寻音望月 personal page - To The Moon

寻音望月

寻音望月

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2021-09-11

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Apple has dropped plans to launch a low-priced Apple TV TV stick

2021-09-06

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2021-09-06

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ByteDance Vice President Li Liang once again bombarded Tencent

2021-09-06

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Tencent Holdings: Buy back 200,000 shares today at a cost of about HK $100 million

2021-09-05

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Tencent repurchased 210,000 shares today at a cost of HK $102 million

2021-09-05

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2021-08-27

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How is the Fed manipulating global inflation?

2021-08-27

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5 financial report figures reveal the essence of JD.com

2021-08-27

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2021-08-25

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Is the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different

2021-08-25

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After buying the bottom of JD.com, "Sister Wood" expressed her position: she is not pessimistic about China

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22:12","market":"us","language":"zh","title":"Apple has dropped plans to launch a low-priced Apple TV TV stick","url":"https://stock-news.laohu8.com/highlight/detail?id=2166370356","media":"威锋网","summary":"据The Information报道，苹果已经放弃了低价Apple TV电视棒的计划，并将在明年大幅加快和扩大Apple TV+上新内容的输出。据熟悉苹果计划的消息人士在接受The Information采访时，透露了该公司围绕Apple TV+的许多内部讨论和态度。据称，苹果将Apple TV+视为一项独立的业务，而不是鼓励用户购买苹果生态系统的机制。2018年有报道称，苹果正在研发一款低成本的电视棒设备，作为Apple TV更便宜的替代品。","content":"<p><html><body><article>According to The Information,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has abandoned plans for a low-priced Apple TV TV stick and will significantly accelerate and expand the output of new content on Apple TV + next year.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13969021270/0\"/>In an interview with The Information, sources familiar with Apple's plans revealed many of the company's internal discussions and attitudes surrounding Apple TV +. Apple allegedly sees Apple TV + as a separate business, rather than a mechanism to encourage users to buy Apple's ecosystem.</p><p>It was reported in 2018 that Apple was working on a low-cost TV stick device as a cheaper alternative to Apple TV. The project was driven by Apple's head of video and audio marketing, Tim Twerdahl, who based on his work on Netflix and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Experience overseeing similar projects, and believes that low-cost TV equipment will make it easier for users to get started with Apple TV +.</p><p>Greg Joswiak and Phil Schiller reportedly vetoed Twerdahl, insisting Apple shouldn't start producing cheap, low-margin devices because it could damage its reputation for high-end products, meaning Twerdahl's project for low-priced TV equipment was abandoned.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple has dropped plans to launch a low-priced Apple TV TV stick</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\">\nApple has dropped plans to launch a low-priced Apple TV TV stick\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">威锋网</strong><span class=\"h-time small\">2021-09-11 22:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>According to The Information,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has abandoned plans for a low-priced Apple TV TV stick and will significantly accelerate and expand the output of new content on Apple TV + next year.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13969021270/0\"/>In an interview with The Information, sources familiar with Apple's plans revealed many of the company's internal discussions and attitudes surrounding Apple TV +. Apple allegedly sees Apple TV + as a separate business, rather than a mechanism to encourage users to buy Apple's ecosystem.</p><p>It was reported in 2018 that Apple was working on a low-cost TV stick device as a cheaper alternative to Apple TV. The project was driven by Apple's head of video and audio marketing, Tim Twerdahl, who based on his work on Netflix and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Experience overseeing similar projects, and believes that low-cost TV equipment will make it easier for users to get started with Apple TV +.</p><p>Greg Joswiak and Phil Schiller reportedly vetoed Twerdahl, insisting Apple shouldn't start producing cheap, low-margin devices because it could damage its reputation for high-end products, meaning Twerdahl's project for low-priced TV equipment was abandoned.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021091122133079ef4164&s=b\">威锋网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c0c4c03a5eea688b1e8fa7410c021db6","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021091122133079ef4164&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2166370356","content_text":"据The Information报道，苹果已经放弃了低价Apple TV电视棒的计划，并将在明年大幅加快和扩大Apple TV+上新内容的输出。据熟悉苹果计划的消息人士在接受The Information采访时，透露了该公司围绕‌Apple TV+‌的许多内部讨论和态度。据称，苹果将Apple TV+‌视为一项独立的业务，而不是鼓励用户购买苹果生态系统的机制。2018年有报道称，苹果正在研发一款低成本的电视棒设备，作为Apple TV更便宜的替代品。该项目是由苹果视频和音频营销主管Tim Twerdahl推动的，他根据自己在Netflix和亚马逊监督类似项目的经验，认为低成本电视设备会让用户更容易入门‌Apple TV+‌。据报道，Greg Joswiak和Phil Schiller否决了Twerdahl，坚称苹果不应该开始生产廉价、低利润率的设备，因为这可能会损害其高端产品的声誉，这意味着Twerdahl的低价电视设备项目被放弃了。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":1693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817855704,"gmtCreate":1630934833808,"gmtModify":1676530423945,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817855704","repostId":"1169885756","repostType":4,"isVote":1,"tweetType":1,"viewCount":1830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817855219,"gmtCreate":1630934820531,"gmtModify":1676530423873,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817855219","repostId":"2165842643","repostType":4,"repost":{"id":"2165842643","kind":"news","pubTimestamp":1630923185,"share":"https://ttm.financial/m/news/2165842643?lang=en_US&edition=fundamental","pubTime":"2021-09-06 18:13","market":"hk","language":"zh","title":"ByteDance Vice President Li Liang once again bombarded Tencent","url":"https://stock-news.laohu8.com/highlight/detail?id=2165842643","media":"中关村新闻","summary":"在转载评论中，李亮言辞激烈的指出，腾讯利用其影响力介入公权力，影响甚大。","content":"<p>Author: Qingzhou</p><p>Li Liang, vice president of ByteDance, reprinted the People's Daily commentary \"Website of the Central Commission for Discipline Inspection: Capital intervention is an important factor for teenagers to indulge in online games, and related companies cannot be mercenary\" and commented: \"Previously<a href=\"https://laohu8.com/S/00700\">Tencent</a>A report was issued with an institution saying that the game was harmless and was criticized by a middle school teacher. Regarding this critical article, Tencent pushed the public security in a certain place to file a case and interrogate the middle school teacher who opposed the poisoning of students by games. The case has not yet reached a conclusion. \"</p><p>In the reprinted comments, Li Liang pointed out fiercely that Tencent used its influence to intervene in public power, which had a great influence. The following is the original text of ByteDance Li Liang bombarding Tencent:</p><p><img src=\"https://static.tigerbbs.com/8ca01a854f01ee36d6f74cd8cac0264b\" tg-width=\"640\" tg-height=\"1385\" referrerpolicy=\"no-referrer\"></p>","source":"zol_stock","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>ByteDance Vice President Li Liang once again bombarded Tencent</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\">\nByteDance Vice President Li Liang once again bombarded Tencent\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中关村新闻</strong><span class=\"h-time small\">2021-09-06 18:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author: Qingzhou</p><p>Li Liang, vice president of ByteDance, reprinted the People's Daily commentary \"Website of the Central Commission for Discipline Inspection: Capital intervention is an important factor for teenagers to indulge in online games, and related companies cannot be mercenary\" and commented: \"Previously<a href=\"https://laohu8.com/S/00700\">Tencent</a>A report was issued with an institution saying that the game was harmless and was criticized by a middle school teacher. Regarding this critical article, Tencent pushed the public security in a certain place to file a case and interrogate the middle school teacher who opposed the poisoning of students by games. The case has not yet reached a conclusion. \"</p><p>In the reprinted comments, Li Liang pointed out fiercely that Tencent used its influence to intervene in public power, which had a great influence. The following is the original text of ByteDance Li Liang bombarding Tencent:</p><p><img src=\"https://static.tigerbbs.com/8ca01a854f01ee36d6f74cd8cac0264b\" tg-width=\"640\" tg-height=\"1385\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://news.zol.com.cn/776/7760636.html\">中关村新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8bea8b224335f941f6bd882d8b14f1da","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"http://news.zol.com.cn/776/7760636.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165842643","content_text":"作者：轻舟\n字节跳动副总裁李亮转载人民日报评论《中纪委网站：资本介入是青少年沉迷网游的重要因素，相关企业不能唯利是图》一文评论道：“此前腾讯与某机构出台报告称游戏无害，受某中学老师批评。就这一篇批评文章，腾讯就推动某地公安立案，刑询这位反对游戏毒害学生的中学老师，此案至今没有结论。”\n在转载评论中，李亮言辞激烈的指出，腾讯利用其影响力介入公权力，影响甚大。以下为字节跳动李亮炮轰腾讯原文：","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817855166,"gmtCreate":1630934807255,"gmtModify":1676530423866,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817855166","repostId":"1185930805","repostType":4,"repost":{"id":"1185930805","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1630933979,"share":"https://ttm.financial/m/news/1185930805?lang=en_US&edition=fundamental","pubTime":"2021-09-06 21:12","market":"hk","language":"zh","title":"Tencent Holdings: Buy back 200,000 shares today at a cost of about HK $100 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1185930805","media":"老虎资讯综合","summary":"9月6日，腾讯控股发布公告称，今日回购20万股普通股，回购价格在488.8港元/股至506.5港元/股之间，共耗资约1亿港元。","content":"<p>September 6th,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The announcement stated that 200,000 ordinary shares will be repurchased today at a repurchase price between HK $488.8/share and HK $506.5/share, costing a total of approximately HK $100 million.<img src=\"https://static.tigerbbs.com/7283710a5b2d39ebc4f31b82932ed007\" tg-width=\"1581\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4951a1600d3b42d23257af1e0dc3455a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>Tencent Holdings: Buy back 200,000 shares today at a cost of about HK $100 million</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\">\nTencent Holdings: Buy back 200,000 shares today at a cost of about HK $100 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-06 21:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>September 6th,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The announcement stated that 200,000 ordinary shares will be repurchased today at a repurchase price between HK $488.8/share and HK $506.5/share, costing a total of approximately HK $100 million.<img src=\"https://static.tigerbbs.com/7283710a5b2d39ebc4f31b82932ed007\" tg-width=\"1581\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4951a1600d3b42d23257af1e0dc3455a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185930805","content_text":"9月6日，腾讯控股发布公告称，今日回购20万股普通股，回购价格在488.8港元/股至506.5港元/股之间，共耗资约1亿港元。","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814555754,"gmtCreate":1630849760278,"gmtModify":1676530405667,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814555754","repostId":"1115202561","repostType":4,"repost":{"id":"1115202561","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1630668434,"share":"https://ttm.financial/m/news/1115202561?lang=en_US&edition=fundamental","pubTime":"2021-09-03 19:27","market":"hk","language":"zh","title":"Tencent repurchased 210,000 shares today at a cost of HK $102 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1115202561","media":"老虎资讯综合","summary":"连续第六个交易日进行回购。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>: On September 3, 210,000 shares were repurchased at a cost of HK $102 million, the sixth consecutive trading day of repurchases.</p><p><img src=\"https://static.tigerbbs.com/7f71bd8c0ec569fc78c30fc90d0e9eb2\" tg-width=\"550\" tg-height=\"261\" width=\"100%\" height=\"auto\"></p><p><b>A list of Tencent's recent buybacks:</b></p><p>On September 2, Tencent repurchased 210,000 shares at a price of HK $493.2 to HK $498.4, costing HK $104 million.</p><p>On September 1, Tencent repurchased 210,000 shares at a cost of HK $102 million.</p><p>On August 31, Tencent spent HK $101 million to repurchase 220,000 shares at a repurchase price of HK $447.4-477 per share.</p><p>On August 30, Tencent repurchased 220,000 shares at a repurchase price ranging from HK $458.20 to HK $465.20 per share, involving a capital of HK $101.5 million.</p><p>On August 27, Tencent spent HK $104 million to repurchase 220,000 shares at a price of HK $478.2-462.6 per share.</p><p>On August 24, Tencent repurchased 22,600 shares at a repurchase price ranging from HK $450.60 to HK $451.60 per share, involving a capital of HK $10.2005 million.</p><p>On August 23, Tencent invested HK $101 million to repurchase 230,000 shares at a repurchase price of HK $432 to HK $443.8 per share.</p><p>On August 20, Tencent spent HK $102 million to repurchase 240,000 shares at a repurchase price of HK $412.6 to HK $432.4 per share.</p><p>After announcing its second-quarter results on August 18, Tencent sold HK $76.965 million to repurchase 180,000 shares the next day, at a repurchase price of HK $419.4 to HK $435.2 per share, becoming the first repurchase after two years.</p><p><img src=\"https://static.tigerbbs.com/f4754d77a88e933d2632832a51141f21\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>Tencent repurchased 210,000 shares today at a cost of HK $102 million</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\">\nTencent repurchased 210,000 shares today at a cost of HK $102 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-03 19:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>: On September 3, 210,000 shares were repurchased at a cost of HK $102 million, the sixth consecutive trading day of repurchases.</p><p><img src=\"https://static.tigerbbs.com/7f71bd8c0ec569fc78c30fc90d0e9eb2\" tg-width=\"550\" tg-height=\"261\" width=\"100%\" height=\"auto\"></p><p><b>A list of Tencent's recent buybacks:</b></p><p>On September 2, Tencent repurchased 210,000 shares at a price of HK $493.2 to HK $498.4, costing HK $104 million.</p><p>On September 1, Tencent repurchased 210,000 shares at a cost of HK $102 million.</p><p>On August 31, Tencent spent HK $101 million to repurchase 220,000 shares at a repurchase price of HK $447.4-477 per share.</p><p>On August 30, Tencent repurchased 220,000 shares at a repurchase price ranging from HK $458.20 to HK $465.20 per share, involving a capital of HK $101.5 million.</p><p>On August 27, Tencent spent HK $104 million to repurchase 220,000 shares at a price of HK $478.2-462.6 per share.</p><p>On August 24, Tencent repurchased 22,600 shares at a repurchase price ranging from HK $450.60 to HK $451.60 per share, involving a capital of HK $10.2005 million.</p><p>On August 23, Tencent invested HK $101 million to repurchase 230,000 shares at a repurchase price of HK $432 to HK $443.8 per share.</p><p>On August 20, Tencent spent HK $102 million to repurchase 240,000 shares at a repurchase price of HK $412.6 to HK $432.4 per share.</p><p>After announcing its second-quarter results on August 18, Tencent sold HK $76.965 million to repurchase 180,000 shares the next day, at a repurchase price of HK $419.4 to HK $435.2 per share, becoming the first repurchase after two years.</p><p><img src=\"https://static.tigerbbs.com/f4754d77a88e933d2632832a51141f21\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115202561","content_text":"腾讯控股：9月3日回购21万股股份，耗资1.02亿港元，连续第六个交易日进行回购。\n\n腾讯近期回购情况一览：\n9月2日，腾讯以493.2港元—498.4港元的价格回购21万股，耗资1.04亿港元。\n9月1日，腾讯回购21万股股份，耗资1.02亿港元。