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一剑奈何
08-25
$福根集团有限公司(E28.SI)$
一剑奈何
08-20
$福根集团有限公司(E28.SI)$
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04-21
$扬子江船业(BS6.SI)$
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$扬子江船业(BS6.SI)$
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$扬子江船业(BS6.SI)$
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一剑奈何
2024-12-11
$扬子江船业(BS6.SI)$
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$新翔集团有限公司(S58.SI)$
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2024-11-01
$福根集团有限公司(E28.SI)$
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OK.................
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一剑奈何
2024-01-14
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09:33","market":"sh","language":"zh","title":"PetroChina lightens its position when it jerks, is it carving a boat for a sword?","url":"https://stock-news.laohu8.com/highlight/detail?id=2167550435","media":"上海证券报","summary":"◎记者 唐燕飞 ○编辑 朱绍勇中国石油（简称“中石油”）昨日盘中一度大涨超8%，勾起了许多投资者的心酸回忆。昨日，中石油盘中最高价5.99元，涨幅一度接近9%。截至收盘，中石油报5.71元， ...","content":"<p><img src=\"https://static.tigerbbs.com/4b0da3672920a0df7167636959c320b0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/601857\">PetroChina</a>(601857)<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>\") It once rose by more than 8% in intraday trading yesterday, bringing back sad memories for many investors.</p><p>Yesterday, PetroChina's highest intraday price was 5.99 yuan, an increase of nearly 9%. As of the close, PetroChina reported 5.71 yuan, up 3.82%. After 11 o'clock yesterday, while PetroChina rose rapidly, the ChiNext Index and the Shanghai Composite Index both turned downward. As of the close, the Shanghai Composite Index turned from red to down 1.42%, and the increase of the ChiNext Index fell from about 2.5% to 1.32%.</p><p>For a time, many netizens exclaimed: Absolutely abnormal! Some investors even hurriedly cleared their positions and \"fled\" in order to escape the mysterious \"PetroChina curse\".</p><p>There was once a saying of \"four curses\" circulating in the A-share market. The most well-known one is the \"PetroChina Curse\". As long as PetroChina rises, the stock market will plummet. Over time, PetroChina has become an inverse indicator of the market.</p><p>So, does historical data support the \"PetroChina Curse\"? After counting the data of PetroChina's stock surge in recent years, the reporter found that the \"PetroChina curse\" was only \"effective\" in a few days. But in the long term, it will definitely not reach a statistically significant level. For example, on February 25, 2019, PetroChina rose 3.7% and the Shanghai Composite Index rose 5.6%. Since then, the Shanghai Composite Index has been rising until April of that year. On May 18 this year, PetroChina rose 4.51%, and the Shanghai Composite Index rose 0.32%. Since then, the structural market of the GEM has become obvious.</p><p><b>So, what is the reason why the \"PetroChina Curse\" is frequently chanted by investors?</b></p><p>The answer lies in the huge contrast between PetroChina's total market value and its circulating market value. As of yesterday's close, PetroChina's total market value was 1.045 billion yuan, and its circulating market value was 924.6 billion yuan. Among the outstanding shares, China National Petroleum Corporation, the largest shareholder, holds nearly 91% of the shares, and the top 10 shareholders hold 96% of the shares. This means that the remaining free circulation market value of PetroChina is less than 40 billion yuan. Controlling this part of the free circulation market value can affect the market trend to a certain extent.</p><p>However, at this time, at that time, the era when PetroChina's market value was \"unique\" has long passed. At present, there are nearly 10 stocks with a market value of over one trillion yuan in the Shanghai and Shenzhen stock markets.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>（600519）、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>（300750）、<a href=\"https://laohu8.com/S/601398\">Industrial Bank of China</a>The market value has surpassed that of PetroChina, and PetroChina's ability to \"control the overall situation\" is not as good as before.</p><p>Recently, OPEC raised its global oil demand forecast for 2022 to 100.8 million barrels per day, driving international oil prices to rise, and various funds have increased their holdings of oil stocks. Perhaps this is the real reason for PetroChina's surge. Investors should also get used to the rise of PetroChina and don't talk about it.</p>","source":"tonghuashun","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>PetroChina lightens its position when it jerks, is it carving a boat for a sword?</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\">\nPetroChina lightens its position when it jerks, is it carving a boat for a sword?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-09-15 09:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/4b0da3672920a0df7167636959c320b0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/601857\">PetroChina</a>(601857)<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>\") It once rose by more than 8% in intraday trading yesterday, bringing back sad memories for many investors.</p><p>Yesterday, PetroChina's highest intraday price was 5.99 yuan, an increase of nearly 9%. As of the close, PetroChina reported 5.71 yuan, up 3.82%. After 11 o'clock yesterday, while PetroChina rose rapidly, the ChiNext Index and the Shanghai Composite Index both turned downward. As of the close, the Shanghai Composite Index turned from red to down 1.42%, and the increase of the ChiNext Index fell from about 2.5% to 1.32%.</p><p>For a time, many netizens exclaimed: Absolutely abnormal! Some investors even hurriedly cleared their positions and \"fled\" in order to escape the mysterious \"PetroChina curse\".</p><p>There was once a saying of \"four curses\" circulating in the A-share market. The most well-known one is the \"PetroChina Curse\". As long as PetroChina rises, the stock market will plummet. Over time, PetroChina has become an inverse indicator of the market.</p><p>So, does historical data support the \"PetroChina Curse\"? After counting the data of PetroChina's stock surge in recent years, the reporter found that the \"PetroChina curse\" was only \"effective\" in a few days. But in the long term, it will definitely not reach a statistically significant level. For example, on February 25, 2019, PetroChina rose 3.7% and the Shanghai Composite Index rose 5.6%. Since then, the Shanghai Composite Index has been rising until April of that year. On May 18 this year, PetroChina rose 4.51%, and the Shanghai Composite Index rose 0.32%. Since then, the structural market of the GEM has become obvious.</p><p><b>So, what is the reason why the \"PetroChina Curse\" is frequently chanted by investors?</b></p><p>The answer lies in the huge contrast between PetroChina's total market value and its circulating market value. As of yesterday's close, PetroChina's total market value was 1.045 billion yuan, and its circulating market value was 924.6 billion yuan. Among the outstanding shares, China National Petroleum Corporation, the largest shareholder, holds nearly 91% of the shares, and the top 10 shareholders hold 96% of the shares. This means that the remaining free circulation market value of PetroChina is less than 40 billion yuan. Controlling this part of the free circulation market value can affect the market trend to a certain extent.</p><p>However, at this time, at that time, the era when PetroChina's market value was \"unique\" has long passed. At present, there are nearly 10 stocks with a market value of over one trillion yuan in the Shanghai and Shenzhen stock markets.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>（600519）、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>（300750）、<a href=\"https://laohu8.com/S/601398\">Industrial Bank of China</a>The market value has surpassed that of PetroChina, and PetroChina's ability to \"control the overall situation\" is not as good as before.</p><p>Recently, OPEC raised its global oil demand forecast for 2022 to 100.8 million barrels per day, driving international oil prices to rise, and various funds have increased their holdings of oil stocks. Perhaps this is the real reason for PetroChina's surge. Investors should also get used to the rise of PetroChina and don't talk about it.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.10jqka.com.cn/hks/20210915/c632725095.shtml\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{},"source_url":"http://stock.10jqka.com.cn/hks/20210915/c632725095.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2167550435","content_text":"中国石油（601857）（简称“中石油”）昨日盘中一度大涨超8%，勾起了许多投资者的心酸回忆。\n昨日，中石油盘中最高价5.99元，涨幅一度接近9%。截至收盘，中石油报5.71元，上涨3.82%。昨日11点后，在中石油快速拉升同时，创业板指、上证指数均转为震荡下行。截至收盘，上证指数由红盘转为下跌1.42%，创业板指涨幅由2.5%左右回落至1.32%。\n一时间，有不少网友都惊呼：绝对不正常！甚至有投资者为了躲过神秘的“中石油魔咒”，慌忙清仓“出逃”。\nA股市场上一度流传着“四大魔咒”的说法。最广为人知的是“中石油魔咒”，只要中石油一涨，股市就会大跌。久而久之，中石油俨然成了市场反向指标。\n那么，历史数据是否支持“中石油魔咒”呢？记者统计近年来中石油股票大涨的数据后发现，“中石油魔咒”仅仅在少数日子“灵验”。但放长周期看，绝对达不到统计意义上的显著水平。例如，2019年2月25日，中石油上涨3.7%，上证指数上涨5.6%，此后沪指一直上涨到当年4月。今年5月18日，中石油大涨4.51%，上证指数上涨0.32%，此后创业板结构性行情明显。\n那么，“中石油魔咒”被投资者频频念叨的原因究竟是什么呢？\n答案就在于中石油总市值和流通市值的巨大反差。截至昨日收盘，中石油总市值为10450亿元，流通市值为9246亿元。在流通股中，第一大股东中国石油集团持股近91%，前10大股东持股比例更是高达96%。这意味着，中石油剩下的自由流通市值不足400亿元。控制了这部分的自由流通市值，在一定程度上就可以影响大盘走势。\n不过，此一时，彼一时，中石油市值“一枝独秀”的年代早已过去。现在沪深两市市值过万亿元的个股接近10只，贵州茅台（600519）、宁德时代（300750）、工商银行等市值都超过了中石油，中石油“操控全局”的能力已大不如前。\n近期OPEC将2022年全球石油需求预期上调至1.008亿桶/日，带动国际油价攀升，各路资金纷纷增持石油股。或许，这才是中石油大涨的真正原因。投资者也要习惯中石油的上涨，不要谈虎色变。","news_type":1,"symbols_score_info":{"PTR":0.9}},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881495928,"gmtCreate":1631374203064,"gmtModify":1676530537696,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/881495928","repostId":"1154363769","repostType":4,"repost":{"id":"1154363769","kind":"news","pubTimestamp":1631337958,"share":"https://ttm.financial/m/news/1154363769?lang=en_US&edition=fundamental","pubTime":"2021-09-11 13:25","market":"us","language":"zh","title":"Is the inflation \"wolf really coming\"? U.S. stocks hit worst week since June","url":"https://stock-news.laohu8.com/highlight/detail?id=1154363769","media":"新浪财经","summary":"本周美国股市创下近3个月来最糟糕的一周，对通胀的担忧重新抬头，削弱了人们对央行继续支持金融市场的乐观情绪。\n标普和道指连跌五日，周五标普500指数收跌0.77%，报4458.58点，创2月22日以来最","content":"<p>U.S. stocks had their worst week in nearly three months this week, with renewed concerns about inflation undermining optimism that central banks will continue to support financial markets.</p><p>The S&P and Dow fell for five consecutive days. On Friday, the S&P 500 closed down 0.77% at 4,458.58 points, the longest losing streak since February 22; The Dow closed down 271.66 points, or 0.78%, at 34,607.72 points. Both major indexes recorded a weekly decline of 1.6%, their worst performance since mid-June. The Nasdaq closed down 0.87% on Friday at 15,115.49 points, a new low since August 26.</p><p><img src=\"https://static.tigerbbs.com/5dbf2d40847cec18e57cbe4133e739b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1cefc99dce7b4d849d58968769f83cb3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>It's even worse for small caps,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Data compiled shows that 90% of the stocks in the Russell 2000 constituents have experienced a 10% pullback since May.</p><p>U.S. stocks are bearish this week. On Wednesday, U.S. Treasury Secretary Yellen warned that if the White House and Congress fail to raise the debt ceiling, the United States will fall into a debt crisis in October; The Federal Reserve's Beige Book report pointed out that U.S. economic growth is slowing down and suggested that inflation may become more severe; At the same time, the \"three in command\" of the Federal Reserve and the president of the New York Fed<a href=\"https://laohu8.com/S/WMB\">Williams</a>Indicates that tapering during the year is appropriate.</p><p>Data released on Friday showed that the U.S. PPI rose 0.7% month-on-month in August, exceeding economists' expectations of 0.6%; It increased by 8.3% year-on-year, rising for nine consecutive months, setting a new record again, which hit investor confidence hard; At the same time, the Federal Reserve's voting committee for next year and Cleveland Fed President Mester said at an event on Friday that despite the bleak non-farm payrolls in August, she is still inclined to support the start of reducing QE this year.</p><p><b>Wall Street warns that this bull market in U.S. stocks faces a correction test</b></p><p>Although the S&P 500 has only fallen for five consecutive days and has not deviated from its all-time high by more than 2%, some Wall Street analysts believe this will set the stage for further lower.</p><p>According to Bloomberg,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Group, Citigroup and other strategists released the latest forecast that there may be negative shocks to disrupt the rising streak of the stock market. Inflation concerns amid the ongoing epidemic, weak global economic recovery, and Fed taper will all pose risks.</p><p><a href=\"https://laohu8.com/S/BMO\">Bank of Montreal</a>Ian Lyngen, interest rate strategist at BMO Capital Markets, said the inflation data reinforced ongoing concerns about higher cost structures as supply chain disruptions caused by the pandemic persist.</p><p>Phil Blancato, CEO of investment bank Ladenburg Thalmann & Co., said: \"My biggest concern is the market movement in the next six weeks, which is a bit ebbing due to the Fed's planned taper, and possible tax hikes.\"</p><p>Christian Mueller-Glissmann, managing director of portfolio strategy and asset allocation at Goldman Sachs, said in an interview, \"High valuations increase the vulnerability of the market. If new negative developments occur, it may lead to an impact on economic growth and trigger a rapid risk-off trend in the market.\"</p><p>At present, investors' positions have been overly bullish, and the ratio of long positions to short positions in the S&P 500 Index is close to 10 to 1. Half of these positions may face losses due to a 2.2% decline in the index. Strategists led by Citigroup Chris Montagu also warned that even a small pullback could be amplified by the forced liquidation of bulls.</p><p>In addition, Mike Wilson, chief U.S. equity strategist at Morgan Stanley, said, \"The stock market has entered an inflection point stage of the market cycle. At this stage, valuations tend to shrink, and even the most stable companies can't escape the drag.\" He suggested downgrading the U.S. stock market to underweight and adjusting the global stock rating to the same weight, citing huge risks to economic growth by the end of October.</p>","source":"XLCJ","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>Is the inflation \"wolf really coming\"? U.S. stocks hit worst week since June</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\">\nIs the inflation \"wolf really coming\"? U.S. stocks hit worst week since June\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-09-11 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stocks had their worst week in nearly three months this week, with renewed concerns about inflation undermining optimism that central banks will continue to support financial markets.</p><p>The S&P and Dow fell for five consecutive days. On Friday, the S&P 500 closed down 0.77% at 4,458.58 points, the longest losing streak since February 22; The Dow closed down 271.66 points, or 0.78%, at 34,607.72 points. Both major indexes recorded a weekly decline of 1.6%, their worst performance since mid-June. The Nasdaq closed down 0.87% on Friday at 15,115.49 points, a new low since August 26.</p><p><img src=\"https://static.tigerbbs.com/5dbf2d40847cec18e57cbe4133e739b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1cefc99dce7b4d849d58968769f83cb3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>It's even worse for small caps,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Data compiled shows that 90% of the stocks in the Russell 2000 constituents have experienced a 10% pullback since May.</p><p>U.S. stocks are bearish this week. On Wednesday, U.S. Treasury Secretary Yellen warned that if the White House and Congress fail to raise the debt ceiling, the United States will fall into a debt crisis in October; The Federal Reserve's Beige Book report pointed out that U.S. economic growth is slowing down and suggested that inflation may become more severe; At the same time, the \"three in command\" of the Federal Reserve and the president of the New York Fed<a href=\"https://laohu8.com/S/WMB\">Williams</a>Indicates that tapering during the year is appropriate.</p><p>Data released on Friday showed that the U.S. PPI rose 0.7% month-on-month in August, exceeding economists' expectations of 0.6%; It increased by 8.3% year-on-year, rising for nine consecutive months, setting a new record again, which hit investor confidence hard; At the same time, the Federal Reserve's voting committee for next year and Cleveland Fed President Mester said at an event on Friday that despite the bleak non-farm payrolls in August, she is still inclined to support the start of reducing QE this year.</p><p><b>Wall Street warns that this bull market in U.S. stocks faces a correction test</b></p><p>Although the S&P 500 has only fallen for five consecutive days and has not deviated from its all-time high by more than 2%, some Wall Street analysts believe this will set the stage for further lower.</p><p>According to Bloomberg,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Group, Citigroup and other strategists released the latest forecast that there may be negative shocks to disrupt the rising streak of the stock market. Inflation concerns amid the ongoing epidemic, weak global economic recovery, and Fed taper will all pose risks.</p><p><a href=\"https://laohu8.com/S/BMO\">Bank of Montreal</a>Ian Lyngen, interest rate strategist at BMO Capital Markets, said the inflation data reinforced ongoing concerns about higher cost structures as supply chain disruptions caused by the pandemic persist.</p><p>Phil Blancato, CEO of investment bank Ladenburg Thalmann & Co., said: \"My biggest concern is the market movement in the next six weeks, which is a bit ebbing due to the Fed's planned taper, and possible tax hikes.\"</p><p>Christian Mueller-Glissmann, managing director of portfolio strategy and asset allocation at Goldman Sachs, said in an interview, \"High valuations increase the vulnerability of the market. If new negative developments occur, it may lead to an impact on economic growth and trigger a rapid risk-off trend in the market.\"</p><p>At present, investors' positions have been overly bullish, and the ratio of long positions to short positions in the S&P 500 Index is close to 10 to 1. Half of these positions may face losses due to a 2.2% decline in the index. Strategists led by Citigroup Chris Montagu also warned that even a small pullback could be amplified by the forced liquidation of bulls.</p><p>In addition, Mike Wilson, chief U.S. equity strategist at Morgan Stanley, said, \"The stock market has entered an inflection point stage of the market cycle. At this stage, valuations tend to shrink, and even the most stable companies can't escape the drag.\" He suggested downgrading the U.S. stock market to underweight and adjusting the global stock rating to the same weight, citing huge risks to economic growth by the end of October.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-09-11/doc-iktzscyx3587771.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"513500":"标普500ETF","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","OEX":"标普100","DXD":"两倍做空道琼30指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares",".IXIC":"NASDAQ Composite","SH":"做空标普500-Proshares",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF","DDM":"2倍做多道指ETF-ProShares","SPY":"标普500ETF",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","QID":"两倍做空纳斯达克指数ETF-ProShares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-09-11/doc-iktzscyx3587771.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154363769","content_text":"本周美国股市创下近3个月来最糟糕的一周，对通胀的担忧重新抬头，削弱了人们对央行继续支持金融市场的乐观情绪。\n标普和道指连跌五日，周五标普500指数收跌0.77%，报4458.58点，创2月22日以来最长连跌；道指收跌271.66点，跌幅0.78%，报34607.72点，两大指数均录得1.6%的周跌幅，为6月中旬以来的最差表现。纳指周五收跌0.87%，报15115.49点，创8月26日以来新低。\n\n小盘股的情况更糟，摩根士丹利编制的数据显示，自5月份以来，罗素2000成分股中90%的股票已经经历了10%的回调。\n本周美股利空重重。周三，美国财政部部长耶伦警告如果白宫和国会无法提高债务上限，美国将在10月陷入债务危机；美联储褐皮书报告指出美国经济增长正在放缓，并暗示通胀可能将更加严重；同时，美联储“三把手”、纽约联储主席威廉姆斯表示年内缩债是合适的。\n而周五公布的数据显示，美国8月PPI环比上涨0.7%，超过经济学家0.6%的预期；同比更是增长8.3%，连续9个月上行，再次刷新纪录，令投资者信心备受打击；同时，美联储明年票委、美国克利夫兰联储主席梅斯特周五参加活动时表示，尽管8月非农就业惨淡，她仍倾向于支持今年开始减码QE。\n华尔街警告美股这轮大牛市面临回调考验\n尽管标普500指数仅连续五天下跌，且未偏离历史高点2%以上，但一些华尔街分析师认为，这将为进一步走低奠定基础。\n据彭博社，高盛集团、花旗集团等策略师发布了最新预测认为，可能会出现负面冲击以打乱股市的连涨势头。疫情持续下的通胀担忧、全球经济复苏疲软以及美联储taper，都会带来风险。\n蒙特利尔银行资本市场（BMO Capital Markets）利率策略师伊恩•林根（Ian Lyngen）表示，通胀数据加强了对成本结构升高的持续担忧，因为疫情造成的供应链中断持续存在。\n投资银行拉登堡塔尔曼公司（Ladenburg Thalmann & Co．）首席执行官Phil Blancato表示：“我最担心的是未来六周的市场走势，由于美联储计划taper，以及可能增税，市场有点退潮了。”\n高盛投资组合策略和资产配置董事总经理Christian Mueller-Glissmann在接受采访时表示，“高估值增加了市场的脆弱性，如果出现新的负面形势发展，可能会导致经济增长遭受冲击，并引发市场的迅速避险走势。”\n目前投资者的持仓已经过度看涨，标普500指数多头头寸与空头头寸的比例已经接近10比1。其中一半的头寸可能因指数下跌2.2%就面临损失。花旗集团Chris Montagu牵头的策略师也警告称，即便是出现小幅回调，也可能因多头被强制平仓而放大。\n此外，摩根士丹利首席美国股票策略师威尔逊（Mike Wilson）表示，“股市已经进入了市场周期的拐点阶段，在这个阶段，估值往往会缩水，即使是最稳健的公司也难逃拖累”，其建议对美国股市下调至减持，并将全球股票评级调整至同等比重，理由是经济增长到10月底面临巨大风险。","news_type":1,"symbols_score_info":{"513500":0.9,"SDOW":0.9,"SDS":0.9,".SPX":0.9,"TQQQ":0.9,"QID":0.9,"OEX":0.9,"DXD":0.9,"DJX":0.9,".IXIC":0.9,"SH":0.9,"DDM":0.9,".DJI":0.9,"SPY":0.9,"QQQ":0.9,"ESmain":0.9,"DOG":0.9,"NQmain":0.9,"SPXU":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835445253,"gmtCreate":1629735487672,"gmtModify":1676530117125,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/835445253","repostId":"1196056296","repostType":4,"repost":{"id":"1196056296","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":1629730871,"share":"https://ttm.financial/m/news/1196056296?lang=en_US&edition=fundamental","pubTime":"2021-08-23 23:01","market":"hk","language":"zh","title":"China Mobile Games' revenue in the first half of the year was 2.18 billion yuan, and net profit was 394 million yuan","url":"https://stock-news.laohu8.com/highlight/detail?id=1196056296","media":"老虎资讯综合","summary":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增","content":"<p>On the evening of August 23,<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Release results for the first half of 2021. The financial report shows that revenue in the first half of the year was 2.18 billion yuan, compared with 1.714 billion yuan in the same period last year; Net profit in the first half of the year was 394 million yuan, compared with 288 million yuan in the same period last year; Adjusted net profit for the first half of the year was RMB401.8 million, representing a year-on-year increase of approximately 17.6%.</p><p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p>The average monthly active users in the first half of 2021 were 19.084 million, compared with 15.053 million in the same period last year; The average number of monthly paying users in the first half of the year was 1.442 million, compared with 1.135 million in the same period last year; The total number of newly registered users in the first half of the year was 58.014 million, compared with 54.3578 million in the same period last year.<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>According to the announcement, several new games were launched in the first half of the year, among which \"One Piece Hot Blood Route\" was jointly produced by the Group and Beijing Chaoxi Lightnian, a subsidiary of ByteDance. It was launched on April 22, and won the first place in the free list of Apple Stores in mainland China in the month of its launch. First place, third place in the best-selling list of Apple Stores, and won the best game award of the month recommended by Apple Store editors; \"Douluo Dalu-The Return of the Fighting God\" was launched on April 28th. After its launch, it won the first place in the free list of Apple Store in Chinese mainland, and won today's special recommendation and current best-selling recommendation of Apple Store for many times; The Group's self-developed mobile game \"Legend of Sword and Fairy: Nine Wilds\" and the web game \"Legend of Blood Drinking\" were launched in the first half of 2021 and achieved good performance.</p><p>Looking forward to the second half of the year, China Mobile Games will launch new games such as PC game Legend of Sword and Fairy 7, mobile game Code Name: City Lord World, New Legend of Sword and Fairy: Waving the Sword and Asking for Love, My Sword Diary, Zhenhun Street: Born to Be King, etc.</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>China Mobile Games' revenue in the first half of the year was 2.18 billion yuan, and net profit was 394 million yuan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Mobile Games' revenue in the first half of the year was 2.18 billion yuan, and net profit was 394 million yuan\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-23 23:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the evening of August 23,<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Release results for the first half of 2021. The financial report shows that revenue in the first half of the year was 2.18 billion yuan, compared with 1.714 billion yuan in the same period last year; Net profit in the first half of the year was 394 million yuan, compared with 288 million yuan in the same period last year; Adjusted net profit for the first half of the year was RMB401.8 million, representing a year-on-year increase of approximately 17.6%.</p><p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p>The average monthly active users in the first half of 2021 were 19.084 million, compared with 15.053 million in the same period last year; The average number of monthly paying users in the first half of the year was 1.442 million, compared with 1.135 million in the same period last year; The total number of newly registered users in the first half of the year was 58.014 million, compared with 54.3578 million in the same period last year.<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>According to the announcement, several new games were launched in the first half of the year, among which \"One Piece Hot Blood Route\" was jointly produced by the Group and Beijing Chaoxi Lightnian, a subsidiary of ByteDance. It was launched on April 22, and won the first place in the free list of Apple Stores in mainland China in the month of its launch. First place, third place in the best-selling list of Apple Stores, and won the best game award of the month recommended by Apple Store editors; \"Douluo Dalu-The Return of the Fighting God\" was launched on April 28th. After its launch, it won the first place in the free list of Apple Store in Chinese mainland, and won today's special recommendation and current best-selling recommendation of Apple Store for many times; The Group's self-developed mobile game \"Legend of Sword and Fairy: Nine Wilds\" and the web game \"Legend of Blood Drinking\" were launched in the first half of 2021 and achieved good performance.