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Edmond123

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03-03

$老虎证券(TIGR)$ [开心]

03-03

$老虎证券(TIGR)$

2023-03-11

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First Republic, Western Alliance Seek to Calm Contagion Worries From SVB Meltdown

2022-12-12

$道琼斯(.DJI)$

2022-12-10

$道琼斯(.DJI)$

2022-12-09

$道琼斯(.DJI)$

2022-12-08

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2022-12-08

$道琼斯(.DJI)$

2022-12-07

$道琼斯(.DJI)$

2022-06-26

$USA Truck(USAK)$👍

2022-06-19

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How to see the impact of U.S. stocks and U.S. bonds on A-shares?

2022-06-19

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Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20

2022-06-11

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Sorry, the original content has been removed

2022-04-01

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Trading in some Hong Kong real estate and property management stocks suspended in Hong Kong

Go to Tiger App to see more news

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The last FDIC-insured institution to close was Almena State Bank in Kansas on October 23, 2020.</p><p>Western Alliance reported total deposits of $61.5 billion and warned of a moderate decline from these levels by the end of the quarter due to seasonal and monthly activity, but affirmed its full-year deposit growth forecast of 13% to 17%.</p><p>It held $2.5 billion cash on its balance sheet while held-to-maturity securities made up less than 2% of assets with unrecognized loss of $192 million as of Feb. 28.</p><p>Meanwhile, FRC said average account size of consumer deposits are less than $200,000 and business deposits less than $500,000. Technology-related deposits accounted for 4% of total deposits.</p><p>Its investment portfolio is less than 15% of total bank assets and only less than 2% of total bank assets is categorized as available for sale.</p><p>Banks park bonds under either available-for-sale (AFS) or held-to-maturity securities.</p><p>While AFS securities are carried at fair value and unrealized gains and losses are reported against capital, HTM securities are carried at amortized cost and are not required to count changes in value if held until repayment.</p></body></html>","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>First Republic, Western Alliance Seek to Calm Contagion Worries From SVB Meltdown</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nFirst Republic, Western Alliance Seek to Calm Contagion Worries From SVB Meltdown\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-11 08:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - U.S. lenders <a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a> and <a href=\"https://laohu8.com/S/WAL\">Western Alliance </a> said on Friday their liquidity and deposits remained strong, aiming to calm investors worried of a spill-over of risks from troubled startup focused-bank <a href=\"https://laohu8.com/S/SIVB\">SVB Financial Group </a>.</p><p>Shares of the three banks slumped between 20% and 60% in choppy trading that led to halts and resumptions.</p><p>The disclosures come after banking regulators shut California-based SVB after a failed share sale that triggered worries of a liquidity crisis, hammered bank stocks and rippled through global markets.</p><p>Silicon Valley Bank is the first FDIC-insured institution to fail this year, the Federal Deposit Insurance Corporation said. The last FDIC-insured institution to close was Almena State Bank in Kansas on October 23, 2020.</p><p>Western Alliance reported total deposits of $61.5 billion and warned of a moderate decline from these levels by the end of the quarter due to seasonal and monthly activity, but affirmed its full-year deposit growth forecast of 13% to 17%.</p><p>It held $2.5 billion cash on its balance sheet while held-to-maturity securities made up less than 2% of assets with unrecognized loss of $192 million as of Feb. 28.</p><p>Meanwhile, FRC said average account size of consumer deposits are less than $200,000 and business deposits less than $500,000. Technology-related deposits accounted for 4% of total deposits.</p><p>Its investment portfolio is less than 15% of total bank assets and only less than 2% of total bank assets is categorized as available for sale.</p><p>Banks park bonds under either available-for-sale (AFS) or held-to-maturity securities.</p><p>While AFS securities are carried at fair value and unrealized gains and losses are reported against capital, HTM securities are carried at amortized cost and are not required to count changes in value if held until repayment.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WAL":"阿莱恩斯西部银行"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151337023","content_text":"(Reuters) - U.S. lenders First Republic Bank and Western Alliance  said on Friday their liquidity and deposits remained strong, aiming to calm investors worried of a spill-over of risks from troubled startup focused-bank SVB Financial Group .Shares of the three banks slumped between 20% and 60% in choppy trading that led to halts and resumptions.The disclosures come after banking regulators shut California-based SVB after a failed share sale that triggered worries of a liquidity crisis, hammered bank stocks and rippled through global markets.Silicon Valley Bank is the first FDIC-insured institution to fail this year, the Federal Deposit Insurance Corporation said. The last FDIC-insured institution to close was Almena State Bank in Kansas on October 23, 2020.Western Alliance reported total deposits of $61.5 billion and warned of a moderate decline from these levels by the end of the quarter due to seasonal and monthly activity, but affirmed its full-year deposit growth forecast of 13% to 17%.It held $2.5 billion cash on its balance sheet while held-to-maturity securities made up less than 2% of assets with unrecognized loss of $192 million as of Feb. 28.Meanwhile, FRC said average account size of consumer deposits are less than $200,000 and business deposits less than $500,000. Technology-related deposits accounted for 4% of total deposits.Its investment portfolio is less than 15% of total bank assets and only less than 2% of total bank assets is categorized as available for sale.Banks park bonds under either available-for-sale (AFS) or held-to-maturity securities.While AFS securities are carried at fair value and unrealized gains and losses are reported against capital, HTM securities are carried at amortized cost and are not required to count changes in value if held until repayment.","news_type":1,"symbols_score_info":{"SIVB":0.9,"WAL":0.9,"FRC":0.9}},"isVote":1,"tweetType":1,"viewCount":3494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923142137,"gmtCreate":1670814698930,"gmtModify":1676538439101,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579240004068160","idStr":"3579240004068160"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$&nbsp;</a><v-v 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href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$道琼斯(.DJI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967728941","isVote":1,"tweetType":1,"viewCount":2943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9048208457,"gmtCreate":1656208889879,"gmtModify":1676535784914,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579240004068160","idStr":"3579240004068160"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/USAK\">$USA Truck(USAK)$</a>👍","listText":"<a href=\"https://ttm.financial/S/USAK\">$USA Truck(USAK)$</a>👍","text":"$USA Truck(USAK)$👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9048208457","isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040327410,"gmtCreate":1655611705230,"gmtModify":1676535671672,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579240004068160","idStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040327410","repostId":"2244848234","repostType":4,"repost":{"id":"2244848234","kind":"highlight","pubTimestamp":1655603924,"share":"https://ttm.financial/m/news/2244848234?lang=en_US&edition=fundamental","pubTime":"2022-06-19 09:58","market":"us","language":"zh","title":"How to see the impact of U.S. stocks and U.S. bonds on A-shares?","url":"https://stock-news.laohu8.com/highlight/detail?id=2244848234","media":"格隆汇","summary":"近期美股调整背景下，A股韧性十足","content":"<p><html><head></head><body><b>SUMMARY</b><b></b></p><p><b>Investment Key Points</b></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><b>1. The chaotic clouds are still calm</b></p><p><b>We believe that whether it is U.S. stocks, U.S. debt or inflation, the impact on A-shares will be limited.</b></p><p><b>In other words, the current market is fundamentally different from that from January to April. The structure is more important than the position. The science and technology innovation board is leading new growth and is ready to go. Hang Seng Technology's recovery has just begun. Grasp the golden layout window at the bottom.</b></p><p><b>2. How to see the impact of US stocks</b></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>Taking history as a mirror and observing the \"GDP growth gap between China and the United States\" and \"Wind All A/S&P 500\", we can find that since 2000, when China's economic growth has been faster than that of the United States, that is, the GDP growth gap between China and the United States has expanded, Wind All A tends to significantly outperform the S&P 500.</p><p><b>Looking forward to the follow-up, the domestic economy gradually bottoms out and recovers with the resumption of production and work, the U.S. economy gradually slows down from a high level, the economic dislocation between China and the United States will continue further, and A-shares are expected to continue to be stronger than U.S. stocks.</b></p><p><b>3. How to see the impact of inflation</b></p><p>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it.<b>In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key to affecting the stock market is economic trends and industrial rise.</b></p><p>After 1975, inflation in the United States rose to a new high again, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified, but U.S. stocks were not significantly affected. At the same time, small-cap technology stocks dominated by Nasdaq Even went out of a magnificent rise.</p><p>The reason is that \"no industry, no bull market\", and the key to determining the trend of growth stocks is the rise of industries. At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><b>4. How to see the impact of U.S. debt</b></p><p>Based on the correlation between the trend of U.S. bonds and domestic growth stocks at the beginning of the year, the current market is also more concerned about the upward trend of U.S. bonds.<b>However, through review, it can be found that the impact of U.S. debt on the performance of domestic growth stocks is also limited.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style, and we can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well and significantly outperformed value stocks; In 2021, also during the period of rising U.S. debt, GEM returns will be significant.</p><p>Logically, the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</p><p><b>5. Three major strategic configuration chains</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October.</b>The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</p><p>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</p><p>First, science and technology innovation board leads new growth as the main battlefield. In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aero-engines, missiles and informatization, etc.</p><p>Second, Hang Seng Technology turned to the bottom and grasped the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Risk warning:</b>The epidemic has repeatedly exceeded Industry progress is low expectations.