\n8月31日，腾讯斥1.01亿港元回购22万股，每股回购价为447.4-477港元。\n8月30日，腾讯回购22万股，每股回购价介乎458.20港元至465.20港元，涉资1.015亿港元。\n8月27日，腾讯耗资1.04亿港元回购22万股，每股价格为478.2-462.6港元。\n8月24日，腾讯回购2.26万股，每股回购价介乎450.60港元至451.60港元，涉资1020.05万港元。\n8月23日，腾讯出资1.01亿港元回购23万股，回购价格每股432至443.8港元。\n8月20日，腾讯斥资1.02亿港元回购24万股，回购价格每股412.6至432.4港元。\n8月18日公布二季度业绩后，腾讯第二天即出手7696.5万港元回购18万股，回购价格每股419.4至435.2港元，成为时隔两年后首次回购。","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814555432,"gmtCreate":1630849747426,"gmtModify":1676530405674,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814555432","repostId":"1164269750","repostType":4,"isVote":1,"tweetType":1,"viewCount":2006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810709221,"gmtCreate":1630001813463,"gmtModify":1676530197394,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810709221","repostId":"1187114664","repostType":4,"repost":{"id":"1187114664","kind":"news","pubTimestamp":1630031209,"share":"https://ttm.financial/m/news/1187114664?lang=en_US&edition=fundamental","pubTime":"2021-08-27 10:26","market":"us","language":"zh","title":"How is the Fed manipulating global inflation?","url":"https://stock-news.laohu8.com/highlight/detail?id=1187114664","media":"财主家的余粮","summary":"按照价格上升的速度，人们通常将通货膨胀划分为以下几个级别：\n爬行通货膨胀(creeping inflation, 每年物价上升1%~3%);\n温和通货膨胀(moderate inflation, 每年","content":"<p>According to the rate at which prices are rising, people usually divide inflation into the following levels:</p><p><b>creeping inflation (1% ~ 3% annual price increase);</b></p><p><b>moderate inflation (3% ~ 6% annual price increase);</b></p><p><b>raging inflation (6% ~ 9% annual price increase);</b></p><p><b>galloping inflation (galloping inflation, price increases of 10% ~ 50% every year);</b></p><p><b>hyper-inflation, where prices rise by more than 50% every year.</b></p><p>By studying the monetary history of the United States for nearly a hundred years from 1867 to 1960, Friedman came to a firm conclusion about inflation:</p><p><b>\"Inflation, at any time and anywhere, is a monetary phenomenon\".</b></p><p>Furthermore, according to Friedman's research, except hyperinflation, inflation usually occurs 12-24 months after the issuance of additional currency, and its duration is usually longer than 24 months.</p><p>Therefore, how to manipulate inflation, to put it bluntly, is to manipulate the issuance of currency, which is the central bank's business.</p><p><img src=\"https://static.tigerbbs.com/9c98d63d291d237f8950be12f1a0750f\" tg-width=\"1080\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Some people stare at the changes of the central bank's balance sheet to judge the trend of inflation-because the size of the central bank's balance sheet indeed represents the total size of the central bank's money printing, and the size of the balance sheet is completely under the control of the central bank.</p><p>There is really nothing wrong with this idea. Unfortunately, the reality is very skinny. Apart from seeing that the central bank's balance sheet has been increasing and inflation has been continuing, you can hardly see the relationship between changes in inflation and changes in the size of the central bank's balance sheet.</p><p>For example, since 2008, we can observe the size of the balance sheet of the Federal Reserve. After the periodic surge, we can indeed observe that inflation also soared in periods one year later, but most of the time inflation has an impact on the balance sheet. There is little response to changes in sheet size.</p><p><img src=\"https://static.tigerbbs.com/b661b875fd52225ff055b573bda9d7bc\" tg-width=\"864\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>The size of central bank balance sheets in other major global economies, including Europe, China and Japan, has less to do with inflation.</p><p>Some people stare at the rate of change of broad money, because the definition of broad money does include all the money and credit derived from the base money in a society, which represents the ability of the whole society to pay.</p><p>Take the growth rate of US dollar M2 again to observe the relationship between broad money and inflation.</p><p><img src=\"https://static.tigerbbs.com/4566cd8037455a6e2d0f324863cab858\" tg-width=\"864\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>The relationship between M2 growth rate and inflation is better than the change of asset size, but there is still no pattern overall.</p><p>More importantly, no matter in the United States or China, broad money mainly comes from the expansion of social credit. Although the central bank can affect its expansion speed by cutting interest rates and printing money in rate hike, it is not completely under the control of the central bank after all. To a large extent, it is affected by the economic environment, and the central bank must choose a data that it can completely control and manipulate.</p><p>As far as the US dollar is concerned, this data is called \"Currency in Circulation\", which I call CiC.</p><p>Here's an interpretation of the main composition of the Fed's debt side.</p><p>On the asset side of the Federal Reserve, it is a question of what it uses to print money; On the liability side of the Federal Reserve, it is a question of which accounts the money it prints eventually flows to.</p><p>According to the balance sheet of the Federal Reserve, at present, the liability side of the Federal Reserve is mainly composed of four parts:</p><p><b>1) Bank reserves:</b>Including the statutory reserves and excess reserves of banks, the statutory reserve ratio in the United States is very low. However, since the global financial crisis in 2008, the amount of excess reserves deposited by major banks in the accounts of the Federal Reserve has increased rapidly, and it is currently the debt of the Federal Reserve. The largest item on the side is that the money belongs to major banks, but it is placed in the reserve account of the Federal Reserve and has not circulated to the society.</p><p><b>2) Federal government accounts:</b>There is nothing to say about this. It is the account opened by the U.S. Treasury Department in the Federal Reserve, commonly known as the \"TGA (Treasury General Account)\". The funds shown here have been deposited in the Federal Reserve account and have not been circulated to the society. If the U.S. government spends it, the account amount will be reduced, that is, it will be circulated to the society.</p><p><b>3) The Federal Reserve's reverse repurchase account funds:</b>This is a tool used by the Federal Reserve to adjust the tightness of credit in the financial market in the short term. It is just the opposite of the reverse repurchase of the People's Bank of China. The reverse repurchase of the Federal Reserve is a move to recover market funds. The funds in it are also deposited in the account of the Federal Reserve, not money circulating in society. All along, the funds in the reverse repurchase account are not worth mentioning. However, since the global financial crisis in 2008, in order to recover excessive liquidity in the financial market, the scale of reverse repurchase has grown rapidly; Since April 2020, the size of this account has soared to a huge amount, becoming one of the most important liabilities of the Federal Reserve.</p><p><b>4) Currency in circulation:</b>There is nothing to say about this, that is, the sum of all account funds currently opened in Federal Reserve member banks (almost all large and medium-sized banks in the United States are Federal Reserve member banks) is the money that really circulates in American society.</p><p>Except during the 2008 financial crisis and other rare times, the sum of these four accounts accounted for more than 90% of the total debt of the Federal Reserve, and currently accounted for 96%. It is through the balance of these four accounts that the Federal Reserve adjusts and changes the total amount of money circulating in American society, thus affecting the inflation situation of the whole society.</p><p>Comparing the annualized growth rate of CiC in the past 20 years with the CPI inflation 12 months later, in addition to seeing that the growth rate of CiC is highly correlated with inflation, it is also clear that the Fed's operating ideas are clearly seen.</p><p>The adjustment idea is very simple:</p><p><b>If the inflation rate is at a high and rising stage, try our best to reduce the growth rate of currency in circulation;</b></p><p><b>When the inflation rate is low and declining, we will try our best to increase the growth rate of currency in circulation.</b></p><p>After the outbreak of the \"9/11 Incident\" in 2001, the Federal Reserve aggressively increased the amount of money in circulation. As a result, since the end of 2002, the CPI inflation in the United States began to rise and exceeded 2% and remained above 2%. Subsequently, the Federal Reserve took a series of measures to recover some liquidity in the market, and as long as the market inflation rate was high, the growth rate of CiC kept it low.</p><p>By the beginning of 2008, the annualized growth rate of money in circulation had dropped to a level close to zero. Soon after, the global financial crisis triggered by the subprime mortgage crisis broke out, and the inflation level dropped sharply. The Federal Reserve immediately chose to print money crazily (QE1). Under the manipulation of the Federal Reserve, since the end of 2008, the growth rate of currency in circulation has skyrocketed. Since mid-2009, the inflation level in the United States has also skyrocketed from a low level and returned to over 2%.</p><p>Then, the Federal Reserve chose to stop QE1. As a result, the growth rate of CiC quickly plummeted. The Federal Reserve had to start QE2, allowing the growth rate of CiC to skyrocket again, thus keeping the inflation rate in the United States above 2%.</p><p>When the inflation rate in the United States remained at 1%-2%, the Federal Reserve believed that the monetary target had been achieved, so it controlled the growth rate of CiC to slowly decline. This process continued until September 2019, and basically maintained low CiC growth since then. However, with the outbreak of global COVID-19 pandemic in March 2020, the U.S. inflation rate is at risk of a sharp decline. The Federal Reserve immediately launched unlimited QE and printed money frantically, causing the growth rate of CiC to continue to skyrocket to a historical high of nearly 17%...</p><p>In March this year, the inflation rate in the United States rose rapidly again. Although QE was still continuing, the Federal Reserve began to reduce the annualized growth rate of CiC from a high of nearly 17%.</p><p>Observing the changes in the Fed's liabilities in the past year and a half, we can clearly discover the Fed's thinking of manipulating the CiC growth rate:</p><p>First, through unlimited QE money printing, the size of the balance sheet soared by more than 80%; But at the same time, in order to avoid the confusion of the capital market and social value system that may be caused by the direct doubling of currency in the market, the scale of reserves and reverse repurchase began to skyrocket: the reserve account increased at a rate of more than 100%, while the growth rate of reverse repurchase account was also close to 100%. As for the U.S. Treasury account, because the federal government has to deal with the crazy money throwing in the future, its growth rate is more than 1,000%...</p><p>Under these three major increases, although the growth rate of money circulating in the society has reached the highest level in history, it only exceeds 10%, thus ensuring that the scale of dollars circulating in the whole society increases in a relatively normal range, so as not to subvert the dollar value base of the whole society.</p><p>This process continued until March 2021. As the inflation data in the United States \"rapidly exceeded the standard\", the Federal Reserve began to rapidly reduce the growth rate of CiC, and the method was to quickly reduce the growth rate of reserves. In addition, as all the money from the U.S. Treasury Department is distributed to people and enterprises by the government, the account quota of the Treasury Department has slowed down by more than 50%. In order to offset this impact, the Federal Reserve vigorously launched the reverse repurchase account, and the growth rate of the reverse repurchase account quota exceeded 500%...</p><p>Under this series of large-scale operations, the annualized growth rate of CiC began to gradually decrease, and it has now dropped to less than 10%, moving towards the level of \"normalization\".</p><p>Obviously, no matter how drastically the total balance sheet size, reserves, reverse repurchases, or the amount of government accounts (which are controlled by the U.S. Treasury Department, not the Federal Reserve), the policy goal of the Federal Reserve is to always keep money in circulation in society. of<b>\"Steady growth\"</b>--On the basis of steady growth, adjust its growth rate according to the level of inflation, and then manipulate future inflation.</p><p>This is the overall idea of the Fed manipulating dollar inflation.</p><p>In the past, I have written articles to inform everyone about the manipulation of inflation data by government statistics departments in various countries, but inflation manipulation is not only a matter for statistics bureaus alone, but also for central banks including the Federal Reserve<b>Priority</b>。</p><p>In fact, just in June 2020, with the skyrocketing growth rate of CiC, according to historical laws, the Federal Reserve was already very clear that inflation in the United States in the second quarter of 2021 would inevitably \"greatly exceed the standard\", so it proposed the so-called<b>\"Average inflation targeting\"</b>, they just are not sure how far this \"exceeding the standard\" can be exceeded.</p><p>At present, large-scale QE has become the \"normal operation\" of the Federal Reserve, and it has been superimposed on drastic changes in the U.S. government account quota. At this time, the reserve account and reverse repurchase account of the Federal Reserve are like super buffers to absorb drastic changes in the amount of dollar money. It is conceivable that these two accounts will continue to play this role in the coming year and serve as the gripper for the Fed to manipulate inflation.</p><p>Furthermore, why Powell has always vowed that even if there is inflation, the Fed will have a way to deal with it is actually his confidence in adjusting the reserve account and reverse repurchase account.</p><p>As a result, someone asked, saying that the growth rate of CiC has rapidly dropped below 10%, beginning to align with the average level of the past 10 years, and the Federal Reserve has also vowed that it can cope with inflation-</p><p>So, is inflation in the United States really temporary now, like it was after QE in 2008?</p><p>Although this is another problem, to be honest, I personally feel that the result may not be what the Fed claims. Because the current and future global economic situation is completely different from that after 2008. In previous articles, I have emphasized many times that this round of inflation is likely to continue.</p><p>Consider that in mid-2002, the annualized growth rate of CiC only exceeded 10% for a very short period of time, but for more than 5 years after that, the inflation rate in the United States exceeded 3% half the time...</p><p>After the crazy money printing so far in 2020, the severity of global inflation this time is likely to be greater than that of 20 years ago. After all, inflation is affected by too many internal and external factors, unlike the Fed's account, you can play it however you want.</p>","source":"wqqq","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How is the Fed manipulating global inflation?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow is the Fed manipulating global inflation?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财主家的余粮</strong><span class=\"h-time small\">2021-08-27 10:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the rate at which prices are rising, people usually divide inflation into the following levels:</p><p><b>creeping inflation (1% ~ 3% annual price increase);</b></p><p><b>moderate inflation (3% ~ 6% annual price increase);</b></p><p><b>raging inflation (6% ~ 9% annual price increase);</b></p><p><b>galloping inflation (galloping inflation, price increases of 10% ~ 50% every year);</b></p><p><b>hyper-inflation, where prices rise by more than 50% every year.