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KendrickTan
2022-11-29
wow
KendrickTan
2022-09-19
[微笑]
@报告财经:【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。
KendrickTan
2021-07-17
?
Ten questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second
KendrickTan
2021-07-14
??
The overlooked "big move": this institution cut a quarter of its stock position
Go to Tiger App to see more news
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| Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","listText":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","text":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","images":[{"img":"https://static.tigerbbs.com/6a9a06cca41a720063a5b794f7babb6c","width":"601","height":"869"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661045669","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179913532,"gmtCreate":1626481235926,"gmtModify":1703760804252,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179913532","repostId":"1157198020","repostType":4,"repost":{"id":"1157198020","kind":"news","weMediaInfo":{"introduction":"中国智能硬件第一媒体","home_visible":1,"media_name":"雷峰网","id":"1035809132","head_image":"https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74"},"pubTimestamp":1626479741,"share":"https://ttm.financial/m/news/1157198020?lang=en_US&edition=fundamental","pubTime":"2021-07-17 07:55","market":"us","language":"zh","title":"Ten questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second","url":"https://stock-news.laohu8.com/highlight/detail?id=1157198020","media":"雷峰网","summary":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货","content":"<p>It seems that the overall situation has been decided, but in fact there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always cause some accidents in the twists and turns.</p><p>On July 15, the market research organization Canalys released the global smartphone market shipment report data for the second quarter of 2021, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%. Second only to first place<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%)-and thus surpassed the third place<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This is the first time in its history that Xiaomi has ranked second in the global smartphone market.</p><p>At the same time, Samsung, Xiaomi and Apple, together with OPPO and vivo (all accounting for 10%), account for 70% of global smartphone shipments-and the top five have all experienced different growth.</p><p>Of course, in this report, Xiaomi is undoubtedly the most eye-catching dark horse. Faced with this achievement, Xiaomi CEO Lei Jun also issued a letter to all employees the next day, saying: This is a fantastic achievement and the biggest milestone in the history of Xiaomi's development.</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making rapid progress, several big players, including Apple and Samsung, are also painstakingly laying out, planning and competing in the fiercely competitive battlefield of smart phones; Of course, due to well-known reasons, Huawei is seriously absent in the global smartphone market, which also provides some room for growth for these players.</p><p>Therefore, the mobile phone market often seems that the overall situation has been decided, but in fact it is still full of variables.</p><p>In order to have a more thorough understanding of the deep logic behind the Q2 global smartphone market report card, Lei Feng.com had an in-depth dialogue with Nicole Peng, Vice President of Canalys Mobile Business. Here's what the conversation says:</p><p><b>1. Xiaomi's Q2 year-on-year growth rate is 83%. What is the overall reason?</b></p><p>First, most of Xiaomi's own growth comes from some emerging markets, such as Latin America, Middle and East Africa, and some mature markets have also improved to some extent.</p><p>Second, after the outbreak of the epidemic last year, a large part of overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved an 83% year-on-year growth in Q2 this year. Another is that the demand for smartphones and smart devices in emerging markets has increased significantly after the epidemic. Xiaomi's rapid advancement in these markets has captured the strong demand for cost-effective mobile phones in these markets.</p><p>Third, from the perspective of supply, in many overseas regions, such as Latin America, Central and East Africa and even South Asia, many brands are experiencing tight supply, and not many manufacturers can distribute goods on a large scale. This constitutes an excellent growth opportunity for Xiaomi.</p><p><b>2. Some people think that the growth of Xiaomi mobile phone shipments is mainly reflected in low-end products. What do you think?</b></p><p>In fact, China is the largest high-end market in the world. China's high-end market is larger than that of the United States. Therefore, compared with the Chinese market, most overseas products are lower in terms of retail price.</p><p>China itself is already a very mature market. The ASP (average selling price) disclosed last quarter has reached more than 400 US dollars. This value is only reached by Western Europe and the United States, and only the ASP of the United States is higher than that of China. Therefore, compared with other markets, China is actually a high-end market, and most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's mobile phone pricing determines its ability to do a good job in the mass market. Another company that can scale up in the mass market is Samsung.</p><p><b>3. In overseas markets, what is Xiaomi's localization ability?</b></p><p>I think Xiaomi still has room for improvement in this respect. In fact, compared with Samsung, Chinese mobile phone manufacturers are still relatively late to go overseas; Samsung is a very mature player. In every region, whether it is channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, warehousing, etc., and has established long-term cooperative relationships with local retail. In these aspects, it is impossible for other manufacturers to be the same as Samsung.</p><p>For Xiaomi, they need to do some refined operations. Only with a certain amount of business income can they slowly promote it, increase the scale, and then make some more in-depth strategic planning, so as to truly ensure the subsequent long-term development.</p><p><b>4. How is Xiaomi's performance in China in Q2?</b></p><p>I think there will be a certain correction in the Chinese market in the second quarter. Due to factors such as a large number of new product launches, the first quarter reached a record high; For a mature market, this growth is very rare. Considering that the channel takes time, there will be a period of callback.</p><p>The types of competition in mature markets and overseas competition are different, so in the domestic market, Xiaomi cannot achieve triple-digit or double-digit growth like overseas. If it can stabilize its domestic market share, or even If it improves, it is already an improvement.</p><p>At present, one of Xiaomi's focuses in the domestic market is offline layout. Because online has reached a certain saturation state as a channel for manufacturers, and then online competition puts great pressure on product prices. Considering Xiaomi's online growth space, because it has already done a good job online, the only part that can find growth is to deepen offline.</p><p>However, the time, energy and investment in operational improvement required for offline deep cultivation are very large.</p><p>Now we can see that Xiaomi has stabilized, which means that offline operations are relatively stable. In the long run, this is a good trend, because after all, we all have to look at long-term achievements. Judging from shipments and market share in the last three quarters, Xiaomi is steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for the first place, what is the difficulty?</b></p><p>This is difficult to some extent. From now on, the differences between the top three (Samsung, Xiaomi, Apple) are very great, each with its own advantages.</p><p>Samsung, first of all, is an old player. It is much bigger than Xiaomi in terms of product and supply chain vertical integration capabilities. Even Huawei at its peak cannot follow up in a short period of time. Especially in terms of upstream and downstream integration capabilities of the supply chain, Samsung has its own chip, screen, storage and assembly factories. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung can't pay attention to; Xiaomi has many channel innovations. For example, in some online channels such as Latin America, Middle and East Africa, Xiaomi is leading the trend of channel transformation. In some regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung, but globally, this will be a very difficult goal.</p><p><b>6. If Xiaomi wants to hit the high end, what is the way to break the situation?</b></p><p>First, under the circumstances of limited resources and limited supply, Xiaomi should serve existing customers well, stabilize its position, and then consider the R&D investment of high-end products, expand high-end product lines, seize different user groups, and refine high-end products. Operate to meet the needs of different users. Looking at Samsung, its product line is very rich, and it can cover every price segment, but with Xiaomi's current resources, it is impossible to do it.