</p><p><h3></h3><h3></h3><h3>1. The chaotic clouds are still calm</h3></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October. The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</b></p><p><b>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</b></p><p>First, the Science and Technology Innovation Board is the main battlefield for new growth. In terms of industrial clues, semiconductors, new energy, national defense, digital economy, specialization and innovation, and biomedicine are preferred. For example, semiconductors focus on analog design, IGBT, equipment materials, and new energy Focus on photovoltaics, wind power and energy storage, industrial software and automotive electronics in the digital economy, and aviation development, missiles and informatization in the national defense.</p><p>Second, Hang Seng Technology is facing the bottom of the turning point and has just begun to grasp the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><h3></h3><h3></h3><h3>2. How to see the impact of US stocks</h3></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>That is to say, with the resumption of production and work, the domestic economy gradually bottomed out and recovered, while the U.S. economy gradually slowed down from a high level.</p><p><b>Looking back at the correlation between Sino-US economic dislocation and Sino-US stock market trends, most of the time there is a positive correlation.</b>Observing the correlation between the \"GDP growth difference between China and the United States\" and the \"Wind All A/S&P 500\", we can find that since 2000, when China's economy grew faster than that of the United States, the GDP growth difference between China and the United States expanded. At this time, Wind All A significantly outperformed the S&P 500. The only different stage occurred in 2014-2015, when the U.S. economy strengthened and the Chinese economy weakened, domestic monetary and fiscal policies were greatly loosened, and the entry of over-the-counter funds into the market pushed A-shares out of the liquidity bull market.</p><p><img src=\"https://static.tigerbbs.com/a6bda2a40da9a508827021cf0b7047fe\" tg-width=\"1080\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The typical stage of economic dislocation between China and the United States and China's stock market outperforming U.S. stocks occurred from the end of 2004 to the third quarter of 2007, and from the third quarter of 2008 to the third quarter of 2009.</b></p><p><b>From the end of 2004 to the third quarter of 2007, domestic economic growth was significantly better than that of the United States, and the overall performance of A-shares was also better than that of U.S. stocks.</b>First of all, from the perspective of the Chinese and American economies, China's GDP growth rate fluctuates upward, while the U.S. GDP growth rate fluctuates downward, and the GDP growth gap between China and the United States continues to expand. Secondly, from the perspective of monetary policy, the Federal Reserve conducted 17 rate hike from June 2004 to July 2006, while only two domestic rate hike. At that time, the United States tightened monetary policy much stronger than China in order to curb domestic inflationary pressure. Finally, from the perspective of stock market performance, affected by the tightening of economic downturn policies, the U.S. stock market as a whole showed a volatile trend and rose slightly; Driven by rapid economic growth, A-shares have gone out of a round of profit bull.</p><p><img src=\"https://static.tigerbbs.com/2409478fb2d75cce21932be56c964b36\" tg-width=\"1080\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From the third quarter of 2008 to the third quarter of 2009, the domestic economy led the recovery of the United States, and the overall performance of A-shares was better than that of U.S. stocks.</b>First of all, from the perspective of Sino-US economies, China's GDP bottomed out and stabilized in Q1 2009, while that of the United States bottomed out and stabilized in Q2 2009. After the financial crisis, China's economy took the lead in recovering. Secondly, from the perspective of monetary policy, the Federal Reserve cut interest rates three times from Q3 2008 to Q3 2009 and conducted the first round of quantitative easing. China cut interest rates four times during this period and launched a \"4 trillion\" fiscal stimulus. Overall, the domestic monetary and fiscal stimulus is no less intense than that of the United States. Finally, from the perspective of stock market performance, under the background of domestic economic stabilization and strong policy stimulus, A-shares took the lead in stepping out of the stabilizing and rising market.</p><p><img src=\"https://static.tigerbbs.com/6d729e823827e4a59dd8311ccef9b2b0\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Looking forward to the future, the economic dislocation between China and the United States will continue further, and it is more likely that the domestic stock market will go out of the rising market independently of the US stock market.</b></p><p><b>Domestically, the economy is still in a stage of rapid repair.</b>Judging from the latest economic data, the domestic PMI in May was 49.6, showing a clear upward trend of stabilization. From micro-activities, we can also see signs that the economy is gradually improving: First, the policy of stabilizing growth is refined to industries and gradually implemented; Second, the epidemic situation across the country has gradually improved, and the resumption of work and production has accelerated.</p><p><img src=\"https://static.tigerbbs.com/4bb9152b6d97f16432d0e03d5af7cc9d\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/2274cd3e9d15d8a88968c36ba900f6a5\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h1></h1><b>In the United States, signs of economic recession are further emerging.</b>Data released by the University of Michigan showed that the U.S. consumer confidence index fell to 50.2 in June, down 8.2 compared with May, lower than market expectations. Real estate builder confidence fell to a 10-month low in June, according to data released by the National Association of Home Builders. In addition, the financial market is also trading the pressure of the U.S. economic recession: (1) In the commodity market, the copper-gold ratio dropped from around 5.4 to below 5; (2) In the bond market, the inversion of U.S. bond maturity spreads frequently occurs; (3) In the stock market, U.S. stocks have rapidly declined trading recession expectations since mid-April.</p><p><img src=\"https://static.tigerbbs.com/0ce772fb1833cff3c6ba38d2a9658c44\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>3. How to see the impact of inflation</h3></p><p><b>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it. In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key dominant factors are economic trends and industrial rise.</b></p><p><b>Recent inflation in Europe and the United States has attracted market attention.</b>In May, the U.S. CPI rose by 1% month-on-month and 8.6% year-on-year, the largest year-on-year increase since December 1981. In May, the CPI of the euro zone was 8.1%, continuing to hit a record high.</p><p><img src=\"https://static.tigerbbs.com/e29bc4f8ef2faec752362669edd0d886\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In fact, referring to the experience of the U.S. stagflation in the 1970s, inflation and rising interest rates have limited impact on equity trends.</b>Taking history as a mirror, inflation in the United States rose to a new high again after 1975, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified. However, observing that the performance of U.S. stocks has not been greatly impacted. Small-cap technology stocks dominated by Nasdaq Stocks even went out of a magnificent rise.</p><p><b>The reason is that \"no industry, no bull market\", the key to determining the trend of the equity market is the rise of the industry.</b>At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><img src=\"https://static.tigerbbs.com/0778162ad41f344fbb6b075dccc692c0\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7777245b9f07a09287e70fc659eb3f61\" tg-width=\"1080\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From a style perspective, a high inflation environment does not necessarily lead to a weakening of small-cap styles.</b>After 1975, U.S. inflation reached another peak. However, judging from the performance of U.S. stocks, after 75 years, the small market capitalization style was significantly better than the medium market capitalization and large market capitalization styles. Although high inflation increases cost pressures and has a more obvious impact on small and medium-sized enterprises, industrial development trends cannot be ignored.</p><p>In the early 1970s, due to lower labor costs in emerging economies, the manufacturing industry in the United States experienced an outflow trend. The proportion of manufacturing industry in GDP is declining, while the information industry is in obvious contrast, and its proportion in GDP is showing an obvious upward trend. Technology-based enterprises are mostly small and medium-sized enterprises. Although they are more significantly affected by the cost side, the general trend of industrial development has offset the pressure of inflation, driving up corporate profits and stock prices.</p><p><img src=\"https://static.tigerbbs.com/f234d78be7dcc5033dbd9d295af5f899\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>4. How to see the impact of U.S. debt</h3><b>Based on the recent correlation between the trend of U.S. bonds and domestic growth stocks, the current market is also more concerned about the upward trend of U.S. bonds. However, through review, it can be found that U.S. debt has limited impact on the trend of domestic growth stocks.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style. We can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well, significantly outperforming value stocks; In 2021, also during the period of rising U.S. debt, the GEM will increase significantly.</p><p><b>Logically, \"no industry, no bull market\", the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</b></p><p><img src=\"https://static.tigerbbs.com/26de8200e61b584b0175d2159d63568e\" tg-width=\"1080\" tg-height=\"686\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>5. Three major strategic configuration chains</h3></p><p><b>First, science and technology leads new growth.</b></p><p>Combined with the current industrial background, if 2019 to 2021 is the 1.0 era of hard technology investment, then looking forward to the next 3-5 years, we believe that hard technology investment has entered the 2.0 era. Hard technologies represented by semiconductors, new energy, national defense equipment, digital economy, specialization and innovation, and biomedicine are characterized by choosing the right big track in the 1.0 investment era, so in the 2.0 investment era, we believe that the core feature will be Choose the right sub-track.</p><p><b>Based on the natural sense of the times of sub-new shares, sub-new shares listed in the past three years are the main force in the 2.0 era. Further combined with the hard technology positioning of science and technology innovation board, science and technology innovation board is the main battlefield.</b></p><p><b>In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power, and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aviation development, missiles, and informatization.</b></p><p><img src=\"https://static.tigerbbs.com/5ee15fb0050494d677da95a9796d3860\" tg-width=\"1080\" tg-height=\"887\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Second, Hang Seng Technology has turned at the bottom.</b></p><p>On May 13, we released \"Big Waves Wash the Sand to See Gold: Hang Seng Technology Meets the Turning Point\" to remind Hang Seng Technology of the turning point opportunities and suggest strategic attention.</p><p>The underlying logic of Hang Seng Technology is the resonance of three bottoms, that is, the policy bottom, the profit bottom, and the valuation bottom. Since late May, under the catalysis of financial reports, it has entered the right side of the bottom.</p><p><b>In terms of short-term rhythm, U.S. stocks may disturb Hong Kong stocks, but it is the golden window for the bottom layout.</b></p><p><img src=\"https://static.tigerbbs.com/6770b7f1ed8879bcd681e13fab693548\" tg-width=\"1080\" tg-height=\"546\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/5fb306d814ed773f39387043a04d88ac\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality stock branches, travel chains, infrastructure and express delivery.