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Jasonteo

Jasonteo

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2021-08-01

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2021-07-20

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2021-07-13

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Opening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time

2021-07-12

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Farewell, bank "high-interest" deposits

2021-07-12

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Tengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot

2021-07-12

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Decrypting Apple's Mysterious Chip

2021-06-29

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The Most Epic Back-to-School Season Ever: 2 Stocks to Watch

2021-06-28

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Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time

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09:20","market":"hk","language":"zh","title":"Opening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199045893","media":"老虎资讯综合","summary":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867","content":"<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, to 27694.03 points; The China Enterprise Index opened up 49.98 points, or 0.5%, to 9,995.71 points; The red chip index opened up 18.1 points, or 0.47%, to 3867.61 points.</p><p>The Hang Seng Technology Index rose 0.54%, and large technology stocks rebounded.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>、<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>Both rose more than 1%;</p><p>Hong Kong mobile game stocks were among the top gainers,<a href=\"https://laohu8.com/S/02660\">Zen Tour Technology</a>Up 3.36%,<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%,<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Up 0.52%;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>It broke on the first day of listing, opening down 8.8%, and the issue price was HK $1.59 per share;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>It broke on the first day of listing and opened down nearly 4%, with an issue price of HK $22.25 per share;</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>Opening 5.75% higher, it is expected that the profit attributable to owners in the first half of the year will be no less than 1.15 billion yuan;</p><p><a href=\"https://laohu8.com/S/09969\">InnoCare-B</a>High opening exceeded 4% and reached a new high, reaching a licensing and cooperation agreement with Bojian on orelabrutinib.</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>Opening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time</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\">\nOpening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time\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\">2021-07-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, to 27694.03 points; The China Enterprise Index opened up 49.98 points, or 0.5%, to 9,995.71 points; The red chip index opened up 18.1 points, or 0.47%, to 3867.61 points.</p><p>The Hang Seng Technology Index rose 0.54%, and large technology stocks rebounded.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>、<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>Both rose more than 1%;</p><p>Hong Kong mobile game stocks were among the top gainers,<a href=\"https://laohu8.com/S/02660\">Zen Tour Technology</a>Up 3.36%,<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%,<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Up 0.52%;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>It broke on the first day of listing, opening down 8.8%, and the issue price was HK $1.59 per share;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>It broke on the first day of listing and opened down nearly 4%, with an issue price of HK $22.25 per share;</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>Opening 5.75% higher, it is expected that the profit attributable to owners in the first half of the year will be no less than 1.15 billion yuan;</p><p><a href=\"https://laohu8.com/S/09969\">InnoCare-B</a>High opening exceeded 4% and reached a new high, reaching a licensing and cooperation agreement with Bojian on orelabrutinib.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF","HSI":"恒生指数","02833":"恒指ETF","HSCCI":"红筹指数","HSTECH":"恒生科技指数","HSCEI":"国企指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199045893","content_text":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867.61点。\n恒生科技指数涨0.54%，大型科技股反弹，腾讯控股、阿里巴巴、百度集团-SW、京东集团-SW均涨逾1%；\n港股手游股涨幅居前，禅游科技涨3.36%，网易-S涨2.13%，中手游涨0.52%；\n新股华南职业教育上市首日破发，开跌8.8%，发行价为1.59港元/股；\n新股腾盛博药-B上市首日破发，开跌近4%，发行价22.25港元/股；\n新特能源高开5.75% 预期上半年拥有人应占利润不少于11.5亿元；\n诺诚健华-B高开超4%创新高 与渤健就奥布替尼达成许可及合作协议。","news_type":1,"symbols_score_info":{"513600":0.9,"HSCEI":0.9,"02833":0.9,"HSImain":0.9,"HSTECH":0.9,"MCHmain":0.9,"HHImain":0.9,"HSI":0.9,"HSCCI":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":2208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146119600,"gmtCreate":1626058265900,"gmtModify":1703752525155,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146119600","repostId":"2150309877","repostType":4,"repost":{"id":"2150309877","kind":"highlight","weMediaInfo":{"introduction":"经济观察报官方账号","home_visible":1,"media_name":"经济观察报","id":"1014835943","head_image":"https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d"},"pubTimestamp":1626057947,"share":"https://ttm.financial/m/news/2150309877?lang=en_US&edition=fundamental","pubTime":"2021-07-12 10:45","market":"sh","language":"zh","title":"Farewell, bank \"high-interest\" deposits","url":"https://stock-news.laohu8.com/highlight/detail?id=2150309877","media":"经济观察报","summary":"“我们也很惊讶，（存款利率）降的很低。”有城商行业务经理如是谈到存款利率定价改革后的变化。\n6月21日，市场利率定价自律机制优化了存款利率自律上限的确定方式，将原由存款基准利率一定倍数形成的存款利率自","content":"<p><div>\"We are also surprised that (deposit interest rates) have dropped very low.\" A business manager of a city commercial bank talked about the changes after the pricing reform of deposit interest rates. On June 21st, the self-discipline mechanism of market interest rate pricing optimized the method of determining the self-discipline upper limit of deposit interest rate, and changed the self-discipline upper limit of deposit interest rate originally formed by a certain multiple of the benchmark deposit interest rate to be determined by adding a certain basis point on the basis of the benchmark deposit interest rate. After the reform, the reporter visited the outlets of state-owned banks in Guangzhou and found that the interest rate of bank deposits with a maturity of more than one year has been greatly reduced, and the \"high-interest\" deposits with interest rates exceeding 4% on the market have gradually disappeared. Some depositors expressed their incomprehension, and bank account managers also...</p><p><a href=\"None\">Web link</a></div></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>Farewell, bank \"high-interest\" deposits</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\">\nFarewell, bank \"high-interest\" deposits\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1014835943\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">经济观察报 </p>\n<p class=\"h-time smaller\">2021-07-12 10:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>\"We are also surprised that (deposit interest rates) have dropped very low.\" A business manager of a city commercial bank talked about the changes after the pricing reform of deposit interest rates. On June 21st, the self-discipline mechanism of market interest rate pricing optimized the method of determining the self-discipline upper limit of deposit interest rate, and changed the self-discipline upper limit of deposit interest rate originally formed by a certain multiple of the benchmark deposit interest rate to be determined by adding a certain basis point on the basis of the benchmark deposit interest rate. After the reform, the reporter visited the outlets of state-owned banks in Guangzhou and found that the interest rate of bank deposits with a maturity of more than one year has been greatly reduced, and the \"high-interest\" deposits with interest rates exceeding 4% on the market have gradually disappeared. Some depositors expressed their incomprehension, and bank account managers also...</p><p><a href=\"None\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37d43f47ff4637f33c2675f14c1cc937","relate_stocks":{"000001":"平安银行"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150309877","content_text":"“我们也很惊讶，（存款利率）降的很低。”有城商行业务经理如是谈到存款利率定价改革后的变化。\n6月21日，市场利率定价自律机制优化了存款利率自律上限的确定方式，将原由存款基准利率一定倍数形成的存款利率自律上限，改为在存款基准利率基础上加上一定基点确定。\n改革以后，记者走访广州国有银行网点发现，银行1年期以上存款利率大幅下调，市面上利率超过4%的“高息”存款陆续消失，有储户表示不理解，银行客户经理也表示很无奈，不过三年期的大额存单还较为受欢迎。\n在如是金融研究院院长管清友看来，存款利率改革后，可压降银行存款长端利率，降低负债端资金成本，缓解息差压力。光大银行金融市场部分析师周茂华认为，去年以来，银行部门为实体经济降低信贷融资成本，降费让利，银行息差收入明显收窄，部分银行盈利压力上升，因此，有必要通过存款利率改革合理降低银行存款负债成本，引导银行进一步为实体经济薄弱环节和重点领域让利。\n低息时代真的来了？\n“我们一般看客户的需求，有些会采用贴息的策略，基准利率是没有变化的，但是上调的空间变小了，体现在挂牌利率中，其中中长期存款利率普遍下滑，尤其国有大行下调的幅度比较大。”一位建行广州某网点的客户经理对经济观察报记者表示。\n记者走访广州、深圳银行网点发现，建行的起点金额为一万的定期存款，1年期、2年期和3年期的定期存款产品年化利率从 2.1%、2.94%和3.85%分别降到了2%、2.6%和3.25%；最新发行的20万元起大额存单中，1个月、3个月、6个月以及1年期的产品年化利率分别为 1.69%、1.70%、1.90%和2.10%，暂无2年期和3年期的产品。而30万元起大额存单中，只有2年期产品发售，2年期大额存单利率从3.15%降到了2.7%。\n中行广州某网点客户经理告诉记者，他们的定期存款和大额存单的产品利率自2021年6月下旬开始，也出现了调整，中长期存款利率下滑区间也和其它三大行类似，但是目前他们3年期利率为3.25%的大额存单已经没有额度了，具体额度发放时间要等通知。\n工行深圳某支行业务经理向经济观察报记者表示，2021年6月21日，该行三年期、20万元和30万起投的大额存单利率从 3.9875降到了3.35%，较之前下降了60多个BP，而三年期5万起定期存款和五年期50元起投产品的年化利率在3.25%，较之前也有所下降。“利率下调之后，买存款产品的的确少了，而且一些储户会非常惊讶，会问我们为什么会下降这么多，我们也很无奈，只能告诉储户不是只有我们一家在降，市场上的银行都有不同程度的下降。”上述工行业务经理说道。\n相比国有大行，股份行和城商行的大额存单和定期存款利率的下调幅度要小一些。浦发银行广州分行某支行的业务人士告诉记者，该行三年期、20万元的大额存单也下降了近40个BP，年化利率为3.55%。目前普通定期存款中，两年期存款利率为2.85%，三年期存款利率为3.5%，五年存款利率为4%。“三年期、20万元起的大额存单利率为3.45%，较之前下降了40个BP。”另外一家股份制银行某支行客户经理表示，平安银行、广发银行、招商银行等股份行三年期的大额存单产品也多集中在3.45%-3.55%区间。“我们也很惊讶，降的很低。”宁波银行深圳分行几个业务经理这样回应经济观察报记者，三年期、20万元起投的大额存单利率为3.55%，以前都是4%以上，有些转让专区的大额存单可能能达到3.9%，不过也要看有没有人转让。记者看到上海银行有些大额存单产品依然有4%以上的利率，例如该行一款名为“稳稳盈”的产品，5年期 20万起售的产品年利率达到4.05%，仅限北京成都区域销售。\n在网点走访中，多数银行客户经理表示，存款利率下调之后，三年期的大额存单还较为受欢迎；保本型的定期存款和大额存单对于上了年纪的老人客户而言，还是有一定价值的，客户经理也会告诉储户要适应这种低利息时代，现在觉得低，未来可能更低。\n此外，也有银行业务经理向储户推荐诸如理财和分红型保险产品替代存款。“理财产品的利率也在降，而且保本型的理财产品已经陆续下降，但相比存款产品，理财产品年限较短较为灵活，还有这种分红型保险产品，投保 4年以上年化利率可以达到4.23%，即便提前支取也有1%-3%不等的利率，不像存款提取支取变活期利率。”有银行业务经理告诉经济观察报记者。\n存款利率定价机制调整背后\n优化存款利率自律早见端倪。2019年8月，央行货币政策司司长孙国峰在国务院吹风会上称，LPR改革后，短期内贷款利率下降也可能会对银行的息差、盈利有一定的影响。但另一方面，存款基准利率将在未来较长时间内保留，央行也将指导市场利率定价自律机制，加强对存款利率的自律管理，维护市场竞争秩序，稳住银行负债端的成本，为银行可持续发展营造有利的条件。\n过去，各家银行的存款利率按照“基准利率×倍数”的方式定价，其中基准利率由央行确定，自2015年10月以来就没有变过，活期是0.35%，3个月是1.1%，6个月是1.3%，1年期是1.5%，2年期是 2.1%，3年期是2.75%；倍数由金融机构在利率自律组织的协调下自主协商确定上限，不同类型金融机构不同产品的上限不同，大行存款利率上限是1.4倍，中小银行是1.5倍。大额存单，上限更高，大行、股份行和城农商行分别是1.5倍、1.52倍及1.55倍。各金融机构根据揽储能力，在上限范围内自行确定倍数，进而明确存款实际执行利率。国有大行的实际执行利率上限通常是基准的1.3倍左右。\n而改革之后，存款利率改成“基准利率+基点”定价后，上限的确定方式和之前明显不同，之前是乘法，现在是做加法，加点上限也是由利率自律机制的核心成员商定，不同类型金融机构不同产品的加点上限也不同。活期存款，四大行加点上限是10BP，其他机构是20BP；定期存款，大行加点上限是50BP，其他机构是75BP；大额存单，大行加点上限是60BP，其他机构是80BP。“‘存款基准利率×倍数’方式过于粗放，由于长期限基准利率较高，在乘以相关倍数情况下，可能导致长期限存款利率定价过高的情况，改为‘存款基准利率+基点’方式，引导银行‘精细化’定价，同时提升银行自主定价自由度与灵活性；同时，监管部门为避免部分银行非理性‘高息揽储’，并考虑各类银行具体情况，对存款基准利率‘加点’上限进行差异化自律管理。”光大银行金融市场部分析师周茂华表示。\n如是金融研究院院长管清友认为，长期来看，存款利率发生大变革，引导存款定价方式与贷款“LPR+基点”定价方式接轨，推动利率市场化。成熟金融市场正常畅通的利率传导过程是“货币政策——政策利率——货币市场利率——存款利率——商业银行整体负债成本——贷款利率”。他表示，但是在中国这一传导过程并不畅通，由于存款和贷款基准利率的存在，使得第二步之后的传导全部受阻，已经市场化的货币市场利率无法传统至贷款利率，结果就出现了利率双轨制，并产生了一系列问题。之前贷款LPR改革直接跳过了第二、三步，通过与LPR挂钩，直接将货币市场利率和贷款利率联系起来，修复传导机制，推动“两轨并一轨”，提高了货币政策有效性，在一定程度上解决利率双轨制问题。这次存款定价方式改革，定价结构和贷款利率定价相似，为后续存款利率和货币市场利率、贷款利率有效联动预留了空间，也是利率市场化的重要一环。\n“对于商业银行，存款利率改革后，可减少杠杆效应，压降银行存款长端利率，降低负债端资金成本，缓解息差压力，利好银行经营，当然，具体效果还得看银行的业务结构。在银行业加速转型的大环境下，影响会越来越有限。对于实体企业，存款利率定价改革推进利率市场化，畅通利率传导过程，中长期存款利率下降，带动实体企业的融资成本会随之下行。”管清友称。","news_type":1,"symbols_score_info":{"000001":0.9}},"isVote":1,"tweetType":1,"viewCount":2533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146194630,"gmtCreate":1626057548420,"gmtModify":1703752507975,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Excited&nbsp;","listText":"Excited&nbsp;","text":"Excited","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146194630","repostId":"1128521631","repostType":4,"repost":{"id":"1128521631","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":1626047703,"share":"https://ttm.financial/m/news/1128521631?lang=en_US&edition=fundamental","pubTime":"2021-07-12 07:55","market":"hk","language":"zh","title":"Tengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1128521631","media":"老虎资讯综合","summary":"7月12日，腾盛博药-B发布公告，发售价厘定为每股发售股份22.25港元，全球发售所得款项净额预计约为23.34亿港元(假设超额配股权未获行使)，预期股份将于2021年7月13日(星期二)上午九时正(","content":"<p>July 12th,<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>According to the announcement, the offer price is determined at HK $22.25 per offer share, and the net proceeds from the global offering are expected to be approximately HK $2.334 billion (assuming that the over-allotment option is not exercised). Trading on the Stock Exchange begins at 9:00 am (Hong Kong time).</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6804fe5ca9085f6481244e4a826c03d7\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 5%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 30,000 shares (600 lots), and 4,500 shares (9 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/6cc9c803bdb4af0ada0033deaba2cc37\" tg-width=\"726\" tg-height=\"769\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8be19769443a8c996cbf0f219b3cd790\" tg-width=\"734\" tg-height=\"392\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6f25a813ef2012066cd493f9512952f7\" tg-width=\"738\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>If the over-allotment option is exercised in full, the company will receive additional net proceeds of approximately HK $357 million for the 16.737 million additional offer shares to be issued after the over-allotment option is exercised.</p><p>The Hong Kong Public Offering was substantially oversubscribed. A total of 246,500 valid applications were received to subscribe for a total of 3.259 billion Hong Kong Offer Shares, equivalent to approximately 292 times the total number of 11.158 million Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>As the Hong Kong Public Offering was over-subscribed by more than 100 times, 44.632 million Offer Shares have been reallocated from the International Offering to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is thus increased to 55.79 million Offer Shares, representing 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised).</p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 12 times the total number of Offer Shares initially available under the International Offering. After the reallocation of the Offer Shares from the International Offering to the Hong Kong Public Offering, the final number of Offer Shares under the International Offering is 55.79 million shares, equivalent to 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised). Under the international offering, 16.737 million offer shares were over-allocated, with a total of 160 placees.</p><p>Based on the Offer Price of HK $22.25 per Offer Share, according to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 53.0275 million Offer Shares, equivalent to approximately 7.51% of the Company's issued share capital immediately after the completion of the Global Offering and 47.52% of the number of offer shares under the Global Offering, both cases assuming that the over-allotment option has not been exercised.</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>Tengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-12 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 12th,<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>According to the announcement, the offer price is determined at HK $22.25 per offer share, and the net proceeds from the global offering are expected to be approximately HK $2.334 billion (assuming that the over-allotment option is not exercised). Trading on the Stock Exchange begins at 9:00 am (Hong Kong time).</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6804fe5ca9085f6481244e4a826c03d7\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 5%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 30,000 shares (600 lots), and 4,500 shares (9 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/6cc9c803bdb4af0ada0033deaba2cc37\" tg-width=\"726\" tg-height=\"769\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8be19769443a8c996cbf0f219b3cd790\" tg-width=\"734\" tg-height=\"392\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6f25a813ef2012066cd493f9512952f7\" tg-width=\"738\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>If the over-allotment option is exercised in full, the company will receive additional net proceeds of approximately HK $357 million for the 16.737 million additional offer shares to be issued after the over-allotment option is exercised.</p><p>The Hong Kong Public Offering was substantially oversubscribed. A total of 246,500 valid applications were received to subscribe for a total of 3.259 billion Hong Kong Offer Shares, equivalent to approximately 292 times the total number of 11.158 million Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>As the Hong Kong Public Offering was over-subscribed by more than 100 times, 44.632 million Offer Shares have been reallocated from the International Offering to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is thus increased to 55.79 million Offer Shares, representing 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised).</p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 12 times the total number of Offer Shares initially available under the International Offering. After the reallocation of the Offer Shares from the International Offering to the Hong Kong Public Offering, the final number of Offer Shares under the International Offering is 55.79 million shares, equivalent to 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised). Under the international offering, 16.737 million offer shares were over-allocated, with a total of 160 placees.</p><p>Based on the Offer Price of HK $22.25 per Offer Share, according to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 53.0275 million Offer Shares, equivalent to approximately 7.51% of the Company's issued share capital immediately after the completion of the Global Offering and 47.52% of the number of offer shares under the Global Offering, both cases assuming that the over-allotment option has not been exercised.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02137":"腾盛博药-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128521631","content_text":"7月12日，腾盛博药-B发布公告，发售价厘定为每股发售股份22.25港元，全球发售所得款项净额预计约为23.34亿港元(假设超额配股权未获行使)，预期股份将于2021年7月13日(星期二)上午九时正(香港时间)开始在联交所买卖。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5%，认购40手稳中一手。\n乙组头为3万股（600手），获配4500股（9手）。\n\n倘超额配股权获悉数行使，公司将就超额配股权获行使后拟发行的1673.7万股额外发售股份收取额外所得款项净额约3.57亿港元。\n香港公开发售获大量超额认购。合共接获24.65万份有效申请，认购合共32.59亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数1115.8万股的约292倍。\n由于香港公开发售的超额认购超过100倍，4463.2万股发售股份已由国际发售重新分配至香港公开发售。香港公开发售项下发售股份的最终数目由此增加至5579万股发售股份，相当于全球发售项下初步可供认购发售股份总数的50%(于任何超额配股权获行使前)。\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约12倍。于将发售股份由国际发售重新分配至香港公开发售后，国际发售项下发售股份最终数目为5579万股，相当于全球发售项下初步可供认购发售股份总数的50%(于任何超额配股权获行使前)。国际发售项下超额分配1673.7万股发售股份，并共有160名承配人。\n基于发售价每股发售股份22.25港元，根据基石投资协议，基石投资者已认购合共5302.75万股发售股份，相当于紧随全球发售完成后本公司已发行股本的约7.51%及全球发售项下发售股份数目的47.52%，两种情况均假设超额配股权未获行使。","news_type":1,"symbols_score_info":{"02137":0.9}},"isVote":1,"tweetType":1,"viewCount":2485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146196580,"gmtCreate":1626057341740,"gmtModify":1703752503199,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Excited&nbsp;","listText":"Excited&nbsp;","text":"Excited","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146196580","repostId":"2150583935","repostType":4,"repost":{"id":"2150583935","kind":"news","weMediaInfo":{"introduction":"最有深度的半导体新媒体，实讯、专业、原创、深度，30万半导体精英关注！专注观察全球半导体最新资讯、技术前沿、发展趋势。《摩尔精英》《中国集成电路》共同出品，欢迎订阅摩尔旗下公众号：摩尔精英、摩尔芯闻、摩尔App","home_visible":1,"media_name":"半导体行业观察","id":"1099700132","head_image":"https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868"},"pubTimestamp":1626057051,"share":"https://ttm.financial/m/news/2150583935?lang=en_US&edition=fundamental","pubTime":"2021-07-12 10:30","market":"us","language":"zh","title":"Decrypting Apple's Mysterious Chip","url":"https://stock-news.laohu8.com/highlight/detail?id=2150583935","media":"半导体行业观察","summary":"Apple zai 最近的Spring Loaded Event为我们带来了基于 M1 的 iMac。继秋季推出的 MacBook Air 和 13 英寸 MacBook Pro 之后，iMac 是第","content":"<p>Apple zai's recent Spring Loaded Event brought us an M1-based iMac. Following the MacBook Air and 13-inch MacBook Pro launched in the fall, the iMac is the third to give up<a href=\"https://laohu8.com/S/INTC\">Intel</a>Processor's Mac.</p><p>It can be said that with this transition, Apple's T2 chip has entered an end-of-life state. T2 is a bit of a mystery, and now there's not much time left.</p><p>We know it performs a wide range of tasks on Mac, including security, encryption, video processing, storage control, and housekeeping. Zai An article from Apple Insider in 2019 China, tested the encoding time of Macs with the same processor, one with T2 and the other without. The results show that the Mac with T2 performs encoding in 1/2 of the time.</p><p>Despite all these features, we know very little about the T2. There isn't much information around at all. Wikipedia doesn't even report chip sizes or process nodes.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has a completely new chip been designed? How much is referenced from the A-series family? How much do new designs cost? How much money does Apple invest in implementing the features it needs for the Mac?</p><p>It's time to look at the T2 and find out what Apple has created for its Intel-based Mac coprocessor.