</p><p>Looking forward to the second half of the year, China Mobile Games will launch new games such as PC game Legend of Sword and Fairy 7, mobile game Code Name: City Lord World, New Legend of Sword and Fairy: Waving the Sword and Asking for Love, My Sword Diary, Zhenhun Street: Born to Be King, etc.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6732755bad1da573809dd82708472f29","relate_stocks":{"00302":"中手游"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196056296","content_text":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%\n\n2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。\n公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。\n展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。","news_type":1,"symbols_score_info":{"00302":0.9}},"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884223778,"gmtCreate":1631895688094,"gmtModify":1676530665583,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"555","listText":"555","text":"555","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/884223778","repostId":"1175503908","repostType":4,"isVote":1,"tweetType":1,"viewCount":330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886877244,"gmtCreate":1631583038788,"gmtModify":1676530581398,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/886877244","repostId":"2167587144","repostType":4,"repost":{"id":"2167587144","kind":"news","pubTimestamp":1631581156,"share":"https://ttm.financial/m/news/2167587144?lang=en_US&edition=fundamental","pubTime":"2021-09-14 08:59","market":"us","language":"zh","title":"Lei Jun went to FAW to negotiate, three major mysteries to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=2167587144","media":"证券日报","summary":"近期，有消息称，小米集团创始人、董事长兼首席执行官雷军到中国一汽集团就合作事宜进行深度对接洽谈。这一消息引发了市场对小米汽车将与一汽合作的猜想。7月28日，雷军在微博为小米汽车的自动驾驶部门招聘人才。据了解，小米汽车团队已精挑细选，组成了约300人的团队。小米汽车方面透露，目前团队还在急速扩张。而在前述业内人士看来，小米与各大车企洽谈的应该是合作建厂。","content":"<p>Since Lei Jun announced the construction of a car, every move of Xiaomi Automobile has attracted market attention.</p><p>Recently, it was reported that Lei Jun, founder, chairman and CEO of Xiaomi Group, went to China FAW Group for in-depth docking negotiations on cooperation matters.</p><p>This news triggered market speculation that Xiaomi Motors will cooperate with FAW. In fact, since the beginning of this year, there have been many rumors about Xiaomi Automobile's negotiations with Wuhan, Hefei, Beijing and other places. Who will finally win Xiaomi Automobile is undoubtedly one of the most concerned issues in the current market.</p><p><b>Cooperation with FAW?</b></p><p>Lei Jun said that he must seize the favorable opportunity of deep integration of automobile industry and consumer electronics, give full play to his own advantages in technological innovation and ecological integration, actively strengthen docking cooperation with Jilin automobile enterprises, better consolidate the foundation of automobile production, and strive to build high-quality automobile products.</p><p>\"Jilin Province attaches great importance to Xiaomi Automobile.\" An insider told a reporter from Securities Daily that there is FAW Group in Jilin Province. If Xiaomi Automobile can settle in Jilin, it can bring investment to the local area, and more importantly, it can bring automobile-related industrial chains and talents in smart cars may bear high hopes for revitalizing the Northeast Automobile Industry.</p><p>According to Zhang Xiang, an analyst in the automotive industry and a researcher at the Industrial Innovation Research Center of North China University of Technology, Xiaomi has been frequently negotiating with local governments recently, mainly to compare which preferential policies in various places are stronger and more suitable for its own development. We also need to consider the local industrial chain, industrial environment, etc. to choose where to finally land. \"This is normal, today's car companies, including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>This was the case before, negotiating with many local governments, and finally choosing the place that is most suitable for their own development. Similarly, it is still uncertain whether Xiaomi can cooperate with FAW in depth. \" Zhang Xiang told a reporter from Securities Daily, \"So FAW is very eager to find a new car-making force to cooperate with. Generally speaking, the cooperation between Xiaomi and FAW is relatively complementary and can achieve the effect of 1 +1 greater than 2.\"</p><p>However, some insiders told the Securities Daily that Xiaomi's car manufacturing will be more considered from the commercial level. The automobile industry chain in Northeast China is not enough, especially in terms of smart cars, and there is no advantage in logistics. Whether Xiaomi can finally reach an agreement with FAW? Cooperation is still uncertain.</p><p><b>Whose house will the flower win?</b></p><p>At the end of March this year, Lei Jun said in his speech announcing car manufacturing that Xiaomi will invest US $10 billion in car manufacturing in the next ten years, with an initial investment of 10 billion yuan, and he will personally lead the team and bet all his reputation for Xiaomi. Car battle.</p><p>On the morning of September 1, Xiaomi Group passed the official<a href=\"https://laohu8.com/S/WB\">Weibo</a>The account \"Xiaomi Company Spokesperson\" announced that Xiaomi Automobile Co., Ltd. has completed industrial and commercial registration with a registered capital of 10 billion yuan, and the legal representative of the company is Lei Jun. The Tianyancha App shows that the registered address of Xiaomi Automobile Co., Ltd. is Beijing Economic and Technological Development Zone.</p><p>Previously, Xiaomi made frequent moves to build cars. On July 28, Lei Jun recruited talents for Xiaomi Automobile's autonomous driving department on Weibo. On August 25, at the media conference call of Xiaomi Group's second quarter financial report, Wang Xiang, president of Xiaomi Group, said that since he started building cars, he deeply felt the love of Xiaomi in the automotive industry and had received more than 20,000 resumes. It is understood that the Xiaomi car team has been carefully selected and formed a team of about 300 people. Xiaomi Auto revealed that the team is still expanding rapidly.</p><p>According to the Securities Daily reporter, in the five months from the announcement of the car manufacturing to the official registration of the company, Xiaomi Auto team conducted a large number of user surveys and industrial chain inspections, conducted more than 2,000 surveys and interviews, visited and conducted in-depth communication with more than 10 industry peers and dozens of industry partners, and at the same time intensively promoted the product definition and team building of automobiles.</p><p>In addition, Xiaomi Group also announced on August 25 that it had acquired DEEPMOTIONTECH, an autonomous driving technology company. This shows that Xiaomi has begun to focus on enriching the strength of automobile-related technologies and personnel.</p><p>Previously, many places have thrown \"olive branches\" to Xiaomi Motors. According to media reports, Wuhan Economic Development Zone said that the Economic Development Zone has set up a special work class for the first time, and will actively and enthusiastically connect with Xiaomi, fully demonstrate the high-quality automobile ecosystem and superior business environment in the zone, and strive for the possibility of cooperation. There were also rumors that the State-owned Assets Supervision and Administration Commission of Anhui Province was in contact with Xiaomi Automobile and intended to introduce Xiaomi Automobile into Hefei.</p><p><b>OEM or self-built factory?</b></p><p>\"Xiaomi's car manufacturing is essentially finding a car company to cooperate with. If you build a car from scratch, it will be more difficult, and the cycle required is very long.\" Zhang Xiang told a reporter from Securities Daily that Xiaomi's car manufacturing must master core resources and participate in profits. Some high links, like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Just like building a mobile phone.</p><p>In addition, Xiaomi hopes that new cars can be launched and delivered as soon as possible, because the country's policy window for new energy vehicles, including smart cars, will not be very long. Therefore, Xiaomi needs to build cars quickly, and the best way to achieve this goal is to find a car company to cooperate with, so Xiaomi is now frequently negotiating with Wuhan, Beijing, Jilin and other places.</p><p>In the eyes of the aforementioned industry insiders, what Xiaomi is negotiating with major car companies should be to cooperate in building factories. \"Different from manufacturing mobile phones, the automobile industry chain is more complex, and OEM is not easy to control. More than 100,000 vehicles are basically the production capacity of a factory, and large-scale OEM is unrealistic. For Xiaomi, choosing to cooperate or acquire with car companies is mainly It may be to solve the qualification problem and put it into production as soon as possible.\"</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lei Jun went to FAW to negotiate, three major mysteries to be solved</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\">\nLei Jun went to FAW to negotiate, three major mysteries to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券日报</strong><span class=\"h-time small\">2021-09-14 08:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since Lei Jun announced the construction of a car, every move of Xiaomi Automobile has attracted market attention.</p><p>Recently, it was reported that Lei Jun, founder, chairman and CEO of Xiaomi Group, went to China FAW Group for in-depth docking negotiations on cooperation matters.</p><p>This news triggered market speculation that Xiaomi Motors will cooperate with FAW. In fact, since the beginning of this year, there have been many rumors about Xiaomi Automobile's negotiations with Wuhan, Hefei, Beijing and other places. Who will finally win Xiaomi Automobile is undoubtedly one of the most concerned issues in the current market.</p><p><b>Cooperation with FAW?</b></p><p>Lei Jun said that he must seize the favorable opportunity of deep integration of automobile industry and consumer electronics, give full play to his own advantages in technological innovation and ecological integration, actively strengthen docking cooperation with Jilin automobile enterprises, better consolidate the foundation of automobile production, and strive to build high-quality automobile products.</p><p>\"Jilin Province attaches great importance to Xiaomi Automobile.\" An insider told a reporter from Securities Daily that there is FAW Group in Jilin Province. If Xiaomi Automobile can settle in Jilin, it can bring investment to the local area, and more importantly, it can bring automobile-related industrial chains and talents in smart cars may bear high hopes for revitalizing the Northeast Automobile Industry.</p><p>According to Zhang Xiang, an analyst in the automotive industry and a researcher at the Industrial Innovation Research Center of North China University of Technology, Xiaomi has been frequently negotiating with local governments recently, mainly to compare which preferential policies in various places are stronger and more suitable for its own development. We also need to consider the local industrial chain, industrial environment, etc. to choose where to finally land. \"This is normal, today's car companies, including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>This was the case before, negotiating with many local governments, and finally choosing the place that is most suitable for their own development. Similarly, it is still uncertain whether Xiaomi can cooperate with FAW in depth. \" Zhang Xiang told a reporter from Securities Daily, \"So FAW is very eager to find a new car-making force to cooperate with. Generally speaking, the cooperation between Xiaomi and FAW is relatively complementary and can achieve the effect of 1 +1 greater than 2.\"</p><p>However, some insiders told the Securities Daily that Xiaomi's car manufacturing will be more considered from the commercial level. The automobile industry chain in Northeast China is not enough, especially in terms of smart cars, and there is no advantage in logistics. Whether Xiaomi can finally reach an agreement with FAW? Cooperation is still uncertain.</p><p><b>Whose house will the flower win?</b></p><p>At the end of March this year, Lei Jun said in his speech announcing car manufacturing that Xiaomi will invest US $10 billion in car manufacturing in the next ten years, with an initial investment of 10 billion yuan, and he will personally lead the team and bet all his reputation for Xiaomi. Car battle.</p><p>On the morning of September 1, Xiaomi Group passed the official<a href=\"https://laohu8.com/S/WB\">Weibo</a>The account \"Xiaomi Company Spokesperson\" announced that Xiaomi Automobile Co., Ltd. has completed industrial and commercial registration with a registered capital of 10 billion yuan, and the legal representative of the company is Lei Jun. The Tianyancha App shows that the registered address of Xiaomi Automobile Co., Ltd. is Beijing Economic and Technological Development Zone.</p><p>Previously, Xiaomi made frequent moves to build cars. On July 28, Lei Jun recruited talents for Xiaomi Automobile's autonomous driving department on Weibo. On August 25, at the media conference call of Xiaomi Group's second quarter financial report, Wang Xiang, president of Xiaomi Group, said that since he started building cars, he deeply felt the love of Xiaomi in the automotive industry and had received more than 20,000 resumes. It is understood that the Xiaomi car team has been carefully selected and formed a team of about 300 people. Xiaomi Auto revealed that the team is still expanding rapidly.</p><p>According to the Securities Daily reporter, in the five months from the announcement of the car manufacturing to the official registration of the company, Xiaomi Auto team conducted a large number of user surveys and industrial chain inspections, conducted more than 2,000 surveys and interviews, visited and conducted in-depth communication with more than 10 industry peers and dozens of industry partners, and at the same time intensively promoted the product definition and team building of automobiles.</p><p>In addition, Xiaomi Group also announced on August 25 that it had acquired DEEPMOTIONTECH, an autonomous driving technology company. This shows that Xiaomi has begun to focus on enriching the strength of automobile-related technologies and personnel.</p><p>Previously, many places have thrown \"olive branches\" to Xiaomi Motors. According to media reports, Wuhan Economic Development Zone said that the Economic Development Zone has set up a special work class for the first time, and will actively and enthusiastically connect with Xiaomi, fully demonstrate the high-quality automobile ecosystem and superior business environment in the zone, and strive for the possibility of cooperation. There were also rumors that the State-owned Assets Supervision and Administration Commission of Anhui Province was in contact with Xiaomi Automobile and intended to introduce Xiaomi Automobile into Hefei.</p><p><b>OEM or self-built factory?</b></p><p>\"Xiaomi's car manufacturing is essentially finding a car company to cooperate with. If you build a car from scratch, it will be more difficult, and the cycle required is very long.\" Zhang Xiang told a reporter from Securities Daily that Xiaomi's car manufacturing must master core resources and participate in profits. Some high links, like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Just like building a mobile phone.</p><p>In addition, Xiaomi hopes that new cars can be launched and delivered as soon as possible, because the country's policy window for new energy vehicles, including smart cars, will not be very long. Therefore, Xiaomi needs to build cars quickly, and the best way to achieve this goal is to find a car company to cooperate with, so Xiaomi is now frequently negotiating with Wuhan, Beijing, Jilin and other places.</p><p>In the eyes of the aforementioned industry insiders, what Xiaomi is negotiating with major car companies should be to cooperate in building factories. \"Different from manufacturing mobile phones, the automobile industry chain is more complex, and OEM is not easy to control. More than 100,000 vehicles are basically the production capacity of a factory, and large-scale OEM is unrealistic. For Xiaomi, choosing to cooperate or acquire with car companies is mainly It may be to solve the qualification problem and put it into production as soon as possible.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202109140127047c3beac1&s=b\">证券日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0c41ca995041c78195bbad9ac3fe1d37","relate_stocks":{"01810":"小米集团-W","KC":"金山云"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202109140127047c3beac1&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2167587144","content_text":"自从雷军宣布造车以来，小米汽车的一举一动都引发市场关注。\n近期，有消息称，小米集团创始人、董事长兼首席执行官雷军到中国一汽集团就合作事宜进行深度对接洽谈。\n这一消息引发了市场对小米汽车将与一汽合作的猜想。事实上，今年以来，已有多个关于小米汽车与武汉、合肥、北京等多地进行洽谈的传闻，小米汽车最终花落谁家无疑是当前市场最关注的问题之一。\n与一汽合作？\n雷军表示，一定抢抓汽车产业与消费电子深度融合的有利契机，充分发挥自身科技创新和生态整合优势，主动加强与吉林汽车企业对接合作，更好地夯实汽车生产基础，努力打造高品质汽车产品。\n“吉林省对小米汽车非常重视。”有业内人士对《证券日报》记者表示，吉林省有一汽集团，如果小米汽车能落户吉林，能为当地带去投资，更重要的是能带去汽车相关产业链和智能汽车方面的人才，可能承担着振兴东北汽车工业的厚望。\n在汽车行业分析师、北方工业大学产业创新研究中心研究员张翔看来，近段时间小米频频在跟各地政府洽谈，主要是在比较各地的优惠政策哪个力度更大、更适合其自身的发展，还要考虑当地的产业链、产业环境等，以此选择最终落地何处。“这很正常，现在的车企，包括特斯拉、蔚来等以前都是这样的，跟很多地方政府洽谈，最后选择最适合其自身发展的地方落地。同样，小米能不能跟一汽深度合作目前还不确定。”张翔对《证券日报》记者表示，“所以一汽非常迫切地想要找一家造车新势力合作。总体来说，小米和一汽的合作，双方互补性比较强，可以达到1+1大于2的效果。”\n不过，也有业内人士对《证券日报》记者表示，小米造车更多会从商业层面考虑，东北的汽车产业链不够，尤其是智能汽车方面，物流方面也没有优势，小米最终能否与一汽达成合作，仍然具有不确定性。\n花落谁家？\n今年3月底，雷军在宣布造车的演讲中表示，未来十年小米将投入100亿美元造车，首期投资为100亿元，而自己将亲自带队，押上人生全部的声誉，为小米汽车而战。\n9月1日上午，小米集团通过官方微博账号“小米公司发言人”宣布，小米汽车有限公司完成了工商注册，注册资本为100亿元，公司法定代表人为雷军。天眼查App显示，小米汽车有限公司注册地址是北京经济技术开发区。\n此前，小米造车动作频频。7月28日，雷军在微博为小米汽车的自动驾驶部门招聘人才。8月25日，在小米集团第二季度财报媒体电话会上，小米集团总裁王翔表示，自启动造车后深感汽车业内人士对小米的厚爱，已收到了超过2万份简历。据了解，小米汽车团队已精挑细选，组成了约300人的团队。小米汽车方面透露，目前团队还在急速扩张。\n据《证券日报》记者了解，自宣布造车至正式注册公司的5个月间，小米汽车团队进行了大量的用户调研和产业链考察，调研访谈2000多次，拜访并深度沟通交流了10多家业内同行和几十家产业合作伙伴，同时紧锣密鼓地推进汽车的产品定义和团队搭建。\n此外，小米集团还在8月25日发布公告，收购了自动驾驶技术公司深动科技（DEEPMOTIONTECH）。这表明小米开始重点充实汽车相关技术和人员的力量。\n而此前，也有多地向小米汽车抛出了“橄榄枝”。据媒体报道，武汉市经济开发区称经开区已经第一时间成立工作专班，将主动、热情对接小米，充分展示区内优质汽车生态圈和优越营商环境，争取合作可能性。此前亦有传闻称，安徽省国资委正在和小米汽车接触，有意将小米汽车引入合肥。\n代工还是自建工厂？\n“小米造车本质上是找一家车企合作，如果自己从头开始造车会比较困难，需要的周期很长。”张翔对《证券日报》记者表示，小米造车要掌握核心资源，参与利润高的一些环节，就像苹果造手机一样。\n此外，小米造车是希望新车能尽快上市交付，因为现在国家对新能源汽车，包括智能汽车的政策窗口期不会很长。所以小米造车要快，要达到这个目标最好的方式是找一家车企合作，所以小米现在频频在跟武汉、北京、吉林等地洽谈。\n而在前述业内人士看来，小米与各大车企洽谈的应该是合作建厂。“不同于造手机，汽车产业链更复杂，代工不好管控，超过10万辆基本就是一个工厂的产能，大规模代工并不现实。对于小米来说，选择与车企合作或收购，主要可能是为了解决资质问题，尽快实现投产。”","news_type":1,"symbols_score_info":{"48657":0.9,"48708":0.9,"48717":0.9,"48730":0.9,"48754":0.9,"01810":0.9,"KC":0.9}},"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888180212,"gmtCreate":1631456336936,"gmtModify":1676530550782,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/888180212","repostId":"1198332081","repostType":4,"repost":{"id":"1198332081","kind":"news","pubTimestamp":1631437022,"share":"https://ttm.financial/m/news/1198332081?lang=en_US&edition=fundamental","pubTime":"2021-09-12 16:57","market":"sh","language":"zh","title":"Industrial Securities Strategy: Let a hundred flowers bloom and perform as scheduled, and the market accelerates","url":"https://stock-news.laohu8.com/highlight/detail?id=1198332081","media":"尧望后势","summary":"核心观点\n回顾：2021年4月以来，我们看多市场，布局“百周年”行情，板块配置上强调科创长牛，科创板行情。此后近半年，创业板指、科创板等新兴成长方向持续领涨。7月中旬开始，我们前瞻提示“夏日避暑”、“","content":"<p><b>CORE POINT</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"centenary\" market. The sector allocation emphasizes the long-term growth of science and technology innovation and the market of science and technology innovation board. Since then, in the past six months, emerging growth directions such as the GEM Index and the Science and Technology Innovation Board have continued to lead the rise. Starting from mid-July, we prompted \"summer escape\" and \"science and technology innovation has entered a bumpy layout period\". After that, the market fluctuated, differentiated, and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers bloom as scheduled.</p><p><b>Outlook: After the \"summer vacation\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to increase. For transactional players, it is recommended to grasp the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to focus on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it.</b></p><p><b>After the \"summer summer\" and \"bumpy period\", a hundred flowers bloom and perform as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductors, military industry, and science and technology innovation, which brought about a trend rise in related sectors and a concentrated inflow of funds. Its transaction congestion also reached a record high in July. Therefore, we put forward \"avoiding summer heat and preventing overheating in summer\" and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated greatly and investors were most worried, we repeatedly stressed that the current market is not in 2018 and there are no systemic risks. Stock funds will not systematically reduce positions, but will surge back and forth in various sectors, leading the market into a hundred flowers blooming. At present, the hot spots in the market are spreading, various sectors are taking turns to rise, and a hundred flowers are blooming as scheduled: whether it is resource products such as coal, nonferrous metals, and steel, or large-cap blue-chips such as infrastructure and real estate, or high-β sectors such as brokerages, as well as small-cap indexes such as CSI 1000, and even the consumer sector that has been impacted by policies and has been adjusted more since the beginning of the year, has performed well, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>The A-share market is accelerating, and risk appetite continues to increase.</b>With a hundred flowers blooming, the market has emerged from the turbulent period. As the negative impact in the early stage further subsides and the superimposed policy easing continues to increase, A-shares have moved from first suppression to then rise: 1) The currency has been loose, and subsequent fiscal and credit efforts are also expected to exert strength, and the direction of policy easing is clear. On September 6th, Vice Premier Liu He said that \"infrastructure construction should be moderately advanced\". On September 7, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the normalized monetary policy range, and there is relatively large room for monetary policy. On September 9, according to the deployment of the State Council, the central bank announced that it would increase the small refinancing amount of 300 billion yuan, which would be issued at preferential interest rates within the remaining four months of this year. 2) There are no systemic risks overseas. The Federal Reserve expects relatively sufficient guidance, the market's concerns about Taper have basically eased, and the United States is expected to have at least US $550 billion in infrastructure plans in the fourth quarter. In Europe, although the European Central Bank announced on September 10 that it would slow down the pace of PEPP bond purchases in the fourth quarter, it will still maintain the potential scale of 1.85 trillion euros unchanged. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered a performance window period, and the expectation of policy relaxation is superimposed, and the market risk appetite is increasing. At the same time, last week, President Xi had a phone call with US President Biden at request, which is also conducive to increasing the risk appetite of foreign investors for Chinese assets.</p><p><b>For trading players, in a market where a hundred flowers bloom, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to focus on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps behind the \"top of the bottom\" to lay out long-term cost-effective \"small and beautiful\", \"specialized, special and new\" and \"little giants\" of science and technology innovation. The \"hard technology\" attribute it represents can best adapt to the current background of the Sino-US game, the urgent need to improve technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital aspect has changed from incremental entry to stock game. The era of \"mindless buying leaders\" has passed, and the market aesthetics is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetics. \"Specialization\" \"Jing, special and new\" and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred directions to overcome \"involution\". 2) With the spread of the scientific and technological innovation market, traditional fields such as cyclical industries that can embrace manufacturing upgrades, technology, and dual-carbon era are also facing revaluation in valuation and profitability. Focus on steel, aluminum, copper, chemicals, cement, securities companies and other sectors that serve the needs of scientific and technological innovation, have new α logic, and embrace new technological empowerment. 3) In those areas where fundamentals are not very bright, lay out assets that will turn around in the second half of the year in advance, and steadily grow in the direction of \"new infrastructure\", including small household appliances, automobiles, machinery, and leaders in consumer segments.</p><p><b>Investment strategy: Embrace the long-term, embrace the general direction, and use the long to fight the short. Continue to lay out the core main line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology innovation on dips.</b>1) High-end manufacturing (semiconductor industry chain, military industry chain, etc.) New energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving, etc.), 3) AIoT (computers, communications, electronics), 4) life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>Risk warning:</b>Pay attention to the global capital return to the United States exceeding expectations, and the Sino-US game exceeding expectations.</p><p><b>Report text</b></p><p><b>Let a hundred flowers bloom and perform as scheduled, and the market accelerates</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"centenary\" market. The sector allocation emphasizes the long-term growth of science and technology innovation and the market of science and technology innovation board. Since then, in the past six months, emerging growth directions such as the GEM Index and the Science and Technology Innovation Board have continued to lead the rise. Starting from mid-July, we prompted \"summer escape\" and \"science and technology innovation has entered a bumpy layout period\". After that, the market fluctuated, differentiated, and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers bloom as scheduled.