutions lost a small amount of money, they prevented the losses from widening, which is an outcome acceptable to both sides.</p><p><b>Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident occurred in early March, someone pressed a calculator and said that Tsingshan Group might have lost 8 billion to 12 billion US dollars, equivalent to hundreds of billions of yuan. Such a large-scale short squeeze inevitably involves a considerable amount of capital.</p><p>At the time, some suspected that commodities giant Glencore was behind it all in order to acquire a 60% stake in Tsingshan's nickel mine in Indonesia. Founded in 1974, Glencore is Switzerland's largest company with revenues of US$215.11 billion and a business scope covering the supply of mineral, energy and agricultural products.</p><p>But Glencore couldn't possibly come up with so much money on its own; there must be a team behind it. Judging from the current situation, at least for now, JPMorgan Chase and Elliott have been forced out, the two \"wolves from Wall Street\".</p><p>In April, JPMorgan Chase had already sold it in its first-quarter earnings report, which showed a loss of $120 million in its nickel-related business.</p><p>There is hardly any convincing reason for Wall Street's long-established investment banks to lose hundreds of millions of dollars on a single futures product in the first quarter, other than their involvement in the \"nickel short squeeze\" event in March. Subsequent information also proved that it was the largest counterparty to Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's off-exchange positions. At that time, Tsingshan Holdings Group owed JPMorgan Chase about $1 billion in margin. In just three months, JPMorgan Chase fell into a quagmire of losses of $120 million.</p><p>With such a huge financial hole, the person in charge should at least say something.</p><p>JPMorgan Chase CEO Jamie Dimon reluctantly said, \"We had a small loss this quarter, and we will try to get through it. We will conduct an after-the-fact analysis of what we did wrong and what different measures LLM could have taken afterward.\"</p><p>This statement sounds very official, but upon closer examination, it has two meanings:</p><p>First, they were doing things for their clients; JPMorgan Chase lost money, and so did their clients. As for who the client was or whether it was Glencore, they did not say. Second, they have reservations about Lenkin Institute's action of \"unplugging the network cable\" and may have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already begun to take action. They don't seem to be giving up and are still making a final struggle.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Image source/Visual China</p><p>According to an announcement released by the Hong Kong Stock Exchange on June 6, on June 1, Elliott Management, a well-known American investment firm, launched a challenge against them, arguing that the London Exchange's \"cancellation of trading after 00:00 UK time on March 8, 2022 is illegal.\"</p><p>Two hedge funds under Elliott Group have sued the Hong Kong Stock Exchange, its subsidiary LME, and its clearing house LME Clear Limite in the UK High Court, seeking approximately US$456 million, or about RMB 3 billion, in damages.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Founded in 1977, Elliott Management managed over $51.5 billion in funds at the end of 2021. It is a veritable wolf of Wall Street, known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce was Elliott? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, changing presidents five times in half a month, and was unable to repay its foreign debt of up to $150 billion. Just as other financial institutions were avoiding it in time, Elliott spent $617 million to buy Argentina's Treasury Bond at the bottom.</p><p>Over the next nine years, Argentina proposed a debt restructuring plan in an effort to revive its economy, which Elliott and his creditors rejected twice and even sued Argentina in a U.S. court. It's unimaginable how ruthless this move is. It can be compared to what will happen to Evergrande if its creditors disagree with its restructuring.</p><p>On June 16, 2017, the U.S. Supreme Court ruled against Argentina. Argentina tearfully offered $2.28 billion in settlement, a deal that Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for exactly how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win its lawsuit against the Hong Kong Stock Exchange, it may be possible to see it. Because when it's time to \"divide the meat,\" the wolves of Wall Street are willing to go all out.</p><p><b>Is \"China's Nickel King\" holding Musks' Achilles' heel? /</b></p><p>According to the Daily Economic News, a Glencore representative, when asked whether they were involved in the matter, said, \"The above statement is complete nonsense.\"</p><p>However, the report also pointed out that some industry insiders believe that Glencore, even if not directly involved, is an indirect participant in this market trend. The market's speculation stems from the fact that the global competition for nickel has reached a fever pitch.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total cost of batteries. The proportion will be even higher for high-nickel and ultra-high-nickel batteries. However, nickel is unevenly distributed around the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle giants. Even Tesla CEO Elon Musk said that the shortage of nickel raw materials is the biggest obstacle affecting the production of electric vehicle batteries.</p><p>Data shows that from March 2021 to March 2022, LME's nickel inventory continued to decline, with a drop of nearly 70%. The main reason is that nickel deliverables are purchased in large quantities for use in manufacturing new energy batteries. The nickel deficit is projected to be -25,600 tons, -27,900 tons, and -65,300 tons in 2023, 2025, and 2025, respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just like God feeding Xiang Guangda with his rice bowl?</p><p>Xiang Guangda was born in 1958 into an ordinary working-class family in Shacheng Town, Longwan District, Wenzhou. After graduation, I worked in a state-owned enterprise for eight years and even became a workshop director.</p><p>In 1988, Xiang Guangda was preparing to \"turn thirty and stand firm\". He gave up his \"iron rice bowl\" that everyone envied at the time and co-founded \"Zhejiang Ouhai Automobile Doors and Windows Manufacturing Company\" with relatives such as Zhang Jimin.</p><p>Thanks to its emphasis on research and development, Xiang Guangda's car door and window business is doing very well. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory and invested 24 million yuan to establish \"Zhejiang Fengye Special Shape Steel Company\". In 1995, the company was reorganized to establish \"Zhejiang Fengye Group Co., Ltd.\", officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that without change, the company would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-mineral heat furnace (RKEF) smelting process, and led a team to develop a new RKEF-AOD furnace dual-combination method technology, which reduced the total energy consumption of stainless steel smelting by 50% and saved 800 yuan per ton.</p><p>“Stainless steel is 60%-70% nickel, so who produces the nickel? It’s produced by foreigners; we don’t produce it ourselves.” Xiang Guangda then put nickel production on the agenda.</p><p>During the 2008 financial crisis, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine, which has the world's largest nickel reserves. Tsingshan Holdings and Indonesia's Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining rights for a laterite nickel mine covering an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company was successfully shipped back to China for the first time. Qingshan Holdings Group has once again mastered the technology of purifying high nickel matte from laterite nickel ore. After one operation, Xiang Guangda has connected the upstream and downstream of nickel production.</p><p>With nickel in hand, stainless steel is no problem. Tsingshan Holdings Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holdings' stainless steel output increased from one million tons to ten million tons, and its sales increased from tens of billions to more than 200 billion yuan. It has now firmly established itself as the world's largest stainless steel producer.</p><p>Xiang Guangda has also become a frequent guest at local government and business symposiums.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, Tsingshan Holdings Group's total revenue reached 292.892 billion yuan, ranking 279th in the Fortune Global 500. According to Tianyancha, Xiang Guangda acquired a 48.45% stake in Qingshan Holdings Group through various means, making him the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings' equity structure / Screenshot from Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, when it became the hottest track, bar none. CATL and BYD, listed on the A-share market, have market capitalizations exceeding one trillion yuan, while Tesla's market capitalization even exceeds the combined market capitalization of several established automakers.</p><p>The new energy industry is short of nickel, but Xiang Guangda has plenty of it. Tsingshan Holdings' nickel production was 600,000 tons in 2021, which is expected to reach 850,000 tons in 2022, accounting for 30% of the global total, and 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, Xiang Guangda can be said to be the undisputed \"King of Nickel\" and holds a firm grip on the lifeblood of the new energy vehicle industry.</p><p>Not content with just \"working\" for new energy vehicles, Tsingshan Group has now joined hands with XCMG Group to enter the new energy vehicle industry.</p><p>However, fame brings trouble, and pigs at the forefront are the easiest targets to be targeted. Xiang Guangda, who survived this \"ordeal\" safely, still needs to be careful; he has too much \"nickel\" in his hands, which is too tempting.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.</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\">\nWenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/63\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金融八卦女频道 </p>\n<p class=\"h-time smaller\">2022-07-04 14:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten. More than three months later, the \"nickel short squeeze war,\" known to the whole world, has finally come to an end:</p><p>Wenzhou's richest man, Xiang Guangda, and his Qingshan Group escaped unscathed, while Wall Street giant JPMorgan Chase cut its losses and exited the market, losing $120 million (approximately 800 million RMB).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, actual controller of Tsingshan Holdings / Image source: Internet</p><p>On June 29, it was reported that Tsingshan Holdings Group safely exited most of its short nickel positions on the London Metal Exchange (LME). The holdings have shrunk to around 30,000 tons, far below the peak of over 150,000 tons at the time of the incident, and none of these positions were held through JPMorgan Chase.</p><p>This is likely the result of negotiations between the two parties. Tsingshan Group left the Wall Street tycoon with dignity; otherwise, given the circumstances at the time, $120 million would have been far from enough.</p><p>Those who are following this matter may still be \"confused\". Isn't the legendary mastermind behind this the Swiss commodities giant Glencore? How come JPMorgan Chase ended up losing money?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterattacks, Wall Street miscalculates/</b></p><p>Let's briefly review the entire process of the LME nickel incident:</p><p>On March 7, 2022, LME nickel futures surged from US$29,000/ton to US$55,000/ton, a new high in 15 years.</p><p>On March 8, LME nickel futures surged from $60,000/ton to $100,000/ton, a process that took less than an hour.</p><p>At 8:15 a.m. (UK time) on March 8, the London Money Exchange suspended trading in all nickel contracts and canceled trading after midnight on March 8, commonly known as \"unplugging the network\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot funds through various channels.</p><p>On March 15, Tsingshan Group announced that it had reached a \"tacit agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan Group will not liquidate its holdings; thereafter, Tsingshan Group will reduce its holdings.</p><p>On March 16, nickel trading resumed on the London Money Exchange.</p><p>On June 29, Tsingshan Group exited most of its short nickel positions on the London Financial Exchange, ending the event.</p><p>At this point, those unfamiliar with the details may wonder why Tsingshan Group has been targeted by Wall Street capital.</p><p>You really can't blame Wall Street capital. Tsingshan Group has turned itself into \"Tang Sanzang's flesh,\" and who wouldn't want to eat it?</p><p>Tsingshan Group has three fatal flaws in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the nickel delivered by Longines. The products delivered by Longines are electrolytic nickel with a purity of over 99.8%, while the nickel produced by Tsingshan Group only contains about 70% high nickel matte and about 10% ferronickel. 2. Tsingshan Group's hedging operations are problematic. At the time, it bought 200,000 tons of futures short positions, but the entire London Exchange's nickel inventory was only 80,000 tons. In other words, even if it bought all the nickel on the London Exchange, it still couldn't raise half of its futures short positions. 3. Normally, when Tsingshan Group encounters a delivery period, it will buy nickel from Russia to liquidate its positions. The Russia-Ukraine conflict reversed market logic, leading to an embargo on Russian nickel. Tsingshan Group failed to respond to this news in a timely manner. In conclusion, although Qingshan Group has a wealth of assets, it has played all its good cards at this table, with only \"1 to 3\" in its hand, and it cannot afford any cards played by others. Faced with this situation, how could Wall Street capital, which is naturally bloodthirsty, possibly let this seemingly \"sure-win\" hunt slip by? Wall Street has done something like this before.</p><p>Therefore, Wall Street capital rapidly pushed up nickel futures prices on March 7 and 8, raising something worth $20,000 to $30,000 to $100,000, incidentally breaking \"the record for the highest price volatility of any asset.\"</p><p>The situation at the time was that if Tsingshan Group couldn't deliver its goods, it would have to lose hundreds of billions of yuan, and if it didn't have money, it would have to sell its nickel ore in Indonesia. The new energy industry chain that Chinese companies had painstakingly built was likely to be severely hammered.</p><p>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten.</p><p>Although it was unknown who had done it at the time, Qingshan Group's counterattack began on March 9. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high-grade nickel matte, and has allocated sufficient spot stock through various channels for delivery.</p><p>According to rumors, several large companies in the industry participated in this replacement at the time, which can be described as a united front. Xiang Guangda's original words were: \"I received many phone calls, and relevant national departments and leaders were very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So why didn't Tsingshan Group hand over 200,000 tons of nickel deliverables to Wall Street buyers, leaving them with nowhere to store the goods and ultimately having to sell them at a low price, losing tens of billions of US dollars?</p><p>While raising 200,000 tons of nickel for delivery can certainly solve the immediate problem, what should domestic companies do with so much nickel delivered? Should all companies stop production and wait a few months for new nickel to be produced before resuming production?</p><p>Doing this was certainly satisfying, but the price paid was too high.</p><p>As a seasoned entrepreneur, Xiang Guangda negotiated with his rivals from March 9 to March 15, confident that he could provide 200,000 tons of deliverables, and ultimately reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short positions to turn the tide. Although Wall Street institutions lost a small amount of money, they prevented the losses from widening, which is an outcome acceptable to both sides.</p><p><b>Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident occurred in early March, someone pressed a calculator and said that Tsingshan Group might have lost 8 billion to 12 billion US dollars, equivalent to hundreds of billions of yuan. Such a large-scale short squeeze inevitably involves a considerable amount of capital.</p><p>At the time, some suspected that commodities giant Glencore was behind it all in order to acquire a 60% stake in Tsingshan's nickel mine in Indonesia. Founded in 1974, Glencore is Switzerland's largest company with revenues of US$215.11 billion and a business scope covering the supply of mineral, energy and agricultural products.</p><p>But Glencore couldn't possibly come up with so much money on its own; there must be a team behind it. Judging from the current situation, at least for now, JPMorgan Chase and Elliott have been forced out, the two \"wolves from Wall Street\".</p><p>In April, JPMorgan Chase had already sold it in its first-quarter earnings report, which showed a loss of $120 million in its nickel-related business.</p><p>There is hardly any convincing reason for Wall Street's long-established investment banks to lose hundreds of millions of dollars on a single futures product in the first quarter, other than their involvement in the \"nickel short squeeze\" event in March. Subsequent information also proved that it was the largest counterparty to Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's off-exchange positions. At that time, Tsingshan Holdings Group owed JPMorgan Chase about $1 billion in margin. In just three months, JPMorgan Chase fell into a quagmire of losses of $120 million.</p><p>With such a huge financial hole, the person in charge should at least say something.</p><p>JPMorgan Chase CEO Jamie Dimon reluctantly said, \"We had a small loss this quarter, and we will try to get through it. We will conduct an after-the-fact analysis of what we did wrong and what different measures LLM could have taken afterward.\"</p><p>This statement sounds very official, but upon closer examination, it has two meanings:</p><p>First, they were doing things for their clients; JPMorgan Chase lost money, and so did their clients. As for who the client was or whether it was Glencore, they did not say. Second, they have reservations about Lenkin Institute's action of \"unplugging the network cable\" and may have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already begun to take action. They don't seem to be giving up and are still making a final struggle.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Image source/Visual China</p><p>According to an announcement released by the Hong Kong Stock Exchange on June 6, on June 1, Elliott Management, a well-known American investment firm, launched a challenge against them, arguing that the London Exchange's \"cancellation of trading after 00:00 UK time on March 8, 2022 is illegal.\"</p><p>Two hedge funds under Elliott Group have sued the Hong Kong Stock Exchange, its subsidiary LME, and its clearing house LME Clear Limite in the UK High Court, seeking approximately US$456 million, or about RMB 3 billion, in damages.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Founded in 1977, Elliott Management managed over $51.5 billion in funds at the end of 2021. It is a veritable wolf of Wall Street, known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce was Elliott? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, changing presidents five times in half a month, and was unable to repay its foreign debt of up to $150 billion. Just as other financial institutions were avoiding it in time, Elliott spent $617 million to buy Argentina's Treasury Bond at the bottom.</p><p>Over the next nine years, Argentina proposed a debt restructuring plan in an effort to revive its economy, which Elliott and his creditors rejected twice and even sued Argentina in a U.S. court. It's unimaginable how ruthless this move is. It can be compared to what will happen to Evergrande if its creditors disagree with its restructuring.</p><p>On June 16, 2017, the U.S. Supreme Court ruled against Argentina. Argentina tearfully offered $2.28 billion in settlement, a deal that Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for exactly how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win its lawsuit against the Hong Kong Stock Exchange, it may be possible to see it. Because when it's time to \"divide the meat,\" the wolves of Wall Street are willing to go all out.</p><p><b>Is \"China's Nickel King\" holding Musks' Achilles' heel? /</b></p><p>According to the Daily Economic News, a Glencore representative, when asked whether they were involved in the matter, said, \"The above statement is complete nonsense.\"</p><p>However, the report also pointed out that some industry insiders believe that Glencore, even if not directly involved, is an indirect participant in this market trend. The market's speculation stems from the fact that the global competition for nickel has reached a fever pitch.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total cost of batteries. The proportion will be even higher for high-nickel and ultra-high-nickel batteries. However, nickel is unevenly distributed around the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle giants. Even Tesla CEO Elon Musk said that the shortage of nickel raw materials is the biggest obstacle affecting the production of electric vehicle batteries.</p><p>Data shows that from March 2021 to March 2022, LME's nickel inventory continued to decline, with a drop of nearly 70%. The main reason is that nickel deliverables are purchased in large quantities for use in manufacturing new energy batteries. The nickel deficit is projected to be -25,600 tons, -27,900 tons, and -65,300 tons in 2023, 2025, and 2025, respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just like God feeding Xiang Guangda with his rice bowl?</p><p>Xiang Guangda was born in 1958 into an ordinary working-class family in Shacheng Town, Longwan District, Wenzhou. After graduation, I worked in a state-owned enterprise for eight years and even became a workshop director.