</p><p><b>Encapsulation and Memory Tips</b></p><p>The T2 under study comes from a 13-inch MacBook Air logic board from 2019. The T2's package has a decent footprint compared to other ICs around it. By comparison, the larger shiny chip between the four mounts on the right side of the T2 is the Intel i5. Depending on the packaging, it is conceivable that T2 has similar dimensions. The packaging has a \"1847\" date code indicating late 2018 assembly.</p><p><img src=\"https://static.tigerbbs.com/d42f0bdf6ab62ef175de8a78b3b002e2\" tg-width=\"1080\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p>2019 13-inch MacBook Air Logic Board</p><p>One in the late 2018 MacBook Air teardown just listed the T2 number. However, a teardown of a 15-inch MacBook Pro in 2019 indicated that the T2 was \"layered on 1 GB of Micron D9VLN LPDDR4 memory\". Our package also includes the \"D9VLN\" mark. Micron's decoder points to 1GB LPDDR4. T2 and memory may employ a package-on-package (PoP) arrangement.</p><p>After disassembling the package, a second die was found. The markings visible on the top metal are Micron's. For companion ICs or coprocessors, including DRAM in the package is interesting, not to mention costly. This is not surprising, however, considering the T2 is derived from the A-series that has long had DRAM.</p><p><img src=\"https://static.tigerbbs.com/5e6ddef69932ea7c3902e7efc0d67d15\" tg-width=\"723\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Top metal chip marker for the second chip in the T2 package.</p><p><b>Die Photo and \"PU\"</b></p><p>Now it's time for the big event. SEM analysis of several line spacings and 6T SRAM cell sizes confirmed that T2 was fabricated in the TSMC16 nm process. This is the same node as the A10, so the latter will serve as a reference A-series processor and can be compared to the T2.</p><p><img src=\"https://static.tigerbbs.com/9e80e816057f558ca6e32c5850040a44\" tg-width=\"779\" tg-height=\"873\" referrerpolicy=\"no-referrer\"></p><p>Photo of the T2 chip with CPU and GPU annotations.</p><p><img src=\"https://static.tigerbbs.com/8e281e00a8c6733dca428f869c83b21d\" tg-width=\"554\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p>Photo of A10 die with original annotation. Source: Chipworks</p><p>Visually, the CPU is the first thing to jump out. It has the same design and layout as the A10. Assuming that T2 is designed after A10, then the CPU is discarded as a hard macro. Remember it's a 4-core CPU! There are two performance cores, i.e. large Hurricane cores and two efficiency (i.e. small Zephyr) cores.</p><p>This is pretty powerful considering the main system processor already has an Intel i5.</p><p>One can only imagine the conversation within Apple. \"Do you have a CPU ready to run?\" \"Yeah … there's a 4-core 17.4 square millimeter design that's only a few months old on the shelf over there.\" \"Great, I'll take one of them.\" Okay, maybe it's more technical.</p><p>GPUs didn't follow suit. The A10's 6-core GPU is organized into 3 core blocks and one logic block. The T2's GPU appears to be located on the lower edge of the chip. Similarly, the core is organized into 3 blocks. We found no symmetry within these blocks, indicating 3 cores. The GPU logic may be located in a block directly above the kernel, with hash lines surrounding its latent area. Even if all 3 blocks within the area were GPU logic, it would be smaller than identified for A10. More analysis is needed here to confirm the GPU configuration, but it has been suggested that both the logic and cores of the GPU are smaller than those on the A10.</p><p>Additional block-level analyses are underway. Compared to the A10, we see the blocks used as-is, they feature a new layout, and they feature a completely new design.</p><p><b>Early figures</b></p><p>The T2 measures 9.6 mm x 10.8 mm and the chip size is 104 mm square. It's not a little die! The T2 is a serious processor. This is approximately 80% of the A10's 125 square millimeters.</p><p>As expected, the CPU has an area of about 17.4 square millimeters on both chips. This yields a higher percentage of the total chips dedicated to CPU in T2. The T2's GPU is much smaller than the A10's. For the cores of the A10, the dimensions of each core are 1.2 mm2 v. 5.3 mm2. Functionally, this makes sense as the task volume of the T2 GPU shouldn't be close to that of the A10 since it's not the primary GPU. Again, there are already Intel embedded graphics or dedicated GPUs on the logic board.</p><p><b>Pull threads together</b></p><p>More can be extracted from reverse engineering, but this snippet provides a taste of Apple's thinking. As a starting point, Apple looks at user features. One persistent question for Apple seems to be \"What do we want users to experience from Apple products?\" Then they build it. The T2 became Apple's interpretation of an Intel-based Mac, but keep in mind that before the T1, Intel processors flew solo, while the Mac still worked.</p><p>The T2 takes advantage of the design of the A-series processor, as shown in the CPU. Its 4-core CPU is big, to say the least, and it's hard not to think it's overwhelming for the T2. That said, Apple looks at the cost of the redesign versus the cost of silicon associated with putting in something that might be bigger than what really needs to be. The latter may be more attractive because the wafers of the T2 start to be so far apart from the A10 or any A-series processor. Additionally, the extra horsepower will provide a better experience.</p><p>The T2 also incorporates standalone ICs found in the Mac. Storage or SSD controllers are an example. Apple acquired Israel's Anobit in 2011. The 2016 13-inch MacBook Pro (with function keys) includes an Apple standalone storage controller (see slide 11). The controller becomes a block on T2. Today, it will be a section on the M1.</p><p>In the follow-up, we will continue to delve into T2, focusing on known block functionality, its comparison to A10 and looking ahead. Yes, both the T2 and A10 are old designs, but the comparison unleashes information about the use of semiconductor designs and the effort Apple has put into providing the desired user experience.</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>Decrypting Apple's Mysterious Chip</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\">\nDecrypting Apple's Mysterious Chip\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1099700132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time smaller\">2021-07-12 10:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple zai's recent Spring Loaded Event brought us an M1-based iMac. Following the MacBook Air and 13-inch MacBook Pro launched in the fall, the iMac is the third to give up<a href=\"https://laohu8.com/S/INTC\">Intel</a>Processor's Mac.</p><p>It can be said that with this transition, Apple's T2 chip has entered an end-of-life state. T2 is a bit of a mystery, and now there's not much time left.</p><p>We know it performs a wide range of tasks on Mac, including security, encryption, video processing, storage control, and housekeeping. Zai An article from Apple Insider in 2019 China, tested the encoding time of Macs with the same processor, one with T2 and the other without. The results show that the Mac with T2 performs encoding in 1/2 of the time.</p><p>Despite all these features, we know very little about the T2. There isn't much information around at all. Wikipedia doesn't even report chip sizes or process nodes.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has a completely new chip been designed? How much is referenced from the A-series family? How much do new designs cost? How much money does Apple invest in implementing the features it needs for the Mac?</p><p>It's time to look at the T2 and find out what Apple has created for its Intel-based Mac coprocessor.</p><p><b>Encapsulation and Memory Tips</b></p><p>The T2 under study comes from a 13-inch MacBook Air logic board from 2019. The T2's package has a decent footprint compared to other ICs around it. By comparison, the larger shiny chip between the four mounts on the right side of the T2 is the Intel i5. Depending on the packaging, it is conceivable that T2 has similar dimensions. The packaging has a \"1847\" date code indicating late 2018 assembly.</p><p><img src=\"https://static.tigerbbs.com/d42f0bdf6ab62ef175de8a78b3b002e2\" tg-width=\"1080\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p>2019 13-inch MacBook Air Logic Board</p><p>One in the late 2018 MacBook Air teardown just listed the T2 number. However, a teardown of a 15-inch MacBook Pro in 2019 indicated that the T2 was \"layered on 1 GB of Micron D9VLN LPDDR4 memory\". Our package also includes the \"D9VLN\" mark. Micron's decoder points to 1GB LPDDR4. T2 and memory may employ a package-on-package (PoP) arrangement.</p><p>After disassembling the package, a second die was found. The markings visible on the top metal are Micron's. For companion ICs or coprocessors, including DRAM in the package is interesting, not to mention costly. This is not surprising, however, considering the T2 is derived from the A-series that has long had DRAM.</p><p><img src=\"https://static.tigerbbs.com/5e6ddef69932ea7c3902e7efc0d67d15\" tg-width=\"723\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Top metal chip marker for the second chip in the T2 package.</p><p><b>Die Photo and \"PU\"</b></p><p>Now it's time for the big event. SEM analysis of several line spacings and 6T SRAM cell sizes confirmed that T2 was fabricated in the TSMC16 nm process. This is the same node as the A10, so the latter will serve as a reference A-series processor and can be compared to the T2.</p><p><img src=\"https://static.tigerbbs.com/9e80e816057f558ca6e32c5850040a44\" tg-width=\"779\" tg-height=\"873\" referrerpolicy=\"no-referrer\"></p><p>Photo of the T2 chip with CPU and GPU annotations.</p><p><img src=\"https://static.tigerbbs.com/8e281e00a8c6733dca428f869c83b21d\" tg-width=\"554\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p>Photo of A10 die with original annotation. Source: Chipworks</p><p>Visually, the CPU is the first thing to jump out. It has the same design and layout as the A10. Assuming that T2 is designed after A10, then the CPU is discarded as a hard macro. Remember it's a 4-core CPU! There are two performance cores, i.e. large Hurricane cores and two efficiency (i.e. small Zephyr) cores.</p><p>This is pretty powerful considering the main system processor already has an Intel i5.</p><p>One can only imagine the conversation within Apple. \"Do you have a CPU ready to run?\" \"Yeah … there's a 4-core 17.4 square millimeter design that's only a few months old on the shelf over there.\" \"Great, I'll take one of them.\" Okay, maybe it's more technical.</p><p>GPUs didn't follow suit. The A10's 6-core GPU is organized into 3 core blocks and one logic block. The T2's GPU appears to be located on the lower edge of the chip. Similarly, the core is organized into 3 blocks. We found no symmetry within these blocks, indicating 3 cores. The GPU logic may be located in a block directly above the kernel, with hash lines surrounding its latent area. Even if all 3 blocks within the area were GPU logic, it would be smaller than identified for A10. More analysis is needed here to confirm the GPU configuration, but it has been suggested that both the logic and cores of the GPU are smaller than those on the A10.</p><p>Additional block-level analyses are underway. Compared to the A10, we see the blocks used as-is, they feature a new layout, and they feature a completely new design.</p><p><b>Early figures</b></p><p>The T2 measures 9.6 mm x 10.8 mm and the chip size is 104 mm square. It's not a little die! The T2 is a serious processor. This is approximately 80% of the A10's 125 square millimeters.</p><p>As expected, the CPU has an area of about 17.4 square millimeters on both chips. This yields a higher percentage of the total chips dedicated to CPU in T2. The T2's GPU is much smaller than the A10's. For the cores of the A10, the dimensions of each core are 1.2 mm2 v. 5.3 mm2. Functionally, this makes sense as the task volume of the T2 GPU shouldn't be close to that of the A10 since it's not the primary GPU. Again, there are already Intel embedded graphics or dedicated GPUs on the logic board.</p><p><b>Pull threads together</b></p><p>More can be extracted from reverse engineering, but this snippet provides a taste of Apple's thinking. As a starting point, Apple looks at user features. One persistent question for Apple seems to be \"What do we want users to experience from Apple products?\" Then they build it. The T2 became Apple's interpretation of an Intel-based Mac, but keep in mind that before the T1, Intel processors flew solo, while the Mac still worked.</p><p>The T2 takes advantage of the design of the A-series processor, as shown in the CPU. Its 4-core CPU is big, to say the least, and it's hard not to think it's overwhelming for the T2. That said, Apple looks at the cost of the redesign versus the cost of silicon associated with putting in something that might be bigger than what really needs to be. The latter may be more attractive because the wafers of the T2 start to be so far apart from the A10 or any A-series processor. Additionally, the extra horsepower will provide a better experience.</p><p>The T2 also incorporates standalone ICs found in the Mac. Storage or SSD controllers are an example. Apple acquired Israel's Anobit in 2011. The 2016 13-inch MacBook Pro (with function keys) includes an Apple standalone storage controller (see slide 11). The controller becomes a block on T2. Today, it will be a section on the M1.</p><p>In the follow-up, we will continue to delve into T2, focusing on known block functionality, its comparison to A10 and looking ahead. Yes, both the T2 and A10 are old designs, but the comparison unleashes information about the use of semiconductor designs and the effort Apple has put into providing the desired user experience.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150583935","content_text":"Apple zai 最近的Spring Loaded Event为我们带来了基于 M1 的 iMac。继秋季推出的 MacBook Air 和 13 英寸 MacBook Pro 之后，iMac 是第三款放弃英特尔处理器的 Mac。\n可以说，随着这种转变，Apple 的 T2 芯片进入了生命周期终结状态。T2 有点像一个谜，现在剩下的时间不多了。\n我们知道它在 Mac 上执行广泛的任务，包括安全、加密、视频处理、存储控制和内务管理。zai Apple Insider 2019年的一篇文章中国，测试了具有相同处理器的 Mac 的编码时间，其中一个有 T2，另一个没有。结果显示，带有 T2 的 Mac 以 1/2 的时间执行编码。\n尽管有所有这些功能，但我们对 T2 知之甚少。根本没有太多信息四处。维基百科甚至没有报告芯片尺寸或工艺节点。苹果是否设计了全新的芯片？从A系列家族参考了多少？新设计多少钱？Apple 投入多少资金来实现 Mac 所需的功能？\n是时候看看 T2 并找出 Apple 为其基于 Intel 的 Mac 协处理器创造了什么。\n封装和内存提示\n正在研究的 T2 来自 2019 年的 13 英寸 MacBook Air 逻辑板。与周围的其他 IC 相比，T2 的封装具有不错的占用空间。相比之下，T2 右侧四个安装座之间较大的闪亮芯片是英特尔 i5。根据包装，可以设想 T2 具有类似的尺寸。包装上有一个“1847”日期代码，表示 2018 年末组装。\n\n2019 年 13 英寸 MacBook Air 逻辑板\n一个在2018后期的MacBook Air拆解中只是列出了T2编号。然而，在2019年的一个15 英寸 MacBook Pro的拆解表明 T2 “分层在 1 GB 美光 D9VLN LPDDR4 内存上”。我们的封装还包括“D9VLN”标记。美光的解码器指向 1GB LPDDR4。T2 和内存可能采用封装上封装 (PoP) 的排列。\n在拆开封装后，发现了第二个die。顶部金属上可见的标记是 Micron 的。对于配套 IC 或协处理器而言，在封装内包含DRAM 很有趣，更不用说成本高了。然而，考虑到 T2 源自长期以来具有DRAM 的 A 系列，这并不奇怪。\n\nT2 封装中第二个芯片的顶部金属芯片标记。\nDie照片 和“PU”\n现在是重头戏的时候了。 几个线间距和 6T SRAM 单元尺寸的 SEM 分析证实 ，T2 是在 TSMC16 nm 工艺中制造的。这是与 A10 相同的节点，因此后者将作为参考 A 系列处理器，可以与 T2 进行比较。\n\n带有 CPU 和 GPU 注释的 T2 芯片照片。\n\n带有原始注释的 A10 die照片。资料来源：Chipworks\n从视觉上看，CPU 是第一个跳出来的东西。它的设计和布局与 A10 相同。假设 T2 是在 A10 之后设计的，那么 CPU 就作为一个硬宏（hard macro）被丢弃了。记住它是一个 4 核 CPU！有两个性能，即大型Hurricane内核和两个效率（即小型 Zephyr ）内核。\n考虑到主系统处理器已经有一个英特尔 i5，这是相当强大的。\n人们只能想象 Apple 内部的对话。“你有准备好运行的 CPU 吗？” “是的……那边架子上有一个只有几个月大的 4 核 17.4 平方毫米的设计。” “太好了，我要其中之一。” 好吧，也许它更具技术性。\nGPU 没有效仿。A10 的 6 核 GPU 被组织为 3 个核心块和一个逻辑块。T2 的 GPU 似乎位于芯片的下边缘。同样，核心被组织为 3 个块。我们没有发现这些块内的对称性，表明有 3 个核心。GPU 逻辑可能位于内核正上方的块中，其中散列线围绕它的潜在区域。即使该区域内的所有 3 个块都是 GPU 逻辑，它也会比为 A10 识别的要小。这里需要更多的分析来确认 GPU 配置，但有人建议 GPU 的逻辑和内核都比 A10 上的要小。\n其他块级分析正在进行中。与 A10 相比，我们看到了按原样使用的块，它们采用了新的布局，并且采用了全新的设计。\n早期数字\nT2 尺寸为 9.6 毫米 x 10.8 毫米，芯片尺寸为 104 平方毫米。这不是一个小die！T2 是一款严肃的处理器。这大约是 A10 的 125 平方毫米的80% 。\n正如预期的那样，CPU在两个芯片上的面积约为 17.4 平方毫米。这在 T2 中专用于 CPU 的总芯片中产生了更高的百分比。T2 的 GPU 比 A10 的要小得多。对于 A10 的核心，每个核心的尺寸为 1.2 平方毫米 v. 5.3 平方毫米。从功能上讲，这是有道理的，因为 T2 GPU 的任务量不应与 A10 接近，因为它不是主要 GPU。同样，逻辑板上已经有英特尔嵌入式图形或专用 GPU。\n将线（thread）拉在一起\n从逆向工程中可以提取出更多内容，但是这个片段提供了 Apple 思想的味道。作为起点，Apple着眼于用户功能。Apple 的一个持续问题似乎是“我们希望用户从 Apple 产品中体验什么？” 然后他们建造它。T2 成为 Apple 对基于 Intel 的 Mac 的解释，但请记住，在 T1 之前，Intel 处理器是单飞的，而 Mac 仍然可以工作。\nT2 利用了 A 系列处理器的设计，如 CPU 中所示。至少可以说，它的 4 核 CPU 很大，很难不认为它对 T2 来说是压倒性的。也就是说，Apple 会考虑重新设计的成本与与放入可能比真正需要的更大的东西相关的硅成本。后者可能更有吸引力，因为 T2 的晶圆开始与 A10 或任何 A 系列处理器相距甚远。此外，额外的马力将提供更好的体验。\nT2 还整合了 Mac 中的独立 IC。存储或 SSD 控制器就是一个例子。苹果在2011 年收购了以色列的 Anobit 。2016 年的 13 英寸 MacBook Pro（带功能键）包含一个 Apple 独立存储控制器（参见幻灯片 11）。控制器变成了 T2 上的一个块。今天，它将成为 M1 上的一个部分。\n后续，我们将继续深入研究 T2，专注于已知的块功能，它与 A10 的比较并展望未来。是的，T2 和 A10 都是旧设计，但比较释放了有关半导体设计使用的信息以及 Apple 为提供所需的用户体验而付出的努力。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159861167,"gmtCreate":1624956261359,"gmtModify":1703848780751,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159861167","repostId":"1176326573","repostType":4,"repost":{"id":"1176326573","kind":"news","pubTimestamp":1624955903,"share":"https://ttm.financial/m/news/1176326573?lang=en_US&edition=fundamental","pubTime":"2021-06-29 16:38","market":"us","language":"en","title":"The Most Epic Back-to-School Season Ever: 2 Stocks to Watch","url":"https://stock-news.laohu8.com/highlight/detail?id=1176326573","media":"Motley Fool","summary":"Spending usually increases with back-to-school shopping. That effect could be magnified this year.","content":"<p>The 2021 back-to-school shopping season could be the most epic ever. Millions of students worldwide will be preparing to return to in-person learning for the first time since March 2020.</p>\n<p>The coronavirus pandemic forced an abrupt shift to online instruction for students of all ages. The return has been more gradual, as some states and countries have already brought students back to in-person learning. Still, the fall semester of school will see the biggest group yet returning from remote instruction.</p>\n<p>Two companies that are in a position to benefit from students returning to school are&nbsp;<b>Target</b>(NYSE:TGT)&nbsp;and&nbsp;<b>Chegg</b>(NYSE:CHGG). Let's take a closer look at why investors should keep an eye on these two stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2446f442d6523793c8a0dc8b18bda9c\" tg-width=\"700\" tg-height=\"466\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>1. Target</b></p>\n<p>A return to in-person learning can create the need for students to buy school supplies, clothes, and electronics, all of which can be found in one trip to Target. My son started the pandemic in kindergarten, and when he goes back to school in August, he will be a second-grader. He will need new clothes, new shoes, and other school supplies.</p>\n<p>Surely, that will be the case for millions of students worldwide. What's different for this year is the especially longer time it has been since kids were last in school. In a typical back-to-school season, sales are brisk, even though students were out of school for a few months through summer. This time around, kids haven't been in school for over a year, so sales could be even greater. Investors should keep an eye on how that plays out.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d614dbcb6f3f07da000561aa012342fb\" tg-width=\"700\" tg-height=\"466\"><span>COLLEGE ENROLLMENT FELL BY 603,000 STUDENTS IN SPRING 2021. IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>2. Chegg</b></p>\n<p>Chegg, the online student learning aid, experienced a surge in demand during the pandemic. The company serves mostly college and high school students, and when instruction moved online, students were missing the vital interaction with instructors and teachers. Still, subscriber growth was robust even in the years before the pandemic. Studentsfind its services helpfuland a relative bargain at less than $20 per month.</p>\n<p>The pandemic wasn't all positive for Chegg's business. Many college students with the choice of going through remote instruction or taking time off chose the latter. Indeed, college enrollment fell by 603,000 students in the spring semester of 2021, the biggest decline in a decade. Further, many students who chose to attend college instead of taking a semester off registered for fewer classes than they normally would.</p>\n<p>With nearly all colleges offering in-person instruction in the fall semester, enrollment will likely increase; students are also likely to take more classes to make up for the lost time. That means more potentialstudents that could benefitfrom Chegg's services.</p>\n<p><b>Investor takeaway</b></p>\n<p>The back-to-school surge in spending at Target and Chegg could be an extension of a COVID-induced increase in revenue. As economies reopened, there was a worry amonginvestorsof a snapback of spending at businesses like Target and Chegg that benefited during the pandemic. The thesis has not played out, and it could be giving credence to the counterargument that habits formed during the pandemic are going to stick around long term.&nbsp;Target and Chegg are certainly working at helping consumers maintain those habits and stick with them.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Most Epic Back-to-School Season Ever: 2 Stocks to Watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Most Epic Back-to-School Season Ever: 2 Stocks to Watch\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 16:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/28/back-to-school-season-stocks-watch-target-chegg/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The 2021 back-to-school shopping season could be the most epic ever. Millions of students worldwide will be preparing to return to in-person learning for the first time since March 2020.