</b></p><p>By studying the monetary history of the United States for nearly a hundred years from 1867 to 1960, Friedman came to a firm conclusion about inflation:</p><p><b>\"Inflation, at any time and anywhere, is a monetary phenomenon\".</b></p><p>Furthermore, according to Friedman's research, except hyperinflation, inflation usually occurs 12-24 months after the issuance of additional currency, and its duration is usually longer than 24 months.</p><p>Therefore, how to manipulate inflation, to put it bluntly, is to manipulate the issuance of currency, which is the central bank's business.</p><p><img src=\"https://static.tigerbbs.com/9c98d63d291d237f8950be12f1a0750f\" tg-width=\"1080\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Some people stare at the changes of the central bank's balance sheet to judge the trend of inflation-because the size of the central bank's balance sheet indeed represents the total size of the central bank's money printing, and the size of the balance sheet is completely under the control of the central bank.</p><p>There is really nothing wrong with this idea. Unfortunately, the reality is very skinny. Apart from seeing that the central bank's balance sheet has been increasing and inflation has been continuing, you can hardly see the relationship between changes in inflation and changes in the size of the central bank's balance sheet.</p><p>For example, since 2008, we can observe the size of the balance sheet of the Federal Reserve. After the periodic surge, we can indeed observe that inflation also soared in periods one year later, but most of the time inflation has an impact on the balance sheet. There is little response to changes in sheet size.</p><p><img src=\"https://static.tigerbbs.com/b661b875fd52225ff055b573bda9d7bc\" tg-width=\"864\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>The size of central bank balance sheets in other major global economies, including Europe, China and Japan, has less to do with inflation.</p><p>Some people stare at the rate of change of broad money, because the definition of broad money does include all the money and credit derived from the base money in a society, which represents the ability of the whole society to pay.</p><p>Take the growth rate of US dollar M2 again to observe the relationship between broad money and inflation.</p><p><img src=\"https://static.tigerbbs.com/4566cd8037455a6e2d0f324863cab858\" tg-width=\"864\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>The relationship between M2 growth rate and inflation is better than the change of asset size, but there is still no pattern overall.</p><p>More importantly, no matter in the United States or China, broad money mainly comes from the expansion of social credit. Although the central bank can affect its expansion speed by cutting interest rates and printing money in rate hike, it is not completely under the control of the central bank after all. To a large extent, it is affected by the economic environment, and the central bank must choose a data that it can completely control and manipulate.</p><p>As far as the US dollar is concerned, this data is called \"Currency in Circulation\", which I call CiC.</p><p>Here's an interpretation of the main composition of the Fed's debt side.</p><p>On the asset side of the Federal Reserve, it is a question of what it uses to print money; On the liability side of the Federal Reserve, it is a question of which accounts the money it prints eventually flows to.</p><p>According to the balance sheet of the Federal Reserve, at present, the liability side of the Federal Reserve is mainly composed of four parts:</p><p><b>1) Bank reserves:</b>Including the statutory reserves and excess reserves of banks, the statutory reserve ratio in the United States is very low. However, since the global financial crisis in 2008, the amount of excess reserves deposited by major banks in the accounts of the Federal Reserve has increased rapidly, and it is currently the debt of the Federal Reserve. The largest item on the side is that the money belongs to major banks, but it is placed in the reserve account of the Federal Reserve and has not circulated to the society.</p><p><b>2) Federal government accounts:</b>There is nothing to say about this. It is the account opened by the U.S. Treasury Department in the Federal Reserve, commonly known as the \"TGA (Treasury General Account)\". The funds shown here have been deposited in the Federal Reserve account and have not been circulated to the society. If the U.S. government spends it, the account amount will be reduced, that is, it will be circulated to the society.</p><p><b>3) The Federal Reserve's reverse repurchase account funds:</b>This is a tool used by the Federal Reserve to adjust the tightness of credit in the financial market in the short term. It is just the opposite of the reverse repurchase of the People's Bank of China. The reverse repurchase of the Federal Reserve is a move to recover market funds. The funds in it are also deposited in the account of the Federal Reserve, not money circulating in society. All along, the funds in the reverse repurchase account are not worth mentioning. However, since the global financial crisis in 2008, in order to recover excessive liquidity in the financial market, the scale of reverse repurchase has grown rapidly; Since April 2020, the size of this account has soared to a huge amount, becoming one of the most important liabilities of the Federal Reserve.</p><p><b>4) Currency in circulation:</b>There is nothing to say about this, that is, the sum of all account funds currently opened in Federal Reserve member banks (almost all large and medium-sized banks in the United States are Federal Reserve member banks) is the money that really circulates in American society.</p><p>Except during the 2008 financial crisis and other rare times, the sum of these four accounts accounted for more than 90% of the total debt of the Federal Reserve, and currently accounted for 96%. It is through the balance of these four accounts that the Federal Reserve adjusts and changes the total amount of money circulating in American society, thus affecting the inflation situation of the whole society.</p><p>Comparing the annualized growth rate of CiC in the past 20 years with the CPI inflation 12 months later, in addition to seeing that the growth rate of CiC is highly correlated with inflation, it is also clear that the Fed's operating ideas are clearly seen.</p><p>The adjustment idea is very simple:</p><p><b>If the inflation rate is at a high and rising stage, try our best to reduce the growth rate of currency in circulation;</b></p><p><b>When the inflation rate is low and declining, we will try our best to increase the growth rate of currency in circulation.</b></p><p>After the outbreak of the \"9/11 Incident\" in 2001, the Federal Reserve aggressively increased the amount of money in circulation. As a result, since the end of 2002, the CPI inflation in the United States began to rise and exceeded 2% and remained above 2%. Subsequently, the Federal Reserve took a series of measures to recover some liquidity in the market, and as long as the market inflation rate was high, the growth rate of CiC kept it low.</p><p>By the beginning of 2008, the annualized growth rate of money in circulation had dropped to a level close to zero. Soon after, the global financial crisis triggered by the subprime mortgage crisis broke out, and the inflation level dropped sharply. The Federal Reserve immediately chose to print money crazily (QE1). Under the manipulation of the Federal Reserve, since the end of 2008, the growth rate of currency in circulation has skyrocketed. Since mid-2009, the inflation level in the United States has also skyrocketed from a low level and returned to over 2%.</p><p>Then, the Federal Reserve chose to stop QE1. As a result, the growth rate of CiC quickly plummeted. The Federal Reserve had to start QE2, allowing the growth rate of CiC to skyrocket again, thus keeping the inflation rate in the United States above 2%.</p><p>When the inflation rate in the United States remained at 1%-2%, the Federal Reserve believed that the monetary target had been achieved, so it controlled the growth rate of CiC to slowly decline. This process continued until September 2019, and basically maintained low CiC growth since then. However, with the outbreak of global COVID-19 pandemic in March 2020, the U.S. inflation rate is at risk of a sharp decline. The Federal Reserve immediately launched unlimited QE and printed money frantically, causing the growth rate of CiC to continue to skyrocket to a historical high of nearly 17%...</p><p>In March this year, the inflation rate in the United States rose rapidly again. Although QE was still continuing, the Federal Reserve began to reduce the annualized growth rate of CiC from a high of nearly 17%.</p><p>Observing the changes in the Fed's liabilities in the past year and a half, we can clearly discover the Fed's thinking of manipulating the CiC growth rate:</p><p>First, through unlimited QE money printing, the size of the balance sheet soared by more than 80%; But at the same time, in order to avoid the confusion of the capital market and social value system that may be caused by the direct doubling of currency in the market, the scale of reserves and reverse repurchase began to skyrocket: the reserve account increased at a rate of more than 100%, while the growth rate of reverse repurchase account was also close to 100%. As for the U.S. Treasury account, because the federal government has to deal with the crazy money throwing in the future, its growth rate is more than 1,000%...</p><p>Under these three major increases, although the growth rate of money circulating in the society has reached the highest level in history, it only exceeds 10%, thus ensuring that the scale of dollars circulating in the whole society increases in a relatively normal range, so as not to subvert the dollar value base of the whole society.</p><p>This process continued until March 2021. As the inflation data in the United States \"rapidly exceeded the standard\", the Federal Reserve began to rapidly reduce the growth rate of CiC, and the method was to quickly reduce the growth rate of reserves. In addition, as all the money from the U.S. Treasury Department is distributed to people and enterprises by the government, the account quota of the Treasury Department has slowed down by more than 50%. In order to offset this impact, the Federal Reserve vigorously launched the reverse repurchase account, and the growth rate of the reverse repurchase account quota exceeded 500%...</p><p>Under this series of large-scale operations, the annualized growth rate of CiC began to gradually decrease, and it has now dropped to less than 10%, moving towards the level of \"normalization\".</p><p>Obviously, no matter how drastically the total balance sheet size, reserves, reverse repurchases, or the amount of government accounts (which are controlled by the U.S. Treasury Department, not the Federal Reserve), the policy goal of the Federal Reserve is to always keep money in circulation in society. of<b>\"Steady growth\"</b>--On the basis of steady growth, adjust its growth rate according to the level of inflation, and then manipulate future inflation.</p><p>This is the overall idea of the Fed manipulating dollar inflation.</p><p>In the past, I have written articles to inform everyone about the manipulation of inflation data by government statistics departments in various countries, but inflation manipulation is not only a matter for statistics bureaus alone, but also for central banks including the Federal Reserve<b>Priority</b>。</p><p>In fact, just in June 2020, with the skyrocketing growth rate of CiC, according to historical laws, the Federal Reserve was already very clear that inflation in the United States in the second quarter of 2021 would inevitably \"greatly exceed the standard\", so it proposed the so-called<b>\"Average inflation targeting\"</b>, they just are not sure how far this \"exceeding the standard\" can be exceeded.</p><p>At present, large-scale QE has become the \"normal operation\" of the Federal Reserve, and it has been superimposed on drastic changes in the U.S. government account quota. At this time, the reserve account and reverse repurchase account of the Federal Reserve are like super buffers to absorb drastic changes in the amount of dollar money. It is conceivable that these two accounts will continue to play this role in the coming year and serve as the gripper for the Fed to manipulate inflation.</p><p>Furthermore, why Powell has always vowed that even if there is inflation, the Fed will have a way to deal with it is actually his confidence in adjusting the reserve account and reverse repurchase account.</p><p>As a result, someone asked, saying that the growth rate of CiC has rapidly dropped below 10%, beginning to align with the average level of the past 10 years, and the Federal Reserve has also vowed that it can cope with inflation-</p><p>So, is inflation in the United States really temporary now, like it was after QE in 2008?</p><p>Although this is another problem, to be honest, I personally feel that the result may not be what the Fed claims. Because the current and future global economic situation is completely different from that after 2008. In previous articles, I have emphasized many times that this round of inflation is likely to continue.</p><p>Consider that in mid-2002, the annualized growth rate of CiC only exceeded 10% for a very short period of time, but for more than 5 years after that, the inflation rate in the United States exceeded 3% half the time...</p><p>After the crazy money printing so far in 2020, the severity of global inflation this time is likely to be greater than that of 20 years ago. After all, inflation is affected by too many internal and external factors, unlike the Fed's account, you can play it however you want.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/j-I4SnKxJHxF3XljSZHIKg\">财主家的余粮</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{"161125":"标普500","513500":"标普500ETF","OEX":"标普100","SH":"做空标普500-Proshares","DOG":"道指ETF-ProShares做空",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF","QID":"两倍做空纳斯达克指数ETF-ProShares",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF","SDS":"两倍做空标普500 ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","SPY":"标普500ETF","DDM":"2倍做多道指ETF-ProShares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares"},"source_url":"https://mp.weixin.qq.com/s/j-I4SnKxJHxF3XljSZHIKg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187114664","content_text":"按照价格上升的速度，人们通常将通货膨胀划分为以下几个级别：\n爬行通货膨胀(creeping inflation, 每年物价上升1%~3%);\n温和通货膨胀(moderate inflation, 每年物价上升3%~6%);\n严重通货膨胀(raging inflation, 每年物价上升6%~9%);\n急剧通货膨胀(galloping inflation, 每年物价上升10%~50%);\n超级通货膨胀(hyper-inflation, 每年物价上升50%以上)。\n通过研究美国1867-1960年之间近百年的货币史，关于通货膨胀，弗里德曼得出来了一个斩钉截铁的结论：\n“通货膨胀，在任何时间，在任何地点，都是一个货币现象”。\n进一步地，根据弗里德曼的研究，除了超级通货膨胀之外，通货膨胀的发生，通常都发生在货币增发之后的12-24个月，而且持续时间，通常比24个月更久。\n所以，如何操纵通胀，说白了就是操纵货币的发行，这是央行的事儿。\n\n有人盯着央行的资产负债表变动，以此来判断通胀的走势——因为，央行资产负债表规模，确确实实代表了央行印钞的总规模，而且资产负债表大小完完全全在央行的操控之下。\n这个思路的确没啥问题。可惜，现实却很骨感，除了能看到央行资产负债表一直在增加、而通胀也一直持续这两个共同点之外，你几乎看不到通货膨胀变化与央行资产负债表规模变化之间的关系。\n例如，自2008年以来，我们可以观察到美联储的资产负债表规模，在阶段性的暴涨过后，的确能观察到一年之后的通胀也阶段性暴涨之外，但绝大部分时间通胀对资产负债表规模的变化几乎没有反应。\n\n其他的全球主要经济体，包括欧洲、中国和日本，央行资产负债表规模与通胀的关系更小。\n有人盯着广义货币的变化速率，因为广义货币的定义，的确包含了一个社会上由基础货币所衍生出来的所有货币和信贷，代表着整个社会的支付能力。\n再次拿美元M2增速，来观察广义货币与通货膨胀的关系。\n\nM2增长率与通货膨胀的关系比资产规模变化好一些，但整体还是看不出来什么规律。\n更重要的是，无论美国还是中国，广义货币主要来自于社会信贷的扩张，央行固然可以通过加息降息印钞收钞来影响其扩张速度，但毕竟不是完全在央行的管控之下，其很大程度上，受到经济环境的影响，而央行必须选一个自己能够完全掌控和操纵的数据。\n就美元而言，这个数据叫“流通中的货币（Currency in Circulation）” ，我称之为CiC。\n这里解读一下美联储负债端的主要构成。\n美联储的资产端，是它拿什么来印钞的问题；而美联储的负债端，则是它所印的钱，最终都流向了哪些账户的问题。\n根据美联储的资产负债表，目前，美联储的负债端主要由4个部分构成：\n1）银行准备金：包括了银行的法定准备金和超额准备金，美国的法定准备金率很低，但是自2008年全球金融危机以来，各大银行存放在美联储账户上的超额准备金额度迅速增长，目前是美联储负债端第一大项，这些钱隶属于各大银行，但是放在美联储的准备金账户上，未流通到社会上。\n2）联邦政府账户：这个没什么好说的，就是美国财政部开在美联储的账户，俗称为“TGA（Treasury General Account）”，这里面所显示的资金，一直存放在美联储账户上，并未流通到社会上。如果美国政府花出去，账户额会降低，就是流通到了社会上。\n3）美联储的逆回购账户资金：这是美联储用于短期调节金融市场信用松紧的工具，和中国央行的逆回购正好相反，美联储逆回购是收回市场资金的举动，这里面的资金，也是存放在美联储的账户上，不是社会上流通的钱。一直以来，逆回购账户资金不值一提。但自2008年全球金融危机之后，为了收回金融市场上过多的流动性，逆回购规模快速增长；从2020年4月份开始，这个账户规模更是飙升至天量，成为美联储最主要的负债端之一。\n4）流通中的货币：这个没啥说的，就是目前开在美联储会员银行（美国几乎所有的大中型银行都是美联储的会员银行）所有账户资金总和，是真正流通在美国社会上的钱。\n除了2008年金融危机期间及其他极少数时间，这4个账户总和，占到美联储负债总规模的90%以上，目前占比是96%。