</p><p>Second, we must differentiate from Apple and Samsung, rather than simply differentiate from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities before it can rely on the high end. From a strategic point of view, to be high-end, you must invest in some research and development that can produce differentiation. In fact, Xiaomi OV is working hard in this respect.</p><p><b>7. How to evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared with Xiaomi, OV is very dependent on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, and for Xiaomi, 70% may already be overseas. It should be noted that the realme and OnePlus brands are listed separately and have not been added to OPPO's total sales results.</p><p>For OPPO, an important move in the second quarter is the return of OnePlus, which is easy to understand. Because for OPPO, high-end is a very important strategy. OnePlus has achieved very good results in its long-term cultivation of high-end, and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main theme of this year, because everything is rising in price, including parts, labor costs, etc. Therefore, for hardware manufacturers, the pressure to survive is very high now. If some of the operations in the middle can be opened up, it will be good for both parties.</p><p><b>8. vivo did not update the new flagship NEX series products in the first half of the year. What do you think?</b></p><p>At present, for mobile phone manufacturers, they must first think about how to gather their own resources, and there will be certain adjustments to their products, with the aim of integrating resources. This does not mean that they have any failures in a certain series or a certain price segment.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their high-end market strategies, so as to achieve sustainable development in the long run. The rhythm of a single product's launch doesn't say much. I think the market needs to pay attention to their strategies in the entire price segment or high-end, or how to position the brand. These are some more forward-looking concerns.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very fast, and there is this new change every quarter, whether from manufacturers or channels.</p><p>If Huawei wants to return, I believe it must use another form, because after all, it has not completely withdrawn from this market yet, and there are still 4G mobile phones on sale, as well as IoT, Hongmeng system, etc. I think for Huawei, Hongmeng needs to establish its own difference and commercial value in the early stage; Once it has enough commercial value, I believe it is possible to cooperate with other manufacturers.</p><p>I have to look at Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in a short time, but Honor runs faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, they need to learn in the process of constant trial and error, but Honor has already learned.</p><p><b>10. How should mobile phone manufacturers deal with the problem of core shortage?</b></p><p>The shortage of cores will affect the next year, because if you place an order now, you will not be able to get this product until the next year.</p><p>Therefore, how to forward-looking consider the changes of the market in the coming year has very high requirements for mobile phone manufacturers; And in the past, it may be enough to have one plan, but now according to the trend, it may be necessary to make three spare tires. Xiaomi's good results we see now largely come from its plan a year ago.</p><p>Therefore, Xiaomi can have such a large supply in Q2, probably because it made a high-growth strategy on low-end products a year ago, and planned an overseas emerging market strategy, otherwise the supply chain would not be stable. shipped.</p><p>Compared with Xiaomi, no other manufacturer has made such a big determination as Xiaomi, and prepared the supply strategy a year ago, so this shows that the manufacturer is forward-looking.</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>Ten questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second</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\">\nTen questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1035809132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷峰网 </p>\n<p class=\"h-time smaller\">2021-07-17 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It seems that the overall situation has been decided, but in fact there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always cause some accidents in the twists and turns.</p><p>On July 15, the market research organization Canalys released the global smartphone market shipment report data for the second quarter of 2021, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%. Second only to first place<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%)-and thus surpassed the third place<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This is the first time in its history that Xiaomi has ranked second in the global smartphone market.</p><p>At the same time, Samsung, Xiaomi and Apple, together with OPPO and vivo (all accounting for 10%), account for 70% of global smartphone shipments-and the top five have all experienced different growth.</p><p>Of course, in this report, Xiaomi is undoubtedly the most eye-catching dark horse. Faced with this achievement, Xiaomi CEO Lei Jun also issued a letter to all employees the next day, saying: This is a fantastic achievement and the biggest milestone in the history of Xiaomi's development.</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making rapid progress, several big players, including Apple and Samsung, are also painstakingly laying out, planning and competing in the fiercely competitive battlefield of smart phones; Of course, due to well-known reasons, Huawei is seriously absent in the global smartphone market, which also provides some room for growth for these players.</p><p>Therefore, the mobile phone market often seems that the overall situation has been decided, but in fact it is still full of variables.</p><p>In order to have a more thorough understanding of the deep logic behind the Q2 global smartphone market report card, Lei Feng.com had an in-depth dialogue with Nicole Peng, Vice President of Canalys Mobile Business. Here's what the conversation says:</p><p><b>1. Xiaomi's Q2 year-on-year growth rate is 83%. What is the overall reason?</b></p><p>First, most of Xiaomi's own growth comes from some emerging markets, such as Latin America, Middle and East Africa, and some mature markets have also improved to some extent.</p><p>Second, after the outbreak of the epidemic last year, a large part of overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved an 83% year-on-year growth in Q2 this year. Another is that the demand for smartphones and smart devices in emerging markets has increased significantly after the epidemic. Xiaomi's rapid advancement in these markets has captured the strong demand for cost-effective mobile phones in these markets.</p><p>Third, from the perspective of supply, in many overseas regions, such as Latin America, Central and East Africa and even South Asia, many brands are experiencing tight supply, and not many manufacturers can distribute goods on a large scale. This constitutes an excellent growth opportunity for Xiaomi.</p><p><b>2. Some people think that the growth of Xiaomi mobile phone shipments is mainly reflected in low-end products. What do you think?</b></p><p>In fact, China is the largest high-end market in the world. China's high-end market is larger than that of the United States. Therefore, compared with the Chinese market, most overseas products are lower in terms of retail price.</p><p>China itself is already a very mature market. The ASP (average selling price) disclosed last quarter has reached more than 400 US dollars. This value is only reached by Western Europe and the United States, and only the ASP of the United States is higher than that of China. Therefore, compared with other markets, China is actually a high-end market, and most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's mobile phone pricing determines its ability to do a good job in the mass market. Another company that can scale up in the mass market is Samsung.</p><p><b>3. In overseas markets, what is Xiaomi's localization ability?</b></p><p>I think Xiaomi still has room for improvement in this respect. In fact, compared with Samsung, Chinese mobile phone manufacturers are still relatively late to go overseas; Samsung is a very mature player. In every region, whether it is channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, warehousing, etc., and has established long-term cooperative relationships with local retail. In these aspects, it is impossible for other manufacturers to be the same as Samsung.</p><p>For Xiaomi, they need to do some refined operations. Only with a certain amount of business income can they slowly promote it, increase the scale, and then make some more in-depth strategic planning, so as to truly ensure the subsequent long-term development.</p><p><b>4. How is Xiaomi's performance in China in Q2?</b></p><p>I think there will be a certain correction in the Chinese market in the second quarter. Due to factors such as a large number of new product launches, the first quarter reached a record high; For a mature market, this growth is very rare. Considering that the channel takes time, there will be a period of callback.</p><p>The types of competition in mature markets and overseas competition are different, so in the domestic market, Xiaomi cannot achieve triple-digit or double-digit growth like overseas. If it can stabilize its domestic market share, or even If it improves, it is already an improvement.