\nThe ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/28/back-to-school-season-stocks-watch-target-chegg/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHGG":"Chegg Inc","TGT":"塔吉特"},"source_url":"https://www.fool.com/investing/2021/06/28/back-to-school-season-stocks-watch-target-chegg/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176326573","content_text":"The 2021 back-to-school shopping season could be the most epic ever. Millions of students worldwide will be preparing to return to in-person learning for the first time since March 2020.\nThe coronavirus pandemic forced an abrupt shift to online instruction for students of all ages. The return has been more gradual, as some states and countries have already brought students back to in-person learning. Still, the fall semester of school will see the biggest group yet returning from remote instruction.\nTwo companies that are in a position to benefit from students returning to school are Target(NYSE:TGT) and Chegg(NYSE:CHGG). Let's take a closer look at why investors should keep an eye on these two stocks.\nIMAGE SOURCE: GETTY IMAGES.\n1. Target\nA return to in-person learning can create the need for students to buy school supplies, clothes, and electronics, all of which can be found in one trip to Target. My son started the pandemic in kindergarten, and when he goes back to school in August, he will be a second-grader. He will need new clothes, new shoes, and other school supplies.\nSurely, that will be the case for millions of students worldwide. What's different for this year is the especially longer time it has been since kids were last in school. In a typical back-to-school season, sales are brisk, even though students were out of school for a few months through summer. This time around, kids haven't been in school for over a year, so sales could be even greater. Investors should keep an eye on how that plays out.\nCOLLEGE ENROLLMENT FELL BY 603,000 STUDENTS IN SPRING 2021. IMAGE SOURCE: GETTY IMAGES.\n2. Chegg\nChegg, the online student learning aid, experienced a surge in demand during the pandemic. The company serves mostly college and high school students, and when instruction moved online, students were missing the vital interaction with instructors and teachers. Still, subscriber growth was robust even in the years before the pandemic. Studentsfind its services helpfuland a relative bargain at less than $20 per month.\nThe pandemic wasn't all positive for Chegg's business. Many college students with the choice of going through remote instruction or taking time off chose the latter. Indeed, college enrollment fell by 603,000 students in the spring semester of 2021, the biggest decline in a decade. Further, many students who chose to attend college instead of taking a semester off registered for fewer classes than they normally would.\nWith nearly all colleges offering in-person instruction in the fall semester, enrollment will likely increase; students are also likely to take more classes to make up for the lost time. That means more potentialstudents that could benefitfrom Chegg's services.\nInvestor takeaway\nThe back-to-school surge in spending at Target and Chegg could be an extension of a COVID-induced increase in revenue. As economies reopened, there was a worry amonginvestorsof a snapback of spending at businesses like Target and Chegg that benefited during the pandemic. The thesis has not played out, and it could be giving credence to the counterargument that habits formed during the pandemic are going to stick around long term. Target and Chegg are certainly working at helping consumers maintain those habits and stick with them.","news_type":1,"symbols_score_info":{"CHGG":0.9,"TGT":0.9}},"isVote":1,"tweetType":1,"viewCount":2508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127853167,"gmtCreate":1624843997359,"gmtModify":1703845944961,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127853167","repostId":"2146007781","repostType":4,"repost":{"id":"2146007781","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1624809720,"share":"https://ttm.financial/m/news/2146007781?lang=en_US&edition=fundamental","pubTime":"2021-06-28 00:02","market":"hk","language":"zh","title":"Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time","url":"https://stock-news.laohu8.com/highlight/detail?id=2146007781","media":"券商中国","summary":"屋顶分布式光伏开发方案出炉，光伏建筑板块掀起涨停潮！“碳中和”下的绿色建筑产业链迎来新机遇，这些龙头订单量爆发式增长（名单）。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。","content":"<p><img src=\"https://static.tigerbbs.com/87962f8b40fba9eb4be873ddab4a1916\" tg-width=\"586\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>: Entering the market transformation stage, grasping the main line of high prosperity</p><p>July is the transition stage for the market from a quiet period to a resonant upward period. It is expected that the ebb of gaming funds during the cross-month period will lead to an increase in structural fluctuations in the market. It is recommended to grasp the main line of high prosperity and continue to increase the allocation of growth manufacturing sectors.</p><p>First of all, in the second quarter, the incremental entry funds of institutions were limited, and the expectation of consistent rise drove a large number of game funds to enter the market. The ebb of game funds may lead to increased structural fluctuations in the market. Secondly, the overall economy still maintains a steady recovery trend. It is expected that economic data will continue to recover slowly in July, but disturbing factors such as slow pace and local credit risk events have also begun to increase. Policies will remain stable to support the continued recovery of the economy. Finally, domestic macro liquidity is limited by overseas influence, monetary policy is expected to remain stable, the relative attractiveness of equity assets is highlighted under the guidance of multiple policies, and capital market liquidity is still abundant. Overall, the market in July will shift from valuation-driven to profit-driven, return to normal from unanimous rising expectations, and switch from structurally overheated theme market to the main line of high prosperity in the mid-term report. In terms of allocation, it is recommended to continue to focus on new energy, independent and controllable technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing four main manufacturing lines with high prosperity and growth, and structural fluctuations in the market will bring new entry opportunities.</p><p><a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: The bull market pattern has not changed, and the current market sentiment is still far from the high point</p><p>The microstructure shows that the current market risk appetite is actually high. As long as the prosperity is good, even if the valuation is high, the company's stock price will still rise greatly. During the expansion of corporate profits, micro-funds are still flowing into the market, the bull market pattern has not changed, and the current market sentiment is still far from the high point. The market is heading for a new high in the year, with high-quality leaders represented by the Mao Index as allocations, and intelligent manufacturing attacks with rapid profit growth and policy directions.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>Securities: Loose liquidity continues, growth leads the market</p><p>From an economic perspective, the liquidity demand for base money will fall in July 2021, and the central bank will maintain the stability of base money supply. Treasury Bond interest rates are expected to fall by about 10-20bp in July-August. The RMB exchange rate will remain in a stable range of 6.3-6.4. Therefore, in this economic state, the market keeps running smoothly. However, there is a huge differentiation in the structure, and Science and Technology 50 and GEM 50 will continue to lead the market.</p><p>From the perspective of industry comparison, first, continue to be optimistic about growth industries such as photovoltaics and new energy vehicles. Second, growth sectors such as computers are dominant as scheduled, which is also quite sustainable. Third, under the condition that the market continues to be excellent, and the transaction volume continues to exceed one trillion yuan, there may be opportunities in the brokerage sector.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities: The pull-up is to be continued, it is completely too late to go long now</p><p>Don't be bearish for the sake of being bearish, break away from the confinement of stock thinking, pay attention to marginal improvement, and the pull-up is to be continued. The back is a pull-up, and it is completely too late to go long now. As the trend of inflation and credit contraction is determined, the downward trend of risk assessment continues to drive the market upward. In addition, the downward trend of risk-free interest rate will become a new force, which will drive the market up together with risk assessment. 1) Short-term perspective: Due to the domestic central bank's unexpected net investment, short-term interest rates in the market will marginally decline, and foreign inflation expectations will fall, and long-term interest rates on U.S. bonds will also marginally decline. Domestically, on June 24, the central bank increased the scale of reverse for the first time after three months, increasing net OMO investment by 20 billion more than expected to maintain stability, and short-term interest rates in the inter-bank market mainly declined. In addition, although the deposit interest rate reform is not a \"disguised interest rate cut\", the central bank's statement that \"maintaining reasonable and sufficient liquidity is not empty talk\" also conveys a positive signal. In the future, with the increase of inflation tolerance, the pressure to stabilize growth, and possible credit problems, it will be easier to loosen and harder to tighten as it moves backward. Overseas, although rate hike is expected to move forward after the interest rate meeting, the long-term interest rate of U.S. bonds has fallen instead of rising due to the fall in inflation expectations. 2) Long-term perspective: The real estate tax pilot is expected to increase, and the asset allocation structure of residents will change. From the perspective of major asset allocation, the stock market is expected to usher in more incremental funds.</p><p>The fire of technological growth can start a prairie fire. Key recommendations for industry allocation: 1) First recommend securities firms/banks; 2) The starting point of technological growth: new energy vehicles/electronics/computers/military industry/medicine; 3) The recovery in the post-epidemic era is accelerating: domestic consumption/emerging consumption/high-end consumption; 4) New opportunities in the next cycle of carbon neutrality: coal/building materials/steel; 5) Midstream manufacturing oversold counterattack under the expected marginal easing of cost constraints: home appliances/automobiles.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>: Focus on growth, taking into account the cycle</p><p>The global epidemic is \"first-in, first-out\", and China's economic growth rate is gradually falling back from rapid recovery to normal growth, and the overall policy environment may gradually favor supporting growth; The market's inflation expectations have been temporarily digested. Against this background, market capital concerns have decreased. After the market's focus has gradually shifted from \"post-epidemic recovery\" to \"normalized growth\", the relative prosperity is high, the growth potential is large, and the industrial cycle is still ongoing. The growth style may still be the main line of the market. Looking ahead, after some indexes are close to the previous high, the market may fluctuate in the short term. However, in the general direction, the market may still maintain a positive risk appetite, and the market style may be characterized by \"growth-oriented, taking into account the cycle\".</p><p>Operational suggestions: Focus on growth, taking into account the cycle. 1) High prosperity, China's competitive or growing industrial chain: electric vehicle industry chain, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc.; 2) Pan-consumer industry: bottom-up stock selection in the fields of daily necessities, light industrial home furnishing, hotel tourism, home appliances, automobiles and parts, medicine and medical equipment; 3) Gradually reduce cyclical allocation but focus on some cycles with favorable structures or structural growth characteristics: some non-ferrous metals such as lithium, chemicals, and financial leaders who benefit from the general development trend of wealth and asset management.</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>: Growth flies, mid-term report relay</p><p>The domestic economic stability period, the policy warm wind period, and the liquidity-friendly period are superimposed. Economic recovery is accelerating, monetary policy remains stable, global money market funds are accelerating their return to risky assets, and global equity assets are in a \"honeymoon period.\" The market is moving from the layout of the \"centennial\" market, slowly unfolding, and getting better and better, to the \"summer market\" that is in full swing, scorching sun, and shining brightly. It continues to prompt over-allocation growth, and pays attention to the cost-effective assets whose interim report performance exceeds expectations.</p><p>Industry configuration: \"Harvest cycle, layout growth\" is interpreted as scheduled, growth is still the main theme, and the mid-term report market can be laid out. 1) AIoT, Internet of Everything, China's domestic operating systems represented by Hongmeng are linked to smart terminal mobile phones, cars, etc., and the opportunities gestated deserve attention. Such as: computer, communication, electronics, etc. 2) Medicine, with both innovation, prosperity, technology and consumption attributes, focusing on medical devices, medical services and other directions. 3) New energy chain. Comparable to the 10-year golden growth cycle of consumer electronics, under the background of carbon neutrality and carbon peak, the three-wheel drive of policy + demand + technological change focuses on: new energy materials, lithium battery equipment, automobiles, intelligent driving and other subdivisions. 4) High-end manufacturing equipment. Mainly focusing on China's manufacturing moving towards high-end and localization, in line with industry needs and prosperous development, we can focus on semiconductor equipment, military industry and other directions. The market concerto of cost-effective assets cannot be ignored. In the next stage, you can pay attention to the catalyst of the mid-term report. With the economic recovery and the PPI maintaining a high level, it is possible to rush for cost-effective assets whose mid-term results exceed expectations, especially low-valuation leaders such as chemicals, machinery, non-ferrous metals, and coal.</p><p><a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Looking for small-cap growth with better odds</p><p>After five years of \"dragon-led\" leading stock style, there are problems in the microstructure of A-shares, and the crowded trading of leading stocks restricts its excess return space. 2021 is a big year for profits. The deterministic valuation premium of leading stocks has fallen. The market has gone from chasing leaders with stable ROE to favoring small and medium-sized caps with strong immediate performance flexibility. Rising inflation expectations in 2021 drive small-cap value stocks better; The peak of inflation expectations since mid-May has driven the global stock market style to turn to growth. At the same time, the profit expectations of individual stocks in representative sectors of the market value have been lowered, resulting in a slight double kill in performance valuations.</p><p>Since small-cap growth took over, some small and medium-sized market capitalization growth stocks have accumulated significant gains, but using the winning rate/odds framework, small-cap growth is still the best choice. This year's stock trading is still a winning rate investment (an industry with increased profit margins) taking into account odds (reflected in the sinking market value). In terms of allocation, we will pay attention to the direction of interest rate profit with room for improvement from the perspective of winning rate (good long-term growth or supply and demand gap), taking into account the odds perspective, choose a subdivided track with appropriate valuation and still room for market value sinking. Currently mainly focused on component and electronic manufacturing; Medical devices and medical services; Power supply equipment; Glass, chemicals/chemical fiber and other industries.</p><p>Essence Securities: The index may have limited room to continue to rise, and growth is still the future trend</p><p>The current market as a whole continues to be in a volatile stage. In the short term, the market is in a favorable environment, the liquidity of the inter-bank market is expected to be stable, and overseas concerns have also been alleviated. At the same time, the adjustment pressure of strong stocks in the early stage of the market is rising, and the compensatory gains of weak stocks in the early stage have started. There may be limited room for the index to continue to rise in this round. In the medium and long term, the fundamentals of A-shares in this year's mid-term report and the second half of the year are likely to be better than market expectations. Against the background of the Fed's significant dovish and the completion of domestic economic recovery, the upside of domestic bond market yields is limited, and the liquidity environment and risk preference factors as a whole are still favorable support, and the profitability and growth of enterprises will become the core logic of the market in the next stage.</p><p>In terms of industry allocation, it is recommended to pay attention to companies with reasonable valuations and mid-term reports that exceed expectations, and appropriately grasp the trading opportunities of cyclical stocks. At the same time, we will continue to hold varieties in the core track whose profit growth exceeds expectations, and focus on new main lines in non-core assets that are being gestated, and explore opportunities that have been neglected in the process of economic recovery and transformation from bottom to top. If there is an adjustment in short-term growth stocks, it will be a good time to increase the layout. The key direction includes three clues: 1) The mid-term report exceeds expectations under the recovery: chemicals, coal, banks, etc.; 2) Varieties that can continue to exceed expectations in the core track: semiconductors, photovoltaics, and some pharmaceutical companies; 3) New growth tracks: artificial intelligence, smart cars, new materials, military industry, Xinchuang network security, etc.</p><p>Guosheng Securities: The market remains volatile and continues to dig<a href=\"https://laohu8.com/S/KIM\">Jinke</a>Create</p><p>The market rose across the board last week, and the core lies in the marginal loosening of liquidity again. Science and technology innovation board continues to lead the market, and its attention continues to increase, and it is expected to gradually become a market consensus. Once again, there will be no systemic risks in the second half of the year, whether at home or overseas, and shocks will still be the main focus. Take advantage of the panic caused by each fluctuation to find buying opportunities.</p><p>Focus on the future, grasp the present, and configure scientific and technological innovation. Three clues to \"Nuggets\" the Science and Technology Innovation Board: 1) Open up a new direction for A-shares, and benchmark against the scarce subdivided track \"unicorns\". 2) The performance growth rate has always led the \"high growth\" of science and technology innovation; 3) Since its listing, the pullback/retracement has been deep, has fallen below the issue price, and has a valuation and price-performance ratio from the perspective of PEG; Petroleum, petrochemical and chemical, nonferrous metals, photovoltaic and other sectors benefit from overseas demand. Subdivided tracks such as new energy vehicles, semiconductors & consumer electronics, AI, CXO services & medical beauty, and sub-high-end liquor with strong certainty of prosperity and expected high growth.</p><p>Yuekai Securities: There is a high probability that the index will still maintain a high and volatile trend, and the growth style layout is at the right time</p><p>Looking forward to the market outlook, the index will most likely remain high and volatile. With the continued recovery of the global economy and overseas liquidity tightening, the price upward trend caused by the mismatch between supply and demand and the excessively abundant liquidity environment will be alleviated. Commodity prices in the second half of the year It is expected to usher in an inflection point, and the RMB exchange rate will most likely maintain two-way fluctuations, and the probability of unilateral sustained appreciation is small.</p><p>Pay attention to three main lines in the direction of allocation: First, pay attention to the sectors where the semi-annual performance is expected to improve and the performance exceeds expectations. The second is to pay attention to the growth style configuration with high prosperity. At present, the market's consensus on laying out the main line of growth is continuing to improve. In the context of sustained economic recovery, growth styles with strong policy support, broad development prospects, and strong profitability certainty have stronger premium capabilities. The third is to pay attention to thematic investment opportunities in environmental protection-related industries under policy dividends.