</p><p>In 1988, Xiang Guangda was preparing to \"turn thirty and stand firm\". He gave up his \"iron rice bowl\" that everyone envied at the time and co-founded \"Zhejiang Ouhai Automobile Doors and Windows Manufacturing Company\" with relatives such as Zhang Jimin.</p><p>Thanks to its emphasis on research and development, Xiang Guangda's car door and window business is doing very well. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory and invested 24 million yuan to establish \"Zhejiang Fengye Special Shape Steel Company\". In 1995, the company was reorganized to establish \"Zhejiang Fengye Group Co., Ltd.\", officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that without change, the company would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-mineral heat furnace (RKEF) smelting process, and led a team to develop a new RKEF-AOD furnace dual-combination method technology, which reduced the total energy consumption of stainless steel smelting by 50% and saved 800 yuan per ton.</p><p>“Stainless steel is 60%-70% nickel, so who produces the nickel? It’s produced by foreigners; we don’t produce it ourselves.” Xiang Guangda then put nickel production on the agenda.</p><p>During the 2008 financial crisis, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine, which has the world's largest nickel reserves. Tsingshan Holdings and Indonesia's Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining rights for a laterite nickel mine covering an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company was successfully shipped back to China for the first time. Qingshan Holdings Group has once again mastered the technology of purifying high nickel matte from laterite nickel ore. After one operation, Xiang Guangda has connected the upstream and downstream of nickel production.</p><p>With nickel in hand, stainless steel is no problem. Tsingshan Holdings Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holdings' stainless steel output increased from one million tons to ten million tons, and its sales increased from tens of billions to more than 200 billion yuan. It has now firmly established itself as the world's largest stainless steel producer.</p><p>Xiang Guangda has also become a frequent guest at local government and business symposiums.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, Tsingshan Holdings Group's total revenue reached 292.892 billion yuan, ranking 279th in the Fortune Global 500. According to Tianyancha, Xiang Guangda acquired a 48.45% stake in Qingshan Holdings Group through various means, making him the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings' equity structure / Screenshot from Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, when it became the hottest track, bar none. CATL and BYD, listed on the A-share market, have market capitalizations exceeding one trillion yuan, while Tesla's market capitalization even exceeds the combined market capitalization of several established automakers.</p><p>The new energy industry is short of nickel, but Xiang Guangda has plenty of it. Tsingshan Holdings' nickel production was 600,000 tons in 2021, which is expected to reach 850,000 tons in 2022, accounting for 30% of the global total, and 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, Xiang Guangda can be said to be the undisputed \"King of Nickel\" and holds a firm grip on the lifeblood of the new energy vehicle industry.</p><p>Not content with just \"working\" for new energy vehicles, Tsingshan Group has now joined hands with XCMG Group to enter the new energy vehicle industry.</p><p>However, fame brings trouble, and pigs at the forefront are the easiest targets to be targeted. Xiang Guangda, who survived this \"ordeal\" safely, still needs to be careful; he has too much \"nickel\" in his hands, which is too tempting.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128701140","content_text":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都知道的“妖镍逼空大战”，终于告一段落：温州首富项光达和他的青山集团全身而退，华尔街巨头摩根大通割肉出局，亏了1.2亿美金（约8亿人民币）。▲青山控股实控人项光达/图源：网络6月29日消息，青山控股集团安全退出了伦敦金属交易所（LME）的大部分镍空头头寸。持仓规模已经缩减至3万吨左右，远低于事发时的超15万吨的峰值，且这些头寸都不是通过摩根大通持有。这很可能是双方协商的结果，青山集团给华尔街大佬留了体面，否则根据当时的情况，1.2亿美金是远远不够的。关注这个事情的朋友可能还“懵着”，传说中的幕后黑手不是瑞士大宗商品巨鳄“嘉能可”吗，怎么最后亏损的是摩根大通？这三个月到底发生了什么？/青山反杀，华尔街失算/简单梳理一下伦镍事件的整个过程：2022年3月7日伦镍期货从2.9万美元/吨，飙涨到5.5万美元/吨，创15年内新高。3月8日伦镍期货从6万美元/吨直线拉升到10万美元/吨，整个过程不超过1小时。3月8日8时15分（英国时间），伦金所暂停所有镍合约的交易，并取消3月8日0点之后的交易，俗称“拔网线”。3月9日，项光达承认被外国资本逼空，已通过多种渠道获得充足现货。3月15日，青山集团表示与期货银行债权人组成的银团达成“静默协议”。期间不会对青山的持仓进行平仓，此后青山集团会减少持仓。3月16日，伦金所镍交易恢复。6月29日，青山集团退出了伦金所的大部分镍空头头寸，事件结束。读到这里，不了解其中细节的人还会有疑问，为什么是青山集团被华尔街资本盯上了呢？还真不能怪华尔街资本，青山集团把自己养成“唐僧肉”，谁不想吃呢。青山集团在此事上有三大致命漏洞：1、青山集团生产的镍，与伦金所交易的交割品不一样。伦金所交割品是纯度高达99.8%以上的电解镍，而青山集团生产的镍只有70%左右高冰镍和含量10%左右的镍铁。2、青山集团的对冲操作有问题。当时它买了20万吨期货空单，但整个伦金所镍库存只有8万吨，也就是说把伦金所的镍都买了，也凑不齐它期货空单的一半。3、平常青山集团遇到交割期，会跟俄罗斯买镍平仓。俄乌冲突导致市场逻辑逆转，俄罗斯的镍被禁运，青山集团没有及时对这一消息有所反应。综上，青山集团虽然家底丰厚，但在这张牌桌上，它把好牌都出了，手里只有“1对3”，别人出什么牌都要不起。遇到这种情况，天生嗜血的华尔街资本，怎么可能放过这场看似“必赢”的围猎。华尔街以前也不是没干过这种事。所以，华尔街资本于3月7日、3月8日两日快速拉升镍期货价格，将两三万美金的东西快速拉升到10万美金，顺带破了“任何一种资产价格波动的最高纪录。”当时的情况就是，青山集团拿不出货就得赔钱上千亿，没钱就得卖印尼的镍矿，中国企业辛辛苦苦建立的新能源产业链，恐将遭到狠狠一棒槌。这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。虽然当时还不知道谁下手的，但3月9日，青山集团的反杀就开始了。青山控股回应称，将用旗下高冰镍置换国内金属镍板，已通过多种渠道调配到充足现货进行交割。从小道消息来看，当时业内好几家大型企业都参与到了此次的置换，可谓是众志成城。项光达的原话是：“接到很多电话，国家有关部门和领导对青山都很支持。”那么，最后的结果为什么不是青山集团拿出20万吨镍交割品，交给华尔街接盘侠，让他们拿货无处存放，最后只能低价出售，赔上百亿美金呢？凑了20万吨镍交割品固然能够解决燃眉之急，但这么多镍交出去，国内企业该怎么办？难道所有企业都停止生产，等上几个月，新镍生产出来再恢复生产？这么做，固然很解气，付出的代价也太大了。项光达作为成熟的企业家，3月9日到3月15日，他在能拿出20万吨交割品的底气下，同对手进行了谈判，最终达成了“静默协议”。从6月29日的消息来看，青山集团缩减了空头头寸让自己转危为安，华尔街机构虽然赔了点小钱，但避免了损失扩大化，算是两边都能接受的结果。/谁是“妖镍大战”真正的幕后黑手？/3月初事件发生时，有人按过计算器，说当时青山集团可能亏损80亿到120亿美金，折合人民币上千亿。逼空这么大体量资金，涉及的资金必然不会少。当时有人怀疑大宗商品巨头嘉能可是幕后黑手，目的是为了拿到青山在印尼镍矿60%的股权。嘉能可成立于1974年，是瑞士最大的企业，营业收入高达2151.1亿美元，经营范围覆盖矿产品、能源产品和农产品的供应。但嘉能可不可能自己拿出这么多钱，背后一定有团队。从目前的情况看，至少现在已经逼出来摩根大通和埃利奥特这两头“来自华尔街的狼”。4月，摩根大通第一季财报早就出卖了它，财报显示与镍相关的业务出现了1.2亿美元的亏损。能让华尔街老牌投行一季度在单一期货商品上大亏上亿美元，除了参与了3月的“妖镍逼空”事件，很难有别的理由让人信服。事后相关信息也证明，它是青山集团大量空头头寸的最大交易对手方。而三个月前，在青山逾15万吨的镍空头头寸中，约有5万吨是通过摩根大通场外头寸持有，当时青山控股集团一度欠摩根大通约10亿美元保证金。短短三个月间，摩根大通便陷入了1.2亿美元亏损的泥潭。财务上出了这么大窟窿，负责人总得说点什么吧。摩根大通首席执行官杰米·戴蒙（Jamie Dimon）不情愿地说：“我们本季度有一点亏损，我们会设法渡过难关的。我们会对自己做错了什么，以及伦金所之后可以采取哪些不同措施进行事后分析。”这句话说的很官方，但细品有两重意思：一，他们是在帮客户做事，摩根大通亏了，他们的客户也亏了。至于客户是谁，是不是嘉能可，并没说。二，他们对伦金所“拔网线”的行为是有保留意见的，说不定还得“采取措施”。摩根大通会采取什么措施不好说，但有人已经开始行动了，他们似乎并不认输，还在做最后的挣扎。▲图源/视觉中国根据港交所6月6日发布的公告，6月1日美国著名投资公司“埃利奥特管理公司”向他们发难，认为伦金所“取消2022年3月8日英国时间00：00之后交易的行为不合法。”埃利奥特旗下两只对冲基金将港交所和其子公司伦金所（LME）及其清算公司LME Clear Limite告上英国高等法院，准备索赔约4.56亿美元，约30亿人民币。埃利奥特管理公司成立于1977年，2021年底基金管理规模超515亿美元，它是名副其实的华尔街之狼，以强硬、激进、狠辣的投资风格闻名。埃利奥特到底有多凶狠？它能让一个国家不得安生。2000年底，阿根廷动荡不安，半个月连续换了5任总统，高达1500亿美元的外债无力偿还。正当其他金融机构避之不及时，埃利奥特用6.17亿美元抄底阿根廷国债。此后9年时间里，阿根廷为了重振经济提出债务重组方案，埃利奥特为首的债权人2次无情拒绝，还将阿根廷告上美国法庭。想象不到这招有多狠，可以类比现在债权人不同意恒大重组，恒大会怎样。2017年6月16日，美国最高法院最终判决阿根廷败诉。阿根廷含泪拿出了22.8亿美元和解，这一单埃利奥特赚了3.7倍，但每一分钱都是阿根廷人民的血汗钱。至于到底有多少华尔街的资本机构参与此事，目前还不明确。如果埃利奥特能从与港交所的官司中获胜，或许有可能看到。因为“分肉”的时候，华尔街的狼才会愿意倾巢出动。/“中国镍王”捏住马斯克们命门？ /据《每日经济新闻》报道，嘉能可相关人员在回复是否参与此事时表示，“上述这种说法完全是胡说八道（total nonsense）。”但报道中也同时指出有行内人员认为嘉能可即使没有直接参与，也是这一波行情的间接参与者。市场之所以这样猜测，是因为在全球范围内，对于金属镍的争夺已经进入白热化的阶段。镍是制造新能源三元锂电池的重要原材料之一，在电池总成本中占比将近30%，如果是高镍、超高镍电池这个比例还将更高。但镍元素在全世界分布不均，开采难度大。“镍焦虑”是新能源汽车大佬的普遍问题，连特斯拉CEO马斯克都说，镍原料的短缺是影响电动车电池生产的最大障碍。数据显示，2021年3月至2022年3月，伦金所的镍库存持续下降，降幅接近70%。主要原因是镍交割品被大量买去用于制造新能源电池。预计2023年-2025年镍的缺口分别为-2.56万吨、-2.79万吨、-6.53万吨。这不就是老天爷端着饭碗给项光达喂饭吗？1958年项光达出生于温州龙湾沙城镇的一个普通工人家庭。毕业后在国企干了八年，还当上了车间主任。1988年，项光达准备“三十而立”，他放弃了当时人人羡慕的“铁饭碗”，联合张积敏等亲戚合伙创办了“浙江瓯海汽车门窗制造公司”。由于注重研发，项光达的汽车门窗生意很好。1993年底，他与中国一汽车轮厂联合开发汽车轮辋钢，并投资2400万元，成立“浙江丰业异型钢公司”。并于1995年改组公司，成立“浙江丰业集团有限公司”，正式进入不锈钢行业。2005年之后，整个钢铁行业进入去库存周期。项光达意识到，如果不改变，企业迟早淹没在不锈钢企业的洪流中。项光达拿出100亿投入研发新技术，率先引进国际先进的回转窑—矿热炉（RKEF）冶炼工艺，又带队研发出RKEF—AOD炉双联法新技术，把不锈钢冶炼的总能耗砍掉了50%，每吨成本节省800元。“不锈钢60%--70%都是镍，那镍是谁来生产的？是老外生产的，我们自己没有生产。”项光达又将生产“镍”提到了议事日程。2008年金融危机时，项光达趁机收购了全球镍储量最高的印尼镍矿。青山控股与印尼八星投资有限公司合资设立苏拉威西矿业投资有限公司，获得了面积为4.70万公顷的红土镍矿开采权。矿业园区很快建立，2010年2月，第一次由中国公司在国外生产的镍顺利装船回国。青山控股集团又攻克了用红土镍矿提纯高冰镍的技术，一通操作下来，项光达已经打通了镍生产的上下游。有“镍”在手，不锈钢不愁。青山控股集团旗下有十多家不锈钢类子公司，2009年至2019年，青山控股不锈钢产量从百万吨增至千万吨，销售额从几百亿增至2000多亿元，目前已经坐稳全球最大不锈钢生产企业的宝座。项光达也成为当地政府企业座谈会上的常客。2021年青山控股集团总营收高达2928.92亿，位列世界500强第279位。天眼查显示，项光达通过各种路径，占有青山控股集团的股权比例高达48.45%，是集团的实际控制人。▲青山控股股权结构/天眼查截图这些年，新能源产业逐步兴起，尤其是2020年之后，新能源成为当下最火的赛道，没有之一。A股的宁德时代、比亚迪市值破万亿，特斯拉的市值甚至超过几家老牌汽车公司市值总和。新能源行业缺镍，项光达手里有很多。青山控股2021年镍产量为60万吨，2022年将达到85万吨占到全球总量的30%，2023年更将达到110万吨。手握全球近30%的镍产量，可以说，项光达是妥妥的“镍之王”，也把新能源汽车行业的命门捏得死死的。不满足只是给新能源汽车“打工”，目前青山集团已携手徐工集团，入局新能源汽车产业。只是人红是非多，风口上的猪也是最容易被下手的对象。安然渡过这一“劫”的项光达，还是要小心，他手上的“镍”太多，太诱人了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047533648,"gmtCreate":1656940297584,"gmtModify":1676535918898,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047533648","repostId":"1128701140","repostType":2,"repost":{"id":"1128701140","kind":"news","weMediaInfo":{"introduction":"有深度、有温度、有态度，在这里读懂财富。","home_visible":1,"media_name":"金融八卦女频道","id":"63","head_image":"https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7"},"pubTimestamp":1656917579,"share":"https://ttm.financial/m/news/1128701140?lang=en_US&edition=fundamental","pubTime":"2022-07-04 14:52","market":"us","language":"zh","title":"Wenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.","url":"https://stock-news.laohu8.com/highlight/detail?id=1128701140","media":"金融八卦女频道","summary":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都","content":"<p><html><head></head><body>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten. More than three months later, the \"nickel short squeeze war,\" known to the whole world, has finally come to an end:</p><p>Wenzhou's richest man, Xiang Guangda, and his Qingshan Group escaped unscathed, while Wall Street giant JPMorgan Chase cut its losses and exited the market, losing $120 million (approximately 800 million RMB).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, actual controller of Tsingshan Holdings / Image source: Internet</p><p>On June 29, it was reported that Tsingshan Holdings Group safely exited most of its short nickel positions on the London Metal Exchange (LME). The holdings have shrunk to around 30,000 tons, far below the peak of over 150,000 tons at the time of the incident, and none of these positions were held through JPMorgan Chase.</p><p>This is likely the result of negotiations between the two parties. Tsingshan Group left the Wall Street tycoon with dignity; otherwise, given the circumstances at the time, $120 million would have been far from enough.</p><p>Those who are following this matter may still be \"confused\". Isn't the legendary mastermind behind this the Swiss commodities giant Glencore? How come JPMorgan Chase ended up losing money?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterattacks, Wall Street miscalculates/</b></p><p>Let's briefly review the entire process of the LME nickel incident:</p><p>On March 7, 2022, LME nickel futures surged from US$29,000/ton to US$55,000/ton, a new high in 15 years.</p><p>On March 8, LME nickel futures surged from $60,000/ton to $100,000/ton, a process that took less than an hour.</p><p>At 8:15 a.m. (UK time) on March 8, the London Money Exchange suspended trading in all nickel contracts and canceled trading after midnight on March 8, commonly known as \"unplugging the network\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot funds through various channels.</p><p>On March 15, Tsingshan Group announced that it had reached a \"tacit agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan Group will not liquidate its holdings; thereafter, Tsingshan Group will reduce its holdings.</p><p>On March 16, nickel trading resumed on the London Money Exchange.</p><p>On June 29, Tsingshan Group exited most of its short nickel positions on the London Financial Exchange, ending the event.</p><p>At this point, those unfamiliar with the details may wonder why Tsingshan Group has been targeted by Wall Street capital.</p><p>You really can't blame Wall Street capital. Tsingshan Group has turned itself into \"Tang Sanzang's flesh,\" and who wouldn't want to eat it?</p><p>Tsingshan Group has three fatal flaws in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the nickel delivered by Longines. The products delivered by Longines are electrolytic nickel with a purity of over 99.8%, while the nickel produced by Tsingshan Group only contains about 70% high nickel matte and about 10% ferronickel. 2. Tsingshan Group's hedging operations are problematic. At the time, it bought 200,000 tons of futures short positions, but the entire London Exchange's nickel inventory was only 80,000 tons. In other words, even if it bought all the nickel on the London Exchange, it still couldn't raise half of its futures short positions. 3. Normally, when Tsingshan Group encounters a delivery period, it will buy nickel from Russia to liquidate its positions. The Russia-Ukraine conflict reversed market logic, leading to an embargo on Russian nickel. Tsingshan Group failed to respond to this news in a timely manner. In conclusion, although Qingshan Group has a wealth of assets, it has played all its good cards at this table, with only \"1 to 3\" in its hand, and it cannot afford any cards played by others. Faced with this situation, how could Wall Street capital, which is naturally bloodthirsty, possibly let this seemingly \"sure-win\" hunt slip by? Wall Street has done something like this before.</p><p>Therefore, Wall Street capital rapidly pushed up nickel futures prices on March 7 and 8, raising something worth $20,000 to $30,000 to $100,000, incidentally breaking \"the record for the highest price volatility of any asset.\"</p><p>The situation at the time was that if Tsingshan Group couldn't deliver its goods, it would have to lose hundreds of billions of yuan, and if it didn't have money, it would have to sell its nickel ore in Indonesia. The new energy industry chain that Chinese companies had painstakingly built was likely to be severely hammered.</p><p>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten.</p><p>Although it was unknown who had done it at the time, Qingshan Group's counterattack began on March 9. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high-grade nickel matte, and has allocated sufficient spot stock through various channels for delivery.</p><p>According to rumors, several large companies in the industry participated in this replacement at the time, which can be described as a united front. Xiang Guangda's original words were: \"I received many phone calls, and relevant national departments and leaders were very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So why didn't Tsingshan Group hand over 200,000 tons of nickel deliverables to Wall Street buyers, leaving them with nowhere to store the goods and ultimately having to sell them at a low price, losing tens of billions of US dollars?</p><p>While raising 200,000 tons of nickel for delivery can certainly solve the immediate problem, what should domestic companies do with so much nickel delivered? Should all companies stop production and wait a few months for new nickel to be produced before resuming production?</p><p>Doing this was certainly satisfying, but the price paid was too high.</p><p>As a seasoned entrepreneur, Xiang Guangda negotiated with his rivals from March 9 to March 15, confident that he could provide 200,000 tons of deliverables, and ultimately reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short positions to turn the tide. Although Wall Street institutions lost a small amount of money, they prevented the losses from widening, which is an outcome acceptable to both sides.</p><p><b>Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident occurred in early March, someone pressed a calculator and said that Tsingshan Group might have lost 8 billion to 12 billion US dollars, equivalent to hundreds of billions of yuan. Such a large-scale short squeeze inevitably involves a considerable amount of capital.</p><p>At the time, some suspected that commodities giant Glencore was behind it all in order to acquire a 60% stake in Tsingshan's nickel mine in Indonesia. Founded in 1974, Glencore is Switzerland's largest company with revenues of US$215.11 billion and a business scope covering the supply of mineral, energy and agricultural products.</p><p>But Glencore couldn't possibly come up with so much money on its own; there must be a team behind it. Judging from the current situation, at least for now, JPMorgan Chase and Elliott have been forced out, the two \"wolves from Wall Street\".</p><p>In April, JPMorgan Chase had already sold it in its first-quarter earnings report, which showed a loss of $120 million in its nickel-related business.</p><p>There is hardly any convincing reason for Wall Street's long-established investment banks to lose hundreds of millions of dollars on a single futures product in the first quarter, other than their involvement in the \"nickel short squeeze\" event in March. Subsequent information also proved that it was the largest counterparty to Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's off-exchange positions. At that time, Tsingshan Holdings Group owed JPMorgan Chase about $1 billion in margin. In just three months, JPMorgan Chase fell into a quagmire of losses of $120 million.</p><p>With such a huge financial hole, the person in charge should at least say something.</p><p>JPMorgan Chase CEO Jamie Dimon reluctantly said, \"We had a small loss this quarter, and we will try to get through it. We will conduct an after-the-fact analysis of what we did wrong and what different measures LLM could have taken afterward.\"</p><p>This statement sounds very official, but upon closer examination, it has two meanings:</p><p>First, they were doing things for their clients; JPMorgan Chase lost money, and so did their clients. As for who the client was or whether it was Glencore, they did not say. Second, they have reservations about Lenkin Institute's action of \"unplugging the network cable\" and may have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already begun to take action. They don't seem to be giving up and are still making a final struggle.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Image source/Visual China</p><p>According to an announcement released by the Hong Kong Stock Exchange on June 6, on June 1, Elliott Management, a well-known American investment firm, launched a challenge against them, arguing that the London Exchange's \"cancellation of trading after 00:00 UK time on March 8, 2022 is illegal.\"</p><p>Two hedge funds under Elliott Group have sued the Hong Kong Stock Exchange, its subsidiary LME, and its clearing house LME Clear Limite in the UK High Court, seeking approximately US$456 million, or about RMB 3 billion, in damages.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Founded in 1977, Elliott Management managed over $51.5 billion in funds at the end of 2021. It is a veritable wolf of Wall Street, known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce was Elliott? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, changing presidents five times in half a month, and was unable to repay its foreign debt of up to $150 billion. Just as other financial institutions were avoiding it in time, Elliott spent $617 million to buy Argentina's Treasury Bond at the bottom.</p><p>Over the next nine years, Argentina proposed a debt restructuring plan in an effort to revive its economy, which Elliott and his creditors rejected twice and even sued Argentina in a U.S. court. It's unimaginable how ruthless this move is. It can be compared to what will happen to Evergrande if its creditors disagree with its restructuring.</p><p>On June 16, 2017, the U.S. Supreme Court ruled against Argentina. Argentina tearfully offered $2.28 billion in settlement, a deal that Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for exactly how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win its lawsuit against the Hong Kong Stock Exchange, it may be possible to see it. Because when it's time to \"divide the meat,\" the wolves of Wall Street are willing to go all out.</p><p><b>Is \"China's Nickel King\" holding Musks' Achilles' heel? /</b></p><p>According to the Daily Economic News, a Glencore representative, when asked whether they were involved in the matter, said, \"The above statement is complete nonsense.\"</p><p>However, the report also pointed out that some industry insiders believe that Glencore, even if not directly involved, is an indirect participant in this market trend. The market's speculation stems from the fact that the global competition for nickel has reached a fever pitch.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total cost of batteries. The proportion will be even higher for high-nickel and ultra-high-nickel batteries. However, nickel is unevenly distributed around the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle giants. Even Tesla CEO Elon Musk said that the shortage of nickel raw materials is the biggest obstacle affecting the production of electric vehicle batteries.</p><p>Data shows that from March 2021 to March 2022, LME's nickel inventory continued to decline, with a drop of nearly 70%. The main reason is that nickel deliverables are purchased in large quantities for use in manufacturing new energy batteries. The nickel deficit is projected to be -25,600 tons, -27,900 tons, and -65,300 tons in 2023, 2025, and 2025, respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just like God feeding Xiang Guangda with his rice bowl?</p><p>Xiang Guangda was born in 1958 into an ordinary working-class family in Shacheng Town, Longwan District, Wenzhou. After graduation, I worked in a state-owned enterprise for eight years and even became a workshop director.</p><p>In 1988, Xiang Guangda was preparing to \"turn thirty and stand firm\". He gave up his \"iron rice bowl\" that everyone envied at the time and co-founded \"Zhejiang Ouhai Automobile Doors and Windows Manufacturing Company\" with relatives such as Zhang Jimin.</p><p>Thanks to its emphasis on research and development, Xiang Guangda's car door and window business is doing very well. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory and invested 24 million yuan to establish \"Zhejiang Fengye Special Shape Steel Company\". In 1995, the company was reorganized to establish \"Zhejiang Fengye Group Co., Ltd.\", officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that without change, the company would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-mineral heat furnace (RKEF) smelting process, and led a team to develop a new RKEF-AOD furnace dual-combination method technology, which reduced the total energy consumption of stainless steel smelting by 50% and saved 800 yuan per ton.