</p><p>At present, one of Xiaomi's focuses in the domestic market is offline layout. Because online has reached a certain saturation state as a channel for manufacturers, and then online competition puts great pressure on product prices. Considering Xiaomi's online growth space, because it has already done a good job online, the only part that can find growth is to deepen offline.</p><p>However, the time, energy and investment in operational improvement required for offline deep cultivation are very large.</p><p>Now we can see that Xiaomi has stabilized, which means that offline operations are relatively stable. In the long run, this is a good trend, because after all, we all have to look at long-term achievements. Judging from shipments and market share in the last three quarters, Xiaomi is steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for the first place, what is the difficulty?</b></p><p>This is difficult to some extent. From now on, the differences between the top three (Samsung, Xiaomi, Apple) are very great, each with its own advantages.</p><p>Samsung, first of all, is an old player. It is much bigger than Xiaomi in terms of product and supply chain vertical integration capabilities. Even Huawei at its peak cannot follow up in a short period of time. Especially in terms of upstream and downstream integration capabilities of the supply chain, Samsung has its own chip, screen, storage and assembly factories. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung can't pay attention to; Xiaomi has many channel innovations. For example, in some online channels such as Latin America, Middle and East Africa, Xiaomi is leading the trend of channel transformation. In some regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung, but globally, this will be a very difficult goal.</p><p><b>6. If Xiaomi wants to hit the high end, what is the way to break the situation?</b></p><p>First, under the circumstances of limited resources and limited supply, Xiaomi should serve existing customers well, stabilize its position, and then consider the R&D investment of high-end products, expand high-end product lines, seize different user groups, and refine high-end products. Operate to meet the needs of different users. Looking at Samsung, its product line is very rich, and it can cover every price segment, but with Xiaomi's current resources, it is impossible to do it.</p><p>Second, we must differentiate from Apple and Samsung, rather than simply differentiate from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities before it can rely on the high end. From a strategic point of view, to be high-end, you must invest in some research and development that can produce differentiation. In fact, Xiaomi OV is working hard in this respect.</p><p><b>7. How to evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared with Xiaomi, OV is very dependent on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, and for Xiaomi, 70% may already be overseas. It should be noted that the realme and OnePlus brands are listed separately and have not been added to OPPO's total sales results.</p><p>For OPPO, an important move in the second quarter is the return of OnePlus, which is easy to understand. Because for OPPO, high-end is a very important strategy. OnePlus has achieved very good results in its long-term cultivation of high-end, and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main theme of this year, because everything is rising in price, including parts, labor costs, etc. Therefore, for hardware manufacturers, the pressure to survive is very high now. If some of the operations in the middle can be opened up, it will be good for both parties.</p><p><b>8. vivo did not update the new flagship NEX series products in the first half of the year. What do you think?</b></p><p>At present, for mobile phone manufacturers, they must first think about how to gather their own resources, and there will be certain adjustments to their products, with the aim of integrating resources. This does not mean that they have any failures in a certain series or a certain price segment.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their high-end market strategies, so as to achieve sustainable development in the long run. The rhythm of a single product's launch doesn't say much. I think the market needs to pay attention to their strategies in the entire price segment or high-end, or how to position the brand. These are some more forward-looking concerns.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very fast, and there is this new change every quarter, whether from manufacturers or channels.</p><p>If Huawei wants to return, I believe it must use another form, because after all, it has not completely withdrawn from this market yet, and there are still 4G mobile phones on sale, as well as IoT, Hongmeng system, etc. I think for Huawei, Hongmeng needs to establish its own difference and commercial value in the early stage; Once it has enough commercial value, I believe it is possible to cooperate with other manufacturers.</p><p>I have to look at Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in a short time, but Honor runs faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, they need to learn in the process of constant trial and error, but Honor has already learned.</p><p><b>10. How should mobile phone manufacturers deal with the problem of core shortage?</b></p><p>The shortage of cores will affect the next year, because if you place an order now, you will not be able to get this product until the next year.</p><p>Therefore, how to forward-looking consider the changes of the market in the coming year has very high requirements for mobile phone manufacturers; And in the past, it may be enough to have one plan, but now according to the trend, it may be necessary to make three spare tires. Xiaomi's good results we see now largely come from its plan a year ago.</p><p>Therefore, Xiaomi can have such a large supply in Q2, probably because it made a high-growth strategy on low-end products a year ago, and planned an overseas emerging market strategy, otherwise the supply chain would not be stable. shipped.</p><p>Compared with Xiaomi, no other manufacturer has made such a big determination as Xiaomi, and prepared the supply strategy a year ago, so this shows that the manufacturer is forward-looking.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/16ee38107b87f7fbb8156889c52f635b","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157198020","content_text":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货量报告数据,其中显示:小米以 83% 的同比增长率和 17% 的市场份额,位居世界第二,仅次于第一名三星(占比 19%)——并由此超越了第三名苹果(占比 14%)。\n这是小米有史以来第一次在全球智能手机市场中位居第二。\n与此同时,三星、小米和苹果这三甲,与 OPPO 和 vivo(占比均为 10%)一起,占据了全球智能手机出货量的 70%——而且前五名都出现了不同幅度的增长。\n当然,在这份报告中,小米无疑是最亮眼的一匹黑马。面对这份成绩,小米 CEO 雷军也在次日发布全员信表示:这是梦幻般的成绩,也是小米发展史上的最大里程碑。\n\n当然,在小米一路高歌猛进的同时,包括苹果三星在内的几个大玩家也正在智能手机这个竞争激烈的战场苦心孤诣地布局、谋划、竞争;当然,因为众所周知的原因,华为在全球智能手机市场严重缺位,也给这些玩家提供了一定的增长空间。\n因此,手机市场往往是看似大局已定,但实际上还是变量重重。\n为了更加透彻地了解到 Q2 全球智能手机市场成绩单背后的深层逻辑,雷锋网与 Canalys 移动业务副总裁 Nicole Peng 进行了深入对话。以下是对话内容:\n一、小米 Q2 同比增长率为 83%,整体原因是什么?\n第一,小米本身的增长大部分是来自于一些新兴市场,比如拉美、中东非,对于一些成熟市场也有一定的提升。\n第二,去年疫情爆发后,很大部分海外市场是在 Q2 开始受到影响,中国市场则是 Q1 受到影响。这是小米今年 Q2 同比实现 83%增长的其中一个原因。另外一个就是新兴市场在疫情之后对智能手机智能设备的需求大幅度增加,小米在这些市场的高速推进,抓住了这些市场对于性价比手机的强劲需求。\n第三,从供应上来看,在海外的许多地区,比如拉美、中东非甚至南亚等市场,多个品牌都出现供应紧张的情况,没有很多厂商可以进行大规模铺货。这对小米来说,构成了绝佳的增长机会。\n二、有观点认为小米手机出货量增长主要体现在中低端产品,你怎么看?\n中国其实是全球最大的高端市场,中国的高端市场是比美国还要大的,所以相对于中国市场来说,境外的大部分产品从零售价上来说是更低端的。\n中国本身已经是一个非常成熟的市场了,上个季度披露的 ASP(平均销售价格)已经达到了 400 多美金,这个数值只有西欧和美国达到了,并且只有美国的 ASP 比中国要高。所以相对于其他市场来说,中国其实已经算是高端市场,全球大部分地区其实都是大众市场。\n当然,小米的手机定价决定了它有能力做好大众市场,另外一个能够在大众市场去把规模做起来的,就是三星了。\n三、在海外市场,小米本土化的能力如何呢?\n我觉得小米在这方面还有上升的空间。实际上,相对于三星来说,中国手机厂商出海的时间还是比较晚的;三星是一个非常成熟的玩家,在每个地区,无论是渠道,还是像电视、家电等其他产品,三星在本土化上都做得非常深入。\n除此之外,三星还有像当地供应链、物流、仓储等优势,还有跟当地零售有建立长期的合作关系,在这些方面,其他厂商是不可能和三星同日而语的。\n对于小米来说,他们需要做一些精细化运营,有了一定得业务收入才能进行慢慢推动,把规模做上去,接着做更深入的一些策略规划,这样才能真正保证后续较长期的发展。\n四、Q2 小米在国内的表现如何?\n我觉得国内第二季度中国市场是有一定回调的。由于有大量新产品上市等因素,第一季度是达到历史新高;对于一个成熟市场来说,这个增长是非常鲜有的,考虑到渠道需要时间消耗,所以会有一段时间的回调。\n成熟市场的竞争和海外的竞争的模式类型是不太一样的,所以在国内市场,小米并不能像在海外一样实现三位数或两位数的增长,如果它能够稳住国内市场份额、甚至有所提升,那么已经是一个进步了。\n目前小米在国内市场的一个重心是线下布局。因为线上对于厂商来说作为一个渠道已经达到了一定的饱和状态,然后再加上线上的竞争对于产品价格压力也是非常大。考虑到小米的线上增长空间,因为它本身在线上已经做得很好,所以唯一能找到增长的部分就是要往线下去深耕。\n但是线下深耕所需要的时间、精力和运营提升投入,都是非常多的。\n现在可以看到小米稳住了,就说明线下的运营是比较稳定的,长期来说这是一个好的趋势,因为毕竟我们都是要看长期的一个成绩。从最近三个季度出货量和市场份额来看,小米都是在稳步提升的。\n五、小米如果要与三星争第一,难度在哪里?\n这个有一定难度,从现在来看的话,前三名(三星、小米、苹果)各自的差异化是非常大的,各有各的优势。\n三星,首先它是老玩家,无论是从产品还是供应链垂直整合能力来说,它都比小米大得多,甚至巅峰时期的华为也没有办法在短时间内跟进。尤其是在供应链上下游的整合能力上,三星有自己的芯片,屏幕,存储和组装工厂。三星受到外围因素的影响非常少,哪怕是中美贸易。\n当然,在三星没有办法关注的一些市场,小米也是有一定优势的;小米有非常多的渠道方面的创新,比如说在拉美、中东非等一些线上渠道小米是带领这个渠道转型的潮流的。在某些区域某些市场的话,我觉得小米在往三星靠拢,甚至是有可能超过三星,不过全球范围来说,这将会是一个难度相当高的目标。\n六、小米要想冲击高端,有什么破局之道?\n第一,在资源有限和供应有限的情况下,小米要服务好现有的客户,稳固阵地,然后考虑对于高端产品的研发投入,拓展高端产品线,抓住不同的用户群体,精细化高端产品运营,满足不同用户的需求。我们看三星,它的产品线就非常丰富,它可以在每个价位段都做到覆盖,而以小米现在的资源的话,是没办法做到的。\n第二,要和苹果三星做出差异化,而不是单纯跟 OPPO 和 vivo 做差异化。这要求小米在各种能力上的逐渐提升,才可以往高端靠。从战略性来看,做高端,就必须要投入一些能产生差异化的研发,这个方面其实小米 OV 都在努力。\n七、如何评价本季度 OPPO 和 vivo 的成绩表现?\nOV 相对小米来说,对中国市场的依赖是非常大的。对于 OPPO 和 vivo 来说,至少 50% 的出货是来自于中国市场的,对于小米来说可能 70% 都已经在海外了。需要注意的是,realme 和一加品牌都是单列的,并没有加入到 OPPO 的总销量成绩当中。\n对于 OPPO 来说,第二季度的一个重要动作是一加回归,这很容易理解。因为对于 OPPO 来说,高端是一个非常重要的策略,一加在高端长期的耕耘有着非常好的成绩,已经建立起了一定的市场基础、品牌基础和运营能力。\n当然整合供应链,提高运营效益,提高利润率,应该是今年的主旋律,因为所有的东西都在涨价,包括零部件、人工成本等。所以对于硬件厂商来说,现在生存压力非常大,如果能把中间有一部分的运营打通的话,对于双方都好。\n八、vivo 上半年没有更新 NEX 系列旗舰新品,你怎么看?\n目前,对于手机厂商来说,它们首先要想怎么去聚集自己的资源,对于产品上面一定会有一定的调整,目的是整合资源。这并不意味着,它们在某个系列或者某个价位段上面是有任何失败的。