</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>Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time</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\">\nTop Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-28 00:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/87962f8b40fba9eb4be873ddab4a1916\" tg-width=\"586\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>: Entering the market transformation stage, grasping the main line of high prosperity</p><p>July is the transition stage for the market from a quiet period to a resonant upward period. It is expected that the ebb of gaming funds during the cross-month period will lead to an increase in structural fluctuations in the market. It is recommended to grasp the main line of high prosperity and continue to increase the allocation of growth manufacturing sectors.</p><p>First of all, in the second quarter, the incremental entry funds of institutions were limited, and the expectation of consistent rise drove a large number of game funds to enter the market. The ebb of game funds may lead to increased structural fluctuations in the market. Secondly, the overall economy still maintains a steady recovery trend. It is expected that economic data will continue to recover slowly in July, but disturbing factors such as slow pace and local credit risk events have also begun to increase. Policies will remain stable to support the continued recovery of the economy. Finally, domestic macro liquidity is limited by overseas influence, monetary policy is expected to remain stable, the relative attractiveness of equity assets is highlighted under the guidance of multiple policies, and capital market liquidity is still abundant. Overall, the market in July will shift from valuation-driven to profit-driven, return to normal from unanimous rising expectations, and switch from structurally overheated theme market to the main line of high prosperity in the mid-term report. In terms of allocation, it is recommended to continue to focus on new energy, independent and controllable technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing four main manufacturing lines with high prosperity and growth, and structural fluctuations in the market will bring new entry opportunities.</p><p><a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: The bull market pattern has not changed, and the current market sentiment is still far from the high point</p><p>The microstructure shows that the current market risk appetite is actually high. As long as the prosperity is good, even if the valuation is high, the company's stock price will still rise greatly. During the expansion of corporate profits, micro-funds are still flowing into the market, the bull market pattern has not changed, and the current market sentiment is still far from the high point. The market is heading for a new high in the year, with high-quality leaders represented by the Mao Index as allocations, and intelligent manufacturing attacks with rapid profit growth and policy directions.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>Securities: Loose liquidity continues, growth leads the market</p><p>From an economic perspective, the liquidity demand for base money will fall in July 2021, and the central bank will maintain the stability of base money supply. Treasury Bond interest rates are expected to fall by about 10-20bp in July-August. The RMB exchange rate will remain in a stable range of 6.3-6.4. Therefore, in this economic state, the market keeps running smoothly. However, there is a huge differentiation in the structure, and Science and Technology 50 and GEM 50 will continue to lead the market.</p><p>From the perspective of industry comparison, first, continue to be optimistic about growth industries such as photovoltaics and new energy vehicles. Second, growth sectors such as computers are dominant as scheduled, which is also quite sustainable. Third, under the condition that the market continues to be excellent, and the transaction volume continues to exceed one trillion yuan, there may be opportunities in the brokerage sector.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities: The pull-up is to be continued, it is completely too late to go long now</p><p>Don't be bearish for the sake of being bearish, break away from the confinement of stock thinking, pay attention to marginal improvement, and the pull-up is to be continued. The back is a pull-up, and it is completely too late to go long now. As the trend of inflation and credit contraction is determined, the downward trend of risk assessment continues to drive the market upward. In addition, the downward trend of risk-free interest rate will become a new force, which will drive the market up together with risk assessment. 1) Short-term perspective: Due to the domestic central bank's unexpected net investment, short-term interest rates in the market will marginally decline, and foreign inflation expectations will fall, and long-term interest rates on U.S. bonds will also marginally decline. Domestically, on June 24, the central bank increased the scale of reverse for the first time after three months, increasing net OMO investment by 20 billion more than expected to maintain stability, and short-term interest rates in the inter-bank market mainly declined. In addition, although the deposit interest rate reform is not a \"disguised interest rate cut\", the central bank's statement that \"maintaining reasonable and sufficient liquidity is not empty talk\" also conveys a positive signal. In the future, with the increase of inflation tolerance, the pressure to stabilize growth, and possible credit problems, it will be easier to loosen and harder to tighten as it moves backward. Overseas, although rate hike is expected to move forward after the interest rate meeting, the long-term interest rate of U.S. bonds has fallen instead of rising due to the fall in inflation expectations. 2) Long-term perspective: The real estate tax pilot is expected to increase, and the asset allocation structure of residents will change. From the perspective of major asset allocation, the stock market is expected to usher in more incremental funds.</p><p>The fire of technological growth can start a prairie fire. Key recommendations for industry allocation: 1) First recommend securities firms/banks; 2) The starting point of technological growth: new energy vehicles/electronics/computers/military industry/medicine; 3) The recovery in the post-epidemic era is accelerating: domestic consumption/emerging consumption/high-end consumption; 4) New opportunities in the next cycle of carbon neutrality: coal/building materials/steel; 5) Midstream manufacturing oversold counterattack under the expected marginal easing of cost constraints: home appliances/automobiles.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>: Focus on growth, taking into account the cycle</p><p>The global epidemic is \"first-in, first-out\", and China's economic growth rate is gradually falling back from rapid recovery to normal growth, and the overall policy environment may gradually favor supporting growth; The market's inflation expectations have been temporarily digested. Against this background, market capital concerns have decreased. After the market's focus has gradually shifted from \"post-epidemic recovery\" to \"normalized growth\", the relative prosperity is high, the growth potential is large, and the industrial cycle is still ongoing. The growth style may still be the main line of the market. Looking ahead, after some indexes are close to the previous high, the market may fluctuate in the short term. However, in the general direction, the market may still maintain a positive risk appetite, and the market style may be characterized by \"growth-oriented, taking into account the cycle\".</p><p>Operational suggestions: Focus on growth, taking into account the cycle. 1) High prosperity, China's competitive or growing industrial chain: electric vehicle industry chain, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc.; 2) Pan-consumer industry: bottom-up stock selection in the fields of daily necessities, light industrial home furnishing, hotel tourism, home appliances, automobiles and parts, medicine and medical equipment; 3) Gradually reduce cyclical allocation but focus on some cycles with favorable structures or structural growth characteristics: some non-ferrous metals such as lithium, chemicals, and financial leaders who benefit from the general development trend of wealth and asset management.</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>: Growth flies, mid-term report relay</p><p>The domestic economic stability period, the policy warm wind period, and the liquidity-friendly period are superimposed. Economic recovery is accelerating, monetary policy remains stable, global money market funds are accelerating their return to risky assets, and global equity assets are in a \"honeymoon period.\" The market is moving from the layout of the \"centennial\" market, slowly unfolding, and getting better and better, to the \"summer market\" that is in full swing, scorching sun, and shining brightly. It continues to prompt over-allocation growth, and pays attention to the cost-effective assets whose interim report performance exceeds expectations.</p><p>Industry configuration: \"Harvest cycle, layout growth\" is interpreted as scheduled, growth is still the main theme, and the mid-term report market can be laid out. 1) AIoT, Internet of Everything, China's domestic operating systems represented by Hongmeng are linked to smart terminal mobile phones, cars, etc., and the opportunities gestated deserve attention. Such as: computer, communication, electronics, etc. 2) Medicine, with both innovation, prosperity, technology and consumption attributes, focusing on medical devices, medical services and other directions. 3) New energy chain. Comparable to the 10-year golden growth cycle of consumer electronics, under the background of carbon neutrality and carbon peak, the three-wheel drive of policy + demand + technological change focuses on: new energy materials, lithium battery equipment, automobiles, intelligent driving and other subdivisions. 4) High-end manufacturing equipment. Mainly focusing on China's manufacturing moving towards high-end and localization, in line with industry needs and prosperous development, we can focus on semiconductor equipment, military industry and other directions. The market concerto of cost-effective assets cannot be ignored. In the next stage, you can pay attention to the catalyst of the mid-term report. With the economic recovery and the PPI maintaining a high level, it is possible to rush for cost-effective assets whose mid-term results exceed expectations, especially low-valuation leaders such as chemicals, machinery, non-ferrous metals, and coal.</p><p><a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Looking for small-cap growth with better odds</p><p>After five years of \"dragon-led\" leading stock style, there are problems in the microstructure of A-shares, and the crowded trading of leading stocks restricts its excess return space. 2021 is a big year for profits. The deterministic valuation premium of leading stocks has fallen. The market has gone from chasing leaders with stable ROE to favoring small and medium-sized caps with strong immediate performance flexibility. Rising inflation expectations in 2021 drive small-cap value stocks better; The peak of inflation expectations since mid-May has driven the global stock market style to turn to growth. At the same time, the profit expectations of individual stocks in representative sectors of the market value have been lowered, resulting in a slight double kill in performance valuations.</p><p>Since small-cap growth took over, some small and medium-sized market capitalization growth stocks have accumulated significant gains, but using the winning rate/odds framework, small-cap growth is still the best choice. This year's stock trading is still a winning rate investment (an industry with increased profit margins) taking into account odds (reflected in the sinking market value). In terms of allocation, we will pay attention to the direction of interest rate profit with room for improvement from the perspective of winning rate (good long-term growth or supply and demand gap), taking into account the odds perspective, choose a subdivided track with appropriate valuation and still room for market value sinking. Currently mainly focused on component and electronic manufacturing; Medical devices and medical services; Power supply equipment; Glass, chemicals/chemical fiber and other industries.</p><p>Essence Securities: The index may have limited room to continue to rise, and growth is still the future trend</p><p>The current market as a whole continues to be in a volatile stage. In the short term, the market is in a favorable environment, the liquidity of the inter-bank market is expected to be stable, and overseas concerns have also been alleviated. At the same time, the adjustment pressure of strong stocks in the early stage of the market is rising, and the compensatory gains of weak stocks in the early stage have started. There may be limited room for the index to continue to rise in this round. In the medium and long term, the fundamentals of A-shares in this year's mid-term report and the second half of the year are likely to be better than market expectations. Against the background of the Fed's significant dovish and the completion of domestic economic recovery, the upside of domestic bond market yields is limited, and the liquidity environment and risk preference factors as a whole are still favorable support, and the profitability and growth of enterprises will become the core logic of the market in the next stage.</p><p>In terms of industry allocation, it is recommended to pay attention to companies with reasonable valuations and mid-term reports that exceed expectations, and appropriately grasp the trading opportunities of cyclical stocks. At the same time, we will continue to hold varieties in the core track whose profit growth exceeds expectations, and focus on new main lines in non-core assets that are being gestated, and explore opportunities that have been neglected in the process of economic recovery and transformation from bottom to top. If there is an adjustment in short-term growth stocks, it will be a good time to increase the layout. The key direction includes three clues: 1) The mid-term report exceeds expectations under the recovery: chemicals, coal, banks, etc.; 2) Varieties that can continue to exceed expectations in the core track: semiconductors, photovoltaics, and some pharmaceutical companies; 3) New growth tracks: artificial intelligence, smart cars, new materials, military industry, Xinchuang network security, etc.</p><p>Guosheng Securities: The market remains volatile and continues to dig<a href=\"https://laohu8.com/S/KIM\">Jinke</a>Create</p><p>The market rose across the board last week, and the core lies in the marginal loosening of liquidity again. Science and technology innovation board continues to lead the market, and its attention continues to increase, and it is expected to gradually become a market consensus. Once again, there will be no systemic risks in the second half of the year, whether at home or overseas, and shocks will still be the main focus. Take advantage of the panic caused by each fluctuation to find buying opportunities.</p><p>Focus on the future, grasp the present, and configure scientific and technological innovation. Three clues to \"Nuggets\" the Science and Technology Innovation Board: 1) Open up a new direction for A-shares, and benchmark against the scarce subdivided track \"unicorns\". 2) The performance growth rate has always led the \"high growth\" of science and technology innovation; 3) Since its listing, the pullback/retracement has been deep, has fallen below the issue price, and has a valuation and price-performance ratio from the perspective of PEG; Petroleum, petrochemical and chemical, nonferrous metals, photovoltaic and other sectors benefit from overseas demand. Subdivided tracks such as new energy vehicles, semiconductors & consumer electronics, AI, CXO services & medical beauty, and sub-high-end liquor with strong certainty of prosperity and expected high growth.</p><p>Yuekai Securities: There is a high probability that the index will still maintain a high and volatile trend, and the growth style layout is at the right time</p><p>Looking forward to the market outlook, the index will most likely remain high and volatile. With the continued recovery of the global economy and overseas liquidity tightening, the price upward trend caused by the mismatch between supply and demand and the excessively abundant liquidity environment will be alleviated. Commodity prices in the second half of the year It is expected to usher in an inflection point, and the RMB exchange rate will most likely maintain two-way fluctuations, and the probability of unilateral sustained appreciation is small.</p><p>Pay attention to three main lines in the direction of allocation: First, pay attention to the sectors where the semi-annual performance is expected to improve and the performance exceeds expectations. The second is to pay attention to the growth style configuration with high prosperity. At present, the market's consensus on laying out the main line of growth is continuing to improve. In the context of sustained economic recovery, growth styles with strong policy support, broad development prospects, and strong profitability certainty have stronger premium capabilities. The third is to pay attention to thematic investment opportunities in environmental protection-related industries under policy dividends.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146007781","content_text":"中信证券：步入行情转换阶段，紧抓高景气主线\n7月是市场从平静期向共振上行期的转换阶段。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。\n首先，二季度机构增量入场资金有限，一致性上涨预期驱动大量博弈资金入场，博弈性资金退潮可能导致市场结构性波动有所加大。其次，整体经济依旧维持稳步复苏趋势，预计7月经济数据延续缓慢复苏，但节奏迟缓、局部信用风险事件等扰动因素也开始增多，政策依然会保持平稳，支持经济持续修复。最后，国内宏观流动性受海外影响有限，货币政策有望继续保持平稳，权益资产的相对吸引力在多重政策引导下凸显，资本市场流动性依旧充裕。整体而言7月市场将从估值驱动转向盈利驱动，从一致上涨预期回归常态，从结构性过热的主题行情切换至中报高景气主线，配置上建议继续紧抓新能源、科技自主可控、国防安全和智能制造四条高景气成长制造主线，市场结构性波动将带来新的入场机会。\n海通证券：牛市格局未变，当前市场情绪距高点仍有距离\n微观结构显示当前市场风险偏好实际上是高，只要景气度好，即便估值高，公司股价涨幅仍大。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。市场奔向年内新高，以茅指数为代表的优质龙头做配置，盈利增长较快、顺应政策方向的智能制造进攻。\n中信建投证券：流动性宽松持续，成长领涨市场\n从经济层面来看，进入2021年7月基础货币的流动性需求降回落，央行将维持基础货币供给稳定，国债利率预计在7-8月回落10-20bp左右的水平。人民币汇率将维持在6.3-6.4的稳定区间中。因此，这种经济状态下， 市场保持平稳运行不变。但是结构上出现巨大的分化，科创 50、创业板50将继续领涨市场。\n从行业比较的层面来看，第一，继续看好光伏、新能源汽车等成长行业。第二，计算机等成长板块如 期占优，这也具有相当的持续性。第三，市场持续优异的条件下，在成交持续过万亿的情况下，券商板块将可能存在机会。\n国泰君安证券：拉升未完待续，现在做多完全来得及\n不要为了看空而看空，跳脱存量思维禁锢，重视边际改善，拉升未完待续。后面是拉升，现在做多完全来得及。随着通胀与信用收缩走向确定，风险评价下行继续驱动行情拉升。此外无风险利率下行将成为新的力量，与风险评价共同驱动行情拉升。1）短期视角：国内央行超预期净投放下市场短端利率边际下行，国外通胀预期回落美债长端利率亦边际下行。国内6月24日央行时隔三月首次加大逆回规模，超预期增加200亿OMO净投放维稳，银行间市场短端利率下行为主。此外尽管存款利率改革并非“变相降息”，但央行“保持流动性合理充裕不是一句空话”的表态亦传达积极信号。未来随通胀容忍度提升、稳增长压力以及可能出现的信用问题，越向后越是易松难紧的状态。海外方面，尽管议息会议后加息预期前移，但美债长端利率受通胀预期回落主导不升反降。2）长期视角：房地产税试点预期提升，居民资产配置结构将发生变化，从大类资产配置角度看股票市场有望迎来更多增量资金。\n科技成长之火，可以燎原。行业配置重点推荐：1）首推券商/银行；2）科技成长起点：新能源车/电子/计算机/军工/医药；3）后疫情时代复苏加速：国货消费/新兴消费/高端消费；4）碳中和下周期新机遇：煤炭/建材/钢铁；5）成本受制预期边际缓和下中游制造超跌反攻：家电/汽车。\n中金公司：成长为主，兼顾周期\n全球疫情“先进先出”，中国的经济增长速率正在从快速复苏逐步回落至常态增长，政策环境可能整体逐步偏向支持增长；市场对于通胀预期暂时消化，在此背景下，市场资金面担忧减少，市场关注点由“疫后复苏”逐步转向“常态化增长”后，相对景气度高、增长潜力大、产业周期仍在持续的成长风格可能仍然是市场的主线。往前看，在部分指数接近前期高点附近后，市场短期可能会有所波动。但大方向上，市场仍可能维持偏积极的风险偏好，市场风格可能呈现“成长为主，兼顾周期”的特征。\n操作建议：成长为主，兼顾周期。1）高景气度、中国已具备竞争力或正在壮大的产业链：电动车产业链、科技硬件与软件、电子半导体、部分制造业资本品等；2）泛消费行业：在日常用品、轻工家居、酒店旅游、家电、汽车及零部件、医药及医疗器械等领域自下而上择股；3）逐步降低周期配置但关注部分结构有利或具备结构性成长特征的周期：部分有色金属如锂等，化工以及受益于财富及资管大发展趋势的金融龙头。\n兴业证券：成长飞舞，中报接力\n国内经济平稳期、政策暖风期、流动性友好期，三期叠加。经济加快复苏、货币政策保持平稳，全球货币市场资金加速回流风险资产，全球权益资产处在“蜜月期”。市场正从“百周年”行情的布局、徐徐展开、渐入佳境，进入到热火朝天、骄阳似火、艳阳高照的“夏日行情”，持续提示超配成长，关注中报业绩超预期的高性价比资产。\n行业配置：“收获周期，布局成长”如期演绎，成长仍是主旋律，中报行情可布局。1）AIoT，万物互联，以鸿蒙为代表的中国国产操作系统与智能终端手机、汽车等相互链接，孕育的机会值得重点关注。如：计算机、通信、电子等。2）医药，创新、景气、科技与消费属性兼具，重点关注医疗器械、医疗服务等方向。3）新能源链条。媲美消费电子10年黄金成长周期，在碳中和和碳达峰背景下，政策+需求+技术变革三轮驱动，重点关注：新能源材料、锂电设备、汽车、智能驾驶等细分领域。4）高端制造设备。主要围绕中国制造走向高端化、国产化，顺应行业需求和景气发展，可重点关注半导体设备、军工等方向。高性价比资产的行情协奏曲，也不容忽视。下阶段可以关注中报预喜的催化剂。经济复苏，PPI保持高位运行，可以淘金中报业绩超预期的高性价比资产，特别是化工、机械、有色、煤炭等低估值龙头等。\n广发证券：寻找赔率更佳的小盘成长\n经过持续五年的“以龙为首”的龙头股风格，A股微观结构出现问题，龙头股交易拥挤制约其超额收益空间。2021年是盈利大年，龙头股的确定性估值溢价回落，市场从追逐稳定ROE的龙头到青睐即期业绩弹性强的中小盘。2021年通胀预期上行驱动小盘价值股更佳；而5月中旬以来通胀预期见顶驱动全球股市风格转向成长。与此同时，大盘价值的代表性板块个股出现了盈利预期下调，造成了业绩估值小幅双杀。\n小盘成长接棒以来，部分中小市值成长股已积累显著涨幅，但沿用胜率/赔率框架，小盘成长仍是最优选择。今年股票交易仍是胜率投资（利润率提升的行业）兼顾赔率（体现为市值下沉），在配置上，将从胜率角度关注利率润具备提升空间的方向（长期成长性佳或供需缺口），兼顾赔率角度选择估值合适、仍有市值下沉空间的细分赛道。当前主要集中在元件、电子制造；医疗器械、医疗服务；电源设备；玻璃、化学制品/化纤等行业。\n安信证券：指数继续上行空间可能有限，成长仍是未来趋势\n当前市场整体继续处于震荡阶段。从短期来看，市场处于有利环境当中，银行间市场流动性预期稳定，海外担忧也得到缓解。与此同时，市场前期强势股调整压力正在上升，前期弱势股补涨已经开启，本轮指数继续上行的空间可能有限。从中长期来看，今年中报和下半年A股基本面大概率好于市场预期，美联储显著鸽派和国内经济复苏完成的背景下，国内债市收益率上行空间有限，流动性环境和风险偏好因素整体依然是有利支持，企业的盈利能力和成长性将成为下一阶段市场的核心逻辑。\n行业配置上，建议关注估值合理中报超预期公司，适度把握周期股交易性机会。同时继续持有核心赛道中盈利增长超预期的品种，以及重点关注非核心资产中的正在孕育中的新主线，自下而上挖掘经济修复和转型过程中被忽视的机会。短期成长股如果出现调整将是加大布局的好时机，重点关注方向包括三条线索：1）复苏下中报超预期行业：化工、煤炭、银行等；2）核心赛道中能够继续持续超预期的品种：半导体、光伏、部分医药公司；3）新成长赛道：人工智能、智能汽车、新材料、军工、信创网安等。\n国盛证券：市场维持震荡，继续掘金科创\n上周市场全面上涨，核心在于流动性再度边际松动。科创板持续领跑市场，关注度持续提升，并有望逐步成为市场共识。再次强调，下半年无论是国内还是海外，都不存在系统性风险，仍将以震荡为主。利用每一次波动带来的恐慌找买入机会。\n着眼未来、把握当下、配置科创。三条线索“掘金”科创板：1）开拓A股新方向，对标稀缺的细分赛道“独角兽”的。2）业绩增速一直领跑科创的“高成长”；3）上市以来回撤较深，已跌破发行价、从PEG等角度具备估值性价比的；受益海外需求拉动的石油石化及化工、有色、光伏等板块。景气的确定性较强、有望高增长的新能源汽车、半导体&消费电子、AI、CXO服务&医美以及次高端白酒等细分赛道。\n粤开证券：指数大概率仍将维持高位震荡走势，成长风格布局正当时\n展望后市，指数大概率仍将维持高位震荡走势，随着全球经济的持续复苏和海外流动性收紧，由供需错配和过于充裕的流动性环境带来的价格上行将有所缓解，下半年大宗商品价格有望迎来拐点，人民币汇率大概率仍将维持双向波动，出现单边持续升值的概率较小。\n在配置方向上关注三条主线：一是关注半年度业绩预期向好，业绩表现超预期板块。二是关注高景气度的成长风格配置。目前市场对于布局成长主线的共识正在持续提升，在经济持续复苏的背景下，政策支持力度大、发展前景广阔、盈利确定性较强的成长风格具备更强的溢价能力。