</p><p><b>Outlook: After the \"summer vacation\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to increase. For transactional players, it is recommended to grasp the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to focus on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it.</b></p><p><b>--After \"summer vacation\" and \"bumpy period\", a hundred flowers bloom and perform as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductors, military industry, and science and technology innovation, which brought about a trend rise in related sectors and a concentrated inflow of funds. Its transaction congestion also reached a record high in July. Therefore, we put forward \"avoiding summer heat and preventing overheating in summer\" and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated greatly and investors were most worried, we repeatedly stressed that the current market is not in 2018 and there are no systemic risks. Stock funds will not systematically reduce positions, but will surge back and forth in various sectors, leading the market into a hundred flowers blooming. At present, the hot spots in the market are spreading, various sectors are taking turns to rise, and a hundred flowers are blooming as scheduled: whether it is resource products such as coal, nonferrous metals, and steel, or large-cap blue-chips such as infrastructure and real estate, or high-β sectors such as brokerages, as well as small-cap indexes such as CSI 1000, and even the consumer sector that has been impacted by policies and has been adjusted more since the beginning of the year, has performed well, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>--The A-share market has accelerated, and risk appetite has continued to increase.</b>With a hundred flowers blooming, the market has emerged from the turbulent period. As the negative impact in the early stage further subsides and the superimposed policy easing continues to increase, A-shares have moved from first suppression to then rise: 1) Money has been loose, and subsequent fiscal and credit efforts are also expected to exert their strength, and the direction of policy easing is clear. On September 6th, Vice Premier Liu He said that \"infrastructure construction should be moderately advanced\". On September 7, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the normalized monetary policy range, and the monetary policy space is relatively large. On September 9, in accordance with the deployment of the National Standing Committee, the central bank announced an additional 300 billion yuan of small refinancing quota, which will be issued at preferential interest rates within the remaining four months of this year. 2) There are no systemic risks overseas. The Federal Reserve expects relatively sufficient guidance, the market's concerns about Taper have basically eased, and the United States is expected to have at least US $550 billion in infrastructure plans in the fourth quarter. In Europe, although the European Central Bank announced on September 10 that it would slow down the pace of PEPP bond purchases in the fourth quarter, it will still maintain the potential scale of 1.85 trillion euros unchanged. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered a performance window period, and the expectation of policy relaxation is superimposed, and the market risk appetite is increasing. At the same time, President Xi had a phone call with US President Biden last week at request, which is also conducive to increasing the risk appetite of foreign investors for Chinese assets.</p><p><b>--For trading players, in a market where a hundred flowers bloom, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to base themselves on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps behind the \"top of the bottom\" to lay out long-term cost-effective \"small and beautiful\", \"specialized, special and new\" and \"little giants\" of science and technology innovation. The \"hard technology\" attribute it represents can best adapt to the current background of the Sino-US game, the urgent need to improve technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital aspect has changed from incremental entry to stock game. The era of \"mindless buying leaders\" has passed, and the market aesthetics is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetics. \"Specialization\" \"Jing, special and new\" and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred directions to overcome \"involution\". 2) With the spread of the scientific and technological innovation market, traditional fields such as cyclical industries that can embrace manufacturing upgrades, technology, and dual-carbon era are also facing revaluation in valuation and profitability. Focus on steel, aluminum, copper, chemicals, cement, securities companies and other sectors that serve the needs of scientific and technological innovation, have new α logic, and embrace new technological empowerment. 3) In those areas where fundamentals are not very bright, lay out assets that will turn around in the second half of the year in advance, and steadily grow in the direction of \"new infrastructure\", including small household appliances, automobiles, machinery, and leaders in consumer segments.</p><p><b>--Investment strategy: embrace the long-term, embrace the general direction, and use the long to fight the short. Continue to lay out the core main line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology innovation on dips.</b>1) High-end manufacturing (semiconductor industry chain, military industry chain, etc.), 2) New energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain, intelligent driving, etc.), 3) AIoT (computers, communications, electronics, 4) Life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>A-share market review this week</b></p><p><img src=\"https://static.tigerbbs.com/13071928fe3eeb6151dd5ce85bc6c855\" tg-width=\"1080\" tg-height=\"405\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/69ba9b865b341e29205bbb6185a02cbc\" tg-width=\"1080\" tg-height=\"406\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/50eb477d5780e2d8336af02294a958b1\" tg-width=\"1080\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>A-share capital tracking</b></p><p><img src=\"https://static.tigerbbs.com/f33f9f6887e315296989199286714530\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/71dfe6b49cefe41574a2536cb10f5c76\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a6ea75c24764a8265c984bb443603886\" tg-width=\"1080\" tg-height=\"418\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a5d294ded9d090e98cbcaf4388165aab\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/247f4082b8df088496f39cd90650f750\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/474c012d2d5eb83e71126cefcbae1004\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/59adf5d792210fc726493a9861df8ab7\" tg-width=\"1080\" tg-height=\"421\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb2a7d4758017515b7167b8c82cf0c75\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/60af3d869f451c91dbfd98cf111af778\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p><p><b>A-share earnings and valuation</b></p><p><img src=\"https://static.tigerbbs.com/904398a8e2d5c55af5fc7cdbb22cb485\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c200d190f7e6d85bb50b1cbce1558bd6\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/709795eb203c094f43d766f3ce9acef5\" tg-width=\"1080\" tg-height=\"476\" referrerpolicy=\"no-referrer\"></p><p><b>Overseas market tracking</b></p><p><img src=\"https://static.tigerbbs.com/33936cc9cfcb6aae21cfd24bc13bebef\" tg-width=\"1080\" tg-height=\"378\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a396dc75e119b4f7f05cfc27d3270440\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6fc496e65ba7e0aec1dcf90e417cf750\" tg-width=\"1080\" tg-height=\"420\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ee9e81e6df73399f2375e00440fc8cd2\" tg-width=\"1080\" tg-height=\"448\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/054f9b313e1bb6999ea74c6b36b4eb79\" tg-width=\"1080\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><b>Pay attention to the global capital return to the United States exceeding expectations, and the Sino-US game exceeding expectations.</b></p>","source":"ywhs","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The sector allocation emphasizes the long-term growth of science and technology innovation and the market of science and technology innovation board. Since then, in the past six months, emerging growth directions such as the GEM Index and the Science and Technology Innovation Board have continued to lead the rise. Starting from mid-July, we prompted \"summer escape\" and \"science and technology innovation has entered a bumpy layout period\". After that, the market fluctuated, differentiated, and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers bloom as scheduled.</p><p><b>Outlook: After the \"summer vacation\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to increase. For transactional players, it is recommended to grasp the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to focus on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it.</b></p><p><b>After the \"summer summer\" and \"bumpy period\", a hundred flowers bloom and perform as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductors, military industry, and science and technology innovation, which brought about a trend rise in related sectors and a concentrated inflow of funds. Its transaction congestion also reached a record high in July. Therefore, we put forward \"avoiding summer heat and preventing overheating in summer\" and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated greatly and investors were most worried, we repeatedly stressed that the current market is not in 2018 and there are no systemic risks. Stock funds will not systematically reduce positions, but will surge back and forth in various sectors, leading the market into a hundred flowers blooming. At present, the hot spots in the market are spreading, various sectors are taking turns to rise, and a hundred flowers are blooming as scheduled: whether it is resource products such as coal, nonferrous metals, and steel, or large-cap blue-chips such as infrastructure and real estate, or high-β sectors such as brokerages, as well as small-cap indexes such as CSI 1000, and even the consumer sector that has been impacted by policies and has been adjusted more since the beginning of the year, has performed well, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>The A-share market is accelerating, and risk appetite continues to increase.</b>With a hundred flowers blooming, the market has emerged from the turbulent period. As the negative impact in the early stage further subsides and the superimposed policy easing continues to increase, A-shares have moved from first suppression to then rise: 1) The currency has been loose, and subsequent fiscal and credit efforts are also expected to exert strength, and the direction of policy easing is clear. On September 6th, Vice Premier Liu He said that \"infrastructure construction should be moderately advanced\". On September 7, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the normalized monetary policy range, and there is relatively large room for monetary policy. On September 9, according to the deployment of the State Council, the central bank announced that it would increase the small refinancing amount of 300 billion yuan, which would be issued at preferential interest rates within the remaining four months of this year. 2) There are no systemic risks overseas. The Federal Reserve expects relatively sufficient guidance, the market's concerns about Taper have basically eased, and the United States is expected to have at least US $550 billion in infrastructure plans in the fourth quarter. In Europe, although the European Central Bank announced on September 10 that it would slow down the pace of PEPP bond purchases in the fourth quarter, it will still maintain the potential scale of 1.85 trillion euros unchanged. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered a performance window period, and the expectation of policy relaxation is superimposed, and the market risk appetite is increasing. At the same time, last week, President Xi had a phone call with US President Biden at request, which is also conducive to increasing the risk appetite of foreign investors for Chinese assets.</p><p><b>For trading players, in a market where a hundred flowers bloom, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to focus on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps behind the \"top of the bottom\" to lay out long-term cost-effective \"small and beautiful\", \"specialized, special and new\" and \"little giants\" of science and technology innovation. The \"hard technology\" attribute it represents can best adapt to the current background of the Sino-US game, the urgent need to improve technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital aspect has changed from incremental entry to stock game. The era of \"mindless buying leaders\" has passed, and the market aesthetics is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetics. \"Specialization\" \"Jing, special and new\" and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred directions to overcome \"involution\". 2) With the spread of the scientific and technological innovation market, traditional fields such as cyclical industries that can embrace manufacturing upgrades, technology, and dual-carbon era are also facing revaluation in valuation and profitability. Focus on steel, aluminum, copper, chemicals, cement, securities companies and other sectors that serve the needs of scientific and technological innovation, have new α logic, and embrace new technological empowerment. 3) In those areas where fundamentals are not very bright, lay out assets that will turn around in the second half of the year in advance, and steadily grow in the direction of \"new infrastructure\", including small household appliances, automobiles, machinery, and leaders in consumer segments.</p><p><b>Investment strategy: Embrace the long-term, embrace the general direction, and use the long to fight the short. Continue to lay out the core main line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology innovation on dips.</b>1) High-end manufacturing (semiconductor industry chain, military industry chain, etc.) New energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving, etc.), 3) AIoT (computers, communications, electronics), 4) life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>Risk warning:</b>Pay attention to the global capital return to the United States exceeding expectations, and the Sino-US game exceeding expectations.</p><p><b>Report text</b></p><p><b>Let a hundred flowers bloom and perform as scheduled, and the market accelerates</b></p><p><b>Review:</b>Since April 2021, we have been bullish on the market and laid out the \"centenary\" market. The sector allocation emphasizes the long-term growth of science and technology innovation and the market of science and technology innovation board. Since then, in the past six months, emerging growth directions such as the GEM Index and the Science and Technology Innovation Board have continued to lead the rise. Starting from mid-July, we prompted \"summer escape\" and \"science and technology innovation has entered a bumpy layout period\". After that, the market fluctuated, differentiated, and spread as scheduled. Since August, we have repeatedly emphasized that \"there is no systemic risk\" and \"the market will enter a hundred flowers blooming\". At present, a hundred flowers bloom as scheduled.</p><p><b>Outlook: After the \"summer vacation\" and \"bumpy period\", a hundred flowers will bloom as scheduled. The A-share market is accelerating, and risk appetite continues to increase. For transactional players, it is recommended to grasp the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to focus on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it.</b></p><p><b>--After \"summer vacation\" and \"bumpy period\", a hundred flowers bloom and perform as scheduled.</b>In the second quarter, the market continued to focus on high-prosperity tracks such as new energy, semiconductors, military industry, and science and technology innovation, which brought about a trend rise in related sectors and a concentrated inflow of funds. Its transaction congestion also reached a record high in July. Therefore, we put forward \"avoiding summer heat and preventing overheating in summer\" and judged that funds will gradually spread and spill over from these sectors. In July and August, when the market fluctuated greatly and investors were most worried, we repeatedly stressed that the current market is not in 2018 and there are no systemic risks. Stock funds will not systematically reduce positions, but will surge back and forth in various sectors, leading the market into a hundred flowers blooming. At present, the hot spots in the market are spreading, various sectors are taking turns to rise, and a hundred flowers are blooming as scheduled: whether it is resource products such as coal, nonferrous metals, and steel, or large-cap blue-chips such as infrastructure and real estate, or high-β sectors such as brokerages, as well as small-cap indexes such as CSI 1000, and even the consumer sector that has been impacted by policies and has been adjusted more since the beginning of the year, has performed well, and Hong Kong stocks have also rebounded from the bottom area.</p><p><b>--The A-share market has accelerated, and risk appetite has continued to increase.</b>With a hundred flowers blooming, the market has emerged from the turbulent period. As the negative impact in the early stage further subsides and the superimposed policy easing continues to increase, A-shares have moved from first suppression to then rise: 1) Money has been loose, and subsequent fiscal and credit efforts are also expected to exert their strength, and the direction of policy easing is clear. On September 6th, Vice Premier Liu He said that \"infrastructure construction should be moderately advanced\". On September 7, Pan Gongsheng, deputy governor of the central bank, said that China's monetary policy is still in the normalized monetary policy range, and the monetary policy space is relatively large. On September 9, in accordance with the deployment of the National Standing Committee, the central bank announced an additional 300 billion yuan of small refinancing quota, which will be issued at preferential interest rates within the remaining four months of this year. 2) There are no systemic risks overseas. The Federal Reserve expects relatively sufficient guidance, the market's concerns about Taper have basically eased, and the United States is expected to have at least US $550 billion in infrastructure plans in the fourth quarter. In Europe, although the European Central Bank announced on September 10 that it would slow down the pace of PEPP bond purchases in the fourth quarter, it will still maintain the potential scale of 1.85 trillion euros unchanged. 3) At the time point, with the completion of the disclosure of the interim report, the current market has once again entered a performance window period, and the expectation of policy relaxation is superimposed, and the market risk appetite is increasing. At the same time, President Xi had a phone call with US President Biden last week at request, which is also conducive to increasing the risk appetite of foreign investors for Chinese assets.</p><p><b>--For trading players, in a market where a hundred flowers bloom, it is recommended to seize the poor expectations and flexibly grasp the structural hot spots. For configuration-oriented players, it is recommended to continue to base themselves on the long-term and actively deploy around the general direction of science and technology innovation and the new needs driven by it:</b>1) Science and technology innovation is in the ascendant, taking advantage of the bumps behind the \"top of the bottom\" to lay out long-term cost-effective \"small and beautiful\", \"specialized, special and new\" and \"little giants\" of science and technology innovation. The \"hard technology\" attribute it represents can best adapt to the current background of the Sino-US game, the urgent need to improve technological competitiveness, and get rid of the \"stuck neck\" dilemma. At the same time, the capital aspect has changed from incremental entry to stock game. The era of \"mindless buying leaders\" has passed, and the market aesthetics is shifting from ROE to G. High growth rate and high prosperity will become the core of institutional aesthetics. \"Specialization\" \"Jing, special and new\" and the Science and Technology Innovation Board, as the sectors with the highest growth rate in the entire market, will become the preferred directions to overcome \"involution\". 2) With the spread of the scientific and technological innovation market, traditional fields such as cyclical industries that can embrace manufacturing upgrades, technology, and dual-carbon era are also facing revaluation in valuation and profitability. Focus on steel, aluminum, copper, chemicals, cement, securities companies and other sectors that serve the needs of scientific and technological innovation, have new α logic, and embrace new technological empowerment. 3) In those areas where fundamentals are not very bright, lay out assets that will turn around in the second half of the year in advance, and steadily grow in the direction of \"new infrastructure\", including small household appliances, automobiles, machinery, and leaders in consumer segments.</p><p><b>--Investment strategy: embrace the long-term, embrace the general direction, and use the long to fight the short. Continue to lay out the core main line of high-quality growth represented by \"specialization, specialization and innovation\" and \"little giant\" of science and technology innovation on dips.</b>1) High-end manufacturing (semiconductor industry chain, military industry chain, etc.), 2) New energy chain (new energy materials, lithium battery equipment, new energy vehicle industry chain, intelligent driving, etc.), 3) AIoT (computers, communications, electronics, 4) Life sciences (biomedicine, medical devices, medical services, seeds, etc.).</p><p><b>A-share market review this week</b></p><p><img src=\"https://static.tigerbbs.com/13071928fe3eeb6151dd5ce85bc6c855\" tg-width=\"1080\" tg-height=\"405\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/69ba9b865b341e29205bbb6185a02cbc\" tg-width=\"1080\" tg-height=\"406\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/50eb477d5780e2d8336af02294a958b1\" tg-width=\"1080\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>A-share capital tracking</b></p><p><img src=\"https://static.tigerbbs.com/f33f9f6887e315296989199286714530\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/71dfe6b49cefe41574a2536cb10f5c76\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a6ea75c24764a8265c984bb443603886\" tg-width=\"1080\" tg-height=\"418\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a5d294ded9d090e98cbcaf4388165aab\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/247f4082b8df088496f39cd90650f750\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/474c012d2d5eb83e71126cefcbae1004\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/59adf5d792210fc726493a9861df8ab7\" tg-width=\"1080\" tg-height=\"421\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb2a7d4758017515b7167b8c82cf0c75\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/60af3d869f451c91dbfd98cf111af778\" tg-width=\"1080\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p><p><b>A-share earnings and valuation</b></p><p><img src=\"https://static.tigerbbs.com/904398a8e2d5c55af5fc7cdbb22cb485\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c200d190f7e6d85bb50b1cbce1558bd6\" tg-width=\"1080\" tg-height=\"434\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/709795eb203c094f43d766f3ce9acef5\" tg-width=\"1080\" tg-height=\"476\" referrerpolicy=\"no-referrer\"></p><p><b>Overseas market tracking</b></p><p><img src=\"https://static.tigerbbs.com/33936cc9cfcb6aae21cfd24bc13bebef\" tg-width=\"1080\" tg-height=\"378\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a396dc75e119b4f7f05cfc27d3270440\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6fc496e65ba7e0aec1dcf90e417cf750\" tg-width=\"1080\" tg-height=\"420\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ee9e81e6df73399f2375e00440fc8cd2\" tg-width=\"1080\" tg-height=\"448\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/054f9b313e1bb6999ea74c6b36b4eb79\" tg-width=\"1080\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><b>Pay attention to the global capital return to the United States exceeding expectations, and the Sino-US game exceeding expectations.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3qKDuGqsRbyXwpX6Y6xJcQ\">尧望后势</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/3qKDuGqsRbyXwpX6Y6xJcQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198332081","content_text":"核心观点\n回顾：2021年4月以来，我们看多市场，布局“百周年”行情，板块配置上强调科创长牛，科创板行情。此后近半年，创业板指、科创板等新兴成长方向持续领涨。7月中旬开始，我们前瞻提示“夏日避暑”、“科创进入颠簸布局期”，之后市场如期震荡、分化、扩散。8月以来，我们反复强调“不存在系统性风险”、“市场将进入百花齐放”，当前百花齐放如期演绎。\n展望：“夏日避暑”、“颠簸期”后，百花齐放如期演绎。A股行情加速，风险偏好持续提升。对于交易型选手，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局。\n“夏日避暑”、“颠簸期”后，百花齐放如期演绎。二季度，市场持续聚焦在新能源、半导体、军工、科创等高景气赛道，带来相关板块趋势性的上涨和资金的集中流入，其交易拥挤度也在7月一度达到历史最高位。因此，我们提出“夏日避暑防过热”，并判断资金将逐步从这些板块扩散、外溢。而在7、8月市场大幅波动、投资者担忧情绪最浓之际，我们又反复强调，当前市场并非2018年，并无系统性风险。存量资金不会系统性降仓位，而是在各个板块中来回涌动，带领市场进入百花齐放。当前，市场热点扩散、各板块轮番向上，百花齐放如期演绎：无论煤炭、有色、钢铁等资源品，还是基建地产等大盘蓝筹，亦或券商等高β板块，还有中证1000等小盘指数，乃至受政策冲击、年初以来调整较多的消费板块，都有所表现，港股也自底部区域有所反弹。\nA股行情加速，风险偏好持续提升。百花齐放之下，市场已从颠簸期中走出。随着前期利空影响进一步消退，叠加政策宽松持续加码，A股已由先抑走向后扬：1）货币已然宽松，后续财政、信贷也有望发力，政策放松的方向明确。9月6日刘鹤副总理表示“适度超前进行基础设施建设”。9月7日，央行副行长潘功胜表示中国的货币政策仍然处于常态化货币政策区间，货币政策空间比较大。9月9日，央行按照国常会部署，宣布新增3000亿元支小再贷款额度，并在今年剩余4个月之内以优惠利率发放。2）海外也不存在系统性风险。美联储预期引导相对充分，市场对于Taper的担忧基本缓和，并且美国四季度预计至少还有5500亿美元基建计划落地。欧洲方面，9月10日欧央行尽管宣布将放缓四季度PEPP购债速度，但仍将维持1.85万亿欧元潜在规模不变。3）时间点上，随着中报披露完毕，当前市场再度进入业绩空窗期，叠加政策放松预期，市场风险偏好正在提升。同时，上周习主席应约同美国总统拜登通电话，也有利于提升外资对中国资产的风险偏好。\n对于交易型选手，在百花齐放的市场中，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局：1）科创长牛方兴未艾，利用“底部的顶部”后的颠簸，布局长期性价比高的“小而美”、“专精特新”与科创“小巨人”。其代表的“硬科技”属性最能顺应当前中美博弈、迫切提升科技竞争力、摆脱“卡脖子”困境的时代大背景。与此同时，资金面由增量入场转为存量博弈，“无脑买龙头”的时代已过去，市场审美正从ROE转向G，高增速、高景气将成为机构审美的核心，“专精特新”与科创板作为全市场增速最高的板块，将成为战胜“内卷”的优选方向。2）科创行情扩散之中，能够拥抱制造业升级、拥抱科技、拥抱双碳时代的周期行业等传统领域，估值和盈利也正面临重估。重点关注服务科创需求、有新的α逻辑、拥抱新的科技赋能的钢铁、铝、铜、化工、水泥、券商等板块。3）那些基本面不太亮丽领域，提前布局下半年有转机的资产，稳增长“新基建”方向，包括，小家电、汽车、机械，也包括消费细分行业龙头。\n投资策略：拥抱长期、拥抱大方向，以长打短。继续逢低布局以“专精特新”与科创“小巨人”为代表的优质成长核心主线。1）高端制造（半导体产业链、军工产业链等），2）新能源链条（新能源材料、锂电设备、新能源车产业链、智能驾驶等）， 3）AIoT（计算机、通信、电子），4）生命科学（生物医药、医疗器械、医疗服务、种子等）。\n风险提示：关注全球资本回流美国超预期，中美博弈超预期等。\n报告正文\n百花齐放如期演绎，行情加速\n回顾：2021年4月以来，我们看多市场，布局“百周年”行情，板块配置上强调科创长牛，科创板行情。此后近半年，创业板指、科创板等新兴成长方向持续领涨。7月中旬开始，我们前瞻提示“夏日避暑”、“科创进入颠簸布局期”，之后市场如期震荡、分化、扩散。8月以来，我们反复强调“不存在系统性风险”、“市场将进入百花齐放”，当前百花齐放如期演绎。\n展望：“夏日避暑”、“颠簸期”后，百花齐放如期演绎。A股行情加速，风险偏好持续提升。对于交易型选手，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局。\n——“夏日避暑”、“颠簸期”后，百花齐放如期演绎。