\n在我看来,市场要给中国手机厂商多一点的空间和时间,让它们去调整好自己在高端上的市场策略,这样才能在长期可持续发展。单个产品的上市节奏并不能说明太多。我觉得市场需要留意它们在整个价位段或者高端上面的策略,或者品牌怎么去定位,这些才是更前瞻性的一些关注点。\n九、华为、荣耀是否会成为未来智能手机市场中的重大变量?\n智能手机市场变化非常快,每一个季度都有这种新的变化,无论是从厂商或者是从渠道上面。\n华为如果要回归的话,我相信必须得用另外一个形式 ,因为毕竟它现在还没有完全退出这个市场,还有 4G 手机在卖,以及 IoT、鸿蒙系统等。我觉得对于华为来说,鸿蒙早期阶段需要建立自己的差异度和商业价值;一旦它有足够的商业价值,我相信和其他厂商也是有合作的可能。\n我得要把荣耀作为一个新的厂商来看待。它有很多的宝贵资源是从华为带来的。一个新的公司未必能短期学会,但是荣耀跑得比较快,因为它已经知道怎么样去运作渠道,怎么样去和运营商合作,还有怎么样去深入理解每一个地区消费者的需求。\n对于很多中国公司来说,都是需要在不断的试错的过程中学习的,但是荣耀已经学到了。\n十、手机厂商该如何应对缺芯的难题?\n缺芯是会影响到下一年的,因为如果现在下单,要到下一年才能拿到这个产品。\n所以,如何前瞻性地考虑未来一年市场的变化,这对手机厂商的要求是非常高;并且以往可能有一个计划就够了,但现在按照趋势可能要做三个计划备胎。现在所看到的小米好成绩,很大程度是来自于它在一年前的计划。\n所以,小米在 Q2 能有那么大的供应量,可能是因为它在一年前就在低端产品上做了高增长策略,并且策划了海外新兴市场战略,要不然供应链上是不能稳定出货的。\n相对于小米,其他厂商还没有哪个像小米一样下这么大的决心,在一年前就把供应策略准备好,所以这个是可以看出来厂商的前瞻性的。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144396284,"gmtCreate":1626266428948,"gmtModify":1703756645742,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144396284","repostId":"2151598978","repostType":4,"repost":{"id":"2151598978","kind":"highlight","pubTimestamp":1626229732,"share":"https://ttm.financial/m/news/2151598978?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:28","market":"us","language":"zh","title":"The overlooked \"big move\": this institution cut a quarter of its stock position","url":"https://stock-news.laohu8.com/highlight/detail?id=2151598978","media":"华尔街见闻","summary":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净","content":"<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Both operating income and profit hit record highs. What attracted the most attention from the outside world was the investment banking business, whose revenue surged by 36% year-on-year, and the market trading business, whose revenue including fixed income and stocks dropped sharply by 32%.</p><p>Relatively less attention is that Goldman Sachs' asset management business reached a record net income of $5.1 billion in the second quarter, more than double that of the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>When explaining the performance of this business, Goldman Sachs said that stock investment has created record net income, and the substantial year-on-year increase is mainly due to the surge in net income from private equity investment, specific corporate events including corporate fundraising and capital sales. Driven, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the asset replication table of equity portfolios. In other words, it's selling.</p><p>Goldman Sachs showed the changes in stock portfolio positions of its asset management business since the beginning of this year. It sold a net $4 billion in the quarter. After taking into account the purchase of $1.5 billion in stocks, it reduced its holdings by a total of $5.5 billion in the quarter, equivalent to the total stock portfolio at the end of last year. More than a quarter of the size.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over when Goldman Sachs sells these stocks? Retail investors must be indispensable among the takeovers. An article in Wall Street Journal last week mentioned that data from research firm Vanda Research showed that U.S. retail investors net bought approximately US $28 billion in stocks and equity funds in June, setting a new monthly inflow high since 2014.</p><p>On the second quarter report conference call, Goldman Sachs answered that it has made progress in improving capital efficiency and has taken \"aggressive\" actions in managing stock positions, especially when the environment is supportive.</p><p>What does this answer mean? The simple explanation is that Goldman Sachs sold heavily when the environment was supportive. In other words, retail investors are constantly supporting predators like Goldman Sachs to sell off.</p><p>Regarding such a sell-off by Goldman Sachs, financial blog Zerohedge mentioned that the last time Goldman Sachs sold such a \"big\" sell-off in a supportive market environment was from 2007 to 2008, when Goldman Sachs was busy concocting secured creditor's rights certificates (CDO) based on subprime mortgage bonds, and then Goldman Sachs' own proprietary trading was actively shorted. Everyone knows the outcome of the subprime mortgage crisis.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The overlooked \"big move\": this institution cut a quarter of its stock position</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe overlooked \"big move\": this institution cut a quarter of its stock position\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Both operating income and profit hit record highs. What attracted the most attention from the outside world was the investment banking business, whose revenue surged by 36% year-on-year, and the market trading business, whose revenue including fixed income and stocks dropped sharply by 32%.</p><p>Relatively less attention is that Goldman Sachs' asset management business reached a record net income of $5.1 billion in the second quarter, more than double that of the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>When explaining the performance of this business, Goldman Sachs said that stock investment has created record net income, and the substantial year-on-year increase is mainly due to the surge in net income from private equity investment, specific corporate events including corporate fundraising and capital sales. Driven, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the asset replication table of equity portfolios. In other words, it's selling.</p><p>Goldman Sachs showed the changes in stock portfolio positions of its asset management business since the beginning of this year. It sold a net $4 billion in the quarter. After taking into account the purchase of $1.5 billion in stocks, it reduced its holdings by a total of $5.5 billion in the quarter, equivalent to the total stock portfolio at the end of last year. More than a quarter of the size.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over when Goldman Sachs sells these stocks? Retail investors must be indispensable among the takeovers. An article in Wall Street Journal last week mentioned that data from research firm Vanda Research showed that U.S. retail investors net bought approximately US $28 billion in stocks and equity funds in June, setting a new monthly inflow high since 2014.</p><p>On the second quarter report conference call, Goldman Sachs answered that it has made progress in improving capital efficiency and has taken \"aggressive\" actions in managing stock positions, especially when the environment is supportive.</p><p>What does this answer mean? The simple explanation is that Goldman Sachs sold heavily when the environment was supportive. In other words, retail investors are constantly supporting predators like Goldman Sachs to sell off.</p><p>Regarding such a sell-off by Goldman Sachs, financial blog Zerohedge mentioned that the last time Goldman Sachs sold such a \"big\" sell-off in a supportive market environment was from 2007 to 2008, when Goldman Sachs was busy concocting secured creditor's rights certificates (CDO) based on subprime mortgage bonds, and then Goldman Sachs' own proprietary trading was actively shorted. Everyone knows the outcome of the subprime mortgage crisis.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3635325\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c4a03a5ae5cfc1aad727ce9e6d2b27bb","relate_stocks":{"GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3635325","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151598978","content_text":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净收入达到创纪录的51亿美元,是去年同期的两倍多。\n\n在解释这块业务的业绩时,高盛称,股票投资创造了创纪录的净收入,年同比大幅增长主要是私募股权投资的净收益大涨,包括企业募资和出售资本在内的具体企业事件驱动,以及相比去年二季度管理业绩改善。\n据高盛所说,资产管理业务正在“收获”股票投资组合资产复制表取得的进展。换句话说,就是在抛售。\n高盛展示了今年初以来资产管理业务的股票投资组合持仓变动,当季净抛售40亿美元,计入买入股票15亿美元后,当季共减持55亿美元,相当于去年末股票投资组合总规模的四分之一以上。\n\n高盛抛售这些股票谁来接盘?接盘侠中一定少不了散户。华尔街见闻上周文章就提到,研究机构Vanda Research数据显示,6月美国散户净买入约280亿美元股票和股票类基金,创下自2014以来月度流入新高。\n在二季报电话会议上,对于减持股票投资组合的问题,高盛回答,在提高资本效率方面取得进展,在管理股票仓位方面“大举”(aggressively)行动,尤其是处于环境给予支持的情况下。\n这回答什么意思?简单来解释就是,高盛在环境给予支持时大举抛售。换句话说,散户在不断支持高盛这样的大鳄抛售。\n对于高盛这样的抛售,金融博客Zerohedge提到,上一次高盛如此在给予支持的市场环境下“大举”抛售还是在2007到2008年,当时高盛在忙着炮制基于次贷抵押贷款债券的担保债权凭证(CDO),而后高盛自己的自营交易又积极地做空。次贷危机的结果怎样大家都知道了。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":179913532,"gmtCreate":1626481235926,"gmtModify":1703760804252,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179913532","repostId":"1157198020","repostType":4,"repost":{"id":"1157198020","kind":"news","weMediaInfo":{"introduction":"中国智能硬件第一媒体","home_visible":1,"media_name":"雷峰网","id":"1035809132","head_image":"https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74"},"pubTimestamp":1626479741,"share":"https://ttm.financial/m/news/1157198020?lang=en_US&edition=fundamental","pubTime":"2021-07-17 07:55","market":"us","language":"zh","title":"Ten questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second","url":"https://stock-news.laohu8.com/highlight/detail?id=1157198020","media":"雷峰网","summary":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货","content":"<p>It seems that the overall situation has been decided, but in fact there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always cause some accidents in the twists and turns.</p><p>On July 15, the market research organization Canalys released the global smartphone market shipment report data for the second quarter of 2021, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%. Second only to first place<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%)-and thus surpassed the third place<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This is the first time in its history that Xiaomi has ranked second in the global smartphone market.