三是关注政策红利下环保相关产业的主题投资机会。","news_type":1,"symbols_score_info":{"TNmain":0.9,"ZNmain":0.9,"ZBmain":0.9,"ZFmain":0.9,"ZTmain":0.9,"UBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":802614170,"gmtCreate":1627776593790,"gmtModify":1703495591619,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/802614170","repostId":"1165085669","repostType":4,"isVote":1,"tweetType":1,"viewCount":3029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159861167,"gmtCreate":1624956261359,"gmtModify":1703848780751,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159861167","repostId":"1176326573","repostType":4,"repost":{"id":"1176326573","kind":"news","pubTimestamp":1624955903,"share":"https://ttm.financial/m/news/1176326573?lang=en_US&edition=fundamental","pubTime":"2021-06-29 16:38","market":"us","language":"en","title":"The Most Epic Back-to-School Season Ever: 2 Stocks to Watch","url":"https://stock-news.laohu8.com/highlight/detail?id=1176326573","media":"Motley Fool","summary":"Spending usually increases with back-to-school shopping. That effect could be magnified this year.","content":"<p>The 2021 back-to-school shopping season could be the most epic ever. Millions of students worldwide will be preparing to return to in-person learning for the first time since March 2020.</p>\n<p>The coronavirus pandemic forced an abrupt shift to online instruction for students of all ages. The return has been more gradual, as some states and countries have already brought students back to in-person learning. Still, the fall semester of school will see the biggest group yet returning from remote instruction.</p>\n<p>Two companies that are in a position to benefit from students returning to school are&nbsp;<b>Target</b>(NYSE:TGT)&nbsp;and&nbsp;<b>Chegg</b>(NYSE:CHGG). Let's take a closer look at why investors should keep an eye on these two stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2446f442d6523793c8a0dc8b18bda9c\" tg-width=\"700\" tg-height=\"466\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>1. Target</b></p>\n<p>A return to in-person learning can create the need for students to buy school supplies, clothes, and electronics, all of which can be found in one trip to Target. My son started the pandemic in kindergarten, and when he goes back to school in August, he will be a second-grader. He will need new clothes, new shoes, and other school supplies.</p>\n<p>Surely, that will be the case for millions of students worldwide. What's different for this year is the especially longer time it has been since kids were last in school. In a typical back-to-school season, sales are brisk, even though students were out of school for a few months through summer. This time around, kids haven't been in school for over a year, so sales could be even greater. Investors should keep an eye on how that plays out.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d614dbcb6f3f07da000561aa012342fb\" tg-width=\"700\" tg-height=\"466\"><span>COLLEGE ENROLLMENT FELL BY 603,000 STUDENTS IN SPRING 2021. IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>2. Chegg</b></p>\n<p>Chegg, the online student learning aid, experienced a surge in demand during the pandemic. The company serves mostly college and high school students, and when instruction moved online, students were missing the vital interaction with instructors and teachers. Still, subscriber growth was robust even in the years before the pandemic. Studentsfind its services helpfuland a relative bargain at less than $20 per month.</p>\n<p>The pandemic wasn't all positive for Chegg's business. Many college students with the choice of going through remote instruction or taking time off chose the latter. Indeed, college enrollment fell by 603,000 students in the spring semester of 2021, the biggest decline in a decade. Further, many students who chose to attend college instead of taking a semester off registered for fewer classes than they normally would.</p>\n<p>With nearly all colleges offering in-person instruction in the fall semester, enrollment will likely increase; students are also likely to take more classes to make up for the lost time. That means more potentialstudents that could benefitfrom Chegg's services.</p>\n<p><b>Investor takeaway</b></p>\n<p>The back-to-school surge in spending at Target and Chegg could be an extension of a COVID-induced increase in revenue. As economies reopened, there was a worry amonginvestorsof a snapback of spending at businesses like Target and Chegg that benefited during the pandemic. The thesis has not played out, and it could be giving credence to the counterargument that habits formed during the pandemic are going to stick around long term.&nbsp;Target and Chegg are certainly working at helping consumers maintain those habits and stick with them.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Most Epic Back-to-School Season Ever: 2 Stocks to Watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Most Epic Back-to-School Season Ever: 2 Stocks to Watch\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 16:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/28/back-to-school-season-stocks-watch-target-chegg/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The 2021 back-to-school shopping season could be the most epic ever. Millions of students worldwide will be preparing to return to in-person learning for the first time since March 2020.\nThe ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/28/back-to-school-season-stocks-watch-target-chegg/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHGG":"Chegg Inc","TGT":"塔吉特"},"source_url":"https://www.fool.com/investing/2021/06/28/back-to-school-season-stocks-watch-target-chegg/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176326573","content_text":"The 2021 back-to-school shopping season could be the most epic ever. Millions of students worldwide will be preparing to return to in-person learning for the first time since March 2020.\nThe coronavirus pandemic forced an abrupt shift to online instruction for students of all ages. The return has been more gradual, as some states and countries have already brought students back to in-person learning. Still, the fall semester of school will see the biggest group yet returning from remote instruction.\nTwo companies that are in a position to benefit from students returning to school are Target(NYSE:TGT) and Chegg(NYSE:CHGG). Let's take a closer look at why investors should keep an eye on these two stocks.\nIMAGE SOURCE: GETTY IMAGES.\n1. Target\nA return to in-person learning can create the need for students to buy school supplies, clothes, and electronics, all of which can be found in one trip to Target. My son started the pandemic in kindergarten, and when he goes back to school in August, he will be a second-grader. He will need new clothes, new shoes, and other school supplies.\nSurely, that will be the case for millions of students worldwide. What's different for this year is the especially longer time it has been since kids were last in school. In a typical back-to-school season, sales are brisk, even though students were out of school for a few months through summer. This time around, kids haven't been in school for over a year, so sales could be even greater. Investors should keep an eye on how that plays out.\nCOLLEGE ENROLLMENT FELL BY 603,000 STUDENTS IN SPRING 2021. IMAGE SOURCE: GETTY IMAGES.\n2. Chegg\nChegg, the online student learning aid, experienced a surge in demand during the pandemic. The company serves mostly college and high school students, and when instruction moved online, students were missing the vital interaction with instructors and teachers. Still, subscriber growth was robust even in the years before the pandemic. Studentsfind its services helpfuland a relative bargain at less than $20 per month.\nThe pandemic wasn't all positive for Chegg's business. Many college students with the choice of going through remote instruction or taking time off chose the latter. Indeed, college enrollment fell by 603,000 students in the spring semester of 2021, the biggest decline in a decade. Further, many students who chose to attend college instead of taking a semester off registered for fewer classes than they normally would.\nWith nearly all colleges offering in-person instruction in the fall semester, enrollment will likely increase; students are also likely to take more classes to make up for the lost time. That means more potentialstudents that could benefitfrom Chegg's services.\nInvestor takeaway\nThe back-to-school surge in spending at Target and Chegg could be an extension of a COVID-induced increase in revenue. As economies reopened, there was a worry amonginvestorsof a snapback of spending at businesses like Target and Chegg that benefited during the pandemic. The thesis has not played out, and it could be giving credence to the counterargument that habits formed during the pandemic are going to stick around long term. Target and Chegg are certainly working at helping consumers maintain those habits and stick with them.","news_type":1,"symbols_score_info":{"CHGG":0.9,"TGT":0.9}},"isVote":1,"tweetType":1,"viewCount":2508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146194630,"gmtCreate":1626057548420,"gmtModify":1703752507975,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Excited&nbsp;","listText":"Excited&nbsp;","text":"Excited","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146194630","repostId":"1128521631","repostType":4,"repost":{"id":"1128521631","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":1626047703,"share":"https://ttm.financial/m/news/1128521631?lang=en_US&edition=fundamental","pubTime":"2021-07-12 07:55","market":"hk","language":"zh","title":"Tengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1128521631","media":"老虎资讯综合","summary":"7月12日，腾盛博药-B发布公告，发售价厘定为每股发售股份22.25港元，全球发售所得款项净额预计约为23.34亿港元(假设超额配股权未获行使)，预期股份将于2021年7月13日(星期二)上午九时正(","content":"<p>July 12th,<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>According to the announcement, the offer price is determined at HK $22.25 per offer share, and the net proceeds from the global offering are expected to be approximately HK $2.334 billion (assuming that the over-allotment option is not exercised). Trading on the Stock Exchange begins at 9:00 am (Hong Kong time).</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6804fe5ca9085f6481244e4a826c03d7\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 5%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 30,000 shares (600 lots), and 4,500 shares (9 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/6cc9c803bdb4af0ada0033deaba2cc37\" tg-width=\"726\" tg-height=\"769\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8be19769443a8c996cbf0f219b3cd790\" tg-width=\"734\" tg-height=\"392\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6f25a813ef2012066cd493f9512952f7\" tg-width=\"738\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>If the over-allotment option is exercised in full, the company will receive additional net proceeds of approximately HK $357 million for the 16.737 million additional offer shares to be issued after the over-allotment option is exercised.</p><p>The Hong Kong Public Offering was substantially oversubscribed. A total of 246,500 valid applications were received to subscribe for a total of 3.259 billion Hong Kong Offer Shares, equivalent to approximately 292 times the total number of 11.158 million Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>As the Hong Kong Public Offering was over-subscribed by more than 100 times, 44.632 million Offer Shares have been reallocated from the International Offering to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is thus increased to 55.79 million Offer Shares, representing 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised).</p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 12 times the total number of Offer Shares initially available under the International Offering. After the reallocation of the Offer Shares from the International Offering to the Hong Kong Public Offering, the final number of Offer Shares under the International Offering is 55.79 million shares, equivalent to 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised). Under the international offering, 16.737 million offer shares were over-allocated, with a total of 160 placees.</p><p>Based on the Offer Price of HK $22.25 per Offer Share, according to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 53.0275 million Offer Shares, equivalent to approximately 7.51% of the Company's issued share capital immediately after the completion of the Global Offering and 47.52% of the number of offer shares under the Global Offering, both cases assuming that the over-allotment option has not been exercised.</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>Tengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTengsheng Boyao-B has a winning rate of 5% for one lot, and 40 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-12 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 12th,<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>According to the announcement, the offer price is determined at HK $22.25 per offer share, and the net proceeds from the global offering are expected to be approximately HK $2.334 billion (assuming that the over-allotment option is not exercised). Trading on the Stock Exchange begins at 9:00 am (Hong Kong time).</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6804fe5ca9085f6481244e4a826c03d7\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 5%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 30,000 shares (600 lots), and 4,500 shares (9 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/6cc9c803bdb4af0ada0033deaba2cc37\" tg-width=\"726\" tg-height=\"769\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8be19769443a8c996cbf0f219b3cd790\" tg-width=\"734\" tg-height=\"392\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6f25a813ef2012066cd493f9512952f7\" tg-width=\"738\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>If the over-allotment option is exercised in full, the company will receive additional net proceeds of approximately HK $357 million for the 16.737 million additional offer shares to be issued after the over-allotment option is exercised.</p><p>The Hong Kong Public Offering was substantially oversubscribed. A total of 246,500 valid applications were received to subscribe for a total of 3.259 billion Hong Kong Offer Shares, equivalent to approximately 292 times the total number of 11.158 million Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>As the Hong Kong Public Offering was over-subscribed by more than 100 times, 44.632 million Offer Shares have been reallocated from the International Offering to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is thus increased to 55.79 million Offer Shares, representing 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised).</p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 12 times the total number of Offer Shares initially available under the International Offering. After the reallocation of the Offer Shares from the International Offering to the Hong Kong Public Offering, the final number of Offer Shares under the International Offering is 55.79 million shares, equivalent to 50% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment option is exercised). Under the international offering, 16.737 million offer shares were over-allocated, with a total of 160 placees.</p><p>Based on the Offer Price of HK $22.25 per Offer Share, according to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 53.0275 million Offer Shares, equivalent to approximately 7.51% of the Company's issued share capital immediately after the completion of the Global Offering and 47.52% of the number of offer shares under the Global Offering, both cases assuming that the over-allotment option has not been exercised.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02137":"腾盛博药-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128521631","content_text":"7月12日，腾盛博药-B发布公告，发售价厘定为每股发售股份22.25港元，全球发售所得款项净额预计约为23.34亿港元(假设超额配股权未获行使)，预期股份将于2021年7月13日(星期二)上午九时正(香港时间)开始在联交所买卖。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5%，认购40手稳中一手。\n乙组头为3万股（600手），获配4500股（9手）。\n\n倘超额配股权获悉数行使，公司将就超额配股权获行使后拟发行的1673.7万股额外发售股份收取额外所得款项净额约3.57亿港元。\n香港公开发售获大量超额认购。合共接获24.65万份有效申请，认购合共32.59亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数1115.8万股的约292倍。\n由于香港公开发售的超额认购超过100倍，4463.2万股发售股份已由国际发售重新分配至香港公开发售。香港公开发售项下发售股份的最终数目由此增加至5579万股发售股份，相当于全球发售项下初步可供认购发售股份总数的50%(于任何超额配股权获行使前)。\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约12倍。于将发售股份由国际发售重新分配至香港公开发售后，国际发售项下发售股份最终数目为5579万股，相当于全球发售项下初步可供认购发售股份总数的50%(于任何超额配股权获行使前)。国际发售项下超额分配1673.7万股发售股份，并共有160名承配人。\n基于发售价每股发售股份22.25港元，根据基石投资协议，基石投资者已认购合共5302.75万股发售股份，相当于紧随全球发售完成后本公司已发行股本的约7.51%及全球发售项下发售股份数目的47.52%，两种情况均假设超额配股权未获行使。","news_type":1,"symbols_score_info":{"02137":0.9}},"isVote":1,"tweetType":1,"viewCount":2485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171283674,"gmtCreate":1626746246698,"gmtModify":1703764336165,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171283674","repostId":"2152955658","repostType":4,"isVote":1,"tweetType":1,"viewCount":2201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142818216,"gmtCreate":1626140518635,"gmtModify":1703754112950,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142818216","repostId":"1199045893","repostType":4,"repost":{"id":"1199045893","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":1626139221,"share":"https://ttm.financial/m/news/1199045893?lang=en_US&edition=fundamental","pubTime":"2021-07-13 09:20","market":"hk","language":"zh","title":"Opening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199045893","media":"老虎资讯综合","summary":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867","content":"<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, to 27694.03 points; The China Enterprise Index opened up 49.98 points, or 0.5%, to 9,995.71 points; The red chip index opened up 18.1 points, or 0.47%, to 3867.61 points.</p><p>The Hang Seng Technology Index rose 0.54%, and large technology stocks rebounded.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>、<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>Both rose more than 1%;</p><p>Hong Kong mobile game stocks were among the top gainers,<a href=\"https://laohu8.com/S/02660\">Zen Tour Technology</a>Up 3.36%,<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%,<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Up 0.52%;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>It broke on the first day of listing, opening down 8.8%, and the issue price was HK $1.59 per share;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>It broke on the first day of listing and opened down nearly 4%, with an issue price of HK $22.25 per share;</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>Opening 5.75% higher, it is expected that the profit attributable to owners in the first half of the year will be no less than 1.15 billion yuan;</p><p><a href=\"https://laohu8.com/S/09969\">InnoCare-B</a>High opening exceeded 4% and reached a new high, reaching a licensing and cooperation agreement with Bojian on orelabrutinib.</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>Opening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: The Hang Seng Index opened up 0.65%, and both new stocks broke for the first time\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\">2021-07-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, to 27694.03 points; The China Enterprise Index opened up 49.98 points, or 0.5%, to 9,995.71 points; The red chip index opened up 18.1 points, or 0.47%, to 3867.61 points.</p><p>The Hang Seng Technology Index rose 0.54%, and large technology stocks rebounded.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>、<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>Both rose more than 1%;</p><p>Hong Kong mobile game stocks were among the top gainers,<a href=\"https://laohu8.com/S/02660\">Zen Tour Technology</a>Up 3.36%,<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%,<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Up 0.52%;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>It broke on the first day of listing, opening down 8.8%, and the issue price was HK $1.59 per share;</p><p>NEW SHARE<a href=\"https://laohu8.com/S/02137\">Tengsheng Boyao-B</a>It broke on the first day of listing and opened down nearly 4%, with an issue price of HK $22.25 per share;</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>Opening 5.75% higher, it is expected that the profit attributable to owners in the first half of the year will be no less than 1.15 billion yuan;</p><p><a href=\"https://laohu8.com/S/09969\">InnoCare-B</a>High opening exceeded 4% and reached a new high, reaching a licensing and cooperation agreement with Bojian on orelabrutinib.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF","HSI":"恒生指数","02833":"恒指ETF","HSCCI":"红筹指数","HSTECH":"恒生科技指数","HSCEI":"国企指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199045893","content_text":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867.61点。\n恒生科技指数涨0.54%，大型科技股反弹，腾讯控股、阿里巴巴、百度集团-SW、京东集团-SW均涨逾1%；\n港股手游股涨幅居前，禅游科技涨3.36%，网易-S涨2.13%，中手游涨0.52%；\n新股华南职业教育上市首日破发，开跌8.8%，发行价为1.59港元/股；\n新股腾盛博药-B上市首日破发，开跌近4%，发行价22.25港元/股；\n新特能源高开5.75% 预期上半年拥有人应占利润不少于11.5亿元；\n诺诚健华-B高开超4%创新高 与渤健就奥布替尼达成许可及合作协议。","news_type":1,"symbols_score_info":{"513600":0.9,"HSCEI":0.9,"02833":0.9,"HSImain":0.9,"HSTECH":0.9,"MCHmain":0.9,"HHImain":0.9,"HSI":0.9,"HSCCI":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":2208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146119600,"gmtCreate":1626058265900,"gmtModify":1703752525155,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146119600","repostId":"2150309877","repostType":4,"repost":{"id":"2150309877","kind":"highlight","weMediaInfo":{"introduction":"经济观察报官方账号","home_visible":1,"media_name":"经济观察报","id":"1014835943","head_image":"https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d"},"pubTimestamp":1626057947,"share":"https://ttm.financial/m/news/2150309877?lang=en_US&edition=fundamental","pubTime":"2021-07-12 10:45","market":"sh","language":"zh","title":"Farewell, bank \"high-interest\" deposits","url":"https://stock-news.laohu8.com/highlight/detail?id=2150309877","media":"经济观察报","summary":"“我们也很惊讶，（存款利率）降的很低。”