二季度，市场持续聚焦在新能源、半导体、军工、科创等高景气赛道，带来相关板块趋势性的上涨和资金的集中流入，其交易拥挤度也在7月一度达到历史最高位。因此，我们提出“夏日避暑防过热”，并判断资金将逐步从这些板块扩散、外溢。而在7、8月市场大幅波动、投资者担忧情绪最浓之际，我们又反复强调，当前市场并非2018年，并无系统性风险。存量资金不会系统性降仓位，而是在各个板块中来回涌动，带领市场进入百花齐放。当前，市场热点扩散、各板块轮番向上，百花齐放如期演绎：无论煤炭、有色、钢铁等资源品，还是基建地产等大盘蓝筹，亦或券商等高β板块，还有中证1000等小盘指数，乃至受政策冲击、年初以来调整较多的消费板块，都有所表现，港股也自底部区域有所反弹。\n——A股行情加速，风险偏好持续提升。百花齐放之下，市场已从颠簸期中走出。随着前期利空影响进一步消退，叠加政策宽松持续加码，A股已由先抑走向后扬：1）货币已然宽松，后续财政、信贷也有望发力，政策放松的方向明确。9月6日刘鹤副总理表示“适度超前进行基础设施建设”。9月7日，央行副行长潘功胜表示中国的货币政策仍然处于常态化货币政策区间，货币政策空间比较大。9月9日，央行按照国常会部署，宣布新增3000亿元支小再贷款额度，并在今年剩余4个月之内以优惠利率发放。2）海外也不存在系统性风险。美联储预期引导相对充分，市场对于Taper的担忧基本缓和，并且美国四季度预计至少还有5500亿美元基建计划落地。欧洲方面，9月10日欧央行尽管宣布将放缓四季度PEPP购债速度，但仍将维持1.85万亿欧元潜在规模不变。3）时间点上，随着中报披露完毕，当前市场再度进入业绩空窗期，叠加政策放松预期，市场风险偏好正在提升。同时，上周习主席应约同美国总统拜登通电话，也有利于提升外资对中国资产的风险偏好。\n——对于交易型选手，在百花齐放的市场中，建议抓住预期差、灵活把握结构热点。对于配置型选手，建议继续立足长期，围绕科创大方向及其拉动下的新需求积极布局：1）科创长牛方兴未艾，利用“底部的顶部”后的颠簸，布局长期性价比高的“小而美”、“专精特新”与科创“小巨人”。其代表的“硬科技”属性最能顺应当前中美博弈、迫切提升科技竞争力、摆脱“卡脖子”困境的时代大背景。与此同时，资金面由增量入场转为存量博弈，“无脑买龙头”的时代已过去，市场审美正从ROE转向G，高增速、高景气将成为机构审美的核心，“专精特新”与科创板作为全市场增速最高的板块，将成为战胜“内卷”的优选方向。2）科创行情扩散之中，能够拥抱制造业升级、拥抱科技、拥抱双碳时代的周期行业等传统领域，估值和盈利也正面临重估。重点关注服务科创需求、有新的α逻辑、拥抱新的科技赋能的钢铁、铝、铜、化工、水泥、券商等板块。3）那些基本面不太亮丽领域，提前布局下半年有转机的资产，稳增长“新基建”方向，包括，小家电、汽车、机械，也包括消费细分行业龙头。\n——投资策略：拥抱长期、拥抱大方向，以长打短。继续逢低布局以“专精特新”与科创“小巨人”为代表的优质成长核心主线。1）高端制造（半导体产业链、军工产业链等），2）新能源链条（新能源材料、锂电设备、新能源车产业链、智能驾驶等）， 3）AIoT（计算机、通信、电子），4）生命科学（生物医药、医疗器械、医疗服务、种子等）。\n本周A股市场回顾\n\nA股资金面跟踪\n\nA股盈利与估值\n\n海外市场跟踪\n\n风险提示\n关注全球资本回流美国超预期，中美博弈超预期等。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814362790,"gmtCreate":1630766212110,"gmtModify":1676530392125,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/814362790","repostId":"2164331806","repostType":4,"repost":{"id":"2164331806","kind":"news","pubTimestamp":1630799959,"share":"https://ttm.financial/m/news/2164331806?lang=en_US&edition=fundamental","pubTime":"2021-09-05 07:59","market":"hk","language":"zh","title":"Xiaomi OV core manufacturing: advance can attack, retreat can defend","url":"https://stock-news.laohu8.com/highlight/detail?id=2164331806","media":"36氪","summary":"华为之后，小米、OV先后开始造芯。路线选择上也基本一致，都是从图像信号处理器芯片（ISP）开始做起。\n8 月末，vivo手机终于宣布，将在不久后发布的vivoX70旗舰手机上搭载自研的第一颗影像芯片V","content":"<p>After Huawei, Xiaomi and OV began to build cores one after another. The route selection is basically the same, starting from the image signal processor chip (ISP).</p><p>At the end of August, vivo Mobile finally announced that it will be equipped with its first self-developed imaging chip V1 on the vivoX70 flagship mobile phone to be released soon. vivo, which has always been \"responsible\", finally made the same decision as other companies on the chip issue when it did not blindly follow car manufacturing and did not engage in the IoT ecosystem, and the battle was not small. As an independently developed imaging chip, the development of V1 chip lasted 24 months, and more than 300 people were invested in research and development.</p><p>vivo Executive Vice President Hu Baishan is accepting<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>In an interview with the media, he admitted frankly that vivo's chip layout in the future will mainly focus on the four tracks of design, imaging, system and performance.</p><p>On the other side, OPPO's core manufacturing has also been raging, and we can probably spell out the original appearance of things.</p><p>According to 36 Krypton, OPPO's core-making team will focus on \"Zheku Technology\", and the research and development direction is not only ISP chips, but also mobile phone brain Soc, baseband chips responsible for mobile phone signals, etc. In the past year, OPPO hired a large team of people from MediaTek, Spreadtrum and other companies, and the number of R&D personnel in the company has reached thousands. Market sources pointed out that OPPO's self-developed ISP may be used in the latest Find series of new products next year.</p><p>At the same time, both sides offered an annual salary of one million yuan and continued to recruit. Based on Huawei's lessons from the past, it is understandable that various companies have rushed to manufacture cores one after another. The first step of Xiaomi and OV's Long March is to choose to start from ISP, which is obviously a rational choice. In addition to rationality, core making is still a matter that extremely tests perseverance and long-term strategic layout.</p><p>Why start with ISP chips?</p><p>We can understand the role of ISP chip on a mobile phone in this way. ISP is like a bridge, which further processes the image information collected from the lens to the sensor, such as pixel sharpening, color optimization, noise reduction processing, etc., and then transmits it to the back-end processing unit. Basically, the significance of ISP chip is to transform digital signals into visual images that are more acceptable to human eyes.</p><p>In terms of development difficulty, the research and development of ISP chips is simpler than baseband chips and other directions. The \"core-making\" of mobile phone manufacturers is actually only involved in chip design, and ISP chips themselves are relatively mature in the industry. Industry earlier<b>Has accumulated a certain amount of mature IP</b>, so it also leaves room for on-demand access for the research and development process of mobile phone manufacturers. On the other hand, in the industry, companies such as ARM and VeriSilicon Microelectronics are also simultaneously conducting research and development in the direction of ISP.</p><p>In addition, there is no need to compete for the production capacity of precision chip manufacturing processes in terms of ISP chip production. Even if the ISP chip research and development of mobile phone manufacturers is unfortunately blocked internally, they can always piece together a finished product and explain it to the market. More importantly, mobile phone manufacturers can also play a role in starting with ISP chips that are relatively easy to tape out successfully<b>Tempering the new core-making army</b>The role of.</p><p>Image is the key to the bayonet of flagship mobile phones. To output a good photo, core components such as sensors, lenses, and ISPs need to be well coordinated.</p><p>In terms of sensors,<a href=\"https://laohu8.com/S/SNE\">Sony</a>The IMX series sensors are cutting-edge enough,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Also desperately catching up; Lenses can be solved by stacking materials. Mobile phone manufacturers stack them from dual cameras to five cameras and six cameras; In contrast,<b>ISP upgrades have been slow in the past</b>While<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>, MediaTek, a manufacturer that provides integrated chips, can no longer meet the needs of terminals. Therefore, developing a \"plug-in\" ISP chip independent of Soc is one of the problem-solving ideas.</p><p>Long before the end of Xiaomi OV, some mobile phone manufacturers with stronger R&D capabilities had already realized that,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Samsung,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Its mobile phone products have been self-developed on ISP chips early. In the field of professional cameras with higher imaging requirements,<a href=\"https://laohu8.com/S/CAJ\">Canon</a>Some models of Nikon have already used their own ISP.</p><p>In addition, the ISP chip is directly linked to the imaging quality, which determines the performance of focusing, white balance, and exposure parameters. Therefore, mobile phone manufacturers want to show off the muscles of R&D capabilities, starting with ISP chips, and users' perception is the most obvious.</p><p>For Xiaomi OV, starting the core manufacturing business from ISP chips is not only capable of advancing, attacking, retreating and defending in terms of technical capabilities, but also relatively cost-effective.<b>It is easier to show the direction of the results.</b></p><p>Core making, a choice that burns the boat</p><p>In fact, before mobile phone manufacturers decided to develop chips, what each company tried was to cooperate with upstream \"<b>Joint research and development</b>\"Compromise. For example, vivo has cooperated with Samsung to customize the core chip for two consecutive years, launching the Exynos 980/1080 chip, and the GN2 ultra-large bottom sensor that Xiaomi and Samsung cooperated with this year.</p><p>This kind of cooperation, to put it mildly, is joint research and development by mobile phone manufacturers and upstream companies, but mobile phone manufacturers are essentially just Party A who raises demand and makes adaptations. How much R&D capability they really export remains to be discussed. Moreover, this method can't really build a moat,<b>Mobile phone manufacturers just spend money on the product lock-up period</b>, the upstream technology has not been mastered by mobile phone manufacturers, let alone reused in the next generation.</p><p>Relying on supply chain innovation is too slow, and only resolutely investing in core manufacturing is the way to do it once and for all. However, the difficulty for mobile phone manufacturers to make cores is that not only do they invest a lot of money, people, and energy, but the finished chip products cannot be exposed to the outside world.<b>It is necessary to form a virtuous circle with its own terminal system.</b></p><p>Huawei HiSilicon has done this in the past decade. HiSilicon invests tens of billions every year, but as the shipments of the Mate/P series equipped with these Kirin chips reach tens of millions, it is not difficult to accept the equally shared chip research and development costs. The fixed update cycle of flagship mobile phones, in turn, It also drives the steady progress of chip research and development.</p><p>Xiaomi and OV will continue to invest in chip research and development in the future, which means that high-end series models cannot make mistakes, and they must gain a firm foothold as soon as possible to increase shipments.</p><p>It is not a frivolous decision for mobile phone manufacturers to make cores-even this seemingly simple plug-in ISP chip, Xiaomi used a hundred engineers to make it immersively for a year, and the cost of OV is not difficult to imagine. This is just the starting point. After Xiaomi's The Paper chip Soc failed in the first-generation product, Lei Jun emphasized in his speech that the research and development of The Paper chip has not yet ended. The chips of vivo and OPPO will not stop at ISPs either.</p><p>A hidden worry for mobile phone manufacturers is how to balance the relationship with Qualcomm, which has the absolute right to speak.</p><p>At present, mobile phone manufacturers only use plug-ins to manufacture ISP chips, and there is no conflict of interest with Qualcomm MediaTek. However, in the future, mobile phone manufacturers will extend their hands further and further, and it will be difficult for the relationship between the two parties not to become subtle. MediaTek's recent \"open architecture\" layout, which unbinds the functional definitions of some chip components, is in line with this changing trend.</p><p>Ten years ago, Apple's iPhone 4 equipped with its self-developed A4 processor was like a depth charge. Huawei HiSilicon, which was stimulated, started the research and development of K3V2 processor and Barong 710 the following year. Ten years later, the wave of core manufacturing in the mobile phone industry has started again, and the domestic history of difficult development of domestic chips in the past has given experience. Foreign chip suppliers may subvert product models and adjust prices and policies at any time. Deciding to build core millet and OV requires more determination to burn the rubicon.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiaomi OV core manufacturing: advance can attack, retreat can defend</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi OV core manufacturing: advance can attack, retreat can defend\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-09-05 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After Huawei, Xiaomi and OV began to build cores one after another. The route selection is basically the same, starting from the image signal processor chip (ISP).</p><p>At the end of August, vivo Mobile finally announced that it will be equipped with its first self-developed imaging chip V1 on the vivoX70 flagship mobile phone to be released soon. vivo, which has always been \"responsible\", finally made the same decision as other companies on the chip issue when it did not blindly follow car manufacturing and did not engage in the IoT ecosystem, and the battle was not small. As an independently developed imaging chip, the development of V1 chip lasted 24 months, and more than 300 people were invested in research and development.</p><p>vivo Executive Vice President Hu Baishan is accepting<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>In an interview with the media, he admitted frankly that vivo's chip layout in the future will mainly focus on the four tracks of design, imaging, system and performance.</p><p>On the other side, OPPO's core manufacturing has also been raging, and we can probably spell out the original appearance of things.</p><p>According to 36 Krypton, OPPO's core-making team will focus on \"Zheku Technology\", and the research and development direction is not only ISP chips, but also mobile phone brain Soc, baseband chips responsible for mobile phone signals, etc. In the past year, OPPO hired a large team of people from MediaTek, Spreadtrum and other companies, and the number of R&D personnel in the company has reached thousands. Market sources pointed out that OPPO's self-developed ISP may be used in the latest Find series of new products next year.</p><p>At the same time, both sides offered an annual salary of one million yuan and continued to recruit. Based on Huawei's lessons from the past, it is understandable that various companies have rushed to manufacture cores one after another. The first step of Xiaomi and OV's Long March is to choose to start from ISP, which is obviously a rational choice. In addition to rationality, core making is still a matter that extremely tests perseverance and long-term strategic layout.</p><p>Why start with ISP chips?</p><p>We can understand the role of ISP chip on a mobile phone in this way. ISP is like a bridge, which further processes the image information collected from the lens to the sensor, such as pixel sharpening, color optimization, noise reduction processing, etc., and then transmits it to the back-end processing unit. Basically, the significance of ISP chip is to transform digital signals into visual images that are more acceptable to human eyes.</p><p>In terms of development difficulty, the research and development of ISP chips is simpler than baseband chips and other directions. The \"core-making\" of mobile phone manufacturers is actually only involved in chip design, and ISP chips themselves are relatively mature in the industry. Industry earlier<b>Has accumulated a certain amount of mature IP</b>, so it also leaves room for on-demand access for the research and development process of mobile phone manufacturers. On the other hand, in the industry, companies such as ARM and VeriSilicon Microelectronics are also simultaneously conducting research and development in the direction of ISP.</p><p>In addition, there is no need to compete for the production capacity of precision chip manufacturing processes in terms of ISP chip production. Even if the ISP chip research and development of mobile phone manufacturers is unfortunately blocked internally, they can always piece together a finished product and explain it to the market. More importantly, mobile phone manufacturers can also play a role in starting with ISP chips that are relatively easy to tape out successfully<b>Tempering the new core-making army</b>The role of.</p><p>Image is the key to the bayonet of flagship mobile phones. To output a good photo, core components such as sensors, lenses, and ISPs need to be well coordinated.</p><p>In terms of sensors,<a href=\"https://laohu8.com/S/SNE\">Sony</a>The IMX series sensors are cutting-edge enough,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Also desperately catching up; Lenses can be solved by stacking materials. Mobile phone manufacturers stack them from dual cameras to five cameras and six cameras; In contrast,<b>ISP upgrades have been slow in the past</b>While<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>, MediaTek, a manufacturer that provides integrated chips, can no longer meet the needs of terminals. Therefore, developing a \"plug-in\" ISP chip independent of Soc is one of the problem-solving ideas.</p><p>Long before the end of Xiaomi OV, some mobile phone manufacturers with stronger R&D capabilities had already realized that,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Samsung,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Its mobile phone products have been self-developed on ISP chips early. In the field of professional cameras with higher imaging requirements,<a href=\"https://laohu8.com/S/CAJ\">Canon</a>Some models of Nikon have already used their own ISP.</p><p>In addition, the ISP chip is directly linked to the imaging quality, which determines the performance of focusing, white balance, and exposure parameters. Therefore, mobile phone manufacturers want to show off the muscles of R&D capabilities, starting with ISP chips, and users' perception is the most obvious.</p><p>For Xiaomi OV, starting the core manufacturing business from ISP chips is not only capable of advancing, attacking, retreating and defending in terms of technical capabilities, but also relatively cost-effective.<b>It is easier to show the direction of the results.</b></p><p>Core making, a choice that burns the boat</p><p>In fact, before mobile phone manufacturers decided to develop chips, what each company tried was to cooperate with upstream \"<b>Joint research and development</b>\"Compromise. For example, vivo has cooperated with Samsung to customize the core chip for two consecutive years, launching the Exynos 980/1080 chip, and the GN2 ultra-large bottom sensor that Xiaomi and Samsung cooperated with this year.</p><p>This kind of cooperation, to put it mildly, is joint research and development by mobile phone manufacturers and upstream companies, but mobile phone manufacturers are essentially just Party A who raises demand and makes adaptations. How much R&D capability they really export remains to be discussed. Moreover, this method can't really build a moat,<b>Mobile phone manufacturers just spend money on the product lock-up period</b>, the upstream technology has not been mastered by mobile phone manufacturers, let alone reused in the next generation.</p><p>Relying on supply chain innovation is too slow, and only resolutely investing in core manufacturing is the way to do it once and for all. However, the difficulty for mobile phone manufacturers to make cores is that not only do they invest a lot of money, people, and energy, but the finished chip products cannot be exposed to the outside world.<b>It is necessary to form a virtuous circle with its own terminal system.</b></p><p>Huawei HiSilicon has done this in the past decade. HiSilicon invests tens of billions every year, but as the shipments of the Mate/P series equipped with these Kirin chips reach tens of millions, it is not difficult to accept the equally shared chip research and development costs. The fixed update cycle of flagship mobile phones, in turn, It also drives the steady progress of chip research and development.</p><p>Xiaomi and OV will continue to invest in chip research and development in the future, which means that high-end series models cannot make mistakes, and they must gain a firm foothold as soon as possible to increase shipments.</p><p>It is not a frivolous decision for mobile phone manufacturers to make cores-even this seemingly simple plug-in ISP chip, Xiaomi used a hundred engineers to make it immersively for a year, and the cost of OV is not difficult to imagine. This is just the starting point. After Xiaomi's The Paper chip Soc failed in the first-generation product, Lei Jun emphasized in his speech that the research and development of The Paper chip has not yet ended. The chips of vivo and OPPO will not stop at ISPs either.</p><p>A hidden worry for mobile phone manufacturers is how to balance the relationship with Qualcomm, which has the absolute right to speak.</p><p>At present, mobile phone manufacturers only use plug-ins to manufacture ISP chips, and there is no conflict of interest with Qualcomm MediaTek. However, in the future, mobile phone manufacturers will extend their hands further and further, and it will be difficult for the relationship between the two parties not to become subtle. MediaTek's recent \"open architecture\" layout, which unbinds the functional definitions of some chip components, is in line with this changing trend.</p><p>Ten years ago, Apple's iPhone 4 equipped with its self-developed A4 processor was like a depth charge. Huawei HiSilicon, which was stimulated, started the research and development of K3V2 processor and Barong 710 the following year. Ten years later, the wave of core manufacturing in the mobile phone industry has started again, and the domestic history of difficult development of domestic chips in the past has given experience. Foreign chip suppliers may subvert product models and adjust prices and policies at any time. Deciding to build core millet and OV requires more determination to burn the rubicon.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202109041212447c3844fc&s=b\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/14d6e649b06703312499e84952510944","relate_stocks":{"01810":"小米集团-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202109041212447c3844fc&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2164331806","content_text":"华为之后，小米、OV先后开始造芯。路线选择上也基本一致，都是从图像信号处理器芯片（ISP）开始做起。\n8 月末，vivo手机终于宣布，将在不久后发布的vivoX70旗舰手机上搭载自研的第一颗影像芯片V1。向来“本分”的vivo，在没有盲从造车、不大搞IoT生态的时候，在芯片问题上终于做出了和其他家相同的决定，而且阵仗不小。作为自主研发影像芯片，V1芯片的开发历时24个月，投入研发人力超过了300人。\nvivo执行副总裁胡柏山在接受36氪在内的媒体采访时坦言，未来vivo的芯片布局将主要围绕设计、影像、系统和性能四个赛道展开。\n另一边的OPPO的造芯也已经沸沸扬扬，我们大概可以拼出事情的原貌。\n据36氪了解，OPPO的造芯团队将以“哲库科技”为主体，正在研发的方向不仅是ISP芯片，还囊括了手机大脑Soc，负责手机信号的基带芯片等等。在过去的一年，OPPO从联发科、展讯等公司挖来大队人马，公司的研发人员数量已经达到上千人。有市场消息指出，OPPO自研的ISP或将在明年最新款的Find系列新品上使用。\n两边同时开出了百万年薪，持续招兵买马。在华为的前车之鉴下，各家先后奔赴造芯情有可原。小米、OV万里长征的第一步，都是选择从ISP切入，这显然是一个理智的选择。而在理智之余，造芯还是一件极其考验毅力、长远策略布局的事情。\n为什么从ISP芯片开始？\n可以这么理解ISP芯片在一台手机上发挥的作用。ISP就像是一个桥梁，把镜头到传感器收集到的图像信息做进一步的加工，比如像素的锐化、色彩的优化、降噪处理等，再传递给后端的处理单元。基本上，ISP芯片的意义就是将数字信号，转变到人眼更能接受的视觉图像。\n在开发难度上，相比基带芯片等等方向，ISP芯片的研发更简单。手机厂商的“造芯”其实只是参与芯片设计的环节，而ISP芯片本身在行业当中算是比较成熟的。行业早前已经积累了一定的成熟IP，所以也为手机厂商的研发过程留下了按需取用的空间。另一边，行业里面，ARM、芯原微电子等公司也在同步进行ISP方向的研发。\n再加上，ISP芯片在生产上也不需要去抢精密芯片制程的产能，就算手机厂商的ISP芯片研发在内部不幸受阻，也总归是可以拼凑出一个成品向市场交待的。更重要的是，手机厂商从比较容易流片成功的ISP芯片开始，也可以起到磨炼造芯新军的作用。\n影像是旗舰手机们拼刺刀的关键，要输出一张好照片，传感器、镜头、ISP等核心元器件需要打好配合。\n在传感器方面，索尼的IMX系列传感器已经足够尖端，三星也在拼命追赶中；镜头可以用堆料解决，手机厂商从双摄一路堆到五摄、六摄；相比之下，ISP的提升在过去一直比较迟缓，而高通、联发科这种提供集成芯片的厂商已经无法满足终端的需求。所以，自己开发独立在Soc之外的“外挂”ISP芯片，就是其中一条解题思路。\n早在小米OV下场之前，一些研发力更强的手机厂商已经有所觉悟，苹果、三星、谷歌的手机产品在ISP芯片上已经早早完成自研，在对成像要求更高的专业相机领域，佳能、尼康的部分型号也早都用上了自己的ISP。\n另外，ISP芯片直接与成像质量挂钩，决定了对焦、白平衡、曝光参数表现。所以，手机厂商要秀研发能力的肌肉，从ISP芯片着手，用户的感知是最明显的。\n对于小米OV来说，从ISP芯片起步造芯事业，在技术能力上不仅进可攻退可守，还是性价比相对比较高，更容易展示成果的方向。\n造芯，破釜沉舟的抉择\n其实，在手机厂商巨纷纷决定芯片的研发之前，各家尝试的是和上游“联合研发”的折中方案。比如，vivo在核心芯片上就与三星进行了连续两年的合作定制，推出Exynos 980/1080的芯片，以及今年小米和三星合作的GN2超大底传感器。\n这种合作，说好听点是手机厂商和上游共同研发，但手机厂商本质上还只是提需求、做适配的甲方，真正输出了多少研发能力有待商榷。并且，这种方式并不能真正构建护城河，手机厂商只是砸钱在了产品锁定期上，上游的技术并未被手机厂商所掌握，更不能在下一代复用。\n依赖供应链创新太慢，只有坚决投入造芯，才是一劳永逸的方式。不过，手机厂商造芯的困难之处在于，不仅投入大量的钱、人、精力，芯片成品无法对外，需要和自己的终端体系形成一个良性循环。\n华为海思过去十年已经做到了这一点。海思每年投入上百亿，但随着搭载这些麒麟芯片的Mate/P系列出货达到千万的量级，平摊下来的芯片研发成本也不难接受，旗舰手机固定的更新周期，反过来也驱动了芯片研发稳步向前推进。\n小米、OV后续要持续投入芯片研发的背后，意味着高端化系列的机型无法出错，还要尽快站稳脚跟，把出货量抬高。\n手机厂商造芯不是一个轻飘飘的决定——就连这一颗看似简单的外挂ISP芯片，小米动用了一百个工程师沉浸式做了一年才做出来， OV这边所要耗费的也不难想象。这只是起点，小米澎湃芯片Soc在初代产品折戟之后，雷军此前在演讲中就强调，澎湃芯片研发仍未结束。vivo和OPPO的芯片也不会止步于ISP。\n摆在手机厂商眼前的一个隐忧是，如何平衡好与掌握绝对话语权的高通的关系。\n目前，手机厂商造ISP芯片还只是用外挂的形式，和高通联发科还没有利益冲突，但未来手机厂商的手越伸越远，双方的关系很难不变得微妙。联发科近期“开放架构”的布局，对芯片部分组件的功能定义解绑，就是在顺应这种变化趋势。\n十年前，苹果搭载自研A4处理器的iPhone 4犹如一颗深水炸弹，受到刺激的华为海思，次年才开始了K3V2处理器、巴龙710的研发。十年后，手机圈造芯潮又起，而国内过去艰难发展国产芯片的历史已经给出了经验，国外芯片供应商随时存在颠覆产品模式，调整价格、政策的可能。决定造芯小米、OV，还需要多一些破釜沉舟的决心。","news_type":1,"symbols_score_info":{"48657":0.9,"48708":0.9,"48717":0.9,"48730":0.9,"48754":0.9,"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832596904,"gmtCreate":1629648870708,"gmtModify":1676530085938,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/832596904","repostId":"1151137736","repostType":4,"isVote":1,"tweetType":1,"viewCount":908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832923527,"gmtCreate":1629562546369,"gmtModify":1676530071183,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/832923527","repostId":"2161746147","repostType":4,"repost":{"id":"2161746147","kind":"news","pubTimestamp":1629514858,"share":"https://ttm.financial/m/news/2161746147?lang=en_US&edition=fundamental","pubTime":"2021-08-21 11:00","market":"us","language":"zh","title":"Tesla's Dojo chip is an order of magnitude ahead of competitors","url":"https://stock-news.laohu8.com/highlight/detail?id=2161746147","media":"半导体行业观察","summary":"特斯拉刚刚召开了他们的人工智能日，并透露了其软件和硬件基础设施的内部工作原理。此次公开的部分一是之前公开的Dojo AI训练芯片。特斯拉称他们的 D1 Dojo 芯片具有 GPU 级别的计算能力、CP","content":"<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Just held their AI Day and revealed the inner workings of its software and hardware infrastructure. The first part of this disclosure is the previously disclosed Dojo AI training chip. Tesla says their D1 Dojo chip has GPU-level computing power, CPU-level flexibility, and network switch IO.</p><p>A few weeks ago, we speculated that the package for this system was a TSMC wafer integrated fan-out system (InFO _ SoW). We explain the benefits of this type of packaging and the cooling and power consumption involved in this massively scaling training chip. Furthermore, we estimate that the package will perform better than the Nvidia system. All of this seems to be educated speculation. Today, we will dig deeper into more details of semiconductors.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110451514v197zlc3kf89g5a\" tg-width=\"1080\" tg-height=\"504\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Before we dive into hardware, let's talk about evaluating infrastructure. Tesla is constantly retraining and improving their neural networks. They evaluate any code changes to see if there are improvements. Thousands of the same chips are deployed in cars and servers. They conduct millions of assessments every week.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110452695v197e2lm3fz76i2\" tg-width=\"1080\" tg-height=\"568\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla has been scaling up its GPU cluster for years. If Tesla stops all actual workloads, runs Linpack, and submits it to the Top500 list, their current training cluster will become the fifth largest supercomputer. However, this expansion of performance was not enough for Tesla and its ambitions, so they began developing their own Dojo chip project a few years ago. Tesla needs higher performance to implement larger and more complex neural networks in an energy-efficient and cost-effective way.