美联储正是通过这4个账户的平衡，来调节和改变美国社会上所流通的货币总量，进而影响整个社会的通货膨胀情况。\n把过去20年里CiC的年化增长率与12个月后的CPI通胀进行对比，除了能看出来CiC的增长率与通胀相关性很高之外，也明显看出美联储的操作思路。\n调节思路非常简单：\n通胀率处于高位且上升阶段，就想方设法降低流通货币增长率；\n通胀率处于低位且下降阶段，就使劲儿增加流通货币的增长率。\n2001年“911事件”爆发之后，美联储大肆增加流通货币数量，由此导致从2002年底开始，美国的CPI通胀开始上升并突破2%并一直保持在2%以上。随后美联储就采取一系列措施，收回市场上的一部分流动性，而且只要市场通胀率位于高位，CiC的增长率就一直让其保持在低位。\n到了2008年初，流通货币的年化增长率已经降至接近于0的水平。此后不久，又爆发了由次贷危机引发的全球金融危机，通胀水平急剧下降，美联储立即选择了疯狂印钞（QE1）。在美联储的操纵之下，自2008年底开始，流通货币增长率暴涨，从2009年年中开始，美国通胀水平也从低位开始暴涨并回到了2%以上。\n然后，美联储选择了停止QE1，结果CiC的增长率很快暴跌，美联储不得不开启QE2，让CiC的增长率再度暴涨，由此才将美国的通胀率维持在2%以上。\n当美国的通胀率维持在1%-2%水平的时候，美联储认为已经达成了货币目标，于是控制CiC的增长率缓慢下降，这一过程一直持续到2019年9月份，此后基本维持CiC低位增长。但随着2020年3月份全球新冠疫情的爆发，美国通胀率有急剧下降风险，美联储立即启动了无限QE，疯狂印钞，让CiC的增长率持续暴涨到近17%的历史极高位……\n今年3月份，美国的通胀率再度迅速上升，虽然还在持续QE，但美联储就又开始着手降低CiC的年化增长率，将其从近17%的高位降下来。\n观察最近一年半来美联储的负债项变化，可以清晰地发现美联储操纵CiC增长率的思路：\n先是通过无限QE印钞，资产负债表规模暴涨了80%以上；但同时，为避免市场上货币直接翻倍可能导致的资本市场及社会价值体系混乱，准备金和逆回购规模开始暴涨：准备金账户以超过100%的速度增加，而逆回购账户的增长率也接近100%。至于美国财政部账户，因为联邦政府要应对未来的疯狂撒钱，其增长率更是超过1000%……\n在这三个大项增长之下，社会上流通的货币增长率尽管达到了有史以来的最高水平，但也仅仅是超过了10%，从而确保整个社会流通美元的规模在一个相对正常的范围增长，不至于颠覆整个社会的美元价值基础。\n这一过程一直持续到2021年3月份，随着美国的通胀数据的“迅速超标”，美联储开始火速降低CiC的增长率，办法就是快速降低准备金的增速。另外，随着美国财政部的钱都被政府发给民众和企业，财政部账户额度的降速更是超过了50%。为抵消这个影响，美联储又强力启动逆回购账户，逆回购账户额度增速超过了500%……\n在这一系列大手笔操作之下，CiC的年化增长率开始逐渐降低，目前已经降低到了10%以下，向着“正常化”的水平迈进。\n显然，不管资产负债表总规模、准备金、逆回购或者政府账户（这个受美国财政部控制，不是美联储说了算）的额度如何剧烈变化，美联储的政策目标，就是始终保持社会上流通货币的“稳定增长”——在稳定增长的基础上，根据通货膨胀的高低，调整其增长率，进而对未来通胀加以操控。\n这就是美联储操纵美元通货膨胀的整体思路。\n以前，我曾经写过文章，告知大家关于各国政府统计部门对于通胀数据的操纵，但通胀操纵这事儿，可不仅仅是统计局一家的事儿，更是包括美联储在内各国央行的首要任务。\n实际上，就在2020年6月，随着CiC增长率的暴涨，根据历史规律，美联储已经很清楚， 2021年二季度美国的通胀必然会 “大大超标”，所以才提出来了所谓的“平均通胀目标制”，他们只是不确定这个“超标”能够超到什么程度而已。\n目前，大规模QE变成了美联储的“正常操作”，而且叠加了美国政府账户额度的剧烈变化。此时，美联储的准备金账户和逆回购账户，就像是吸收美元货币量剧烈变化的超级缓冲器。可以想象的是，在未来一年内，这两个账户还将持续发挥这种作用，并成为美联储操纵通胀的抓手。\n进一步地，鲍威尔为什么一直信誓旦旦地说，即使出现了通胀，美联储也有办法进行应对，其实也是对于调节准备金账户和逆回购账户的自信。\n这么一来，有人就问了，说现在CiC增长率已经迅速降低到了10%以下，开始向过去10年的平均水平看齐，而且美联储也信誓旦旦地说能够应对通胀——\n那么，现在美国的通胀是不是就真的是暂时的，像2008年的QE之后一样？\n虽然说，这是另外一个问题，但老实说，我个人觉得，结果可能不是美联储所宣称的那样。因为现在以及未来的全球经济状况，与2008年之后完全不一样。在以往文章里，我也多次强调，这一轮的通胀，大概率会持续下去。\n想想看，2002年年中，CiC的年化增长率，只是在极短时期内超过了10%，但在此后5年多的时间里，美国的通胀率在一半时间里都超过了3%……\n2020年初迄今的疯狂印钞之后，这一次的全球通胀，其严重性大概率会超过20年前。毕竟，通胀这玩意儿，有太多的内部和外部因素影响，可不像美联储的账户一样，自己想怎么玩，就怎么玩。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"QID":0.9,"SPY":0.9,"SDS":0.9,"SQQQ":0.9,"DDM":0.9,"SH":0.9,"SSO":0.9,"DOG":0.9,"ESmain":0.9,"IVV":0.9,"SPXU":0.9,".SPX":0.9,".IXIC":0.9,"OEX":0.9,"QQQ":0.9,".DJI":0.9,"TQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810709690,"gmtCreate":1630001799910,"gmtModify":1676530197386,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810709690","repostId":"1131333217","repostType":4,"repost":{"id":"1131333217","kind":"news","pubTimestamp":1629990960,"share":"https://ttm.financial/m/news/1131333217?lang=en_US&edition=fundamental","pubTime":"2021-08-26 23:16","market":"us","language":"zh","title":"5 financial report figures reveal the essence of JD.com","url":"https://stock-news.laohu8.com/highlight/detail?id=1131333217","media":"锌财经","summary":"本周，京东集团正式对外发布2021年第二季度财报，相比于2538亿元净收入等备受关注的大数字，31、40、55、450、800等5个看似不起眼的财报小数字，却让锌财经看到了京东的本质。\n31天：京东将","content":"<p>This week,<a href=\"https://laohu8.com/S/JD\">JD.com</a>The group officially released its financial report for the second quarter of 2021. Compared with the big figures that have attracted much attention such as the net income of 253.8 billion yuan, five seemingly inconspicuous small figures in the financial report such as 31, 40, 55, 450, and 800 have made Zinc Finance saw the essence of JD.com.</p><p>31 days: JD.com further reduced the inventory turnover days to 31 days, and the performance expense ratio dropped to 5.8%, setting the best level in history;</p><p>400,000 employees: The number of employees of listed companies and unlisted companies in JD.com system is nearly 400,000, an increase of nearly 120,000 compared with the same period last year, and employee salaries and welfare benefits have steadily improved;</p><p>550,000: JD.COM's infrastructure can cover more than 550,000 administrative villages across the country, and it is playing an increasingly important role in promoting urban and rural consumption equity and helping the development of township industries;</p><p>450: In one year,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>The number of warehouses in operation has increased by 450, which is equivalent to the total growth of warehouses in JD.COM from 2007 to 2017;</p><p>8 million: JD.com has over 8 million active corporate customers, which is the common choice of over 91% of the world's top 500 companies in China...</p><p>In the just-released financial report, there are still many such small figures with special significance. In the view of Zinc Finance, they may truly reflect the essence of JD.com.</p><p><img src=\"https://static.tigerbbs.com/26fb11e408a214b96e1a1800cc080bc7\" tg-width=\"641\" tg-height=\"425\" referrerpolicy=\"no-referrer\"></p><p><b>550,000, a marathon victory</b></p><p>In Milin County, Linzhi City, Tibet, which is 4,000 kilometers away from the headquarters of JD.COM, local consumers had to go to Lhasa, then transport it to Linzhi, and then to Milin County to buy an ordinary home appliance. It took 10 days to 1 month to receive the goods.</p><p>At the same time, on the plateau 4,000 meters above sea level in Xinghai County, Qinghai Province, 2,000 kilometers away, Yin Cuo, the stationmaster of JD.COM Express Station, was recruiting troops. In the past, she carried the express delivery service in this remote county in a \"one person, one stop\" way. In more than five years, she delivered nearly 200,000 orders and walked more than 250,000 kilometers. She has only one belief: to deliver every order well and serve every user well.</p><p>Although the Qinghai-Tibet Plateau is remote and inconvenient in transportation, and its daily consumption is limited, it has not hindered consumers' shopping desire.</p><p>In 2011, JD.COM built a self-operated distribution station in Tibet for the first time, and opened small and medium-sized delivery services; In 2015, JD.com opened a major appliance distribution service in Tibet; In 2017, JD.COM and Tibet Autonomous Region signed a comprehensive strategic cooperation agreement to speed up the investment and construction of warehousing and logistics in Tibet. After that, the warehousing and logistics center built by JD.COM in Lhasa was put into operation. This is the first e-commerce logistics center in Tibet, which has improved the online shopping time in Tibet from ten days and a half months to the fastest \"same-day delivery\" in Lhasa. In addition, in order to break the limitation of daily necessities consumption in Tibet, JD.COM will undertake national e-commerce demonstration projects in 47 counties in Tibet from 2020, and plans to open 100 convenience stores in Tibet this year.</p><p><img src=\"https://static.tigerbbs.com/4d1dda6ab30a9736f4dfc35bc7d7f220\" tg-width=\"969\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p>The Qinghai-Tibet Plateau is a microcosm of JD.com's accelerated expansion in recent years. According to the financial report, JD.COM's infrastructure has covered more than 550,000 administrative villages across the country. It has not only realized the expansion of JD.COM's territory, but also played an increasingly important role in promoting the equity of urban and rural consumption and helping the development of township industries.</p><p><b>450, a year to catch up with ten years of infrastructure maniac</b></p><p>Being able to achieve \"same-day delivery\" and \"next-day delivery\" directly reflects a kind of \"JD.COM speed\".</p><p>As of June 30, 2021, JD Logistics has operated about 1,200 warehouses, including the cloud warehouse area managed by JD Logistics, and the total warehousing area of JD Logistics is about 23 million square meters. In one year, the number of warehouses operated by JD Logistics increased by 450, which is equivalent to the total growth of warehouses in JD's ten years from 2007 to 2017.</p><p>In order to solve the transportation needs of some special drugs,<a href=\"https://laohu8.com/S/06618\">JD Health</a>In the second quarter, JD Logistics and JD Logistics successfully built a drug \"self-operated cold chain\" capability covering 100 cities in 12 provincial administrative regions across the country, which can effectively help JD Pharmacy accelerate the expansion of special drugs such as rare disease drugs.</p><p>It is also thanks to the infrastructure network all over the country that JD.com delivered materials to the disaster relief site as soon as possible when earthquakes occurred in Yangbi County, Dali Prefecture, Yunnan Province and Maduo County, Guoluo Prefecture, Qinghai Province in May this year; During the flood in Henan in July, a large number of flood control materials and daily necessities were allocated from the nearest warehouse to emergency aid to the disaster area; In August, we provided sufficient supply of daily necessities to cities such as Nanjing and Zhengzhou in areas with medium and high risk of the epidemic to ensure stable prices.</p><p>Up to now, JD Logistics has built six major networks, including warehousing network, comprehensive transportation network, last-mile distribution network, large-scale network, cold chain network and cross-border network. The service scope covers 550,000 administrative villages in China, 92% of districts, counties and 84% of towns and villages have achieved \"same-day delivery\" or \"next-day delivery\", and the global reach has exceeded 220 countries and regions.</p><p>It can be seen that the infrastructure maniac not only solves the \"last mile\" of enterprises in sales, but also makes up for the \"first mile\" of the supply chain. It has accelerated the global circulation of commodities and truly brought into play the maximum value.</p><p><b>31 days, hard-core innovation behind efficiency</b></p><p>The reason why JD.com can expand its infrastructure so aggressively is inseparable from years of continuous investment in technology.</p><p>Since the comprehensive transformation to technology in early 2017, JD.COM system has invested nearly 70 billion yuan in technology. Continuous technology investment has effectively improved JD.com's operational efficiency. In the second quarter, on the basis of self-operated products reaching 9 million SKUs, JD.com further reduced the inventory turnover days to 31 days, and the fulfillment expense rate dropped to 5.8%, setting a new record. The best level in history.</p><p>During this year's JD.com 618, JD.com<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The supply chain makes more than 400,000 intelligent supply chain decisions such as replenishment and allocation every day. JD.com has achieved intelligent supply chain collaboration with 64% of its self-operated suppliers. It is precisely the pre-sale pre-sale based on intelligent decision-making, thus achieving minute-level delivery in 200 cities.</p><p>As of June 30, JD Logistics has applied for and obtained more than 500 patents related to the field of unmanned distribution. As a new generation of advanced large-scale automated warehousing production and management system, Beidou Xincang can operate millions of SKUs and shorten the fulfillment time by 2-3 hours. In the terminal distribution link, JD Logistics has established a complete system for the research and development, testing and operation of autonomous driving technology; The L4 self-driving intelligent express vehicle with fully self-developed technology has been put into operation in more than 10 cities across the country.</p><p><img src=\"https://static.tigerbbs.com/33a1ad1e60df30965b8f0ba4fd891ae4\" tg-width=\"640\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>In addition, JD.COM Discovery Research Institute brings together more than 200 young scientists from all over the world to continue to promote innovative research in basic scientific fields such as trusted artificial intelligence, super deep learning, and quantum machine learning. Previously, JD.COM Discovery Research Institute and China Academy of Information and Communication Technology released the first White Paper on Trusted Artificial Intelligence in China to the world.</p><p>At present, JD Cloud has launched the industry's first hybrid cloud operating system \"Cloud Ship\", pushing the management of hybrid cloud to the operating system level for the first time; Relying on the cloud ship's open application market, JD Cloud also released the industry's first fully open PaaS ecosystem \"Cloud Building Plan\".</p><p>It can be said that from<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>JD.com, which has come out, has a strong technical gene, and is using continuously innovative technology as the cornerstone to exert more social value of a new entity enterprise.</p><p><b>8 million families, teach people how to fish and grow together</b></p><p>With large-scale infrastructure and innovative technology as the foundation, JD.com can contribute more social value and achieve common growth with many customers in the industrial chain.</p><p>It is reported that JD.COM has over 8 million active corporate customers, and the cooperation coverage rate of the world's top 500 companies reaches 91%. The reason for this achievement is JD.COM's many years of experience in the field of enterprise procurement.</p><p>Especially during the epidemic prevention and control period in 2020, JD.COM's enterprise business continued to guarantee the supply of materials for epidemic prevention and resumption of work and production of various enterprises, providing strong support for the non-stop swing of people's livelihood services and public services. During the economic recovery period, JD.COM's enterprise business also rushed to resume work and production,<a href=\"https://laohu8.com/S/0KFX.UK\">Danone</a>The front line of reaching production. In March, when the epidemic eased, JD.COM's enterprise business launched the \"Enterprise Return to Work Guarantee Plan\" for the first time, actively responding to the material needs from the government, medical, railway, rail transit and other industries, and serving over 1.31 million enterprise customers in total.</p><p>Song Chunzheng, vice president of JD.COM Group and president of the Enterprise Business Division, once said that as the largest comprehensive platform for enterprise digital procurement, JD.COM's enterprise business will continue to deepen technological innovation and industrial collaboration, and while providing more valuable services to enterprise customers, it will drive the enterprise service market to form a benign ecology of win-win development, and contribute to the recovery of Chinese enterprises and the Chinese economy in its own way.</p><p>Today, more than 1,000 manufacturing companies have improved their new product development capabilities with the help of the C2M reverse supply chain created by JD.COM, which will increase to 10,000 manufacturing companies in the next three years; 59,000 enterprises are using the integrated supply chain services provided by JD Logistics, achieving cost reduction and efficiency increase; More than 1,300 large enterprises and more than 1.2 million small, medium and micro enterprises are using the one-stop digital and intelligent technology services provided by JD Cloud.</p><p>It is better to teach a man to fish than to teach him to fish. JD.com is using its own actions to prove that it is not a dream to achieve common prosperity for all partners in the industry chain.</p><p><b>400,000 people, build compliant development with sweat</b></p><p>The purpose of technological development is not to replace people, but to better serve them. JD.com has always been committed to improving work efficiency and reducing work intensity through technological innovation, so that employees can have more sense of gain, belonging and happiness.</p><p>As of June 30, 2021, the number of employees of listed companies and unlisted companies in the JD.com system is nearly 400,000 (some listed companies have more than 320,000 employees except part-time employees and interns, ranking among the top private enterprises), compared with the same period last year Nearly 120,000 people were added.</p><p>In the first half of this year, the average monthly salary paid by JD Logistics to 260,000 front-line employees exceeded 11,000 yuan. Unlike most express delivery companies, JD.COM has nearly 300,000 blue-collar workers, including delivery brothers, all of whom are regular employees and have signed formal labor contracts. JD.COM provides logistics brothers with six insurances and one gold including commercial insurance for accidental injuries.