</p><p>“Stainless steel is 60%-70% nickel, so who produces the nickel? It’s produced by foreigners; we don’t produce it ourselves.” Xiang Guangda then put nickel production on the agenda.</p><p>During the 2008 financial crisis, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine, which has the world's largest nickel reserves. Tsingshan Holdings and Indonesia's Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining rights for a laterite nickel mine covering an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company was successfully shipped back to China for the first time. Qingshan Holdings Group has once again mastered the technology of purifying high nickel matte from laterite nickel ore. After one operation, Xiang Guangda has connected the upstream and downstream of nickel production.</p><p>With nickel in hand, stainless steel is no problem. Tsingshan Holdings Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holdings' stainless steel output increased from one million tons to ten million tons, and its sales increased from tens of billions to more than 200 billion yuan. It has now firmly established itself as the world's largest stainless steel producer.</p><p>Xiang Guangda has also become a frequent guest at local government and business symposiums.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, Tsingshan Holdings Group's total revenue reached 292.892 billion yuan, ranking 279th in the Fortune Global 500. According to Tianyancha, Xiang Guangda acquired a 48.45% stake in Qingshan Holdings Group through various means, making him the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings' equity structure / Screenshot from Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, when it became the hottest track, bar none. CATL and BYD, listed on the A-share market, have market capitalizations exceeding one trillion yuan, while Tesla's market capitalization even exceeds the combined market capitalization of several established automakers.</p><p>The new energy industry is short of nickel, but Xiang Guangda has plenty of it. Tsingshan Holdings' nickel production was 600,000 tons in 2021, which is expected to reach 850,000 tons in 2022, accounting for 30% of the global total, and 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, Xiang Guangda can be said to be the undisputed \"King of Nickel\" and holds a firm grip on the lifeblood of the new energy vehicle industry.</p><p>Not content with just \"working\" for new energy vehicles, Tsingshan Group has now joined hands with XCMG Group to enter the new energy vehicle industry.</p><p>However, fame brings trouble, and pigs at the forefront are the easiest targets to be targeted. Xiang Guangda, who survived this \"ordeal\" safely, still needs to be careful; he has too much \"nickel\" in his hands, which is too tempting.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.</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\">\nWenzhou's richest man battles Wall Street; JPMorgan Chase loses 800 million yuan.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/63\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金融八卦女频道 </p>\n<p class=\"h-time smaller\">2022-07-04 14:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten. More than three months later, the \"nickel short squeeze war,\" known to the whole world, has finally come to an end:</p><p>Wenzhou's richest man, Xiang Guangda, and his Qingshan Group escaped unscathed, while Wall Street giant JPMorgan Chase cut its losses and exited the market, losing $120 million (approximately 800 million RMB).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, actual controller of Tsingshan Holdings / Image source: Internet</p><p>On June 29, it was reported that Tsingshan Holdings Group safely exited most of its short nickel positions on the London Metal Exchange (LME). The holdings have shrunk to around 30,000 tons, far below the peak of over 150,000 tons at the time of the incident, and none of these positions were held through JPMorgan Chase.</p><p>This is likely the result of negotiations between the two parties. Tsingshan Group left the Wall Street tycoon with dignity; otherwise, given the circumstances at the time, $120 million would have been far from enough.</p><p>Those who are following this matter may still be \"confused\". Isn't the legendary mastermind behind this the Swiss commodities giant Glencore? How come JPMorgan Chase ended up losing money?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterattacks, Wall Street miscalculates/</b></p><p>Let's briefly review the entire process of the LME nickel incident:</p><p>On March 7, 2022, LME nickel futures surged from US$29,000/ton to US$55,000/ton, a new high in 15 years.</p><p>On March 8, LME nickel futures surged from $60,000/ton to $100,000/ton, a process that took less than an hour.</p><p>At 8:15 a.m. (UK time) on March 8, the London Money Exchange suspended trading in all nickel contracts and canceled trading after midnight on March 8, commonly known as \"unplugging the network\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot funds through various channels.</p><p>On March 15, Tsingshan Group announced that it had reached a \"tacit agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan Group will not liquidate its holdings; thereafter, Tsingshan Group will reduce its holdings.</p><p>On March 16, nickel trading resumed on the London Money Exchange.</p><p>On June 29, Tsingshan Group exited most of its short nickel positions on the London Financial Exchange, ending the event.</p><p>At this point, those unfamiliar with the details may wonder why Tsingshan Group has been targeted by Wall Street capital.</p><p>You really can't blame Wall Street capital. Tsingshan Group has turned itself into \"Tang Sanzang's flesh,\" and who wouldn't want to eat it?</p><p>Tsingshan Group has three fatal flaws in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the nickel delivered by Longines. The products delivered by Longines are electrolytic nickel with a purity of over 99.8%, while the nickel produced by Tsingshan Group only contains about 70% high nickel matte and about 10% ferronickel. 2. Tsingshan Group's hedging operations are problematic. At the time, it bought 200,000 tons of futures short positions, but the entire London Exchange's nickel inventory was only 80,000 tons. In other words, even if it bought all the nickel on the London Exchange, it still couldn't raise half of its futures short positions. 3. Normally, when Tsingshan Group encounters a delivery period, it will buy nickel from Russia to liquidate its positions. The Russia-Ukraine conflict reversed market logic, leading to an embargo on Russian nickel. Tsingshan Group failed to respond to this news in a timely manner. In conclusion, although Qingshan Group has a wealth of assets, it has played all its good cards at this table, with only \"1 to 3\" in its hand, and it cannot afford any cards played by others. Faced with this situation, how could Wall Street capital, which is naturally bloodthirsty, possibly let this seemingly \"sure-win\" hunt slip by? Wall Street has done something like this before.</p><p>Therefore, Wall Street capital rapidly pushed up nickel futures prices on March 7 and 8, raising something worth $20,000 to $30,000 to $100,000, incidentally breaking \"the record for the highest price volatility of any asset.\"</p><p>The situation at the time was that if Tsingshan Group couldn't deliver its goods, it would have to lose hundreds of billions of yuan, and if it didn't have money, it would have to sell its nickel ore in Indonesia. The new energy industry chain that Chinese companies had painstakingly built was likely to be severely hammered.</p><p>Wall Street miscalculated this time. In the financial sector, Wall Street is still number one in the world, but its competitors have also improved. Through years of effort, Chinese companies have gained rich market experience and abundant capital, and they are still capable of fighting back when they are crushed and beaten.</p><p>Although it was unknown who had done it at the time, Qingshan Group's counterattack began on March 9. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high-grade nickel matte, and has allocated sufficient spot stock through various channels for delivery.</p><p>According to rumors, several large companies in the industry participated in this replacement at the time, which can be described as a united front. Xiang Guangda's original words were: \"I received many phone calls, and relevant national departments and leaders were very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So why didn't Tsingshan Group hand over 200,000 tons of nickel deliverables to Wall Street buyers, leaving them with nowhere to store the goods and ultimately having to sell them at a low price, losing tens of billions of US dollars?</p><p>While raising 200,000 tons of nickel for delivery can certainly solve the immediate problem, what should domestic companies do with so much nickel delivered? Should all companies stop production and wait a few months for new nickel to be produced before resuming production?</p><p>Doing this was certainly satisfying, but the price paid was too high.</p><p>As a seasoned entrepreneur, Xiang Guangda negotiated with his rivals from March 9 to March 15, confident that he could provide 200,000 tons of deliverables, and ultimately reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short positions to turn the tide. Although Wall Street institutions lost a small amount of money, they prevented the losses from widening, which is an outcome acceptable to both sides.</p><p><b>Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident occurred in early March, someone pressed a calculator and said that Tsingshan Group might have lost 8 billion to 12 billion US dollars, equivalent to hundreds of billions of yuan. Such a large-scale short squeeze inevitably involves a considerable amount of capital.</p><p>At the time, some suspected that commodities giant Glencore was behind it all in order to acquire a 60% stake in Tsingshan's nickel mine in Indonesia. Founded in 1974, Glencore is Switzerland's largest company with revenues of US$215.11 billion and a business scope covering the supply of mineral, energy and agricultural products.</p><p>But Glencore couldn't possibly come up with so much money on its own; there must be a team behind it. Judging from the current situation, at least for now, JPMorgan Chase and Elliott have been forced out, the two \"wolves from Wall Street\".</p><p>In April, JPMorgan Chase had already sold it in its first-quarter earnings report, which showed a loss of $120 million in its nickel-related business.</p><p>There is hardly any convincing reason for Wall Street's long-established investment banks to lose hundreds of millions of dollars on a single futures product in the first quarter, other than their involvement in the \"nickel short squeeze\" event in March. Subsequent information also proved that it was the largest counterparty to Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's off-exchange positions. At that time, Tsingshan Holdings Group owed JPMorgan Chase about $1 billion in margin. In just three months, JPMorgan Chase fell into a quagmire of losses of $120 million.</p><p>With such a huge financial hole, the person in charge should at least say something.</p><p>JPMorgan Chase CEO Jamie Dimon reluctantly said, \"We had a small loss this quarter, and we will try to get through it. We will conduct an after-the-fact analysis of what we did wrong and what different measures LLM could have taken afterward.\"</p><p>This statement sounds very official, but upon closer examination, it has two meanings:</p><p>First, they were doing things for their clients; JPMorgan Chase lost money, and so did their clients. As for who the client was or whether it was Glencore, they did not say. Second, they have reservations about Lenkin Institute's action of \"unplugging the network cable\" and may have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already begun to take action. They don't seem to be giving up and are still making a final struggle.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Image source/Visual China</p><p>According to an announcement released by the Hong Kong Stock Exchange on June 6, on June 1, Elliott Management, a well-known American investment firm, launched a challenge against them, arguing that the London Exchange's \"cancellation of trading after 00:00 UK time on March 8, 2022 is illegal.\"</p><p>Two hedge funds under Elliott Group have sued the Hong Kong Stock Exchange, its subsidiary LME, and its clearing house LME Clear Limite in the UK High Court, seeking approximately US$456 million, or about RMB 3 billion, in damages.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Founded in 1977, Elliott Management managed over $51.5 billion in funds at the end of 2021. It is a veritable wolf of Wall Street, known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce was Elliott? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, changing presidents five times in half a month, and was unable to repay its foreign debt of up to $150 billion. Just as other financial institutions were avoiding it in time, Elliott spent $617 million to buy Argentina's Treasury Bond at the bottom.</p><p>Over the next nine years, Argentina proposed a debt restructuring plan in an effort to revive its economy, which Elliott and his creditors rejected twice and even sued Argentina in a U.S. court. It's unimaginable how ruthless this move is. It can be compared to what will happen to Evergrande if its creditors disagree with its restructuring.</p><p>On June 16, 2017, the U.S. Supreme Court ruled against Argentina. Argentina tearfully offered $2.28 billion in settlement, a deal that Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for exactly how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win its lawsuit against the Hong Kong Stock Exchange, it may be possible to see it. Because when it's time to \"divide the meat,\" the wolves of Wall Street are willing to go all out.</p><p><b>Is \"China's Nickel King\" holding Musks' Achilles' heel? /</b></p><p>According to the Daily Economic News, a Glencore representative, when asked whether they were involved in the matter, said, \"The above statement is complete nonsense.\"</p><p>However, the report also pointed out that some industry insiders believe that Glencore, even if not directly involved, is an indirect participant in this market trend. The market's speculation stems from the fact that the global competition for nickel has reached a fever pitch.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total cost of batteries. The proportion will be even higher for high-nickel and ultra-high-nickel batteries. However, nickel is unevenly distributed around the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle giants. Even Tesla CEO Elon Musk said that the shortage of nickel raw materials is the biggest obstacle affecting the production of electric vehicle batteries.</p><p>Data shows that from March 2021 to March 2022, LME's nickel inventory continued to decline, with a drop of nearly 70%. The main reason is that nickel deliverables are purchased in large quantities for use in manufacturing new energy batteries. The nickel deficit is projected to be -25,600 tons, -27,900 tons, and -65,300 tons in 2023, 2025, and 2025, respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just like God feeding Xiang Guangda with his rice bowl?</p><p>Xiang Guangda was born in 1958 into an ordinary working-class family in Shacheng Town, Longwan District, Wenzhou. After graduation, I worked in a state-owned enterprise for eight years and even became a workshop director.</p><p>In 1988, Xiang Guangda was preparing to \"turn thirty and stand firm\". He gave up his \"iron rice bowl\" that everyone envied at the time and co-founded \"Zhejiang Ouhai Automobile Doors and Windows Manufacturing Company\" with relatives such as Zhang Jimin.</p><p>Thanks to its emphasis on research and development, Xiang Guangda's car door and window business is doing very well. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory and invested 24 million yuan to establish \"Zhejiang Fengye Special Shape Steel Company\". In 1995, the company was reorganized to establish \"Zhejiang Fengye Group Co., Ltd.\", officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that without change, the company would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-mineral heat furnace (RKEF) smelting process, and led a team to develop a new RKEF-AOD furnace dual-combination method technology, which reduced the total energy consumption of stainless steel smelting by 50% and saved 800 yuan per ton.</p><p>“Stainless steel is 60%-70% nickel, so who produces the nickel? It’s produced by foreigners; we don’t produce it ourselves.” Xiang Guangda then put nickel production on the agenda.</p><p>During the 2008 financial crisis, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine, which has the world's largest nickel reserves. Tsingshan Holdings and Indonesia's Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining rights for a laterite nickel mine covering an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company was successfully shipped back to China for the first time. Qingshan Holdings Group has once again mastered the technology of purifying high nickel matte from laterite nickel ore. After one operation, Xiang Guangda has connected the upstream and downstream of nickel production.</p><p>With nickel in hand, stainless steel is no problem. Tsingshan Holdings Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holdings' stainless steel output increased from one million tons to ten million tons, and its sales increased from tens of billions to more than 200 billion yuan. It has now firmly established itself as the world's largest stainless steel producer.</p><p>Xiang Guangda has also become a frequent guest at local government and business symposiums.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, Tsingshan Holdings Group's total revenue reached 292.892 billion yuan, ranking 279th in the Fortune Global 500. According to Tianyancha, Xiang Guangda acquired a 48.45% stake in Qingshan Holdings Group through various means, making him the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings' equity structure / Screenshot from Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, when it became the hottest track, bar none. CATL and BYD, listed on the A-share market, have market capitalizations exceeding one trillion yuan, while Tesla's market capitalization even exceeds the combined market capitalization of several established automakers.</p><p>The new energy industry is short of nickel, but Xiang Guangda has plenty of it. Tsingshan Holdings' nickel production was 600,000 tons in 2021, which is expected to reach 850,000 tons in 2022, accounting for 30% of the global total, and 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, Xiang Guangda can be said to be the undisputed \"King of Nickel\" and holds a firm grip on the lifeblood of the new energy vehicle industry.</p><p>Not content with just \"working\" for new energy vehicles, Tsingshan Group has now joined hands with XCMG Group to enter the new energy vehicle industry.</p><p>However, fame brings trouble, and pigs at the forefront are the easiest targets to be targeted. Xiang Guangda, who survived this \"ordeal\" safely, still needs to be careful; he has too much \"nickel\" in his hands, which is too tempting.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128701140","content_text":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都知道的“妖镍逼空大战”，终于告一段落：温州首富项光达和他的青山集团全身而退，华尔街巨头摩根大通割肉出局，亏了1.2亿美金（约8亿人民币）。▲青山控股实控人项光达/图源：网络6月29日消息，青山控股集团安全退出了伦敦金属交易所（LME）的大部分镍空头头寸。持仓规模已经缩减至3万吨左右，远低于事发时的超15万吨的峰值，且这些头寸都不是通过摩根大通持有。这很可能是双方协商的结果，青山集团给华尔街大佬留了体面，否则根据当时的情况，1.2亿美金是远远不够的。关注这个事情的朋友可能还“懵着”，传说中的幕后黑手不是瑞士大宗商品巨鳄“嘉能可”吗，怎么最后亏损的是摩根大通？这三个月到底发生了什么？/青山反杀，华尔街失算/简单梳理一下伦镍事件的整个过程：2022年3月7日伦镍期货从2.9万美元/吨，飙涨到5.5万美元/吨，创15年内新高。3月8日伦镍期货从6万美元/吨直线拉升到10万美元/吨，整个过程不超过1小时。3月8日8时15分（英国时间），伦金所暂停所有镍合约的交易，并取消3月8日0点之后的交易，俗称“拔网线”。3月9日，项光达承认被外国资本逼空，已通过多种渠道获得充足现货。3月15日，青山集团表示与期货银行债权人组成的银团达成“静默协议”。期间不会对青山的持仓进行平仓，此后青山集团会减少持仓。3月16日，伦金所镍交易恢复。6月29日，青山集团退出了伦金所的大部分镍空头头寸，事件结束。读到这里，不了解其中细节的人还会有疑问，为什么是青山集团被华尔街资本盯上了呢？还真不能怪华尔街资本，青山集团把自己养成“唐僧肉”，谁不想吃呢。青山集团在此事上有三大致命漏洞：1、青山集团生产的镍，与伦金所交易的交割品不一样。伦金所交割品是纯度高达99.8%以上的电解镍，而青山集团生产的镍只有70%左右高冰镍和含量10%左右的镍铁。2、青山集团的对冲操作有问题。当时它买了20万吨期货空单，但整个伦金所镍库存只有8万吨，也就是说把伦金所的镍都买了，也凑不齐它期货空单的一半。3、平常青山集团遇到交割期，会跟俄罗斯买镍平仓。俄乌冲突导致市场逻辑逆转，俄罗斯的镍被禁运，青山集团没有及时对这一消息有所反应。综上，青山集团虽然家底丰厚，但在这张牌桌上，它把好牌都出了，手里只有“1对3”，别人出什么牌都要不起。遇到这种情况，天生嗜血的华尔街资本，怎么可能放过这场看似“必赢”的围猎。华尔街以前也不是没干过这种事。所以，华尔街资本于3月7日、3月8日两日快速拉升镍期货价格，将两三万美金的东西快速拉升到10万美金，顺带破了“任何一种资产价格波动的最高纪录。”当时的情况就是，青山集团拿不出货就得赔钱上千亿，没钱就得卖印尼的镍矿，中国企业辛辛苦苦建立的新能源产业链，恐将遭到狠狠一棒槌。这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。虽然当时还不知道谁下手的，但3月9日，青山集团的反杀就开始了。青山控股回应称，将用旗下高冰镍置换国内金属镍板，已通过多种渠道调配到充足现货进行交割。从小道消息来看，当时业内好几家大型企业都参与到了此次的置换，可谓是众志成城。项光达的原话是：“接到很多电话，国家有关部门和领导对青山都很支持。”那么，最后的结果为什么不是青山集团拿出20万吨镍交割品，交给华尔街接盘侠，让他们拿货无处存放，最后只能低价出售，赔上百亿美金呢？凑了20万吨镍交割品固然能够解决燃眉之急，但这么多镍交出去，国内企业该怎么办？难道所有企业都停止生产，等上几个月，新镍生产出来再恢复生产？这么做，固然很解气，付出的代价也太大了。项光达作为成熟的企业家，3月9日到3月15日，他在能拿出20万吨交割品的底气下，同对手进行了谈判，最终达成了“静默协议”。从6月29日的消息来看，青山集团缩减了空头头寸让自己转危为安，华尔街机构虽然赔了点小钱，但避免了损失扩大化，算是两边都能接受的结果。/谁是“妖镍大战”真正的幕后黑手？/3月初事件发生时，有人按过计算器，说当时青山集团可能亏损80亿到120亿美金，折合人民币上千亿。逼空这么大体量资金，涉及的资金必然不会少。当时有人怀疑大宗商品巨头嘉能可是幕后黑手，目的是为了拿到青山在印尼镍矿60%的股权。嘉能可成立于1974年，是瑞士最大的企业，营业收入高达2151.1亿美元，经营范围覆盖矿产品、能源产品和农产品的供应。但嘉能可不可能自己拿出这么多钱，背后一定有团队。从目前的情况看，至少现在已经逼出来摩根大通和埃利奥特这两头“来自华尔街的狼”。4月，摩根大通第一季财报早就出卖了它，财报显示与镍相关的业务出现了1.2亿美元的亏损。能让华尔街老牌投行一季度在单一期货商品上大亏上亿美元，除了参与了3月的“妖镍逼空”事件，很难有别的理由让人信服。事后相关信息也证明，它是青山集团大量空头头寸的最大交易对手方。而三个月前，在青山逾15万吨的镍空头头寸中，约有5万吨是通过摩根大通场外头寸持有，当时青山控股集团一度欠摩根大通约10亿美元保证金。短短三个月间，摩根大通便陷入了1.2亿美元亏损的泥潭。财务上出了这么大窟窿，负责人总得说点什么吧。摩根大通首席执行官杰米·戴蒙（Jamie Dimon）不情愿地说：“我们本季度有一点亏损，我们会设法渡过难关的。我们会对自己做错了什么，以及伦金所之后可以采取哪些不同措施进行事后分析。”这句话说的很官方，但细品有两重意思：一，他们是在帮客户做事，摩根大通亏了，他们的客户也亏了。至于客户是谁，是不是嘉能可，并没说。二，他们对伦金所“拔网线”的行为是有保留意见的，说不定还得“采取措施”。摩根大通会采取什么措施不好说，但有人已经开始行动了，他们似乎并不认输，还在做最后的挣扎。▲图源/视觉中国根据港交所6月6日发布的公告，6月1日美国著名投资公司“埃利奥特管理公司”向他们发难，认为伦金所“取消2022年3月8日英国时间00：00之后交易的行为不合法。”埃利奥特旗下两只对冲基金将港交所和其子公司伦金所（LME）及其清算公司LME Clear Limite告上英国高等法院，准备索赔约4.56亿美元，约30亿人民币。埃利奥特管理公司成立于1977年，2021年底基金管理规模超515亿美元，它是名副其实的华尔街之狼，以强硬、激进、狠辣的投资风格闻名。埃利奥特到底有多凶狠？它能让一个国家不得安生。2000年底，阿根廷动荡不安，半个月连续换了5任总统，高达1500亿美元的外债无力偿还。正当其他金融机构避之不及时，埃利奥特用6.17亿美元抄底阿根廷国债。此后9年时间里，阿根廷为了重振经济提出债务重组方案，埃利奥特为首的债权人2次无情拒绝，还将阿根廷告上美国法庭。想象不到这招有多狠，可以类比现在债权人不同意恒大重组，恒大会怎样。2017年6月16日，美国最高法院最终判决阿根廷败诉。阿根廷含泪拿出了22.8亿美元和解，这一单埃利奥特赚了3.7倍，但每一分钱都是阿根廷人民的血汗钱。至于到底有多少华尔街的资本机构参与此事，目前还不明确。如果埃利奥特能从与港交所的官司中获胜，或许有可能看到。