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110453776v197jx2k68fhcml\" tg-width=\"1080\" tg-height=\"490\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla's architectural solution is a distributed computing architecture. When we listen to their details, the architecture looks a lot like Cerberus. We analyze the Cerebras wafer-level engine and its architecture. Each AI training architecture is laid out in this way, but the details of computational elements, networks, and structures vary greatly. The biggest problem with these types of networks is expanding bandwidth and keeping latency low. In order to scale the network, Tesla is particularly focused on this, which affects every part of their design, from chip materials to packaging.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110454722v197cx5xiqu333q\" tg-width=\"1080\" tg-height=\"599\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This functional unit is designed to pass 1 clock cycle, but is large enough that synchronization overhead and software are not major issues. As a result, they came up with a design that was almost identical to Cerebras. A mesh structure of individual cells connected by a high-speed fabric whose function within a clock is routed communication between cells. Each unit has a large 1.25 MB SRAM scratch board and multiple superscalar CPU cores with SIMD capabilities, as well as matrix multiplication units that support all common data types. Additionally, they introduced a new data type called CFP8, configurable floating point 8. Each unit can support 1TFlop on BF16/CFP8, 64GFlops on FP31, and 512GB/s bandwidth in each direction.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110500799v197xhcnedchtus\" tg-width=\"1080\" tg-height=\"572\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The CPU is no less, it is 4 wide and 2 wide on the vector pipeline. Each core can host 4 threads to maximize utilization. It's a shame that Tesla uses a custom ISA instead of a top-of-the-line open-source ISA like RISC V. This custom ISA introduces instructions for transpose, collect, broadcast, and link traversal.</p><p>The full chip of these 354 functional units can reach 362 TFlops of BF16 or CFP8 and 22.6 TFlops of FP32. It has a total of 645 mm ² and 50 billion transistors. Each chip has a staggering 400W TDP, which means a higher power density than most configurations of the Nvidia A100 GPU. Interestingly, Tesla achieved an effective transistor density of 77.5 million transistors integrated per mm ², second only to mobile chips and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>M1, higher than all other high-performance chips.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110503440v197lagxvjg0azx\" tg-width=\"1080\" tg-height=\"557\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Another interesting aspect of the basic functional unit is the NOC router. It has a very similar way to Tenstorrent to expand within and between chips. Not surprisingly, Tesla is adopting a similar architecture to other highly regarded AI startups. Tenstorrent is great for extended training, and Tesla is very focused on this aspect.</p><p>On the chip, Tesla has a staggering 10TBps of directional bandwidth, but that number doesn't make much sense in real workloads. One huge advantage Tesla has over Tenstorrent is the much higher bandwidth between chips. They have 576 SerDes on 112GTs. This yields a total bandwidth of 64 Tb/s or 8 Tb/s.</p><p>We're not sure where Tesla got the 4TB/s per side, more likely the numbers on the X and Y axes. Leaving this confusing slide aside, the bandwidth of this chip is insane. The highest external bandwidth chip currently known is the 32Tb/s network switch chip. Tesla was able to double that number with a lot of SerDes and advanced packaging.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110506551v1979x5minzarss\" tg-width=\"1080\" tg-height=\"487\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla connects the computing plane of the Dojo chip to the interface processor connected to the host system through PCIe 4.0. These interface processors also support higher cardinality network connections to complement existing computational plane grids.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110513356v197ye4od4q94c8\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The 25 D1 chips are packaged into a \"fan out wafer process\". Tesla hasn't confirmed that this package is, as we speculated a few weeks ago<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Integrated Wafer Fan System (InFO _ SoW), but given the crazy inter-chip bandwidth and the fan-out wafers they specifically mentioned, this looks very likely.</p><p>Tesla has developed a proprietary high-bandwidth connector that preserves off-chip bandwidth between these chips. Each chip has an impressive 9PFlops BF16/CFP8 and 36 terabytes/s of off-tile bandwidth. This far exceeds Cerebras' off-wafer bandwidth, making Tesla systems scale-out even better than scale-out designs, such as the Tenstorrent architecture.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110515346v197ep16cl0iw6o\" tg-width=\"1080\" tg-height=\"765\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The power delivery is unique, customized, and also very impressive. With such a large bandwidth and more than 10KW of power consumption, Tesla has innovated in power transmission and supplied it vertically. The custom regulator modulator flows back directly onto the fan-out wafer. Power, heat, and mechanics are all directly connected to the chip.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110516207v1975u9vgzz63ni\" tg-width=\"1080\" tg-height=\"594\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Even though the total power of the chip itself is only 10KW, the total power of the chip is still 15KW. Power transfer, IO, and wafer lines are also consuming a lot of power. Energy comes in from the bottom and heat comes out from the top. Tesla's unit of scale is not chips, but 25 chips. This map far exceeds the unit performance and scalability of Nvidia, Graphcore, Cerebras, Groq, Tenstorrent, SambaNova, or any other AI training program.</p><p>All of this may seem like very distant technology, but Tesla claims that they have run the chip at 2GHz on a real AI network in the lab.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110518184v197qyjtg5phst7\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The next step in scaling to thousands of chips is the server level. Dojo is scalable to 2 x 3 tile configurations, with two such configurations in one server. For those counting at home, a total of 12 tiles per server, a total of 108 PFlops per server, over 100,000 functional units, 400,000 custom cores, and 132GB SRAM are staggering numbers.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110519282v197ncjdhvmc22t\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla continues to expand the level of cabinets in its grid. There is no bandwidth interruption between chips, it is a homogeneous grid of chips with amazing bandwidth. They plan to scale up to 10 cabinets, 1.1 Exaflops, 1,062,000 functional units, 4,248,000 cores, and 1.33 TB of SRAM.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110520332v197acj94hjb924\" tg-width=\"1031\" tg-height=\"825\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The software aspect is interesting, but we won't get too deep into it today. They claim they can virtually subdivide it. They say that regardless of the size of the cluster, the software can scale seamlessly between Dojo processing units (DPUs). The Dojo compiler can handle fine-grained parallel and mapped networks of the hardware computing plane. It can do this through data model graph parallelism, but it can also be optimized to reduce memory footprint.</p><p>Model parallelism can be extended across chip boundaries, without even requiring large volumes to easily unlock next-level AI models with trillions of parameters or more. They don't need to rely on handwritten code to run models on this huge cluster.</p><p>Overall, with<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Compared to GPUs, the cost is comparable, but Tesla claims they can achieve 4x performance, 1.3 x better performance per watt, and 5x less area. Tesla's TCO advantage is almost an order of magnitude better than Nvidia's AI solution. If their claims are true, Tesla has surpassed everyone in AI hardware and software. I doubt it, but it's a hardware geek's dream too.</p><p>We're all going to try to calm down and wait and see when it will actually be deployed into production.</p>","source":"bdthygc","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>Tesla's Dojo chip is an order of magnitude ahead of competitors</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\">\nTesla's Dojo chip is an order of magnitude ahead of competitors\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">半导体行业观察</strong><span class=\"h-time small\">2021-08-21 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Just held their AI Day and revealed the inner workings of its software and hardware infrastructure. The first part of this disclosure is the previously disclosed Dojo AI training chip. Tesla says their D1 Dojo chip has GPU-level computing power, CPU-level flexibility, and network switch IO.</p><p>A few weeks ago, we speculated that the package for this system was a TSMC wafer integrated fan-out system (InFO _ SoW). We explain the benefits of this type of packaging and the cooling and power consumption involved in this massively scaling training chip. Furthermore, we estimate that the package will perform better than the Nvidia system. All of this seems to be educated speculation. Today, we will dig deeper into more details of semiconductors.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110451514v197zlc3kf89g5a\" tg-width=\"1080\" tg-height=\"504\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Before we dive into hardware, let's talk about evaluating infrastructure. Tesla is constantly retraining and improving their neural networks. They evaluate any code changes to see if there are improvements. Thousands of the same chips are deployed in cars and servers. They conduct millions of assessments every week.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110452695v197e2lm3fz76i2\" tg-width=\"1080\" tg-height=\"568\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla has been scaling up its GPU cluster for years. If Tesla stops all actual workloads, runs Linpack, and submits it to the Top500 list, their current training cluster will become the fifth largest supercomputer. However, this expansion of performance was not enough for Tesla and its ambitions, so they began developing their own Dojo chip project a few years ago. Tesla needs higher performance to implement larger and more complex neural networks in an energy-efficient and cost-effective way.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110453776v197jx2k68fhcml\" tg-width=\"1080\" tg-height=\"490\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla's architectural solution is a distributed computing architecture. When we listen to their details, the architecture looks a lot like Cerberus. We analyze the Cerebras wafer-level engine and its architecture. Each AI training architecture is laid out in this way, but the details of computational elements, networks, and structures vary greatly. The biggest problem with these types of networks is expanding bandwidth and keeping latency low. In order to scale the network, Tesla is particularly focused on this, which affects every part of their design, from chip materials to packaging.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110454722v197cx5xiqu333q\" tg-width=\"1080\" tg-height=\"599\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This functional unit is designed to pass 1 clock cycle, but is large enough that synchronization overhead and software are not major issues. As a result, they came up with a design that was almost identical to Cerebras. A mesh structure of individual cells connected by a high-speed fabric whose function within a clock is routed communication between cells. Each unit has a large 1.25 MB SRAM scratch board and multiple superscalar CPU cores with SIMD capabilities, as well as matrix multiplication units that support all common data types. Additionally, they introduced a new data type called CFP8, configurable floating point 8. Each unit can support 1TFlop on BF16/CFP8, 64GFlops on FP31, and 512GB/s bandwidth in each direction.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110500799v197xhcnedchtus\" tg-width=\"1080\" tg-height=\"572\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The CPU is no less, it is 4 wide and 2 wide on the vector pipeline. Each core can host 4 threads to maximize utilization. It's a shame that Tesla uses a custom ISA instead of a top-of-the-line open-source ISA like RISC V. This custom ISA introduces instructions for transpose, collect, broadcast, and link traversal.</p><p>The full chip of these 354 functional units can reach 362 TFlops of BF16 or CFP8 and 22.6 TFlops of FP32. It has a total of 645 mm ² and 50 billion transistors. Each chip has a staggering 400W TDP, which means a higher power density than most configurations of the Nvidia A100 GPU. Interestingly, Tesla achieved an effective transistor density of 77.5 million transistors integrated per mm ², second only to mobile chips and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>M1, higher than all other high-performance chips.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110503440v197lagxvjg0azx\" tg-width=\"1080\" tg-height=\"557\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Another interesting aspect of the basic functional unit is the NOC router. It has a very similar way to Tenstorrent to expand within and between chips. Not surprisingly, Tesla is adopting a similar architecture to other highly regarded AI startups. Tenstorrent is great for extended training, and Tesla is very focused on this aspect.</p><p>On the chip, Tesla has a staggering 10TBps of directional bandwidth, but that number doesn't make much sense in real workloads. One huge advantage Tesla has over Tenstorrent is the much higher bandwidth between chips. They have 576 SerDes on 112GTs. This yields a total bandwidth of 64 Tb/s or 8 Tb/s.</p><p>We're not sure where Tesla got the 4TB/s per side, more likely the numbers on the X and Y axes. Leaving this confusing slide aside, the bandwidth of this chip is insane. The highest external bandwidth chip currently known is the 32Tb/s network switch chip. Tesla was able to double that number with a lot of SerDes and advanced packaging.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110506551v1979x5minzarss\" tg-width=\"1080\" tg-height=\"487\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla connects the computing plane of the Dojo chip to the interface processor connected to the host system through PCIe 4.0. These interface processors also support higher cardinality network connections to complement existing computational plane grids.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110513356v197ye4od4q94c8\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The 25 D1 chips are packaged into a \"fan out wafer process\". Tesla hasn't confirmed that this package is, as we speculated a few weeks ago<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Integrated Wafer Fan System (InFO _ SoW), but given the crazy inter-chip bandwidth and the fan-out wafers they specifically mentioned, this looks very likely.</p><p>Tesla has developed a proprietary high-bandwidth connector that preserves off-chip bandwidth between these chips. Each chip has an impressive 9PFlops BF16/CFP8 and 36 terabytes/s of off-tile bandwidth. This far exceeds Cerebras' off-wafer bandwidth, making Tesla systems scale-out even better than scale-out designs, such as the Tenstorrent architecture.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110515346v197ep16cl0iw6o\" tg-width=\"1080\" tg-height=\"765\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The power delivery is unique, customized, and also very impressive. With such a large bandwidth and more than 10KW of power consumption, Tesla has innovated in power transmission and supplied it vertically. The custom regulator modulator flows back directly onto the fan-out wafer. Power, heat, and mechanics are all directly connected to the chip.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110516207v1975u9vgzz63ni\" tg-width=\"1080\" tg-height=\"594\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Even though the total power of the chip itself is only 10KW, the total power of the chip is still 15KW. Power transfer, IO, and wafer lines are also consuming a lot of power. Energy comes in from the bottom and heat comes out from the top. Tesla's unit of scale is not chips, but 25 chips. This map far exceeds the unit performance and scalability of Nvidia, Graphcore, Cerebras, Groq, Tenstorrent, SambaNova, or any other AI training program.</p><p>All of this may seem like very distant technology, but Tesla claims that they have run the chip at 2GHz on a real AI network in the lab.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110518184v197qyjtg5phst7\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The next step in scaling to thousands of chips is the server level. Dojo is scalable to 2 x 3 tile configurations, with two such configurations in one server. For those counting at home, a total of 12 tiles per server, a total of 108 PFlops per server, over 100,000 functional units, 400,000 custom cores, and 132GB SRAM are staggering numbers.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110519282v197ncjdhvmc22t\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Tesla continues to expand the level of cabinets in its grid. There is no bandwidth interruption between chips, it is a homogeneous grid of chips with amazing bandwidth. They plan to scale up to 10 cabinets, 1.1 Exaflops, 1,062,000 functional units, 4,248,000 cores, and 1.33 TB of SRAM.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210821110520332v197acj94hjb924\" tg-width=\"1031\" tg-height=\"825\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The software aspect is interesting, but we won't get too deep into it today. They claim they can virtually subdivide it. They say that regardless of the size of the cluster, the software can scale seamlessly between Dojo processing units (DPUs). The Dojo compiler can handle fine-grained parallel and mapped networks of the hardware computing plane. It can do this through data model graph parallelism, but it can also be optimized to reduce memory footprint.</p><p>Model parallelism can be extended across chip boundaries, without even requiring large volumes to easily unlock next-level AI models with trillions of parameters or more. They don't need to rely on handwritten code to run models on this huge cluster.</p><p>Overall, with<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Compared to GPUs, the cost is comparable, but Tesla claims they can achieve 4x performance, 1.3 x better performance per watt, and 5x less area. Tesla's TCO advantage is almost an order of magnitude better than Nvidia's AI solution. If their claims are true, Tesla has surpassed everyone in AI hardware and software. I doubt it, but it's a hardware geek's dream too.</p><p>We're all going to try to calm down and wait and see when it will actually be deployed into production.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/EPgSUdG_3_t3XpeXVQne0A\">半导体行业观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e49ab90f6352b6ebbb45091ad18b5a2e","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/EPgSUdG_3_t3XpeXVQne0A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161746147","content_text":"特斯拉刚刚召开了他们的人工智能日，并透露了其软件和硬件基础设施的内部工作原理。此次公开的部分一是之前公开的Dojo AI训练芯片。特斯拉称他们的 D1 Dojo 芯片具有 GPU 级别的计算能力、CPU 级别的灵活性，以及网络交换机IO。\n几周前，我们推测该系统的封装是 TSMC 晶圆集成扇出系统 (InFO_SoW)。我们解释了这种类型的封装的好处以及这种大规模扩展训练芯片所涉及的冷却和功耗。此外，我们估计该软件包的性能将优于 Nvidia 系统。所有这些似乎都是有根据的推测。今天，我们将深入的挖掘更多的半导体细节。\n\n在我们深入讨论硬件之前，让我们先谈谈评估基础架构。特斯拉不断地重新训练和改进他们的神经网络。他们评估任何代码更改以查看是否有改进。在汽车和服务器中部署了数以千计的相同芯片。他们每周进行数百万次评估。\n\n多年来，特斯拉一直在扩大其GPU集群的规模。如果特斯拉停止所有实际工作负载，运行Linpack，并将其提交到Top500榜单，他们目前的训练集群将成为第五大超级计算机。然而，对于特斯拉和其雄心来说，这种性能的扩展是不够的，所以他们在几年前就开始开发自己的Dojo芯片项目。特斯拉需要更高的性能，以节能且经济高效的方式实现更大、更复杂的神经网络。\n\n特斯拉的架构解决方案是分布式计算架构。当我们听他们的细节时，这个架构看起来很像Cerberus。我们分析了Cerebras晶圆级引擎及其架构。每个AI训练架构都是以这种方式布置的，但计算元素、网络和结构的细节差别很大。这些类型的网络最大的问题是扩大带宽和保持低延迟。为了扩大网络规模，特斯拉特别关注于此，这影响了他们设计的每个部分，从芯片材料到封装。\n\n该功能单元被设计为可通过1个时钟周期，但足够大，以至于同步开销和软件不是主要问题。因此，他们得出的设计几乎和Cerebras一模一样。由高速结构连接的单个单元的网状结构，该结构在一个时钟内的功能是单元之间的路由通信。每个单元都有一个大的1.25MB SRAM暂存板和多个具有SIMD功能的超标量CPU核，以及支持所有常见数据类型的矩阵乘法单元。此外，他们还引入了一种名为CFP8的新数据类型，可配置浮点8。每个单元可在BF16 / CFP8上支持1TFlop，FP31上64GFlops，每个方向512GB/s的带宽。\n\nCPU也是毫不逊色，它在矢量管道上是4宽2宽。每个核心可以承载4个线程，以最大限度的提高利用率。遗憾的是，特斯拉使用了定制的ISA，而不是像 RISC V 这样的顶级开源 ISA。这个定制的ISA引入了转置，收集，广播，和链接遍历的指令。\n这354个功能单元的全芯片可达到BF16或CFP8的362 TFlops和FP32的22.6 TFlops。它总共有645mm²和500亿个晶体管。每个芯片都有惊人的400W TDP，这意味着功率密度高于大多数配置的Nvidia A100 GPU。有趣的是，特斯拉实现了每mm²上集成7750万个晶体管的有效晶体管密度，仅次于移动芯片和苹果M1，比其他所有高性能芯片都要高。\n\n基本功能单元的另一个有趣的方面是NOC路由器。它与Tenstorrent有非常类似的在芯片内部和芯片间的扩展方式。毫不意外，特斯拉正在采用与其他备受推崇的人工智能初创公司类似的架构。Tenstorrent 非常适合扩展培训，而特斯拉非常关注这方面。\n在芯片上，特斯拉拥有惊人的10TBps定向带宽，但这个数字在实际工作负载中没有多大意义。特斯拉相对于Tenstorrent的一个巨大优势是芯片之间的带宽要高得多。他们在 112GTs 上有 576 个 SerDes。这产生了总共 64Tb/s 或 8TB/s 的带宽。\n我们不确定特斯拉每条边的4TB/s是从哪里得到的，更有可能是X轴和Y轴上的数字。先不说这张令人困惑的幻灯片，这个芯片的带宽是疯狂的。目前已知的最高外部带宽芯片是32Tb/s网络交换机芯片。特斯拉能够通过大量的SerDes和先进的封装将这个数字翻倍。\n\n特斯拉通过PCIe 4.0将Dojo芯片的计算平面连接到连接主机系统的接口处理器上。这些接口处理器还支持更高的基数网络连接，以补充现有的计算平面网格。\n\n25个D1芯片被封装成 “扇出晶圆工艺（fan out wafer process）”。特斯拉并没有像我们几周前猜测的那样确认这个封装是台积电的集成晶圆扇形系统(InFO_SoW)，但考虑到疯狂的芯片间带宽和他们特别提到的扇出晶圆，这看起来很有可能。\n特斯拉开发了一种专有的高带宽连接器，可以保留这些芯片之间的芯片外带宽。每个芯片都有令人印象深刻的9PFlops BF16/CFP8和36tb /s的off-tile带宽。这远远超过了Cerebras的晶圆外带宽，使特斯拉系统的横向扩展能力甚至比横向扩展设计（例如 Tenstorrent 架构）还要好。\n\n电源传输是独一无二的，定制的，也非常令人印象深刻。由于具有如此大的带宽和超过 10KW 的功耗，特斯拉在电力传输方面进行了创新，并垂直供电。定制稳压器调制器直接回流到扇出晶片上。功率、热量和机械都直接与芯片连接。\n\n即使芯片本身的总功率只有10KW，但芯片的总功率仍然是15KW。电力传输、IO和晶圆线也在消耗大量的电力。能量从底部进来，热量从顶部出来。特斯拉的规模单位不是芯片，而是25块芯片。这个贴图远远超过了Nvidia, Graphcore, Cerebras, Groq, Tenstorrent, SambaNova，或任何其他AI训练项目的单位性能和扩展能力。\n所有这些似乎都是非常遥远的技术，但特斯拉声称，他们已经在实验室的真实人工智能网络上以2GHz的频率运行了芯片。\n\n扩展到数千个芯片的下一步是服务器级别。Dojo可扩展为2 x 3的tile配置，在一个服务器中有两个这样的配置。对于那些在家计数的人来说，每个服务器总共有12个tile，每个服务器总共有108个PFlops，超过100,000个功能单元，400,000个定制核和132GB SRAM是令人震惊的数字。\n\n特斯拉不断扩大其网格中的机柜级别。芯片之间没有带宽中断，它是一个具有惊人带宽的同质芯片网格。他们计划扩大到10个机柜、1.1 Exaflops、1,062,000个功能单元、4,248,000个核心和1.33TB的SRAM。\n\n软件方面很有趣，但我们今天不会太深入讨论。他们声称他们可以对其进行虚拟细分。他们说不管集群的大小如何，软件都可以在Dojo处理单元(DPU)之间无缝扩展。Dojo 编译器可以处理硬件计算平面的细粒度并行和映射网络。它可以通过数据模型图并行性来实现这一点，但也可以进行优化以减少内存占用。\n模型并行性可以跨芯片边界扩展，甚至不需要大批量的轻松解锁具有数万亿参数甚至更多参数的下一级AI模型。他们不需要依赖手写的代码来在这个庞大的集群上运行模型。\n总的来说，与英伟达的GPU相比，成本相当，但特斯拉声称他们可以实现4倍的性能，每瓦性能提高1.3倍，减少5倍的面积。特斯拉的TCO优势几乎比英伟达的AI解决方案好一个数量级。如果他们的说法是真的，特斯拉已经超越了人工智能硬件和软件领域的所有人。我对此表示怀疑，但这也是硬件极客的美梦。\n我们都要试图冷静下来，等一等，看看它什么时候会实际部署到生产环境中。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897434557,"gmtCreate":1628955930979,"gmtModify":1676529899708,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/897434557","repostId":"2159260155","repostType":4,"isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891119591,"gmtCreate":1628347381213,"gmtModify":1703505301314,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/891119591","repostId":"1133653497","repostType":4,"repost":{"id":"1133653497","kind":"news","pubTimestamp":1628337615,"share":"https://ttm.financial/m/news/1133653497?lang=en_US&edition=fundamental","pubTime":"2021-08-07 20:00","market":"us","language":"zh","title":"Foreign media: U.S. lawmakers ask the Department of Commerce to put Honor on the economic blacklist","url":"https://stock-news.laohu8.com/highlight/detail?id=1133653497","media":"环球网","summary":"又要打压荣耀？据英国路透社消息，美国14名众议院议员当地时间6日要求美国商务部将荣耀公司列入政府的经济黑名单。\n报道称，以美国国会众议院外交委员会共和党人迈克尔·麦考尔为首的议员在一封信中表示，荣耀公","content":"<p>To suppress glory again? According to British Reuters news, 14 members of the U.S. House of Representatives asked the U.S. Department of Commerce on the 6th local time to include Honor Company in the government's economic blacklist.</p><p>According to the report, lawmakers headed by Michael McCall, a Republican on the Foreign Affairs Committee of the U.S. House of Representatives, stated in a letter that Honor has been spun off from Huawei, and Huawei was included in the U.S. Entity List in May 2019. Listed companies are prohibited from purchasing parts from U.S. companies or using U.S. technology without approval from the U.S. government. These lawmakers claimed that Glory was stripped off to avoid U.S. export control policies.</p><p>On the other hand, a spokesman for the U.S. Department of Commerce claimed that the department appreciated \"the views of these members of Congress.\" He also declared that the department is \"constantly reviewing existing information to identify possible additions to the entity list\".</p><p>On November 17, 2020, Huawei Investment Holdings Co., Ltd. announced the overall sale of Honor's mobile phone business assets. Honor's top management and team will remain stable. After the sale, Huawei will no longer hold any shares in the new Honor company. On the same day, Huawei issued a statement in official website, saying that Huawei Investment Holdings Co., Ltd. decided to sell the assets of Honor business as a whole, and the acquirer was Shenzhen Zhixin New Information Technology Co., Ltd. For Honor after delivery, Huawei does not hold any shares, nor does it participate in business management and decision-making.</p><p>Earlier, in response to the extension of a ban involving Huawei by the U.S. government, Foreign Ministry spokesperson Hua Chunying pointed out in May this year that the U.S. government generalized the concept of national security, abused state power and suppressed Chinese enterprises by any means, which was a denial of the principle of market economy and fair competition that the U.S. has always advertised. This practice not only harms the legitimate rights and interests of Chinese enterprises, but also harms the interests of American enterprises, seriously interferes with the normal scientific and technological exchanges and trade between the two countries and even the world, and causes damage to the global industrial chain and supply chain. \"We urge the US to correct its mistakes, stop slandering, smearing and unreasonable suppression of Chinese enterprises, and treat Chinese enterprises fairly, impartially and without discrimination. The Chinese government will continue to firmly safeguard the legitimate rights and interests of Chinese enterprises,\" she said.</p>","source":"hqw","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>Foreign media: U.S. lawmakers ask the Department of Commerce to put Honor on the economic blacklist</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\">\nForeign media: U.S. lawmakers ask the Department of Commerce to put Honor on the economic blacklist\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球网</strong><span class=\"h-time small\">2021-08-07 20:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To suppress glory again? According to British Reuters news, 14 members of the U.S. House of Representatives asked the U.S. Department of Commerce on the 6th local time to include Honor Company in the government's economic blacklist.