</b></p><p><img src=\"https://static.tigerbbs.com/494d377a52dc223a9d33681012724de0\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/ae68357c00b64f09909ad4390bfddae5\" tg-width=\"1080\" tg-height=\"671\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>6. Risk warning</p><p>1. The epidemic has repeatedly exceeded expectations;</p><p>2. Low expectations for industrial progress.</p><p></body></html></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to see the impact of U.S. stocks and U.S. bonds on A-shares?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to see the impact of U.S. stocks and U.S. bonds on A-shares?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-06-19 09:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>SUMMARY</b><b></b></p><p><b>Investment Key Points</b></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><b>1. The chaotic clouds are still calm</b></p><p><b>We believe that whether it is U.S. stocks, U.S. debt or inflation, the impact on A-shares will be limited.</b></p><p><b>In other words, the current market is fundamentally different from that from January to April. The structure is more important than the position. The science and technology innovation board is leading new growth and is ready to go. Hang Seng Technology's recovery has just begun. Grasp the golden layout window at the bottom.</b></p><p><b>2. How to see the impact of US stocks</b></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>Taking history as a mirror and observing the \"GDP growth gap between China and the United States\" and \"Wind All A/S&P 500\", we can find that since 2000, when China's economic growth has been faster than that of the United States, that is, the GDP growth gap between China and the United States has expanded, Wind All A tends to significantly outperform the S&P 500.</p><p><b>Looking forward to the follow-up, the domestic economy gradually bottoms out and recovers with the resumption of production and work, the U.S. economy gradually slows down from a high level, the economic dislocation between China and the United States will continue further, and A-shares are expected to continue to be stronger than U.S. stocks.</b></p><p><b>3. How to see the impact of inflation</b></p><p>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it.<b>In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key to affecting the stock market is economic trends and industrial rise.</b></p><p>After 1975, inflation in the United States rose to a new high again, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified, but U.S. stocks were not significantly affected. At the same time, small-cap technology stocks dominated by Nasdaq Even went out of a magnificent rise.</p><p>The reason is that \"no industry, no bull market\", and the key to determining the trend of growth stocks is the rise of industries. At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><b>4. How to see the impact of U.S. debt</b></p><p>Based on the correlation between the trend of U.S. bonds and domestic growth stocks at the beginning of the year, the current market is also more concerned about the upward trend of U.S. bonds.<b>However, through review, it can be found that the impact of U.S. debt on the performance of domestic growth stocks is also limited.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style, and we can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well and significantly outperformed value stocks; In 2021, also during the period of rising U.S. debt, GEM returns will be significant.</p><p>Logically, the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</p><p><b>5. Three major strategic configuration chains</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October.</b>The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</p><p>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</p><p>First, science and technology innovation board leads new growth as the main battlefield. In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aero-engines, missiles and informatization, etc.</p><p>Second, Hang Seng Technology turned to the bottom and grasped the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Risk warning:</b>The epidemic has repeatedly exceeded Industry progress is low expectations.</p><p><h3></h3><h3></h3><h3>1. The chaotic clouds are still calm</h3></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October. The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</b></p><p><b>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</b></p><p>First, the Science and Technology Innovation Board is the main battlefield for new growth. In terms of industrial clues, semiconductors, new energy, national defense, digital economy, specialization and innovation, and biomedicine are preferred. For example, semiconductors focus on analog design, IGBT, equipment materials, and new energy Focus on photovoltaics, wind power and energy storage, industrial software and automotive electronics in the digital economy, and aviation development, missiles and informatization in the national defense.</p><p>Second, Hang Seng Technology is facing the bottom of the turning point and has just begun to grasp the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><h3></h3><h3></h3><h3>2. How to see the impact of US stocks</h3></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>That is to say, with the resumption of production and work, the domestic economy gradually bottomed out and recovered, while the U.S. economy gradually slowed down from a high level.</p><p><b>Looking back at the correlation between Sino-US economic dislocation and Sino-US stock market trends, most of the time there is a positive correlation.</b>Observing the correlation between the \"GDP growth difference between China and the United States\" and the \"Wind All A/S&P 500\", we can find that since 2000, when China's economy grew faster than that of the United States, the GDP growth difference between China and the United States expanded. At this time, Wind All A significantly outperformed the S&P 500. The only different stage occurred in 2014-2015, when the U.S. economy strengthened and the Chinese economy weakened, domestic monetary and fiscal policies were greatly loosened, and the entry of over-the-counter funds into the market pushed A-shares out of the liquidity bull market.</p><p><img src=\"https://static.tigerbbs.com/a6bda2a40da9a508827021cf0b7047fe\" tg-width=\"1080\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The typical stage of economic dislocation between China and the United States and China's stock market outperforming U.S. stocks occurred from the end of 2004 to the third quarter of 2007, and from the third quarter of 2008 to the third quarter of 2009.</b></p><p><b>From the end of 2004 to the third quarter of 2007, domestic economic growth was significantly better than that of the United States, and the overall performance of A-shares was also better than that of U.S. stocks.</b>First of all, from the perspective of the Chinese and American economies, China's GDP growth rate fluctuates upward, while the U.S. GDP growth rate fluctuates downward, and the GDP growth gap between China and the United States continues to expand. Secondly, from the perspective of monetary policy, the Federal Reserve conducted 17 rate hike from June 2004 to July 2006, while only two domestic rate hike. At that time, the United States tightened monetary policy much stronger than China in order to curb domestic inflationary pressure. Finally, from the perspective of stock market performance, affected by the tightening of economic downturn policies, the U.S. stock market as a whole showed a volatile trend and rose slightly; Driven by rapid economic growth, A-shares have gone out of a round of profit bull.</p><p><img src=\"https://static.tigerbbs.com/2409478fb2d75cce21932be56c964b36\" tg-width=\"1080\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From the third quarter of 2008 to the third quarter of 2009, the domestic economy led the recovery of the United States, and the overall performance of A-shares was better than that of U.S. stocks.</b>First of all, from the perspective of Sino-US economies, China's GDP bottomed out and stabilized in Q1 2009, while that of the United States bottomed out and stabilized in Q2 2009. After the financial crisis, China's economy took the lead in recovering. Secondly, from the perspective of monetary policy, the Federal Reserve cut interest rates three times from Q3 2008 to Q3 2009 and conducted the first round of quantitative easing. China cut interest rates four times during this period and launched a \"4 trillion\" fiscal stimulus. Overall, the domestic monetary and fiscal stimulus is no less intense than that of the United States. Finally, from the perspective of stock market performance, under the background of domestic economic stabilization and strong policy stimulus, A-shares took the lead in stepping out of the stabilizing and rising market.</p><p><img src=\"https://static.tigerbbs.com/6d729e823827e4a59dd8311ccef9b2b0\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Looking forward to the future, the economic dislocation between China and the United States will continue further, and it is more likely that the domestic stock market will go out of the rising market independently of the US stock market.</b></p><p><b>Domestically, the economy is still in a stage of rapid repair.</b>Judging from the latest economic data, the domestic PMI in May was 49.6, showing a clear upward trend of stabilization. From micro-activities, we can also see signs that the economy is gradually improving: First, the policy of stabilizing growth is refined to industries and gradually implemented; Second, the epidemic situation across the country has gradually improved, and the resumption of work and production has accelerated.</p><p><img src=\"https://static.tigerbbs.com/4bb9152b6d97f16432d0e03d5af7cc9d\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/2274cd3e9d15d8a88968c36ba900f6a5\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h1></h1><b>In the United States, signs of economic recession are further emerging.</b>Data released by the University of Michigan showed that the U.S. consumer confidence index fell to 50.2 in June, down 8.2 compared with May, lower than market expectations. Real estate builder confidence fell to a 10-month low in June, according to data released by the National Association of Home Builders. In addition, the financial market is also trading the pressure of the U.S. economic recession: (1) In the commodity market, the copper-gold ratio dropped from around 5.4 to below 5; (2) In the bond market, the inversion of U.S. bond maturity spreads frequently occurs; (3) In the stock market, U.S. stocks have rapidly declined trading recession expectations since mid-April.</p><p><img src=\"https://static.tigerbbs.com/0ce772fb1833cff3c6ba38d2a9658c44\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>3. How to see the impact of inflation</h3></p><p><b>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it. In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key dominant factors are economic trends and industrial rise.</b></p><p><b>Recent inflation in Europe and the United States has attracted market attention.</b>In May, the U.S. CPI rose by 1% month-on-month and 8.6% year-on-year, the largest year-on-year increase since December 1981. In May, the CPI of the euro zone was 8.1%, continuing to hit a record high.</p><p><img src=\"https://static.tigerbbs.com/e29bc4f8ef2faec752362669edd0d886\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In fact, referring to the experience of the U.S. stagflation in the 1970s, inflation and rising interest rates have limited impact on equity trends.</b>Taking history as a mirror, inflation in the United States rose to a new high again after 1975, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified. However, observing that the performance of U.S. stocks has not been greatly impacted. Small-cap technology stocks dominated by Nasdaq Stocks even went out of a magnificent rise.</p><p><b>The reason is that \"no industry, no bull market\", the key to determining the trend of the equity market is the rise of the industry.