</p><p>At the same time, Samsung, Xiaomi and Apple, together with OPPO and vivo (all accounting for 10%), account for 70% of global smartphone shipments-and the top five have all experienced different growth.</p><p>Of course, in this report, Xiaomi is undoubtedly the most eye-catching dark horse. Faced with this achievement, Xiaomi CEO Lei Jun also issued a letter to all employees the next day, saying: This is a fantastic achievement and the biggest milestone in the history of Xiaomi's development.</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making rapid progress, several big players, including Apple and Samsung, are also painstakingly laying out, planning and competing in the fiercely competitive battlefield of smart phones; Of course, due to well-known reasons, Huawei is seriously absent in the global smartphone market, which also provides some room for growth for these players.</p><p>Therefore, the mobile phone market often seems that the overall situation has been decided, but in fact it is still full of variables.</p><p>In order to have a more thorough understanding of the deep logic behind the Q2 global smartphone market report card, Lei Feng.com had an in-depth dialogue with Nicole Peng, Vice President of Canalys Mobile Business. Here's what the conversation says:</p><p><b>1. Xiaomi's Q2 year-on-year growth rate is 83%. What is the overall reason?</b></p><p>First, most of Xiaomi's own growth comes from some emerging markets, such as Latin America, Middle and East Africa, and some mature markets have also improved to some extent.</p><p>Second, after the outbreak of the epidemic last year, a large part of overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved an 83% year-on-year growth in Q2 this year. Another is that the demand for smartphones and smart devices in emerging markets has increased significantly after the epidemic. Xiaomi's rapid advancement in these markets has captured the strong demand for cost-effective mobile phones in these markets.</p><p>Third, from the perspective of supply, in many overseas regions, such as Latin America, Central and East Africa and even South Asia, many brands are experiencing tight supply, and not many manufacturers can distribute goods on a large scale. This constitutes an excellent growth opportunity for Xiaomi.</p><p><b>2. Some people think that the growth of Xiaomi mobile phone shipments is mainly reflected in low-end products. What do you think?</b></p><p>In fact, China is the largest high-end market in the world. China's high-end market is larger than that of the United States. Therefore, compared with the Chinese market, most overseas products are lower in terms of retail price.</p><p>China itself is already a very mature market. The ASP (average selling price) disclosed last quarter has reached more than 400 US dollars. This value is only reached by Western Europe and the United States, and only the ASP of the United States is higher than that of China. Therefore, compared with other markets, China is actually a high-end market, and most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's mobile phone pricing determines its ability to do a good job in the mass market. Another company that can scale up in the mass market is Samsung.</p><p><b>3. In overseas markets, what is Xiaomi's localization ability?</b></p><p>I think Xiaomi still has room for improvement in this respect. In fact, compared with Samsung, Chinese mobile phone manufacturers are still relatively late to go overseas; Samsung is a very mature player. In every region, whether it is channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, warehousing, etc., and has established long-term cooperative relationships with local retail. In these aspects, it is impossible for other manufacturers to be the same as Samsung.</p><p>For Xiaomi, they need to do some refined operations. Only with a certain amount of business income can they slowly promote it, increase the scale, and then make some more in-depth strategic planning, so as to truly ensure the subsequent long-term development.</p><p><b>4. How is Xiaomi's performance in China in Q2?</b></p><p>I think there will be a certain correction in the Chinese market in the second quarter. Due to factors such as a large number of new product launches, the first quarter reached a record high; For a mature market, this growth is very rare. Considering that the channel takes time, there will be a period of callback.</p><p>The types of competition in mature markets and overseas competition are different, so in the domestic market, Xiaomi cannot achieve triple-digit or double-digit growth like overseas. If it can stabilize its domestic market share, or even If it improves, it is already an improvement.</p><p>At present, one of Xiaomi's focuses in the domestic market is offline layout. Because online has reached a certain saturation state as a channel for manufacturers, and then online competition puts great pressure on product prices. Considering Xiaomi's online growth space, because it has already done a good job online, the only part that can find growth is to deepen offline.</p><p>However, the time, energy and investment in operational improvement required for offline deep cultivation are very large.</p><p>Now we can see that Xiaomi has stabilized, which means that offline operations are relatively stable. In the long run, this is a good trend, because after all, we all have to look at long-term achievements. Judging from shipments and market share in the last three quarters, Xiaomi is steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for the first place, what is the difficulty?</b></p><p>This is difficult to some extent. From now on, the differences between the top three (Samsung, Xiaomi, Apple) are very great, each with its own advantages.</p><p>Samsung, first of all, is an old player. It is much bigger than Xiaomi in terms of product and supply chain vertical integration capabilities. Even Huawei at its peak cannot follow up in a short period of time. Especially in terms of upstream and downstream integration capabilities of the supply chain, Samsung has its own chip, screen, storage and assembly factories. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung can't pay attention to; Xiaomi has many channel innovations. For example, in some online channels such as Latin America, Middle and East Africa, Xiaomi is leading the trend of channel transformation. In some regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung, but globally, this will be a very difficult goal.</p><p><b>6. If Xiaomi wants to hit the high end, what is the way to break the situation?</b></p><p>First, under the circumstances of limited resources and limited supply, Xiaomi should serve existing customers well, stabilize its position, and then consider the R&D investment of high-end products, expand high-end product lines, seize different user groups, and refine high-end products. Operate to meet the needs of different users. Looking at Samsung, its product line is very rich, and it can cover every price segment, but with Xiaomi's current resources, it is impossible to do it.</p><p>Second, we must differentiate from Apple and Samsung, rather than simply differentiate from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities before it can rely on the high end. From a strategic point of view, to be high-end, you must invest in some research and development that can produce differentiation. In fact, Xiaomi OV is working hard in this respect.</p><p><b>7. How to evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared with Xiaomi, OV is very dependent on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, and for Xiaomi, 70% may already be overseas. It should be noted that the realme and OnePlus brands are listed separately and have not been added to OPPO's total sales results.</p><p>For OPPO, an important move in the second quarter is the return of OnePlus, which is easy to understand. Because for OPPO, high-end is a very important strategy. OnePlus has achieved very good results in its long-term cultivation of high-end, and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main theme of this year, because everything is rising in price, including parts, labor costs, etc. Therefore, for hardware manufacturers, the pressure to survive is very high now. If some of the operations in the middle can be opened up, it will be good for both parties.</p><p><b>8. vivo did not update the new flagship NEX series products in the first half of the year. What do you think?</b></p><p>At present, for mobile phone manufacturers, they must first think about how to gather their own resources, and there will be certain adjustments to their products, with the aim of integrating resources. This does not mean that they have any failures in a certain series or a certain price segment.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their high-end market strategies, so as to achieve sustainable development in the long run. The rhythm of a single product's launch doesn't say much. I think the market needs to pay attention to their strategies in the entire price segment or high-end, or how to position the brand. These are some more forward-looking concerns.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very fast, and there is this new change every quarter, whether from manufacturers or channels.