</p><p><img src=\"https://static.tigerbbs.com/fcde507599867fa58735921c74588c01\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Not long ago, JD.com announced that from July 1, 2021 to July 1, 2023, it will take two years to gradually increase the average annual salary of employees from 14 salaries to 16 salaries; In addition, JD.com also provides employees with a series of benefits such as \"Housing Plan\", employee relief fund, reunion subsidy for children of overtime employees during the Spring Festival, special environmental subsidy, and COVID-19 pandemic insurance.</p><p>JD.COM has always adhered to the simplest business logic: an enterprise is good to its employees, employees can serve customers with sincerity, and customers can give back to the enterprise with trust.</p><p>It can be seen from the treatment of front-line employees at the most basic level that JD.com has already deeply integrated the concept of \"compliance is development\" into various businesses of the enterprise.</p><p><b>Big JD.com, the values of entity enterprises</b></p><p>From the \"three-foot counter\" in Zhongguancun 18 years ago, JD.com is still a<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>At that time, despite the tremendous pressure of survival, everyone is determined to take the right path, do practical things, and do not sell parallel imports and fake goods, do not evade taxes, and do not pay bribes. Today, in the 2021 Fortune Global 500 list published by Fortune, JD.com's ranking has risen to 59th place.</p><p>\"Since its establishment 18 years ago, JD.COM has always insisted on putting the interests of users, partners and employees first, and has long adhered to the right business values.\" Liu Qiangdong, chairman and CEO of JD.COM Group, said that today, JD.COM has grown into China's leading supply chain-based technology and service enterprise, serving millions of expanding business partners and 532 million users. With hundreds of thousands of full-time employees and a modern intelligent supply chain and infrastructure network, JD.com has grown into a new entity enterprise rooted in and serving the long-term development of China's real economy.</p><p>A JD.COM with an increasing scale, a growing social influence and a growing social value is gradually taking shape.</p><p>In the view of Zinc Finance, 31, 40, 55, 450, 800... such groups of small numbers that are inconspicuous in the financial report can actually better reflect the values and creations that JD.com adheres to as a new entity enterprise. Social value, perhaps this is the essence of JD.com.</p>","source":"lsy1568892980557","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>5 financial report figures reveal the essence of JD.com</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\">\n5 financial report figures reveal the essence of JD.com\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">锌财经</strong><span class=\"h-time small\">2021-08-26 23:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This week,<a href=\"https://laohu8.com/S/JD\">JD.com</a>The group officially released its financial report for the second quarter of 2021. Compared with the big figures that have attracted much attention such as the net income of 253.8 billion yuan, five seemingly inconspicuous small figures in the financial report such as 31, 40, 55, 450, and 800 have made Zinc Finance saw the essence of JD.com.</p><p>31 days: JD.com further reduced the inventory turnover days to 31 days, and the performance expense ratio dropped to 5.8%, setting the best level in history;</p><p>400,000 employees: The number of employees of listed companies and unlisted companies in JD.com system is nearly 400,000, an increase of nearly 120,000 compared with the same period last year, and employee salaries and welfare benefits have steadily improved;</p><p>550,000: JD.COM's infrastructure can cover more than 550,000 administrative villages across the country, and it is playing an increasingly important role in promoting urban and rural consumption equity and helping the development of township industries;</p><p>450: In one year,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>The number of warehouses in operation has increased by 450, which is equivalent to the total growth of warehouses in JD.COM from 2007 to 2017;</p><p>8 million: JD.com has over 8 million active corporate customers, which is the common choice of over 91% of the world's top 500 companies in China...</p><p>In the just-released financial report, there are still many such small figures with special significance. In the view of Zinc Finance, they may truly reflect the essence of JD.com.</p><p><img src=\"https://static.tigerbbs.com/26fb11e408a214b96e1a1800cc080bc7\" tg-width=\"641\" tg-height=\"425\" referrerpolicy=\"no-referrer\"></p><p><b>550,000, a marathon victory</b></p><p>In Milin County, Linzhi City, Tibet, which is 4,000 kilometers away from the headquarters of JD.COM, local consumers had to go to Lhasa, then transport it to Linzhi, and then to Milin County to buy an ordinary home appliance. It took 10 days to 1 month to receive the goods.</p><p>At the same time, on the plateau 4,000 meters above sea level in Xinghai County, Qinghai Province, 2,000 kilometers away, Yin Cuo, the stationmaster of JD.COM Express Station, was recruiting troops. In the past, she carried the express delivery service in this remote county in a \"one person, one stop\" way. In more than five years, she delivered nearly 200,000 orders and walked more than 250,000 kilometers. She has only one belief: to deliver every order well and serve every user well.</p><p>Although the Qinghai-Tibet Plateau is remote and inconvenient in transportation, and its daily consumption is limited, it has not hindered consumers' shopping desire.</p><p>In 2011, JD.COM built a self-operated distribution station in Tibet for the first time, and opened small and medium-sized delivery services; In 2015, JD.com opened a major appliance distribution service in Tibet; In 2017, JD.COM and Tibet Autonomous Region signed a comprehensive strategic cooperation agreement to speed up the investment and construction of warehousing and logistics in Tibet. After that, the warehousing and logistics center built by JD.COM in Lhasa was put into operation. This is the first e-commerce logistics center in Tibet, which has improved the online shopping time in Tibet from ten days and a half months to the fastest \"same-day delivery\" in Lhasa. In addition, in order to break the limitation of daily necessities consumption in Tibet, JD.COM will undertake national e-commerce demonstration projects in 47 counties in Tibet from 2020, and plans to open 100 convenience stores in Tibet this year.</p><p><img src=\"https://static.tigerbbs.com/4d1dda6ab30a9736f4dfc35bc7d7f220\" tg-width=\"969\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p>The Qinghai-Tibet Plateau is a microcosm of JD.com's accelerated expansion in recent years. According to the financial report, JD.COM's infrastructure has covered more than 550,000 administrative villages across the country. It has not only realized the expansion of JD.COM's territory, but also played an increasingly important role in promoting the equity of urban and rural consumption and helping the development of township industries.</p><p><b>450, a year to catch up with ten years of infrastructure maniac</b></p><p>Being able to achieve \"same-day delivery\" and \"next-day delivery\" directly reflects a kind of \"JD.COM speed\".</p><p>As of June 30, 2021, JD Logistics has operated about 1,200 warehouses, including the cloud warehouse area managed by JD Logistics, and the total warehousing area of JD Logistics is about 23 million square meters. In one year, the number of warehouses operated by JD Logistics increased by 450, which is equivalent to the total growth of warehouses in JD's ten years from 2007 to 2017.</p><p>In order to solve the transportation needs of some special drugs,<a href=\"https://laohu8.com/S/06618\">JD Health</a>In the second quarter, JD Logistics and JD Logistics successfully built a drug \"self-operated cold chain\" capability covering 100 cities in 12 provincial administrative regions across the country, which can effectively help JD Pharmacy accelerate the expansion of special drugs such as rare disease drugs.</p><p>It is also thanks to the infrastructure network all over the country that JD.com delivered materials to the disaster relief site as soon as possible when earthquakes occurred in Yangbi County, Dali Prefecture, Yunnan Province and Maduo County, Guoluo Prefecture, Qinghai Province in May this year; During the flood in Henan in July, a large number of flood control materials and daily necessities were allocated from the nearest warehouse to emergency aid to the disaster area; In August, we provided sufficient supply of daily necessities to cities such as Nanjing and Zhengzhou in areas with medium and high risk of the epidemic to ensure stable prices.</p><p>Up to now, JD Logistics has built six major networks, including warehousing network, comprehensive transportation network, last-mile distribution network, large-scale network, cold chain network and cross-border network. The service scope covers 550,000 administrative villages in China, 92% of districts, counties and 84% of towns and villages have achieved \"same-day delivery\" or \"next-day delivery\", and the global reach has exceeded 220 countries and regions.</p><p>It can be seen that the infrastructure maniac not only solves the \"last mile\" of enterprises in sales, but also makes up for the \"first mile\" of the supply chain. It has accelerated the global circulation of commodities and truly brought into play the maximum value.</p><p><b>31 days, hard-core innovation behind efficiency</b></p><p>The reason why JD.com can expand its infrastructure so aggressively is inseparable from years of continuous investment in technology.</p><p>Since the comprehensive transformation to technology in early 2017, JD.COM system has invested nearly 70 billion yuan in technology. Continuous technology investment has effectively improved JD.com's operational efficiency. In the second quarter, on the basis of self-operated products reaching 9 million SKUs, JD.com further reduced the inventory turnover days to 31 days, and the fulfillment expense rate dropped to 5.8%, setting a new record. The best level in history.</p><p>During this year's JD.com 618, JD.com<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The supply chain makes more than 400,000 intelligent supply chain decisions such as replenishment and allocation every day. JD.com has achieved intelligent supply chain collaboration with 64% of its self-operated suppliers. It is precisely the pre-sale pre-sale based on intelligent decision-making, thus achieving minute-level delivery in 200 cities.</p><p>As of June 30, JD Logistics has applied for and obtained more than 500 patents related to the field of unmanned distribution. As a new generation of advanced large-scale automated warehousing production and management system, Beidou Xincang can operate millions of SKUs and shorten the fulfillment time by 2-3 hours. In the terminal distribution link, JD Logistics has established a complete system for the research and development, testing and operation of autonomous driving technology; The L4 self-driving intelligent express vehicle with fully self-developed technology has been put into operation in more than 10 cities across the country.</p><p><img src=\"https://static.tigerbbs.com/33a1ad1e60df30965b8f0ba4fd891ae4\" tg-width=\"640\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p>In addition, JD.COM Discovery Research Institute brings together more than 200 young scientists from all over the world to continue to promote innovative research in basic scientific fields such as trusted artificial intelligence, super deep learning, and quantum machine learning. Previously, JD.COM Discovery Research Institute and China Academy of Information and Communication Technology released the first White Paper on Trusted Artificial Intelligence in China to the world.</p><p>At present, JD Cloud has launched the industry's first hybrid cloud operating system \"Cloud Ship\", pushing the management of hybrid cloud to the operating system level for the first time; Relying on the cloud ship's open application market, JD Cloud also released the industry's first fully open PaaS ecosystem \"Cloud Building Plan\".</p><p>It can be said that from<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>JD.com, which has come out, has a strong technical gene, and is using continuously innovative technology as the cornerstone to exert more social value of a new entity enterprise.</p><p><b>8 million families, teach people how to fish and grow together</b></p><p>With large-scale infrastructure and innovative technology as the foundation, JD.com can contribute more social value and achieve common growth with many customers in the industrial chain.</p><p>It is reported that JD.COM has over 8 million active corporate customers, and the cooperation coverage rate of the world's top 500 companies reaches 91%. The reason for this achievement is JD.COM's many years of experience in the field of enterprise procurement.</p><p>Especially during the epidemic prevention and control period in 2020, JD.COM's enterprise business continued to guarantee the supply of materials for epidemic prevention and resumption of work and production of various enterprises, providing strong support for the non-stop swing of people's livelihood services and public services. During the economic recovery period, JD.COM's enterprise business also rushed to resume work and production,<a href=\"https://laohu8.com/S/0KFX.UK\">Danone</a>The front line of reaching production. In March, when the epidemic eased, JD.COM's enterprise business launched the \"Enterprise Return to Work Guarantee Plan\" for the first time, actively responding to the material needs from the government, medical, railway, rail transit and other industries, and serving over 1.31 million enterprise customers in total.</p><p>Song Chunzheng, vice president of JD.COM Group and president of the Enterprise Business Division, once said that as the largest comprehensive platform for enterprise digital procurement, JD.COM's enterprise business will continue to deepen technological innovation and industrial collaboration, and while providing more valuable services to enterprise customers, it will drive the enterprise service market to form a benign ecology of win-win development, and contribute to the recovery of Chinese enterprises and the Chinese economy in its own way.</p><p>Today, more than 1,000 manufacturing companies have improved their new product development capabilities with the help of the C2M reverse supply chain created by JD.COM, which will increase to 10,000 manufacturing companies in the next three years; 59,000 enterprises are using the integrated supply chain services provided by JD Logistics, achieving cost reduction and efficiency increase; More than 1,300 large enterprises and more than 1.2 million small, medium and micro enterprises are using the one-stop digital and intelligent technology services provided by JD Cloud.</p><p>It is better to teach a man to fish than to teach him to fish. JD.com is using its own actions to prove that it is not a dream to achieve common prosperity for all partners in the industry chain.</p><p><b>400,000 people, build compliant development with sweat</b></p><p>The purpose of technological development is not to replace people, but to better serve them. JD.com has always been committed to improving work efficiency and reducing work intensity through technological innovation, so that employees can have more sense of gain, belonging and happiness.</p><p>As of June 30, 2021, the number of employees of listed companies and unlisted companies in the JD.com system is nearly 400,000 (some listed companies have more than 320,000 employees except part-time employees and interns, ranking among the top private enterprises), compared with the same period last year Nearly 120,000 people were added.