因为“分肉”的时候，华尔街的狼才会愿意倾巢出动。/“中国镍王”捏住马斯克们命门？ /据《每日经济新闻》报道，嘉能可相关人员在回复是否参与此事时表示，“上述这种说法完全是胡说八道（total nonsense）。”但报道中也同时指出有行内人员认为嘉能可即使没有直接参与，也是这一波行情的间接参与者。市场之所以这样猜测，是因为在全球范围内，对于金属镍的争夺已经进入白热化的阶段。镍是制造新能源三元锂电池的重要原材料之一，在电池总成本中占比将近30%，如果是高镍、超高镍电池这个比例还将更高。但镍元素在全世界分布不均，开采难度大。“镍焦虑”是新能源汽车大佬的普遍问题，连特斯拉CEO马斯克都说，镍原料的短缺是影响电动车电池生产的最大障碍。数据显示，2021年3月至2022年3月，伦金所的镍库存持续下降，降幅接近70%。主要原因是镍交割品被大量买去用于制造新能源电池。预计2023年-2025年镍的缺口分别为-2.56万吨、-2.79万吨、-6.53万吨。这不就是老天爷端着饭碗给项光达喂饭吗？1958年项光达出生于温州龙湾沙城镇的一个普通工人家庭。毕业后在国企干了八年，还当上了车间主任。1988年，项光达准备“三十而立”，他放弃了当时人人羡慕的“铁饭碗”，联合张积敏等亲戚合伙创办了“浙江瓯海汽车门窗制造公司”。由于注重研发，项光达的汽车门窗生意很好。1993年底，他与中国一汽车轮厂联合开发汽车轮辋钢，并投资2400万元，成立“浙江丰业异型钢公司”。并于1995年改组公司，成立“浙江丰业集团有限公司”，正式进入不锈钢行业。2005年之后，整个钢铁行业进入去库存周期。项光达意识到，如果不改变，企业迟早淹没在不锈钢企业的洪流中。项光达拿出100亿投入研发新技术，率先引进国际先进的回转窑—矿热炉（RKEF）冶炼工艺，又带队研发出RKEF—AOD炉双联法新技术，把不锈钢冶炼的总能耗砍掉了50%，每吨成本节省800元。“不锈钢60%--70%都是镍，那镍是谁来生产的？是老外生产的，我们自己没有生产。”项光达又将生产“镍”提到了议事日程。2008年金融危机时，项光达趁机收购了全球镍储量最高的印尼镍矿。青山控股与印尼八星投资有限公司合资设立苏拉威西矿业投资有限公司，获得了面积为4.70万公顷的红土镍矿开采权。矿业园区很快建立，2010年2月，第一次由中国公司在国外生产的镍顺利装船回国。青山控股集团又攻克了用红土镍矿提纯高冰镍的技术，一通操作下来，项光达已经打通了镍生产的上下游。有“镍”在手，不锈钢不愁。青山控股集团旗下有十多家不锈钢类子公司，2009年至2019年，青山控股不锈钢产量从百万吨增至千万吨，销售额从几百亿增至2000多亿元，目前已经坐稳全球最大不锈钢生产企业的宝座。项光达也成为当地政府企业座谈会上的常客。2021年青山控股集团总营收高达2928.92亿，位列世界500强第279位。天眼查显示，项光达通过各种路径，占有青山控股集团的股权比例高达48.45%，是集团的实际控制人。▲青山控股股权结构/天眼查截图这些年，新能源产业逐步兴起，尤其是2020年之后，新能源成为当下最火的赛道，没有之一。A股的宁德时代、比亚迪市值破万亿，特斯拉的市值甚至超过几家老牌汽车公司市值总和。新能源行业缺镍，项光达手里有很多。青山控股2021年镍产量为60万吨，2022年将达到85万吨占到全球总量的30%，2023年更将达到110万吨。手握全球近30%的镍产量，可以说，项光达是妥妥的“镍之王”，也把新能源汽车行业的命门捏得死死的。不满足只是给新能源汽车“打工”，目前青山集团已携手徐工集团，入局新能源汽车产业。只是人红是非多，风口上的猪也是最容易被下手的对象。安然渡过这一“劫”的项光达，还是要小心，他手上的“镍”太多，太诱人了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043478220,"gmtCreate":1655957582860,"gmtModify":1676535740403,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043478220","repostId":"1122450899","repostType":2,"repost":{"id":"1122450899","kind":"news","pubTimestamp":1655908485,"share":"https://ttm.financial/m/news/1122450899?lang=en_US&edition=fundamental","pubTime":"2022-06-22 22:34","market":"us","language":"zh","title":"Why is the Federal Reserve afraid to bail out US stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1122450899","media":"见闻VIP会员","summary":"股市下跌的确推动了劳动力返回劳动力市场。","content":"<p><html><head></head><body>The long-term sustained and rapid rise in US stocks has led to a continuous decline in the US labor force participation rate, with a significant drop. It shows that asset appreciation, including stock investments and pensions, is leading more and more of the American workforce to leave the labor market, either for financial freedom or to reduce pressure to retire early.</p><p>The current plunge in US stocks, while reducing the assets of US residents, also has benefits—\"helping\" the workforce return to the labor market more quickly. This will help reverse the trend of labor leaving the labor market and help improve labor supply shortages; If the US stock market is maintained, it may exacerbate the labor shortage. This may be one of the reasons why the Federal Reserve is hesitant to bail out US stocks.</p><p><b>Does a continuous rise in US stocks have side effects?</b></p><p>Following a 40-year high in U.S. CPI data in June and rising rate hike expectations, U.S. stocks plunged again. As of June 17, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite had fallen by 22.90%, 17.75%, and 30.98% year-to-date, respectively.</p><p>The Nasdaq has seen a maximum pullback/retracement of 35% since its current high, surpassing the largest pullback/retracement during the COVID-19 pandemic in 2020. Moreover, unlike then, the Federal Reserve is no longer likely to provide massive quantitative easing to rescue the market, and the downward cycle of US stocks seems to be far from over.</p><p>As previously mentioned by Jianwen VIP, the stock market crash in the United States has shrunk American household wealth due to the deep \"tie\" between American household assets and pensions. According to data from the Federal Reserve, asset prices such as real estate rose in the first quarter, but equity assets brought about by company stocks shrank significantly.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea2128b9ff440a2cd6f75fe3cba8f8f2\" tg-width=\"1089\" tg-height=\"521\" referrerpolicy=\"no-referrer\"/><span>Chart: Changes in net worth of U.S. households and non-profit organizations (Source: Federal Reserve)</span></p><p>Given that US stocks fell more sharply in the second quarter than in the first quarter, this contraction is expected to continue to widen in the second quarter.</p><p>Previously, the market believed that because US stocks were deeply tied to pension funds, the Federal Reserve had \"put options\" and would not allow US stocks to fall. However, with rising inflation and a tight labor market, the side effects of rising US stocks have become apparent, and the Federal Reserve's abandonment of \"put options\" also has a deeper meaning.</p><p><b>The US stock market has risen so much that nobody is willing to work anymore?</b></p><p>According to data from the Federal Reserve, the largest proportion of the assets of wealthy Americans are company stocks and mutual funds, while the wealth of the middle class is mainly concentrated in stocks, funds, and pensions.</p><p><img src=\"https://static.tigerbbs.com/7c6fff708501e31bfde5fcbf666ef1ed\" tg-width=\"1098\" tg-height=\"511\" referrerpolicy=\"no-referrer\"/></p><p>In the United States, pension funds are deeply tied to US stocks, with more than 60% of pension funds allocated to the equity market.</p><p>The long bull market in US stocks has attracted a larger proportion of pension funds to the market, bringing substantial returns to pension funds. However, problems also arise: when pension earnings are \"too much,\" it may allow more people, especially the middle class, to reach the threshold of \"financial freedom,\" or \"worry-free retirement.\"</p><p>This will also reduce residents' willingness to participate in labor. Judging from the labor force participation rate and stock market trends in the United States, over the past 20 years, benefiting from the rapid development of \"technology and the Internet\", US stocks have risen tremendously, especially the Nasdaq, which has seen a maximum increase of more than ten times in 20 years. The huge wealth appreciation effect brought about by the rapid appreciation of stock investment and pension funds has also led to a significant decline in the labor force participation rate in the United States. From 67 percent in 2000 to around 62 percent today.</p><p><img src=\"https://static.tigerbbs.com/b7ae51f632b488b5e3ae2fefd15f0b22\" tg-width=\"1107\" tg-height=\"755\" referrerpolicy=\"no-referrer\"/></p><p>It should be noted that the labor force participation rate refers to the proportion of the population willing to participate in labor (including the number of employed and unemployed people looking for work) relative to the working-age population (16-64 years old). This figure mainly reflects the willingness of the working-age population to work and is not significantly affected by changes in demographic structure, especially population aging.</p><p>As can be seen,<b>Due to the significant effect of wealth appreciation, in the past 20 years, especially after the 2008 financial crisis, the global \"massive monetary easing\" has led to an accelerated rise in US stocks and a rapid decline in the labor force participation rate. This means that this round of wealth appreciation has led more people to choose not to work or retire early.</b></p><p>This has exacerbated the recent tight labor market in the United States, accelerated the growth of U.S. wages, and contributed to a further rise in inflation.</p><p>Furthermore, from a long-term perspective, this trend has not only reduced the willingness of American residents to work, but also distorted the reference value of economic data. The U.S. economic growth rate has dropped from around 5% before 2000 to around 2% before the pandemic, but the unemployment rate has reached an even lower low.</p><p><img src=\"https://static.tigerbbs.com/5a8b6cf636e99116ca7a0ff2f039e030\" tg-width=\"1109\" tg-height=\"756\" referrerpolicy=\"no-referrer\"/></p><p>During periods of rising inflation caused by supply and demand imbalances, this change makes the supply and demand relationship in the labor market more tight, making it easier for wages to rise, thus forming a spiral upward cycle of \"wages and prices\".</p><p><b>Cooling down US stocks is also...</b>\"<b>help</b>\"<b>Workforce accelerates return to work</b></p><p>As the wealth effect of the US stock market over the past 20 years has led more and more people to choose not to work, and against the backdrop of high inflation and labor shortages, if the Federal Reserve exercises its \"put options\" to protect the retirement interests of American residents, it may actually exacerbate the trend of the workforce moving away from the labor market.</p><p>Looking at the ratio of labor force participation rate to non-laborers in the United States (1-labor force participation rate), in addition to the special impact of the COVID-19 pandemic, the decline in US stocks in 2018 and 2022 caused a phased widening of both - an increase in the labor force and a decrease in the non-labor force.</p><p><img src=\"https://static.tigerbbs.com/5be719aaba590412cc9c8f6b0b1b4071\" tg-width=\"1110\" tg-height=\"752\" referrerpolicy=\"no-referrer\"/></p><p>This likely suggests that the stock market decline did indeed drive labor back into the labor market.</p><p><b>Therefore, the Federal Reserve not only dares not let US stocks rise in this round, but also needs to use the power of the US stock market decline to \"help\" the workforce accelerate their return to work in order to improve the predicament of insufficient labor supply.</b></p><p></body></html></p>","source":"lsy1646046088746","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why is the Federal Reserve afraid to bail out US stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy is the Federal Reserve afraid to bail out US stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">见闻VIP会员</strong><span class=\"h-time small\">2022-06-22 22:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The long-term sustained and rapid rise in US stocks has led to a continuous decline in the US labor force participation rate, with a significant drop. It shows that asset appreciation, including stock investments and pensions, is leading more and more of the American workforce to leave the labor market, either for financial freedom or to reduce pressure to retire early.</p><p>The current plunge in US stocks, while reducing the assets of US residents, also has benefits—\"helping\" the workforce return to the labor market more quickly. This will help reverse the trend of labor leaving the labor market and help improve labor supply shortages; If the US stock market is maintained, it may exacerbate the labor shortage. This may be one of the reasons why the Federal Reserve is hesitant to bail out US stocks.</p><p><b>Does a continuous rise in US stocks have side effects?</b></p><p>Following a 40-year high in U.S. CPI data in June and rising rate hike expectations, U.S. stocks plunged again. As of June 17, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite had fallen by 22.90%, 17.75%, and 30.98% year-to-date, respectively.</p><p>The Nasdaq has seen a maximum pullback/retracement of 35% since its current high, surpassing the largest pullback/retracement during the COVID-19 pandemic in 2020. Moreover, unlike then, the Federal Reserve is no longer likely to provide massive quantitative easing to rescue the market, and the downward cycle of US stocks seems to be far from over.</p><p>As previously mentioned by Jianwen VIP, the stock market crash in the United States has shrunk American household wealth due to the deep \"tie\" between American household assets and pensions. According to data from the Federal Reserve, asset prices such as real estate rose in the first quarter, but equity assets brought about by company stocks shrank significantly.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea2128b9ff440a2cd6f75fe3cba8f8f2\" tg-width=\"1089\" tg-height=\"521\" referrerpolicy=\"no-referrer\"/><span>Chart: Changes in net worth of U.S. households and non-profit organizations (Source: Federal Reserve)</span></p><p>Given that US stocks fell more sharply in the second quarter than in the first quarter, this contraction is expected to continue to widen in the second quarter.</p><p>Previously, the market believed that because US stocks were deeply tied to pension funds, the Federal Reserve had \"put options\" and would not allow US stocks to fall. However, with rising inflation and a tight labor market, the side effects of rising US stocks have become apparent, and the Federal Reserve's abandonment of \"put options\" also has a deeper meaning.</p><p><b>The US stock market has risen so much that nobody is willing to work anymore?</b></p><p>According to data from the Federal Reserve, the largest proportion of the assets of wealthy Americans are company stocks and mutual funds, while the wealth of the middle class is mainly concentrated in stocks, funds, and pensions.</p><p><img src=\"https://static.tigerbbs.com/7c6fff708501e31bfde5fcbf666ef1ed\" tg-width=\"1098\" tg-height=\"511\" referrerpolicy=\"no-referrer\"/></p><p>In the United States, pension funds are deeply tied to US stocks, with more than 60% of pension funds allocated to the equity market.</p><p>The long bull market in US stocks has attracted a larger proportion of pension funds to the market, bringing substantial returns to pension funds. However, problems also arise: when pension earnings are \"too much,\" it may allow more people, especially the middle class, to reach the threshold of \"financial freedom,\" or \"worry-free retirement.\"</p><p>This will also reduce residents' willingness to participate in labor. Judging from the labor force participation rate and stock market trends in the United States, over the past 20 years, benefiting from the rapid development of \"technology and the Internet\", US stocks have risen tremendously, especially the Nasdaq, which has seen a maximum increase of more than ten times in 20 years. The huge wealth appreciation effect brought about by the rapid appreciation of stock investment and pension funds has also led to a significant decline in the labor force participation rate in the United States. From 67 percent in 2000 to around 62 percent today.</p><p><img src=\"https://static.tigerbbs.com/b7ae51f632b488b5e3ae2fefd15f0b22\" tg-width=\"1107\" tg-height=\"755\" referrerpolicy=\"no-referrer\"/></p><p>It should be noted that the labor force participation rate refers to the proportion of the population willing to participate in labor (including the number of employed and unemployed people looking for work) relative to the working-age population (16-64 years old). This figure mainly reflects the willingness of the working-age population to work and is not significantly affected by changes in demographic structure, especially population aging.</p><p>As can be seen,<b>Due to the significant effect of wealth appreciation, in the past 20 years, especially after the 2008 financial crisis, the global \"massive monetary easing\" has led to an accelerated rise in US stocks and a rapid decline in the labor force participation rate. This means that this round of wealth appreciation has led more people to choose not to work or retire early.</b></p><p>This has exacerbated the recent tight labor market in the United States, accelerated the growth of U.S. wages, and contributed to a further rise in inflation.</p><p>Furthermore, from a long-term perspective, this trend has not only reduced the willingness of American residents to work, but also distorted the reference value of economic data. The U.S. economic growth rate has dropped from around 5% before 2000 to around 2% before the pandemic, but the unemployment rate has reached an even lower low.</p><p><img src=\"https://static.tigerbbs.com/5a8b6cf636e99116ca7a0ff2f039e030\" tg-width=\"1109\" tg-height=\"756\" referrerpolicy=\"no-referrer\"/></p><p>During periods of rising inflation caused by supply and demand imbalances, this change makes the supply and demand relationship in the labor market more tight, making it easier for wages to rise, thus forming a spiral upward cycle of \"wages and prices\".</p><p><b>Cooling down US stocks is also...</b>\"<b>help</b>\"<b>Workforce accelerates return to work</b></p><p>As the wealth effect of the US stock market over the past 20 years has led more and more people to choose not to work, and against the backdrop of high inflation and labor shortages, if the Federal Reserve exercises its \"put options\" to protect the retirement interests of American residents, it may actually exacerbate the trend of the workforce moving away from the labor market.</p><p>Looking at the ratio of labor force participation rate to non-laborers in the United States (1-labor force participation rate), in addition to the special impact of the COVID-19 pandemic, the decline in US stocks in 2018 and 2022 caused a phased widening of both - an increase in the labor force and a decrease in the non-labor force.</p><p><img src=\"https://static.tigerbbs.com/5be719aaba590412cc9c8f6b0b1b4071\" tg-width=\"1110\" tg-height=\"752\" referrerpolicy=\"no-referrer\"/></p><p>This likely suggests that the stock market decline did indeed drive labor back into the labor market.</p><p><b>Therefore, the Federal Reserve not only dares not let US stocks rise in this round, but also needs to use the power of the US stock market decline to \"help\" the workforce accelerate their return to work in order to improve the predicament of insufficient labor supply.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/urRTjpdQp6P3QNKued-zAg\">见闻VIP会员</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5c7529fdbb41cb6b3c19bcb2904f4970","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/urRTjpdQp6P3QNKued-zAg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122450899","content_text":"长期以来美股的持续、较快上涨，令美国劳动参与率持续降低，降幅较为明显。显示出包括股票投资、养老金在内的资产增值，令越来越多的美国劳动力离开劳动力市场，或财务自由，或压力减轻提前退休。目前美股暴跌，虽令美股居民资产缩水，但也有好处——\"帮助\"劳动力加速返回劳动力市场。这有助于扭转劳动力离开劳动力市场的趋势，帮助改善劳动力供给短缺；而如果维护美股，则可能加剧劳动力供给短缺。这可能也是美联储不敢救美股的原因之一。美股一直涨也是有副作用的？在6月份美国CPI数据创40年新高，加息预期升温后，美股再度大幅跳水，截至6月17日，标普500、道指、纳指年内跌幅分别达到22.90%、17.75%和30.98%。纳斯达克自本轮高点最大回撤幅度达到35%，已经超过了2020年新冠疫情时期的最大回撤。而且，与彼时不同，美联储已不可能再\"大放水\"救市了，美股的下行周期似乎仍未结束。见闻VIP此前提到，由于美国家庭资产与养老金深度\"绑定\"，美股暴跌令美国家庭财富缩水。根据美联储数据显示，一季度房地产等资产价格上涨，但公司股票带来的权益类资产缩水较为严重。图：美国家庭和非盈利组织净资产变化（来源：美联储）考虑到2季度美股跌的比1季度更凶，2季度该项缩水还会继续加大。此前市场一直认为由于美股与养老金深度绑定，美联储有\"看跌期权\"，不会放任美股下跌。但随着通胀上升、劳动力市场紧俏，美股上涨的副作用已经显现，美联储放弃\"看跌期权\"也另有深意。美股涨太多，都没人愿意干活了？根据美联储数据显示，美国富人的资产中比例最大的部分为公司股票、共同基金，而中产财富主要集中于股票、基金和养老金当中。而美国的养老金与美股\"深度绑定\"，养老金中超过60%的比例配置在权益市场。美股的长牛吸引了更大比例的养老金入市，为养老金带来了丰厚的回报。但问题也随之而来，当养老金赚的\"太多了\"，这可能让更多人，尤其是中产阶级摸到了\"财务自由\"门槛、或者说\"养老无忧\"。而这也会降低居民参与劳动的意愿。从美国的劳动参与率和股市的走势来看，20多年来，在\"科技互联网\"高速发展的红利之下，美股涨幅巨大，尤其以纳斯达克为首，20年间最大涨幅超过十倍。股票投资、养老金快速增值带来的巨大财富增值效应也令美国的劳动参与率显著下滑。从2000年的67%降至目前的62%附近。需要注意的是，劳动参与率统计的是愿意参与劳动的人口（包括就业和在找工作的失业人数）相对适龄劳动人口（16-64岁人口）的比例。该数值主要反应适龄劳动力的工作意愿，受人口结构变化、尤其是人口老龄化的影响并不显著。可以看出，由于财富增值效应显著，近20年来，尤其是08年金融危机后，全球\"大放水\"导致美股加速上涨，劳动参与率也快速下滑，意味着这一轮财富增值令更多的人选择不工作或提前退休。这就加剧了近期美国劳动力市场紧俏的局面，加速了美国薪资的增长，为通胀进一步上升\"添砖加瓦\"。另外，从长期数据来看，这种趋势除了降低了美国居民的劳动意愿，也扭曲了经济数据的参考意义。美国的经济增速从2000年前的5%左右，降至疫情前2%左右水平，但失业率低点却更低了。在由供需不平衡引发的通胀上行时期，这种变化就令劳动力市场的供求关系更加紧俏，从而更易于涨薪，进而形成\"薪资-物价\"螺旋式上升循环。给美股降温，也是在\"帮助\"劳动力加速返岗由于美股过去20年的财富效应令越来越多的人选择不工作，在当前大通胀、劳动力供给短缺的背景下，美联储如果在行使「看跌期权」保卫美国居民养老金利益，可能会反而加剧劳动力远离劳动力市场的趋势。从美国的劳动参与率与非劳动者比例（1-劳动参与率）来看，除了新冠疫情的特殊影响外，2018年及2022年的美股下跌，都造成了二者阶段性走阔——劳动人口增加、非劳动人口减少。这很可能说明，股市下跌的确推动了劳动力返回劳动力市场。因此，本轮美联储不仅不敢让美股走强，甚至还需要借助美股下跌的力量来\"帮助\"劳动力加速返岗，以改善劳动力供给不足的困境。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9054237843,"gmtCreate":1655391644582,"gmtModify":1676535629202,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9054237843","repostId":"2243974660","repostType":2,"repost":{"id":"2243974660","kind":"highlight","pubTimestamp":1655360539,"share":"https://ttm.financial/m/news/2243974660?lang=en_US&edition=fundamental","pubTime":"2022-06-16 14:22","market":"us","language":"zh","title":"The \"Lehman Brothers crisis\" is escalating in the cryptocurrency world, and now it's hedge funds' turn!","url":"https://stock-news.laohu8.com/highlight/detail?id=2243974660","media":"华尔街见闻","summary":"继5月中旬稳定币UST和其姊妹代币LUNA遭遇了“死亡踩踏”之后，眼看着币圈从“货币危机”发酵到“银行危机”，随后新的危机接踵而至——这次轮到了对冲基金。币圈“雷曼危机”蔓延到了对冲基金在传统金融中，当公司试图通过亏本出售某些资产来偿还债务时，就会发生清算。为了防止挤兑，Celsius周一宣布冻结提款，此举引发了市场担忧。在“货币危机”和“银行危机”之后，币圈的新危机蔓延到了对冲基金身上。","content":"<p><html><head></head><body>Following the \"death stampede\" of the stablecoin UST and its sister token LUNA in mid-May, a new crisis followed as the cryptocurrency world escalated from a \"currency crisis\" to a \"banking crisis\"—this time it was the turn of hedge funds.</p><p>Sources indicate that Three Arrows Capital, one of the largest hedge funds in the cryptocurrency market, may face bankruptcy after a large-scale liquidation following the collapse of cryptocurrencies LUNA and UST.</p><p>According to The Defiant, a decentralized finance (DeFi) news and information platform, Dubai-based Three Arrows Capital liquidated approximately $45 million worth of stETH, an Ethereum (ETH) staked on The Ethereum beacon chain, on Tuesday local time, making Three Arrows Capital The largest token seller in The past week.</p><p>What worries investors even more is that, according to The<a href=\"https://laohu8.com/S/SQ\">Block</a>It is reported that Three Arrows Capital's total liquidation on lending platforms such as Deribit and BlockFi could reach as much as $400 million.</p><p><b>If everything is true, then Sanjian Capital is very likely to face bankruptcy.</b></p><p><b>The \"Lehman Brothers Crisis\" in the cryptocurrency world has spread to hedge funds.</b></p><p>In traditional finance, liquidation occurs when a company attempts to repay its debts by selling certain assets at a loss. In the DeFi space, funds or agreements sell crypto assets to repay their debts.</p><p>As one of the largest hedge funds in the cryptocurrency market, Three Arrows Capital's portfolio once included tokens such as Avalanche, Solana, Polkadot, and Terra, making it an undeniable \"top-tier\" hedge fund in the cryptocurrency world.</p><p>Some media outlets reported that Sanjian Capital's assets under management once reached $10 billion.</p><p>However, among the strong portfolios once owned by Three Arrows Capital, Terra has now fallen to almost zero, while Solana and Avalanche have fallen by 77% and 90% respectively since their respective record highs, suggesting that the top venture capitalists appear to be in trouble.