</p><p>According to the report, lawmakers headed by Michael McCall, a Republican on the Foreign Affairs Committee of the U.S. House of Representatives, stated in a letter that Honor has been spun off from Huawei, and Huawei was included in the U.S. Entity List in May 2019. Listed companies are prohibited from purchasing parts from U.S. companies or using U.S. technology without approval from the U.S. government. These lawmakers claimed that Glory was stripped off to avoid U.S. export control policies.</p><p>On the other hand, a spokesman for the U.S. Department of Commerce claimed that the department appreciated \"the views of these members of Congress.\" He also declared that the department is \"constantly reviewing existing information to identify possible additions to the entity list\".</p><p>On November 17, 2020, Huawei Investment Holdings Co., Ltd. announced the overall sale of Honor's mobile phone business assets. Honor's top management and team will remain stable. After the sale, Huawei will no longer hold any shares in the new Honor company. On the same day, Huawei issued a statement in official website, saying that Huawei Investment Holdings Co., Ltd. decided to sell the assets of Honor business as a whole, and the acquirer was Shenzhen Zhixin New Information Technology Co., Ltd. For Honor after delivery, Huawei does not hold any shares, nor does it participate in business management and decision-making.</p><p>Earlier, in response to the extension of a ban involving Huawei by the U.S. government, Foreign Ministry spokesperson Hua Chunying pointed out in May this year that the U.S. government generalized the concept of national security, abused state power and suppressed Chinese enterprises by any means, which was a denial of the principle of market economy and fair competition that the U.S. has always advertised. This practice not only harms the legitimate rights and interests of Chinese enterprises, but also harms the interests of American enterprises, seriously interferes with the normal scientific and technological exchanges and trade between the two countries and even the world, and causes damage to the global industrial chain and supply chain. \"We urge the US to correct its mistakes, stop slandering, smearing and unreasonable suppression of Chinese enterprises, and treat Chinese enterprises fairly, impartially and without discrimination. The Chinese government will continue to firmly safeguard the legitimate rights and interests of Chinese enterprises,\" she said.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://world.huanqiu.com/article/44FmU6Cs7es\">环球网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ae6b3ec4ed112f437b0da43e3b4c0339","relate_stocks":{},"source_url":"https://world.huanqiu.com/article/44FmU6Cs7es","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133653497","content_text":"又要打压荣耀？据英国路透社消息，美国14名众议院议员当地时间6日要求美国商务部将荣耀公司列入政府的经济黑名单。\n报道称，以美国国会众议院外交委员会共和党人迈克尔·麦考尔为首的议员在一封信中表示，荣耀公司已经从华为剥离，而华为于2019年5月被列入美国实体清单。被列入清单的公司在未经美国政府批准的情况下，禁止从美国公司购买零部件或使用美国技术。这些议员宣称，荣耀被剥离是为躲避美国的出口管制政策。\n另一边，美国商务部发言人声称，该部门赞赏“这些国会议员的观点”。他还宣称，该部门“正在不断审查现有信息，以确定实体清单中可能增加的内容” 。\n2020年11月17日，华为投资控股有限公司宣布整体出售荣耀手机业务资产。荣耀高层及团队将保持稳定，出售后华为不再持有新荣耀公司的任何股份。华为当天在官网发布声明称，华为投资控股有限公司决定整体出售荣耀业务资产，收购方为深圳市智信新信息技术有限公司。对于交割后的荣耀，华为不占有任何股份，也不参与经营管理与决策。\n此前针对美国政府延长一项涉及华为的禁令，外交部发言人华春莹今年5月曾指出，美国政府泛化国家安全概念，滥用国家力量，不择手段打压中国企业，是对美方自己一贯标榜的市场经济和公平竞争原则的否定。这种做法不仅损害中国企业的合法权益，也损害美国企业的利益，严重干扰两国乃至全球正常的科技交流和贸易往来，对全球产业链、供应链造成破坏。“我们敦促美方纠正错误，停止对中国企业的诬蔑抹黑和无理打压，公平、公正、非歧视地对待中国企业。中国政府将继续坚定维护中国企业的合法权益。”她说。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085060284,"gmtCreate":1650619568825,"gmtModify":1676534764902,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/T13.SI\">$常青石油及天然气(T13.SI)$</a>Ok ","listText":"<a href=\"https://ttm.financial/S/T13.SI\">$常青石油及天然气(T13.SI)$</a>Ok ","text":"$常青石油及天然气(T13.SI)$Ok","images":[{"img":"https://community-static.tradeup.com/news/07299e5a3b7425bc3678d0554ba3c814","width":"750","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085060284","isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9081317573,"gmtCreate":1650197469250,"gmtModify":1676534667056,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/EB5.SI\">$益资源(EB5.SI)$</a>...","listText":"<a href=\"https://ttm.financial/S/EB5.SI\">$益资源(EB5.SI)$</a>...","text":"$益资源(EB5.SI)$...","images":[{"img":"https://community-static.tradeup.com/news/47ded1be334eef389abb99c26919acb4","width":"750","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081317573","isVote":1,"tweetType":1,"viewCount":537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":887503891,"gmtCreate":1632057526313,"gmtModify":1676530693699,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/887503891","repostId":"1166924246","repostType":4,"repost":{"id":"1166924246","kind":"news","pubTimestamp":1632057115,"share":"https://ttm.financial/m/news/1166924246?lang=en_US&edition=fundamental","pubTime":"2021-09-19 21:11","market":"us","language":"zh","title":"What to watch next week: The Federal Reserve leads the super central bank week, and the German election is imminent","url":"https://stock-news.laohu8.com/highlight/detail?id=1166924246","media":"第一财经","summary":"美联储或给出taper关键线索。","content":"<p><div>Author: Fan Zhijing This week, the international market is changing, the U.S. CPI fell slightly in August, inflationary pressures in many European countries escalated, Apple released new products such as the iPhone 13, U.S. stocks continued their decline, the Dow fell 0.1% on the week, the Nasdaq fell 0.5% on the week, and the S&P 500 Index fell 0.6% on the week. At the same time, the three major European stock indexes also performed poorly. The British FTSE 100 index fell 0.9% on the week, the German DAX 30 index fell 0.8% on the week, and the French CAC 40 index fell 1.4% on the week. There's plenty to watch next week, including the US, Japan, UK, South Africa, Turkey, Switzerland, Norway and Sweden central banks will...</p><p><a href=\"https://www.yicai.com/news/101178383.html\">Web link</a></div></p>","source":"lsy1577918749455","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to watch next week: The Federal Reserve leads the super central bank week, and the German election is imminent</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to watch next week: The Federal Reserve leads the super central bank week, and the German election is imminent\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-09-19 21:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Author: Fan Zhijing This week, the international market is changing, the U.S. CPI fell slightly in August, inflationary pressures in many European countries escalated, Apple released new products such as the iPhone 13, U.S. stocks continued their decline, the Dow fell 0.1% on the week, the Nasdaq fell 0.5% on the week, and the S&P 500 Index fell 0.6% on the week. At the same time, the three major European stock indexes also performed poorly. The British FTSE 100 index fell 0.9% on the week, the German DAX 30 index fell 0.8% on the week, and the French CAC 40 index fell 1.4% on the week. There's plenty to watch next week, including the US, Japan, UK, South Africa, Turkey, Switzerland, Norway and Sweden central banks will...</p><p><a href=\"https://www.yicai.com/news/101178383.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101178383.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad29f0e6f17652880a7fe566f1aae662","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.yicai.com/news/101178383.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166924246","content_text":"作者：樊志菁\n本周，国际市场风云变幻，美国8月CPI小幅回落，欧洲多国通胀压力升级，苹果发布iPhone 13等新品，美股延续跌势，道指周跌0.1%，纳指周跌0.5%，标普500指数周跌0.6%。同时，欧洲三大股指表现也不佳，英国富时100指数周跌0.9%，德国DAX 30指数周跌0.8%，法国CAC 40指数周跌1.4%。\n下周看点颇多，包括美国、日本、英国、南非、土耳其、瑞士、挪威和瑞典央行将公布利率决定。欧美主要经济体发布9月制造业、服务业PMI，加拿大、德国迎来关键选举，经合组织（OECD）更新经济展望报告，美联储主席鲍威尔和美联储副主席克拉里达亮相“美联储倾听（Fed Listen）”活动。\n\n美联储或给出taper关键线索\n随着美国国会复会，新一轮财政刺激计划谈判进入关键期。由于美国总统拜登未能说服保守派民主党参议员曼钦(Joe Manchin)同意支持3.5万亿美元预算支出方案，外界预测这可能会导致最终的刺激规模回落到1.5万亿美元~2.0万亿美元之间。市场也在关注有关民主党增税计划的后续进程，此前众议院民主党人希望通过将最高企业税率从21%提高到26.5%等措施为刺激计划提供资金。\n美联储议息会议是焦点事件，结合静默期前多位美联储官员的讲话，市场预估本次联邦公开市场委员会（FOMC）政策会议可能会再次重申准备在今年底前开启taper，但11月还是12月将取决于未来的数据表现。更新版季度经济展望（SEP）也值得关注，除了经济增速、就业率和通胀预期外，可以留意点阵图中支持美联储明年底加息的人员是否有所增加。\n周五，鲍威尔、克拉里达，以及美联储理事鲍曼将亮相美联储倾听活动，主题为疫情时期的复苏前景，此外克利夫兰联储主席梅斯特将在俄亥俄州银行家协会、堪萨斯城联储主席乔治将在美国企业协会发表例行讲话。\n经济数据方面，美国将公布9月制造业、服务业PMI初值，关注疫情是否进一步对美国经济造成拖累。房地产市场数据同样关键，机构预测，考虑到房价对需求的打压，美国全国房屋建筑商协会9月份的房屋市场指数可能降至近一年最低水平，8月成屋销售数据或继续小幅回落。此外，美国初请失业金人数、咨商会领先指标等数据也值得留意。\n将公布财报的重点公司包括联邦快递、Adobe、耐克、通用磨坊、好士多、埃森哲，散户抱团股KB Home,黑莓也将披露财报。\n原油与黄金\n国际油价连涨四周，飓风对墨西哥湾原油产量的影响仍在延续。WTI原油近月合约收于每桶71.97美元，周涨3.2%。布伦特原油近月合约收于每桶75.34美元，周涨3.3%\nRystad Energy石油市场分析师布山（Nishant Bhushan）发布报告称，飓风消息使石油输出国组织（OPEC）不再成为市场关注的焦点，但该组织维持了对需求前景的乐观预期。市场对需求的担忧也有所上升，日本已经延长了更严格的封锁措施，试图抑制新冠病毒的进一步传播。对于油价而言，接下来依然需要关注天气因素对生产的影响。\n国际金价创近五周新低，美元和美国国债收益率走高对黄金形成打压。COMEX黄金12月合约收于每盎司1751.40美元，周跌2.3%，连续第二周下跌。\nAltavest管理合伙人阿姆布鲁斯特（Michael Armburster）认为，本周黄金价格走势可能是未来其前进的方向，通货再膨胀交易在2021年结束的可能性越来越大。 从长期来看，美国经济反弹的证据有助于那些主张提前减少资产购买的观点，从而支持美元，这种情况可能导致黄金进一步走软。\n德国大选箭在弦上\n欧洲地区能源危机继续升级，受英国电力能源系统的重要设施火灾影响，该地区天然气价格持续走高。即将到来的冬季可能成为新一轮能源危机的导火索。高盛分析师达特（Samantha Dart）发布报告称，如果欧洲的冬天比预期的要冷，那么欧洲大陆可能需要与亚洲争夺液化天然气（LNG）供应。\n德国大选将是周内最大焦点，在9月26日选举之前，周四将举行最后一场候选人辩论。目前民调显示，社会民主党领先4个百分点，若社会民主党以较低得票率最终赢得大选，在联邦层面则很可能出现多党联合执政的情况，这意味着该党或将缺乏足够的政治空间和力量把雄心勃勃的选举承诺转变为切实政策。\n英国国家统计局的数据显示，英国8月份通胀飙升至九年高位，消费者价格CPI同比涨幅从7月的2%增加至8月的3.2%，1.2个百分点的增幅是自1997年有记录以来的最高水平。 餐厅和酒店价格为通胀做出了巨大贡献，但也有迹象表明，通胀压力在许多经济部门中越来越广泛。\n英国央行此前预测，到今年年底，通胀将达到4%，是其目标的两倍，然后在2022年和2023年回落。最新数据让投资者开始预期，英国央行的政策制定者最早可能不得不在明年提高利率，以防止经济过热。相比之下，英国央行议息会议料继续延续宽松立场，维持基准利率，资产购买和10年期国债收益率目标不变，以应对现阶段疫情对经济的冲击。\n下周看点","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816566410,"gmtCreate":1630507756330,"gmtModify":1676530325392,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/816566410","repostId":"2164867927","repostType":4,"repost":{"id":"2164867927","kind":"news","pubTimestamp":1630465704,"share":"https://ttm.financial/m/news/2164867927?lang=en_US&edition=fundamental","pubTime":"2021-09-01 11:08","market":"hk","language":"zh","title":"In-depth analysis: Xiaomi built a car, what kind of game did it set up?","url":"https://stock-news.laohu8.com/highlight/detail?id=2164867927","media":"界面新闻","summary":"今日，小米集团董事长雷军发微博称，9月1日，小米汽车正式注册，公司名：小米汽车有限公司，注册资金100亿，小米董事长兼CEO雷军担任法人代表。自从今年3月30日官宣造车以来，小米为了造车的确一点也没闲着。虽然就目前情况看，小米汽车花落哪座城市依旧成谜，但其造车的架构布局已逐渐清晰。在小米官宣造车将满半年的当口，让我们盘点一番，小米造车，截至目前组了个什么局？","content":"<p><div>Today, Lei Jun, chairman of Xiaomi Group, posted on Weibo that on September 1, Xiaomi Automobile was officially registered. The company name is Xiaomi Automobile Co., Ltd., with a registered capital of 10 billion. Xiaomi Chairman and CEO Lei Jun serves as the legal representative. Since the official announcement of building a car on March 30 this year, Xiaomi has indeed not been idle at all in order to build a car. For example, I have applied for many automobile-related trademarks and patents; \"Trader\" Lei Jun visited many car companies such as Changan, SAIC, Dongfeng, GAC, SAIC-GM-Wuling, and Great Wall, and appeared at the headquarters of Bosch and CATL. Although as far as the current situation is concerned, it is still a mystery which city Xiaomi cars will fall in, but...</p><p><a href=\"https://tech.sina.cn/i/gn/2021-09-01/detail-iktzscyx1596088.d.html?vt=4\">Web link</a></div></p>","source":"jm","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In-depth analysis: Xiaomi built a car, what kind of game did it set up?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn-depth analysis: Xiaomi built a car, what kind of game did it set up?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-09-01 11:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Today, Lei Jun, chairman of Xiaomi Group, posted on Weibo that on September 1, Xiaomi Automobile was officially registered. The company name is Xiaomi Automobile Co., Ltd., with a registered capital of 10 billion. Xiaomi Chairman and CEO Lei Jun serves as the legal representative. Since the official announcement of building a car on March 30 this year, Xiaomi has indeed not been idle at all in order to build a car. For example, I have applied for many automobile-related trademarks and patents; \"Trader\" Lei Jun visited many car companies such as Changan, SAIC, Dongfeng, GAC, SAIC-GM-Wuling, and Great Wall, and appeared at the headquarters of Bosch and CATL. Although as far as the current situation is concerned, it is still a mystery which city Xiaomi cars will fall in, but...</p><p><a href=\"https://tech.sina.cn/i/gn/2021-09-01/detail-iktzscyx1596088.d.html?vt=4\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gn/2021-09-01/detail-iktzscyx1596088.d.html?vt=4\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aea2b9ab8a046974039715aed46d9985","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://tech.sina.cn/i/gn/2021-09-01/detail-iktzscyx1596088.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164867927","content_text":"今日，小米集团董事长雷军发微博称，9月1日，小米汽车正式注册，公司名：小米汽车有限公司，注册资金100亿，小米董事长兼CEO雷军担任法人代表。自从今年3月30日官宣造车以来，小米为了造车的确一点也没闲着。\n比如，申请了不少的汽车相关的商标和专利；“操盘手”雷军拜访了长安、上汽、东风、广汽、上汽通用五菱、长城等多家车企，并现身博世和宁德时代的总部。\n虽然就目前情况看，小米汽车花落哪座城市依旧成谜，但其造车的架构布局已逐渐清晰。就目前情况看，在自动驾驶方面，小米一定会深度参与。\n小米副总裁王翔几天前也曾表示，现阶段小米汽车的首要任务是，就是寻找超过500名专注在L4自动驾驶技术的人才。而目前小米已收到超过2万份简历。\n除了大力寻觅人才，小米集团也在不断投资和收购和造车有关的科技公司，组建汽车团队。\n在小米官宣造车将满半年的当口，让我们盘点一番，小米造车，截至目前组了个什么局？\nAI交互生态链：小爱同学 × Daniel Povey\n早在今年4月，小米刚官宣造车没多久，就有不少媒体与专家猜测，小米汽车在某种意义上，并没有太大的可能实现震惊全行业的技术突破。但其的确能形成自己的发展思路与特色，和之前的新能源车/智能汽车形成区别——不是汽车本身，而是小米相对闭合的生态链，也就是我们非常熟悉的人工智能语音交互引擎，智联万物的AI虚拟助理“小爱同学”。\n据公开资料显示，小爱同学2020年的月活跃用户数就已破亿，是目前小米手机、小米AI音箱、小米电视等众多小米生态链设备中不可缺少的必要组成部分。\n因此，小米目前可以直接应用到汽车产品本身上的，必须是可进行实时AI交互的小爱同学。\n而说到小米目前最重要的这位AIoT管家，就不得不提目前负责小米整体业务线中语音控制的首席专家——Daniel Povey。\n这位国际知名的语音识别和AI领域科学家，语音识别开源工具Kaldi之父，在2019年10月被眼尖的雷军，用“任何条件都答应”的特殊待遇挖到了小米总部。\nDaniel Povey对于整个小米有多重要？\n这么说吧，Kaldi是如今最流行的开源语音识别工具，无论是学术界还是工业界，任意哪家公司开发的用起来还不错的语音识别产品，几乎都仰赖Kaldi提供的底层框架。\n在Dan这位AI语音领域的“天才学者”的带领下，“PyTorch-y”Kaldi的初创小团队，在2020年4月公布一个用加权有限状态自动机进行深度学习，主要用于自动语音识别的新框架。\n并在Dan的努力下，小爱同学在去年起码新开发/升级了20项新功能。\n今年2月，小米就开始调整相关技术体系架构——原本独立的人工智能部被并入技术委员会，人工智能部总经理、AIoT战略委员会副主席叶航军出任技术委员会主席，原技术委员会主席崔宝秋则调任小米清河大学校长。\n叶航军和崔宝秋都是Daniel Povey的上司，也都曾是小爱同学的“老板”。尤其是叶航军——在目前，即小米自动驾驶团队处于早期筹备阶段，内部的自动驾驶业务都是向他汇报。因此，小米造车业务早已有多位人工智能部的管理人员参与其中。而且与苹果类似的是，小米在推行汽车项目时，对AI的地位极为重视。\n因此，小爱同学大概率是要“上车”的。\n猜测一下，未来小米汽车的车主只要通过“小爱”，就能轻松控制所有小米系列产品。更能通过任何一个自带“小爱同学”的设备，对车辆进行远程开关锁、远程开关空调，远程开启导航，远程自动泊车等各功能的控制——关键是，他不再需要什么专门的APP，一句“小爱同学”统统实现。\n如果是这样，那么小米汽车是真正无缝链接到小米生态链中，演化为真·智能汽车，算是用另一种形式来颠覆传统汽车。\n自动驾驶人才团队：DeepMotion × 微软亚洲研究院\n8 月 25 日，小米集团正式宣布，公司与DeepMotion Tech Limited（深动科技）相关订约方订立股份购买协议。小米联合创始人，副董事长林斌随后在微博上晒图称：“特别高兴又有几位微软老同事一起加入小米造车! ”林斌的这张图，直接暴露了小米对于自动驾驶的“野心”和对于DeepMotion人才的渴望。\n有不少业内人士表示，这是小米继捡到Daniel Povey这个大宝贝之后，在AI方面捡到的另一个大宝贝——虽然7737万美元（5亿元人民币）收购自动驾驶公司DeepMotion，是目前小米官宣造车后最大的一笔收购，但相比2020年初DeepMotion寻求融资时的2亿美元期望估值，以及小马智行、文远知行和Momenta等动辄10亿美元以上的融资“价位”，DeepMotion简直就如同白捡一样。\n说小米此次属于“捡漏”的另一个原因，就是这个自动驾驶团队的整体实力强且均衡。\n尤其是DeepMotion的四位创始人：CEO蔡锐、CTO李志伟、首席科学家杨奎元和研发总监张驰均出身微软亚洲研究院，后者可谓是中国AI算法顶尖人才的黄埔军校。\n四人在微软亚洲研究院时期，就一直主攻深度学习与立体视觉方面的研究。图片来源：DeepMotion官网\n总的来说，DeepMotion的四位创始人的算法能力都非常强悍，能基于计算机视觉的定位、识别、三维场景重建技术，在图像识别等AI技术方面有着极为深厚的积累。\n不仅如此，早在2017年，蔡锐、李志伟和杨奎元还在微软亚洲研究院期间，就意识到以AI应用为基础的自动驾驶技术将高速发展，并就此确立了创业方向。\n公司成立没多久，DeepMotion就构建出一套通过摄像头阵列来帮助无人车实现3D感知、高精地图绘制与定位的方案。一年后，DeepMotion就具备了成熟的大规模制作高速/快速道路高精地图的能力。尤其是较复杂的中心城区道路的高精地图，自动化程度能达到90%。\n因此，DeepMotion不仅能帮助小米初步补齐自动驾驶技术各个模块的负责人阵容，或许还将奠定小米汽车自动驾驶技术研发的基础。\n据了解，DeepMotion在被小米集团收购后，公司成员大概率都将加入小米，其中的骨干人员或将承担起自动驾驶各个模块负责人的角色——并向人工智能部总经理叶航军汇报。\n一旦DeepMotion团队与小米汽车自动驾驶团队顺利整合，基本就可以得出小米汽车未来的自动驾驶方向——以视觉为主，配以高精度地图众包采集方案——也是目前不少知名自动驾驶公司的主要方向。\n比如地平线、宽凳科技等，还有小鹏汽车的自动驾驶板块。后者在自动驾驶公司Drive.ai的联合创始人王弢成为小鹏汽车北美感知研发的负责人之后，也转向了以视觉为主，配置高精度地图的方案。\n当然还是那句话，5亿元收购DeepMotion实在太划算了。\n自动驾驶供应链：禾赛科技 × 几何伙伴\n6月8日，国内激光雷达初创企业禾赛科技宣布完成了超3亿美元的融资，领投方之一就是小米集团。\n\n公开数据显示，禾赛科技是国内资深的激光雷达独角兽，在激光雷达的底层技术、核心元器件、光电芯片、车规级设计流程和自动化生产、功能安全、主动抗干扰技术以及基于深度学习的感知能力方面都有深厚积累。\n据了解，这笔超3亿美元的融资，将用于支持面向前装量产的混合固态激光雷达的大规模量产交付（已获多个OEM定点），禾赛麦克斯韦智能制造中心的建设，以及车规级高性能激光雷达芯片的研发。\n除了禾赛科技混合固态量产激光雷达，一个多月后，小米集团又领投了另一家产品核心和禾赛科技有着很大的区别的智能车供应链公司：上海几何伙伴，融资金额将近4亿元。\n据了解，几何伙伴的创始人兼CEO薛旦是国家及上海人工智能专家委员会委员，曾担任航天某所总工程师。图片来源：几何伙伴官网\n这家定位为Tire 1的初创企业，核心产品是自动驾驶软硬件集成系统，采用4D毫米波成像雷达+可见光视觉+红外成像的融合技术。\n几何伙伴所采用的车规级4D毫米波雷达，单帧能够实现大于6000个点云数量，250米以上的探测距离，0.05米的距离精度。能够识别车辆、非机动车、行人、减速带、路沿、护栏等物体，并提供目标的轮廓信息及行为形态。\n据悉，几何伙伴的目标非常清晰：先研发4D毫米波雷达，再以成像毫米波雷达为切入点，进军自动驾驶方案提供商领域，成为自动驾驶汽车和智能网联汽车的Tier1，实现软硬件的自主研发制造，为车企提供面向自动驾驶基于机器感知和学习的软硬件集成系统。\n因此，相比难度系数更高的禾赛科技，几何伙伴选择的是一条更容易“上车”的路线。或许这也正是小米所看重的。\n向两家目标、方向和路数截然不同的智能车供应链初创企业“投币注资”，也充分说明小米对于未来的自动驾驶供应链还有一定的不确定性。但不管怎样，供应链也是必须捏牢的一张王牌。\n智能交通生态链：纵目科技 × 爱泊车\n除了聚焦自动驾驶，今年6月和8月，小米集团另外投资了两家针对性极强的“小众”科技公司——纵目科技和爱泊车。\n前者在6月3日完成了1.9 亿美元融资，由小米长江产业基金参与领投。\n创始人唐锐是美团王兴的清华直系师兄。曾任英国CSR（现被美国高通公司收购）汽车事业群全球资深工程总监。2010年左右，由他主导研发的CSR车载导航多媒体平台，一度成为中国中国车载导航娱乐系统市场的标杆，年出货量一度达到千万台。\n2012年8月，唐锐离开CSR，创立了目前国内首屈一指的ADAS技术供应商纵目科技。图片来源：纵目科技官网\n2014年10月，纵目科技发布了当时业内功能最全的环视ADAS系统解决方案；2017年11月发布了低速L4自动驾驶自主泊车产品；一年后，纵目科技和伟世通亚太公司合作，共同研发出了专属的自动泊车技术。\n同年年底，纵目科技收到了一汽红旗的项目定点通知书，在红旗品牌2020年的量产车型上，部署低速自动驾驶L4级自主代客泊车系统。这也是国内首个率先获得整车厂L4级量产项目定点合同的自动驾驶企业。\n据了解，纵目科技探索的方向是打通整个自主泊车生态。即不仅解放车主的人力，为车主生活带来便利，还要为商场、汽车服务业带来增值服务。\n所以，对智能生态链充满“强迫症”的小米，又出马了——8月底战略投资了智慧互通公司“爱泊车”，这也是今年4月小米官宣造车，进军智能交通产业以来，正式披露的第6家投资入股公司。\n据了解，爱泊车的创始人闫军曾是文本大数据领域公司智慧星光的创始人。通过AI技术，为大规模城市级智慧停车提供解决方案。\n爱泊车的整个业务模式，就是通过自己的技术方案，联通城市交通管理者、停车服务运营者和车主用户三方——2G2B再2C，将车路状况、停车场端和停车位直接通过C端APP告知车主用户，实现“一个平台，畅停全城”。\n图片来源：爱泊车官网\n主攻自主泊车生态的纵目科技和主打城市级智慧停车业务的爱泊车，在小米的投资布局之下，完成了另一种关于智能汽车生态链的合纵连横。\n而小米战略投资部董事总经理蒋文的这番话，也明确道出了小米对于造车产业链的布局管得有多“宽”：“智慧交通、智慧城市一直是小米高度关注的投资领域。爱泊车已为近三十个城市的路侧公共泊位和商业化社会停车场提供了多样化的产品解决方案，已成为智慧泊车行业的颠覆者和引领者。我们期待爱泊车的智慧停车业务稳步进取，进而与小米智能生态多场景业务产生更多协同。”\n新能源供应链：蜂巢能源 × 赣锋锂电\n除了自动驾驶产业链和智慧交通产业链，小米造车的第三条重点线，则在动力电池领域。\n今年7月30日，赣锋锂业发布了子公司江西赣锋电池科技有限公司吸收投资方增资的公告。其中，投资方名单中就有小米产投的名字，且为领头方，投资金额为1.875亿元，认缴新增注册资本7500万，增资完成后，小米产投的持股比例为3.51%。\n据资料显示，赣锋锂电成立于2013年，其总公司就是大名鼎鼎的赣锋锂业，国内的锂业龙头，更是国际锂化合物（锂盐）深加工行业龙头，目前其氢氧化锂产能为8.5万吨，为全国第一。\n赣锋在海外拥有多处锂矿和盐湖等锂上游资源，总量目前为2761万吨LCE，处于世界第一。图片来源：图虫创意\n同时作为世界重要的氢氧化锂供应商，赣锋还与特斯拉、德国宝马、大众等龙头车企以及LG Chem等电池巨头战略绑定。\n因此在电池供应链方面，赣锋可谓是举足轻重的企业，并已形成消费类电池、小型聚合物电池、动力电池、储能电池、固态电池五大锂电产品体系，产品广泛应用于电动大巴、电动船舶、轨道交通、电动叉车、5G智能、蓝牙耳机、医疗器械等领域。\n而关于汽车能源的另一个大动作，就是成为了新能源公司蜂巢能源的重要股东，B轮融资中出资达到1亿元。\n小米看中蜂巢能源是有着明确的目的与理由。蜂巢能源目前是世界上首批攻克无钴电池技术难关的企业，还实现了无钴电池的实际装车应用。在成都车展上正式亮相的欧拉樱桃猫，就是世界上首款搭载无钴电池的量产新能源车型。\n据了解，钴为目前汽车电池极为重要的稀缺能源之一，全球所探明到的钴资源储量仅为710万吨。从某种意义上说，钴是目前汽车电池的主要成本之一，“钴焦虑”已开始威胁到电动汽车的供应链，尤其是严重依赖钴进口的中国电池企业们。数据显示，2017年中国钴矿进口量为10.07万吨，进口金额33919.67万美元，平均每吨价格直逼3400万美元，成本极高。\n所以，如何实现减钴甚至无钴，对于全球电池企业是一个极具挑战性的科研命题。如今能够真正将锂电池做到无钴化的企业，恐怕只有蜂巢能源。特斯拉虽然在2020年提出的这个“小目标”，但目前也仅做到了持续降低锂电池中的钴含量，距离真正意义上的无钴还有一定差距。\n就在小米注资蜂巢能源的前一个月，蜂巢能源在江苏举行了首款无钴电池量产下线仪式，成为了全球首家突破无钴电池技术难关并成功实现产品量产的动力电池企业。根据规划，这款无钴电池将在今年年底之前，在蜂巢能源的马鞍山基地大批量下线。\n小米看上蜂巢能源，其实是瞄准了新能源电池的未来。从某种意义上说，蜂巢能源打破了海外电池的专利垄断，为国内锂电池行业和新能源汽车产业，摆脱“钴焦虑”开辟出一条新路。\n由此可见，小米在动力电池方面明确不会“闭门”做研发——不仅抓住了极具未来的动力电池供应商，也抓牢了上游原材料商，似乎是已经做好了高举高打，集团军作战的准备。\n造车基本框架呼之欲出\n小米官宣造车的这近半年，虽未见着半个轮子，但其相关的产品、领域和人才布局，及产业投资和收购的步伐已经越来越大，越来越快——基本框架已然呼之欲出。\n而且，小米此番造车“组局”的水平颇高。\n今年年初就瞄准了半导体产业，通过湖北小米长江产业基金投资了云英谷科技、比亚迪半导体、灿芯半导体等8家芯片公司。\n再调整相关技术体系架构，将打造了“小爱同学”的人工智能部被并入技术委员会，加重AI在汽车项目的板块，拉入多位人工智能部的管理人员。\n再一步步地投资最外围的智能交通生态链（纵目科技×爱泊车）和定位Tire 1的自动驾驶供应链（禾赛科技×几何伙伴），将基础框架搭好。\n同时，不忘当下造车新势力的另一重点能源供应链（蜂巢能源×赣锋锂业），直接投资上下游垂直一体化企业和最新的“无钴电池”，做好了“能源与智能”两手都硬的准备。\n最后，拍板买下以高精度地图和定位为出发点，提供全栈自动驾驶解决方案，包括前视/环视/周视感知系统、自主代客泊车AVP方案等技术，尤其是关键人才统统都有的DeepMotion团队。\n由此可见，小米集团在这几个月内的投资收购充满了计划性。再加上DeepMotion团队的近期入局——让小米关于自动驾驶的任督二脉，基本打通。\n此外，通过小米的一系列大小动作，还可以看出当下国内自动驾驶领域和新能源领域的新趋势：有着极为明确的思路和细分领域，而不是“全都要”。\n譬如纵目科技选择自动泊车生态，爱泊车主打城市级智慧泊车产业链，禾赛科技主攻量产级激光雷达，几何伙伴则上了4D毫米波雷达的车，蜂巢能源发力无钴电池，DeepMotion则聚焦感知、地图与定位模块。越来越多的科技创业公司正加快向适合自己的巨头靠拢，寻找最佳阵营，而不是自立为王。\n几乎再也难见十多年前，像Waymo、RoboTaxi、小马智行、Drive.ai等豪掷重金期望包圆无人驾驶的行业巨头了。\n而这样的环境，似乎正适合当下的小米。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811817124,"gmtCreate":1630308610668,"gmtModify":1676530263649,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/811817124","repostId":"2162769050","repostType":4,"repost":{"id":"2162769050","kind":"news","pubTimestamp":1630306963,"share":"https://ttm.financial/m/news/2162769050?lang=en_US&edition=fundamental","pubTime":"2021-08-30 15:02","market":"us","language":"zh","title":"Disney's biggest rival is here","url":"https://stock-news.laohu8.com/highlight/detail?id=2162769050","media":"AI财经社","summary":"传闻了多年的北京环球影城，终于在近日官宣，9月1日起正式开始试运营。\n作为一个集合了侏罗纪公园、哈利波特魔法世界、功夫熊猫、小黄人乐园、未来水世界等众多电影IP的国际主题乐园，环球影城盛名在外。起源于","content":"<p>Universal Studios Beijing, which has been rumored for many years, finally officially announced recently that it will officially start trial operation on September 1.</p><p>As an international theme park that integrates many movie IPs such as Jurassic Park, The Wizarding World of Harry Potter, Kung Fu Panda, Minions Paradise, Future Water World, etc., Universal Studios is well-known. Originated in Hollywood's film culture, in 1963, Universal Studios converted some studios into Universal Studios and opened to the public, which became the original appearance of Universal Studios.</p><p>In the following years, Universal Studios Orlando, Universal Studios Osaka and Universal Studios Resorts World have also opened one after another, becoming entertainment paradises for many adults.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210828204240281v201jcm6vr6qr7s\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Figure/<a href=\"https://laohu8.com/S/000681\">Vision china</a></p><p>As the fifth Universal Studios in the world, Universal Studios Beijing has been placed on more expectations. Although Universal Studios has been in a stressful internal beta stage, during which it is only open to invited users and has not sold any tickets to the public, as soon as the news of its upcoming opening came out, it still immediately appeared on the board<a href=\"https://laohu8.com/S/WB\">Weibo</a>Hot search, some users asked on social platforms: \"Who has the resources of Universal Studios? I really want to go!\"</p><p>From the current scalper ticket prices circulating in the market, we can also understand the public's enthusiasm for Universal Studios Beijing. On August 20th, after the announcement of the launch of Universal Studios Beijing, the tickets of scalpers began to rise, and the price rose from 1,000 yuan to a maximum of seven or eight thousand yuan, a staggering increase. Some scalpers were even detained for reselling internal testing qualifications.</p><p>Behind the difficulty of finding a ticket, what is the experience of Universal Studios Beijing? Behind the expensive scalper tickets, what is the business experience of theme parks?</p><p><b>A ticket is hard to find, and the internal beta ticket was fired by scalpers for thousands of yuan</b></p><p>\"Happy loading, looking forward to meeting in Universal Beijing Resort\", on August 19, 2021, a Weibo post on the official Weibo account of Universal Studios made Universal fans excited. Universal Studios Beijing, which has been under construction for about 20 years and nearly 7 years, has cost more than tens of billions, is finally coming.</p><p>As a global international theme park, Universal Studios Beijing has its own great attraction. There are seven theme scenic spots here, namely: Kung Fu Panda Land of Awesomeness, Transformers Base, Minions Paradise, The Wizarding World of Harry Potter, Nublar Island in Jurassic World, Hollywood and Future Water World. At the same time, there are 37 riding entertainment facilities and landmark attractions, and 24 performances.</p><p>Therefore, in the past year or so, although it has not officially met with the public, all kinds of opening news of Universal Studios Beijing have long been heard. Since the announcement of the opening in May 2021 at the end of last year, the news of \"the opening of Universal Studios Beijing\" has been delayed for several months. It was not until the announcement of the start of employee pressure testing on August 20 that Universal Studios Beijing finally officially launched</p><p>Originally, according to the plan of Universal Studios, each employee had 5 tickets in his hand. The people who experienced Universal Studios for the first time should be some partners, employees and their families.</p><p>However, after the news came out, Universal Beijing Resort's experience qualification was regarded as a \"sweet cake\" by many tourists, which also allowed scalpers to take advantage of loopholes and sell internal test tickets one after another. Soon, in the social circle of scalpers, \"August 26th-September 15th\", \"the current limit is about 2,000 people, and there are only 20 internal test places every day\", and the news that \"the ticket price starts from 3,000 yuan\" swiped the screen constantly.</p><p>According to AI Finance and Economics, many scalpers obtain ticket qualifications by communicating the internal test qualification codes of official contract employees. A person who has a job in Universal Studios Beijing told AI Finance and Economics, \"Scalpers will purchase the internal test qualification invitation code for about 1,000 yuan through contract workers, and the reservation text message after the user's real name registration can be sold as an internal ticket.\"</p><p>In the early days, the ticket price of scalpers was only about 1,000 yuan, but with the rising popularity of Universal Studios and the scarcity of tickets, the original ticket price of 1,000 yuan began to rise. A scalper told AI Finance and Economics that since August is still in the internal beta period, the price of internal beta tickets is relatively high. Individual tickets have been priced at 7,000-8,000 yuan, and the trial operation tickets in September are relatively sufficient for the time being. If you want to wait below 2,000 yuan, you need to wait at least until the official opening of the park after October before going there.</p><p>At present, scalpers' ticket speculation has attracted the official attention. On August 21, the second day of the internal test, the official Weibo of the Tongzhou Branch of the Beijing Municipal Public Security Bureau announced that four illegal actors had been administratively detained according to law for reselling the internal test experience qualifications of Universal Studios and disrupting the normal business order. The price of the resold internal test qualifications ranged from 1,000 yuan to 5,000 yuan.</p><p>Some scalpers are already afraid of this. According to a scalper, \"The supervision of the police and the platform is very strict. If it is found, it will be directly removed from the shelves.\"</p><p>However, there are still scalpers who try their best to avoid tracing, such as putting up to five tickets online at one time. At the same time, scalpers have also begun to fall into \"involution\". Scalpers' ticket sales are mostly gang behaviors, mainly relying on distribution to obtain commissions. Due to fierce competition, they often report each other.</p><p>The wanton illegal reselling of scalpers has also given some illegal ticket sellers who sell fake tickets a living space. According to previous media reports, from August 21st to 22nd, in just two days, some users encountered three scammers in succession and lost 2,000 yuan deposit in the process of purchasing the internal test tickets of Universal Studios on August 28th. At present, the user has called the police and the police have filed a case.