</b>At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><img src=\"https://static.tigerbbs.com/0778162ad41f344fbb6b075dccc692c0\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7777245b9f07a09287e70fc659eb3f61\" tg-width=\"1080\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From a style perspective, a high inflation environment does not necessarily lead to a weakening of small-cap styles.</b>After 1975, U.S. inflation reached another peak. However, judging from the performance of U.S. stocks, after 75 years, the small market capitalization style was significantly better than the medium market capitalization and large market capitalization styles. Although high inflation increases cost pressures and has a more obvious impact on small and medium-sized enterprises, industrial development trends cannot be ignored.</p><p>In the early 1970s, due to lower labor costs in emerging economies, the manufacturing industry in the United States experienced an outflow trend. The proportion of manufacturing industry in GDP is declining, while the information industry is in obvious contrast, and its proportion in GDP is showing an obvious upward trend. Technology-based enterprises are mostly small and medium-sized enterprises. Although they are more significantly affected by the cost side, the general trend of industrial development has offset the pressure of inflation, driving up corporate profits and stock prices.</p><p><img src=\"https://static.tigerbbs.com/f234d78be7dcc5033dbd9d295af5f899\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>4. How to see the impact of U.S. debt</h3><b>Based on the recent correlation between the trend of U.S. bonds and domestic growth stocks, the current market is also more concerned about the upward trend of U.S. bonds. However, through review, it can be found that U.S. debt has limited impact on the trend of domestic growth stocks.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style. We can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well, significantly outperforming value stocks; In 2021, also during the period of rising U.S. debt, the GEM will increase significantly.</p><p><b>Logically, \"no industry, no bull market\", the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</b></p><p><img src=\"https://static.tigerbbs.com/26de8200e61b584b0175d2159d63568e\" tg-width=\"1080\" tg-height=\"686\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>5. Three major strategic configuration chains</h3></p><p><b>First, science and technology leads new growth.</b></p><p>Combined with the current industrial background, if 2019 to 2021 is the 1.0 era of hard technology investment, then looking forward to the next 3-5 years, we believe that hard technology investment has entered the 2.0 era. Hard technologies represented by semiconductors, new energy, national defense equipment, digital economy, specialization and innovation, and biomedicine are characterized by choosing the right big track in the 1.0 investment era, so in the 2.0 investment era, we believe that the core feature will be Choose the right sub-track.</p><p><b>Based on the natural sense of the times of sub-new shares, sub-new shares listed in the past three years are the main force in the 2.0 era. Further combined with the hard technology positioning of science and technology innovation board, science and technology innovation board is the main battlefield.</b></p><p><b>In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power, and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aviation development, missiles, and informatization.</b></p><p><img src=\"https://static.tigerbbs.com/5ee15fb0050494d677da95a9796d3860\" tg-width=\"1080\" tg-height=\"887\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Second, Hang Seng Technology has turned at the bottom.</b></p><p>On May 13, we released \"Big Waves Wash the Sand to See Gold: Hang Seng Technology Meets the Turning Point\" to remind Hang Seng Technology of the turning point opportunities and suggest strategic attention.</p><p>The underlying logic of Hang Seng Technology is the resonance of three bottoms, that is, the policy bottom, the profit bottom, and the valuation bottom. Since late May, under the catalysis of financial reports, it has entered the right side of the bottom.</p><p><b>In terms of short-term rhythm, U.S. stocks may disturb Hong Kong stocks, but it is the golden window for the bottom layout.</b></p><p><img src=\"https://static.tigerbbs.com/6770b7f1ed8879bcd681e13fab693548\" tg-width=\"1080\" tg-height=\"546\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/5fb306d814ed773f39387043a04d88ac\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality stock branches, travel chains, infrastructure and express delivery.</b></p><p><img src=\"https://static.tigerbbs.com/494d377a52dc223a9d33681012724de0\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/ae68357c00b64f09909ad4390bfddae5\" tg-width=\"1080\" tg-height=\"671\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>6. Risk warning</p><p>1. The epidemic has repeatedly exceeded expectations;</p><p>2. Low expectations for industrial progress.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/533868\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e90f0093c95026e18203fb8d91b976d","relate_stocks":{"399006":"创业板指","000001.SH":"上证指数"},"source_url":"http://www.gelonghui.com/p/533868","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2244848234","content_text":"摘要  投资要点回顾1-4月“三低稳增长”被充分验证，5月以来我们提出新成长反转，科创板和恒生科技超额收益显著。近期美股、通胀和美债扰动成为市场关注焦点，一则，可以看到A股相较美股韧性十足，如何理解；二则，关于全球通胀和美债对A股的影响又如何看？1、乱云飞渡仍从容我们认为无论美股、美债还是通胀，对A股影响有限。换言之，当前市场跟1-4月有本质区别，结构比仓位重要，科创板引领新成长蓄势待发，恒生科技修复刚刚开始，把握底部黄金布局窗口。2、如何看美股影响近期美股调整背景下，我们观察到A股韧性十足，中美经济错位或是背后的主要原因。以史为鉴，观察“中美GDP增速差”和“万得全A/标普500”，可以发现，2000年以来中国经济增长快于美国的时候，也即中美GDP增速差扩张，万得全A往往明显跑赢标普500。展望后续，国内经济随着复产复工逐步触底复苏，美国经济逐步高位放缓，中美经济错位将进一步延续，A股有望继续强于美股。3、如何看通胀影响近期超预期的欧美通胀数据，使得市场对其关注升温。事实上，借助70年代美国大滞涨时期的复盘，可以发现通胀对股市影响有限，影响股市的关键是经济走势和产业崛起。1975年后美国的通胀再次攀升创新高，美国联邦基金有效利率随着通胀压力的加剧也不断上升，而美股却并未受到明显影响，与此同时，以纳斯达克为主的小盘科技股甚至走出了一轮波澜壮阔的上涨行情。原因在于，“无产业，不牛市”，决定成长股走势的关键是产业崛起。彼时美国处于第三次科技革命的浪潮当中，半导体、电子计算机行业蓬勃发展。4、如何看美债影响基于年初美债和国内成长股走势的关联度，当前市场对美债上行也较为关注。然而，通过复盘可以发现，美债对国内成长股表现的影响同样有限。2010年以来，我们以创业板指作为国内成长风格的刻画指标，可以发现创业板和美债之间并无清晰的对应关系。比如，2013年在美债持续上升期间，创业板引领成长股表现亮眼，且大幅跑赢价值股；2021年同样在美债上升期间，创业板收益显著。逻辑上，决定成长趋势的核心是产业崛起，美债和通胀类似，更多影响短期运行节奏，但对趋势影响有限。5、三大战略配置链展望下半年，我们预计，科创板引领新成长的戴维斯双击行情，以及恒生科技的修复行情，有望在7-10月进一步展开。原因在于，一方面，受益于业绩催化；另一方面，经历了近期美股风险释放后，届时外围市场也将趋于稳定。因此，对科创板和恒生科技，建议把握底部的黄金布局窗口。其一，科创板引领新成长是主战场，产业线索上，半导体关注模拟设计、IGBT、设备材料，新能源关注光伏、风电和储能，数字经济关注工业软件和汽车电子，国防关注航空发动机、导弹和信息化等。其二，恒生科技转折底，把握美股扰动提供的底部布局机会。其三，稳增长震荡企稳。结合行业，关注优质股份行、出行链、基建和快递等。风险提示：疫情反复超预期；产业进展低预期。1、乱云飞渡仍从容回顾1-4月“三低稳增长”被充分验证，5月以来我们提出新成长反转，科创板和恒生科技超额收益显著。展望下半年，我们预计，科创板引领新成长的戴维斯双击行情，以及恒生科技的修复行情，有望在7-10月进一步展开。原因在于，一方面，受益于业绩催化；另一方面，经历了近期美股风险释放后，届时外围市场也将趋于稳定。因此，对科创板和恒生科技，建议把握底部的黄金布局窗口。其一，科创板是新成长主战场，产业线索上优选半导体、新能源、国防、数字经济、专精特新、生物医药子领域，如半导体中关注模拟设计、IGBT、设备材料，新能源中关注光伏、风电和储能，数字经济中关注工业软件和汽车电子，国防中关注航发、导弹和信息化等。其二，恒生科技迎转折底，刚刚开始，把握美股扰动提供的底部布局机会。其三，稳增长震荡企稳。结合行业，关注优质股份行、出行链、基建和快递等。近期美股、通胀和美债扰动成为市场关注焦点，一则，可以看到A股相较美股韧性十足，如何理解；二则，关于全球通胀和美债对A股的影响又如何看？2、如何看美股影响近期美股调整背景下，我们观察到A股韧性十足，中美经济错位或是背后的主要原因。也即，国内经济随着复产复工逐步触底复苏，美国经济逐步高位放缓。回顾中美经济错位和中美股市走势的相关性，绝大部分时候呈现正相关。观察“中美GDP增速差”和“万得全A/标普500”关联度，可以发现，2000年以来当中国经济增长快于美国的时候，中美GDP增速差扩张，此时万得全A明显跑赢标普500。唯一不同的阶段出现在2014-2015年，彼时美国经济走强而中国经济走弱，国内货币财政政策大幅宽松，场外资金入市推动A股走出了流动性牛市。典型的中美经济错位、中国股市跑赢于美股的阶段出现在2004年底-2007年三季度、2008年三季度-2009年三季度。2004年底-2007年三季度，国内经济增长显著优于美国，A股表现整体也好于美股。首先，从中美经济来看，中国GDP增速震荡上行，而美国GDP增速震荡下行，中美GDP增速差不断扩张。其次，从货币政策来看，美联储在2004年6月至2006年7月加息了17次，而国内仅仅加息了2次，当时美国为了抑制国内通胀压力货币政策收紧的力度远强于中国。最后，从股市表现来看，受经济回落政策收紧的影响，美股整体呈现震荡走势，小幅上涨；而A股则在经济快速增长的推动下，走出了一轮盈利牛。2008年三季度-2009年三季度，国内经济领先美国复苏，A股表现整体也好于美股。首先，从中美经济来看，中国GDP于2009年Q1触底企稳，而美国GDP于2009年Q2触底企稳，金融危机后中国经济率先开始复苏。其次，从货币政策来看，美联储在2008年Q3-2009年Q3降息了三次，并进行了第一轮量化宽松。而中国在此期间降息了四次，并推出了“四万亿”财政刺激。整体来看，国内的货币财政的刺激力度并不亚于美国。最后，从股市表现来看，国内经济企稳、政策大力刺激的背景之下，A股率先走出企稳上涨的行情。展望未来，中美经济错位将进一步延续，国内股市独立于美股走出上涨行情的可能性较大。国内方面，经济仍处于快速修复的阶段。从最新的经济数据来看，国内5月PMI为49.6，出现明显企稳向上的趋势。从微观活动中也可以窥探出经济逐步向好的迹象：其一，稳增长政策细化到产业，且逐步落地；其二，全国疫情逐渐好转，复工复产加速推进。美国方面，经济衰退迹象进一步显现。密歇根大学公布的数据显示，美国6月消费者信心指数跌至50.2，较5月相比下跌了8.2，低于市场预期。美国全国住宅建筑商协会公布的数据显示，6月份房地产建筑商信心降至10个月的低点。此外，金融市场也在交易美国经济衰退的压力：（1）商品市场，铜金比从5.4左右下降至5以下；（2）债券市场，美债期限利差倒挂频繁出现；（3）股票市场，美股从4月中旬开始快速走低交易衰退预期。3、如何看通胀影响近期超预期的欧美通胀数据，使得市场对其关注升温。事实上，借助70年代美国大滞涨时期的复盘，可以发现通胀对股市影响有限，关键主导因素则是经济走势和产业崛起。近期欧美通胀引起市场关注。5月美国CPI环比上涨1%，同比上涨8.6%，同比涨幅再创1981年12月以来最大值。5月欧元区CPI为8.1%，续创历史新高。事实上，参考美国70年代大滞涨的经验，通胀和利率上行对权益走势影响有限。以史为鉴，1975年后美国的通胀再次攀升创新高，美国联邦基金有效利率随着通胀压力的加剧也不断上升，但是观察美股的表现并未受到大幅冲击，以纳斯达克为主的小盘科技股甚至走出了一轮波澜壮阔的上涨行情。原因在于，“无产业，不牛市”，决定权益市场趋势的关键是产业崛起。彼时美国处于第三次科技革命的浪潮当中，半导体、电子计算机行业蓬勃发展。从风格角度，高通胀环境不一定导致小市值风格走弱。1975年之后，美国通胀再攀高峰，然而从美股表现来看，75年之后小市值风格明显优于中市值和大市值风格。高通胀尽管提高成本压力，对中小企业冲击更明显，但不能忽视产业发展趋势。70年代初，由于新兴经济体更低廉的劳动力成本，美国制造业出现外流趋势。制造业占GDP的比重不断下降，而信息业与之形成明显对比，其占GDP的比重呈现明显上升趋势。科技型企业以中小企业居多，尽管受成本端的冲击更为显著，但产业发展大趋势对冲了通胀的压力，带动企业盈利和股价的上升。4、如何看美债影响基于近期美债和国内成长股走势的关联度，当前市场对美债上行也较为关注。然而，通过复盘可以发现，美债对国内成长股走势影响有限。2010年以来，我们以创业板指作为国内成长风格的刻画指标，可以发现，创业板和美债之间并无清晰的对应关系。比如，2013年在美债持续上升期间，创业板引领成长股表现亮眼，大幅跑赢价值股；2021年同样在美债上升期间，创业板涨幅显著。逻辑上，“无产业，不牛市”，决定成长趋势的核心是产业崛起，美债和通胀类似，更多影响短期运行节奏，但对趋势影响有限。5、三大战略配置链其一，科创引领新成长。结合当前产业背景，如果说2019年至2021年是硬科技投资的1.0时代，那么展望未来3-5年我们认为硬科技投资进入了2.0时代。以半导体、新能源、国防装备、数字经济、专精特新、生物医药为代表的硬科技，在1.0投资时代的特征是选对大赛道，那么在2.0投资时代我们认为核心特征将是选对子赛道。基于次新股天然的时代感，近三年上市的次新股是2.0时代的主力军，进一步结合科创板的硬科技定位，科创板则是主战场。在产业线索上，半导体中关注模拟设计、IGBT、设备材料，新能源中关注光伏、风电和储能，数字经济中关注工业软件和汽车电子，国防中关注航发、导弹和信息化等。其二，恒生科技转折底。5月13日我们发布《大浪淘沙始见金：恒生科技迎转折底》提示恒生科技的转折底机会，建议战略关注。恒生科技的底层逻辑是三底共振，也即政策底、盈利底、估值底，5月下旬以来在财报催化下，进入底部右侧。短期节奏上，美股或对港股有所扰动，但正是底部布局的黄金窗口。其三，稳增长震荡企稳。结合行业，关注优质股分行、出行链、基建和快递等。6、 风险提示1、疫情反复超预期；2、产业进展低预期。","news_type":1,"symbols_score_info":{"399006":1,"000001.SH":1}},"isVote":1,"tweetType":1,"viewCount":2057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040327262,"gmtCreate":1655611688556,"gmtModify":1676535671664,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8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10:41","market":"us","language":"zh","title":"Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20","url":"https://stock-news.laohu8.com/highlight/detail?id=1130766759","media":"老虎资讯综合","summary":"这一节日是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。","content":"<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" 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>Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20\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\">2022-06-15 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3beebfa3e0137570abe14d50f470080d","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130766759","content_text":"尊敬的投资者：美股将于6月20日（星期一）休市，因为6月19日（星期日）是美国的联邦假日（六月节）。值得一提的是，这一节日相当“年轻”，去年才被合法化，是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。预祝投资顺利老虎证券休市安排美股6月20日（周一）休市，6月21日（周二）起照常开市。港股、A股、新加坡股市、澳大利亚市场照常交易。背景介绍2021年6月17日，美国总统拜登签署法令，将每年的6月19日定为全国法定节假日以纪念美国奴隶制的终结，节日名称为“Juneteenth”，该名称取自June（六月）和Nineteenth（十九）的组合。中国官方称这一节日为“六月节”。拜登与“六月节祖母”Opal Lee或许正是因为六月节非常“年轻”，去年的这个时候，美国SEC（证券交易委员会）还因为这个节日和美股市场产生了“分歧”：SEC放假，而纽交所和纳斯达克交易所却照常开市。SEC表示：“交易所自行决定联邦假期的运营状态，我们对各主要市场在正常时间内运营表示理解。”纽交所当时回应称，将评估2022年的六月节是否停业过节。目前看来这样的“分歧”今年不会重演了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9056074993,"gmtCreate":1654916214912,"gmtModify":1676535533926,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579240004068160","idStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9056074993","repostId":"2242855582","repostType":4,"isVote":1,"tweetType":1,"viewCount":1252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013710557,"gmtCreate":1648774894598,"gmtModify":1676534395680,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579240004068160","idStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013710557","repostId":"1157160956","repostType":4,"repost":{"id":"1157160956","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":1648772640,"share":"https://ttm.financial/m/news/1157160956?lang=en_US&edition=fundamental","pubTime":"2022-04-01 08:24","market":"us","language":"zh","title":"Trading in some Hong Kong real estate and property management stocks suspended in Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1157160956","media":"老虎资讯综合","summary":"4月1日讯，世茂集团、佳兆业集团、中国奥园、奥园健康、融创中国、花样年控股、彩生活、阳光100中国、当代置业在香港暂停交易。