</p><p>If Huawei wants to return, I believe it must use another form, because after all, it has not completely withdrawn from this market yet, and there are still 4G mobile phones on sale, as well as IoT, Hongmeng system, etc. I think for Huawei, Hongmeng needs to establish its own difference and commercial value in the early stage; Once it has enough commercial value, I believe it is possible to cooperate with other manufacturers.</p><p>I have to look at Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in a short time, but Honor runs faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, they need to learn in the process of constant trial and error, but Honor has already learned.</p><p><b>10. How should mobile phone manufacturers deal with the problem of core shortage?</b></p><p>The shortage of cores will affect the next year, because if you place an order now, you will not be able to get this product until the next year.</p><p>Therefore, how to forward-looking consider the changes of the market in the coming year has very high requirements for mobile phone manufacturers; And in the past, it may be enough to have one plan, but now according to the trend, it may be necessary to make three spare tires. Xiaomi's good results we see now largely come from its plan a year ago.</p><p>Therefore, Xiaomi can have such a large supply in Q2, probably because it made a high-growth strategy on low-end products a year ago, and planned an overseas emerging market strategy, otherwise the supply chain would not be stable. shipped.</p><p>Compared with Xiaomi, no other manufacturer has made such a big determination as Xiaomi, and prepared the supply strategy a year ago, so this shows that the manufacturer is forward-looking.</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>Ten questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second</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\">\nTen questions about changes in smartphones: The deep logic of Xiaomi becoming the world's second\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1035809132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷峰网 </p>\n<p class=\"h-time smaller\">2021-07-17 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It seems that the overall situation has been decided, but in fact there are still many variables. Seemingly mature<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile phone market, however, can always cause some accidents in the twists and turns.</p><p>On July 15, the market research organization Canalys released the global smartphone market shipment report data for the second quarter of 2021, which showed that Xiaomi ranked second in the world with a year-on-year growth rate of 83% and a market share of 17%. Second only to first place<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(19%)-and thus surpassed the third place<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(accounting for 14%).</p><p>This is the first time in its history that Xiaomi has ranked second in the global smartphone market.</p><p>At the same time, Samsung, Xiaomi and Apple, together with OPPO and vivo (all accounting for 10%), account for 70% of global smartphone shipments-and the top five have all experienced different growth.</p><p>Of course, in this report, Xiaomi is undoubtedly the most eye-catching dark horse. Faced with this achievement, Xiaomi CEO Lei Jun also issued a letter to all employees the next day, saying: This is a fantastic achievement and the biggest milestone in the history of Xiaomi's development.</p><p><img src=\"https://static.tigerbbs.com/ee04482bb7dc47186f46aae6c1c3ce8d\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>Of course, while Xiaomi is making rapid progress, several big players, including Apple and Samsung, are also painstakingly laying out, planning and competing in the fiercely competitive battlefield of smart phones; Of course, due to well-known reasons, Huawei is seriously absent in the global smartphone market, which also provides some room for growth for these players.</p><p>Therefore, the mobile phone market often seems that the overall situation has been decided, but in fact it is still full of variables.</p><p>In order to have a more thorough understanding of the deep logic behind the Q2 global smartphone market report card, Lei Feng.com had an in-depth dialogue with Nicole Peng, Vice President of Canalys Mobile Business. Here's what the conversation says:</p><p><b>1. Xiaomi's Q2 year-on-year growth rate is 83%. What is the overall reason?</b></p><p>First, most of Xiaomi's own growth comes from some emerging markets, such as Latin America, Middle and East Africa, and some mature markets have also improved to some extent.</p><p>Second, after the outbreak of the epidemic last year, a large part of overseas markets began to be affected in Q2, while the Chinese market was affected in Q1. This is one of the reasons why Xiaomi achieved an 83% year-on-year growth in Q2 this year. Another is that the demand for smartphones and smart devices in emerging markets has increased significantly after the epidemic. Xiaomi's rapid advancement in these markets has captured the strong demand for cost-effective mobile phones in these markets.</p><p>Third, from the perspective of supply, in many overseas regions, such as Latin America, Central and East Africa and even South Asia, many brands are experiencing tight supply, and not many manufacturers can distribute goods on a large scale. This constitutes an excellent growth opportunity for Xiaomi.</p><p><b>2. Some people think that the growth of Xiaomi mobile phone shipments is mainly reflected in low-end products. What do you think?</b></p><p>In fact, China is the largest high-end market in the world. China's high-end market is larger than that of the United States. Therefore, compared with the Chinese market, most overseas products are lower in terms of retail price.</p><p>China itself is already a very mature market. The ASP (average selling price) disclosed last quarter has reached more than 400 US dollars. This value is only reached by Western Europe and the United States, and only the ASP of the United States is higher than that of China. Therefore, compared with other markets, China is actually a high-end market, and most parts of the world are actually mass markets.</p><p>Of course, Xiaomi's mobile phone pricing determines its ability to do a good job in the mass market. Another company that can scale up in the mass market is Samsung.</p><p><b>3. In overseas markets, what is Xiaomi's localization ability?</b></p><p>I think Xiaomi still has room for improvement in this respect. In fact, compared with Samsung, Chinese mobile phone manufacturers are still relatively late to go overseas; Samsung is a very mature player. In every region, whether it is channels or other products such as TVs and home appliances, Samsung has done a very deep job in localization.</p><p>In addition, Samsung has advantages such as local supply chain, logistics, warehousing, etc., and has established long-term cooperative relationships with local retail. In these aspects, it is impossible for other manufacturers to be the same as Samsung.</p><p>For Xiaomi, they need to do some refined operations. Only with a certain amount of business income can they slowly promote it, increase the scale, and then make some more in-depth strategic planning, so as to truly ensure the subsequent long-term development.</p><p><b>4. How is Xiaomi's performance in China in Q2?</b></p><p>I think there will be a certain correction in the Chinese market in the second quarter. Due to factors such as a large number of new product launches, the first quarter reached a record high; For a mature market, this growth is very rare. Considering that the channel takes time, there will be a period of callback.</p><p>The types of competition in mature markets and overseas competition are different, so in the domestic market, Xiaomi cannot achieve triple-digit or double-digit growth like overseas. If it can stabilize its domestic market share, or even If it improves, it is already an improvement.</p><p>At present, one of Xiaomi's focuses in the domestic market is offline layout. Because online has reached a certain saturation state as a channel for manufacturers, and then online competition puts great pressure on product prices. Considering Xiaomi's online growth space, because it has already done a good job online, the only part that can find growth is to deepen offline.</p><p>However, the time, energy and investment in operational improvement required for offline deep cultivation are very large.</p><p>Now we can see that Xiaomi has stabilized, which means that offline operations are relatively stable. In the long run, this is a good trend, because after all, we all have to look at long-term achievements. Judging from shipments and market share in the last three quarters, Xiaomi is steadily increasing.</p><p><b>5. If Xiaomi wants to compete with Samsung for the first place, what is the difficulty?</b></p><p>This is difficult to some extent. From now on, the differences between the top three (Samsung, Xiaomi, Apple) are very great, each with its own advantages.</p><p>Samsung, first of all, is an old player. It is much bigger than Xiaomi in terms of product and supply chain vertical integration capabilities. Even Huawei at its peak cannot follow up in a short period of time. Especially in terms of upstream and downstream integration capabilities of the supply chain, Samsung has its own chip, screen, storage and assembly factories. Samsung is very little affected by external factors, even Sino-US trade.