</p><p>According to the official customer service of Universal Studios, AI Finance and Economics, if the internal test code is true, it is indeed the only voucher to enter the park. If you are cheated, you can contact the official account to register the purchase record, buyer information, and registration information, but the park is not responsible for refunds.</p><p>At present, no official information has been released about the ticket price of Universal Studios Beijing after its official opening. However, AI Finance and Economics has learned that many scalpers have released trial operation/normal opening reservation information in the circle of friends. It said, \"Tickets are 599 yuan/ticket on weekdays, 739 yuan/ticket on weekends and 799 yuan/ticket on festivals\". However, up to now, the official ticketing channel has not been opened, and the ticket price has not been officially announced.</p><p><b>Excited tourists</b></p><p>Although it hasn't officially opened yet, there are many tourists who are eagerly looking forward to Universal Studios Beijing.</p><p>Before the park opened, Universal Studios had been on Weibo hot searches many times due to news such as \"earthy promotional videos\" and \"prices\". According to the official information, Universal Studios Beijing cost tens of billions, is controlled and operated by Hollywood, and the equipment and machinery are specially transported from abroad, which further increases the expectations of tourists.</p><p>Xiao Yan, who got the employee ticket, was the first batch of lucky winners to participate in the internal test. On the morning of August 28th, starting from the city of Beijing, Xiaoyan went straight to the suburbs of Tongzhou. An hour and a half later, she was standing at the gate of Universal Studios Beijing, and an iconic huge globe engraved with \"Universal Studio\" quickly attracted her attention.</p><p>This is Xiaoyan's second experience of Universal Studios project. Xiao Yan was deeply impressed by her last trip around the world in Los Angeles, USA, and she was even more looking forward to this trip around the world.</p><p>Yu Hong, another lucky tourist who was qualified for internal testing, said that he had been looking forward to his trip to Universal Studios Beijing since a week ago and was \"always excited\".</p><p>At 8 o'clock on the morning of August 28th, Yu Hong began to wait outside the main entrance of Universal Studios Beijing. She told AI Finance and Economics that the opening time of the park is 9: 00 a.m. In order to experience more projects as soon as possible, she left home at 7: 00 and arrived before 8: 00. However, at this time, a very large number of users have started queuing up.</p><p>This is also what surprised Xiao Yan. Although it is only an internal test for invited groups, there are already an endless stream of tourists from Universal Studios Beijing. In many popular attractions, such as Jurassic Theme Park, Century Adventure, Transformers Base and other project sites, the queue of tourists has been lined up from indoors to outdoors. If you want to experience the project, you often need to queue up for about an hour, \"queue up for one hour and experience it for two minutes\".</p><p><img src=\"https://static.tigerbbs.com/2fa71db980c600a33c90ad66cf72ce87\" tg-width=\"960\" tg-height=\"1280\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">(Photo/provided by interviewee)</p><p>In order to experience the park equipment more efficiently, Yu Hong has made a careful play plan. After entering the park with the first wave of electronic tickets, Yu Hong and his friends went all the way, and were able to ride the Decepticon roller coaster in the second batch-this is also one of the hottest projects in the park. Yu Hong described it as \"comparable to the roller coaster in Happy Valley\". When passing by here again, most tourists had already entered the park, and Yu Hong found that there had been a long queue, and they had to wait at least 120 minutes before they could play. In addition, the waiting time of \"Battle for the Source of Fire\", which is also Transformers IP, \"Harry Potter and the Forbidden Journey\", \"Flight of the Eagle Horse\" and Jurassic Adventure in the Harry Potter series are all more than 1 hour.</p><p>Harry Potter's IP is Xiaoyan's most anticipated project. In order to experience in depth, Xiaoyan also spent 800 yuan to buy Harry Potter magic robes and 300 yuan to buy interactive magic wands. \"The price of magic robes is cheaper than that in the United States,\" Xiao Yan was very pleased with the price. \"The unicorn bubble machine can be consumed for tens of dollars, and the price is also the same as<a href=\"https://laohu8.com/S/DIS\">Disney</a>Almost. \" The price of catering is not as sky-high as that of online transmission. According to Xiaoyan's observation, tourists who choose to eat in the scenic spot still account for the majority. \"In principle, the scenic spot is not allowed to bring food, and some restaurants still need to wait in line for meals.\"</p><p>Last year, Universal Studios Beijing was exposed to the high price of catering in the park. Some users who participated in the internal test posted shopping receipts-158 yuan for ribeye steak sandwich, 138 yuan for Kung Pao shrimp ball, 98 yuan for rainbow milkshake,<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Refilling 28 yuan, etc., caused heated discussion. In order to make full use of the limited time, Yu Hong chose to bring some of her own meals and gave up punching in the restaurant in the park. She said that on the one hand, she hopes to feel all the projects, and on the other hand, she also takes into account the cost performance. \"The projects all look good, but I heard that the food in the restaurant is average.\"</p><p>However, Yu Hong also passed by the restaurant and bar selling drinks and snacks. Butterfly buns and church fruits were each in 30 yuan, drinks in 15 yuan, mineral water in 10 yuan, and butter beer in 50 yuan. Yu Hong bought a fruit cup from 25 yuan. \"It feels OK, and the scenic spot is about the same price.\"</p><p>And mention the feeling of immersion. \"Domestic customers are more regarded as God, while foreign countries feel like friends,\" Xiao Yan said. \"Domestic staff have a good attitude, but they are more cautious. For example, in the small train project in Harry Potter scenic spot, the vehicle managers in Los Angeles Park will chat enthusiastically and take photos, and make some dramatic language actions to let tourists enter the play. The vehicle managers in Beijing should be more cautious and won't exaggerate.\"</p><p>In fact, compared with Universal Studios in Los Angeles, USA, Universal Studios Beijing is undoubtedly larger in area and has more people. At present, only the first phase of Universal Studios is open. With the construction of the second and third phases of the project in the future, Universal Beijing Resort will eventually cover an area of 4 square kilometers and become the largest Universal Studios theme park in the world.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>In the research report, it is estimated that Universal Studios Beijing will receive about 15 million to 20 million tourists annually, and the unit price of customers is expected to exceed 1,500 yuan. After maturity, the annual turnover will be about 25 billion to 30 billion yuan.</p><p><b>Business experience of theme parks</b></p><p>Before entering China, Universal Studios and Disney, as two major film and television themed IP parks, had long been international rivals.</p><p>Universal Studios and Disney are not only similar in strategy, but both rely on IP to start their business, and they are also quite close in location selection, showing a tendency to confront each other. For example, among the six Disney stores in the world, there are two in the United States and three in Asia. The five Universal Studios in the world are also two in the United States and three in Asia.</p><p>However, in terms of audience groups, the two are different. Universal Studios, which holds popular IPs such as \"Harry Potter\", \"Transformers\" and \"Jurassic World\", has attracted many adult tourist groups with a wider age group by virtue of its technological amusement facilities and movie effects. Disneyland, with its strong \"Mickey Mouse\" IP influence and rich business experience, is very popular among parent-child groups.</p><p>Nowadays, Shanghai Disneyland, which is the first to enter the country, has been highly recognized in the domestic theme park market. According to the data, in 2020, Shanghai Disneyland received 5.5 million tourists, equivalent to 52% of 2019, and its annual income was equivalent to 54%, making it the best large-scale theme park in the world since the epidemic.</p><p>Not long ago, Shanghai Disneyland quietly raised the ticket price. This is also the third increase in ticket prices since Shanghai Disneyland opened five years ago. At the beginning of the park's opening, it offers two options: weekday tickets and peak day tickets. The former is priced at 370 yuan and the latter is 499 yuan. Since January 9, 2022, the ticket price will be adjusted to 435 yuan for regular days, 545 yuan for special routine days, 659 yuan for peak days, and 769 yuan for special peak days.</p><p>As a seed player against Disneyland, Universal Studios' business challenges are not small. The price of Universal Studios will determine the enthusiasm of tourists to play to a certain extent. According to many ticketing staff, the stabilized price is basically compared with Disney, and the approximate price is around 500 yuan, which will not be as outrageous as it is now.</p><p>In terms of IP operation, it has replicated the successful localization experience of Universal Studios Japan in the past. In order to attract Japanese tourists to visit, Universal Studios Japan joined forces with local IP and added factors such as Mario and Conan, with remarkable results. Universal Studios Beijing has also made a lot of efforts in local IP, introducing Kung Fu Panda Park in order to win the favor of Chinese tourists.</p><p>In fact, for a theme park, its revenue can be roughly divided into two parts, one is tickets, and the other is catering, derivatives and other consumption after entering the park. Take Disney as an example. Its ticket revenue in fiscal year 2019 was US $7.5 billion, while other revenue from the theme park, experience and product business segments all came from secondary consumption after entering the park-food and beverage sales revenue was US $5.96 billion, hotels, cruise ships and other revenue was US $6.27 billion, IP licensing development and self-operated commemorative goods revenue was US $4.52 billion, and park rental and sales revenue was US $1.94 billion. This part in total is much higher than the revenue from tickets themselves.</p><p>The revenue structure of Universal Studios is generally the same. Like Disney, due to its well-known IP, souvenir sales are also regarded as a key step in its \"gold attraction\". After brushing all the key projects, Yu Hong and his friends went shopping in the shops in the park. The headband costs 135 yuan, the refrigerator magnet costs more than 70 yuan, and the minions doll costs 179 yuan... She lamented that \"it's still quite expensive\", but she still bought two work card bags and a refrigerator magnet at the store in Minions Paradise, which cost a total of 195 yuan. Paying for the IP premium, she thinks, is \"worth it\".</p><p>In addition to the operation of the park, Universal Studios, located in Tongzhou District, the sub-center of Beijing, has high hopes of promoting regional commerce and promoting urban cultural tourism. According to Song Yu, chairman of BTG Group, in an interview, after the opening of the park, Universal Beijing Resort is expected to receive 10-12 million tourists every year. With the launch of Universal Studios, it will effectively incite the development of surrounding tourism, economy and other related industries.</p><p>Throughout the country, the landing of Universal Studios Beijing Resort has a particularly significant pulling effect on the park market in the north. According to statistics from the Sullivan Institute, among the world-renowned theme park brands that are about to land in China and have already landed in China, Disney,<a href=\"https://laohu8.com/S/TWX\">Time Warner</a>DreamWorks, Legoland and Six Flags are all located in the south, and only Universal Studios is in Beijing.</p><p>Can Universal Studios, which has been in preparation for 20 years, shake Disney's position as the leader? Can we change the pattern of North-South Paradise by ourselves? It still needs time to test.</p><p>For domestic theme parks such as Happy Valley and Sunac Park, it also means the arrival of another strong opponent. Compared with the former, both Disney and Universal Studios are better at content and IP operations, and have strong brand appeal. Whether they can make the theme park business bigger, better and scalable? Perhaps the value is a question that developers behind domestic theme parks should think more about.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney's biggest rival is here</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\">\nDisney's biggest rival is here\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AI财经社</strong><span class=\"h-time small\">2021-08-30 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Universal Studios Beijing, which has been rumored for many years, finally officially announced recently that it will officially start trial operation on September 1.</p><p>As an international theme park that integrates many movie IPs such as Jurassic Park, The Wizarding World of Harry Potter, Kung Fu Panda, Minions Paradise, Future Water World, etc., Universal Studios is well-known. Originated in Hollywood's film culture, in 1963, Universal Studios converted some studios into Universal Studios and opened to the public, which became the original appearance of Universal Studios.</p><p>In the following years, Universal Studios Orlando, Universal Studios Osaka and Universal Studios Resorts World have also opened one after another, becoming entertainment paradises for many adults.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210828204240281v201jcm6vr6qr7s\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Figure/<a href=\"https://laohu8.com/S/000681\">Vision china</a></p><p>As the fifth Universal Studios in the world, Universal Studios Beijing has been placed on more expectations. Although Universal Studios has been in a stressful internal beta stage, during which it is only open to invited users and has not sold any tickets to the public, as soon as the news of its upcoming opening came out, it still immediately appeared on the board<a href=\"https://laohu8.com/S/WB\">Weibo</a>Hot search, some users asked on social platforms: \"Who has the resources of Universal Studios? I really want to go!\"</p><p>From the current scalper ticket prices circulating in the market, we can also understand the public's enthusiasm for Universal Studios Beijing. On August 20th, after the announcement of the launch of Universal Studios Beijing, the tickets of scalpers began to rise, and the price rose from 1,000 yuan to a maximum of seven or eight thousand yuan, a staggering increase. Some scalpers were even detained for reselling internal testing qualifications.</p><p>Behind the difficulty of finding a ticket, what is the experience of Universal Studios Beijing? Behind the expensive scalper tickets, what is the business experience of theme parks?</p><p><b>A ticket is hard to find, and the internal beta ticket was fired by scalpers for thousands of yuan</b></p><p>\"Happy loading, looking forward to meeting in Universal Beijing Resort\", on August 19, 2021, a Weibo post on the official Weibo account of Universal Studios made Universal fans excited. Universal Studios Beijing, which has been under construction for about 20 years and nearly 7 years, has cost more than tens of billions, is finally coming.</p><p>As a global international theme park, Universal Studios Beijing has its own great attraction. There are seven theme scenic spots here, namely: Kung Fu Panda Land of Awesomeness, Transformers Base, Minions Paradise, The Wizarding World of Harry Potter, Nublar Island in Jurassic World, Hollywood and Future Water World. At the same time, there are 37 riding entertainment facilities and landmark attractions, and 24 performances.</p><p>Therefore, in the past year or so, although it has not officially met with the public, all kinds of opening news of Universal Studios Beijing have long been heard. Since the announcement of the opening in May 2021 at the end of last year, the news of \"the opening of Universal Studios Beijing\" has been delayed for several months. It was not until the announcement of the start of employee pressure testing on August 20 that Universal Studios Beijing finally officially launched</p><p>Originally, according to the plan of Universal Studios, each employee had 5 tickets in his hand. The people who experienced Universal Studios for the first time should be some partners, employees and their families.</p><p>However, after the news came out, Universal Beijing Resort's experience qualification was regarded as a \"sweet cake\" by many tourists, which also allowed scalpers to take advantage of loopholes and sell internal test tickets one after another. Soon, in the social circle of scalpers, \"August 26th-September 15th\", \"the current limit is about 2,000 people, and there are only 20 internal test places every day\", and the news that \"the ticket price starts from 3,000 yuan\" swiped the screen constantly.</p><p>According to AI Finance and Economics, many scalpers obtain ticket qualifications by communicating the internal test qualification codes of official contract employees. A person who has a job in Universal Studios Beijing told AI Finance and Economics, \"Scalpers will purchase the internal test qualification invitation code for about 1,000 yuan through contract workers, and the reservation text message after the user's real name registration can be sold as an internal ticket.\"</p><p>In the early days, the ticket price of scalpers was only about 1,000 yuan, but with the rising popularity of Universal Studios and the scarcity of tickets, the original ticket price of 1,000 yuan began to rise. A scalper told AI Finance and Economics that since August is still in the internal beta period, the price of internal beta tickets is relatively high. Individual tickets have been priced at 7,000-8,000 yuan, and the trial operation tickets in September are relatively sufficient for the time being. If you want to wait below 2,000 yuan, you need to wait at least until the official opening of the park after October before going there.</p><p>At present, scalpers' ticket speculation has attracted the official attention. On August 21, the second day of the internal test, the official Weibo of the Tongzhou Branch of the Beijing Municipal Public Security Bureau announced that four illegal actors had been administratively detained according to law for reselling the internal test experience qualifications of Universal Studios and disrupting the normal business order. The price of the resold internal test qualifications ranged from 1,000 yuan to 5,000 yuan.</p><p>Some scalpers are already afraid of this. According to a scalper, \"The supervision of the police and the platform is very strict. If it is found, it will be directly removed from the shelves.\"</p><p>However, there are still scalpers who try their best to avoid tracing, such as putting up to five tickets online at one time. At the same time, scalpers have also begun to fall into \"involution\". Scalpers' ticket sales are mostly gang behaviors, mainly relying on distribution to obtain commissions. Due to fierce competition, they often report each other.</p><p>The wanton illegal reselling of scalpers has also given some illegal ticket sellers who sell fake tickets a living space. According to previous media reports, from August 21st to 22nd, in just two days, some users encountered three scammers in succession and lost 2,000 yuan deposit in the process of purchasing the internal test tickets of Universal Studios on August 28th. At present, the user has called the police and the police have filed a case.</p><p>According to the official customer service of Universal Studios, AI Finance and Economics, if the internal test code is true, it is indeed the only voucher to enter the park. If you are cheated, you can contact the official account to register the purchase record, buyer information, and registration information, but the park is not responsible for refunds.</p><p>At present, no official information has been released about the ticket price of Universal Studios Beijing after its official opening. However, AI Finance and Economics has learned that many scalpers have released trial operation/normal opening reservation information in the circle of friends. It said, \"Tickets are 599 yuan/ticket on weekdays, 739 yuan/ticket on weekends and 799 yuan/ticket on festivals\". However, up to now, the official ticketing channel has not been opened, and the ticket price has not been officially announced.</p><p><b>Excited tourists</b></p><p>Although it hasn't officially opened yet, there are many tourists who are eagerly looking forward to Universal Studios Beijing.</p><p>Before the park opened, Universal Studios had been on Weibo hot searches many times due to news such as \"earthy promotional videos\" and \"prices\". According to the official information, Universal Studios Beijing cost tens of billions, is controlled and operated by Hollywood, and the equipment and machinery are specially transported from abroad, which further increases the expectations of tourists.</p><p>Xiao Yan, who got the employee ticket, was the first batch of lucky winners to participate in the internal test. On the morning of August 28th, starting from the city of Beijing, Xiaoyan went straight to the suburbs of Tongzhou. An hour and a half later, she was standing at the gate of Universal Studios Beijing, and an iconic huge globe engraved with \"Universal Studio\" quickly attracted her attention.</p><p>This is Xiaoyan's second experience of Universal Studios project. Xiao Yan was deeply impressed by her last trip around the world in Los Angeles, USA, and she was even more looking forward to this trip around the world.</p><p>Yu Hong, another lucky tourist who was qualified for internal testing, said that he had been looking forward to his trip to Universal Studios Beijing since a week ago and was \"always excited\".</p><p>At 8 o'clock on the morning of August 28th, Yu Hong began to wait outside the main entrance of Universal Studios Beijing. She told AI Finance and Economics that the opening time of the park is 9: 00 a.m. In order to experience more projects as soon as possible, she left home at 7: 00 and arrived before 8: 00. However, at this time, a very large number of users have started queuing up.</p><p>This is also what surprised Xiao Yan. Although it is only an internal test for invited groups, there are already an endless stream of tourists from Universal Studios Beijing. In many popular attractions, such as Jurassic Theme Park, Century Adventure, Transformers Base and other project sites, the queue of tourists has been lined up from indoors to outdoors. If you want to experience the project, you often need to queue up for about an hour, \"queue up for one hour and experience it for two minutes\".</p><p><img src=\"https://static.tigerbbs.com/2fa71db980c600a33c90ad66cf72ce87\" tg-width=\"960\" tg-height=\"1280\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">(Photo/provided by interviewee)</p><p>In order to experience the park equipment more efficiently, Yu Hong has made a careful play plan. After entering the park with the first wave of electronic tickets, Yu Hong and his friends went all the way, and were able to ride the Decepticon roller coaster in the second batch-this is also one of the hottest projects in the park. Yu Hong described it as \"comparable to the roller coaster in Happy Valley\". When passing by here again, most tourists had already entered the park, and Yu Hong found that there had been a long queue, and they had to wait at least 120 minutes before they could play. In addition, the waiting time of \"Battle for the Source of Fire\", which is also Transformers IP, \"Harry Potter and the Forbidden Journey\", \"Flight of the Eagle Horse\" and Jurassic Adventure in the Harry Potter series are all more than 1 hour.</p><p>Harry Potter's IP is Xiaoyan's most anticipated project. In order to experience in depth, Xiaoyan also spent 800 yuan to buy Harry Potter magic robes and 300 yuan to buy interactive magic wands. \"The price of magic robes is cheaper than that in the United States,\" Xiao Yan was very pleased with the price. \"The unicorn bubble machine can be consumed for tens of dollars, and the price is also the same as<a href=\"https://laohu8.com/S/DIS\">Disney</a>Almost. \" The price of catering is not as sky-high as that of online transmission. According to Xiaoyan's observation, tourists who choose to eat in the scenic spot still account for the majority. \"In principle, the scenic spot is not allowed to bring food, and some restaurants still need to wait in line for meals.\"</p><p>Last year, Universal Studios Beijing was exposed to the high price of catering in the park. Some users who participated in the internal test posted shopping receipts-158 yuan for ribeye steak sandwich, 138 yuan for Kung Pao shrimp ball, 98 yuan for rainbow milkshake,<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Refilling 28 yuan, etc., caused heated discussion. In order to make full use of the limited time, Yu Hong chose to bring some of her own meals and gave up punching in the restaurant in the park. She said that on the one hand, she hopes to feel all the projects, and on the other hand, she also takes into account the cost performance. \"The projects all look good, but I heard that the food in the restaurant is average.\"</p><p>However, Yu Hong also passed by the restaurant and bar selling drinks and snacks. Butterfly buns and church fruits were each in 30 yuan, drinks in 15 yuan, mineral water in 10 yuan, and butter beer in 50 yuan. Yu Hong bought a fruit cup from 25 yuan. \"It feels OK, and the scenic spot is about the same price.\"</p><p>And mention the feeling of immersion. \"Domestic customers are more regarded as God, while foreign countries feel like friends,\" Xiao Yan said. \"Domestic staff have a good attitude, but they are more cautious. For example, in the small train project in Harry Potter scenic spot, the vehicle managers in Los Angeles Park will chat enthusiastically and take photos, and make some dramatic language actions to let tourists enter the play. The vehicle managers in Beijing should be more cautious and won't exaggerate.