</p><p>In the first half of this year, the average monthly salary paid by JD Logistics to 260,000 front-line employees exceeded 11,000 yuan. Unlike most express delivery companies, JD.COM has nearly 300,000 blue-collar workers, including delivery brothers, all of whom are regular employees and have signed formal labor contracts. JD.COM provides logistics brothers with six insurances and one gold including commercial insurance for accidental injuries.</p><p><img src=\"https://static.tigerbbs.com/fcde507599867fa58735921c74588c01\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Not long ago, JD.com announced that from July 1, 2021 to July 1, 2023, it will take two years to gradually increase the average annual salary of employees from 14 salaries to 16 salaries; In addition, JD.com also provides employees with a series of benefits such as \"Housing Plan\", employee relief fund, reunion subsidy for children of overtime employees during the Spring Festival, special environmental subsidy, and COVID-19 pandemic insurance.</p><p>JD.COM has always adhered to the simplest business logic: an enterprise is good to its employees, employees can serve customers with sincerity, and customers can give back to the enterprise with trust.</p><p>It can be seen from the treatment of front-line employees at the most basic level that JD.com has already deeply integrated the concept of \"compliance is development\" into various businesses of the enterprise.</p><p><b>Big JD.com, the values of entity enterprises</b></p><p>From the \"three-foot counter\" in Zhongguancun 18 years ago, JD.com is still a<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>At that time, despite the tremendous pressure of survival, everyone is determined to take the right path, do practical things, and do not sell parallel imports and fake goods, do not evade taxes, and do not pay bribes. Today, in the 2021 Fortune Global 500 list published by Fortune, JD.com's ranking has risen to 59th place.</p><p>\"Since its establishment 18 years ago, JD.COM has always insisted on putting the interests of users, partners and employees first, and has long adhered to the right business values.\" Liu Qiangdong, chairman and CEO of JD.COM Group, said that today, JD.COM has grown into China's leading supply chain-based technology and service enterprise, serving millions of expanding business partners and 532 million users. With hundreds of thousands of full-time employees and a modern intelligent supply chain and infrastructure network, JD.com has grown into a new entity enterprise rooted in and serving the long-term development of China's real economy.</p><p>A JD.COM with an increasing scale, a growing social influence and a growing social value is gradually taking shape.</p><p>In the view of Zinc Finance, 31, 40, 55, 450, 800... such groups of small numbers that are inconspicuous in the financial report can actually better reflect the values and creations that JD.com adheres to as a new entity enterprise. Social value, perhaps this is the essence of JD.com.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3sKk9WFSihH_VJsoHAhqnw\">锌财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/847d34c1e3c7971d406d09709e533466","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","09618":"京东集团-SW","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s/3sKk9WFSihH_VJsoHAhqnw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131333217","content_text":"本周，京东集团正式对外发布2021年第二季度财报，相比于2538亿元净收入等备受关注的大数字，31、40、55、450、800等5个看似不起眼的财报小数字，却让锌财经看到了京东的本质。\n31天：京东将库存周转天数进一步降至31天，履约费用率降至5.8%，再创历史最优水平；\n40万人：京东体系上市公司及非上市公司员工数近40万人，较去年同期新增了近12万人，员工薪酬、福利待遇稳步提升；\n55万个：京东基础设施可覆盖全国55万多个行政村，在促进城乡消费公平、助力乡镇产业发展方面正发挥着越来越重要的作用；\n450个：一年间，京东物流运营的仓库数量增加了450个，这个数字相当于京东从2007年开始自建物流到2017年十年间的仓库增长总量；\n800万家：京东拥有超800万活跃企业客户，是超91%在华世界500强企业的共同选择……\n在刚刚发布的财报中，这样有着特殊意义的小数字还有很多，在锌财经看来，它们也许才能真正反应出京东的本质。\n\n55万个，一场马拉松般的胜利\n在距离京东总部车程4000公里外的西藏林芝市米林县，此前当地消费者要购买一件普通大家电，需要先到拉萨、再运到林芝，然后到米林县，收到货要10天至1个月。\n同一时间，在车程2000公里外的青海省兴海县海拔4000米的高原上，京东快递站站长银错正在招兵买马。以前，她以“一人一站”的方式扛下了这个偏远县城的快递服务，五年多的时间，配送了近20万单，行走了超过25万公里。她的信念只有一个：送好每一个单子，服务好每一个用户。\n虽然，青藏高原地处偏远、交通不便，日常消费受到很多局限，但并没有阻碍消费者的购物欲望。\n2011年，京东第一次在西藏建设自营配送站，开通中小件配送服务；2015年京东在西藏开通大家电配送服务；2017年，京东和西藏自治区签署全面战略合作协议，加快在西藏仓储物流的投资和建设。之后，京东在拉萨建造的仓储物流中心投入运营，这是西藏第一个电商物流中心，把西藏的网购时效从十天半个月提升到了最快拉萨“当日达”。此外，为了打破西藏地区日用品消费的局限，2020年起京东承接西藏47个县的国家级电子商务示范项目，计划今年在西藏落地100家便利店。\n\n青藏高原，是这几年京东加速扩张的一个缩影。据财报显示，京东基础设施已覆盖全国55万多个行政村。不仅实现了京东版图的扩张，更是在促进城乡消费公平、助力乡镇产业发展方面发挥出越来越重要的作用。\n450个，一年赶十年的基建狂魔\n能做到“当日达”和“次日达”，直接反映出的是一种“京东速度”。\n截至2021年6月30日，京东物流已经运营约1200个仓库，包含京东物流管理的云仓面积在内，京东物流仓储总面积约2300万平方米。一年间，京东物流运营的仓库数量增加了450个，这个数字相当于京东从2007年开始自建物流到2017年十年间的仓库增长总量。\n为了解决若干特殊药品的运输需求，京东健康在第二季度和京东物流成功构建了覆盖全国12个省级行政区内100个城市的药品“自营冷链”能力，可以有效地帮助京东大药房加速扩充如罕见病用药等特殊药品。\n也正是得益于遍布全国的基础设施网络，京东在今年5月份云南大理州漾濞县和青海果洛州玛多县发生地震时，第一时间将物资送达救灾现场；在7月份河南发生汛情期间，能够从距离最近的仓库调拨大批防汛物资和生活物资紧急驰援灾区；在8月份为南京、郑州等出现疫情中高风险地区的城市，提供充足的日用物资供应，确保价格平稳。\n截至目前，京东物流构建的仓储网络、综合运输网络、最后一公里配送网络、大件网络、冷链网络及跨境网络等六大网络，服务范围覆盖了中国55万个行政村，92%区县、84%乡镇实现“当日达”或“次日达”，而全球可触达也已超过220国家和地区。\n由此可见，基建狂魔，不仅解决了企业在销售中的“最后一公里”，也补上了供应链的“最初一公里”。加速了商品的全域流通，真正发挥出最大价值。\n31天，效率背后的硬核创新力\n京东之所以能如此激进地扩建基础设施，离不开多年对技术的持续投入。\n从2017年初全面向技术转型以来，京东体系已在技术上累计投入近700亿元。持续的技术投入有效地提升了京东的运营效率，第二季度，在自营商品达到900万SKU的基础上，京东将库存周转天数进一步降至31天，履约费用率降至5.8%，再创历史最优水平。\n在今年京东618期间，京东智能供应链每天要给出超40万条补货、调拨等供应链智能决策，京东与64%的自营供应商实现了智能供应链协同，正是基于智能决策的预售前置，从而在200个城市实现分钟级送达。\n截至6月30日，京东物流已申请及获得的无人配送领域相关专利超过500项。北斗新仓作为新一代先进的大规模自动化仓储生产与管理体系，可操作百万级SKU，可以将履约时间缩短2-3小时。在末端配送环节，京东物流建立了自动驾驶技术研发、测试和运营的完整体系；拥有全自研技术的L4级别自动驾驶智能快递车，已在全国超10个城市投入运营。\n\n此外，京东探索研究院汇集全球200多名青年科学家，在可信人工智能、超级深度学习、量子机器学习等基础科学领域持续推进创新研究。此前，京东探索研究院联合中国信息通信研究院面向全球发布国内首部《可信人工智能白皮书》。\n目前，京东云已推出行业首个混合云操作系统“云舰”，第一次将混合云的管理推向了操作系统级别；依托云舰开放应用市场，京东云还发布行业首个全面开放的PaaS生态“云筑计划”。\n可以说，从中关村走出来的京东，身上具备着浓厚的技术基因，正通过不断创新的技术作为基石，发挥出新型实体企业的更多社会价值。\n800万家，授人以渔的共同成长\n在有了大规模的基础设施以及创新的技术作为基础，京东可以贡献更多的社会价值，实现与产业链的众多客户共同成长。\n据悉，京东拥有超800万活跃企业客户，世界500强的合作覆盖率达91%。之所以取得这样的成绩，是京东在企业采购领域深耕多年的经验。\n特别是在2020年疫情防控期间，京东企业业务持续保障各类企业的防疫及复工复产物资供给，为民生服务、公共服务的不停摆提供了有力支持。在经济复苏期间，京东企业业务也冲在了复工复产、达能达产的第一线。疫情缓解的3月，京东企业业务第一时间启动“企业复工保障计划”，积极响应来自政府以及医疗、铁路、轨道交通等行业的物资需求，累计服务超131万企业客户。\n京东集团副总裁、企业业务事业部总裁宋春正曾表示，作为最大的企业数字化采购综合平台，京东企业业务将会不断深化技术创新和产业协同，在为企业客户提供更有价值服务的同时，带动企业服务市场形成共赢发展的良性生态，以自己的方式为中国企业与中国经济的复苏贡献力量。\n如今，超过1000家制造企业借助京东打造的C2M反向供应链提升新品开发能力，未来三年将提升到10000家制造企业；有5.9万家企业在使用京东物流提供的一体化供应链服务，实现了降本增效；1300多家大型企业、超120万家中小微企业在使用京东云提供的一站式数智化技术服务。\n授人以鱼，不如授人以渔。京东正用自己的行动证明，实现产业链全部合作伙伴的共同富裕，不是梦。\n40万人，用汗水筑就合规发展\n技术发展的目的不是替代人，而是更好地服务人。京东始终致力于通过技术创新，提升工作效率，降低工作强度，让员工拥有更多的获得感、归属感和幸福感。\n截至2021年6月30日，京东体系上市公司及非上市公司员工数近40万人（上市公司部分除兼职人员以及实习生外超过32万名员工，位居民营企业前列），较去年同期新增了近12万人。\n今年上半年，京东物流为26万一线员工支付的月平均工资支出超过1.1万元。与多数快递企业不同，京东包括送货小哥在内的近30万蓝领，全部都是正式员工，签订正规的劳动合同，京东为物流小哥提供了包括意外伤害商业保险在内的六险一金。\n\n前不久，京东集团宣布，自2021年7月1日开始到2023年7月1日，用两年时间，将员工平均年薪由14薪逐步涨至16薪；此外，京东还为员工提供诸如“安居计划”、员工救助基金、春节期间加班员工子女团聚补贴、特殊环境补贴、及新冠疫情险等一系列福利。\n京东始终坚持一个最朴素的商业逻辑：企业对员工好，员工才能用真心去服务客户，客户才能用信赖回馈企业。\n从最基层的一线员工待遇中就可以看出，京东早已将“合规即发展”的理念深深地融入企业各项业务中。\n大京东，实体企业的价值观\n从18年前中关村的“三尺柜台”开始，京东还是一家创业公司时，尽管承受着巨大的生存压力，但是每个人都坚定的走正道、做实事，不卖水货假货、不偷税漏税、不行贿受贿。时至今日，在《财富》公布的2021年世界500强榜单，京东集团排名已提升至第59位。\n“京东成立的18年来，始终坚持把用户、合作伙伴和员工的利益放在第一位，并长期坚持正道商业价值观。”京东集团董事会主席兼首席执行官刘强东表示，今天，京东已经成长为中国领先的以供应链为基础的技术与服务企业，服务着不断扩大的数百万计的业务伙伴和5.32亿用户。京东拥有几十万名全职员工以及现代化的智能供应链和基础设施网络，已成长为一家根植于、并服务于中国实体经济长期发展的新型实体企业。\n一个规模越来越大、一个社会影响越来越大、一个社会价值越来越大的京东正在渐次成型。\n在锌财经看来，31、40、55、450、800……这样一组又一组在财报中不起眼的小数字，其实更能反映出京东作为新型实体企业，所坚守的价值观、所创造的社会价值，也许这才是京东的本质。","news_type":1,"symbols_score_info":{"JD":0.9,"QNETCN":0.9,"09618":0.9}},"isVote":1,"tweetType":1,"viewCount":2656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810446854,"gmtCreate":1629997262778,"gmtModify":1676530197074,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810446854","repostId":"1135489091","repostType":4,"isVote":1,"tweetType":1,"viewCount":1575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837158684,"gmtCreate":1629867117648,"gmtModify":1676530156855,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837158684","repostId":"2162303853","repostType":4,"repost":{"id":"2162303853","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1629851039,"share":"https://ttm.financial/m/news/2162303853?lang=en_US&edition=fundamental","pubTime":"2021-08-25 08:23","market":"hk","language":"zh","title":"Is the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different","url":"https://stock-news.laohu8.com/highlight/detail?id=2162303853","media":"券商中国","summary":"恒生指数罕见破净 史上仅出现3次 这次很不一样？　　8月24日，恒生科技指数大涨7.06%，创史上第二大单日涨幅，这距离恒生指数市净率降至0.98倍、跌破净资产仅一个交易日。就在本次反弹前，港股的恒生指数跌破了市净率。港股基金艰难，基金经理判断底部已至　　与此同时，在恒生指数跌破净资产之际，重仓港股的基金年内收益名列倒数。","content":"<p>After the index broke the net and Hong Kong stock funds ranked first and second at the bottom, the Hong Kong stock index ushered in a landmark rebound.</p><p>On August 24, the Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. This was only one trading day after the price-to-book ratio of the Hang Seng Index fell to 0.98 times and fell below net assets. Considering that the Hong Kong stock market has transformed into a new economic market dominated by high technology rather than bank real estate, this phenomenon of falling below net assets particularly highlights the attractiveness after wrong killing.</p><p>Ran Linghao of Dacheng Fund believes that the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>After a long drought, Hong Kong stocks finally exploded</p><p>After continuous adjustments, fund managers finally waited for an important rebound in Hong Kong stocks.</p><p>The Hang Seng Index rose 2.46% on August 24, and the Hang Seng China Enterprises Index closed up 3.21%; The Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. In terms of fund holdings, Meituan Company closed up 13.51%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Rose 10.22%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 8.81%.</p><p>The surge in Hong Kong stocks on August 24 was more like a super counterattack by bargain-hunting funds. Just before this rebound, the Hang Seng Index of Hong Kong stocks fell below the price-to-book ratio. After a week of continuous decline last week, the price-to-book ratio of the Hang Seng Index once fell to 0.98 times on August 20, falling below net assets. This data is at the 1% quantile level since 2002, which means that the price-to-book ratio valuation of the Hang Seng Index is lower than 99% of the time since 2002.</p><p>It is worth mentioning that the Hang Seng Index has also had three major \"net-breaking\" ranges before, which occurred in 1998<a href=\"https://laohu8.com/S/00662\">Asian Finance</a>The crisis, the A-share circuit breaker in early 2016, and the continued decline of Hong Kong stocks in 2020. However, this year's net breaks are obviously different from the previous three times. During the first three \"net breaks\", the Hang Seng Index still used the financial sector with low valuation and low price-to-book ratio as the main weight industry. However, in recent years, with the continuous optimization of the Hong Kong stock market and index policies, the proportion of the new economic sector of Hong Kong stocks will continue to increase.</p><p>A Chinese reporter from a brokerage firm learned from an interview that the proportion of new economy companies in the average daily turnover of the Hong Kong stock market has increased from 4% in 2018 to 20% at the end of the first quarter of 2021. In the first quarter of this year, new economy companies The IPO funds raised in Hong Kong have reached a new climax, and this proportion has increased to 95%. Hong Kong stocks are becoming more and more new economic and are shaping a new economic form for Hong Kong stocks.</p><p>Against the background of a relatively high proportion of technology stocks in the Hong Kong stock market, the current \"net-breaking\" signal may be more obvious than the previous three \"net-breaking\" signals, that is, Hong Kong stocks, a new economic market dominated by technology stocks, may be significantly undervalued.</p><p>\"The valuation of the Hang Seng Technology Index is already very low, but its growth remains at a high level, and its PEG is lower than the GEM Index and the Nasdaq 100 Index.\" Ran Linghao of Dacheng Fund said that corresponding to the current situation, the Hang Seng Technology Index P/E in 2021 is 33 times, P/E in 2022 is 25 times, and P/E in 2023 is 20 times. The corresponding compound annualized profit growth rate will reach more than 30%. The valuation of PEG is low, especially for the main heavyweights of the Hang Seng Technology Index.</p><p>Hong Kong stock funds are struggling, fund managers judge that the bottom has reached</p><p>At the same time, when the Hang Seng Index fell below net assets, funds with heavy positions in Hong Kong stocks ranked the bottom in terms of returns during the year. The data shows that as of August 24, China Universal Hong Kong Hybrid Fund has lost 24.79% this year, ranking first among active equity funds during the year. The second largest loss during the year was E Fund Asia Select Fund, with a loss of 24.11% during the year. The main positions of the fund are also concentrated in the Hong Kong stock market.</p><p>However, whether it is China Universal Hong Kong Hybrid Fund or E Fund Asia Select Fund, the Hong Kong-listed companies with core positions are all high-quality new economic leaders. Therefore, the performance ranking of related fund products with heavy positions in Hong Kong stocks ranks bottom, which further highlights that the adjustment of Hong Kong stocks seems to have entered a moment of panic and greed.</p><p>The Hang Seng Index falling below the price-to-book ratio is obviously a symbolic signal, but some big names actually started bargain hunting as early as the beginning of the month.</p><p>On the evening of August 9, Li Ka-shing's Hong Kong-listed company<a href=\"https://laohu8.com/S/00001\">Changhe</a>The company announced that it will repurchase 650,000 shares on August 9, 2021, at a cost of HK $37.5089 million, with the highest repurchase price of HK $58.05 and the lowest repurchase price of HK $57.45. On August 6, it spent HK $52.091 million to repurchase 900,000 shares, and the price per share was also around HK $58. CKH Hutchison has repurchased 9.2975 million shares in the past three months, accounting for 0.24% of the issued share capital.</p><p>It is worth noting that the repurchases of leading companies related to Hong Kong stocks have further enhanced the confidence of bargain-hunting funds.</p><p>After August 19, Tencent Holdings continued to repurchase on the 20th, 23rd, and 24th, repurchasing a total of 650,000 shares for 4 consecutive trading days, spending a total of 290 million Hong Kong dollars. Tencent Holdings announced that it repurchased 22,600 shares on the 24th at a cost of HK $10.2005 million. The repurchase price was between HK $450.6 and HK $451.6 per share, marking the fourth consecutive trading day of repurchases.</p><p><a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>It also released a research report stating that it maintains Tencent Holdings' \"buy\" rating and gives PE35-38x in 2022, corresponding to a target price of 700-750 Hong Kong dollars. The agency believes that the revenue of online game business is 43 billion yuan, a year-on-year increase of 12%. Basically in line with consensus expectations. Its<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Revenue (including social accounts) was 40.8 billion yuan, a year-on-year increase of 13%, and the bank estimates that the turnover will increase by about 3% year-on-year. Client game revenue increased by 1% year-on-year to 11 billion yuan, exceeding consensus expectations by 1%. Overseas game revenue increased by 29% year-on-year to 10.8 billion yuan, and the actual growth rate after excluding the impact of currency exchange rate was 37%; Accounting for 25% of online game revenue.</p><p>In the eyes of many institutions, Hong Kong stocks with substantial discounts have entered the range of gradual layout.<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>It is believed that in the long run, due to the recent stock price adjustment of Internet companies, the investment value has become prominent. The intention of supervision is not to curb Internet companies from becoming bigger and stronger. Future policies are likely to tend to regulate the development of the industry rather than subvert it. The standardized Internet companies will remain the most potential and dynamic part of China's economy in the future.