</p><p>Subsequently, a new tweet from Zhu Su, co-founder of Three Arrows Capital, appeared to confirm these speculations and further raised concerns about a potential chain reaction in the crypto lending market.</p><p>On Tuesday evening local time, Zhu Su tweeted:</p><p>We are in communication with the relevant parties and are committed to fully resolving this issue.<img src=\"https://static.tigerbbs.com/f6b708a7a29bccba67d263ac9fb182d7\" tg-width=\"523\" tg-height=\"281\" referrerpolicy=\"no-referrer\"/><b>Cryptocurrency Market Crash: From \"Currency Crisis\" to \"Bank Crisis\"</b></p><p>Before investors noticed something was wrong with hedge funds, cryptocurrency banks had already collapsed.</p><p><b>With recent US CPI data continuing to rise more than expected and repeatedly hitting new highs in 40 years, the Federal Reserve has vowed to curb high inflation, and the market expects the Fed to continue its aggressive rate hike.</b></p><p><b>As a result, global risk assets collectively plummeted.</b></p><p>With the era of ample liquidity over, cryptocurrency investors are trembling, and the cryptocurrency market, which once rose sharply, is facing a cold winter.</p><p>Not only did Bitcoin, the world's largest stablecoin by market capitalization, continue to fall, but the \"death stampede\" experienced by UST, the third largest stablecoin, and its sister token Luna also triggered market shocks.</p><p>As previously mentioned in a Wall Street Insights article, Celsius, a cryptocurrency bank and crypto lending giant, faced a major blow due to the collapse of risky assets.</p><p>To prevent a bank run, Celsius announced on Monday that it would freeze withdrawals, a move that sparked market concerns.</p><p><b>Investors are concerned that if Celsius is required to cease operations, a chain reaction will occur across dozens of related DeFi projects, cryptocurrencies, and other digital assets.</b></p><p>Some media outlets have reported that Celsius holds a significant position in the industry, with the company claiming to have 1.7 million users. As of May 17, the company had assets worth $11.8 billion.</p><p>In addition, investors are concerned that Tether Limited, a shareholder of Celsius and the issuer of Tether, the world's largest stablecoin, may also be dragged into the mix. It's important to understand that Tether is like Lehman Brothers in the cryptocurrency world.</p><p>Tether is the largest operator in the $180 billion stablecoin space, playing a key role in facilitating transactions across the cryptocurrency market and providing connections to the mainstream financial system, equivalent to the financial infrastructure of the cryptocurrency world.</p><p>On Monday, Tether attempted to \"keep its distance\" from Celsius in a blog post:</p><p>While Tether's portfolio does include an investment in the company (Celsius), it represents only a small portion of our shareholders' equity, and there is no correlation between this investment and our own reserves or stability. In response, Saleuddin of crypto media company Blockworks stated that due to the vague nature of Tether's disclosures, it is impossible to know exactly how much risk Tether's assets are facing.</p><p><b>Could Three Arrows Capital be the latest domino to fall in the crypto bear market?</b></p><p>Following the \"currency crisis\" and the \"banking crisis,\" a new crisis in the cryptocurrency world has spread to hedge funds.</p><p>Cryptocurrency trader Moon Overlord pointed out that Celsius has not been the biggest seller of stETH in the past few days. He said:</p><p><b>Some people think Celsius is the biggest dumper of stETH, but in fact, Three Arrows Capital is.</b>Three Arrows Capital is dumping their accounts and seed round investment addresses, most of which appear to be to repay their debts and outstanding loans.<img src=\"https://static.tigerbbs.com/78124b2fe0b2939c49760263db9c398f\" tg-width=\"509\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/>Furthermore, according to DeFi analyst DeFiyst, Three Arrows Capital's \"massive sell-off\" of stETH began after the collapse of Terra's UST stablecoin in May of this year. He pointed out:</p><p>The price of stETH relative to ETH briefly fell to 95 cents in May, when Three Arrows Capital withdrew 127,000 stETH from Curve, which was then worth $246 million. Before the sell-off began this week, they had been frequently trading between AAVE and wstETH. It is worth noting that stETH should trade at a 1:1 ratio with ETH, because once the mainnet merger occurs, the derivative token stETH can be exchanged for Ethereum.</p><p>However, since June 9, the \"linkage\" ratio has shown signs of declining, once falling to 0.89.</p><p>As of press time on June 16, the stETH to ETH exchange ratio on Curve had fallen to 0.93, and stETH's market capitalization had dropped from approximately $10 billion in early May to $4 billion.</p><p><img src=\"https://static.tigerbbs.com/adc497aa733d961bad25f176a45038cb\" tg-width=\"248\" tg-height=\"123\" referrerpolicy=\"no-referrer\"/></p><p>Data from on-chain data analytics platform Nansen shows that on Tuesday, Three Arrows Capital withdrew 80,000 stETH from the decentralized lending agreement Aave and exchanged 38,900 stETH (approximately $45 million) in two transactions at a price spread of 5.6%-5.9%.</p><p>According to The Block, Three Arrows Capital's $400 million position has been liquidated. In addition, cryptocurrency analyst Onchain Wizard stated that if the market continues to decline, Three Arrows Capital's additional $300 million positions in Aave and Compound will also face liquidation risks.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"Lehman Brothers crisis\" is escalating in the cryptocurrency world, and now it's hedge funds' turn!</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 \"Lehman Brothers crisis\" is escalating in the cryptocurrency world, and now it's hedge funds' turn!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-06-16 14:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Following the \"death stampede\" of the stablecoin UST and its sister token LUNA in mid-May, a new crisis followed as the cryptocurrency world escalated from a \"currency crisis\" to a \"banking crisis\"—this time it was the turn of hedge funds.</p><p>Sources indicate that Three Arrows Capital, one of the largest hedge funds in the cryptocurrency market, may face bankruptcy after a large-scale liquidation following the collapse of cryptocurrencies LUNA and UST.</p><p>According to The Defiant, a decentralized finance (DeFi) news and information platform, Dubai-based Three Arrows Capital liquidated approximately $45 million worth of stETH, an Ethereum (ETH) staked on The Ethereum beacon chain, on Tuesday local time, making Three Arrows Capital The largest token seller in The past week.</p><p>What worries investors even more is that, according to The<a href=\"https://laohu8.com/S/SQ\">Block</a>It is reported that Three Arrows Capital's total liquidation on lending platforms such as Deribit and BlockFi could reach as much as $400 million.</p><p><b>If everything is true, then Sanjian Capital is very likely to face bankruptcy.</b></p><p><b>The \"Lehman Brothers Crisis\" in the cryptocurrency world has spread to hedge funds.</b></p><p>In traditional finance, liquidation occurs when a company attempts to repay its debts by selling certain assets at a loss. In the DeFi space, funds or agreements sell crypto assets to repay their debts.</p><p>As one of the largest hedge funds in the cryptocurrency market, Three Arrows Capital's portfolio once included tokens such as Avalanche, Solana, Polkadot, and Terra, making it an undeniable \"top-tier\" hedge fund in the cryptocurrency world.</p><p>Some media outlets reported that Sanjian Capital's assets under management once reached $10 billion.</p><p>However, among the strong portfolios once owned by Three Arrows Capital, Terra has now fallen to almost zero, while Solana and Avalanche have fallen by 77% and 90% respectively since their respective record highs, suggesting that the top venture capitalists appear to be in trouble.</p><p>Subsequently, a new tweet from Zhu Su, co-founder of Three Arrows Capital, appeared to confirm these speculations and further raised concerns about a potential chain reaction in the crypto lending market.</p><p>On Tuesday evening local time, Zhu Su tweeted:</p><p>We are in communication with the relevant parties and are committed to fully resolving this issue.<img src=\"https://static.tigerbbs.com/f6b708a7a29bccba67d263ac9fb182d7\" tg-width=\"523\" tg-height=\"281\" referrerpolicy=\"no-referrer\"/><b>Cryptocurrency Market Crash: From \"Currency Crisis\" to \"Bank Crisis\"</b></p><p>Before investors noticed something was wrong with hedge funds, cryptocurrency banks had already collapsed.</p><p><b>With recent US CPI data continuing to rise more than expected and repeatedly hitting new highs in 40 years, the Federal Reserve has vowed to curb high inflation, and the market expects the Fed to continue its aggressive rate hike.</b></p><p><b>As a result, global risk assets collectively plummeted.</b></p><p>With the era of ample liquidity over, cryptocurrency investors are trembling, and the cryptocurrency market, which once rose sharply, is facing a cold winter.</p><p>Not only did Bitcoin, the world's largest stablecoin by market capitalization, continue to fall, but the \"death stampede\" experienced by UST, the third largest stablecoin, and its sister token Luna also triggered market shocks.</p><p>As previously mentioned in a Wall Street Insights article, Celsius, a cryptocurrency bank and crypto lending giant, faced a major blow due to the collapse of risky assets.</p><p>To prevent a bank run, Celsius announced on Monday that it would freeze withdrawals, a move that sparked market concerns.</p><p><b>Investors are concerned that if Celsius is required to cease operations, a chain reaction will occur across dozens of related DeFi projects, cryptocurrencies, and other digital assets.</b></p><p>Some media outlets have reported that Celsius holds a significant position in the industry, with the company claiming to have 1.7 million users. As of May 17, the company had assets worth $11.8 billion.</p><p>In addition, investors are concerned that Tether Limited, a shareholder of Celsius and the issuer of Tether, the world's largest stablecoin, may also be dragged into the mix. It's important to understand that Tether is like Lehman Brothers in the cryptocurrency world.</p><p>Tether is the largest operator in the $180 billion stablecoin space, playing a key role in facilitating transactions across the cryptocurrency market and providing connections to the mainstream financial system, equivalent to the financial infrastructure of the cryptocurrency world.</p><p>On Monday, Tether attempted to \"keep its distance\" from Celsius in a blog post:</p><p>While Tether's portfolio does include an investment in the company (Celsius), it represents only a small portion of our shareholders' equity, and there is no correlation between this investment and our own reserves or stability. In response, Saleuddin of crypto media company Blockworks stated that due to the vague nature of Tether's disclosures, it is impossible to know exactly how much risk Tether's assets are facing.</p><p><b>Could Three Arrows Capital be the latest domino to fall in the crypto bear market?</b></p><p>Following the \"currency crisis\" and the \"banking crisis,\" a new crisis in the cryptocurrency world has spread to hedge funds.</p><p>Cryptocurrency trader Moon Overlord pointed out that Celsius has not been the biggest seller of stETH in the past few days. He said:</p><p><b>Some people think Celsius is the biggest dumper of stETH, but in fact, Three Arrows Capital is.</b>Three Arrows Capital is dumping their accounts and seed round investment addresses, most of which appear to be to repay their debts and outstanding loans.<img src=\"https://static.tigerbbs.com/78124b2fe0b2939c49760263db9c398f\" tg-width=\"509\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/>Furthermore, according to DeFi analyst DeFiyst, Three Arrows Capital's \"massive sell-off\" of stETH began after the collapse of Terra's UST stablecoin in May of this year. He pointed out:</p><p>The price of stETH relative to ETH briefly fell to 95 cents in May, when Three Arrows Capital withdrew 127,000 stETH from Curve, which was then worth $246 million. Before the sell-off began this week, they had been frequently trading between AAVE and wstETH. It is worth noting that stETH should trade at a 1:1 ratio with ETH, because once the mainnet merger occurs, the derivative token stETH can be exchanged for Ethereum.</p><p>However, since June 9, the \"linkage\" ratio has shown signs of declining, once falling to 0.89.</p><p>As of press time on June 16, the stETH to ETH exchange ratio on Curve had fallen to 0.93, and stETH's market capitalization had dropped from approximately $10 billion in early May to $4 billion.</p><p><img src=\"https://static.tigerbbs.com/adc497aa733d961bad25f176a45038cb\" tg-width=\"248\" tg-height=\"123\" referrerpolicy=\"no-referrer\"/></p><p>Data from on-chain data analytics platform Nansen shows that on Tuesday, Three Arrows Capital withdrew 80,000 stETH from the decentralized lending agreement Aave and exchanged 38,900 stETH (approximately $45 million) in two transactions at a price spread of 5.6%-5.9%.</p><p>According to The Block, Three Arrows Capital's $400 million position has been liquidated. In addition, cryptocurrency analyst Onchain Wizard stated that if the market continues to decline, Three Arrows Capital's additional $300 million positions in Aave and Compound will also face liquidation risks.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3662147\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e8de43451c68f57a0fdb81f66644722a","relate_stocks":{"QID":"两倍做空纳斯达克指数ETF-ProShares","BK4534":"瑞士信贷持仓","QNETCN":"纳斯达克中美互联网老虎指数","DXD":"两倍做空道琼30指数ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DOG":"道指ETF-ProShares做空","DJX":"1/100道琼斯","BK4516":"特朗普概念",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","TQQQ":"纳指三倍做多ETF","TWTR":"Twitter","BK4579":"人工智能","SDOW":"三倍做空道指30ETF-ProShares","QQQ":"纳指100ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK4508":"社交媒体","BK4077":"互动媒体与服务","DDM":"2倍做多道指ETF-ProShares"},"source_url":"https://wallstreetcn.com/articles/3662147","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2243974660","content_text":"继5月中旬稳定币UST和其姊妹代币LUNA遭遇了“死亡踩踏”之后，眼看着币圈从“货币危机”发酵到“银行危机”，随后新的危机接踵而至——这次轮到了对冲基金。有消息人士表示，受到加密货币LUNA和UST暴雷的影响，作为加密货币市场最大的对冲基金之一，三箭资本（Three Arrows Capital）可能将在大量清算后面临破产。据去中心化金融（DeFi）新闻资讯平台The Defiant称，当地时间周二，总部位于迪拜的三箭资本清算了大约4500万美元的stETH，这是一种质押在以太坊信标链上的以太坊（ETH），三箭资本也因此成为过去一周中最大的代币卖家。更令投资者担忧的是，据The Block称，三箭资本在Deribit和BlockFi等借贷平台的清算总额可能高达4亿美元。如果一切属实，那么三箭资本很可能即将面临破产。币圈“雷曼危机”蔓延到了对冲基金在传统金融中，当公司试图通过亏本出售某些资产来偿还债务时，就会发生清算。而在DeFi领域，基金或协议出售加密资产以偿还其债务。作为加密货币市场最大的对冲基金之一，三箭资本的投资组合曾包括Avalanche、Solana、Polkadot和Terra等代币，是币圈对冲基金中不可忽视的“顶流”。有媒体称，三箭资本资产管理规模一度达到100亿美元。然而，在三箭资本曾拥有的强大投资组合中，目前Terra几乎跌至零，Solana和Avalanche在各自创下历史新高以来分别下跌了77%和90%，风投“顶流”似乎陷入了困境。随后，三箭资本的联合创始人Zhu Su的新推文似乎证实了这些猜测，并进一步引发了人们对加密借贷市场潜在连锁反应的担忧。当地时间周二晚间，Zhu Su发表推文称：我们正在与相关方进行沟通，并致力于完全解决这个问题。加密货币市场崩盘：从“货币危机”到“银行危机”在投资者发现对冲基金不对劲之前，币圈银行就已经率先暴雷了。由于近期的美国CPI数据持续超预期上升，并一再刷新40年来新高，美联储发誓要按下高通胀，市场预期美联储将会持续激进加息。受此影响，全球风险资产集体跳水。随着流动性充裕的时代一去不复返，加密货币投资者“瑟瑟发抖”，曾经乘东风直上的加密货币市场“直面寒冬”。不仅第一大市值比特币“跌跌不休”，第三大稳定币UST和其姊妹代币Luna遭遇的“死亡踩踏”更是引发市场震动。华尔街见闻此前文章提及，受到风险资产崩盘的影响，币圈银行、加密借贷巨头Celsius的业务直面暴击。为了防止挤兑，Celsius周一宣布冻结提款，此举引发了市场担忧。投资者担心，如果Celsius被要求停止运营，那么相关数十个DeFi项目、加密货币和其他数字资产都将出现连锁反应。有媒体称，Celsius在业内地位不容小觑，该公司号称拥有170万用户。截至5月17日，该公司拥有价值118亿美元的资产。此外，投资者还担心，Celsius的股东Tether Limited——全球最大稳定币Tether的发行商是否也会被拖下水。要知道，Tether在币圈中是如雷曼兄弟一样的存在。Tether是价值1800亿美元的稳定币领域最大的运营商，在促进整个加密货币市场的交易方面发挥着关键作用，还提供了与主流金融系统的联系，相当于币圈金融基础设施。本周一，Tether在一篇博文中试图与Celsius“保持距离”：虽然在Tether的投资组合中确实包括对公司（Celsius）的投资，但只占我们股东权益的一小部分，这项投资与我们自己的储备或稳定性之间没有相关性。对此，加密媒体公司Blockworks的Saleuddin表示，由于Tether所披露的内容含糊不清，因此无法确切知道Tether的资产正在面临多大风险。三箭资本会是加密熊市中最新倒下的多米诺骨牌吗？在“货币危机”和“银行危机”之后，币圈的新危机蔓延到了对冲基金身上。加密货币交易员Moon Overlord指出，在过去几天中，Celsius并不是stETH的最大卖家。他表示：有人认为Celsius是最大的stETH倾销者，但是事实上，三箭资本才是。三箭资本正在倾销他们拥有的账户和种子轮投资地址，大多数看起来都是为了偿还他们的债务和未偿还的借款。此外，根据DeFi分析师DeFiyst的说法，三箭资本对stETH的“大甩卖”于今年5月Terra的UST稳定币崩盘之后就开始了，他指出：stETH相对于ETH的价格曾在5月份短暂跌至95美分，三箭资本从当时为2.46亿美元的Curve中提取了12.7万stETH。在本周开始抛售之前，他们一直在AAVE和wstETH之间频繁操作。值得注意的是，stETH应该与ETH以1:1的比例交易，因为一旦主网合并发生，衍生代币stETH就可以兑换为以太坊。然而，自从6月9日以来，该“挂钩”比例已经出现下滑迹象，并一度跌至0.89。6月16日截至发稿时，Curve上的stETH与ETH兑换比例跌至0.93，stETH的市值已从5月初的约100亿美元降至40亿美元。链上数据分析平台Nansen的数据显示，本周二，三箭资本从去中心化借贷协议Aave中提取了8万stETH，并在两笔交易中以5.6%-5.9%的价差兑换了3.89万stETH（约4500万美元）。据The Block称，三箭资本的4亿美元头寸已经被清算。此外，加密货币分析师Onchain Wizard还称，如果市场继续下跌，三箭资本在Aave和Compound的另外3亿美元头寸也将面临清算风险。","news_type":1,"symbols_score_info":{"DOG":0.6,"NQmain":0.6,"DXD":0.6,"DJX":0.6,"SQQQ":0.6,"UDOW":0.6,"QQQ":0.6,"MNQmain":0.6,"QLD":0.6,"PSQ":0.6,"QID":0.6,".IXIC":0.76,"TQQQ":0.6,".DJI":0.62,"TWTR":0.63,"QNETCN":0.6,"DDM":0.6,"SDOW":0.6}},"isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053345186,"gmtCreate":1654488169545,"gmtModify":1676535456403,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053345186","repostId":"1183072286","repostType":2,"isVote":1,"tweetType":1,"viewCount":2630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053345308,"gmtCreate":1654488161804,"gmtModify":1676535456403,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053345308","repostId":"1183072286","repostType":2,"isVote":1,"tweetType":1,"viewCount":2347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053342329,"gmtCreate":1654488025561,"gmtModify":1676535456388,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053342329","repostId":"1183072286","repostType":2,"isVote":1,"tweetType":1,"viewCount":2441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067146434,"gmtCreate":1652431116528,"gmtModify":1676535099444,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578098715246654","authorIdStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067146434","repostId":"1136768096","repostType":4,"repost":{"id":"1136768096","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":1652407455,"share":"https://ttm.financial/m/news/1136768096?lang=en_US&edition=fundamental","pubTime":"2022-05-13 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href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-05-13 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On May 13, Hong Kong stocks opened higher and continued to rise, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index extending its gains to 4%.<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>It rose by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/311121d8319c865984c3453d966f6946\" tg-width=\"840\" tg-height=\"470\" 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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\">\nHong Kong stocks opened higher and continued to rise, with the Hang Seng Tech Index extending its gains to 4%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-05-13 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On May 13, Hong Kong stocks opened higher and continued to rise, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index extending its gains to 4%.<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>It rose by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/311121d8319c865984c3453d966f6946\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"HSI":"恒生指数","HSTECH":"恒生科技指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136768096","content_text":"5月13日，港股高开高走，恒生指数涨超2%，恒生科技指数涨幅扩大至4%，华虹半导体涨超10%。","news_type":1,"symbols_score_info":{"HSI":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":2627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9034562120,"gmtCreate":1647921593922,"gmtModify":1676534280555,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034562120","repostId":"2221476056","repostType":4,"isVote":1,"tweetType":1,"viewCount":1775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036670278,"gmtCreate":1647086801284,"gmtModify":1676534194194,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036670278","repostId":"1162064213","repostType":4,"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016416158,"gmtCreate":1649217654904,"gmtModify":1676534472637,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016416158","repostId":"2225531369","repostType":2,"isVote":1,"tweetType":1,"viewCount":1608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066558101,"gmtCreate":1651931406803,"gmtModify":1676534999335,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066558101","repostId":"1179424055","repostType":4,"isVote":1,"tweetType":1,"viewCount":1593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015310864,"gmtCreate":1649425897673,"gmtModify":1676534509966,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015310864","repostId":"1135927495","repostType":4,"repost":{"id":"1135927495","kind":"news","weMediaInfo":{"introduction":"中国专业的高端财富管理机构，专注于高净值客户服务和大类资产配置。百万精英人士都在关注，多次入选全国自媒体20强榜单。每日精选7篇文章与您分享，涵盖政经、投资、历史和生活，让您畅享思想与财富的盛宴。公司网址：www.licai.com","home_visible":1,"media_name":"格上财富","id":"1054268451","head_image":"https://static.tigerbbs.com/9cb0d9ca821a4b8584db1257562b60a6"},"pubTimestamp":1649422498,"share":"https://ttm.financial/m/news/1135927495?lang=en_US&edition=fundamental","pubTime":"2022-04-08 20:54","market":"us","language":"zh","title":"In-depth article | Why is Buffett so steadfast throughout his life?","url":"https://stock-news.laohu8.com/highlight/detail?id=1135927495","media":"格上财富","summary":"值得一提的是，本文的作者曾在2015年在巴菲特股东大会上，向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”大家猜一猜巴菲特是怎么回答的？作为大股东的巴菲特，更应该称他为资本家，而不是仅仅是投资专家。巴菲特对企业进行估值并进行投资有12条原则。管理三原则的核心是，巴菲特希望能够找到和他一样的管理者，能够有效配置公司资本，真正为股东的利益负责。","content":"<p><html><head></head><body>When Warren Buffett, the \"Oracle of Omaha,\" is mentioned, everyone will surely think of his famous quote: \"When others are afraid, I am greedy; when others are greedy, I am afraid.\"</p><p>Why is he so different and always right? Where does his courage and boldness in value investing come from? How did he create such a powerful<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway?</p><p>Of all the articles I've read about Buffett, this one is undoubtedly the most unique and will leave a deep impression on you.</p><p>The article not only provides an in-depth and systematic analysis of the essential logic, breakdown points, and iterative feedback of Buffett and Berkshire Hathaway, but also summarizes their life beliefs, work motivation, and wealth concepts, allowing us to see a passionate soul in his 90s.