</p><p>Of course, Xiaomi also has certain advantages in some markets that Samsung can't pay attention to; Xiaomi has many channel innovations. For example, in some online channels such as Latin America, Middle and East Africa, Xiaomi is leading the trend of channel transformation. In some regions and markets, I think Xiaomi is moving closer to Samsung, and may even surpass Samsung, but globally, this will be a very difficult goal.</p><p><b>6. If Xiaomi wants to hit the high end, what is the way to break the situation?</b></p><p>First, under the circumstances of limited resources and limited supply, Xiaomi should serve existing customers well, stabilize its position, and then consider the R&D investment of high-end products, expand high-end product lines, seize different user groups, and refine high-end products. Operate to meet the needs of different users. Looking at Samsung, its product line is very rich, and it can cover every price segment, but with Xiaomi's current resources, it is impossible to do it.</p><p>Second, we must differentiate from Apple and Samsung, rather than simply differentiate from OPPO and vivo. This requires Xiaomi to gradually improve its various capabilities before it can rely on the high end. From a strategic point of view, to be high-end, you must invest in some research and development that can produce differentiation. In fact, Xiaomi OV is working hard in this respect.</p><p><b>7. How to evaluate the performance of OPPO and vivo this quarter?</b></p><p>Compared with Xiaomi, OV is very dependent on the Chinese market. For OPPO and vivo, at least 50% of shipments come from the Chinese market, and for Xiaomi, 70% may already be overseas. It should be noted that the realme and OnePlus brands are listed separately and have not been added to OPPO's total sales results.</p><p>For OPPO, an important move in the second quarter is the return of OnePlus, which is easy to understand. Because for OPPO, high-end is a very important strategy. OnePlus has achieved very good results in its long-term cultivation of high-end, and has established a certain market foundation, brand foundation and operational capabilities.</p><p>Of course, integrating the supply chain, improving operational efficiency, and increasing profit margins should be the main theme of this year, because everything is rising in price, including parts, labor costs, etc. Therefore, for hardware manufacturers, the pressure to survive is very high now. If some of the operations in the middle can be opened up, it will be good for both parties.</p><p><b>8. vivo did not update the new flagship NEX series products in the first half of the year. What do you think?</b></p><p>At present, for mobile phone manufacturers, they must first think about how to gather their own resources, and there will be certain adjustments to their products, with the aim of integrating resources. This does not mean that they have any failures in a certain series or a certain price segment.</p><p>In my opinion, the market should give Chinese mobile phone manufacturers more space and time to adjust their high-end market strategies, so as to achieve sustainable development in the long run. The rhythm of a single product's launch doesn't say much. I think the market needs to pay attention to their strategies in the entire price segment or high-end, or how to position the brand. These are some more forward-looking concerns.</p><p><b>9. Will Huawei and Honor become major variables in the future smartphone market?</b></p><p>The smartphone market is changing very fast, and there is this new change every quarter, whether from manufacturers or channels.</p><p>If Huawei wants to return, I believe it must use another form, because after all, it has not completely withdrawn from this market yet, and there are still 4G mobile phones on sale, as well as IoT, Hongmeng system, etc. I think for Huawei, Hongmeng needs to establish its own difference and commercial value in the early stage; Once it has enough commercial value, I believe it is possible to cooperate with other manufacturers.</p><p>I have to look at Honor as a new manufacturer. It has many valuable resources brought from Huawei. A new company may not be able to learn in a short time, but Honor runs faster because it already knows how to operate channels, how to cooperate with operators, and how to deeply understand the needs of consumers in each region.</p><p>For many Chinese companies, they need to learn in the process of constant trial and error, but Honor has already learned.</p><p><b>10. How should mobile phone manufacturers deal with the problem of core shortage?</b></p><p>The shortage of cores will affect the next year, because if you place an order now, you will not be able to get this product until the next year.</p><p>Therefore, how to forward-looking consider the changes of the market in the coming year has very high requirements for mobile phone manufacturers; And in the past, it may be enough to have one plan, but now according to the trend, it may be necessary to make three spare tires. Xiaomi's good results we see now largely come from its plan a year ago.</p><p>Therefore, Xiaomi can have such a large supply in Q2, probably because it made a high-growth strategy on low-end products a year ago, and planned an overseas emerging market strategy, otherwise the supply chain would not be stable. shipped.</p><p>Compared with Xiaomi, no other manufacturer has made such a big determination as Xiaomi, and prepared the supply strategy a year ago, so this shows that the manufacturer is forward-looking.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/16ee38107b87f7fbb8156889c52f635b","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157198020","content_text":"看似大局已定,但实际上还是变量重重。\n\n看似已经成熟的智能手机市场,却总能在波谲云诡中,产生一些意外。\n7 月 15 日,市场调研机构 Canalys 发布了 2021 年第二季度全球智能手机市场出货量报告数据,其中显示:小米以 83% 的同比增长率和 17% 的市场份额,位居世界第二,仅次于第一名三星(占比 19%)——并由此超越了第三名苹果(占比 14%)。\n这是小米有史以来第一次在全球智能手机市场中位居第二。\n与此同时,三星、小米和苹果这三甲,与 OPPO 和 vivo(占比均为 10%)一起,占据了全球智能手机出货量的 70%——而且前五名都出现了不同幅度的增长。\n当然,在这份报告中,小米无疑是最亮眼的一匹黑马。面对这份成绩,小米 CEO 雷军也在次日发布全员信表示:这是梦幻般的成绩,也是小米发展史上的最大里程碑。\n\n当然,在小米一路高歌猛进的同时,包括苹果三星在内的几个大玩家也正在智能手机这个竞争激烈的战场苦心孤诣地布局、谋划、竞争;当然,因为众所周知的原因,华为在全球智能手机市场严重缺位,也给这些玩家提供了一定的增长空间。\n因此,手机市场往往是看似大局已定,但实际上还是变量重重。\n为了更加透彻地了解到 Q2 全球智能手机市场成绩单背后的深层逻辑,雷锋网与 Canalys 移动业务副总裁 Nicole Peng 进行了深入对话。以下是对话内容:\n一、小米 Q2 同比增长率为 83%,整体原因是什么?\n第一,小米本身的增长大部分是来自于一些新兴市场,比如拉美、中东非,对于一些成熟市场也有一定的提升。\n第二,去年疫情爆发后,很大部分海外市场是在 Q2 开始受到影响,中国市场则是 Q1 受到影响。这是小米今年 Q2 同比实现 83%增长的其中一个原因。另外一个就是新兴市场在疫情之后对智能手机智能设备的需求大幅度增加,小米在这些市场的高速推进,抓住了这些市场对于性价比手机的强劲需求。\n第三,从供应上来看,在海外的许多地区,比如拉美、中东非甚至南亚等市场,多个品牌都出现供应紧张的情况,没有很多厂商可以进行大规模铺货。这对小米来说,构成了绝佳的增长机会。\n二、有观点认为小米手机出货量增长主要体现在中低端产品,你怎么看?\n中国其实是全球最大的高端市场,中国的高端市场是比美国还要大的,所以相对于中国市场来说,境外的大部分产品从零售价上来说是更低端的。\n中国本身已经是一个非常成熟的市场了,上个季度披露的 ASP(平均销售价格)已经达到了 400 多美金,这个数值只有西欧和美国达到了,并且只有美国的 ASP 比中国要高。所以相对于其他市场来说,中国其实已经算是高端市场,全球大部分地区其实都是大众市场。\n当然,小米的手机定价决定了它有能力做好大众市场,另外一个能够在大众市场去把规模做起来的,就是三星了。\n三、在海外市场,小米本土化的能力如何呢?\n我觉得小米在这方面还有上升的空间。实际上,相对于三星来说,中国手机厂商出海的时间还是比较晚的;三星是一个非常成熟的玩家,在每个地区,无论是渠道,还是像电视、家电等其他产品,三星在本土化上都做得非常深入。\n除此之外,三星还有像当地供应链、物流、仓储等优势,还有跟当地零售有建立长期的合作关系,在这些方面,其他厂商是不可能和三星同日而语的。\n对于小米来说,他们需要做一些精细化运营,有了一定得业务收入才能进行慢慢推动,把规模做上去,接着做更深入的一些策略规划,这样才能真正保证后续较长期的发展。\n四、Q2 小米在国内的表现如何?\n我觉得国内第二季度中国市场是有一定回调的。由于有大量新产品上市等因素,第一季度是达到历史新高;对于一个成熟市场来说,这个增长是非常鲜有的,考虑到渠道需要时间消耗,所以会有一段时间的回调。\n成熟市场的竞争和海外的竞争的模式类型是不太一样的,所以在国内市场,小米并不能像在海外一样实现三位数或两位数的增长,如果它能够稳住国内市场份额、甚至有所提升,那么已经是一个进步了。\n目前小米在国内市场的一个重心是线下布局。因为线上对于厂商来说作为一个渠道已经达到了一定的饱和状态,然后再加上线上的竞争对于产品价格压力也是非常大。考虑到小米的线上增长空间,因为它本身在线上已经做得很好,所以唯一能找到增长的部分就是要往线下去深耕。\n但是线下深耕所需要的时间、精力和运营提升投入,都是非常多的。\n现在可以看到小米稳住了,就说明线下的运营是比较稳定的,长期来说这是一个好的趋势,因为毕竟我们都是要看长期的一个成绩。从最近三个季度出货量和市场份额来看,小米都是在稳步提升的。\n五、小米如果要与三星争第一,难度在哪里?\n这个有一定难度,从现在来看的话,前三名(三星、小米、苹果)各自的差异化是非常大的,各有各的优势。\n三星,首先它是老玩家,无论是从产品还是供应链垂直整合能力来说,它都比小米大得多,甚至巅峰时期的华为也没有办法在短时间内跟进。尤其是在供应链上下游的整合能力上,三星有自己的芯片,屏幕,存储和组装工厂。三星受到外围因素的影响非常少,哪怕是中美贸易。\n当然,在三星没有办法关注的一些市场,小米也是有一定优势的;小米有非常多的渠道方面的创新,比如说在拉美、中东非等一些线上渠道小米是带领这个渠道转型的潮流的。在某些区域某些市场的话,我觉得小米在往三星靠拢,甚至是有可能超过三星,不过全球范围来说,这将会是一个难度相当高的目标。\n六、小米要想冲击高端,有什么破局之道?\n第一,在资源有限和供应有限的情况下,小米要服务好现有的客户,稳固阵地,然后考虑对于高端产品的研发投入,拓展高端产品线,抓住不同的用户群体,精细化高端产品运营,满足不同用户的需求。我们看三星,它的产品线就非常丰富,它可以在每个价位段都做到覆盖,而以小米现在的资源的话,是没办法做到的。\n第二,要和苹果三星做出差异化,而不是单纯跟 OPPO 和 vivo 做差异化。这要求小米在各种能力上的逐渐提升,才可以往高端靠。从战略性来看,做高端,就必须要投入一些能产生差异化的研发,这个方面其实小米 OV 都在努力。\n七、如何评价本季度 OPPO 和 vivo 的成绩表现?\nOV 相对小米来说,对中国市场的依赖是非常大的。对于 OPPO 和 vivo 来说,至少 50% 的出货是来自于中国市场的,对于小米来说可能 70% 都已经在海外了。需要注意的是,realme 和一加品牌都是单列的,并没有加入到 OPPO 的总销量成绩当中。\n对于 OPPO 来说,第二季度的一个重要动作是一加回归,这很容易理解。因为对于 OPPO 来说,高端是一个非常重要的策略,一加在高端长期的耕耘有着非常好的成绩,已经建立起了一定的市场基础、品牌基础和运营能力。\n当然整合供应链,提高运营效益,提高利润率,应该是今年的主旋律,因为所有的东西都在涨价,包括零部件、人工成本等。所以对于硬件厂商来说,现在生存压力非常大,如果能把中间有一部分的运营打通的话,对于双方都好。\n八、vivo 上半年没有更新 NEX 系列旗舰新品,你怎么看?\n目前,对于手机厂商来说,它们首先要想怎么去聚集自己的资源,对于产品上面一定会有一定的调整,目的是整合资源。这并不意味着,它们在某个系列或者某个价位段上面是有任何失败的。\n在我看来,市场要给中国手机厂商多一点的空间和时间,让它们去调整好自己在高端上的市场策略,这样才能在长期可持续发展。单个产品的上市节奏并不能说明太多。我觉得市场需要留意它们在整个价位段或者高端上面的策略,或者品牌怎么去定位,这些才是更前瞻性的一些关注点。\n九、华为、荣耀是否会成为未来智能手机市场中的重大变量?\n智能手机市场变化非常快,每一个季度都有这种新的变化,无论是从厂商或者是从渠道上面。\n华为如果要回归的话,我相信必须得用另外一个形式 ,因为毕竟它现在还没有完全退出这个市场,还有 4G 手机在卖,以及 IoT、鸿蒙系统等。我觉得对于华为来说,鸿蒙早期阶段需要建立自己的差异度和商业价值;一旦它有足够的商业价值,我相信和其他厂商也是有合作的可能。\n我得要把荣耀作为一个新的厂商来看待。它有很多的宝贵资源是从华为带来的。一个新的公司未必能短期学会,但是荣耀跑得比较快,因为它已经知道怎么样去运作渠道,怎么样去和运营商合作,还有怎么样去深入理解每一个地区消费者的需求。\n对于很多中国公司来说,都是需要在不断的试错的过程中学习的,但是荣耀已经学到了。\n十、手机厂商该如何应对缺芯的难题?\n缺芯是会影响到下一年的,因为如果现在下单,要到下一年才能拿到这个产品。\n所以,如何前瞻性地考虑未来一年市场的变化,这对手机厂商的要求是非常高;并且以往可能有一个计划就够了,但现在按照趋势可能要做三个计划备胎。现在所看到的小米好成绩,很大程度是来自于它在一年前的计划。\n所以,小米在 Q2 能有那么大的供应量,可能是因为它在一年前就在低端产品上做了高增长策略,并且策划了海外新兴市场战略,要不然供应链上是不能稳定出货的。\n相对于小米,其他厂商还没有哪个像小米一样下这么大的决心,在一年前就把供应策略准备好,所以这个是可以看出来厂商的前瞻性的。