有城商行业务经理如是谈到存款利率定价改革后的变化。\n6月21日，市场利率定价自律机制优化了存款利率自律上限的确定方式，将原由存款基准利率一定倍数形成的存款利率自","content":"<p><div>\"We are also surprised that (deposit interest rates) have dropped very low.\" A business manager of a city commercial bank talked about the changes after the pricing reform of deposit interest rates. On June 21st, the self-discipline mechanism of market interest rate pricing optimized the method of determining the self-discipline upper limit of deposit interest rate, and changed the self-discipline upper limit of deposit interest rate originally formed by a certain multiple of the benchmark deposit interest rate to be determined by adding a certain basis point on the basis of the benchmark deposit interest rate. After the reform, the reporter visited the outlets of state-owned banks in Guangzhou and found that the interest rate of bank deposits with a maturity of more than one year has been greatly reduced, and the \"high-interest\" deposits with interest rates exceeding 4% on the market have gradually disappeared. Some depositors expressed their incomprehension, and bank account managers also...</p><p><a href=\"None\">Web link</a></div></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>Farewell, bank \"high-interest\" deposits</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\">\nFarewell, bank \"high-interest\" deposits\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1014835943\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">经济观察报 </p>\n<p class=\"h-time smaller\">2021-07-12 10:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>\"We are also surprised that (deposit interest rates) have dropped very low.\" A business manager of a city commercial bank talked about the changes after the pricing reform of deposit interest rates. On June 21st, the self-discipline mechanism of market interest rate pricing optimized the method of determining the self-discipline upper limit of deposit interest rate, and changed the self-discipline upper limit of deposit interest rate originally formed by a certain multiple of the benchmark deposit interest rate to be determined by adding a certain basis point on the basis of the benchmark deposit interest rate. After the reform, the reporter visited the outlets of state-owned banks in Guangzhou and found that the interest rate of bank deposits with a maturity of more than one year has been greatly reduced, and the \"high-interest\" deposits with interest rates exceeding 4% on the market have gradually disappeared. Some depositors expressed their incomprehension, and bank account managers also...</p><p><a href=\"None\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37d43f47ff4637f33c2675f14c1cc937","relate_stocks":{"000001":"平安银行"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150309877","content_text":"“我们也很惊讶，（存款利率）降的很低。”有城商行业务经理如是谈到存款利率定价改革后的变化。\n6月21日，市场利率定价自律机制优化了存款利率自律上限的确定方式，将原由存款基准利率一定倍数形成的存款利率自律上限，改为在存款基准利率基础上加上一定基点确定。\n改革以后，记者走访广州国有银行网点发现，银行1年期以上存款利率大幅下调，市面上利率超过4%的“高息”存款陆续消失，有储户表示不理解，银行客户经理也表示很无奈，不过三年期的大额存单还较为受欢迎。\n在如是金融研究院院长管清友看来，存款利率改革后，可压降银行存款长端利率，降低负债端资金成本，缓解息差压力。光大银行金融市场部分析师周茂华认为，去年以来，银行部门为实体经济降低信贷融资成本，降费让利，银行息差收入明显收窄，部分银行盈利压力上升，因此，有必要通过存款利率改革合理降低银行存款负债成本，引导银行进一步为实体经济薄弱环节和重点领域让利。\n低息时代真的来了？\n“我们一般看客户的需求，有些会采用贴息的策略，基准利率是没有变化的，但是上调的空间变小了，体现在挂牌利率中，其中中长期存款利率普遍下滑，尤其国有大行下调的幅度比较大。”一位建行广州某网点的客户经理对经济观察报记者表示。\n记者走访广州、深圳银行网点发现，建行的起点金额为一万的定期存款，1年期、2年期和3年期的定期存款产品年化利率从 2.1%、2.94%和3.85%分别降到了2%、2.6%和3.25%；最新发行的20万元起大额存单中，1个月、3个月、6个月以及1年期的产品年化利率分别为 1.69%、1.70%、1.90%和2.10%，暂无2年期和3年期的产品。而30万元起大额存单中，只有2年期产品发售，2年期大额存单利率从3.15%降到了2.7%。\n中行广州某网点客户经理告诉记者，他们的定期存款和大额存单的产品利率自2021年6月下旬开始，也出现了调整，中长期存款利率下滑区间也和其它三大行类似，但是目前他们3年期利率为3.25%的大额存单已经没有额度了，具体额度发放时间要等通知。\n工行深圳某支行业务经理向经济观察报记者表示，2021年6月21日，该行三年期、20万元和30万起投的大额存单利率从 3.9875降到了3.35%，较之前下降了60多个BP，而三年期5万起定期存款和五年期50元起投产品的年化利率在3.25%，较之前也有所下降。“利率下调之后，买存款产品的的确少了，而且一些储户会非常惊讶，会问我们为什么会下降这么多，我们也很无奈，只能告诉储户不是只有我们一家在降，市场上的银行都有不同程度的下降。”上述工行业务经理说道。\n相比国有大行，股份行和城商行的大额存单和定期存款利率的下调幅度要小一些。浦发银行广州分行某支行的业务人士告诉记者，该行三年期、20万元的大额存单也下降了近40个BP，年化利率为3.55%。目前普通定期存款中，两年期存款利率为2.85%，三年期存款利率为3.5%，五年存款利率为4%。“三年期、20万元起的大额存单利率为3.45%，较之前下降了40个BP。”另外一家股份制银行某支行客户经理表示，平安银行、广发银行、招商银行等股份行三年期的大额存单产品也多集中在3.45%-3.55%区间。“我们也很惊讶，降的很低。”宁波银行深圳分行几个业务经理这样回应经济观察报记者，三年期、20万元起投的大额存单利率为3.55%，以前都是4%以上，有些转让专区的大额存单可能能达到3.9%，不过也要看有没有人转让。记者看到上海银行有些大额存单产品依然有4%以上的利率，例如该行一款名为“稳稳盈”的产品，5年期 20万起售的产品年利率达到4.05%，仅限北京成都区域销售。\n在网点走访中，多数银行客户经理表示，存款利率下调之后，三年期的大额存单还较为受欢迎；保本型的定期存款和大额存单对于上了年纪的老人客户而言，还是有一定价值的，客户经理也会告诉储户要适应这种低利息时代，现在觉得低，未来可能更低。\n此外，也有银行业务经理向储户推荐诸如理财和分红型保险产品替代存款。“理财产品的利率也在降，而且保本型的理财产品已经陆续下降，但相比存款产品，理财产品年限较短较为灵活，还有这种分红型保险产品，投保 4年以上年化利率可以达到4.23%，即便提前支取也有1%-3%不等的利率，不像存款提取支取变活期利率。”有银行业务经理告诉经济观察报记者。\n存款利率定价机制调整背后\n优化存款利率自律早见端倪。2019年8月，央行货币政策司司长孙国峰在国务院吹风会上称，LPR改革后，短期内贷款利率下降也可能会对银行的息差、盈利有一定的影响。但另一方面，存款基准利率将在未来较长时间内保留，央行也将指导市场利率定价自律机制，加强对存款利率的自律管理，维护市场竞争秩序，稳住银行负债端的成本，为银行可持续发展营造有利的条件。\n过去，各家银行的存款利率按照“基准利率×倍数”的方式定价，其中基准利率由央行确定，自2015年10月以来就没有变过，活期是0.35%，3个月是1.1%，6个月是1.3%，1年期是1.5%，2年期是 2.1%，3年期是2.75%；倍数由金融机构在利率自律组织的协调下自主协商确定上限，不同类型金融机构不同产品的上限不同，大行存款利率上限是1.4倍，中小银行是1.5倍。大额存单，上限更高，大行、股份行和城农商行分别是1.5倍、1.52倍及1.55倍。各金融机构根据揽储能力，在上限范围内自行确定倍数，进而明确存款实际执行利率。国有大行的实际执行利率上限通常是基准的1.3倍左右。\n而改革之后，存款利率改成“基准利率+基点”定价后，上限的确定方式和之前明显不同，之前是乘法，现在是做加法，加点上限也是由利率自律机制的核心成员商定，不同类型金融机构不同产品的加点上限也不同。活期存款，四大行加点上限是10BP，其他机构是20BP；定期存款，大行加点上限是50BP，其他机构是75BP；大额存单，大行加点上限是60BP，其他机构是80BP。“‘存款基准利率×倍数’方式过于粗放，由于长期限基准利率较高，在乘以相关倍数情况下，可能导致长期限存款利率定价过高的情况，改为‘存款基准利率+基点’方式，引导银行‘精细化’定价，同时提升银行自主定价自由度与灵活性；同时，监管部门为避免部分银行非理性‘高息揽储’，并考虑各类银行具体情况，对存款基准利率‘加点’上限进行差异化自律管理。”光大银行金融市场部分析师周茂华表示。\n如是金融研究院院长管清友认为，长期来看，存款利率发生大变革，引导存款定价方式与贷款“LPR+基点”定价方式接轨，推动利率市场化。成熟金融市场正常畅通的利率传导过程是“货币政策——政策利率——货币市场利率——存款利率——商业银行整体负债成本——贷款利率”。他表示，但是在中国这一传导过程并不畅通，由于存款和贷款基准利率的存在，使得第二步之后的传导全部受阻，已经市场化的货币市场利率无法传统至贷款利率，结果就出现了利率双轨制，并产生了一系列问题。之前贷款LPR改革直接跳过了第二、三步，通过与LPR挂钩，直接将货币市场利率和贷款利率联系起来，修复传导机制，推动“两轨并一轨”，提高了货币政策有效性，在一定程度上解决利率双轨制问题。这次存款定价方式改革，定价结构和贷款利率定价相似，为后续存款利率和货币市场利率、贷款利率有效联动预留了空间，也是利率市场化的重要一环。\n“对于商业银行，存款利率改革后，可减少杠杆效应，压降银行存款长端利率，降低负债端资金成本，缓解息差压力，利好银行经营，当然，具体效果还得看银行的业务结构。在银行业加速转型的大环境下，影响会越来越有限。对于实体企业，存款利率定价改革推进利率市场化，畅通利率传导过程，中长期存款利率下降，带动实体企业的融资成本会随之下行。”管清友称。","news_type":1,"symbols_score_info":{"000001":0.9}},"isVote":1,"tweetType":1,"viewCount":2533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146196580,"gmtCreate":1626057341740,"gmtModify":1703752503199,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Excited&nbsp;","listText":"Excited&nbsp;","text":"Excited","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146196580","repostId":"2150583935","repostType":4,"repost":{"id":"2150583935","kind":"news","weMediaInfo":{"introduction":"最有深度的半导体新媒体，实讯、专业、原创、深度，30万半导体精英关注！专注观察全球半导体最新资讯、技术前沿、发展趋势。《摩尔精英》《中国集成电路》共同出品，欢迎订阅摩尔旗下公众号：摩尔精英、摩尔芯闻、摩尔App","home_visible":1,"media_name":"半导体行业观察","id":"1099700132","head_image":"https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868"},"pubTimestamp":1626057051,"share":"https://ttm.financial/m/news/2150583935?lang=en_US&edition=fundamental","pubTime":"2021-07-12 10:30","market":"us","language":"zh","title":"Decrypting Apple's Mysterious Chip","url":"https://stock-news.laohu8.com/highlight/detail?id=2150583935","media":"半导体行业观察","summary":"Apple zai 最近的Spring Loaded Event为我们带来了基于 M1 的 iMac。继秋季推出的 MacBook Air 和 13 英寸 MacBook Pro 之后，iMac 是第","content":"<p>Apple zai's recent Spring Loaded Event brought us an M1-based iMac. Following the MacBook Air and 13-inch MacBook Pro launched in the fall, the iMac is the third to give up<a href=\"https://laohu8.com/S/INTC\">Intel</a>Processor's Mac.</p><p>It can be said that with this transition, Apple's T2 chip has entered an end-of-life state. T2 is a bit of a mystery, and now there's not much time left.</p><p>We know it performs a wide range of tasks on Mac, including security, encryption, video processing, storage control, and housekeeping. Zai An article from Apple Insider in 2019 China, tested the encoding time of Macs with the same processor, one with T2 and the other without. The results show that the Mac with T2 performs encoding in 1/2 of the time.</p><p>Despite all these features, we know very little about the T2. There isn't much information around at all. Wikipedia doesn't even report chip sizes or process nodes.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has a completely new chip been designed? How much is referenced from the A-series family? How much do new designs cost? How much money does Apple invest in implementing the features it needs for the Mac?</p><p>It's time to look at the T2 and find out what Apple has created for its Intel-based Mac coprocessor.</p><p><b>Encapsulation and Memory Tips</b></p><p>The T2 under study comes from a 13-inch MacBook Air logic board from 2019. The T2's package has a decent footprint compared to other ICs around it. By comparison, the larger shiny chip between the four mounts on the right side of the T2 is the Intel i5. Depending on the packaging, it is conceivable that T2 has similar dimensions. The packaging has a \"1847\" date code indicating late 2018 assembly.</p><p><img src=\"https://static.tigerbbs.com/d42f0bdf6ab62ef175de8a78b3b002e2\" tg-width=\"1080\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p>2019 13-inch MacBook Air Logic Board</p><p>One in the late 2018 MacBook Air teardown just listed the T2 number. However, a teardown of a 15-inch MacBook Pro in 2019 indicated that the T2 was \"layered on 1 GB of Micron D9VLN LPDDR4 memory\". Our package also includes the \"D9VLN\" mark. Micron's decoder points to 1GB LPDDR4. T2 and memory may employ a package-on-package (PoP) arrangement.</p><p>After disassembling the package, a second die was found. The markings visible on the top metal are Micron's. For companion ICs or coprocessors, including DRAM in the package is interesting, not to mention costly. This is not surprising, however, considering the T2 is derived from the A-series that has long had DRAM.</p><p><img src=\"https://static.tigerbbs.com/5e6ddef69932ea7c3902e7efc0d67d15\" tg-width=\"723\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Top metal chip marker for the second chip in the T2 package.</p><p><b>Die Photo and \"PU\"</b></p><p>Now it's time for the big event. SEM analysis of several line spacings and 6T SRAM cell sizes confirmed that T2 was fabricated in the TSMC16 nm process. This is the same node as the A10, so the latter will serve as a reference A-series processor and can be compared to the T2.</p><p><img src=\"https://static.tigerbbs.com/9e80e816057f558ca6e32c5850040a44\" tg-width=\"779\" tg-height=\"873\" referrerpolicy=\"no-referrer\"></p><p>Photo of the T2 chip with CPU and GPU annotations.</p><p><img src=\"https://static.tigerbbs.com/8e281e00a8c6733dca428f869c83b21d\" tg-width=\"554\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p>Photo of A10 die with original annotation. Source: Chipworks</p><p>Visually, the CPU is the first thing to jump out. It has the same design and layout as the A10. Assuming that T2 is designed after A10, then the CPU is discarded as a hard macro. Remember it's a 4-core CPU! There are two performance cores, i.e. large Hurricane cores and two efficiency (i.e. small Zephyr) cores.</p><p>This is pretty powerful considering the main system processor already has an Intel i5.</p><p>One can only imagine the conversation within Apple. \"Do you have a CPU ready to run?\" \"Yeah … there's a 4-core 17.4 square millimeter design that's only a few months old on the shelf over there.\" \"Great, I'll take one of them.\" Okay, maybe it's more technical.</p><p>GPUs didn't follow suit. The A10's 6-core GPU is organized into 3 core blocks and one logic block. The T2's GPU appears to be located on the lower edge of the chip. Similarly, the core is organized into 3 blocks. We found no symmetry within these blocks, indicating 3 cores. The GPU logic may be located in a block directly above the kernel, with hash lines surrounding its latent area. Even if all 3 blocks within the area were GPU logic, it would be smaller than identified for A10. More analysis is needed here to confirm the GPU configuration, but it has been suggested that both the logic and cores of the GPU are smaller than those on the A10.</p><p>Additional block-level analyses are underway. Compared to the A10, we see the blocks used as-is, they feature a new layout, and they feature a completely new design.</p><p><b>Early figures</b></p><p>The T2 measures 9.6 mm x 10.8 mm and the chip size is 104 mm square. It's not a little die! The T2 is a serious processor. This is approximately 80% of the A10's 125 square millimeters.</p><p>As expected, the CPU has an area of about 17.4 square millimeters on both chips. This yields a higher percentage of the total chips dedicated to CPU in T2. The T2's GPU is much smaller than the A10's. For the cores of the A10, the dimensions of each core are 1.2 mm2 v. 5.3 mm2. Functionally, this makes sense as the task volume of the T2 GPU shouldn't be close to that of the A10 since it's not the primary GPU. Again, there are already Intel embedded graphics or dedicated GPUs on the logic board.</p><p><b>Pull threads together</b></p><p>More can be extracted from reverse engineering, but this snippet provides a taste of Apple's thinking. As a starting point, Apple looks at user features. One persistent question for Apple seems to be \"What do we want users to experience from Apple products?\" Then they build it. The T2 became Apple's interpretation of an Intel-based Mac, but keep in mind that before the T1, Intel processors flew solo, while the Mac still worked.</p><p>The T2 takes advantage of the design of the A-series processor, as shown in the CPU. Its 4-core CPU is big, to say the least, and it's hard not to think it's overwhelming for the T2. That said, Apple looks at the cost of the redesign versus the cost of silicon associated with putting in something that might be bigger than what really needs to be. The latter may be more attractive because the wafers of the T2 start to be so far apart from the A10 or any A-series processor. Additionally, the extra horsepower will provide a better experience.</p><p>The T2 also incorporates standalone ICs found in the Mac. Storage or SSD controllers are an example. Apple acquired Israel's Anobit in 2011. The 2016 13-inch MacBook Pro (with function keys) includes an Apple standalone storage controller (see slide 11). The controller becomes a block on T2. Today, it will be a section on the M1.</p><p>In the follow-up, we will continue to delve into T2, focusing on known block functionality, its comparison to A10 and looking ahead. Yes, both the T2 and A10 are old designs, but the comparison unleashes information about the use of semiconductor designs and the effort Apple has put into providing the desired user experience.</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>Decrypting Apple's Mysterious Chip</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\">\nDecrypting Apple's Mysterious Chip\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1099700132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time smaller\">2021-07-12 10:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple zai's recent Spring Loaded Event brought us an M1-based iMac. Following the MacBook Air and 13-inch MacBook Pro launched in the fall, the iMac is the third to give up<a href=\"https://laohu8.com/S/INTC\">Intel</a>Processor's Mac.</p><p>It can be said that with this transition, Apple's T2 chip has entered an end-of-life state. T2 is a bit of a mystery, and now there's not much time left.</p><p>We know it performs a wide range of tasks on Mac, including security, encryption, video processing, storage control, and housekeeping. Zai An article from Apple Insider in 2019 China, tested the encoding time of Macs with the same processor, one with T2 and the other without. The results show that the Mac with T2 performs encoding in 1/2 of the time.</p><p>Despite all these features, we know very little about the T2. There isn't much information around at all. Wikipedia doesn't even report chip sizes or process nodes.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has a completely new chip been designed? How much is referenced from the A-series family? How much do new designs cost? How much money does Apple invest in implementing the features it needs for the Mac?</p><p>It's time to look at the T2 and find out what Apple has created for its Intel-based Mac coprocessor.</p><p><b>Encapsulation and Memory Tips</b></p><p>The T2 under study comes from a 13-inch MacBook Air logic board from 2019. The T2's package has a decent footprint compared to other ICs around it. By comparison, the larger shiny chip between the four mounts on the right side of the T2 is the Intel i5. Depending on the packaging, it is conceivable that T2 has similar dimensions. The packaging has a \"1847\" date code indicating late 2018 assembly.</p><p><img src=\"https://static.tigerbbs.com/d42f0bdf6ab62ef175de8a78b3b002e2\" tg-width=\"1080\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p>2019 13-inch MacBook Air Logic Board</p><p>One in the late 2018 MacBook Air teardown just listed the T2 number. However, a teardown of a 15-inch MacBook Pro in 2019 indicated that the T2 was \"layered on 1 GB of Micron D9VLN LPDDR4 memory\". Our package also includes the \"D9VLN\" mark. Micron's decoder points to 1GB LPDDR4. T2 and memory may employ a package-on-package (PoP) arrangement.</p><p>After disassembling the package, a second die was found. The markings visible on the top metal are Micron's. For companion ICs or coprocessors, including DRAM in the package is interesting, not to mention costly. This is not surprising, however, considering the T2 is derived from the A-series that has long had DRAM.</p><p><img src=\"https://static.tigerbbs.com/5e6ddef69932ea7c3902e7efc0d67d15\" tg-width=\"723\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Top metal chip marker for the second chip in the T2 package.</p><p><b>Die Photo and \"PU\"</b></p><p>Now it's time for the big event. SEM analysis of several line spacings and 6T SRAM cell sizes confirmed that T2 was fabricated in the TSMC16 nm process. This is the same node as the A10, so the latter will serve as a reference A-series processor and can be compared to the T2.</p><p><img src=\"https://static.tigerbbs.com/9e80e816057f558ca6e32c5850040a44\" tg-width=\"779\" tg-height=\"873\" referrerpolicy=\"no-referrer\"></p><p>Photo of the T2 chip with CPU and GPU annotations.</p><p><img src=\"https://static.tigerbbs.com/8e281e00a8c6733dca428f869c83b21d\" tg-width=\"554\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p>Photo of A10 die with original annotation. Source: Chipworks</p><p>Visually, the CPU is the first thing to jump out. It has the same design and layout as the A10. Assuming that T2 is designed after A10, then the CPU is discarded as a hard macro. Remember it's a 4-core CPU! There are two performance cores, i.e. large Hurricane cores and two efficiency (i.e. small Zephyr) cores.</p><p>This is pretty powerful considering the main system processor already has an Intel i5.</p><p>One can only imagine the conversation within Apple. \"Do you have a CPU ready to run?\" \"Yeah … there's a 4-core 17.4 square millimeter design that's only a few months old on the shelf over there.\" \"Great, I'll take one of them.\" Okay, maybe it's more technical.</p><p>GPUs didn't follow suit. The A10's 6-core GPU is organized into 3 core blocks and one logic block. The T2's GPU appears to be located on the lower edge of the chip. Similarly, the core is organized into 3 blocks. We found no symmetry within these blocks, indicating 3 cores. The GPU logic may be located in a block directly above the kernel, with hash lines surrounding its latent area. Even if all 3 blocks within the area were GPU logic, it would be smaller than identified for A10. More analysis is needed here to confirm the GPU configuration, but it has been suggested that both the logic and cores of the GPU are smaller than those on the A10.</p><p>Additional block-level analyses are underway. Compared to the A10, we see the blocks used as-is, they feature a new layout, and they feature a completely new design.</p><p><b>Early figures</b></p><p>The T2 measures 9.6 mm x 10.8 mm and the chip size is 104 mm square. It's not a little die! The T2 is a serious processor. This is approximately 80% of the A10's 125 square millimeters.</p><p>As expected, the CPU has an area of about 17.4 square millimeters on both chips. This yields a higher percentage of the total chips dedicated to CPU in T2. The T2's GPU is much smaller than the A10's. For the cores of the A10, the dimensions of each core are 1.2 mm2 v. 5.3 mm2. Functionally, this makes sense as the task volume of the T2 GPU shouldn't be close to that of the A10 since it's not the primary GPU. Again, there are already Intel embedded graphics or dedicated GPUs on the logic board.</p><p><b>Pull threads together</b></p><p>More can be extracted from reverse engineering, but this snippet provides a taste of Apple's thinking. As a starting point, Apple looks at user features. One persistent question for Apple seems to be \"What do we want users to experience from Apple products?\" Then they build it. The T2 became Apple's interpretation of an Intel-based Mac, but keep in mind that before the T1, Intel processors flew solo, while the Mac still worked.</p><p>The T2 takes advantage of the design of the A-series processor, as shown in the CPU. Its 4-core CPU is big, to say the least, and it's hard not to think it's overwhelming for the T2. That said, Apple looks at the cost of the redesign versus the cost of silicon associated with putting in something that might be bigger than what really needs to be. The latter may be more attractive because the wafers of the T2 start to be so far apart from the A10 or any A-series processor. Additionally, the extra horsepower will provide a better experience.