</p><p>It's worth mentioning that the author of this article asked Buffett at the 2015 Berkshire Hathaway shareholders meeting: \"Why is Berkshire Hathaway, which I have managed for so many years, still so confident and passionate?\"</p><p>Can you guess how Buffett answered?</p><p><b>1. Who is Berkshire Hathaway?</b></p><p>Let's take a brief look at this US-listed company:</p><p>On April 6, 2022, the company's stock price was $517,002, the highest in history, with a total market capitalization of $761.6 billion. Berkshire Hathaway ranked 11th in the 2022 Fortune Global 500 list.</p><p>If you invested $10,000 in Berkshire Hathaway (BRK) stock in 1965, you would have $364 million in 2021. From 1965 to 2021, the annualized compound interest rate over 56 years was 20.1%, far exceeding the S&P 500's 10.5% performance.</p><p><img src=\"https://static.tigerbbs.com/93b8cbbfe64ee41a78836cad25dfc566\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire Hathaway manages approximately $1 trillion in total assets, of which $150 billion is liquid assets such as cash or bonds, $350 billion is stock holdings, and $500 billion is equity investments. It controls key infrastructure such as transportation, energy, and communications in the United States, as well as many traditional companies with very abundant cash flow.</p><p><img src=\"https://static.tigerbbs.com/a613b2a1296919c4d72908f39d9e1045\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p>Guess how many people are at the headquarters of the company that manages so many assets?</p><p>25 people!</p><p>The owner of Berkshire Hathaway is the famous Warren Buffett.</p><p><img src=\"https://static.tigerbbs.com/4cc63f94e9fa2feae9706da13776f20e\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>Grandpa Ba, a Virgo born on August 30, 1930, first invested in stocks at the age of 11, studied under value investing guru Benjamin Graham at the age of 19, and started his own limited partnership investment company at the age of 27.</p><p>According to Forbes data, in 2022, at the age of 92, his personal wealth was $99.6 billion, ranking 6th in the world. However, he has donated nearly 90% of his wealth to society.</p><p><b>2. What is the \"one\" in Berkshire Hathaway?</b></p><p>What is Berkshire's \"one,\" and how does its value proposition differ from other investment firms? Why is it that among investment gurus such as Peter Lynch, Soros, Fisher, and Dalio, the public favors Warren Buffett alone, revering him as the \"Oracle of Omaha\"?</p><p><b>Buffett dissolves partnership investment firm</b></p><p>After returning to Omaha from Graham's company, Buffett opened his own investment firm in 1957, starting with $105,000 in assets under management. Buffett told his partners that he hopes to beat the Dow Jones Industrial Average by 10 percentage points annually.</p><p>The result was that from 1957 to 1961, the Dow Jones Industrial Average rose 75% and partnerships rose 251%. In a total of 10 years by 1966, the Dow Jones Industrial Average rose 123% and partnerships rose 1,156%. Buffett far exceeded his goal, and the actual result was an annualized return of 35%.</p><p>In 1969, Buffett dissolved the partnership investment firm.</p><p><img src=\"https://static.tigerbbs.com/14a9bd72d41a5981c3a77c98acb972e9\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>What's puzzling is that with such good performance, they should be raising a lot of funds, so why dissolve the partnership investment company?</p><p>Buffett said, \"I know I don't want to manage other people's money in an environment where I don't think I can do well, or I have to do well.\"</p><p>1969 was indeed a crazy market, and Buffett was unwilling to change his inner investment principles.</p><p>After dissolving his partnership, he focused all his energy on Berkshire Hathaway, a textile company that appeared to have \"failed\" in its investment.</p><p><b>What are the differences between Berkshire Hathaway and ordinary fund companies?</b></p><p>Berkshire Hathaway is essentially a capital holding company that manages its own money, while ordinary fund companies manage most of the money from investors.</p><p>This makes Berkshire's view of funds fundamentally different from that of ordinary fund companies—Berkshire views its funds as capital.</p><p><img src=\"https://static.tigerbbs.com/dda28251654185c96454258c522159b3\" tg-width=\"1080\" tg-height=\"468\" referrerpolicy=\"no-referrer\"/></p><p>According to \"Fundamentals of Western Economics,\" \"capital is part of the means of production and is the source of assets for enterprises to purchase the assets they need to engage in production and operation activities. It is an investor's investment in the enterprise and appears on the right side of the balance sheet. The essence of capital is to make a profit.\"</p><p>There is a simple formula, if the cost of capital is not considered:<b>Long-term capital value = capital investment * (1 + return on capital) ^ time</b></p><p>When Berkshire Hathaway manages its capital, compared to other asset management companies, it has no risk of capital redemption and can operate sustainably. The company earns the value of capital circulation appreciation.</p><p>Asset management companies' funds may be unable to be managed in the long term due to market fluctuations, investor redemptions, or fund maturity.</p><p><b>The capital market will also provide different market capitalizations for both models.<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>It manages nearly $10 trillion in assets with a market capitalization of $112.3 billion, while Berkshire Hathaway manages $1 trillion in assets with a market capitalization of $761.6 billion.</b></p><p>So,<b>Fund companies are asset management companies whose core focus is short-term investment value; Berkshire Hathaway is a capital holding company that pursues long-term capital value.</b></p><p><img src=\"https://static.tigerbbs.com/929513f96cdc93e8f1f6aff901425a4e\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>As a major shareholder, Buffett should be called a capitalist rather than just an investment expert.</p><p><b>3. What did Berkshire Hathaway break through?</b></p><p>What has Berkshire broken through in capital management that makes it so different?</p><p>Since it's about capital management, let's go back to Marx's \"Capital\" and see what the essence of capital is.</p><p><img src=\"https://static.tigerbbs.com/819fc82fe96941337cb8a558b6cde057\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"/></p><p>According to Marx's *Capital*, \"One of the essential characteristics of capital is its mobility. The key to capital's ability to increase in value and generate surplus value lies in its endless movement, constantly moving from the sphere of circulation to the sphere of production, and then from the sphere of production to the sphere of circulation.\"<b>The continuous movement of capital is a necessary prerequisite and condition for the appreciation of value; once the movement ceases, capital cannot appreciate in value.</b></p><p>The most important thing for capital appreciation is to improve the efficiency of capital movement; the higher the efficiency of capital movement, the faster the capital appreciation.</p><p>Marx also mentioned: \"The transformation of surplus value into profit is premised on the transformation of the surplus value rate into the profit rate. That is, only through the profit rate can the surplus value that has been transformed into the excess of cost price be further transformed into the balance of the total prepaid capital exceeding its own value within a certain turnover period.\" In short,<b>Surplus value is an intrinsic essence or entity, while profit is an external phenomenon or form.</b></p><p><b>So, according to Marx's theory, are companies with high net profit margins necessarily good companies?</b></p><p>Warren Buffett once said, \"There are three most important things in investing: first, preserve your principal; second, preserve your principal; and third, always keep the first two in mind.\"</p><p>Let's look at what Benjamin Graham, Warren Buffett's first mentor, said: \"Investing is the act of analyzing, promising principal safety, and providing satisfactory returns. What fails to meet these requirements is speculation.\"</p><p><img src=\"https://static.tigerbbs.com/89dfa71e7e4773ac3c60ee71e5927dc7\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>And he mentioned \"<b>margin of safety</b>This important phrase: \"People are willing to pay any price for stocks without considering quantitative analysis; any price optimistically quoted by the market seems to be worth the price. At the height of this frenzy, the line between investment and speculation becomes blurred. Stocks should be selected using a safety margin approach.\"</p><p>Then, based on a simple mathematical equation:<b>Margin of safety = Enterprise value - Enterprise price</b>It is known that company prices can be found in the market, so how to correctly assess company value becomes of paramount importance.</p><p>This brings us to a very familiar term—value investing, which is an effective assessment of a company's true value.</p><p>Buffett has 12 principles for valuing and investing in companies.</p><p><img src=\"https://static.tigerbbs.com/9c6c568e1c94d873abf3872d07f97244\" tg-width=\"1080\" tg-height=\"560\" referrerpolicy=\"no-referrer\"/></p><p><b>The core of the three principles of enterprises is</b>To simplify corporate value judgment, he said, \"I won't challenge myself with difficult movements. It's like hurdles at a sports meet. If you have a 1-foot pole, I would never choose a 7-foot one.\"</p><p><b>The core of the three principles of management is</b>Buffett hopes to find managers like him who can effectively allocate company capital and truly be responsible for the interests of shareholders.</p><p><b>The core of the Four Principles of Finance is</b>How to find indicators and sets of indicators that correctly reflect a company's operational capabilities, calculate true \"shareholder earnings,\" and find companies with high profit margins.</p><p><b>The core of the second market principle is</b>The company's market value is determined by converting future cash flows, and then, based on the safety margin, whether it can be purchased at a discounted price relative to the company's market value.</p><p>I checked several companies that Buffett has held for many years, such as<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Companies such as Gecko Insurance and Metropolitan Insurance, while not all of the 12 principles are applied, most of them are compliant.</p><p><b>Therefore, in the second question, \"What did Berkshire Hathaway break through?\", the answer is enterprise value with a margin of safety.</b></p><p><img src=\"https://static.tigerbbs.com/277c6234e6288f79b3610d9650bb1627\" tg-width=\"1080\" tg-height=\"492\" referrerpolicy=\"no-referrer\"/></p><p><b>4. What is Berkshire Hathaway's iterative feedback?</b></p><p>As a diversified holding company, Berkshire Hathaway manages nearly a trillion dollars in assets. The vast majority of the unlisted companies are wholly owned or have consolidated financial statements, while the listed companies are mostly held by relatively large shareholders or have board seats.</p><p>Berkshire's various subsidiaries generate a large amount of cash flow, which is provided to the Omaha headquarters. This cash comes from floats in the huge insurance business and operating profits from wholly owned non-financial subsidiaries.</p><p>Berkshire reinvests this cash as a factor of capital, investing in opportunities that can generate more cash.</p><p>Each subsidiary has a talented management team responsible for day-to-day operations, allowing Buffett to concentrate 100% of his energy on efficient capital allocation.</p><p><img src=\"https://static.tigerbbs.com/61330d054d1b7f536760a6ec2b4882b7\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p><b>How does Buffett allocate capital efficiently?</b></p><p>John Whitmore has this efficiency formula: P = PI, where the first P is performance, the second P is Potential, and i is interference.</p><p>Most people's potential is the same, but the interference values are very different. Our low efficiency is not because of low potential, but because there is too much interference.</p><p>So, how does Buffett minimize interference?</p><p><b>Minimalist living in Omaha</b></p><p>First of all, Buffett lives neither in New York in the east nor in Los Angeles in the west, but in Omaha, Nebraska in the middle. His office is an office building that he has used for 60 years, and he only rents half a floor; The house I live in was bought 60 years ago for $50,000. Spending his days quietly in his office reading annual reports and making phone calls has become a lifelong habit for Buffett.</p><p><img src=\"https://static.tigerbbs.com/cc10f30a7dd991037d5f3e2baa31b325\" tg-width=\"1080\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p><b>Centralized investment to reduce the number of decisions</b></p><p>Based on Markowitz's modern portfolio theory, Eugene Fama's efficient market hypothesis, and Sharp's capital pricing model, most asset managers regard volatility as the biggest risk in the capital market. Therefore, diversification and irrelevance are the most important approaches to controlling risk. For example, when digging a pool, an incision is selected that is 1 kilometer wide and 1 meter deep.</p><p>Buffett believes<b>The biggest risk is the loss of a company's intrinsic value.</b>If the value is gone, the margin of safety is gone, and the stock should be sold. When choosing an excellent value company, there are certainly not many companies that can be thoroughly analyzed. Therefore, Buffett chose to dig a 1-meter-wide incision and a 1-kilometer-deep incision when digging the pool.</p><p><img src=\"https://static.tigerbbs.com/77627ec8ccc4f3066312ba73226eabd6\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>Buffett chose an incredible concentration of stock holdings amidst concentration and decentralization, reducing the number of decisions he made and the number of mistakes he made. Buffett's trading is done in order not to trade, but to find good companies and hold them indefinitely; this is a \"difficult but correct thing to do.\"</b></p><p><b>Mathematical probability theory as the foundation</b></p><p>When discussing decision-making, Buffett said, \"All we have to do is multiply the probability of profit by the number of possible profits, and subtract the probability of loss by the number of possible losses.\"</p><p>In 1654,<a href=\"https://laohu8.com/S/BTH\">Bryce</a>Some correspondence between Pascal and Pierre de Fermat laid the foundation for probability theory, with Fermat using algebraic methods and Pascal using geometric methods. The work of Pascal and Fermat marked the beginning of decision theory, which is the process of deciding what to do when you are unsure what will happen.</p><p>Bayer analysis provides a mathematical program that adjusts our original expectations based on newly obtained information to change the corresponding probabilities. In universities, Bayer analysis is used to help students learn decision-making; in the classroom, it is known as decision tree theory. Munger said, \"Everything you learned in your first year at Harvard Business School, combined, is actually decision tree theory.\"</p><p>In his 1948 \"Mathematical Theory of Communication,\" Shannon creatively used probabilistic methods to study problems in communication. Based on Shannon's information theory, mathematician Kelly established an optimization formula.</p><p>In 1956, Kelly wrote \"A New Interpretation of Information Rate,\" proposing an optimized growth strategy: if you know your probability of success, you know how much to allocate. The formula is: 2p-1=X. If the probability of winning is 55%, then 2*55%-1=10%. In this case, a 10% proportion should be allocated. If the probability of winning is 75%, then 275%-1 = 50%, in which case a 50% ratio should be allocated.</p><p>Buffett is often very cautious when applying the Kelly optimization formula. When the result is a 20% allocation ratio, he will appropriately reduce the ratio, usually by 1/2 or 1/3 of the original value.</p><p>Therefore, from a probability theory perspective, Buffett's investment decision-making process is shown in the diagram below:</p><p><img src=\"https://static.tigerbbs.com/e64eba4e2c9f130f862467a0165a370f\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/></p><p><b>Shielding the impact of Mr. Market's quotation</b></p><p>Looking at a stock like the one in the chart below, you might think it's too volatile.</p><p><img src=\"https://static.tigerbbs.com/5c1ae058eee580faf61d4afc29ce028b\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>But looking at this stock, you'll feel that the sooner you get on board, the better.</p><p><img src=\"https://static.tigerbbs.com/32802a41a2ffc564de009d457f6f7e27\" tg-width=\"1080\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, these two charts actually show the same stock, the famous Apple Inc., only the frequency of observing the stock price is different.</p><p>Buffett said:<b>\"Investing is like playing baseball. To score, you have to focus on the field instead of staring at the scoreboard.\"</b></p><p>When market prices fluctuate, Buffett's composure is natural—his risk control criterion is the preservation of the company's intrinsic value, not the stock price.</p><p>Warren Buffett has a well-known saying: \"I am greedy when others are fearful, and I am fearful when others are greedy.\"</p><p><b>What Buffett is certain of is value, while what others fear and are greedy for is stock prices.</b>When the market is falling, it is actually the biggest buying opportunity because the margin of safety is larger.</p><p><b>Conclusions of behavioral finance</b></p><p>In 2011, Nobel laureate Daniel Kahneman's \"Thinking, Fast and Slow\" divided the cognitive process into two thinking modes: intuition and rationality, also known as System 1 and System 2. The decisions of System 1 are mostly mechanical, rapid, and without careful consideration. System 2 decision-making is thoughtful, deliberate, and requires focus.</p><p><img src=\"https://static.tigerbbs.com/46c545d82aaeb89ecb841eabb11dae6c\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\"/></p><p>Buffett's strictest requirements for both himself and the management of his portfolio companies are rationality, especially in the efficient allocation of capital.</p><p>Buffett said, \"Our job is to select the best companies, and every dollar they keep will ultimately create more than a dollar of capital value.\"</p><p>When invested capital moves repeatedly, bringing about capital value, this simple and magical formula is completed: long-term capital value = capital investment * (1 + return on capital) ^ time.</p><p>Simple things, because they have few variables affecting their outcome, are often the least risky and most lasting things.</p><p><img src=\"https://static.tigerbbs.com/a18f57e51abe315a60a559041daee619\" tg-width=\"1080\" tg-height=\"580\" referrerpolicy=\"no-referrer\"/></p><p>Overall, Berkshire Hathaway's \"One Mindset\" framework, which emphasizes value-based investing in breakout points, is very similar to Berkshire Hathaway, which Buffett himself manages. Buffett selects investment companies according to his own personality.</p><p>This creates multiple Berkshire fractals that continuously resonate in unison, enhancing Berkshire's overall capital value.</p><p>But when faced with this simple and magical formula: long-term capital value = capital investment * (1 + return on capital) ^ time, always ask yourself:</p><p><b>Is that true?</b></p><p><b>Is it always true?</b></p><p><b>Is there any exception?</b></p><p><b>5. What is Berkshire Hathaway's axiomatic thinking?</b></p><p>In 1776, Adam Smith made a brilliant description in *The Wealth of Nations*: \"The food and drink we need every day do not come from the favors of butchers, brewers, or bakers, but from their own self-interest. Every individual who uses capital and labor neither intends to promote the public interest nor knows to what extent he himself is promoting that interest. He is guided by an invisible hand to strive to achieve an end that is not his original intention.\" By pursuing his own interests, he often promoted the interests of society.</p><p><img src=\"https://static.tigerbbs.com/4b9c5b098969269ceca30e73d663687e\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>The magnificent development of the US market economy and capital markets over the past 60 years has created the environment for Buffett's wealth.</p><p><img src=\"https://static.tigerbbs.com/f1559b849f9f8a134db2d12f669a8d67\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p><b>So how does Buffett, who possesses enormous wealth, cope?</b></p><p>Buffett said:</p><p>“Whenever I told Susan we were going to get rich, she never seemed particularly excited; she either didn’t care at all or didn’t believe it. When we actually accumulated a huge amount of wealth, we were quite in sync on how to dispose of it, which was to give it back to society.”</p><p>“Susan and I have never felt that we should leave so much money to our children, who are all excellent. However, I want to make it clear that they have already gained an advantage in their upbringing and educational opportunities; therefore, it is neither right nor wise to give them countless more money.”</p><p>\"In fact, in a society that values elites, they already have an overwhelming lead. The enormous wealth passed down through generations will further exacerbate the social fairness that we should strive to uphold.\"</p><p>On June 26, 2006, at the New York Public Library, Buffett took out five envelopes, each containing an arrangement for the distribution of his wealth, just waiting for his signature to take effect. The first three envelopes were simple. He signed them \"Dad,\" and then gave them to his three children: his daughter Susie, his eldest son Howard, and his second son Peter. The fourth letter was addressed to a representative of the charitable foundation donated by his late wife. These four letters give a total wealth of $6 billion.</p><p>After signing the fifth letter, Buffett handed it to Bill Gates' then-wife, Melinda. In the letter, Buffett donated his Berkshire Hathaway stock, then worth $30 billion, to the world's largest philanthropic organization, the Bill & Melinda Gates Foundation.