此前均发布公告称将延迟披露2021年全年业绩。","content":"<p><html><head></head><body>April 1st,<a href=\"https://laohu8.com/S/00813\">Shimao Group</a>、<a href=\"https://laohu8.com/S/01638\">KAISA GROUP</a>、<a href=\"https://laohu8.com/S/03883\">China Aoyuan</a>、<a href=\"https://laohu8.com/S/03662\">Aoyuan Health</a>、<a href=\"https://laohu8.com/S/01918\">Sunac China</a>、<a href=\"https://laohu8.com/S/01777\">Fantasia Holdings</a>、<a href=\"https://laohu8.com/S/01778\">Color Life</a>、<a href=\"https://laohu8.com/S/02608\">Sunshine 100 China</a>、<a href=\"https://laohu8.com/S/01107\">Modern Land</a>Trading is suspended in Hong Kong. Previously, they all announced that they would delay the disclosure of 2021 full-year results.</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>Trading in some Hong Kong real estate and property management stocks suspended in Hong Kong</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\">\nTrading in some Hong Kong real estate and property management stocks suspended in Hong Kong\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\">2022-04-01 08:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>April 1st,<a href=\"https://laohu8.com/S/00813\">Shimao Group</a>、<a href=\"https://laohu8.com/S/01638\">KAISA GROUP</a>、<a href=\"https://laohu8.com/S/03883\">China Aoyuan</a>、<a href=\"https://laohu8.com/S/03662\">Aoyuan Health</a>、<a href=\"https://laohu8.com/S/01918\">Sunac China</a>、<a href=\"https://laohu8.com/S/01777\">Fantasia Holdings</a>、<a href=\"https://laohu8.com/S/01778\">Color Life</a>、<a href=\"https://laohu8.com/S/02608\">Sunshine 100 China</a>、<a href=\"https://laohu8.com/S/01107\">Modern Land</a>Trading is suspended in Hong Kong. Previously, they all announced that they would delay the disclosure of 2021 full-year results.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69cb99414ad545d3e125459e030ab33d","relate_stocks":{"06958":"正荣服务","09979":"绿城管理控股","BK1229":"房地产经营公司","BK1542":"内地物业管理股","09983":"建业新生活","BK1583":"高瓴概念","BK1148":"建筑与工程","01971":"弘阳服务"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157160956","content_text":"4月1日讯，世茂集团、佳兆业集团、中国奥园、奥园健康、融创中国、花样年控股、彩生活、阳光100中国、当代置业在香港暂停交易。此前均发布公告称将延迟披露2021年全年业绩。","news_type":1,"symbols_score_info":{"09983":0.9,"06958":0.9,"01971":0.9,"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":1817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9013710557,"gmtCreate":1648774894598,"gmtModify":1676534395680,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579240004068160","authorIdStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013710557","repostId":"1157160956","repostType":4,"repost":{"id":"1157160956","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":1648772640,"share":"https://ttm.financial/m/news/1157160956?lang=en_US&edition=fundamental","pubTime":"2022-04-01 08:24","market":"us","language":"zh","title":"Trading in some Hong Kong real estate and property management stocks suspended in Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1157160956","media":"老虎资讯综合","summary":"4月1日讯，世茂集团、佳兆业集团、中国奥园、奥园健康、融创中国、花样年控股、彩生活、阳光100中国、当代置业在香港暂停交易。此前均发布公告称将延迟披露2021年全年业绩。","content":"<p><html><head></head><body>April 1st,<a href=\"https://laohu8.com/S/00813\">Shimao Group</a>、<a href=\"https://laohu8.com/S/01638\">KAISA GROUP</a>、<a href=\"https://laohu8.com/S/03883\">China Aoyuan</a>、<a href=\"https://laohu8.com/S/03662\">Aoyuan Health</a>、<a href=\"https://laohu8.com/S/01918\">Sunac China</a>、<a href=\"https://laohu8.com/S/01777\">Fantasia Holdings</a>、<a href=\"https://laohu8.com/S/01778\">Color Life</a>、<a href=\"https://laohu8.com/S/02608\">Sunshine 100 China</a>、<a href=\"https://laohu8.com/S/01107\">Modern Land</a>Trading is suspended in Hong Kong. Previously, they all announced that they would delay the disclosure of 2021 full-year results.</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>Trading in some Hong Kong real estate and property management stocks suspended in Hong Kong</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\">\nTrading in some Hong Kong real estate and property management stocks suspended in Hong Kong\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\">2022-04-01 08:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>April 1st,<a href=\"https://laohu8.com/S/00813\">Shimao Group</a>、<a href=\"https://laohu8.com/S/01638\">KAISA GROUP</a>、<a href=\"https://laohu8.com/S/03883\">China Aoyuan</a>、<a href=\"https://laohu8.com/S/03662\">Aoyuan Health</a>、<a href=\"https://laohu8.com/S/01918\">Sunac China</a>、<a href=\"https://laohu8.com/S/01777\">Fantasia Holdings</a>、<a href=\"https://laohu8.com/S/01778\">Color Life</a>、<a href=\"https://laohu8.com/S/02608\">Sunshine 100 China</a>、<a href=\"https://laohu8.com/S/01107\">Modern Land</a>Trading is suspended in Hong Kong. Previously, they all announced that they would delay the disclosure of 2021 full-year results.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69cb99414ad545d3e125459e030ab33d","relate_stocks":{"06958":"正荣服务","09979":"绿城管理控股","BK1229":"房地产经营公司","BK1542":"内地物业管理股","09983":"建业新生活","BK1583":"高瓴概念","BK1148":"建筑与工程","01971":"弘阳服务"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157160956","content_text":"4月1日讯，世茂集团、佳兆业集团、中国奥园、奥园健康、融创中国、花样年控股、彩生活、阳光100中国、当代置业在香港暂停交易。此前均发布公告称将延迟披露2021年全年业绩。","news_type":1,"symbols_score_info":{"09983":0.9,"06958":0.9,"01971":0.9,"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":1817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040327410,"gmtCreate":1655611705230,"gmtModify":1676535671672,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579240004068160","authorIdStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040327410","repostId":"2244848234","repostType":4,"repost":{"id":"2244848234","kind":"highlight","pubTimestamp":1655603924,"share":"https://ttm.financial/m/news/2244848234?lang=en_US&edition=fundamental","pubTime":"2022-06-19 09:58","market":"us","language":"zh","title":"How to see the impact of U.S. stocks and U.S. bonds on A-shares?","url":"https://stock-news.laohu8.com/highlight/detail?id=2244848234","media":"格隆汇","summary":"近期美股调整背景下，A股韧性十足","content":"<p><html><head></head><body><b>SUMMARY</b><b></b></p><p><b>Investment Key Points</b></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><b>1. The chaotic clouds are still calm</b></p><p><b>We believe that whether it is U.S. stocks, U.S. debt or inflation, the impact on A-shares will be limited.</b></p><p><b>In other words, the current market is fundamentally different from that from January to April. The structure is more important than the position. The science and technology innovation board is leading new growth and is ready to go. Hang Seng Technology's recovery has just begun. Grasp the golden layout window at the bottom.</b></p><p><b>2. How to see the impact of US stocks</b></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>Taking history as a mirror and observing the \"GDP growth gap between China and the United States\" and \"Wind All A/S&P 500\", we can find that since 2000, when China's economic growth has been faster than that of the United States, that is, the GDP growth gap between China and the United States has expanded, Wind All A tends to significantly outperform the S&P 500.</p><p><b>Looking forward to the follow-up, the domestic economy gradually bottoms out and recovers with the resumption of production and work, the U.S. economy gradually slows down from a high level, the economic dislocation between China and the United States will continue further, and A-shares are expected to continue to be stronger than U.S. stocks.</b></p><p><b>3. How to see the impact of inflation</b></p><p>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it.<b>In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key to affecting the stock market is economic trends and industrial rise.</b></p><p>After 1975, inflation in the United States rose to a new high again, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified, but U.S. stocks were not significantly affected. At the same time, small-cap technology stocks dominated by Nasdaq Even went out of a magnificent rise.</p><p>The reason is that \"no industry, no bull market\", and the key to determining the trend of growth stocks is the rise of industries. At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><b>4. How to see the impact of U.S. debt</b></p><p>Based on the correlation between the trend of U.S. bonds and domestic growth stocks at the beginning of the year, the current market is also more concerned about the upward trend of U.S. bonds.<b>However, through review, it can be found that the impact of U.S. debt on the performance of domestic growth stocks is also limited.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style, and we can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well and significantly outperformed value stocks; In 2021, also during the period of rising U.S. debt, GEM returns will be significant.</p><p>Logically, the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</p><p><b>5. Three major strategic configuration chains</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October.</b>The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</p><p>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</p><p>First, science and technology innovation board leads new growth as the main battlefield. In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aero-engines, missiles and informatization, etc.</p><p>Second, Hang Seng Technology turned to the bottom and grasped the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Risk warning:</b>The epidemic has repeatedly exceeded Industry progress is low expectations.</p><p><h3></h3><h3></h3><h3>1. The chaotic clouds are still calm</h3></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October. The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</b></p><p><b>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</b></p><p>First, the Science and Technology Innovation Board is the main battlefield for new growth. In terms of industrial clues, semiconductors, new energy, national defense, digital economy, specialization and innovation, and biomedicine are preferred. For example, semiconductors focus on analog design, IGBT, equipment materials, and new energy Focus on photovoltaics, wind power and energy storage, industrial software and automotive electronics in the digital economy, and aviation development, missiles and informatization in the national defense.</p><p>Second, Hang Seng Technology is facing the bottom of the turning point and has just begun to grasp the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><h3></h3><h3></h3><h3>2. How to see the impact of US stocks</h3></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>That is to say, with the resumption of production and work, the domestic economy gradually bottomed out and recovered, while the U.S. economy gradually slowed down from a high level.</p><p><b>Looking back at the correlation between Sino-US economic dislocation and Sino-US stock market trends, most of the time there is a positive correlation.</b>Observing the correlation between the \"GDP growth difference between China and the United States\" and the \"Wind All A/S&P 500\", we can find that since 2000, when China's economy grew faster than that of the United States, the GDP growth difference between China and the United States expanded. At this time, Wind All A significantly outperformed the S&P 500. The only different stage occurred in 2014-2015, when the U.S. economy strengthened and the Chinese economy weakened, domestic monetary and fiscal policies were greatly loosened, and the entry of over-the-counter funds into the market pushed A-shares out of the liquidity bull market.</p><p><img src=\"https://static.tigerbbs.com/a6bda2a40da9a508827021cf0b7047fe\" tg-width=\"1080\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The typical stage of economic dislocation between China and the United States and China's stock market outperforming U.S. stocks occurred from the end of 2004 to the third quarter of 2007, and from the third quarter of 2008 to the third quarter of 2009.</b></p><p><b>From the end of 2004 to the third quarter of 2007, domestic economic growth was significantly better than that of the United States, and the overall performance of A-shares was also better than that of U.S. stocks.