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962362341,"gmtCreate":1669725367083,"gmtModify":1676538229814,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962362341","isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910848311,"gmtCreate":1663601219634,"gmtModify":1676537299405,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910848311","repostId":"661045669","repostType":1,"repost":{"id":661045669,"gmtCreate":1663599999753,"gmtModify":1676537299177,"author":{"id":"3467720335878530","authorId":"3467720335878530","name":"报告财经","avatar":"https://static.tigerbbs.com/203f2436005c0b2a84a49f934dc19921","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3467720335878530","authorIdStr":"3467720335878530"},"themes":[],"htmlText":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","listText":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","text":"【報告財經 | Binance Labs領投Salus Security種子輪融資,以進一步提升Web3安全】9 月 19 日,據官方消息,Binance Labs 領投 Salus Security 種子輪融資,旨在進一步提升 Web3 安全。Salus Security 將利用籌集的資金擴大其團隊並推動其產品的技術發展。 Salus Security 是一家使用機器學習技術使安全服務更加高效的區塊鏈安全公司。它提供了一套智能合約審計、漏洞檢測和安全諮詢服務。在其機器學習技術的支持下,Salus Security 能夠以儘可能少的損耗和精力來驗證智能合約的業務邏輯。它還可以自動對智能合約的代碼和數據存儲庫進行徹底檢查,使區塊鏈安全更簡單、更高效。","images":[{"img":"https://static.tigerbbs.com/6a9a06cca41a720063a5b794f7babb6c","width":"601","height":"869"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/661045669","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144396284,"gmtCreate":1626266428948,"gmtModify":1703756645742,"author":{"id":"4089031783443690","authorId":"4089031783443690","name":"KendrickTan","avatar":"https://static.tigerbbs.com/9c1225605c8b512953e90d76989c1ec6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089031783443690","authorIdStr":"4089031783443690"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144396284","repostId":"2151598978","repostType":4,"repost":{"id":"2151598978","kind":"highlight","pubTimestamp":1626229732,"share":"https://ttm.financial/m/news/2151598978?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:28","market":"us","language":"zh","title":"The overlooked \"big move\": this institution cut a quarter of its stock position","url":"https://stock-news.laohu8.com/highlight/detail?id=2151598978","media":"华尔街见闻","summary":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净","content":"<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Both operating income and profit hit record highs. What attracted the most attention from the outside world was the investment banking business, whose revenue surged by 36% year-on-year, and the market trading business, whose revenue including fixed income and stocks dropped sharply by 32%.</p><p>Relatively less attention is that Goldman Sachs' asset management business reached a record net income of $5.1 billion in the second quarter, more than double that of the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>When explaining the performance of this business, Goldman Sachs said that stock investment has created record net income, and the substantial year-on-year increase is mainly due to the surge in net income from private equity investment, specific corporate events including corporate fundraising and capital sales. Driven, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the asset replication table of equity portfolios. In other words, it's selling.</p><p>Goldman Sachs showed the changes in stock portfolio positions of its asset management business since the beginning of this year. It sold a net $4 billion in the quarter. After taking into account the purchase of $1.5 billion in stocks, it reduced its holdings by a total of $5.5 billion in the quarter, equivalent to the total stock portfolio at the end of last year. More than a quarter of the size.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over when Goldman Sachs sells these stocks? Retail investors must be indispensable among the takeovers. An article in Wall Street Journal last week mentioned that data from research firm Vanda Research showed that U.S. retail investors net bought approximately US $28 billion in stocks and equity funds in June, setting a new monthly inflow high since 2014.</p><p>On the second quarter report conference call, Goldman Sachs answered that it has made progress in improving capital efficiency and has taken \"aggressive\" actions in managing stock positions, especially when the environment is supportive.</p><p>What does this answer mean? The simple explanation is that Goldman Sachs sold heavily when the environment was supportive. In other words, retail investors are constantly supporting predators like Goldman Sachs to sell off.</p><p>Regarding such a sell-off by Goldman Sachs, financial blog Zerohedge mentioned that the last time Goldman Sachs sold such a \"big\" sell-off in a supportive market environment was from 2007 to 2008, when Goldman Sachs was busy concocting secured creditor's rights certificates (CDO) based on subprime mortgage bonds, and then Goldman Sachs' own proprietary trading was actively shorted. Everyone knows the outcome of the subprime mortgage crisis.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The overlooked \"big move\": this institution cut a quarter of its stock position</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe overlooked \"big move\": this institution cut a quarter of its stock position\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the second quarter of this year,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Both operating income and profit hit record highs. What attracted the most attention from the outside world was the investment banking business, whose revenue surged by 36% year-on-year, and the market trading business, whose revenue including fixed income and stocks dropped sharply by 32%.</p><p>Relatively less attention is that Goldman Sachs' asset management business reached a record net income of $5.1 billion in the second quarter, more than double that of the same period last year.</p><p><img src=\"https://static.tigerbbs.com/dd8c0dbaa4394235b98c259a7a9afe30\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>When explaining the performance of this business, Goldman Sachs said that stock investment has created record net income, and the substantial year-on-year increase is mainly due to the surge in net income from private equity investment, specific corporate events including corporate fundraising and capital sales. Driven, and improved management performance compared to the second quarter of last year.</p><p>According to Goldman Sachs, the asset management business is \"reaping\" the progress made in the asset replication table of equity portfolios. In other words, it's selling.</p><p>Goldman Sachs showed the changes in stock portfolio positions of its asset management business since the beginning of this year. It sold a net $4 billion in the quarter. After taking into account the purchase of $1.5 billion in stocks, it reduced its holdings by a total of $5.5 billion in the quarter, equivalent to the total stock portfolio at the end of last year. More than a quarter of the size.</p><p><img src=\"https://static.tigerbbs.com/4318531c08f7736f09eaa15e7038191a\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p>Who will take over when Goldman Sachs sells these stocks? Retail investors must be indispensable among the takeovers. An article in Wall Street Journal last week mentioned that data from research firm Vanda Research showed that U.S. retail investors net bought approximately US $28 billion in stocks and equity funds in June, setting a new monthly inflow high since 2014.</p><p>On the second quarter report conference call, Goldman Sachs answered that it has made progress in improving capital efficiency and has taken \"aggressive\" actions in managing stock positions, especially when the environment is supportive.</p><p>What does this answer mean? The simple explanation is that Goldman Sachs sold heavily when the environment was supportive. In other words, retail investors are constantly supporting predators like Goldman Sachs to sell off.</p><p>Regarding such a sell-off by Goldman Sachs, financial blog Zerohedge mentioned that the last time Goldman Sachs sold such a \"big\" sell-off in a supportive market environment was from 2007 to 2008, when Goldman Sachs was busy concocting secured creditor's rights certificates (CDO) based on subprime mortgage bonds, and then Goldman Sachs' own proprietary trading was actively shorted. Everyone knows the outcome of the subprime mortgage crisis.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3635325\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c4a03a5ae5cfc1aad727ce9e6d2b27bb","relate_stocks":{"GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3635325","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151598978","content_text":"今年第二季度,高盛的营业收入和利润均创史上次高,最吸引外界注意力的是收入同比猛增36%的投行业务,以及包括固收和股票在内收入剧减32%的市场交易业务。\n相对而言较少关注的是,高盛的资产管理业务二季度净收入达到创纪录的51亿美元,是去年同期的两倍多。\n\n在解释这块业务的业绩时,高盛称,股票投资创造了创纪录的净收入,年同比大幅增长主要是私募股权投资的净收益大涨,包括企业募资和出售资本在内的具体企业事件驱动,以及相比去年二季度管理业绩改善。\n据高盛所说,资产管理业务正在“收获”股票投资组合资产复制表取得的进展。换句话说,就是在抛售。\n高盛展示了今年初以来资产管理业务的股票投资组合持仓变动,当季净抛售40亿美元,计入买入股票15亿美元后,当季共减持55亿美元,相当于去年末股票投资组合总规模的四分之一以上。\n\n高盛抛售这些股票谁来接盘?接盘侠中一定少不了散户。华尔街见闻上周文章就提到,研究机构Vanda Research数据显示,6月美国散户净买入约280亿美元股票和股票类基金,创下自2014以来月度流入新高。\n在二季报电话会议上,对于减持股票投资组合的问题,高盛回答,在提高资本效率方面取得进展,在管理股票仓位方面“大举”(aggressively)行动,尤其是处于环境给予支持的情况下。\n这回答什么意思?简单来解释就是,高盛在环境给予支持时大举抛售。换句话说,散户在不断支持高盛这样的大鳄抛售。\n对于高盛这样的抛售,金融博客Zerohedge提到,上一次高盛如此在给予支持的市场环境下“大举”抛售还是在2007到2008年,当时高盛在忙着炮制基于次贷抵押贷款债券的担保债权凭证(CDO),而后高盛自己的自营交易又积极地做空。次贷危机的结果怎样大家都知道了。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}