</p><p>Buffett said, \"They can use their money more efficiently, find someone who does things your way, and does them better. Wouldn't it be more logical to delegate things to them?\"</p><p>This is typical Buffett, always full of rationality.</p><p><img src=\"https://static.tigerbbs.com/0c7926fdcbed0cb8a02ecdaa6f52efaa\" tg-width=\"1080\" tg-height=\"596\" referrerpolicy=\"no-referrer\"/></p><p>Therefore, in \"The Protestant Ethic and the Spirit of Capitalism,\" Max Weber said:</p><p>\"The so-called capitalist spirit refers to the fact that individuals regard the effort to increase their own capital and the activities aimed at this as an act of dutifulness, and regard making money itself as an end, a professional responsibility, a manifestation of virtue and ability.\"</p><p>\"This economic behavior of modern rational capitalism is entirely consistent with the well-organized and systematically structured ascetic lifestyle of Protestants. The Protestant ascetic ethic provides capitalist entrepreneurs with a psychological...\"<a href=\"https://laohu8.com/S/838275\">driving force</a>And moral energy.”</p><p>—Max Weber, *The Protestant Ethic and the Spirit of Capitalism*</p><p>The spirit of capitalism, also known as Puritanism, regards acquiring wealth as a way to glorify God, and sharing wealth as work done for God.</p><p>In this way, Berkshire's \"One Think\" framework is complete.</p><p><img src=\"https://static.tigerbbs.com/d55e7bcb4e3c3d92076adb49997e8cf4\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire's value proposition is that of a capital holding company that pursues long-term capital value.</p><p>The breakthrough point is value investing, which aims to improve the efficiency of capital movement.</p><p>Iteration is the effective allocation of capital to assets, while feedback is the capital appreciation brought about by assets.</p><p><b>The axiomatic thinking supporting this \"one-thought\" model is the political economy and mathematics cornerstone of \"The Wealth of Nations,\" while the Puritan spirit has become a source of inner certainty when possessing wealth.</b></p><p><b>6. Why talk about Berkshire Hathaway and Warren Buffett?</b></p><p>Some might ask, can Berkshire Hathaway and Buffett be replicated? The answer is NO.</p><p>Twentieth-century America, the corporate values of \"serving the interests of shareholders,\" generous insurance floats, non-hedge fund mechanisms, and the resources for interaction with the Federal Reserve in times of crisis are all opportunities available to non-ordinary asset managers or capitalists.</p><p>Then why talk about Berkshire Hathaway and Buffett?</p><p>George Johnson said in \"The Flame in the Heart,\" \"Between reality and illusion, everyone wants to find a pattern deep within themselves to integrate the disordered world.\"</p><p>Everyone is searching for a pattern in their inner world, but too much information interference and inner turmoil prevent many people from finding that way back.</p><p>Buffett said:<b>Our attitude is to align our personality with the lifestyle we desire.</b>\"When he breaks through value investing, he is breaking through his own way of life and management, which is his life.\"</p><p>This is the spirit we need to learn: to pursue commercial value as our goal, to live frugally, to pursue quality without waste, and ultimately to give back our wealth to society.</p><p>This applies to Buffett, Berkshire Hathaway, and all the companies he invests in.</p><p>So, at Buffett's shareholders meeting in 2015, I had the opportunity to ask Buffett through a lucky draw: \"Why is Berkshire Hathaway, which I have managed for so many years, still so confident and passionate?\"</p><p><img src=\"https://static.tigerbbs.com/d14c232fa07e1a04dedda5596f316fe3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p>He replied, \"<b>I have the life I want, and I love every day. I mean, I tap dance to work every day, drink six cans of Coke every day, and work with people I like. There's nothing more fun in this world than working at Berkshire, and I'm lucky to be here.</b>”</p><p><b>epilogue</b></p><p>One of my favorite books, \"When the Stars Shine,\" says:<b>The greatest fortune in a person's life is discovering their life's mission in the middle of their life, when they are in their prime.</b>”</p><p>Perhaps Buffett discovered his life mission not in middle age, but in his youth.</p><p>The immense energy that comes from the combination of people and careers to fulfill a mission, the strong sense of happiness that comes from the unity of people and work, and this love for people, things, and society are what we should learn from, and what Buffett truly firmly believes in.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In-depth article | Why is Buffett so steadfast throughout his life?</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\">\nIn-depth article | Why is Buffett so steadfast throughout his life?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1054268451\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/9cb0d9ca821a4b8584db1257562b60a6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上财富 </p>\n<p class=\"h-time smaller\">2022-04-08 20:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>When Warren Buffett, the \"Oracle of Omaha,\" is mentioned, everyone will surely think of his famous quote: \"When others are afraid, I am greedy; when others are greedy, I am afraid.\"</p><p>Why is he so different and always right? Where does his courage and boldness in value investing come from? How did he create such a powerful<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway?</p><p>Of all the articles I've read about Buffett, this one is undoubtedly the most unique and will leave a deep impression on you.</p><p>The article not only provides an in-depth and systematic analysis of the essential logic, breakdown points, and iterative feedback of Buffett and Berkshire Hathaway, but also summarizes their life beliefs, work motivation, and wealth concepts, allowing us to see a passionate soul in his 90s.</p><p>It's worth mentioning that the author of this article asked Buffett at the 2015 Berkshire Hathaway shareholders meeting: \"Why is Berkshire Hathaway, which I have managed for so many years, still so confident and passionate?\"</p><p>Can you guess how Buffett answered?</p><p><b>1. Who is Berkshire Hathaway?</b></p><p>Let's take a brief look at this US-listed company:</p><p>On April 6, 2022, the company's stock price was $517,002, the highest in history, with a total market capitalization of $761.6 billion. Berkshire Hathaway ranked 11th in the 2022 Fortune Global 500 list.</p><p>If you invested $10,000 in Berkshire Hathaway (BRK) stock in 1965, you would have $364 million in 2021. From 1965 to 2021, the annualized compound interest rate over 56 years was 20.1%, far exceeding the S&P 500's 10.5% performance.</p><p><img src=\"https://static.tigerbbs.com/93b8cbbfe64ee41a78836cad25dfc566\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire Hathaway manages approximately $1 trillion in total assets, of which $150 billion is liquid assets such as cash or bonds, $350 billion is stock holdings, and $500 billion is equity investments. It controls key infrastructure such as transportation, energy, and communications in the United States, as well as many traditional companies with very abundant cash flow.</p><p><img src=\"https://static.tigerbbs.com/a613b2a1296919c4d72908f39d9e1045\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p>Guess how many people are at the headquarters of the company that manages so many assets?</p><p>25 people!</p><p>The owner of Berkshire Hathaway is the famous Warren Buffett.</p><p><img src=\"https://static.tigerbbs.com/4cc63f94e9fa2feae9706da13776f20e\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>Grandpa Ba, a Virgo born on August 30, 1930, first invested in stocks at the age of 11, studied under value investing guru Benjamin Graham at the age of 19, and started his own limited partnership investment company at the age of 27.</p><p>According to Forbes data, in 2022, at the age of 92, his personal wealth was $99.6 billion, ranking 6th in the world. However, he has donated nearly 90% of his wealth to society.</p><p><b>2. What is the \"one\" in Berkshire Hathaway?</b></p><p>What is Berkshire's \"one,\" and how does its value proposition differ from other investment firms? Why is it that among investment gurus such as Peter Lynch, Soros, Fisher, and Dalio, the public favors Warren Buffett alone, revering him as the \"Oracle of Omaha\"?</p><p><b>Buffett dissolves partnership investment firm</b></p><p>After returning to Omaha from Graham's company, Buffett opened his own investment firm in 1957, starting with $105,000 in assets under management. Buffett told his partners that he hopes to beat the Dow Jones Industrial Average by 10 percentage points annually.</p><p>The result was that from 1957 to 1961, the Dow Jones Industrial Average rose 75% and partnerships rose 251%. In a total of 10 years by 1966, the Dow Jones Industrial Average rose 123% and partnerships rose 1,156%. Buffett far exceeded his goal, and the actual result was an annualized return of 35%.</p><p>In 1969, Buffett dissolved the partnership investment firm.</p><p><img src=\"https://static.tigerbbs.com/14a9bd72d41a5981c3a77c98acb972e9\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>What's puzzling is that with such good performance, they should be raising a lot of funds, so why dissolve the partnership investment company?</p><p>Buffett said, \"I know I don't want to manage other people's money in an environment where I don't think I can do well, or I have to do well.\"</p><p>1969 was indeed a crazy market, and Buffett was unwilling to change his inner investment principles.</p><p>After dissolving his partnership, he focused all his energy on Berkshire Hathaway, a textile company that appeared to have \"failed\" in its investment.</p><p><b>What are the differences between Berkshire Hathaway and ordinary fund companies?</b></p><p>Berkshire Hathaway is essentially a capital holding company that manages its own money, while ordinary fund companies manage most of the money from investors.</p><p>This makes Berkshire's view of funds fundamentally different from that of ordinary fund companies—Berkshire views its funds as capital.</p><p><img src=\"https://static.tigerbbs.com/dda28251654185c96454258c522159b3\" tg-width=\"1080\" tg-height=\"468\" referrerpolicy=\"no-referrer\"/></p><p>According to \"Fundamentals of Western Economics,\" \"capital is part of the means of production and is the source of assets for enterprises to purchase the assets they need to engage in production and operation activities. It is an investor's investment in the enterprise and appears on the right side of the balance sheet. The essence of capital is to make a profit.\"</p><p>There is a simple formula, if the cost of capital is not considered:<b>Long-term capital value = capital investment * (1 + return on capital) ^ time</b></p><p>When Berkshire Hathaway manages its capital, compared to other asset management companies, it has no risk of capital redemption and can operate sustainably. The company earns the value of capital circulation appreciation.</p><p>Asset management companies' funds may be unable to be managed in the long term due to market fluctuations, investor redemptions, or fund maturity.</p><p><b>The capital market will also provide different market capitalizations for both models.<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>It manages nearly $10 trillion in assets with a market capitalization of $112.3 billion, while Berkshire Hathaway manages $1 trillion in assets with a market capitalization of $761.6 billion.</b></p><p>So,<b>Fund companies are asset management companies whose core focus is short-term investment value; Berkshire Hathaway is a capital holding company that pursues long-term capital value.</b></p><p><img src=\"https://static.tigerbbs.com/929513f96cdc93e8f1f6aff901425a4e\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>As a major shareholder, Buffett should be called a capitalist rather than just an investment expert.</p><p><b>3. What did Berkshire Hathaway break through?</b></p><p>What has Berkshire broken through in capital management that makes it so different?</p><p>Since it's about capital management, let's go back to Marx's \"Capital\" and see what the essence of capital is.</p><p><img src=\"https://static.tigerbbs.com/819fc82fe96941337cb8a558b6cde057\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"/></p><p>According to Marx's *Capital*, \"One of the essential characteristics of capital is its mobility. The key to capital's ability to increase in value and generate surplus value lies in its endless movement, constantly moving from the sphere of circulation to the sphere of production, and then from the sphere of production to the sphere of circulation.\"<b>The continuous movement of capital is a necessary prerequisite and condition for the appreciation of value; once the movement ceases, capital cannot appreciate in value.</b></p><p>The most important thing for capital appreciation is to improve the efficiency of capital movement; the higher the efficiency of capital movement, the faster the capital appreciation.</p><p>Marx also mentioned: \"The transformation of surplus value into profit is premised on the transformation of the surplus value rate into the profit rate. That is, only through the profit rate can the surplus value that has been transformed into the excess of cost price be further transformed into the balance of the total prepaid capital exceeding its own value within a certain turnover period.\" In short,<b>Surplus value is an intrinsic essence or entity, while profit is an external phenomenon or form.</b></p><p><b>So, according to Marx's theory, are companies with high net profit margins necessarily good companies?</b></p><p>Warren Buffett once said, \"There are three most important things in investing: first, preserve your principal; second, preserve your principal; and third, always keep the first two in mind.\"</p><p>Let's look at what Benjamin Graham, Warren Buffett's first mentor, said: \"Investing is the act of analyzing, promising principal safety, and providing satisfactory returns. What fails to meet these requirements is speculation.\"</p><p><img src=\"https://static.tigerbbs.com/89dfa71e7e4773ac3c60ee71e5927dc7\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>And he mentioned \"<b>margin of safety</b>This important phrase: \"People are willing to pay any price for stocks without considering quantitative analysis; any price optimistically quoted by the market seems to be worth the price. At the height of this frenzy, the line between investment and speculation becomes blurred. Stocks should be selected using a safety margin approach.\"</p><p>Then, based on a simple mathematical equation:<b>Margin of safety = Enterprise value - Enterprise price</b>It is known that company prices can be found in the market, so how to correctly assess company value becomes of paramount importance.</p><p>This brings us to a very familiar term—value investing, which is an effective assessment of a company's true value.</p><p>Buffett has 12 principles for valuing and investing in companies.</p><p><img src=\"https://static.tigerbbs.com/9c6c568e1c94d873abf3872d07f97244\" tg-width=\"1080\" tg-height=\"560\" referrerpolicy=\"no-referrer\"/></p><p><b>The core of the three principles of enterprises is</b>To simplify corporate value judgment, he said, \"I won't challenge myself with difficult movements. It's like hurdles at a sports meet. If you have a 1-foot pole, I would never choose a 7-foot one.\"</p><p><b>The core of the three principles of management is</b>Buffett hopes to find managers like him who can effectively allocate company capital and truly be responsible for the interests of shareholders.</p><p><b>The core of the Four Principles of Finance is</b>How to find indicators and sets of indicators that correctly reflect a company's operational capabilities, calculate true \"shareholder earnings,\" and find companies with high profit margins.</p><p><b>The core of the second market principle is</b>The company's market value is determined by converting future cash flows, and then, based on the safety margin, whether it can be purchased at a discounted price relative to the company's market value.</p><p>I checked several companies that Buffett has held for many years, such as<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Companies such as Gecko Insurance and Metropolitan Insurance, while not all of the 12 principles are applied, most of them are compliant.</p><p><b>Therefore, in the second question, \"What did Berkshire Hathaway break through?\", the answer is enterprise value with a margin of safety.</b></p><p><img src=\"https://static.tigerbbs.com/277c6234e6288f79b3610d9650bb1627\" tg-width=\"1080\" tg-height=\"492\" referrerpolicy=\"no-referrer\"/></p><p><b>4. What is Berkshire Hathaway's iterative feedback?</b></p><p>As a diversified holding company, Berkshire Hathaway manages nearly a trillion dollars in assets. The vast majority of the unlisted companies are wholly owned or have consolidated financial statements, while the listed companies are mostly held by relatively large shareholders or have board seats.</p><p>Berkshire's various subsidiaries generate a large amount of cash flow, which is provided to the Omaha headquarters. This cash comes from floats in the huge insurance business and operating profits from wholly owned non-financial subsidiaries.</p><p>Berkshire reinvests this cash as a factor of capital, investing in opportunities that can generate more cash.</p><p>Each subsidiary has a talented management team responsible for day-to-day operations, allowing Buffett to concentrate 100% of his energy on efficient capital allocation.</p><p><img src=\"https://static.tigerbbs.com/61330d054d1b7f536760a6ec2b4882b7\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p><b>How does Buffett allocate capital efficiently?</b></p><p>John Whitmore has this efficiency formula: P = PI, where the first P is performance, the second P is Potential, and i is interference.</p><p>Most people's potential is the same, but the interference values are very different. Our low efficiency is not because of low potential, but because there is too much interference.</p><p>So, how does Buffett minimize interference?</p><p><b>Minimalist living in Omaha</b></p><p>First of all, Buffett lives neither in New York in the east nor in Los Angeles in the west, but in Omaha, Nebraska in the middle. His office is an office building that he has used for 60 years, and he only rents half a floor; The house I live in was bought 60 years ago for $50,000. Spending his days quietly in his office reading annual reports and making phone calls has become a lifelong habit for Buffett.</p><p><img src=\"https://static.tigerbbs.com/cc10f30a7dd991037d5f3e2baa31b325\" tg-width=\"1080\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p><b>Centralized investment to reduce the number of decisions</b></p><p>Based on Markowitz's modern portfolio theory, Eugene Fama's efficient market hypothesis, and Sharp's capital pricing model, most asset managers regard volatility as the biggest risk in the capital market. Therefore, diversification and irrelevance are the most important approaches to controlling risk. For example, when digging a pool, an incision is selected that is 1 kilometer wide and 1 meter deep.</p><p>Buffett believes<b>The biggest risk is the loss of a company's intrinsic value.</b>If the value is gone, the margin of safety is gone, and the stock should be sold. When choosing an excellent value company, there are certainly not many companies that can be thoroughly analyzed. Therefore, Buffett chose to dig a 1-meter-wide incision and a 1-kilometer-deep incision when digging the pool.</p><p><img src=\"https://static.tigerbbs.com/77627ec8ccc4f3066312ba73226eabd6\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>Buffett chose an incredible concentration of stock holdings amidst concentration and decentralization, reducing the number of decisions he made and the number of mistakes he made. Buffett's trading is done in order not to trade, but to find good companies and hold them indefinitely; this is a \"difficult but correct thing to do.\"</b></p><p><b>Mathematical probability theory as the foundation</b></p><p>When discussing decision-making, Buffett said, \"All we have to do is multiply the probability of profit by the number of possible profits, and subtract the probability of loss by the number of possible losses.\"</p><p>In 1654,<a href=\"https://laohu8.com/S/BTH\">Bryce</a>Some correspondence between Pascal and Pierre de Fermat laid the foundation for probability theory, with Fermat using algebraic methods and Pascal using geometric methods. The work of Pascal and Fermat marked the beginning of decision theory, which is the process of deciding what to do when you are unsure what will happen.</p><p>Bayer analysis provides a mathematical program that adjusts our original expectations based on newly obtained information to change the corresponding probabilities. In universities, Bayer analysis is used to help students learn decision-making; in the classroom, it is known as decision tree theory. Munger said, \"Everything you learned in your first year at Harvard Business School, combined, is actually decision tree theory.\"</p><p>In his 1948 \"Mathematical Theory of Communication,\" Shannon creatively used probabilistic methods to study problems in communication. Based on Shannon's information theory, mathematician Kelly established an optimization formula.</p><p>In 1956, Kelly wrote \"A New Interpretation of Information Rate,\" proposing an optimized growth strategy: if you know your probability of success, you know how much to allocate. The formula is: 2p-1=X. If the probability of winning is 55%, then 2*55%-1=10%. In this case, a 10% proportion should be allocated. If the probability of winning is 75%, then 275%-1 = 50%, in which case a 50% ratio should be allocated.</p><p>Buffett is often very cautious when applying the Kelly optimization formula. When the result is a 20% allocation ratio, he will appropriately reduce the ratio, usually by 1/2 or 1/3 of the original value.</p><p>Therefore, from a probability theory perspective, Buffett's investment decision-making process is shown in the diagram below:</p><p><img src=\"https://static.tigerbbs.com/e64eba4e2c9f130f862467a0165a370f\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/></p><p><b>Shielding the impact of Mr. Market's quotation</b></p><p>Looking at a stock like the one in the chart below, you might think it's too volatile.