</p><p>The T2 also incorporates standalone ICs found in the Mac. Storage or SSD controllers are an example. Apple acquired Israel's Anobit in 2011. The 2016 13-inch MacBook Pro (with function keys) includes an Apple standalone storage controller (see slide 11). The controller becomes a block on T2. Today, it will be a section on the M1.</p><p>In the follow-up, we will continue to delve into T2, focusing on known block functionality, its comparison to A10 and looking ahead. Yes, both the T2 and A10 are old designs, but the comparison unleashes information about the use of semiconductor designs and the effort Apple has put into providing the desired user experience.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150583935","content_text":"Apple zai 最近的Spring Loaded Event为我们带来了基于 M1 的 iMac。继秋季推出的 MacBook Air 和 13 英寸 MacBook Pro 之后，iMac 是第三款放弃英特尔处理器的 Mac。\n可以说，随着这种转变，Apple 的 T2 芯片进入了生命周期终结状态。T2 有点像一个谜，现在剩下的时间不多了。\n我们知道它在 Mac 上执行广泛的任务，包括安全、加密、视频处理、存储控制和内务管理。zai Apple Insider 2019年的一篇文章中国，测试了具有相同处理器的 Mac 的编码时间，其中一个有 T2，另一个没有。结果显示，带有 T2 的 Mac 以 1/2 的时间执行编码。\n尽管有所有这些功能，但我们对 T2 知之甚少。根本没有太多信息四处。维基百科甚至没有报告芯片尺寸或工艺节点。苹果是否设计了全新的芯片？从A系列家族参考了多少？新设计多少钱？Apple 投入多少资金来实现 Mac 所需的功能？\n是时候看看 T2 并找出 Apple 为其基于 Intel 的 Mac 协处理器创造了什么。\n封装和内存提示\n正在研究的 T2 来自 2019 年的 13 英寸 MacBook Air 逻辑板。与周围的其他 IC 相比，T2 的封装具有不错的占用空间。相比之下，T2 右侧四个安装座之间较大的闪亮芯片是英特尔 i5。根据包装，可以设想 T2 具有类似的尺寸。包装上有一个“1847”日期代码，表示 2018 年末组装。\n\n2019 年 13 英寸 MacBook Air 逻辑板\n一个在2018后期的MacBook Air拆解中只是列出了T2编号。然而，在2019年的一个15 英寸 MacBook Pro的拆解表明 T2 “分层在 1 GB 美光 D9VLN LPDDR4 内存上”。我们的封装还包括“D9VLN”标记。美光的解码器指向 1GB LPDDR4。T2 和内存可能采用封装上封装 (PoP) 的排列。\n在拆开封装后，发现了第二个die。顶部金属上可见的标记是 Micron 的。对于配套 IC 或协处理器而言，在封装内包含DRAM 很有趣，更不用说成本高了。然而，考虑到 T2 源自长期以来具有DRAM 的 A 系列，这并不奇怪。\n\nT2 封装中第二个芯片的顶部金属芯片标记。\nDie照片 和“PU”\n现在是重头戏的时候了。 几个线间距和 6T SRAM 单元尺寸的 SEM 分析证实 ，T2 是在 TSMC16 nm 工艺中制造的。这是与 A10 相同的节点，因此后者将作为参考 A 系列处理器，可以与 T2 进行比较。\n\n带有 CPU 和 GPU 注释的 T2 芯片照片。\n\n带有原始注释的 A10 die照片。资料来源：Chipworks\n从视觉上看，CPU 是第一个跳出来的东西。它的设计和布局与 A10 相同。假设 T2 是在 A10 之后设计的，那么 CPU 就作为一个硬宏（hard macro）被丢弃了。记住它是一个 4 核 CPU！有两个性能，即大型Hurricane内核和两个效率（即小型 Zephyr ）内核。\n考虑到主系统处理器已经有一个英特尔 i5，这是相当强大的。\n人们只能想象 Apple 内部的对话。“你有准备好运行的 CPU 吗？” “是的……那边架子上有一个只有几个月大的 4 核 17.4 平方毫米的设计。” “太好了，我要其中之一。” 好吧，也许它更具技术性。\nGPU 没有效仿。A10 的 6 核 GPU 被组织为 3 个核心块和一个逻辑块。T2 的 GPU 似乎位于芯片的下边缘。同样，核心被组织为 3 个块。我们没有发现这些块内的对称性，表明有 3 个核心。GPU 逻辑可能位于内核正上方的块中，其中散列线围绕它的潜在区域。即使该区域内的所有 3 个块都是 GPU 逻辑，它也会比为 A10 识别的要小。这里需要更多的分析来确认 GPU 配置，但有人建议 GPU 的逻辑和内核都比 A10 上的要小。\n其他块级分析正在进行中。与 A10 相比，我们看到了按原样使用的块，它们采用了新的布局，并且采用了全新的设计。\n早期数字\nT2 尺寸为 9.6 毫米 x 10.8 毫米，芯片尺寸为 104 平方毫米。这不是一个小die！T2 是一款严肃的处理器。这大约是 A10 的 125 平方毫米的80% 。\n正如预期的那样，CPU在两个芯片上的面积约为 17.4 平方毫米。这在 T2 中专用于 CPU 的总芯片中产生了更高的百分比。T2 的 GPU 比 A10 的要小得多。对于 A10 的核心，每个核心的尺寸为 1.2 平方毫米 v. 5.3 平方毫米。从功能上讲，这是有道理的，因为 T2 GPU 的任务量不应与 A10 接近，因为它不是主要 GPU。同样，逻辑板上已经有英特尔嵌入式图形或专用 GPU。\n将线（thread）拉在一起\n从逆向工程中可以提取出更多内容，但是这个片段提供了 Apple 思想的味道。作为起点，Apple着眼于用户功能。Apple 的一个持续问题似乎是“我们希望用户从 Apple 产品中体验什么？” 然后他们建造它。T2 成为 Apple 对基于 Intel 的 Mac 的解释，但请记住，在 T1 之前，Intel 处理器是单飞的，而 Mac 仍然可以工作。\nT2 利用了 A 系列处理器的设计，如 CPU 中所示。至少可以说，它的 4 核 CPU 很大，很难不认为它对 T2 来说是压倒性的。也就是说，Apple 会考虑重新设计的成本与与放入可能比真正需要的更大的东西相关的硅成本。后者可能更有吸引力，因为 T2 的晶圆开始与 A10 或任何 A 系列处理器相距甚远。此外，额外的马力将提供更好的体验。\nT2 还整合了 Mac 中的独立 IC。存储或 SSD 控制器就是一个例子。苹果在2011 年收购了以色列的 Anobit 。2016 年的 13 英寸 MacBook Pro（带功能键）包含一个 Apple 独立存储控制器（参见幻灯片 11）。控制器变成了 T2 上的一个块。今天，它将成为 M1 上的一个部分。\n后续，我们将继续深入研究 T2，专注于已知的块功能，它与 A10 的比较并展望未来。是的，T2 和 A10 都是旧设计，但比较释放了有关半导体设计使用的信息以及 Apple 为提供所需的用户体验而付出的努力。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127853167,"gmtCreate":1624843997359,"gmtModify":1703845944961,"author":{"id":"3586549737202999","authorId":"3586549737202999","name":"Jasonteo","avatar":"https://static.tigerbbs.com/c65e51a6c7aa32f9d87734f24dea5af2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586549737202999","idStr":"3586549737202999"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127853167","repostId":"2146007781","repostType":4,"repost":{"id":"2146007781","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1624809720,"share":"https://ttm.financial/m/news/2146007781?lang=en_US&edition=fundamental","pubTime":"2021-06-28 00:02","market":"hk","language":"zh","title":"Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time","url":"https://stock-news.laohu8.com/highlight/detail?id=2146007781","media":"券商中国","summary":"屋顶分布式光伏开发方案出炉，光伏建筑板块掀起涨停潮！“碳中和”下的绿色建筑产业链迎来新机遇，这些龙头订单量爆发式增长（名单）。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。","content":"<p><img src=\"https://static.tigerbbs.com/87962f8b40fba9eb4be873ddab4a1916\" tg-width=\"586\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>: Entering the market transformation stage, grasping the main line of high prosperity</p><p>July is the transition stage for the market from a quiet period to a resonant upward period. It is expected that the ebb of gaming funds during the cross-month period will lead to an increase in structural fluctuations in the market. It is recommended to grasp the main line of high prosperity and continue to increase the allocation of growth manufacturing sectors.</p><p>First of all, in the second quarter, the incremental entry funds of institutions were limited, and the expectation of consistent rise drove a large number of game funds to enter the market. The ebb of game funds may lead to increased structural fluctuations in the market. Secondly, the overall economy still maintains a steady recovery trend. It is expected that economic data will continue to recover slowly in July, but disturbing factors such as slow pace and local credit risk events have also begun to increase. Policies will remain stable to support the continued recovery of the economy. Finally, domestic macro liquidity is limited by overseas influence, monetary policy is expected to remain stable, the relative attractiveness of equity assets is highlighted under the guidance of multiple policies, and capital market liquidity is still abundant. Overall, the market in July will shift from valuation-driven to profit-driven, return to normal from unanimous rising expectations, and switch from structurally overheated theme market to the main line of high prosperity in the mid-term report. In terms of allocation, it is recommended to continue to focus on new energy, independent and controllable technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing four main manufacturing lines with high prosperity and growth, and structural fluctuations in the market will bring new entry opportunities.</p><p><a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: The bull market pattern has not changed, and the current market sentiment is still far from the high point</p><p>The microstructure shows that the current market risk appetite is actually high. As long as the prosperity is good, even if the valuation is high, the company's stock price will still rise greatly. During the expansion of corporate profits, micro-funds are still flowing into the market, the bull market pattern has not changed, and the current market sentiment is still far from the high point. The market is heading for a new high in the year, with high-quality leaders represented by the Mao Index as allocations, and intelligent manufacturing attacks with rapid profit growth and policy directions.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>Securities: Loose liquidity continues, growth leads the market</p><p>From an economic perspective, the liquidity demand for base money will fall in July 2021, and the central bank will maintain the stability of base money supply. Treasury Bond interest rates are expected to fall by about 10-20bp in July-August. The RMB exchange rate will remain in a stable range of 6.3-6.4. Therefore, in this economic state, the market keeps running smoothly. However, there is a huge differentiation in the structure, and Science and Technology 50 and GEM 50 will continue to lead the market.</p><p>From the perspective of industry comparison, first, continue to be optimistic about growth industries such as photovoltaics and new energy vehicles. Second, growth sectors such as computers are dominant as scheduled, which is also quite sustainable. Third, under the condition that the market continues to be excellent, and the transaction volume continues to exceed one trillion yuan, there may be opportunities in the brokerage sector.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities: The pull-up is to be continued, it is completely too late to go long now</p><p>Don't be bearish for the sake of being bearish, break away from the confinement of stock thinking, pay attention to marginal improvement, and the pull-up is to be continued. The back is a pull-up, and it is completely too late to go long now. As the trend of inflation and credit contraction is determined, the downward trend of risk assessment continues to drive the market upward. In addition, the downward trend of risk-free interest rate will become a new force, which will drive the market up together with risk assessment. 1) Short-term perspective: Due to the domestic central bank's unexpected net investment, short-term interest rates in the market will marginally decline, and foreign inflation expectations will fall, and long-term interest rates on U.S. bonds will also marginally decline. Domestically, on June 24, the central bank increased the scale of reverse for the first time after three months, increasing net OMO investment by 20 billion more than expected to maintain stability, and short-term interest rates in the inter-bank market mainly declined. In addition, although the deposit interest rate reform is not a \"disguised interest rate cut\", the central bank's statement that \"maintaining reasonable and sufficient liquidity is not empty talk\" also conveys a positive signal. In the future, with the increase of inflation tolerance, the pressure to stabilize growth, and possible credit problems, it will be easier to loosen and harder to tighten as it moves backward. Overseas, although rate hike is expected to move forward after the interest rate meeting, the long-term interest rate of U.S. bonds has fallen instead of rising due to the fall in inflation expectations. 2) Long-term perspective: The real estate tax pilot is expected to increase, and the asset allocation structure of residents will change. From the perspective of major asset allocation, the stock market is expected to usher in more incremental funds.</p><p>The fire of technological growth can start a prairie fire. Key recommendations for industry allocation: 1) First recommend securities firms/banks; 2) The starting point of technological growth: new energy vehicles/electronics/computers/military industry/medicine; 3) The recovery in the post-epidemic era is accelerating: domestic consumption/emerging consumption/high-end consumption; 4) New opportunities in the next cycle of carbon neutrality: coal/building materials/steel; 5) Midstream manufacturing oversold counterattack under the expected marginal easing of cost constraints: home appliances/automobiles.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>: Focus on growth, taking into account the cycle</p><p>The global epidemic is \"first-in, first-out\", and China's economic growth rate is gradually falling back from rapid recovery to normal growth, and the overall policy environment may gradually favor supporting growth; The market's inflation expectations have been temporarily digested. Against this background, market capital concerns have decreased. After the market's focus has gradually shifted from \"post-epidemic recovery\" to \"normalized growth\", the relative prosperity is high, the growth potential is large, and the industrial cycle is still ongoing. The growth style may still be the main line of the market. Looking ahead, after some indexes are close to the previous high, the market may fluctuate in the short term. However, in the general direction, the market may still maintain a positive risk appetite, and the market style may be characterized by \"growth-oriented, taking into account the cycle\".</p><p>Operational suggestions: Focus on growth, taking into account the cycle. 1) High prosperity, China's competitive or growing industrial chain: electric vehicle industry chain, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc.; 2) Pan-consumer industry: bottom-up stock selection in the fields of daily necessities, light industrial home furnishing, hotel tourism, home appliances, automobiles and parts, medicine and medical equipment; 3) Gradually reduce cyclical allocation but focus on some cycles with favorable structures or structural growth characteristics: some non-ferrous metals such as lithium, chemicals, and financial leaders who benefit from the general development trend of wealth and asset management.</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>: Growth flies, mid-term report relay</p><p>The domestic economic stability period, the policy warm wind period, and the liquidity-friendly period are superimposed. Economic recovery is accelerating, monetary policy remains stable, global money market funds are accelerating their return to risky assets, and global equity assets are in a \"honeymoon period.\" The market is moving from the layout of the \"centennial\" market, slowly unfolding, and getting better and better, to the \"summer market\" that is in full swing, scorching sun, and shining brightly. It continues to prompt over-allocation growth, and pays attention to the cost-effective assets whose interim report performance exceeds expectations.</p><p>Industry configuration: \"Harvest cycle, layout growth\" is interpreted as scheduled, growth is still the main theme, and the mid-term report market can be laid out. 1) AIoT, Internet of Everything, China's domestic operating systems represented by Hongmeng are linked to smart terminal mobile phones, cars, etc., and the opportunities gestated deserve attention. Such as: computer, communication, electronics, etc. 2) Medicine, with both innovation, prosperity, technology and consumption attributes, focusing on medical devices, medical services and other directions. 3) New energy chain. Comparable to the 10-year golden growth cycle of consumer electronics, under the background of carbon neutrality and carbon peak, the three-wheel drive of policy + demand + technological change focuses on: new energy materials, lithium battery equipment, automobiles, intelligent driving and other subdivisions. 4) High-end manufacturing equipment. Mainly focusing on China's manufacturing moving towards high-end and localization, in line with industry needs and prosperous development, we can focus on semiconductor equipment, military industry and other directions. The market concerto of cost-effective assets cannot be ignored. In the next stage, you can pay attention to the catalyst of the mid-term report. With the economic recovery and the PPI maintaining a high level, it is possible to rush for cost-effective assets whose mid-term results exceed expectations, especially low-valuation leaders such as chemicals, machinery, non-ferrous metals, and coal.</p><p><a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Looking for small-cap growth with better odds</p><p>After five years of \"dragon-led\" leading stock style, there are problems in the microstructure of A-shares, and the crowded trading of leading stocks restricts its excess return space. 2021 is a big year for profits. The deterministic valuation premium of leading stocks has fallen. The market has gone from chasing leaders with stable ROE to favoring small and medium-sized caps with strong immediate performance flexibility. Rising inflation expectations in 2021 drive small-cap value stocks better; The peak of inflation expectations since mid-May has driven the global stock market style to turn to growth. At the same time, the profit expectations of individual stocks in representative sectors of the market value have been lowered, resulting in a slight double kill in performance valuations.</p><p>Since small-cap growth took over, some small and medium-sized market capitalization growth stocks have accumulated significant gains, but using the winning rate/odds framework, small-cap growth is still the best choice. This year's stock trading is still a winning rate investment (an industry with increased profit margins) taking into account odds (reflected in the sinking market value). In terms of allocation, we will pay attention to the direction of interest rate profit with room for improvement from the perspective of winning rate (good long-term growth or supply and demand gap), taking into account the odds perspective, choose a subdivided track with appropriate valuation and still room for market value sinking. Currently mainly focused on component and electronic manufacturing; Medical devices and medical services; Power supply equipment; Glass, chemicals/chemical fiber and other industries.</p><p>Essence Securities: The index may have limited room to continue to rise, and growth is still the future trend</p><p>The current market as a whole continues to be in a volatile stage. In the short term, the market is in a favorable environment, the liquidity of the inter-bank market is expected to be stable, and overseas concerns have also been alleviated. At the same time, the adjustment pressure of strong stocks in the early stage of the market is rising, and the compensatory gains of weak stocks in the early stage have started. There may be limited room for the index to continue to rise in this round. In the medium and long term, the fundamentals of A-shares in this year's mid-term report and the second half of the year are likely to be better than market expectations. Against the background of the Fed's significant dovish and the completion of domestic economic recovery, the upside of domestic bond market yields is limited, and the liquidity environment and risk preference factors as a whole are still favorable support, and the profitability and growth of enterprises will become the core logic of the market in the next stage.</p><p>In terms of industry allocation, it is recommended to pay attention to companies with reasonable valuations and mid-term reports that exceed expectations, and appropriately grasp the trading opportunities of cyclical stocks. At the same time, we will continue to hold varieties in the core track whose profit growth exceeds expectations, and focus on new main lines in non-core assets that are being gestated, and explore opportunities that have been neglected in the process of economic recovery and transformation from bottom to top. If there is an adjustment in short-term growth stocks, it will be a good time to increase the layout. The key direction includes three clues: 1) The mid-term report exceeds expectations under the recovery: chemicals, coal, banks, etc.; 2) Varieties that can continue to exceed expectations in the core track: semiconductors, photovoltaics, and some pharmaceutical companies; 3) New growth tracks: artificial intelligence, smart cars, new materials, military industry, Xinchuang network security, etc.</p><p>Guosheng Securities: The market remains volatile and continues to dig<a href=\"https://laohu8.com/S/KIM\">Jinke</a>Create</p><p>The market rose across the board last week, and the core lies in the marginal loosening of liquidity again. Science and technology innovation board continues to lead the market, and its attention continues to increase, and it is expected to gradually become a market consensus. Once again, there will be no systemic risks in the second half of the year, whether at home or overseas, and shocks will still be the main focus. Take advantage of the panic caused by each fluctuation to find buying opportunities.</p><p>Focus on the future, grasp the present, and configure scientific and technological innovation. Three clues to \"Nuggets\" the Science and Technology Innovation Board: 1) Open up a new direction for A-shares, and benchmark against the scarce subdivided track \"unicorns\". 2) The performance growth rate has always led the \"high growth\" of science and technology innovation; 3) Since its listing, the pullback/retracement has been deep, has fallen below the issue price, and has a valuation and price-performance ratio from the perspective of PEG; Petroleum, petrochemical and chemical, nonferrous metals, photovoltaic and other sectors benefit from overseas demand. Subdivided tracks such as new energy vehicles, semiconductors & consumer electronics, AI, CXO services & medical beauty, and sub-high-end liquor with strong certainty of prosperity and expected high growth.</p><p>Yuekai Securities: There is a high probability that the index will still maintain a high and volatile trend, and the growth style layout is at the right time</p><p>Looking forward to the market outlook, the index will most likely remain high and volatile. With the continued recovery of the global economy and overseas liquidity tightening, the price upward trend caused by the mismatch between supply and demand and the excessively abundant liquidity environment will be alleviated. Commodity prices in the second half of the year It is expected to usher in an inflection point, and the RMB exchange rate will most likely maintain two-way fluctuations, and the probability of unilateral sustained appreciation is small.</p><p>Pay attention to three main lines in the direction of allocation: First, pay attention to the sectors where the semi-annual performance is expected to improve and the performance exceeds expectations. The second is to pay attention to the growth style configuration with high prosperity. At present, the market's consensus on laying out the main line of growth is continuing to improve. In the context of sustained economic recovery, growth styles with strong policy support, broad development prospects, and strong profitability certainty have stronger premium capabilities. The third is to pay attention to thematic investment opportunities in environmental protection-related industries under policy dividends.