</b>First of all, from the perspective of the Chinese and American economies, China's GDP growth rate fluctuates upward, while the U.S. GDP growth rate fluctuates downward, and the GDP growth gap between China and the United States continues to expand. Secondly, from the perspective of monetary policy, the Federal Reserve conducted 17 rate hike from June 2004 to July 2006, while only two domestic rate hike. At that time, the United States tightened monetary policy much stronger than China in order to curb domestic inflationary pressure. Finally, from the perspective of stock market performance, affected by the tightening of economic downturn policies, the U.S. stock market as a whole showed a volatile trend and rose slightly; Driven by rapid economic growth, A-shares have gone out of a round of profit bull.</p><p><img src=\"https://static.tigerbbs.com/2409478fb2d75cce21932be56c964b36\" tg-width=\"1080\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From the third quarter of 2008 to the third quarter of 2009, the domestic economy led the recovery of the United States, and the overall performance of A-shares was better than that of U.S. stocks.</b>First of all, from the perspective of Sino-US economies, China's GDP bottomed out and stabilized in Q1 2009, while that of the United States bottomed out and stabilized in Q2 2009. After the financial crisis, China's economy took the lead in recovering. Secondly, from the perspective of monetary policy, the Federal Reserve cut interest rates three times from Q3 2008 to Q3 2009 and conducted the first round of quantitative easing. China cut interest rates four times during this period and launched a \"4 trillion\" fiscal stimulus. Overall, the domestic monetary and fiscal stimulus is no less intense than that of the United States. Finally, from the perspective of stock market performance, under the background of domestic economic stabilization and strong policy stimulus, A-shares took the lead in stepping out of the stabilizing and rising market.</p><p><img src=\"https://static.tigerbbs.com/6d729e823827e4a59dd8311ccef9b2b0\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Looking forward to the future, the economic dislocation between China and the United States will continue further, and it is more likely that the domestic stock market will go out of the rising market independently of the US stock market.</b></p><p><b>Domestically, the economy is still in a stage of rapid repair.</b>Judging from the latest economic data, the domestic PMI in May was 49.6, showing a clear upward trend of stabilization. From micro-activities, we can also see signs that the economy is gradually improving: First, the policy of stabilizing growth is refined to industries and gradually implemented; Second, the epidemic situation across the country has gradually improved, and the resumption of work and production has accelerated.</p><p><img src=\"https://static.tigerbbs.com/4bb9152b6d97f16432d0e03d5af7cc9d\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/2274cd3e9d15d8a88968c36ba900f6a5\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h1></h1><b>In the United States, signs of economic recession are further emerging.</b>Data released by the University of Michigan showed that the U.S. consumer confidence index fell to 50.2 in June, down 8.2 compared with May, lower than market expectations. Real estate builder confidence fell to a 10-month low in June, according to data released by the National Association of Home Builders. In addition, the financial market is also trading the pressure of the U.S. economic recession: (1) In the commodity market, the copper-gold ratio dropped from around 5.4 to below 5; (2) In the bond market, the inversion of U.S. bond maturity spreads frequently occurs; (3) In the stock market, U.S. stocks have rapidly declined trading recession expectations since mid-April.</p><p><img src=\"https://static.tigerbbs.com/0ce772fb1833cff3c6ba38d2a9658c44\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>3. How to see the impact of inflation</h3></p><p><b>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it. In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key dominant factors are economic trends and industrial rise.</b></p><p><b>Recent inflation in Europe and the United States has attracted market attention.</b>In May, the U.S. CPI rose by 1% month-on-month and 8.6% year-on-year, the largest year-on-year increase since December 1981. In May, the CPI of the euro zone was 8.1%, continuing to hit a record high.</p><p><img src=\"https://static.tigerbbs.com/e29bc4f8ef2faec752362669edd0d886\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In fact, referring to the experience of the U.S. stagflation in the 1970s, inflation and rising interest rates have limited impact on equity trends.</b>Taking history as a mirror, inflation in the United States rose to a new high again after 1975, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified. However, observing that the performance of U.S. stocks has not been greatly impacted. Small-cap technology stocks dominated by Nasdaq Stocks even went out of a magnificent rise.</p><p><b>The reason is that \"no industry, no bull market\", the key to determining the trend of the equity market is the rise of the industry.</b>At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><img src=\"https://static.tigerbbs.com/0778162ad41f344fbb6b075dccc692c0\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7777245b9f07a09287e70fc659eb3f61\" tg-width=\"1080\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From a style perspective, a high inflation environment does not necessarily lead to a weakening of small-cap styles.</b>After 1975, U.S. inflation reached another peak. However, judging from the performance of U.S. stocks, after 75 years, the small market capitalization style was significantly better than the medium market capitalization and large market capitalization styles. Although high inflation increases cost pressures and has a more obvious impact on small and medium-sized enterprises, industrial development trends cannot be ignored.</p><p>In the early 1970s, due to lower labor costs in emerging economies, the manufacturing industry in the United States experienced an outflow trend. The proportion of manufacturing industry in GDP is declining, while the information industry is in obvious contrast, and its proportion in GDP is showing an obvious upward trend. Technology-based enterprises are mostly small and medium-sized enterprises. Although they are more significantly affected by the cost side, the general trend of industrial development has offset the pressure of inflation, driving up corporate profits and stock prices.</p><p><img src=\"https://static.tigerbbs.com/f234d78be7dcc5033dbd9d295af5f899\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>4. How to see the impact of U.S. debt</h3><b>Based on the recent correlation between the trend of U.S. bonds and domestic growth stocks, the current market is also more concerned about the upward trend of U.S. bonds. However, through review, it can be found that U.S. debt has limited impact on the trend of domestic growth stocks.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style. We can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well, significantly outperforming value stocks; In 2021, also during the period of rising U.S. debt, the GEM will increase significantly.</p><p><b>Logically, \"no industry, no bull market\", the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</b></p><p><img src=\"https://static.tigerbbs.com/26de8200e61b584b0175d2159d63568e\" tg-width=\"1080\" tg-height=\"686\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>5. Three major strategic configuration chains</h3></p><p><b>First, science and technology leads new growth.</b></p><p>Combined with the current industrial background, if 2019 to 2021 is the 1.0 era of hard technology investment, then looking forward to the next 3-5 years, we believe that hard technology investment has entered the 2.0 era. Hard technologies represented by semiconductors, new energy, national defense equipment, digital economy, specialization and innovation, and biomedicine are characterized by choosing the right big track in the 1.0 investment era, so in the 2.0 investment era, we believe that the core feature will be Choose the right sub-track.</p><p><b>Based on the natural sense of the times of sub-new shares, sub-new shares listed in the past three years are the main force in the 2.0 era. Further combined with the hard technology positioning of science and technology innovation board, science and technology innovation board is the main battlefield.</b></p><p><b>In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power, and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aviation development, missiles, and informatization.</b></p><p><img src=\"https://static.tigerbbs.com/5ee15fb0050494d677da95a9796d3860\" tg-width=\"1080\" tg-height=\"887\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Second, Hang Seng Technology has turned at the bottom.</b></p><p>On May 13, we released \"Big Waves Wash the Sand to See Gold: Hang Seng Technology Meets the Turning Point\" to remind Hang Seng Technology of the turning point opportunities and suggest strategic attention.</p><p>The underlying logic of Hang Seng Technology is the resonance of three bottoms, that is, the policy bottom, the profit bottom, and the valuation bottom. Since late May, under the catalysis of financial reports, it has entered the right side of the bottom.</p><p><b>In terms of short-term rhythm, U.S. stocks may disturb Hong Kong stocks, but it is the golden window for the bottom layout.</b></p><p><img src=\"https://static.tigerbbs.com/6770b7f1ed8879bcd681e13fab693548\" tg-width=\"1080\" tg-height=\"546\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/5fb306d814ed773f39387043a04d88ac\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality stock branches, travel chains, infrastructure and express delivery.</b></p><p><img src=\"https://static.tigerbbs.com/494d377a52dc223a9d33681012724de0\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/ae68357c00b64f09909ad4390bfddae5\" tg-width=\"1080\" tg-height=\"671\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>6. Risk warning</p><p>1. The epidemic has repeatedly exceeded expectations;</p><p>2. Low expectations for industrial progress.</p><p></body></html></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to see the impact of U.S. stocks and U.S. bonds on A-shares?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to see the impact of U.S. stocks and U.S. bonds on A-shares?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-06-19 09:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>SUMMARY</b><b></b></p><p><b>Investment Key Points</b></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><b>1. The chaotic clouds are still calm</b></p><p><b>We believe that whether it is U.S. stocks, U.S. debt or inflation, the impact on A-shares will be limited.</b></p><p><b>In other words, the current market is fundamentally different from that from January to April. The structure is more important than the position. The science and technology innovation board is leading new growth and is ready to go. Hang Seng Technology's recovery has just begun. Grasp the golden layout window at the bottom.</b></p><p><b>2. How to see the impact of US stocks</b></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>Taking history as a mirror and observing the \"GDP growth gap between China and the United States\" and \"Wind All A/S&P 500\", we can find that since 2000, when China's economic growth has been faster than that of the United States, that is, the GDP growth gap between China and the United States has expanded, Wind All A tends to significantly outperform the S&P 500.</p><p><b>Looking forward to the follow-up, the domestic economy gradually bottoms out and recovers with the resumption of production and work, the U.S. economy gradually slows down from a high level, the economic dislocation between China and the United States will continue further, and A-shares are expected to continue to be stronger than U.S. stocks.</b></p><p><b>3. How to see the impact of inflation</b></p><p>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it.