</p><p><img src=\"https://static.tigerbbs.com/5c1ae058eee580faf61d4afc29ce028b\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>But looking at this stock, you'll feel that the sooner you get on board, the better.</p><p><img src=\"https://static.tigerbbs.com/32802a41a2ffc564de009d457f6f7e27\" tg-width=\"1080\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, these two charts actually show the same stock, the famous Apple Inc., only the frequency of observing the stock price is different.</p><p>Buffett said:<b>\"Investing is like playing baseball. To score, you have to focus on the field instead of staring at the scoreboard.\"</b></p><p>When market prices fluctuate, Buffett's composure is natural—his risk control criterion is the preservation of the company's intrinsic value, not the stock price.</p><p>Warren Buffett has a well-known saying: \"I am greedy when others are fearful, and I am fearful when others are greedy.\"</p><p><b>What Buffett is certain of is value, while what others fear and are greedy for is stock prices.</b>When the market is falling, it is actually the biggest buying opportunity because the margin of safety is larger.</p><p><b>Conclusions of behavioral finance</b></p><p>In 2011, Nobel laureate Daniel Kahneman's \"Thinking, Fast and Slow\" divided the cognitive process into two thinking modes: intuition and rationality, also known as System 1 and System 2. The decisions of System 1 are mostly mechanical, rapid, and without careful consideration. System 2 decision-making is thoughtful, deliberate, and requires focus.</p><p><img src=\"https://static.tigerbbs.com/46c545d82aaeb89ecb841eabb11dae6c\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\"/></p><p>Buffett's strictest requirements for both himself and the management of his portfolio companies are rationality, especially in the efficient allocation of capital.</p><p>Buffett said, \"Our job is to select the best companies, and every dollar they keep will ultimately create more than a dollar of capital value.\"</p><p>When invested capital moves repeatedly, bringing about capital value, this simple and magical formula is completed: long-term capital value = capital investment * (1 + return on capital) ^ time.</p><p>Simple things, because they have few variables affecting their outcome, are often the least risky and most lasting things.</p><p><img src=\"https://static.tigerbbs.com/a18f57e51abe315a60a559041daee619\" tg-width=\"1080\" tg-height=\"580\" referrerpolicy=\"no-referrer\"/></p><p>Overall, Berkshire Hathaway's \"One Mindset\" framework, which emphasizes value-based investing in breakout points, is very similar to Berkshire Hathaway, which Buffett himself manages. Buffett selects investment companies according to his own personality.</p><p>This creates multiple Berkshire fractals that continuously resonate in unison, enhancing Berkshire's overall capital value.</p><p>But when faced with this simple and magical formula: long-term capital value = capital investment * (1 + return on capital) ^ time, always ask yourself:</p><p><b>Is that true?</b></p><p><b>Is it always true?</b></p><p><b>Is there any exception?</b></p><p><b>5. What is Berkshire Hathaway's axiomatic thinking?</b></p><p>In 1776, Adam Smith made a brilliant description in *The Wealth of Nations*: \"The food and drink we need every day do not come from the favors of butchers, brewers, or bakers, but from their own self-interest. Every individual who uses capital and labor neither intends to promote the public interest nor knows to what extent he himself is promoting that interest. He is guided by an invisible hand to strive to achieve an end that is not his original intention.\" By pursuing his own interests, he often promoted the interests of society.</p><p><img src=\"https://static.tigerbbs.com/4b9c5b098969269ceca30e73d663687e\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>The magnificent development of the US market economy and capital markets over the past 60 years has created the environment for Buffett's wealth.</p><p><img src=\"https://static.tigerbbs.com/f1559b849f9f8a134db2d12f669a8d67\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p><b>So how does Buffett, who possesses enormous wealth, cope?</b></p><p>Buffett said:</p><p>“Whenever I told Susan we were going to get rich, she never seemed particularly excited; she either didn’t care at all or didn’t believe it. When we actually accumulated a huge amount of wealth, we were quite in sync on how to dispose of it, which was to give it back to society.”</p><p>“Susan and I have never felt that we should leave so much money to our children, who are all excellent. However, I want to make it clear that they have already gained an advantage in their upbringing and educational opportunities; therefore, it is neither right nor wise to give them countless more money.”</p><p>\"In fact, in a society that values elites, they already have an overwhelming lead. The enormous wealth passed down through generations will further exacerbate the social fairness that we should strive to uphold.\"</p><p>On June 26, 2006, at the New York Public Library, Buffett took out five envelopes, each containing an arrangement for the distribution of his wealth, just waiting for his signature to take effect. The first three envelopes were simple. He signed them \"Dad,\" and then gave them to his three children: his daughter Susie, his eldest son Howard, and his second son Peter. The fourth letter was addressed to a representative of the charitable foundation donated by his late wife. These four letters give a total wealth of $6 billion.</p><p>After signing the fifth letter, Buffett handed it to Bill Gates' then-wife, Melinda. In the letter, Buffett donated his Berkshire Hathaway stock, then worth $30 billion, to the world's largest philanthropic organization, the Bill & Melinda Gates Foundation.</p><p>Buffett said, \"They can use their money more efficiently, find someone who does things your way, and does them better. Wouldn't it be more logical to delegate things to them?\"</p><p>This is typical Buffett, always full of rationality.</p><p><img src=\"https://static.tigerbbs.com/0c7926fdcbed0cb8a02ecdaa6f52efaa\" tg-width=\"1080\" tg-height=\"596\" referrerpolicy=\"no-referrer\"/></p><p>Therefore, in \"The Protestant Ethic and the Spirit of Capitalism,\" Max Weber said:</p><p>\"The so-called capitalist spirit refers to the fact that individuals regard the effort to increase their own capital and the activities aimed at this as an act of dutifulness, and regard making money itself as an end, a professional responsibility, a manifestation of virtue and ability.\"</p><p>\"This economic behavior of modern rational capitalism is entirely consistent with the well-organized and systematically structured ascetic lifestyle of Protestants. The Protestant ascetic ethic provides capitalist entrepreneurs with a psychological...\"<a href=\"https://laohu8.com/S/838275\">driving force</a>And moral energy.”</p><p>—Max Weber, *The Protestant Ethic and the Spirit of Capitalism*</p><p>The spirit of capitalism, also known as Puritanism, regards acquiring wealth as a way to glorify God, and sharing wealth as work done for God.</p><p>In this way, Berkshire's \"One Think\" framework is complete.</p><p><img src=\"https://static.tigerbbs.com/d55e7bcb4e3c3d92076adb49997e8cf4\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire's value proposition is that of a capital holding company that pursues long-term capital value.</p><p>The breakthrough point is value investing, which aims to improve the efficiency of capital movement.</p><p>Iteration is the effective allocation of capital to assets, while feedback is the capital appreciation brought about by assets.</p><p><b>The axiomatic thinking supporting this \"one-thought\" model is the political economy and mathematics cornerstone of \"The Wealth of Nations,\" while the Puritan spirit has become a source of inner certainty when possessing wealth.</b></p><p><b>6. Why talk about Berkshire Hathaway and Warren Buffett?</b></p><p>Some might ask, can Berkshire Hathaway and Buffett be replicated? The answer is NO.</p><p>Twentieth-century America, the corporate values of \"serving the interests of shareholders,\" generous insurance floats, non-hedge fund mechanisms, and the resources for interaction with the Federal Reserve in times of crisis are all opportunities available to non-ordinary asset managers or capitalists.</p><p>Then why talk about Berkshire Hathaway and Buffett?</p><p>George Johnson said in \"The Flame in the Heart,\" \"Between reality and illusion, everyone wants to find a pattern deep within themselves to integrate the disordered world.\"</p><p>Everyone is searching for a pattern in their inner world, but too much information interference and inner turmoil prevent many people from finding that way back.</p><p>Buffett said:<b>Our attitude is to align our personality with the lifestyle we desire.</b>\"When he breaks through value investing, he is breaking through his own way of life and management, which is his life.\"</p><p>This is the spirit we need to learn: to pursue commercial value as our goal, to live frugally, to pursue quality without waste, and ultimately to give back our wealth to society.</p><p>This applies to Buffett, Berkshire Hathaway, and all the companies he invests in.</p><p>So, at Buffett's shareholders meeting in 2015, I had the opportunity to ask Buffett through a lucky draw: \"Why is Berkshire Hathaway, which I have managed for so many years, still so confident and passionate?\"</p><p><img src=\"https://static.tigerbbs.com/d14c232fa07e1a04dedda5596f316fe3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p>He replied, \"<b>I have the life I want, and I love every day. I mean, I tap dance to work every day, drink six cans of Coke every day, and work with people I like. There's nothing more fun in this world than working at Berkshire, and I'm lucky to be here.</b>”</p><p><b>epilogue</b></p><p>One of my favorite books, \"When the Stars Shine,\" says:<b>The greatest fortune in a person's life is discovering their life's mission in the middle of their life, when they are in their prime.</b>”</p><p>Perhaps Buffett discovered his life mission not in middle age, but in his youth.</p><p>The immense energy that comes from the combination of people and careers to fulfill a mission, the strong sense of happiness that comes from the unity of people and work, and this love for people, things, and society are what we should learn from, and what Buffett truly firmly believes in.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c18dea7f7a333a9914ece4ba2cae08f4","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BRK.A":"伯克希尔","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BRK.B":"伯克希尔B","BK4581":"高盛持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135927495","content_text":"提到“股神”巴菲特，大家一定会想起他那句名言：“在别人恐惧的时候，我贪婪，别人贪婪的时候，我恐惧。”他为什么能如此与众不同，还总是保持正确？他对价值投资的胆识和魄力究竟来自哪里？他又是如何缔造出强大的伯克希尔·哈撒韦？相信，看过那么多关于巴菲特的文章，这一篇一定是最独特，且能让你印象深刻的。文章不仅有对巴菲特和伯克希尔的本质逻辑，击穿点和迭代反馈的相关分析，深度且成体系，还有对其人生信念，工作动力，财富观念的总结，让我们看到了一个90多岁的炽热灵魂。值得一提的是，本文的作者曾在2015年在巴菲特股东大会上，向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”大家猜一猜巴菲特是怎么回答的？1、伯克希尔·哈撒韦是谁？先来看看这家美国上市公司的简要情况：2022年4月6日这家公司股价是517002美元，是历史上股价最高的股票，总市值7616亿美元。在2022年财富世界500强中，伯克希尔·哈撒韦排名第11位。如果1965年投资1万美元购买伯克希尔（BRK）股票，那么在2021年你将拥有3.64亿美元。从1965年到2021年，56年来年化复利20.1%，远超标普500的10.5%的表现。伯克希尔·哈撒韦管理的总资产约1万亿美元，其中1500亿是现金或债券等流动性资产，3500亿是持仓股票，5000亿是股权投资，控制着美国的运输、能源和通讯等关键基础设施，以及很多现金流非常充裕的传统企业。猜猜管理这么多资产的公司总部有多少人？25人！而伯克希尔哈撒韦的老板，就是大名鼎鼎的巴菲特。巴老爷子，1930年8月30日出生的处女座，11岁第一次投资股票，19岁师从价值投资大师本杰明·格雷厄姆，27岁创业开办了自己的有限合伙投资公司。据福布斯排行榜数据，2022年，92岁的他个人财富为996亿美元，居全球第6位。然而，他已将自己近90%的财富捐给了社会。2、伯克希尔·哈撒韦的“一”是什么？伯克希尔的“一”是什么，其价值主张与其它的投资公司有什么不同？为什么在彼得·林奇、索罗斯、费雪、达里欧等投资大师中，大众独宠巴菲特一人，尊称其为“股神”？巴菲特解散合伙投资公司从格雷厄姆的公司回到奥马哈后，巴菲特于1957年开办了自己的投资公司，从10.5万美元的资产管理规模开始。巴菲特告诉他的合伙人，他希望每年战胜道琼斯指数10个百分点。结果是1957-1961年，道指上升75%，合伙企业上升251%，到1966年共10年里，道指上升123%，合伙企业上升1156%，巴菲特大大超出了他的目标，实际成绩是年化35%的收益。而在1969年，巴菲特解散了合伙投资企业。令人不解的是，这么好的业绩，应该大力募资才对，为什么要解散合伙投资企业呢？巴菲特说：“我知道在一个我认为自己不能做得很好，或者我不得不去做好的环境里，我是不想去管理其他人的钱的。”1969年的确是一个疯狂的市场，而巴菲特并不愿意改变他内心中的投资法则。在解散合伙投资企业后，他把全部精力放在了看似投资“失败”的纺织企业伯克希尔·哈撒韦上。伯克希尔与普通的基金公司有什么区别？伯克希尔本质上是一家资本控股公司，管理的是自己的钱，而普通基金公司管理的资金大部分是投资人的钱。这使得伯克希尔对于资金的看法与普通基金公司有本质的不同——伯克希尔把自己的资金，看作是资本。根据《西方经济学基础》，“资本是生产资料的一部分，是企业为购置从事生产经营活动所需的资产的资产来源，它是投资者对企业的投资，出现在资产负债表的右侧。资本的本质是获得利润。”有一个简单的公式，如果不考虑资本的成本的话：长期资本价值=资本投资*（1+资本回报率）^时间伯克希尔在管理自己的资本的时候，相比其它的资产管理公司，没有资金赎回风险，而且可以永续经营，公司赚的是资本循环增值的价值。而资产管理公司的资金，可能会由于市场的波动，投资者赎回，或者基金到期，无法长期经营管理。对于两种模式，资本市场也会给出不同的市值，贝莱德管理近10万亿美元规模的资产，市值为1123亿，而伯克希尔管理1万亿美元的资产，市值为7616亿美元。所以，基金公司属于资产管理公司，核心是短期的投资价值；而伯克希尔是资本控股公司，追求长期资本价值。作为大股东的巴菲特，更应该称他为资本家，而不是仅仅是投资专家。3、伯克希尔·哈撒韦击穿了什么？伯克希尔在资本管理领域击穿了什么，使得它能够如此不同？既然是资本管理，我们回到马克思的《资本论》，看看资本的本质是什么？根据马克思的《资本论》：“资本的本质特征之一是资本的运动性。资本之所以能够增值，能带来剩余价值，关键是它处在无休止的运动中，不断地从流通领域进入到生产领域，再由生产领域进入到流通领域，资本这种不间断的运动是资本取得价值的增值的必要前提和条件，一旦停止运动，资本就不能增值。”让资本增值最重要的事情是提升资本运动效率，资本运动效率越高，资本增值越快。马克思也提到：“剩余价值转化为利润，以剩余价值率转化为利润率为前提，即借助于利润率，才把已转化为成本价格超过额的剩余价值，进一步转化为预付总资本在一定周转期间内超过它自身价值的余额。总之，剩余价值是内在的本质或实体，而利润则是外在的现象或形式。”那么根据马克思的理论，高净利润率的公司一定就是好公司吗？巴菲特曾说过：“投资有三件最重要的事，第一是保住本金，第二是保住本金，第三是时刻牢记前两条。”再来看看巴菲特的第一个老师本杰明·格雷厄姆怎么说——“投资是经过分析，可以承诺本金安全，并提供满意回报的行为。不能满足这些要求的就是投机。”并且他提到了“安全边际”这个重要的词：“人们愿意为股票付出任何价格，根本不考虑进行数量分析，市场乐观标出的任何价格好像都是物有所值的。在这疯狂之巅，投资与投机的界限模糊了。要以安全边际的方法去挑选股票。”再根据一个简单的数学等式：安全边际=企业价值-企业价格，可知企业价格可以在市场上找到，那么如何正确地评估企业价值就成为重中之重。这时得到了一个我们非常熟悉的词汇——价值投资，是对企业的真实价值进行有效评估。巴菲特对企业进行估值并进行投资有12条原则。企业三原则的核心是，让企业价值判断变得简单，不熟不投，他说：“我不会挑战高难度的动作，就像运动会跨栏，有1英尺的杆，我绝不会选择7英尺。”管理三原则的核心是，巴菲特希望能够找到和他一样的管理者，能够有效配置公司资本，真正为股东的利益负责。财务四原则的核心是，如何找到正确反映企业运营能力的指标和指标组，计算真正的“股东盈余”，而且找到高利润率的企业。市场二原则的核心是，用未来现金流的折算，确定企业的市场价值，再根据安全边际，相对于企业的市场价值，能否以折扣价进行购买。我去查询了几家巴菲特持有多年的企业，如华盛顿邮报、可口可乐、盖可保险、大都会等企业，即便不是12条原则全部应用，但大部分是符合的。所以，在第二个问题“伯克希尔击穿了什么”中，答案是有安全边际的企业价值。4、伯克希尔·哈撒韦的迭代反馈是什么？作为多元控股型企业，伯克希尔管理近万亿美元的资产，其中非上市部分，绝大部分企业为全资拥有或可合并报表，而上市部分，持股比例也多为相对大股东或有董事会席位。伯克希尔的各个子公司产生大量现金流，提供给奥马哈总部。这些现金来源于巨大保险业务的浮存金，及全资拥有的非金融子公司的运营盈利。伯克希尔将这些现金作为资本要素进行再投资，投资于那些能产生更多现金的机会。每个子公司都有富有才华的管理团队负责日常工作，这样巴菲特可以集中100%的精力，专注于资本高效配置。巴菲特如何做好资本高效配置？John Whitmore有这样一个效能公式：p=P-i，这里第一个p是performance，效能的意思，第二个P是Potential，潜力的意思，i是interference，干扰的意思。人的潜能大多数是一样的，但干扰值区别很大。我们的效能低，不是因为潜能低，而是因为干扰太大了。那么，巴菲特是如何降低干扰的呢？奥马哈的极简生活首先巴菲特既不住在东部的纽约，也不住在西部的洛杉矶，而是中部内布拉斯加州的奥马哈。他的办公室是用了60年的办公楼，只租了半层；住的房子是60年前用5万美元买的房子。每天安静地在办公室里看年报打电话，成了巴菲特一生的习惯。减少决策次数的集中性投资以马柯维茨现代资产组合理论、尤金·法玛的有效市场假说及夏普的资本定价模型为基础，大多数资产管理人会把波动性看作资本市场的最大风险，所以分散、非相关性是控制风险最重要的思路。举个例子，挖水池是选择1千米宽的切口，打1米深。而巴菲特认为最大的风险是企业内在价值的丧失，如果价值没有了，安全边际就没有了，股票就应该卖出。选择优秀的价值企业，能透彻分析的企业个数一定不多。所以，巴菲特挖水池是选择1米宽的切口 ，打1千米深。巴菲特在集中与分散中，选择了不可思议的集中性持股，减少决策的次数，减少犯错的次数。巴菲特的交易是为了不交易，找到好企业而一直持有，这是一件“难而正确的事情”。数学概率论作为基础谈及决策，巴菲特说：“我们所要做的全部就是，将盈利概率乘上可能盈利的数量，减去亏损的概率乘上可能亏损的数量。”1654年，布莱斯·帕斯卡和皮埃尔·德·费马相互之间的一些信件往来奠定了概率论的基础，费马用的是代数方法，帕斯卡用的是几何方法。帕斯卡和费马的工作标志着决策理论的开始，决策理论就是当你不确定将要发生什么时，决定做什么的过程。而拜尔分析法提供了一个数学程序，根据新获得的信息，调整我们原有的预期，以改变相应的机率。大学里使用拜尔分析法帮助学生学习决策，在课堂上，被称为决策树理论。芒格说：“在哈佛商学院，第一年所学的全部，综合在一起实际上就是决策树理论。香农在1948年《通信的数学理论》中创造性地采用概率论的方法来研究通信中的问题。在香农信息理论的基础上，数学家凯利建立了优化公式。1956年，凯利写了《信息速率的新解读》，提出优化成长策略：如果你知道你成功的概率，你就知道配置多少的比例。公式是：2p-1=X，如果赢的概率是55%，那么2*55%-1=10%，此时应配置10%的比例；如果赢的概率是75%，那么275%-1=50%，此时应配置50%的比例。而巴菲特在应用凯利优化公式时，往往非常谨慎，当结果是20%配置比例的时候，他会在此基础上适当降低比例，通常是原数值的1/2或1/3。所以从概率论来看巴菲特的投资决策流程，如下图：屏蔽市场先生的报价影响看下图这样一个股票，可能你会觉得波动性太大了。但看这支股票，你会觉得越早上车越好。但这两张图其实是同一支股票，大名鼎鼎的苹果公司，仅是观察股价的时间频度不一样。巴菲特说：“投资就像打棒球一样，想要得分大家必须把注意力集中在场上，而不是紧盯着计分板。”当市场价格上下波动的时候，巴菲特所显现出来的淡定是自然的——他的内心是以企业内在价值不丧失作为风险控制标准的，而不是股价。巴菲特有句被说烂了的名言：“在别人恐惧的时候，我贪婪，别人贪婪的时候，我恐惧。”巴菲特笃定的是价值，而别人恐惧和贪婪的是股价。市场下跌的时候，反而是最大的买入机会，因为安全边际更大了。行为金融学的结论2011年，诺贝尔奖获得者丹尼尔·卡尼曼的《思考，快与慢》，将认知过程分为两个思维模式：直觉和理性，也就是系统1与系统2。系统1的决策多是机械的、快速的、未经大脑深思熟虑的；系统2的决策是经过认真思考的、经过推敲的、要求专注的。巴菲特无论是对自己，还是被投企业的管理层，要求最严格的，就是理性，特别是体现在资本高效配置方面的理性。巴菲特说：“我们的工作就是挑选出那些优秀的企业，它们每保留的一美元最终都会创造出超过一美元的资本价值。”当投资的资本反复运动，带来资本价值的时候，就完成了这个简单而神奇的公式：长期资本价值=资本投资*（1+资本回报率）^时间。简单的事情，因影响其结果的变量少，往往是风险最小的事情，也是最持久的事情。整体看伯克希尔的”一思维“框架图，击穿点中的依据价值而进行投资，与巴菲特自己管理的伯克希尔有非常强的同构性。巴菲特按照自己的样子，筛选投资企业。这样就产生了多个伯克希尔分形，不断同频共振，提升了伯克希尔的整体资本价值。但面对这个简单而神奇的公式：长期资本价值=资本投资*（1+资本回报率）^时间，永远要问自己：是真的吗？永远是真的吗？有没有例外？5、伯克希尔·哈撒韦的公理化思维是什么？1776年，亚当·斯密在《国富论》中有一段精妙的描述：“我们每天所需的食物和饮料，不是出自屠户、酿酒商或面包师的恩惠，而是出于他们自利的打算。每个使用资本和劳动的个人，既不打算促进公共利益，也不知道他自己是在什么程度上促进那种利益。他受一只看不见的手的指导，去尽力达到一个并非他本意想要达到的目的。通过追逐自己的利益，他经常促进了社会的利益。”60年美国市场经济和资本市场波澜壮阔的发展，造就了巴菲特财富的大环境。那么拥有巨额财富的巴菲特，是如何面对的呢？巴菲特说：“无论何时，当我跟苏珊说我们会发财时，她从未表现得多么兴奋，要么毫不在意，要么是不予相信。当我们真的积累了巨额财富，在处置这笔财富的态度上我们相当默契，那就是将它们回馈给社会。”“我和苏珊从未觉得我们应该把这么多钱留给子女，我们的孩子都很出色。然而我要申明的一点是，在成长经历以及得到的教育机会，他们已经占尽了优势；因此，再赋予他们无数金钱既不正确，也不理智。”“实际上，在崇尚精英的社会里，他们已经拥有了压倒性的领先优势。世代相承的巨额财富，将会进一步加剧我们本应努力维护的社会公平。”2006年6月26日的纽约公共图书馆，巴菲特拿出五个信封，每一个信封里都装着一份他财富的分配安排，只等着他的签名即可生效。前三个信封很简单，他签名“爸爸”，然后分别给了三个子女：女儿苏茜、长子霍华德、次子彼得。第四封信交给已故妻子所捐的慈善基金会的代表。这四封信给出的财富总计金额为60亿美元。巴菲特签好第五封信后，交给了当时比尔·盖茨的妻子梅琳达。这封信中，巴菲特将他拥有的伯克希尔的股票，当时共计300亿美元的财富捐给了世界上最大的慈善机构，比尔&梅琳达·盖茨基金。巴菲特说：“他们可以更有效率地使用金钱，找到那个按照你的想法做事，而且做得更好的人，将事情委托给他们难道不更符合逻辑吗？”这就是典型的巴菲特，总是充满理性。所以，在《新教伦理与资本主义精神》中，马克思·韦伯说：“所谓的资本主义精神，是指个人把努力增加自己的资本并以此为目的活动视为一种尽责尽职的行动，把赚钱本身当作一种目的、一种职业责任、一种美德和能力的表现。”“这种现代理性资本主义的经济行为，与新教徒那种井井有条、系统安排的人世禁欲主义生活方式是完全相一致的。新教禁欲主义伦理为资本主义企业家提供了一种心理驱动力和道德能量。”--《新教伦理与资本主义精神》作者：马克思·韦伯资本主义精神，也就是清教徒精神，把获得财富当作是荣耀上帝的道路，也把分享财富当作是替上帝做的工作。这样，伯克希尔的“一思维”框架图就完整了。伯克希尔的价值主张是一家资本控股公司，追求长期资本价值。击穿点是价值投资，提高资本运动效率。迭代是资本有效配置资产，反馈是资产带来资本增值。支撑这个“一思维”模型的公理化思维是《国富论》为基石的政治经济学和数学，同时清教徒精神成为了拥有财富时内心笃定的思想来源。6、为什么要讲伯克希尔·哈撒韦和巴菲特？有人会问，伯克希尔和巴菲特可以复制吗？答案是NO。20世纪的美国、“为股东利益服务”的企业价值观、丰厚的保险浮存金、非对冲基金机制、危机时刻与美联储的互动资源，都是非一般资产管理人或资本家所拥有的机遇。那为什么要讲伯克希尔和巴菲特？乔治·约翰逊在《心中的火焰》中说，“在现实和虚幻之间，每个人的内心深处都想发现一种模式，以整合无序的世界。”每个人都在寻找自己内心世界中的一种模式，但太多的信息干扰和内心中的紊乱让很多人找不到那条归路。巴菲特说：“我们的态度就是，让我们的个性与我们希望的生活方式相一致。”他在击穿价值投资的时候，就在击穿他自己的生活和管理方式，也就是他的生命。我们要学习的就是这种精神，以追求商业价值为目标，自己生活节俭，追求品质但不浪费，最终将财富回馈于社会。巴菲特如此，伯克希尔如此，所有投资的企业也是如此。所以，2015年我在巴菲特股东大会上，通过幸运抽签，有机会向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”他回答：“我拥有我想要的生活，我热爱每一天。我的意思是，我每天都跳着踢踏舞去上班，每天喝六罐可乐，与那些我喜欢的人一起工作。这世界上没有什么比得上我在伯克希尔工作更有乐趣，很幸运我在这里。”结语我最喜欢的一本书《人类群星闪耀时》说：“一个人生命中的最大幸运，莫过于在他的人生中途，即在他年富力强时发现了自己的人生使命。”可能巴菲特不是在中年，而是在少年时就已经发现了自己的人生使命。这种人和事业合在一起完成使命召唤的能量之大，人事合一的幸福感之强，这种对人、对事、对社会之爱，才是我们要学习的，也是巴菲特内心中真正的笃定。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018426639,"gmtCreate":1649081172490,"gmtModify":1676534446881,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018426639","repostId":"1165926470","repostType":4,"repost":{"id":"1165926470","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":1649079344,"share":"https://ttm.financial/m/news/1165926470?lang=en_US&edition=fundamental","pubTime":"2022-04-04 21:35","market":"other","language":"zh","title":"Jumia shares surged over 13% after announcing a partnership with UPS.","url":"https://stock-news.laohu8.com/highlight/detail?id=1165926470","media":"老虎资讯综合","summary":"4月4日，非洲电商平台Jumia涨超13%，今天宣布与联合包裹建立合作伙伴关系。","content":"<p><html><head></head><body>On April 4, African e-commerce platforms<a href=\"https://laohu8.com/S/JMIA\">Jumia</a>It rose more than 13%, and today it announced...<a href=\"https://laohu8.com/S/UPS\">combined package</a>Establish partnerships.</p><p><img src=\"https://static.tigerbbs.com/1060b52b4193b9f087bee6f292bcd880\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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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\">\nJumia shares surged over 13% after announcing a partnership with UPS.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-04 21:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On April 4, African e-commerce platforms<a href=\"https://laohu8.com/S/JMIA\">Jumia</a>It rose more than 13%, and today it announced...<a href=\"https://laohu8.com/S/UPS\">combined package</a>Establish partnerships.</p><p><img src=\"https://static.tigerbbs.com/1060b52b4193b9f087bee6f292bcd880\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"BK4559":"巴菲特持仓","UPS":"联合包裹","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BK4131":"航空货运与物流","JMIA":"Jumia Technologies AG"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165926470","content_text":"4月4日，非洲电商平台Jumia涨超13%，今天宣布与联合包裹建立合作伙伴关系。","news_type":1,"symbols_score_info":{"JMIA":0.9,"UPS":0.9}},"isVote":1,"tweetType":1,"viewCount":1706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887508863,"gmtCreate":1632057950752,"gmtModify":1676530693755,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/887508863","repostId":"2168037685","repostType":4,"isVote":1,"tweetType":1,"viewCount":1209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888120105,"gmtCreate":1631458836307,"gmtModify":1676530551172,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/888120105","repostId":"1107402961","repostType":4,"isVote":1,"tweetType":1,"viewCount":945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067146553,"gmtCreate":1652431109072,"gmtModify":1676535099436,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067146553","repostId":"1136768096","repostType":4,"repost":{"id":"1136768096","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":1652407455,"share":"https://ttm.financial/m/news/1136768096?lang=en_US&edition=fundamental","pubTime":"2022-05-13 10:04","market":"hk","language":"zh","title":"Hong Kong stocks opened higher and continued to rise, with the Hang Seng Tech Index extending its gains to 4%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1136768096","media":"老虎资讯综合","summary":"5月13日，港股高开高走，恒生指数涨超2%，恒生科技指数涨幅扩大至4%，华虹半导体涨超10%。","content":"<p><html><head></head><body>On May 13, Hong Kong stocks opened higher and continued to rise, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index extending its gains to 4%.<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>It rose by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/311121d8319c865984c3453d966f6946\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-05-13 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On May 13, Hong Kong stocks opened higher and continued to rise, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index extending its gains to 4%.<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>It rose by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/311121d8319c865984c3453d966f6946\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"HSI":"恒生指数","HSTECH":"恒生科技指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136768096","content_text":"5月13日，港股高开高走，恒生指数涨超2%，恒生科技指数涨幅扩大至4%，华虹半导体涨超10%。","news_type":1,"symbols_score_info":{"HSI":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":2627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9069482984,"gmtCreate":1651334491894,"gmtModify":1676534891578,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069482984","repostId":"1145531422","repostType":4,"isVote":1,"tweetType":1,"viewCount":1117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}