</p><p>In addition, judging from the experience of U.S. stocks, Internet companies have also faced many regulatory pressures, but the risk and probability of business splitting are low. Most companies are still flourishing and rejuvenating after regulation. At present, under regulatory pressure, the Internet giants in Hong Kong stocks have experienced low valuation levels that are rare in history. This is a rare buying opportunity for long-term funds.</p><p>Dacheng<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Fund manager Ran Linghao believes that the performance of Hong Kong stocks in 2020 is obviously not as good as that of US stocks and A shares, but the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>Ran Linghao reiterated the view that the Hang Seng Technology Index has basically reached the bottom range, but believes that the rebound may not come so quickly, because the market needs time to thoroughly digest the policy impact and negative news, during which there may be a narrow range of fluctuations, but by 4 In the quarter, investors will gradually begin to reevaluate the valuation of the Hang Seng Technology Index based on the performance in 2022. At that time, they will find that the Hang Seng Technology Index still has good growth potential and the valuation is cheaper, which may drive the index to a better increase.</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>Is the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-08-25 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the index broke the net and Hong Kong stock funds ranked first and second at the bottom, the Hong Kong stock index ushered in a landmark rebound.</p><p>On August 24, the Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. This was only one trading day after the price-to-book ratio of the Hang Seng Index fell to 0.98 times and fell below net assets. Considering that the Hong Kong stock market has transformed into a new economic market dominated by high technology rather than bank real estate, this phenomenon of falling below net assets particularly highlights the attractiveness after wrong killing.</p><p>Ran Linghao of Dacheng Fund believes that the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>After a long drought, Hong Kong stocks finally exploded</p><p>After continuous adjustments, fund managers finally waited for an important rebound in Hong Kong stocks.</p><p>The Hang Seng Index rose 2.46% on August 24, and the Hang Seng China Enterprises Index closed up 3.21%; The Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. In terms of fund holdings, Meituan Company closed up 13.51%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Rose 10.22%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 8.81%.</p><p>The surge in Hong Kong stocks on August 24 was more like a super counterattack by bargain-hunting funds. Just before this rebound, the Hang Seng Index of Hong Kong stocks fell below the price-to-book ratio. After a week of continuous decline last week, the price-to-book ratio of the Hang Seng Index once fell to 0.98 times on August 20, falling below net assets. This data is at the 1% quantile level since 2002, which means that the price-to-book ratio valuation of the Hang Seng Index is lower than 99% of the time since 2002.</p><p>It is worth mentioning that the Hang Seng Index has also had three major \"net-breaking\" ranges before, which occurred in 1998<a href=\"https://laohu8.com/S/00662\">Asian Finance</a>The crisis, the A-share circuit breaker in early 2016, and the continued decline of Hong Kong stocks in 2020. However, this year's net breaks are obviously different from the previous three times. During the first three \"net breaks\", the Hang Seng Index still used the financial sector with low valuation and low price-to-book ratio as the main weight industry. However, in recent years, with the continuous optimization of the Hong Kong stock market and index policies, the proportion of the new economic sector of Hong Kong stocks will continue to increase.</p><p>A Chinese reporter from a brokerage firm learned from an interview that the proportion of new economy companies in the average daily turnover of the Hong Kong stock market has increased from 4% in 2018 to 20% at the end of the first quarter of 2021. In the first quarter of this year, new economy companies The IPO funds raised in Hong Kong have reached a new climax, and this proportion has increased to 95%. Hong Kong stocks are becoming more and more new economic and are shaping a new economic form for Hong Kong stocks.</p><p>Against the background of a relatively high proportion of technology stocks in the Hong Kong stock market, the current \"net-breaking\" signal may be more obvious than the previous three \"net-breaking\" signals, that is, Hong Kong stocks, a new economic market dominated by technology stocks, may be significantly undervalued.</p><p>\"The valuation of the Hang Seng Technology Index is already very low, but its growth remains at a high level, and its PEG is lower than the GEM Index and the Nasdaq 100 Index.\" Ran Linghao of Dacheng Fund said that corresponding to the current situation, the Hang Seng Technology Index P/E in 2021 is 33 times, P/E in 2022 is 25 times, and P/E in 2023 is 20 times. The corresponding compound annualized profit growth rate will reach more than 30%. The valuation of PEG is low, especially for the main heavyweights of the Hang Seng Technology Index.</p><p>Hong Kong stock funds are struggling, fund managers judge that the bottom has reached</p><p>At the same time, when the Hang Seng Index fell below net assets, funds with heavy positions in Hong Kong stocks ranked the bottom in terms of returns during the year. The data shows that as of August 24, China Universal Hong Kong Hybrid Fund has lost 24.79% this year, ranking first among active equity funds during the year. The second largest loss during the year was E Fund Asia Select Fund, with a loss of 24.11% during the year. The main positions of the fund are also concentrated in the Hong Kong stock market.</p><p>However, whether it is China Universal Hong Kong Hybrid Fund or E Fund Asia Select Fund, the Hong Kong-listed companies with core positions are all high-quality new economic leaders. Therefore, the performance ranking of related fund products with heavy positions in Hong Kong stocks ranks bottom, which further highlights that the adjustment of Hong Kong stocks seems to have entered a moment of panic and greed.</p><p>The Hang Seng Index falling below the price-to-book ratio is obviously a symbolic signal, but some big names actually started bargain hunting as early as the beginning of the month.</p><p>On the evening of August 9, Li Ka-shing's Hong Kong-listed company<a href=\"https://laohu8.com/S/00001\">Changhe</a>The company announced that it will repurchase 650,000 shares on August 9, 2021, at a cost of HK $37.5089 million, with the highest repurchase price of HK $58.05 and the lowest repurchase price of HK $57.45. On August 6, it spent HK $52.091 million to repurchase 900,000 shares, and the price per share was also around HK $58. CKH Hutchison has repurchased 9.2975 million shares in the past three months, accounting for 0.24% of the issued share capital.</p><p>It is worth noting that the repurchases of leading companies related to Hong Kong stocks have further enhanced the confidence of bargain-hunting funds.</p><p>After August 19, Tencent Holdings continued to repurchase on the 20th, 23rd, and 24th, repurchasing a total of 650,000 shares for 4 consecutive trading days, spending a total of 290 million Hong Kong dollars. Tencent Holdings announced that it repurchased 22,600 shares on the 24th at a cost of HK $10.2005 million. The repurchase price was between HK $450.6 and HK $451.6 per share, marking the fourth consecutive trading day of repurchases.</p><p><a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>It also released a research report stating that it maintains Tencent Holdings' \"buy\" rating and gives PE35-38x in 2022, corresponding to a target price of 700-750 Hong Kong dollars. The agency believes that the revenue of online game business is 43 billion yuan, a year-on-year increase of 12%. Basically in line with consensus expectations. Its<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Revenue (including social accounts) was 40.8 billion yuan, a year-on-year increase of 13%, and the bank estimates that the turnover will increase by about 3% year-on-year. Client game revenue increased by 1% year-on-year to 11 billion yuan, exceeding consensus expectations by 1%. Overseas game revenue increased by 29% year-on-year to 10.8 billion yuan, and the actual growth rate after excluding the impact of currency exchange rate was 37%; Accounting for 25% of online game revenue.</p><p>In the eyes of many institutions, Hong Kong stocks with substantial discounts have entered the range of gradual layout.<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>It is believed that in the long run, due to the recent stock price adjustment of Internet companies, the investment value has become prominent. The intention of supervision is not to curb Internet companies from becoming bigger and stronger. Future policies are likely to tend to regulate the development of the industry rather than subvert it. The standardized Internet companies will remain the most potential and dynamic part of China's economy in the future.</p><p>In addition, judging from the experience of U.S. stocks, Internet companies have also faced many regulatory pressures, but the risk and probability of business splitting are low. Most companies are still flourishing and rejuvenating after regulation. At present, under regulatory pressure, the Internet giants in Hong Kong stocks have experienced low valuation levels that are rare in history. This is a rare buying opportunity for long-term funds.</p><p>Dacheng<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Fund manager Ran Linghao believes that the performance of Hong Kong stocks in 2020 is obviously not as good as that of US stocks and A shares, but the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>Ran Linghao reiterated the view that the Hang Seng Technology Index has basically reached the bottom range, but believes that the rebound may not come so quickly, because the market needs time to thoroughly digest the policy impact and negative news, during which there may be a narrow range of fluctuations, but by 4 In the quarter, investors will gradually begin to reevaluate the valuation of the Hang Seng Technology Index based on the performance in 2022. At that time, they will find that the Hang Seng Technology Index still has good growth potential and the valuation is cheaper, which may drive the index to a better increase.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{"513600":"恒生指数ETF","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162303853","content_text":"指数破净及港股基金垫底第一和第二后，港股指数迎来一次标志性的反弹。\n8月24日，恒生科技指数大涨7.06%，创史上第二大单日涨幅，这距离恒生指数市净率降至0.98倍、跌破净资产仅一个交易日。考虑到港股市场已蜕变为以高科技而非银行地产主导的新经济市场，这种跌破净资产的现象，尤其凸显了错杀后的吸引力。\n大成基金冉凌浩认为，港股前期的滞胀正是为将来的补涨提供了充足的空间，未来也将会有多重动能驱动港股上涨。长期来看，港股市场走势完全由上市公司盈利水平决定；未来两年，港股上市公司盈利有望快速上行，有力支撑港股走势。\n久旱逢甘露，港股终于爆发\n在经历持续的调整后，基金经理终于等来港股的一次重要反弹。\n恒生指数在8月24日大涨2.46%，恒生国企指数收涨3.21%；恒生科技指数更是大涨7.06%，创史上第二大单日涨幅。基金重仓股方面，美团公司收盘大涨13.51%、哔哩哔哩大涨10.22%、腾讯控股大涨8.81%。\n港股在8月24日的大涨，更像是抄底资金的一次超级反扑。就在本次反弹前，港股的恒生指数跌破了市净率。在经历上周连续一周的持续走低后，8月20日的恒生指数市净率水平一度降至0.98倍，跌破净资产，该数据位于2002年以来的1%分位水平，意味着恒生指数的市净率估值比2002年以来99%的时间都低。\n值得一提的是，恒生指数此前也有三次主要“破净”区间，分别发生在1998年的亚洲金融危机、2016年初的A股熔断、2020年的港股持续下跌阶段。但今年的破净与过往三次明显不同，前三次“破净”时，恒生指数还是以低估值、低市净率的金融板块为主要权重行业，但近年来，随着港股市场及指数政策不断优化，港股新经济板块占比将不断提升。\n券商中国记者采访获悉，港股市场的日均成交金额中来自新经济公司的占比，由2018年的4%提升到2021年第一季度末的20%，而在今年第一季度，新经济公司在香港的IPO募集资金达到一个新高潮，这一比重提升到95%，港股正越来越新经济化，正塑造港股新的经济形态。\n在港股市场科技股占比较高的背景下，当前“破净”相比以往三次“破净”的信号意味或更加明显，即港股这样以科技股为主导的新经济市场，可能存在明显的低估。\n“恒生科技指数的估值已经很低，但其成长性依然保持在较高水平，其PEG比创业板指数及纳斯达克100指数都低。”大成基金冉凌浩表示，对应目前情况计算，恒生科技指数2021年市盈率为33倍，2022年的市盈率为25倍，2023年市盈率为20倍，对应的复合年化盈利增速达到30%以上，PEG估值较低，尤其是恒生科技指数主要权重股，如某些互联网巨头企业的估值水平已经位于历史低水平区间，意味着坏消息已经在股价中体现出来了，未来下跌空间很小。\n港股基金艰难，基金经理判断底部已至\n与此同时，在恒生指数跌破净资产之际，重仓港股的基金年内收益名列倒数。数据显示，截止8月24日，汇添富香港混合基金今年以来亏损已达24.79%，位列年内主动权益类基金亏损第一。年内亏损排名第二的则是易方达亚洲精选基金，年内亏损为24.11%，该基金的主要仓位也集中在港股市场。\n然而，无论是汇添富香港混合基金，抑或是易方达亚洲精选基金，其核心持仓的港股上市公司，均为清一色的优质新经济龙头。因此，重仓港股的相关基金产品业绩排名位列倒数，更凸显了港股的调整似乎已进入恐慌的贪婪时刻。\n恒生指数跌破市净率显然具有标志性的信号，但一些大佬事实上早在月初就已开启抄底。\n8月9日晚间，李嘉诚的港股上市公司长和公司公告称，于2021年8月9日回购65万股，耗资3750.89万港元，最高回购价58.05港元，最低回购价57.45港元。8月6日耗资5209.1万港元回购90万股，每股价格同样为58港元左右。长和近三个月累计回购股份数为929.75万股，占已发行股本的0.24%。\n值得关注的是，港股相关龙头公司的回购，也进一步增强了抄底资金的信心。\n腾讯控股继8月19日后，陆续于20日、23日、24日持续回购，连续4个交易日共回购65万股，共斥资2.9亿港元。腾讯控股发布公告称，于24日回购2.26万股股票，耗资1020.05万港元，回购价格在每股450.6-451.6港元之间，为连续第四个交易日进行回购。\n国信证券也发布研究报告称，维持腾讯控股“买入”评级，予2022年PE35-38x，对应目标价为700-750港元。该机构认为，网络游戏业务收入为430亿元，同比增长12%。基本符合一致预期。其中手游收入(含社交分账)为408亿元，同比增长13%，该行估算流水同比增长约3%。端游收入同比增长1%至110亿元，超出一致预期1%。海外游戏收入同比增长29%至108亿元，剔除货币汇率影响后实际增速为37%;占网络游戏收入比例达25%。\n大幅折价的港股在许多机构眼中，已进入逐步布局的区间。光大证券认为，长期来看，由于互联网公司近期的股价调整，投资价值已经凸显。监管意图不是遏制互联网企业做大做强，未来政策大概率是倾向于规范行业发展而非颠覆行业。规范后的互联网公司未来仍将是中国经济最具潜力、最有活力的一部分。\n此外，从美股的经验来看，互联网公司也面临过多次监管压力，但业务拆分的风险和概率较低，多数公司在规范后依然蓬勃发展，再次焕发生机。目前港股互联网巨头们在监管压力下，出现了历史上少有的低估值水平，这对长线资金来讲，都是难得的买入时机。\n大成恒生科技ETF基金经理冉凌浩认为，2020年港股表现明显不如美股及A股，但港股前期的滞胀正是为将来的补涨提供了充足的空间，未来也将会有多重动能驱动港股上涨。长期来看，港股市场走势完全由上市公司盈利水平决定；未来两年，港股上市公司盈利有望快速上行，有力支撑港股走势。\n冉凌浩重申恒生科技指数已经基本到底部区间的观点，但认为反弹可能不会来得那么快，因为市场需要时间来彻底消化政策影响和负面消息，其间可能会出现窄幅震荡的走势，但是到了4季度，投资者会逐步开始以2022年的业绩来重估恒生科技指数的估值状况，届时会发现恒生科技指数依然有着很好的成长性，同时估值更便宜了，这可能会推动指数出现较好的涨幅。","news_type":1,"symbols_score_info":{"513600":0.9,"MHImain":0.9,"HSI":0.9,"HHImain":0.9,"02833":0.9,"HSImain":0.9,"MCHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837153640,"gmtCreate":1629866986780,"gmtModify":1676530156816,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837153640","repostId":"2162387390","repostType":4,"repost":{"id":"2162387390","kind":"highlight","pubTimestamp":1629858360,"share":"https://ttm.financial/m/news/2162387390?lang=en_US&edition=fundamental","pubTime":"2021-08-25 10:26","market":"hk","language":"zh","title":"After buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China","url":"https://stock-news.laohu8.com/highlight/detail?id=2162387390","media":"华尔街见闻","summary":"几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。\nArk Investment创始人、有科技股女股神之称的Cathie Wood周二在接","content":"<p>ARK Fund, which has almost cleared its positions in Chinese concept stocks, began to buy at the bottom this week<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stocks, the founder of the fund \"Sister Wood\" lately stated that she is not pessimistic about China.</p><p>Cathie Wood, founder of Ark Investment and known as the female goddess of technology stocks, said in an interview with Bloomberg on Tuesday:</p><p><b>\"In the long run, I'm not pessimistic about China because I think they are a very entrepreneurial society.\"</b>Wood said that the Chinese government is formulating more rules and regulations, but the government's purpose is not to stop growth and progress.</p><p>The latest disclosed data shows that ARK's automatic &<a href=\"https://laohu8.com/S/300024\">Robot</a>Technology ETF (ARKQ) bought more than 160,000 shares of JD ADR on Monday,<b>It reversed the continuous selling trend since the end of July.</b></p><p><img src=\"https://static.tigerbbs.com/ba01ecec77377314f0598c9caadf2456\" tg-width=\"1118\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>As of Tuesday, ARKQ held $86.17 million in JD.com shares, accounting for 3.22% of its position in the ETF, making it its ninth largest position.</p><p><img src=\"https://static.tigerbbs.com/f3dccaf72955102a69b8a5080d87c3db\" tg-width=\"1107\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Since the beginning of the year, JD.com's stock has fallen by nearly 13%. After announcing a strong earnings report on Monday, JD.com's share price rebounded strongly, rising 14% overnight.<b>ARKQ also conducted bottom-hunting after JD.com announced its eye-catching financial report.</b></p><p><img src=\"https://static.tigerbbs.com/d796d9299aa03662c774ddd14756d6c0\" tg-width=\"688\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wall Street News previously mentioned that financial report data showed that JD.com's revenue in the second quarter was 253.8 billion yuan, exceeding market expectations of 244.026 billion yuan, a year-on-year increase of 26.23%; The adjusted income per ADS in the second quarter was 2.90 yuan, exceeding market expectations of 2.12 yuan;</p><p>In terms of active users, as of June 30, 2021, the number of active purchasing users of JD.com in the past 12 months reached 532 million, exceeding the market estimate of 520.9 million, a net increase of 115 million compared with the same period last year, and an increase of 32 million in a single quarter. The highest increase in history.