<b>In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key to affecting the stock market is economic trends and industrial rise.</b></p><p>After 1975, inflation in the United States rose to a new high again, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified, but U.S. stocks were not significantly affected. At the same time, small-cap technology stocks dominated by Nasdaq Even went out of a magnificent rise.</p><p>The reason is that \"no industry, no bull market\", and the key to determining the trend of growth stocks is the rise of industries. At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><b>4. How to see the impact of U.S. debt</b></p><p>Based on the correlation between the trend of U.S. bonds and domestic growth stocks at the beginning of the year, the current market is also more concerned about the upward trend of U.S. bonds.<b>However, through review, it can be found that the impact of U.S. debt on the performance of domestic growth stocks is also limited.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style, and we can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well and significantly outperformed value stocks; In 2021, also during the period of rising U.S. debt, GEM returns will be significant.</p><p>Logically, the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</p><p><b>5. Three major strategic configuration chains</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October.</b>The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</p><p>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</p><p>First, science and technology innovation board leads new growth as the main battlefield. In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aero-engines, missiles and informatization, etc.</p><p>Second, Hang Seng Technology turned to the bottom and grasped the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Risk warning:</b>The epidemic has repeatedly exceeded Industry progress is low expectations.</p><p><h3></h3><h3></h3><h3>1. The chaotic clouds are still calm</h3></p><p><b>Looking back on the \"three lows and steady growth\" from January to April, it has been fully verified. Since May, we have proposed a new growth reversal, and the excess returns of science and technology innovation board and Hang Seng Technology have been significant.</b></p><p><b>Looking forward to the second half of the year, we expect that the Davis double-click market, which is leading the new growth of the Science and Technology Innovation Board, and the restoration market of Hang Seng Technology are expected to be further developed from July to October. The reason is that, on the one hand, it benefits from performance catalysis; On the other hand, after the recent release of U.S. stock risks, the external market will also tend to stabilize by then.</b></p><p><b>Therefore, for science and technology innovation board and Hang Seng Technology, it is recommended to grasp the golden layout window at the bottom.</b></p><p>First, the Science and Technology Innovation Board is the main battlefield for new growth. In terms of industrial clues, semiconductors, new energy, national defense, digital economy, specialization and innovation, and biomedicine are preferred. For example, semiconductors focus on analog design, IGBT, equipment materials, and new energy Focus on photovoltaics, wind power and energy storage, industrial software and automotive electronics in the digital economy, and aviation development, missiles and informatization in the national defense.</p><p>Second, Hang Seng Technology is facing the bottom of the turning point and has just begun to grasp the bottom layout opportunities provided by the disturbance in the US stock market.</p><p>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality joint-stock banks, travel chains, infrastructure and express delivery.</p><p><b>Recently, U.S. stocks, inflation and U.S. debt disturbances have become the focus of market attention. First, we can see that A-shares are more resilient than U.S. stocks. How to understand it; Second, what do you think of the impact of global inflation and U.S. debt on A shares?</b></p><p><h3></h3><h3></h3><h3>2. How to see the impact of US stocks</h3></p><p><b>Against the background of the recent adjustment of U.S. stocks, we have observed that A-shares are full of resilience, and the economic dislocation between China and the United States may be the main reason behind it.</b>That is to say, with the resumption of production and work, the domestic economy gradually bottomed out and recovered, while the U.S. economy gradually slowed down from a high level.</p><p><b>Looking back at the correlation between Sino-US economic dislocation and Sino-US stock market trends, most of the time there is a positive correlation.</b>Observing the correlation between the \"GDP growth difference between China and the United States\" and the \"Wind All A/S&P 500\", we can find that since 2000, when China's economy grew faster than that of the United States, the GDP growth difference between China and the United States expanded. At this time, Wind All A significantly outperformed the S&P 500. The only different stage occurred in 2014-2015, when the U.S. economy strengthened and the Chinese economy weakened, domestic monetary and fiscal policies were greatly loosened, and the entry of over-the-counter funds into the market pushed A-shares out of the liquidity bull market.</p><p><img src=\"https://static.tigerbbs.com/a6bda2a40da9a508827021cf0b7047fe\" tg-width=\"1080\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The typical stage of economic dislocation between China and the United States and China's stock market outperforming U.S. stocks occurred from the end of 2004 to the third quarter of 2007, and from the third quarter of 2008 to the third quarter of 2009.</b></p><p><b>From the end of 2004 to the third quarter of 2007, domestic economic growth was significantly better than that of the United States, and the overall performance of A-shares was also better than that of U.S. stocks.</b>First of all, from the perspective of the Chinese and American economies, China's GDP growth rate fluctuates upward, while the U.S. GDP growth rate fluctuates downward, and the GDP growth gap between China and the United States continues to expand. Secondly, from the perspective of monetary policy, the Federal Reserve conducted 17 rate hike from June 2004 to July 2006, while only two domestic rate hike. At that time, the United States tightened monetary policy much stronger than China in order to curb domestic inflationary pressure. Finally, from the perspective of stock market performance, affected by the tightening of economic downturn policies, the U.S. stock market as a whole showed a volatile trend and rose slightly; Driven by rapid economic growth, A-shares have gone out of a round of profit bull.</p><p><img src=\"https://static.tigerbbs.com/2409478fb2d75cce21932be56c964b36\" tg-width=\"1080\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From the third quarter of 2008 to the third quarter of 2009, the domestic economy led the recovery of the United States, and the overall performance of A-shares was better than that of U.S. stocks.</b>First of all, from the perspective of Sino-US economies, China's GDP bottomed out and stabilized in Q1 2009, while that of the United States bottomed out and stabilized in Q2 2009. After the financial crisis, China's economy took the lead in recovering. Secondly, from the perspective of monetary policy, the Federal Reserve cut interest rates three times from Q3 2008 to Q3 2009 and conducted the first round of quantitative easing. China cut interest rates four times during this period and launched a \"4 trillion\" fiscal stimulus. Overall, the domestic monetary and fiscal stimulus is no less intense than that of the United States. Finally, from the perspective of stock market performance, under the background of domestic economic stabilization and strong policy stimulus, A-shares took the lead in stepping out of the stabilizing and rising market.</p><p><img src=\"https://static.tigerbbs.com/6d729e823827e4a59dd8311ccef9b2b0\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Looking forward to the future, the economic dislocation between China and the United States will continue further, and it is more likely that the domestic stock market will go out of the rising market independently of the US stock market.</b></p><p><b>Domestically, the economy is still in a stage of rapid repair.</b>Judging from the latest economic data, the domestic PMI in May was 49.6, showing a clear upward trend of stabilization. From micro-activities, we can also see signs that the economy is gradually improving: First, the policy of stabilizing growth is refined to industries and gradually implemented; Second, the epidemic situation across the country has gradually improved, and the resumption of work and production has accelerated.</p><p><img src=\"https://static.tigerbbs.com/4bb9152b6d97f16432d0e03d5af7cc9d\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/2274cd3e9d15d8a88968c36ba900f6a5\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h1></h1><b>In the United States, signs of economic recession are further emerging.</b>Data released by the University of Michigan showed that the U.S. consumer confidence index fell to 50.2 in June, down 8.2 compared with May, lower than market expectations. Real estate builder confidence fell to a 10-month low in June, according to data released by the National Association of Home Builders. In addition, the financial market is also trading the pressure of the U.S. economic recession: (1) In the commodity market, the copper-gold ratio dropped from around 5.4 to below 5; (2) In the bond market, the inversion of U.S. bond maturity spreads frequently occurs; (3) In the stock market, U.S. stocks have rapidly declined trading recession expectations since mid-April.</p><p><img src=\"https://static.tigerbbs.com/0ce772fb1833cff3c6ba38d2a9658c44\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>3. How to see the impact of inflation</h3></p><p><b>The recent unexpected inflation data in Europe and the United States has made the market pay more attention to it. In fact, with the help of the review during the Great stagflation period in the United States in the 1970s, it can be found that inflation has limited impact on the stock market, and the key dominant factors are economic trends and industrial rise.</b></p><p><b>Recent inflation in Europe and the United States has attracted market attention.</b>In May, the U.S. CPI rose by 1% month-on-month and 8.6% year-on-year, the largest year-on-year increase since December 1981. In May, the CPI of the euro zone was 8.1%, continuing to hit a record high.</p><p><img src=\"https://static.tigerbbs.com/e29bc4f8ef2faec752362669edd0d886\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>In fact, referring to the experience of the U.S. stagflation in the 1970s, inflation and rising interest rates have limited impact on equity trends.</b>Taking history as a mirror, inflation in the United States rose to a new high again after 1975, and the effective interest rate of U.S. federal funds continued to rise as inflationary pressures intensified. However, observing that the performance of U.S. stocks has not been greatly impacted. Small-cap technology stocks dominated by Nasdaq Stocks even went out of a magnificent rise.</p><p><b>The reason is that \"no industry, no bull market\", the key to determining the trend of the equity market is the rise of the industry.</b>At that time, the United States was in the midst of the third wave of technological revolution, and the semiconductor and electronic computer industries were booming.</p><p><img src=\"https://static.tigerbbs.com/0778162ad41f344fbb6b075dccc692c0\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7777245b9f07a09287e70fc659eb3f61\" tg-width=\"1080\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>From a style perspective, a high inflation environment does not necessarily lead to a weakening of small-cap styles.</b>After 1975, U.S. inflation reached another peak. However, judging from the performance of U.S. stocks, after 75 years, the small market capitalization style was significantly better than the medium market capitalization and large market capitalization styles. Although high inflation increases cost pressures and has a more obvious impact on small and medium-sized enterprises, industrial development trends cannot be ignored.