</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>Top Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time</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\">\nTop Ten Brokerages: The rising market is to be continued, and the growth style layout is at the right time\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-28 00:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/87962f8b40fba9eb4be873ddab4a1916\" tg-width=\"586\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>: Entering the market transformation stage, grasping the main line of high prosperity</p><p>July is the transition stage for the market from a quiet period to a resonant upward period. It is expected that the ebb of gaming funds during the cross-month period will lead to an increase in structural fluctuations in the market. It is recommended to grasp the main line of high prosperity and continue to increase the allocation of growth manufacturing sectors.</p><p>First of all, in the second quarter, the incremental entry funds of institutions were limited, and the expectation of consistent rise drove a large number of game funds to enter the market. The ebb of game funds may lead to increased structural fluctuations in the market. Secondly, the overall economy still maintains a steady recovery trend. It is expected that economic data will continue to recover slowly in July, but disturbing factors such as slow pace and local credit risk events have also begun to increase. Policies will remain stable to support the continued recovery of the economy. Finally, domestic macro liquidity is limited by overseas influence, monetary policy is expected to remain stable, the relative attractiveness of equity assets is highlighted under the guidance of multiple policies, and capital market liquidity is still abundant. Overall, the market in July will shift from valuation-driven to profit-driven, return to normal from unanimous rising expectations, and switch from structurally overheated theme market to the main line of high prosperity in the mid-term report. In terms of allocation, it is recommended to continue to focus on new energy, independent and controllable technology, national defense security and<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing four main manufacturing lines with high prosperity and growth, and structural fluctuations in the market will bring new entry opportunities.</p><p><a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: The bull market pattern has not changed, and the current market sentiment is still far from the high point</p><p>The microstructure shows that the current market risk appetite is actually high. As long as the prosperity is good, even if the valuation is high, the company's stock price will still rise greatly. During the expansion of corporate profits, micro-funds are still flowing into the market, the bull market pattern has not changed, and the current market sentiment is still far from the high point. The market is heading for a new high in the year, with high-quality leaders represented by the Mao Index as allocations, and intelligent manufacturing attacks with rapid profit growth and policy directions.</p><p><a href=\"https://laohu8.com/S/601066\">China Securities Investment</a>Securities: Loose liquidity continues, growth leads the market</p><p>From an economic perspective, the liquidity demand for base money will fall in July 2021, and the central bank will maintain the stability of base money supply. Treasury Bond interest rates are expected to fall by about 10-20bp in July-August. The RMB exchange rate will remain in a stable range of 6.3-6.4. Therefore, in this economic state, the market keeps running smoothly. However, there is a huge differentiation in the structure, and Science and Technology 50 and GEM 50 will continue to lead the market.</p><p>From the perspective of industry comparison, first, continue to be optimistic about growth industries such as photovoltaics and new energy vehicles. Second, growth sectors such as computers are dominant as scheduled, which is also quite sustainable. Third, under the condition that the market continues to be excellent, and the transaction volume continues to exceed one trillion yuan, there may be opportunities in the brokerage sector.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities: The pull-up is to be continued, it is completely too late to go long now</p><p>Don't be bearish for the sake of being bearish, break away from the confinement of stock thinking, pay attention to marginal improvement, and the pull-up is to be continued. The back is a pull-up, and it is completely too late to go long now. As the trend of inflation and credit contraction is determined, the downward trend of risk assessment continues to drive the market upward. In addition, the downward trend of risk-free interest rate will become a new force, which will drive the market up together with risk assessment. 1) Short-term perspective: Due to the domestic central bank's unexpected net investment, short-term interest rates in the market will marginally decline, and foreign inflation expectations will fall, and long-term interest rates on U.S. bonds will also marginally decline. Domestically, on June 24, the central bank increased the scale of reverse for the first time after three months, increasing net OMO investment by 20 billion more than expected to maintain stability, and short-term interest rates in the inter-bank market mainly declined. In addition, although the deposit interest rate reform is not a \"disguised interest rate cut\", the central bank's statement that \"maintaining reasonable and sufficient liquidity is not empty talk\" also conveys a positive signal. In the future, with the increase of inflation tolerance, the pressure to stabilize growth, and possible credit problems, it will be easier to loosen and harder to tighten as it moves backward. Overseas, although rate hike is expected to move forward after the interest rate meeting, the long-term interest rate of U.S. bonds has fallen instead of rising due to the fall in inflation expectations. 2) Long-term perspective: The real estate tax pilot is expected to increase, and the asset allocation structure of residents will change. From the perspective of major asset allocation, the stock market is expected to usher in more incremental funds.</p><p>The fire of technological growth can start a prairie fire. Key recommendations for industry allocation: 1) First recommend securities firms/banks; 2) The starting point of technological growth: new energy vehicles/electronics/computers/military industry/medicine; 3) The recovery in the post-epidemic era is accelerating: domestic consumption/emerging consumption/high-end consumption; 4) New opportunities in the next cycle of carbon neutrality: coal/building materials/steel; 5) Midstream manufacturing oversold counterattack under the expected marginal easing of cost constraints: home appliances/automobiles.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>: Focus on growth, taking into account the cycle</p><p>The global epidemic is \"first-in, first-out\", and China's economic growth rate is gradually falling back from rapid recovery to normal growth, and the overall policy environment may gradually favor supporting growth; The market's inflation expectations have been temporarily digested. Against this background, market capital concerns have decreased. After the market's focus has gradually shifted from \"post-epidemic recovery\" to \"normalized growth\", the relative prosperity is high, the growth potential is large, and the industrial cycle is still ongoing. The growth style may still be the main line of the market. Looking ahead, after some indexes are close to the previous high, the market may fluctuate in the short term. However, in the general direction, the market may still maintain a positive risk appetite, and the market style may be characterized by \"growth-oriented, taking into account the cycle\".</p><p>Operational suggestions: Focus on growth, taking into account the cycle. 1) High prosperity, China's competitive or growing industrial chain: electric vehicle industry chain, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc.; 2) Pan-consumer industry: bottom-up stock selection in the fields of daily necessities, light industrial home furnishing, hotel tourism, home appliances, automobiles and parts, medicine and medical equipment; 3) Gradually reduce cyclical allocation but focus on some cycles with favorable structures or structural growth characteristics: some non-ferrous metals such as lithium, chemicals, and financial leaders who benefit from the general development trend of wealth and asset management.</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>: Growth flies, mid-term report relay</p><p>The domestic economic stability period, the policy warm wind period, and the liquidity-friendly period are superimposed. Economic recovery is accelerating, monetary policy remains stable, global money market funds are accelerating their return to risky assets, and global equity assets are in a \"honeymoon period.\" The market is moving from the layout of the \"centennial\" market, slowly unfolding, and getting better and better, to the \"summer market\" that is in full swing, scorching sun, and shining brightly. It continues to prompt over-allocation growth, and pays attention to the cost-effective assets whose interim report performance exceeds expectations.</p><p>Industry configuration: \"Harvest cycle, layout growth\" is interpreted as scheduled, growth is still the main theme, and the mid-term report market can be laid out. 1) AIoT, Internet of Everything, China's domestic operating systems represented by Hongmeng are linked to smart terminal mobile phones, cars, etc., and the opportunities gestated deserve attention. Such as: computer, communication, electronics, etc. 2) Medicine, with both innovation, prosperity, technology and consumption attributes, focusing on medical devices, medical services and other directions. 3) New energy chain. Comparable to the 10-year golden growth cycle of consumer electronics, under the background of carbon neutrality and carbon peak, the three-wheel drive of policy + demand + technological change focuses on: new energy materials, lithium battery equipment, automobiles, intelligent driving and other subdivisions. 4) High-end manufacturing equipment. Mainly focusing on China's manufacturing moving towards high-end and localization, in line with industry needs and prosperous development, we can focus on semiconductor equipment, military industry and other directions. The market concerto of cost-effective assets cannot be ignored. In the next stage, you can pay attention to the catalyst of the mid-term report. With the economic recovery and the PPI maintaining a high level, it is possible to rush for cost-effective assets whose mid-term results exceed expectations, especially low-valuation leaders such as chemicals, machinery, non-ferrous metals, and coal.</p><p><a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Looking for small-cap growth with better odds</p><p>After five years of \"dragon-led\" leading stock style, there are problems in the microstructure of A-shares, and the crowded trading of leading stocks restricts its excess return space. 2021 is a big year for profits. The deterministic valuation premium of leading stocks has fallen. The market has gone from chasing leaders with stable ROE to favoring small and medium-sized caps with strong immediate performance flexibility. Rising inflation expectations in 2021 drive small-cap value stocks better; The peak of inflation expectations since mid-May has driven the global stock market style to turn to growth. At the same time, the profit expectations of individual stocks in representative sectors of the market value have been lowered, resulting in a slight double kill in performance valuations.</p><p>Since small-cap growth took over, some small and medium-sized market capitalization growth stocks have accumulated significant gains, but using the winning rate/odds framework, small-cap growth is still the best choice. This year's stock trading is still a winning rate investment (an industry with increased profit margins) taking into account odds (reflected in the sinking market value). In terms of allocation, we will pay attention to the direction of interest rate profit with room for improvement from the perspective of winning rate (good long-term growth or supply and demand gap), taking into account the odds perspective, choose a subdivided track with appropriate valuation and still room for market value sinking. Currently mainly focused on component and electronic manufacturing; Medical devices and medical services; Power supply equipment; Glass, chemicals/chemical fiber and other industries.</p><p>Essence Securities: The index may have limited room to continue to rise, and growth is still the future trend</p><p>The current market as a whole continues to be in a volatile stage. In the short term, the market is in a favorable environment, the liquidity of the inter-bank market is expected to be stable, and overseas concerns have also been alleviated. At the same time, the adjustment pressure of strong stocks in the early stage of the market is rising, and the compensatory gains of weak stocks in the early stage have started. There may be limited room for the index to continue to rise in this round. In the medium and long term, the fundamentals of A-shares in this year's mid-term report and the second half of the year are likely to be better than market expectations. Against the background of the Fed's significant dovish and the completion of domestic economic recovery, the upside of domestic bond market yields is limited, and the liquidity environment and risk preference factors as a whole are still favorable support, and the profitability and growth of enterprises will become the core logic of the market in the next stage.</p><p>In terms of industry allocation, it is recommended to pay attention to companies with reasonable valuations and mid-term reports that exceed expectations, and appropriately grasp the trading opportunities of cyclical stocks. At the same time, we will continue to hold varieties in the core track whose profit growth exceeds expectations, and focus on new main lines in non-core assets that are being gestated, and explore opportunities that have been neglected in the process of economic recovery and transformation from bottom to top. If there is an adjustment in short-term growth stocks, it will be a good time to increase the layout. The key direction includes three clues: 1) The mid-term report exceeds expectations under the recovery: chemicals, coal, banks, etc.; 2) Varieties that can continue to exceed expectations in the core track: semiconductors, photovoltaics, and some pharmaceutical companies; 3) New growth tracks: artificial intelligence, smart cars, new materials, military industry, Xinchuang network security, etc.</p><p>Guosheng Securities: The market remains volatile and continues to dig<a href=\"https://laohu8.com/S/KIM\">Jinke</a>Create</p><p>The market rose across the board last week, and the core lies in the marginal loosening of liquidity again. Science and technology innovation board continues to lead the market, and its attention continues to increase, and it is expected to gradually become a market consensus. Once again, there will be no systemic risks in the second half of the year, whether at home or overseas, and shocks will still be the main focus. Take advantage of the panic caused by each fluctuation to find buying opportunities.</p><p>Focus on the future, grasp the present, and configure scientific and technological innovation. Three clues to \"Nuggets\" the Science and Technology Innovation Board: 1) Open up a new direction for A-shares, and benchmark against the scarce subdivided track \"unicorns\". 2) The performance growth rate has always led the \"high growth\" of science and technology innovation; 3) Since its listing, the pullback/retracement has been deep, has fallen below the issue price, and has a valuation and price-performance ratio from the perspective of PEG; Petroleum, petrochemical and chemical, nonferrous metals, photovoltaic and other sectors benefit from overseas demand. Subdivided tracks such as new energy vehicles, semiconductors & consumer electronics, AI, CXO services & medical beauty, and sub-high-end liquor with strong certainty of prosperity and expected high growth.</p><p>Yuekai Securities: There is a high probability that the index will still maintain a high and volatile trend, and the growth style layout is at the right time</p><p>Looking forward to the market outlook, the index will most likely remain high and volatile. With the continued recovery of the global economy and overseas liquidity tightening, the price upward trend caused by the mismatch between supply and demand and the excessively abundant liquidity environment will be alleviated. Commodity prices in the second half of the year It is expected to usher in an inflection point, and the RMB exchange rate will most likely maintain two-way fluctuations, and the probability of unilateral sustained appreciation is small.</p><p>Pay attention to three main lines in the direction of allocation: First, pay attention to the sectors where the semi-annual performance is expected to improve and the performance exceeds expectations. The second is to pay attention to the growth style configuration with high prosperity. At present, the market's consensus on laying out the main line of growth is continuing to improve. In the context of sustained economic recovery, growth styles with strong policy support, broad development prospects, and strong profitability certainty have stronger premium capabilities. The third is to pay attention to thematic investment opportunities in environmental protection-related industries under policy dividends.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146007781","content_text":"中信证券：步入行情转换阶段，紧抓高景气主线\n7月是市场从平静期向共振上行期的转换阶段。预计跨月期间博弈性资金退潮会导致市场结构性波动有所加大，建议紧抓高景气主线，继续增配成长制造板块。\n首先，二季度机构增量入场资金有限，一致性上涨预期驱动大量博弈资金入场，博弈性资金退潮可能导致市场结构性波动有所加大。其次，整体经济依旧维持稳步复苏趋势，预计7月经济数据延续缓慢复苏，但节奏迟缓、局部信用风险事件等扰动因素也开始增多，政策依然会保持平稳，支持经济持续修复。最后，国内宏观流动性受海外影响有限，货币政策有望继续保持平稳，权益资产的相对吸引力在多重政策引导下凸显，资本市场流动性依旧充裕。整体而言7月市场将从估值驱动转向盈利驱动，从一致上涨预期回归常态，从结构性过热的主题行情切换至中报高景气主线，配置上建议继续紧抓新能源、科技自主可控、国防安全和智能制造四条高景气成长制造主线，市场结构性波动将带来新的入场机会。\n海通证券：牛市格局未变，当前市场情绪距高点仍有距离\n微观结构显示当前市场风险偏好实际上是高，只要景气度好，即便估值高，公司股价涨幅仍大。企业盈利扩张中、微观资金仍在流入市场，牛市格局未变，当前市场情绪距高点仍有距离。市场奔向年内新高，以茅指数为代表的优质龙头做配置，盈利增长较快、顺应政策方向的智能制造进攻。\n中信建投证券：流动性宽松持续，成长领涨市场\n从经济层面来看，进入2021年7月基础货币的流动性需求降回落，央行将维持基础货币供给稳定，国债利率预计在7-8月回落10-20bp左右的水平。人民币汇率将维持在6.3-6.4的稳定区间中。因此，这种经济状态下， 市场保持平稳运行不变。但是结构上出现巨大的分化，科创 50、创业板50将继续领涨市场。\n从行业比较的层面来看，第一，继续看好光伏、新能源汽车等成长行业。第二，计算机等成长板块如 期占优，这也具有相当的持续性。第三，市场持续优异的条件下，在成交持续过万亿的情况下，券商板块将可能存在机会。\n国泰君安证券：拉升未完待续，现在做多完全来得及\n不要为了看空而看空，跳脱存量思维禁锢，重视边际改善，拉升未完待续。后面是拉升，现在做多完全来得及。随着通胀与信用收缩走向确定，风险评价下行继续驱动行情拉升。此外无风险利率下行将成为新的力量，与风险评价共同驱动行情拉升。1）短期视角：国内央行超预期净投放下市场短端利率边际下行，国外通胀预期回落美债长端利率亦边际下行。国内6月24日央行时隔三月首次加大逆回规模，超预期增加200亿OMO净投放维稳，银行间市场短端利率下行为主。此外尽管存款利率改革并非“变相降息”，但央行“保持流动性合理充裕不是一句空话”的表态亦传达积极信号。未来随通胀容忍度提升、稳增长压力以及可能出现的信用问题，越向后越是易松难紧的状态。海外方面，尽管议息会议后加息预期前移，但美债长端利率受通胀预期回落主导不升反降。2）长期视角：房地产税试点预期提升，居民资产配置结构将发生变化，从大类资产配置角度看股票市场有望迎来更多增量资金。\n科技成长之火，可以燎原。行业配置重点推荐：1）首推券商/银行；2）科技成长起点：新能源车/电子/计算机/军工/医药；3）后疫情时代复苏加速：国货消费/新兴消费/高端消费；4）碳中和下周期新机遇：煤炭/建材/钢铁；5）成本受制预期边际缓和下中游制造超跌反攻：家电/汽车。\n中金公司：成长为主，兼顾周期\n全球疫情“先进先出”，中国的经济增长速率正在从快速复苏逐步回落至常态增长，政策环境可能整体逐步偏向支持增长；市场对于通胀预期暂时消化，在此背景下，市场资金面担忧减少，市场关注点由“疫后复苏”逐步转向“常态化增长”后，相对景气度高、增长潜力大、产业周期仍在持续的成长风格可能仍然是市场的主线。往前看，在部分指数接近前期高点附近后，市场短期可能会有所波动。但大方向上，市场仍可能维持偏积极的风险偏好，市场风格可能呈现“成长为主，兼顾周期”的特征。\n操作建议：成长为主，兼顾周期。1）高景气度、中国已具备竞争力或正在壮大的产业链：电动车产业链、科技硬件与软件、电子半导体、部分制造业资本品等；2）泛消费行业：在日常用品、轻工家居、酒店旅游、家电、汽车及零部件、医药及医疗器械等领域自下而上择股；3）逐步降低周期配置但关注部分结构有利或具备结构性成长特征的周期：部分有色金属如锂等，化工以及受益于财富及资管大发展趋势的金融龙头。\n兴业证券：成长飞舞，中报接力\n国内经济平稳期、政策暖风期、流动性友好期，三期叠加。经济加快复苏、货币政策保持平稳，全球货币市场资金加速回流风险资产，全球权益资产处在“蜜月期”。市场正从“百周年”行情的布局、徐徐展开、渐入佳境，进入到热火朝天、骄阳似火、艳阳高照的“夏日行情”，持续提示超配成长，关注中报业绩超预期的高性价比资产。\n行业配置：“收获周期，布局成长”如期演绎，成长仍是主旋律，中报行情可布局。1）AIoT，万物互联，以鸿蒙为代表的中国国产操作系统与智能终端手机、汽车等相互链接，孕育的机会值得重点关注。如：计算机、通信、电子等。2）医药，创新、景气、科技与消费属性兼具，重点关注医疗器械、医疗服务等方向。3）新能源链条。媲美消费电子10年黄金成长周期，在碳中和和碳达峰背景下，政策+需求+技术变革三轮驱动，重点关注：新能源材料、锂电设备、汽车、智能驾驶等细分领域。4）高端制造设备。主要围绕中国制造走向高端化、国产化，顺应行业需求和景气发展，可重点关注半导体设备、军工等方向。高性价比资产的行情协奏曲，也不容忽视。下阶段可以关注中报预喜的催化剂。经济复苏，PPI保持高位运行，可以淘金中报业绩超预期的高性价比资产，特别是化工、机械、有色、煤炭等低估值龙头等。\n广发证券：寻找赔率更佳的小盘成长\n经过持续五年的“以龙为首”的龙头股风格，A股微观结构出现问题，龙头股交易拥挤制约其超额收益空间。2021年是盈利大年，龙头股的确定性估值溢价回落，市场从追逐稳定ROE的龙头到青睐即期业绩弹性强的中小盘。2021年通胀预期上行驱动小盘价值股更佳；而5月中旬以来通胀预期见顶驱动全球股市风格转向成长。与此同时，大盘价值的代表性板块个股出现了盈利预期下调，造成了业绩估值小幅双杀。\n小盘成长接棒以来，部分中小市值成长股已积累显著涨幅，但沿用胜率/赔率框架，小盘成长仍是最优选择。今年股票交易仍是胜率投资（利润率提升的行业）兼顾赔率（体现为市值下沉），在配置上，将从胜率角度关注利率润具备提升空间的方向（长期成长性佳或供需缺口），兼顾赔率角度选择估值合适、仍有市值下沉空间的细分赛道。当前主要集中在元件、电子制造；医疗器械、医疗服务；电源设备；玻璃、化学制品/化纤等行业。\n安信证券：指数继续上行空间可能有限，成长仍是未来趋势\n当前市场整体继续处于震荡阶段。从短期来看，市场处于有利环境当中，银行间市场流动性预期稳定，海外担忧也得到缓解。与此同时，市场前期强势股调整压力正在上升，前期弱势股补涨已经开启，本轮指数继续上行的空间可能有限。从中长期来看，今年中报和下半年A股基本面大概率好于市场预期，美联储显著鸽派和国内经济复苏完成的背景下，国内债市收益率上行空间有限，流动性环境和风险偏好因素整体依然是有利支持，企业的盈利能力和成长性将成为下一阶段市场的核心逻辑。\n行业配置上，建议关注估值合理中报超预期公司，适度把握周期股交易性机会。同时继续持有核心赛道中盈利增长超预期的品种，以及重点关注非核心资产中的正在孕育中的新主线，自下而上挖掘经济修复和转型过程中被忽视的机会。短期成长股如果出现调整将是加大布局的好时机，重点关注方向包括三条线索：1）复苏下中报超预期行业：化工、煤炭、银行等；2）核心赛道中能够继续持续超预期的品种：半导体、光伏、部分医药公司；3）新成长赛道：人工智能、智能汽车、新材料、军工、信创网安等。\n国盛证券：市场维持震荡，继续掘金科创\n上周市场全面上涨，核心在于流动性再度边际松动。科创板持续领跑市场，关注度持续提升，并有望逐步成为市场共识。再次强调，下半年无论是国内还是海外，都不存在系统性风险，仍将以震荡为主。利用每一次波动带来的恐慌找买入机会。\n着眼未来、把握当下、配置科创。三条线索“掘金”科创板：1）开拓A股新方向，对标稀缺的细分赛道“独角兽”的。2）业绩增速一直领跑科创的“高成长”；3）上市以来回撤较深，已跌破发行价、从PEG等角度具备估值性价比的；受益海外需求拉动的石油石化及化工、有色、光伏等板块。景气的确定性较强、有望高增长的新能源汽车、半导体&消费电子、AI、CXO服务&医美以及次高端白酒等细分赛道。\n粤开证券：指数大概率仍将维持高位震荡走势，成长风格布局正当时\n展望后市，指数大概率仍将维持高位震荡走势，随着全球经济的持续复苏和海外流动性收紧，由供需错配和过于充裕的流动性环境带来的价格上行将有所缓解，下半年大宗商品价格有望迎来拐点，人民币汇率大概率仍将维持双向波动，出现单边持续升值的概率较小。\n在配置方向上关注三条主线：一是关注半年度业绩预期向好，业绩表现超预期板块。二是关注高景气度的成长风格配置。目前市场对于布局成长主线的共识正在持续提升，在经济持续复苏的背景下，政策支持力度大、发展前景广阔、盈利确定性较强的成长风格具备更强的溢价能力。三是关注政策红利下环保相关产业的主题投资机会。","news_type":1,"symbols_score_info":{"TNmain":0.9,"ZNmain":0.9,"ZBmain":0.9,"ZFmain":0.9,"ZTmain":0.9,"UBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}