\"</p><p>In fact, compared with Universal Studios in Los Angeles, USA, Universal Studios Beijing is undoubtedly larger in area and has more people. At present, only the first phase of Universal Studios is open. With the construction of the second and third phases of the project in the future, Universal Beijing Resort will eventually cover an area of 4 square kilometers and become the largest Universal Studios theme park in the world.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>In the research report, it is estimated that Universal Studios Beijing will receive about 15 million to 20 million tourists annually, and the unit price of customers is expected to exceed 1,500 yuan. After maturity, the annual turnover will be about 25 billion to 30 billion yuan.</p><p><b>Business experience of theme parks</b></p><p>Before entering China, Universal Studios and Disney, as two major film and television themed IP parks, had long been international rivals.</p><p>Universal Studios and Disney are not only similar in strategy, but both rely on IP to start their business, and they are also quite close in location selection, showing a tendency to confront each other. For example, among the six Disney stores in the world, there are two in the United States and three in Asia. The five Universal Studios in the world are also two in the United States and three in Asia.</p><p>However, in terms of audience groups, the two are different. Universal Studios, which holds popular IPs such as \"Harry Potter\", \"Transformers\" and \"Jurassic World\", has attracted many adult tourist groups with a wider age group by virtue of its technological amusement facilities and movie effects. Disneyland, with its strong \"Mickey Mouse\" IP influence and rich business experience, is very popular among parent-child groups.</p><p>Nowadays, Shanghai Disneyland, which is the first to enter the country, has been highly recognized in the domestic theme park market. According to the data, in 2020, Shanghai Disneyland received 5.5 million tourists, equivalent to 52% of 2019, and its annual income was equivalent to 54%, making it the best large-scale theme park in the world since the epidemic.</p><p>Not long ago, Shanghai Disneyland quietly raised the ticket price. This is also the third increase in ticket prices since Shanghai Disneyland opened five years ago. At the beginning of the park's opening, it offers two options: weekday tickets and peak day tickets. The former is priced at 370 yuan and the latter is 499 yuan. Since January 9, 2022, the ticket price will be adjusted to 435 yuan for regular days, 545 yuan for special routine days, 659 yuan for peak days, and 769 yuan for special peak days.</p><p>As a seed player against Disneyland, Universal Studios' business challenges are not small. The price of Universal Studios will determine the enthusiasm of tourists to play to a certain extent. According to many ticketing staff, the stabilized price is basically compared with Disney, and the approximate price is around 500 yuan, which will not be as outrageous as it is now.</p><p>In terms of IP operation, it has replicated the successful localization experience of Universal Studios Japan in the past. In order to attract Japanese tourists to visit, Universal Studios Japan joined forces with local IP and added factors such as Mario and Conan, with remarkable results. Universal Studios Beijing has also made a lot of efforts in local IP, introducing Kung Fu Panda Park in order to win the favor of Chinese tourists.</p><p>In fact, for a theme park, its revenue can be roughly divided into two parts, one is tickets, and the other is catering, derivatives and other consumption after entering the park. Take Disney as an example. Its ticket revenue in fiscal year 2019 was US $7.5 billion, while other revenue from the theme park, experience and product business segments all came from secondary consumption after entering the park-food and beverage sales revenue was US $5.96 billion, hotels, cruise ships and other revenue was US $6.27 billion, IP licensing development and self-operated commemorative goods revenue was US $4.52 billion, and park rental and sales revenue was US $1.94 billion. This part in total is much higher than the revenue from tickets themselves.</p><p>The revenue structure of Universal Studios is generally the same. Like Disney, due to its well-known IP, souvenir sales are also regarded as a key step in its \"gold attraction\". After brushing all the key projects, Yu Hong and his friends went shopping in the shops in the park. The headband costs 135 yuan, the refrigerator magnet costs more than 70 yuan, and the minions doll costs 179 yuan... She lamented that \"it's still quite expensive\", but she still bought two work card bags and a refrigerator magnet at the store in Minions Paradise, which cost a total of 195 yuan. Paying for the IP premium, she thinks, is \"worth it\".</p><p>In addition to the operation of the park, Universal Studios, located in Tongzhou District, the sub-center of Beijing, has high hopes of promoting regional commerce and promoting urban cultural tourism. According to Song Yu, chairman of BTG Group, in an interview, after the opening of the park, Universal Beijing Resort is expected to receive 10-12 million tourists every year. With the launch of Universal Studios, it will effectively incite the development of surrounding tourism, economy and other related industries.</p><p>Throughout the country, the landing of Universal Studios Beijing Resort has a particularly significant pulling effect on the park market in the north. According to statistics from the Sullivan Institute, among the world-renowned theme park brands that are about to land in China and have already landed in China, Disney,<a href=\"https://laohu8.com/S/TWX\">Time Warner</a>DreamWorks, Legoland and Six Flags are all located in the south, and only Universal Studios is in Beijing.</p><p>Can Universal Studios, which has been in preparation for 20 years, shake Disney's position as the leader? Can we change the pattern of North-South Paradise by ourselves? It still needs time to test.</p><p>For domestic theme parks such as Happy Valley and Sunac Park, it also means the arrival of another strong opponent. Compared with the former, both Disney and Universal Studios are better at content and IP operations, and have strong brand appeal. Whether they can make the theme park business bigger, better and scalable? Perhaps the value is a question that developers behind domestic theme parks should think more about.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108282043557c35153a&s=b\">AI财经社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://fid-75186.picgzc.qpic.cn/20210828204237904v201o5tb40djvqy","relate_stocks":{"DIS":"迪士尼"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108282043557c35153a&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162769050","content_text":"传闻了多年的北京环球影城，终于在近日官宣，9月1日起正式开始试运营。\n作为一个集合了侏罗纪公园、哈利波特魔法世界、功夫熊猫、小黄人乐园、未来水世界等众多电影IP的国际主题乐园，环球影城盛名在外。起源于好莱坞的电影文化，1963年，环球制片公司将部分摄影棚改建成环球影视城对外开放，这就成了环球影城最初的模样。\n此后多年间，环球奥兰多影城、日本大阪环球影城和新加坡名胜世界环球影城也相继开业，成为许多成年人的娱乐天堂。\n\n图 / 视觉中国\n作为全球第五家环球影城，北京环球影城被寄予了更多期待。尽管环球影城一直处于压力内测阶段，期间仅向受邀用户开放，且并未向公众销售任何门票，但即将开业的消息一出，仍然立刻登上微博热搜，有用户在社交平台发问：“谁有环球影城的资源？好想去！”\n从目前市面上流传出的黄牛票价，也能理解大众对北京环球影城的热情。8月20日，北京环球影城启动的消息公布后，黄牛们的门票开始水涨船高，价格从一千元涨到最高七八千元，涨幅令人咋舌。甚至有黄牛因倒卖内测资格被拘留。\n一票难求背后，北京环球影城的体验究竟如何？价格高昂的黄牛票背后，主题公园的生意经又是怎样的？\n一票难求，内测票被黄牛炒至数千元\n“快乐加载中，期待在北京环球度假区相遇”，2021年8月19日，北京环球影城官微的一条微博，让环球的粉丝们沸腾了起来。这个筹建约20年、修建近7年，耗资超数百亿的北京环球影城，终于要来了。\n作为一家全球性的国际主题乐园，北京环球影城出身自带巨大吸引力。这里共设有七大主题景区，分别为：功夫熊猫盖世之地、变形金刚基地、小黄人乐园、哈利波特的魔法世界、侏罗纪世界努布拉岛、好莱坞和未来水世界，同时设有37个骑乘娱乐设施及地标景点，24个表演演出。\n也因此，过去一年多时间里，尽管还没有正式与公众见面，北京环球影城的各类开业消息早已不绝于耳。从去年底宣布2021年5月开业至今，“北京环球影城开业”的消息一连推迟了数月，直至宣布8月20日开启员工压力内测，北京环球影城才终于正式问世\n原本，按照环球影城的计划，每位员工手中有5张门票，首次体验环球影城的人群，应该是部分合作伙伴、员工及其家人。\n但消息传出后，北京环球度假区的体验资格，被很多游客视为“香饽饽”，也让黄牛钻了空子，纷纷售卖起内测票。很快，在黄牛的社交圈里，“8月26日-9月15日”，“限流2000人左右，每日仅20个内测名额”，“门票价格3000元起”的消息就刷屏不断。\n据AI财经社了解，不少黄牛是通过沟通官方合同员工的内测资格码，获得的门票资格，一位在北京环球影城内部有工作的人士告诉AI财经社，“黄牛会通过合同工以1000元左右购得内测资格邀请码，用户实名注册后的预约短信就可作为内部票出售。”\n早期，黄牛的售票价格仅为千元左右，但随着环球影城热度的走高，以及门票的稀缺性，原本千元的门票价格，涨幅开始不断走高。一位黄牛对AI财经社表示，8月由于还是内测时期，内测票的价格较高，个别门票已经标价7000元-8000元，9月的试运营门票暂时还比较充足。如果想等到2000元以下，至少需要等到10月之后正式开园后再前往。\n目前，黄牛的门票炒作行为，已经引起了官方的注意。8月21日，内测的第二天，北京市公安局通州分局官方微博通报消息称，因倒卖环球影城内部测试体验资格，扰乱正常经营秩序，4名违法行为人已被依法行政拘留，被倒卖的内测资格价格在1000元-5000元不等。\n有些黄牛已对此感到忌惮。据一位黄牛透露，“警方和平台的监管非常严，查到的话直接下架处理。”\n不过，仍旧有黄牛为了躲避追查使尽招数，例如一次性最多上线五张门票。同时，黄牛内部也开始陷入“内卷”，黄牛售票多为团伙行为，主要依靠采取分销，获取佣金提成，而由于竞争激烈，也常有举报彼此的现象发生。\n黄牛的大肆违规倒卖下，也给了一些售卖假票的不法票贩子们生存空间。据媒体此前报道称，8月21日至22日，短短两天时间，有用户在求购8月28日环球影城内测票的过程中，接连遇上了三个骗子，并损失了2000元订金。目前，该用户已经报警，警方也已予立案。\n据环球影城官方客服对AI财经社表示，内测码如属实确实是唯一入园凭证、如果被骗可联系公众号登记购买记录、买家信息、注册信息，但园区不负责退款。\n目前，有关北京环球影城正式开园后的票价，还未有官方信息发布。不过AI财经社了解到，已有多位黄牛在朋友圈发布了试运营/正常开园预定信息。其表示，“平日票599元/张，周末739元/张，节庆日799元/张”。不过，截至目前，官方售票渠道尚未开通，售票价格也还未正式公布。\n激动的游客们\n虽然还没正式开业，但对北京环球影城翘首以盼的游客们不在少数。\n还没开园之前，环球影城已经因“土味宣传视频”、“物价”等消息多次登上微博热搜。根据官方披露的信息，北京环球影城耗资数百亿，由好莱坞层面把控运营，设备机械专程从国外运输而来，这更加增添了游客们的期待。\n拿到员工门票的小严，是第一批参与内测的幸运儿。8月28日一早，从北京城区出发，小燕直奔向通州郊区。一个半小时后，她就站在了北京环球影城的大门口，一个刻着“Universal Studio”的标志性巨大地球仪迅速吸引了她的注意力。\n这已经是小严第二次体验环球影城项目了。上一次的美国洛杉矶环球之旅，曾让小严印象深刻，对于这次的环球之旅，她更是期待。\n另一位幸运获得内测资格的游客于虹则表示，从一周前就开始期待自己的北京环球影城之旅了，“一直处于激动之中”。\n8月28日早上8点，于虹开始在北京环球影城正门外等候。她告诉AI财经社，开园时间是早上9点，为了能尽早体验到更多的项目，她7点就从家出发，抵达时间为8点前。然而，此时已有非常多的用户开始排队。\n这也是让小严倍感意外的地方，尽管只是面向受邀群体的内测，但北京环球影城的游客们已经络绎不绝。很多热门景点，如侏罗纪主题公园、世纪大冒险、变形金刚基地等项目场所中，游客的队伍已经从室内排到了室外。想要体验到项目，往往需要排队一个小时左右，“排队一小时，体验两分钟”。\n（图/受访者提供）\n为了更高效的体验园区设备，于虹制定了周密的游玩计划。凭电子票第一波入园后，于虹和朋友就一路狂飙，得以第二批乘坐霸天虎过山车——这也是园区最热门的项目之一，于虹形容其“和欢乐谷的过山车不相上下”。再路过这里时，大部分游客已入园，于虹发现其已经排起了长长的队伍，至少需要等待120分钟才能游玩。除此之外，同为变形金刚IP的“火种源争夺战”，哈利·波特系列的“哈利·波特与禁忌之旅”、“鹰马飞行”以及侏罗纪大冒险等待时间均在1小时以上。\n哈利波特这一IP则是小严最期待的项目。为了深入体验，小严还花了800元购买哈利波特魔法袍，花300元购买了互动魔法棒。“魔法袍的价格比美国要便宜”，小严对于价格甚感欣慰，“独角兽泡泡机几十块钱就能消费，价格也和迪士尼差不多。”而餐饮的价格并不像网传一般天价。据小严观察，选择在景区内就餐的游客依然占多数，“原则上景区不让带吃的，有些餐厅还需要排队等餐。”\n去年，北京环球影城曾被曝园区餐饮物价过高，有参与内测的用户晒出购物小票——肉眼牛排三明治158元，宫保虾球138元，彩虹奶昔98元，可口可乐续杯28元等，引发热议。为了充分利用有限的时间，于虹选择自带一部分餐食，放弃了园内餐厅的打卡。她说，一方面是希望把各个项目都感受一下，另一方面也考虑到性价比。“项目看起来都不错，但是听说餐厅的食物比较一般。”\n不过，于虹也路过了售卖饮品和小食的餐吧，蝴蝶包和吉事果每份30元，饮料15元，矿泉水10元，黄油啤酒售价则是50元。于虹买了一个25元的水果杯，“感觉还可以，景区也差不多这个价格。”\n而提及沉浸式的感受。“国内更把顾客当上帝，国外感觉是当朋友”，小严说道，“国内的工作人员态度都很好，但更拘谨一点。比如哈利波特景区的小火车项目，洛杉矶园区的车管员会热情的聊天合影，做出一些比较戏剧性的语言动作，让游客入戏。北京园区的车管员则要更拘谨一些，不会有过于夸张的举动。”\n事实上，与美国洛杉矶的环球影城相比，北京环球影城的面积无疑要更大，人也要更多。目前，环球影城只有一期开放，随着未来二期、三期工程的建设，北京环球度假区最终占地将达到4平方公里，将成为全球规模最大的一家环球影城主题公园。\n中信建投在研报中预计，北京环球影城年接待游客数量约1500万至2000万人次，预计客单价将超过1500元，成熟后每年营业额大约在250亿元到300亿元。\n主题乐园的生意经\n进入中国之前，环球影城和迪士尼，作为两大影视主题IP乐园，早就已经是国际对手了。\n环球影城与迪士尼，二者不仅在战略上相似，都依靠IP起家，选址上也相当接近，彼此呈对垒之势。譬如，全球6家迪士尼中，美国本土的2家，亚洲3家，全球5家环球影城同样也是美国2家，亚洲3家。\n但在受众群体上，二者却有所不同，手持“哈利·波特”“变形金刚”“侏罗纪世界”等热门IP的环球影城，凭借科技感十足的游乐设施和电影效应，吸引了很多成年游客群体，游客的年龄段更广。而迪士尼乐园，凭借强大的“米老鼠”IP影响力与丰富的经营经验，颇受亲子群体的欢迎。\n如今，抢先一步入驻国内的上海迪士尼，已经在国内主题乐园市场获得了高度认可。数据显示，2020年，上海迪士尼乐园接待游客550万人次，相当于2019年的52%，年收入相当于54%，成为疫情以来全球恢复最好的大型主题乐园。\n就在不久之前，上海迪士尼乐园还悄悄提升了门票价格。这也是上海迪士尼乐园开园五年以来，三次上涨门票价格。开园伊始，其提供平日票和高峰日票两种选择，前者价格为370元，后者为499元。而自2022年1月9日，常规日门票调整为435元，特别常规为545元，高峰日为659元，特别高峰日为769元。\n作为对阵迪士尼乐园的种子选手，环球影城的经营挑战并不小。环球影城的价格高低，将一定程度上决定着游客们的游玩积极性。据不少票务人员介绍，稳定过后的价格基本对标迪士尼，大致价位在500元左右，不会像现在炒的这么离谱。\nIP运营方面则复制了以往日本环球影城的本土化成功经验。为了吸引日本游客前来游玩，日本环球影城联合本土IP，加入了如马里奥、柯南等因素，效果显著。而北京环球影城也在本土IP上下了不少功夫，引入功夫熊猫园区，以期获得中国游客的好感。\n事实上，对一家主题公园而言，其营收可以大致分为两部分，一是门票，二是入园后的餐饮、衍生品等消费。以迪士尼为例，其2019财年门票收入为75亿美元，而主题公园、体验和产品业务板块的其他收入都来自入园后的二次消费——食品饮料销售收入59.6亿美元，酒店、游轮等收入62.7亿美元，IP授权开发和自营纪念商品收入45.2亿美元，以及园区租赁和销售收入19.4亿美元，这一部分合计远高于门票本身的收入。\n环球影城的营收结构大体一致，和迪士尼一样，由于拥有极具知名度的IP，纪念品售卖也为视为其“吸金”的关键步骤。在刷完所有重点项目后，于虹和朋友一起前往园区内的商店购物。发箍135元、冰箱贴70余元、小黄人公仔179元......她感慨“还是挺贵的”，却依然在小黄人乐园的商店购买了两个工卡包和一枚冰箱贴，共花费195元。为IP溢价买单，她认为“是值得的”。\n乐园经营之外，位于北京城市副中心通州区的环球影城，被寄予了提升区域商业和带动城市文旅的厚望。据首旅集团董事长宋宇接受采访时介绍，在开园以后，每年北京环球度假区预计接待游客数量在1000万-1200万人次。随着环球影城的启动，将有效撬动周边旅游、经济等多个相关产业的发展。\n而纵观全国来看，北京环球影城度假区的落地，对于北方的乐园市场拉动效应也尤为显著。据沙利文研究院统计，即将和已经在华落地的世界知名主题公园品牌中，迪士尼、时代华纳梦工厂、乐高乐园、六旗乐园都择址南方，只有环球影城在北京。\n筹备了20年的环球影城，能否撼动迪士尼的老大地位？又能否以一己之力改变南北乐园格局？仍需要时间的检验。\n对于欢乐谷、融创乐园等国产主题公园来说，也意味着又一个强劲对手的到来。与前者相比，无论是迪士尼还是环球影城，都更擅于内容和IP的运营，具备较强的品牌号召力，能否把主题公园这桩生意做大、做好、做出具延展性的价值，或许才是国产主题公园背后开发商们更应该思考的问题。","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813726100,"gmtCreate":1630251314600,"gmtModify":1676530251165,"author":{"id":"3586266967551836","authorId":"3586266967551836","name":"一剑奈何","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586266967551836","idStr":"3586266967551836"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/813726100","repostId":"1198640818","repostType":4,"repost":{"id":"1198640818","kind":"news","weMediaInfo":{"introduction":"触摸产业与金融的律动。","home_visible":1,"media_name":"扑克投资家","id":"62","head_image":"https://static.tigerbbs.com/bdb4f7cd07114ea0816f9d726f7b283f"},"pubTimestamp":1630222914,"share":"https://ttm.financial/m/news/1198640818?lang=en_US&edition=fundamental","pubTime":"2021-08-29 15:41","market":"us","language":"zh","title":"Soros: What matters is how correct it is, not the correctness rate!","url":"https://stock-news.laohu8.com/highlight/detail?id=1198640818","media":"扑克投资家","summary":"索罗斯说赚钱，要依靠正常价值的商品出现折扣以及押注意外事件。如其他伟大的投资者一样，索罗斯非常关注“预期内价值”。预期内价值相当于潜在投资结果的平均权重价值。一个与大多数人不同的投资理念只有在预期内价","content":"<p><img src=\"https://static.tigerbbs.com/faf102a7f8f7083bbe6e5200b49600a1\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Soros said that making money depends on discounts on normal value goods and bets on foreign events. Like other great investors, Soros is very concerned about \"expected value\". The expected value is equivalent to the average weighted value of the potential investment outcome. An investment philosophy that is different from most people is only wise when the value is positive within expectations. On the one hand, Soros is able to make bigger bets than other investors; On the other hand, Soros is not fundamentally different from other investors in the handling of the investment process.</p><p>Financial markets are usually unpredictable, so an investor needs to have a variety of different pre-scenario assumptions.</p><p>Markets can be predictable \"from time to time,\" but that doesn't mean that markets are \"always\" unpredictable. If an investor is patient and can wait for an opportunity to successfully bet on pricing bias, then he is able to beat the market.</p><p><img src=\"https://static.tigerbbs.com/924524c69216a6beacfb617604dc00a3\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>The hardest thing to tell is: what level of risk is safe.</p><p>Risk is the likelihood that you will suffer losses. There are three situations that must be faced: sometimes you know the natural characteristics and possibilities of risk events (such as tossing a coin); Sometimes you only know the characteristics of this event, but not its possibility (such as the price of a given stock within 20 years); Sometimes you don't even know the characteristics of events that may hurt you in the future (such as vicious black swan events).</p><p>Soros once said that these decisions are made in a certain environment. This environment may be: you have many feedback loops, some of which are positive and some of which are negative. These feedbacks interact with each other to produce the unconventional price pattern that prevails for a while in most periods. However, in some cases, the development of some bubbles releases their full potential, so that it masks the role of other influencing factors.</p><p>The best way to be \"safe\" is to have a \"margin of safety\".</p><p>Having self-confidence or holding small positions will not help.</p><p>If your odds of winning in a bet are good enough, then bet big. When Soros thinks he is right, few investors can make a bigger bet than him.</p><p>I only go to work when I have reason to go to work, and I am really doing things on the day I go to work.</p><p>Keeping a busy trading state all the time will incur a lot of fees and errors. Sometimes not being so active is often the best thing an investor can do.</p><p><img src=\"https://static.tigerbbs.com/7c0b231ab814c41704ef53a6c32bfd4b\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>If investing is a pastime, and if you have fun with it, you may not make much money. Really good investments are boring.</p><p>If you are very excited about investing, then you may be gambling, not investing. It's best not to think of yourself as a gambler, and the best way not to think of yourself as a gambler is to bet only when the odds are in your favor.</p><p>If the future price is to be reflected, then the current market price is always wrong.</p><p>Soros is obviously not a believer in the efficient market hypothesis. This is not surprising, because if the market was always efficient, he wouldn't be a plutocrat.</p><p>The market can influence the events it expects.</p><p>This sentence actually refers to the \"reflexivity\" theory of the market. In Soros's view, markets and people's perceptions of markets interact.</p><p>Soros said: \"There is a two-way reflexive connection between cognition and reality. This is a process that promotes self-reinforcement at first, but eventually leads to self-defeat, or it can be said that this is a bubble. Every bubble is formed by the interaction of a trend and a wrong concept in a reflexive way.\"</p><p>In real life, there is rarely a real equilibrium-market prices are always used to fluctuating.</p><p><img src=\"https://static.tigerbbs.com/5a559365c0d3a38f0f9166a0a5dd1504\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Equilibrium is the basis of assumptions made by many macroeconomists, but Soros believes that equilibrium is actually an illusion. Equilibrium can make mathematical calculations perfect, but it often doesn't conform to the facts.</p><p>Soros once said: \"Economic thinking needs to start thinking about real-world policy issues, rather than simply making more mathematical equations.\" Soros's investment view is not based on rationality. For example, \"When long-term trends lose momentum, short-term volatility tends to rise for the simple reason-those investors who follow the trend can't find their way at this time.\" Soros also believes that \"the boom-collapse process is asymmetric in shape, and a long, gradual boom is often followed by rapid, short-lived collapse.\"</p><p>Economic history is the endless staging of falsehoods and lies, not truth. Being able to explain past events in words does not mean that this explanation is correct or that the basis of some theory can be used to predict the future. Humans have a shortcoming of being \"smart after the fact\".</p><p>\"Economic theory has to be rethought from beginning to end, because the paradigms supported by the efficient market hypothesis, the rational choice theory, actually went bankrupt in the end, similar to the bankruptcy of the global financial system after Lehman Brothers,\" Soros said. \"I'm rich only because I know when I'm wrong. I basically'survived'all of them because I realized my mistakes. We should realize that human beings are like this: you are not ashamed when you are wrong, but you are ashamed when you can't correct your mistakes.</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>Soros: What matters is how correct it is, not the correctness rate!</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\">\nSoros: What matters is how correct it is, not the correctness rate!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/62\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/bdb4f7cd07114ea0816f9d726f7b283f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">扑克投资家 </p>\n<p class=\"h-time smaller\">2021-08-29 15:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/faf102a7f8f7083bbe6e5200b49600a1\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Soros said that making money depends on discounts on normal value goods and bets on foreign events. Like other great investors, Soros is very concerned about \"expected value\". The expected value is equivalent to the average weighted value of the potential investment outcome. An investment philosophy that is different from most people is only wise when the value is positive within expectations. On the one hand, Soros is able to make bigger bets than other investors; On the other hand, Soros is not fundamentally different from other investors in the handling of the investment process.</p><p>Financial markets are usually unpredictable, so an investor needs to have a variety of different pre-scenario assumptions.</p><p>Markets can be predictable \"from time to time,\" but that doesn't mean that markets are \"always\" unpredictable. If an investor is patient and can wait for an opportunity to successfully bet on pricing bias, then he is able to beat the market.</p><p><img src=\"https://static.tigerbbs.com/924524c69216a6beacfb617604dc00a3\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>The hardest thing to tell is: what level of risk is safe.</p><p>Risk is the likelihood that you will suffer losses. There are three situations that must be faced: sometimes you know the natural characteristics and possibilities of risk events (such as tossing a coin); Sometimes you only know the characteristics of this event, but not its possibility (such as the price of a given stock within 20 years); Sometimes you don't even know the characteristics of events that may hurt you in the future (such as vicious black swan events).</p><p>Soros once said that these decisions are made in a certain environment. This environment may be: you have many feedback loops, some of which are positive and some of which are negative. These feedbacks interact with each other to produce the unconventional price pattern that prevails for a while in most periods. However, in some cases, the development of some bubbles releases their full potential, so that it masks the role of other influencing factors.</p><p>The best way to be \"safe\" is to have a \"margin of safety\".</p><p>Having self-confidence or holding small positions will not help.</p><p>If your odds of winning in a bet are good enough, then bet big. When Soros thinks he is right, few investors can make a bigger bet than him.</p><p>I only go to work when I have reason to go to work, and I am really doing things on the day I go to work.</p><p>Keeping a busy trading state all the time will incur a lot of fees and errors. Sometimes not being so active is often the best thing an investor can do.</p><p><img src=\"https://static.tigerbbs.com/7c0b231ab814c41704ef53a6c32bfd4b\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>If investing is a pastime, and if you have fun with it, you may not make much money. Really good investments are boring.</p><p>If you are very excited about investing, then you may be gambling, not investing. It's best not to think of yourself as a gambler, and the best way not to think of yourself as a gambler is to bet only when the odds are in your favor.</p><p>If the future price is to be reflected, then the current market price is always wrong.</p><p>Soros is obviously not a believer in the efficient market hypothesis. This is not surprising, because if the market was always efficient, he wouldn't be a plutocrat.</p><p>The market can influence the events it expects.</p><p>This sentence actually refers to the \"reflexivity\" theory of the market. In Soros's view, markets and people's perceptions of markets interact.</p><p>Soros said: \"There is a two-way reflexive connection between cognition and reality. This is a process that promotes self-reinforcement at first, but eventually leads to self-defeat, or it can be said that this is a bubble. Every bubble is formed by the interaction of a trend and a wrong concept in a reflexive way.\"</p><p>In real life, there is rarely a real equilibrium-market prices are always used to fluctuating.</p><p><img src=\"https://static.tigerbbs.com/5a559365c0d3a38f0f9166a0a5dd1504\" tg-width=\"83\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Equilibrium is the basis of assumptions made by many macroeconomists, but Soros believes that equilibrium is actually an illusion. Equilibrium can make mathematical calculations perfect, but it often doesn't conform to the facts.</p><p>Soros once said: \"Economic thinking needs to start thinking about real-world policy issues, rather than simply making more mathematical equations.\" Soros's investment view is not based on rationality. For example, \"When long-term trends lose momentum, short-term volatility tends to rise for the simple reason-those investors who follow the trend can't find their way at this time.\" Soros also believes that \"the boom-collapse process is asymmetric in shape, and a long, gradual boom is often followed by rapid, short-lived collapse.\"</p><p>Economic history is the endless staging of falsehoods and lies, not truth. Being able to explain past events in words does not mean that this explanation is correct or that the basis of some theory can be used to predict the future. Humans have a shortcoming of being \"smart after the fact\".</p><p>\"Economic theory has to be rethought from beginning to end, because the paradigms supported by the efficient market hypothesis, the rational choice theory, actually went bankrupt in the end, similar to the bankruptcy of the global financial system after Lehman Brothers,\" Soros said. \"I'm rich only because I know when I'm wrong. I basically'survived'all of them because I realized my mistakes. We should realize that human beings are like this: you are not ashamed when you are wrong, but you are ashamed when you can't correct your mistakes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2d5bfbe6753d37de668d38f4e03a7350","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198640818","content_text":"索罗斯说赚钱，要依靠正常价值的商品出现折扣以及押注意外事件。如其他伟大的投资者一样，索罗斯非常关注“预期内价值”。预期内价值相当于潜在投资结果的平均权重价值。一个与大多数人不同的投资理念只有在预期内价值 积极的时候才是明智的。一方面，索罗斯能够比其他投资者做出更巨大的押注；另一方面，在投资过程的处理上，索罗斯与其他投资者并无根本上的区别。\n金融市场通常是不可预测的，所以一个投资者需要有各种不同的预先情景假设。\n市场“时而”可以预测，但这并不意味着市场“总是”不可预测。如果一个投资者很有耐心，能够等待一个成功押注定价偏差的机会，那么他就能够击败市场。\n\n最难判断的事情是：风险达到什么水平是安全的。\n风险是你遭受损失的可能性。有三种情况必须要面对：有时你知道风险事件的自然特性和可能性（比如说扔硬币）；有时候你只知道这个事件的特性，但不知道其 可能性（比如一只指定股票20年内的价格）；有时候你甚至连未来可能伤害到自己的事件特性都不清楚（比如恶性黑天鹅事件）。\n索罗斯曾表示，这些决定是在一定的环境下做出的，这种环境可能是：你有许多反馈回路，其中有些是积极的，有些是消极的，这些反馈互相之间作用，产生出大 多数时期内盛行一时的非常规价格模式。但是在个别情况中，一些泡沫的发展释放了其全部的潜能，以至于掩盖了其他影响因素的作用。\n想要“安全”，最好的方法就是要有一个“安全边际”。\n拥有自信或者持仓较小都是无济于事的。\n如果在一个赌注中你赢的几率足够大，那么就大举押注。当索罗斯觉得他自己是正确的时候，几乎没哪个投资者能够比他下更大的注。\n我只在有理由上班的时候去上班，而且上班的那天我是真正地在做事情。\n一直保持忙碌的交易状态就会产生很多的费用和错误。有时候别那么活跃往往会是一个投资者能做的最好的事情。\n\n如果投资是种娱乐消遣，如果你从中得到了乐趣，那你可能没有赚到什么钱。真正好的投资都是无聊的。\n如果你因为投资而非常兴奋，那么你可能是在赌博，而非投资。最好别把自己当赌客，而不把自己当赌客的最好方式就是：只在几率有利于你的时候押注。\n如果要反映出未来的价格，那么目前的市场价格总是错误的。\n索罗斯显然不是一个效率市场假说的信徒。这并不奇怪，因为如果市场总是有效率，他就不会成为富豪。\n市场能够影响其所期待的事件。\n这句话其实就是指市场的“自反性”理论。在索罗斯看来，市场和人们对市场的看法是相互作用的。\n索罗斯说：“在认知和现实之间存在一个双向的自反联系，这是一种起初会促进自我强化、但最终会导致自我击溃的过程，或者可以说这就是泡沫。每个泡沫都是由一种趋势和一个错误的概念以自反的方式相互作用而形成的。”\n实际生活中，很少能够存在真正的均衡——市场价格总是习惯于波动。\n\n均衡是众多宏观经济学家做出假设的基础，然而索罗斯认为均衡其实是一种幻境。均衡可以让数学计算非常完美，但却往往不符合事实。\n索罗斯曾说：“经济思考需要开始考虑现实世界的政策问题，而不是简单地制造更多的数学方程式。”索罗斯投资观点的形成并不是以理性为主体的，比如说：“当长期趋势失去动能的时候，短期波动性往往会上升，原因很简单——那些跟随趋势的投资人群此时找不到方向了。”索罗斯还相信：“繁荣—崩溃的过程在形态 上是不对称的，一个长期、逐渐形成的繁荣之后往往是急促、短暂的崩溃。”\n经济史就是永无止尽上演假话和谎言，而不是真理。能够用语言解释过去所发生的事件，并不意味着这种解释是正确的或者某种理论的基础能够用于预测未来。人类有一种“事后聪明”的缺点。\n索罗斯说：“必须要从头到尾地重新思考经济理论，因为那些效率市场假说、理性选择理论所支持的典范，最后实际上都破产了，与雷曼兄弟之后全球金融系统的破产类似。”我富有只是因为我知道我什么时候错了。我基本上都是因为意识到自己的错误而‘幸存’下来的。我们应该意识到人类就是这样：错了并不丢脸，不能改正自己的错误才丢脸。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