</p><p>In the early 1970s, due to lower labor costs in emerging economies, the manufacturing industry in the United States experienced an outflow trend. The proportion of manufacturing industry in GDP is declining, while the information industry is in obvious contrast, and its proportion in GDP is showing an obvious upward trend. Technology-based enterprises are mostly small and medium-sized enterprises. Although they are more significantly affected by the cost side, the general trend of industrial development has offset the pressure of inflation, driving up corporate profits and stock prices.</p><p><img src=\"https://static.tigerbbs.com/f234d78be7dcc5033dbd9d295af5f899\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>4. How to see the impact of U.S. debt</h3><b>Based on the recent correlation between the trend of U.S. bonds and domestic growth stocks, the current market is also more concerned about the upward trend of U.S. bonds. However, through review, it can be found that U.S. debt has limited impact on the trend of domestic growth stocks.</b></p><p>Since 2010, we have used the GEM index as an indicator to characterize the domestic growth style. We can find that there is no clear correspondence between the GEM and U.S. debt. For example, in 2013, when U.S. debt continued to rise, the Growth Enterprise Market led growth stocks to perform well, significantly outperforming value stocks; In 2021, also during the period of rising U.S. debt, the GEM will increase significantly.</p><p><b>Logically, \"no industry, no bull market\", the core that determines the growth trend is the rise of industries. U.S. debt is similar to inflation, which has more impact on the rhythm of short-term operations, but has limited impact on the trend.</b></p><p><img src=\"https://static.tigerbbs.com/26de8200e61b584b0175d2159d63568e\" tg-width=\"1080\" tg-height=\"686\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3></h3><h3></h3><h3>5. Three major strategic configuration chains</h3></p><p><b>First, science and technology leads new growth.</b></p><p>Combined with the current industrial background, if 2019 to 2021 is the 1.0 era of hard technology investment, then looking forward to the next 3-5 years, we believe that hard technology investment has entered the 2.0 era. Hard technologies represented by semiconductors, new energy, national defense equipment, digital economy, specialization and innovation, and biomedicine are characterized by choosing the right big track in the 1.0 investment era, so in the 2.0 investment era, we believe that the core feature will be Choose the right sub-track.</p><p><b>Based on the natural sense of the times of sub-new shares, sub-new shares listed in the past three years are the main force in the 2.0 era. Further combined with the hard technology positioning of science and technology innovation board, science and technology innovation board is the main battlefield.</b></p><p><b>In terms of industrial clues, semiconductors focus on analog design, IGBT, and equipment materials, new energy focuses on photovoltaics, wind power, and energy storage, digital economy focuses on industrial software and automotive electronics, and national defense focuses on aviation development, missiles, and informatization.</b></p><p><img src=\"https://static.tigerbbs.com/5ee15fb0050494d677da95a9796d3860\" tg-width=\"1080\" tg-height=\"887\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Second, Hang Seng Technology has turned at the bottom.</b></p><p>On May 13, we released \"Big Waves Wash the Sand to See Gold: Hang Seng Technology Meets the Turning Point\" to remind Hang Seng Technology of the turning point opportunities and suggest strategic attention.</p><p>The underlying logic of Hang Seng Technology is the resonance of three bottoms, that is, the policy bottom, the profit bottom, and the valuation bottom. Since late May, under the catalysis of financial reports, it has entered the right side of the bottom.</p><p><b>In terms of short-term rhythm, U.S. stocks may disturb Hong Kong stocks, but it is the golden window for the bottom layout.</b></p><p><img src=\"https://static.tigerbbs.com/6770b7f1ed8879bcd681e13fab693548\" tg-width=\"1080\" tg-height=\"546\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/5fb306d814ed773f39387043a04d88ac\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Third, steady growth fluctuates and stabilizes. Combined with the industry, pay attention to high-quality stock branches, travel chains, infrastructure and express delivery.</b></p><p><img src=\"https://static.tigerbbs.com/494d377a52dc223a9d33681012724de0\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/ae68357c00b64f09909ad4390bfddae5\" tg-width=\"1080\" tg-height=\"671\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>6. Risk warning</p><p>1. The epidemic has repeatedly exceeded expectations;</p><p>2. Low expectations for industrial progress.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/533868\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e90f0093c95026e18203fb8d91b976d","relate_stocks":{"399006":"创业板指","000001.SH":"上证指数"},"source_url":"http://www.gelonghui.com/p/533868","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2244848234","content_text":"摘要  投资要点回顾1-4月“三低稳增长”被充分验证，5月以来我们提出新成长反转，科创板和恒生科技超额收益显著。近期美股、通胀和美债扰动成为市场关注焦点，一则，可以看到A股相较美股韧性十足，如何理解；二则，关于全球通胀和美债对A股的影响又如何看？1、乱云飞渡仍从容我们认为无论美股、美债还是通胀，对A股影响有限。换言之，当前市场跟1-4月有本质区别，结构比仓位重要，科创板引领新成长蓄势待发，恒生科技修复刚刚开始，把握底部黄金布局窗口。2、如何看美股影响近期美股调整背景下，我们观察到A股韧性十足，中美经济错位或是背后的主要原因。以史为鉴，观察“中美GDP增速差”和“万得全A/标普500”，可以发现，2000年以来中国经济增长快于美国的时候，也即中美GDP增速差扩张，万得全A往往明显跑赢标普500。展望后续，国内经济随着复产复工逐步触底复苏，美国经济逐步高位放缓，中美经济错位将进一步延续，A股有望继续强于美股。3、如何看通胀影响近期超预期的欧美通胀数据，使得市场对其关注升温。事实上，借助70年代美国大滞涨时期的复盘，可以发现通胀对股市影响有限，影响股市的关键是经济走势和产业崛起。1975年后美国的通胀再次攀升创新高，美国联邦基金有效利率随着通胀压力的加剧也不断上升，而美股却并未受到明显影响，与此同时，以纳斯达克为主的小盘科技股甚至走出了一轮波澜壮阔的上涨行情。原因在于，“无产业，不牛市”，决定成长股走势的关键是产业崛起。彼时美国处于第三次科技革命的浪潮当中，半导体、电子计算机行业蓬勃发展。4、如何看美债影响基于年初美债和国内成长股走势的关联度，当前市场对美债上行也较为关注。然而，通过复盘可以发现，美债对国内成长股表现的影响同样有限。2010年以来，我们以创业板指作为国内成长风格的刻画指标，可以发现创业板和美债之间并无清晰的对应关系。比如，2013年在美债持续上升期间，创业板引领成长股表现亮眼，且大幅跑赢价值股；2021年同样在美债上升期间，创业板收益显著。逻辑上，决定成长趋势的核心是产业崛起，美债和通胀类似，更多影响短期运行节奏，但对趋势影响有限。5、三大战略配置链展望下半年，我们预计，科创板引领新成长的戴维斯双击行情，以及恒生科技的修复行情，有望在7-10月进一步展开。原因在于，一方面，受益于业绩催化；另一方面，经历了近期美股风险释放后，届时外围市场也将趋于稳定。因此，对科创板和恒生科技，建议把握底部的黄金布局窗口。其一，科创板引领新成长是主战场，产业线索上，半导体关注模拟设计、IGBT、设备材料，新能源关注光伏、风电和储能，数字经济关注工业软件和汽车电子，国防关注航空发动机、导弹和信息化等。其二，恒生科技转折底，把握美股扰动提供的底部布局机会。其三，稳增长震荡企稳。结合行业，关注优质股份行、出行链、基建和快递等。风险提示：疫情反复超预期；产业进展低预期。1、乱云飞渡仍从容回顾1-4月“三低稳增长”被充分验证，5月以来我们提出新成长反转，科创板和恒生科技超额收益显著。展望下半年，我们预计，科创板引领新成长的戴维斯双击行情，以及恒生科技的修复行情，有望在7-10月进一步展开。原因在于，一方面，受益于业绩催化；另一方面，经历了近期美股风险释放后，届时外围市场也将趋于稳定。因此，对科创板和恒生科技，建议把握底部的黄金布局窗口。其一，科创板是新成长主战场，产业线索上优选半导体、新能源、国防、数字经济、专精特新、生物医药子领域，如半导体中关注模拟设计、IGBT、设备材料，新能源中关注光伏、风电和储能，数字经济中关注工业软件和汽车电子，国防中关注航发、导弹和信息化等。其二，恒生科技迎转折底，刚刚开始，把握美股扰动提供的底部布局机会。其三，稳增长震荡企稳。结合行业，关注优质股份行、出行链、基建和快递等。近期美股、通胀和美债扰动成为市场关注焦点，一则，可以看到A股相较美股韧性十足，如何理解；二则，关于全球通胀和美债对A股的影响又如何看？2、如何看美股影响近期美股调整背景下，我们观察到A股韧性十足，中美经济错位或是背后的主要原因。也即，国内经济随着复产复工逐步触底复苏，美国经济逐步高位放缓。回顾中美经济错位和中美股市走势的相关性，绝大部分时候呈现正相关。观察“中美GDP增速差”和“万得全A/标普500”关联度，可以发现，2000年以来当中国经济增长快于美国的时候，中美GDP增速差扩张，此时万得全A明显跑赢标普500。唯一不同的阶段出现在2014-2015年，彼时美国经济走强而中国经济走弱，国内货币财政政策大幅宽松，场外资金入市推动A股走出了流动性牛市。典型的中美经济错位、中国股市跑赢于美股的阶段出现在2004年底-2007年三季度、2008年三季度-2009年三季度。2004年底-2007年三季度，国内经济增长显著优于美国，A股表现整体也好于美股。首先，从中美经济来看，中国GDP增速震荡上行，而美国GDP增速震荡下行，中美GDP增速差不断扩张。其次，从货币政策来看，美联储在2004年6月至2006年7月加息了17次，而国内仅仅加息了2次，当时美国为了抑制国内通胀压力货币政策收紧的力度远强于中国。最后，从股市表现来看，受经济回落政策收紧的影响，美股整体呈现震荡走势，小幅上涨；而A股则在经济快速增长的推动下，走出了一轮盈利牛。2008年三季度-2009年三季度，国内经济领先美国复苏，A股表现整体也好于美股。首先，从中美经济来看，中国GDP于2009年Q1触底企稳，而美国GDP于2009年Q2触底企稳，金融危机后中国经济率先开始复苏。其次，从货币政策来看，美联储在2008年Q3-2009年Q3降息了三次，并进行了第一轮量化宽松。而中国在此期间降息了四次，并推出了“四万亿”财政刺激。整体来看，国内的货币财政的刺激力度并不亚于美国。最后，从股市表现来看，国内经济企稳、政策大力刺激的背景之下，A股率先走出企稳上涨的行情。展望未来，中美经济错位将进一步延续，国内股市独立于美股走出上涨行情的可能性较大。国内方面，经济仍处于快速修复的阶段。从最新的经济数据来看，国内5月PMI为49.6，出现明显企稳向上的趋势。从微观活动中也可以窥探出经济逐步向好的迹象：其一，稳增长政策细化到产业，且逐步落地；其二，全国疫情逐渐好转，复工复产加速推进。美国方面，经济衰退迹象进一步显现。密歇根大学公布的数据显示，美国6月消费者信心指数跌至50.2，较5月相比下跌了8.2，低于市场预期。美国全国住宅建筑商协会公布的数据显示，6月份房地产建筑商信心降至10个月的低点。此外，金融市场也在交易美国经济衰退的压力：（1）商品市场，铜金比从5.4左右下降至5以下；（2）债券市场，美债期限利差倒挂频繁出现；（3）股票市场，美股从4月中旬开始快速走低交易衰退预期。3、如何看通胀影响近期超预期的欧美通胀数据，使得市场对其关注升温。事实上，借助70年代美国大滞涨时期的复盘，可以发现通胀对股市影响有限，关键主导因素则是经济走势和产业崛起。近期欧美通胀引起市场关注。5月美国CPI环比上涨1%，同比上涨8.6%，同比涨幅再创1981年12月以来最大值。5月欧元区CPI为8.1%，续创历史新高。事实上，参考美国70年代大滞涨的经验，通胀和利率上行对权益走势影响有限。以史为鉴，1975年后美国的通胀再次攀升创新高，美国联邦基金有效利率随着通胀压力的加剧也不断上升，但是观察美股的表现并未受到大幅冲击，以纳斯达克为主的小盘科技股甚至走出了一轮波澜壮阔的上涨行情。原因在于，“无产业，不牛市”，决定权益市场趋势的关键是产业崛起。彼时美国处于第三次科技革命的浪潮当中，半导体、电子计算机行业蓬勃发展。从风格角度，高通胀环境不一定导致小市值风格走弱。1975年之后，美国通胀再攀高峰，然而从美股表现来看，75年之后小市值风格明显优于中市值和大市值风格。高通胀尽管提高成本压力，对中小企业冲击更明显，但不能忽视产业发展趋势。70年代初，由于新兴经济体更低廉的劳动力成本，美国制造业出现外流趋势。制造业占GDP的比重不断下降，而信息业与之形成明显对比，其占GDP的比重呈现明显上升趋势。科技型企业以中小企业居多，尽管受成本端的冲击更为显著，但产业发展大趋势对冲了通胀的压力，带动企业盈利和股价的上升。4、如何看美债影响基于近期美债和国内成长股走势的关联度，当前市场对美债上行也较为关注。然而，通过复盘可以发现，美债对国内成长股走势影响有限。2010年以来，我们以创业板指作为国内成长风格的刻画指标，可以发现，创业板和美债之间并无清晰的对应关系。比如，2013年在美债持续上升期间，创业板引领成长股表现亮眼，大幅跑赢价值股；2021年同样在美债上升期间，创业板涨幅显著。逻辑上，“无产业，不牛市”，决定成长趋势的核心是产业崛起，美债和通胀类似，更多影响短期运行节奏，但对趋势影响有限。5、三大战略配置链其一，科创引领新成长。结合当前产业背景，如果说2019年至2021年是硬科技投资的1.0时代，那么展望未来3-5年我们认为硬科技投资进入了2.0时代。以半导体、新能源、国防装备、数字经济、专精特新、生物医药为代表的硬科技，在1.0投资时代的特征是选对大赛道，那么在2.0投资时代我们认为核心特征将是选对子赛道。基于次新股天然的时代感，近三年上市的次新股是2.0时代的主力军，进一步结合科创板的硬科技定位，科创板则是主战场。在产业线索上，半导体中关注模拟设计、IGBT、设备材料，新能源中关注光伏、风电和储能，数字经济中关注工业软件和汽车电子，国防中关注航发、导弹和信息化等。其二，恒生科技转折底。5月13日我们发布《大浪淘沙始见金：恒生科技迎转折底》提示恒生科技的转折底机会，建议战略关注。恒生科技的底层逻辑是三底共振，也即政策底、盈利底、估值底，5月下旬以来在财报催化下，进入底部右侧。短期节奏上，美股或对港股有所扰动，但正是底部布局的黄金窗口。其三，稳增长震荡企稳。结合行业，关注优质股分行、出行链、基建和快递等。6、 风险提示1、疫情反复超预期；2、产业进展低预期。","news_type":1,"symbols_score_info":{"399006":1,"000001.SH":1}},"isVote":1,"tweetType":1,"viewCount":2057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949820606,"gmtCreate":1678500814905,"gmtModify":1678500818933,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8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href=\"https://ttm.financial/S/.DJI\">$道琼斯(.DJI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$道琼斯(.DJI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967728941","isVote":1,"tweetType":1,"viewCount":2943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040327262,"gmtCreate":1655611688556,"gmtModify":1676535671664,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579240004068160","authorIdStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040327262","repostId":"1130766759","repostType":4,"repost":{"id":"1130766759","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":1655260917,"share":"https://ttm.financial/m/news/1130766759?lang=en_US&edition=fundamental","pubTime":"2022-06-15 10:41","market":"us","language":"zh","title":"Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20","url":"https://stock-news.laohu8.com/highlight/detail?id=1130766759","media":"老虎资讯综合","summary":"这一节日是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。","content":"<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" 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>Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20\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\">2022-06-15 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3beebfa3e0137570abe14d50f470080d","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130766759","content_text":"尊敬的投资者：美股将于6月20日（星期一）休市，因为6月19日（星期日）是美国的联邦假日（六月节）。值得一提的是，这一节日相当“年轻”，去年才被合法化，是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。预祝投资顺利老虎证券休市安排美股6月20日（周一）休市，6月21日（周二）起照常开市。港股、A股、新加坡股市、澳大利亚市场照常交易。背景介绍2021年6月17日，美国总统拜登签署法令，将每年的6月19日定为全国法定节假日以纪念美国奴隶制的终结，节日名称为“Juneteenth”，该名称取自June（六月）和Nineteenth（十九）的组合。中国官方称这一节日为“六月节”。拜登与“六月节祖母”Opal Lee或许正是因为六月节非常“年轻”，去年的这个时候，美国SEC（证券交易委员会）还因为这个节日和美股市场产生了“分歧”：SEC放假，而纽交所和纳斯达克交易所却照常开市。SEC表示：“交易所自行决定联邦假期的运营状态，我们对各主要市场在正常时间内运营表示理解。”纽交所当时回应称，将评估2022年的六月节是否停业过节。目前看来这样的“分歧”今年不会重演了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9056074993,"gmtCreate":1654916214912,"gmtModify":1676535533926,"author":{"id":"3579240004068160","authorId":"3579240004068160","name":"Edmond123","avatar":"https://static.tigerbbs.com/6dfbe57050310a2a19bdd1c8cb905484","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579240004068160","authorIdStr":"3579240004068160"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9056074993","repostId":"2242855582","repostType":4,"isVote":1,"tweetType":1,"viewCount":1252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}