</p><p>The past has been a year of ups and downs for Wood and Ark. In 2020, under the east wind of the bull market in U.S. technology stocks, ARK's flagship fund ARKK achieved an astonishing return of 149%.</p><p><b>However, since entering 2021, with the correction of technology stocks, ARKK's performance has been sluggish. It has fallen by 2.9% this year. It was once redeemed by investors and was shorted by hedge funds.</b></p><p><img src=\"https://static.tigerbbs.com/10a0e581ee3758d2aa1dfdc00b1114d3\" tg-width=\"720\" tg-height=\"412\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>After buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China</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\">\nAfter buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China\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\">2021-08-25 10:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>ARK Fund, which has almost cleared its positions in Chinese concept stocks, began to buy at the bottom this week<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stocks, the founder of the fund \"Sister Wood\" lately stated that she is not pessimistic about China.</p><p>Cathie Wood, founder of Ark Investment and known as the female goddess of technology stocks, said in an interview with Bloomberg on Tuesday:</p><p><b>\"In the long run, I'm not pessimistic about China because I think they are a very entrepreneurial society.\"</b>Wood said that the Chinese government is formulating more rules and regulations, but the government's purpose is not to stop growth and progress.</p><p>The latest disclosed data shows that ARK's automatic &<a href=\"https://laohu8.com/S/300024\">Robot</a>Technology ETF (ARKQ) bought more than 160,000 shares of JD ADR on Monday,<b>It reversed the continuous selling trend since the end of July.</b></p><p><img src=\"https://static.tigerbbs.com/ba01ecec77377314f0598c9caadf2456\" tg-width=\"1118\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>As of Tuesday, ARKQ held $86.17 million in JD.com shares, accounting for 3.22% of its position in the ETF, making it its ninth largest position.</p><p><img src=\"https://static.tigerbbs.com/f3dccaf72955102a69b8a5080d87c3db\" tg-width=\"1107\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Since the beginning of the year, JD.com's stock has fallen by nearly 13%. After announcing a strong earnings report on Monday, JD.com's share price rebounded strongly, rising 14% overnight.<b>ARKQ also conducted bottom-hunting after JD.com announced its eye-catching financial report.</b></p><p><img src=\"https://static.tigerbbs.com/d796d9299aa03662c774ddd14756d6c0\" tg-width=\"688\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wall Street News previously mentioned that financial report data showed that JD.com's revenue in the second quarter was 253.8 billion yuan, exceeding market expectations of 244.026 billion yuan, a year-on-year increase of 26.23%; The adjusted income per ADS in the second quarter was 2.90 yuan, exceeding market expectations of 2.12 yuan;</p><p>In terms of active users, as of June 30, 2021, the number of active purchasing users of JD.com in the past 12 months reached 532 million, exceeding the market estimate of 520.9 million, a net increase of 115 million compared with the same period last year, and an increase of 32 million in a single quarter. The highest increase in history.</p><p>The past has been a year of ups and downs for Wood and Ark. In 2020, under the east wind of the bull market in U.S. technology stocks, ARK's flagship fund ARKK achieved an astonishing return of 149%.</p><p><b>However, since entering 2021, with the correction of technology stocks, ARKK's performance has been sluggish. It has fallen by 2.9% this year. It was once redeemed by investors and was shorted by hedge funds.</b></p><p><img src=\"https://static.tigerbbs.com/10a0e581ee3758d2aa1dfdc00b1114d3\" tg-width=\"720\" tg-height=\"412\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3638794\">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/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"09618":"京东集团-SW","JD":"京东","ARKF":"ARK Fintech Innovation ETF"},"source_url":"https://wallstreetcn.com/articles/3638794","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162387390","content_text":"几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。\nArk Investment创始人、有科技股女股神之称的Cathie Wood周二在接受彭博采访中表示：\n\n“从长远来看，我对中国并不悲观，因为我认为他们是一个非常具有创业精神的社会。”\n\nWood称，中国政府正在制定更多的规章制度，但政府的目的并不想阻止增长和进步。\n最新披露的数据显示，ARK旗下的自动&机器人技术ETF (ARKQ)于周一买入了超过16万股的京东ADR，扭转了7月底以来连续抛售的态势。\n\n截至周二，ARKQ持有8617万美元的京东股票，在该ETF中的持仓占比为3.22%，为其第九大持仓。\n\n年初至今，京东股票累计下跌了近13%。在周一公布了强劲财报后，京东股价强势反弹，隔夜大涨14%。ARKQ也是在京东公布亮眼财报后进行了抄底。\n\n华尔街见闻此前提及，财报数据显示，京东第二季度营收2538亿元，超市场预期2440.26亿元，同比增长26.23%；第二季度调整后每ADS收益2.90元，超市场预期的2.12元；\n在活跃用户方面， 截至2021年6月30日，京东过去12个月的活跃购买用户数达到5.32亿，超市场预估的5.209亿，较去年同期净增了1.15亿，单季新增3200万创下历史最高增量。\n对Wood和Ark来说，过去是跌宕起伏的一年。2020年在美国科技股大牛市的东风下，方舟旗舰基金ARKK取得了149%的惊人回报。\n但进入2021年来，随着科技股回调，ARKK表现萎靡，今年以来累计下跌2.9%，一度遭遇投资者大举赎回，并被对冲基金争相做空。","news_type":1,"symbols_score_info":{"09618":0.9,"ARKF":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":814555432,"gmtCreate":1630849747426,"gmtModify":1676530405674,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814555432","repostId":"1164269750","repostType":4,"isVote":1,"tweetType":1,"viewCount":2006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817855166,"gmtCreate":1630934807255,"gmtModify":1676530423866,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817855166","repostId":"1185930805","repostType":4,"repost":{"id":"1185930805","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1630933979,"share":"https://ttm.financial/m/news/1185930805?lang=en_US&edition=fundamental","pubTime":"2021-09-06 21:12","market":"hk","language":"zh","title":"Tencent Holdings: Buy back 200,000 shares today at a cost of about HK $100 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1185930805","media":"老虎资讯综合","summary":"9月6日，腾讯控股发布公告称，今日回购20万股普通股，回购价格在488.8港元/股至506.5港元/股之间，共耗资约1亿港元。","content":"<p>September 6th,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The announcement stated that 200,000 ordinary shares will be repurchased today at a repurchase price between HK $488.8/share and HK $506.5/share, costing a total of approximately HK $100 million.<img src=\"https://static.tigerbbs.com/7283710a5b2d39ebc4f31b82932ed007\" tg-width=\"1581\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4951a1600d3b42d23257af1e0dc3455a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta 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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\">\nTencent Holdings: Buy back 200,000 shares today at a cost of about HK $100 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-06 21:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>September 6th,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The announcement stated that 200,000 ordinary shares will be repurchased today at a repurchase price between HK $488.8/share and HK $506.5/share, costing a total of approximately HK $100 million.<img src=\"https://static.tigerbbs.com/7283710a5b2d39ebc4f31b82932ed007\" tg-width=\"1581\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4951a1600d3b42d23257af1e0dc3455a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185930805","content_text":"9月6日，腾讯控股发布公告称，今日回购20万股普通股，回购价格在488.8港元/股至506.5港元/股之间，共耗资约1亿港元。","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810709690,"gmtCreate":1630001799910,"gmtModify":1676530197386,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810709690","repostId":"1131333217","repostType":4,"isVote":1,"tweetType":1,"viewCount":2656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810709221,"gmtCreate":1630001813463,"gmtModify":1676530197394,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810709221","repostId":"1187114664","repostType":4,"repost":{"id":"1187114664","kind":"news","pubTimestamp":1630031209,"share":"https://ttm.financial/m/news/1187114664?lang=en_US&edition=fundamental","pubTime":"2021-08-27 10:26","market":"us","language":"zh","title":"How is the Fed manipulating global inflation?","url":"https://stock-news.laohu8.com/highlight/detail?id=1187114664","media":"财主家的余粮","summary":"按照价格上升的速度，人们通常将通货膨胀划分为以下几个级别：\n爬行通货膨胀(creeping inflation, 每年物价上升1%~3%);\n温和通货膨胀(moderate inflation, 每年","content":"<p>According to the rate at which prices are rising, people usually divide inflation into the following levels:</p><p><b>creeping inflation (1% ~ 3% annual price increase);</b></p><p><b>moderate inflation (3% ~ 6% annual price increase);</b></p><p><b>raging inflation (6% ~ 9% annual price increase);</b></p><p><b>galloping inflation (galloping inflation, price increases of 10% ~ 50% every year);</b></p><p><b>hyper-inflation, where prices rise by more than 50% every year.</b></p><p>By studying the monetary history of the United States for nearly a hundred years from 1867 to 1960, Friedman came to a firm conclusion about inflation:</p><p><b>\"Inflation, at any time and anywhere, is a monetary phenomenon\".</b></p><p>Furthermore, according to Friedman's research, except hyperinflation, inflation usually occurs 12-24 months after the issuance of additional currency, and its duration is usually longer than 24 months.</p><p>Therefore, how to manipulate inflation, to put it bluntly, is to manipulate the issuance of currency, which is the central bank's business.</p><p><img src=\"https://static.tigerbbs.com/9c98d63d291d237f8950be12f1a0750f\" tg-width=\"1080\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Some people stare at the changes of the central bank's balance sheet to judge the trend of inflation-because the size of the central bank's balance sheet indeed represents the total size of the central bank's money printing, and the size of the balance sheet is completely under the control of the central bank.</p><p>There is really nothing wrong with this idea. Unfortunately, the reality is very skinny. Apart from seeing that the central bank's balance sheet has been increasing and inflation has been continuing, you can hardly see the relationship between changes in inflation and changes in the size of the central bank's balance sheet.</p><p>For example, since 2008, we can observe the size of the balance sheet of the Federal Reserve. After the periodic surge, we can indeed observe that inflation also soared in periods one year later, but most of the time inflation has an impact on the balance sheet. There is little response to changes in sheet size.</p><p><img src=\"https://static.tigerbbs.com/b661b875fd52225ff055b573bda9d7bc\" tg-width=\"864\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>The size of central bank balance sheets in other major global economies, including Europe, China and Japan, has less to do with inflation.</p><p>Some people stare at the rate of change of broad money, because the definition of broad money does include all the money and credit derived from the base money in a society, which represents the ability of the whole society to pay.</p><p>Take the growth rate of US dollar M2 again to observe the relationship between broad money and inflation.</p><p><img src=\"https://static.tigerbbs.com/4566cd8037455a6e2d0f324863cab858\" tg-width=\"864\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>The relationship between M2 growth rate and inflation is better than the change of asset size, but there is still no pattern overall.</p><p>More importantly, no matter in the United States or China, broad money mainly comes from the expansion of social credit. Although the central bank can affect its expansion speed by cutting interest rates and printing money in rate hike, it is not completely under the control of the central bank after all. To a large extent, it is affected by the economic environment, and the central bank must choose a data that it can completely control and manipulate.</p><p>As far as the US dollar is concerned, this data is called \"Currency in Circulation\", which I call CiC.</p><p>Here's an interpretation of the main composition of the Fed's debt side.</p><p>On the asset side of the Federal Reserve, it is a question of what it uses to print money; On the liability side of the Federal Reserve, it is a question of which accounts the money it prints eventually flows to.</p><p>According to the balance sheet of the Federal Reserve, at present, the liability side of the Federal Reserve is mainly composed of four parts:</p><p><b>1) Bank reserves:</b>Including the statutory reserves and excess reserves of banks, the statutory reserve ratio in the United States is very low. However, since the global financial crisis in 2008, the amount of excess reserves deposited by major banks in the accounts of the Federal Reserve has increased rapidly, and it is currently the debt of the Federal Reserve. The largest item on the side is that the money belongs to major banks, but it is placed in the reserve account of the Federal Reserve and has not circulated to the society.</p><p><b>2) Federal government accounts:</b>There is nothing to say about this. It is the account opened by the U.S. Treasury Department in the Federal Reserve, commonly known as the \"TGA (Treasury General Account)\". The funds shown here have been deposited in the Federal Reserve account and have not been circulated to the society. If the U.S. government spends it, the account amount will be reduced, that is, it will be circulated to the society.</p><p><b>3) The Federal Reserve's reverse repurchase account funds:</b>This is a tool used by the Federal Reserve to adjust the tightness of credit in the financial market in the short term. It is just the opposite of the reverse repurchase of the People's Bank of China. The reverse repurchase of the Federal Reserve is a move to recover market funds. The funds in it are also deposited in the account of the Federal Reserve, not money circulating in society. All along, the funds in the reverse repurchase account are not worth mentioning. However, since the global financial crisis in 2008, in order to recover excessive liquidity in the financial market, the scale of reverse repurchase has grown rapidly; Since April 2020, the size of this account has soared to a huge amount, becoming one of the most important liabilities of the Federal Reserve.</p><p><b>4) Currency in circulation:</b>There is nothing to say about this, that is, the sum of all account funds currently opened in Federal Reserve member banks (almost all large and medium-sized banks in the United States are Federal Reserve member banks) is the money that really circulates in American society.</p><p>Except during the 2008 financial crisis and other rare times, the sum of these four accounts accounted for more than 90% of the total debt of the Federal Reserve, and currently accounted for 96%. It is through the balance of these four accounts that the Federal Reserve adjusts and changes the total amount of money circulating in American society, thus affecting the inflation situation of the whole society.</p><p>Comparing the annualized growth rate of CiC in the past 20 years with the CPI inflation 12 months later, in addition to seeing that the growth rate of CiC is highly correlated with inflation, it is also clear that the Fed's operating ideas are clearly seen.</p><p>The adjustment idea is very simple:</p><p><b>If the inflation rate is at a high and rising stage, try our best to reduce the growth rate of currency in circulation;</b></p><p><b>When the inflation rate is low and declining, we will try our best to increase the growth rate of currency in circulation.</b></p><p>After the outbreak of the \"9/11 Incident\" in 2001, the Federal Reserve aggressively increased the amount of money in circulation. As a result, since the end of 2002, the CPI inflation in the United States began to rise and exceeded 2% and remained above 2%. Subsequently, the Federal Reserve took a series of measures to recover some liquidity in the market, and as long as the market inflation rate was high, the growth rate of CiC kept it low.</p><p>By the beginning of 2008, the annualized growth rate of money in circulation had dropped to a level close to zero. Soon after, the global financial crisis triggered by the subprime mortgage crisis broke out, and the inflation level dropped sharply. The Federal Reserve immediately chose to print money crazily (QE1). Under the manipulation of the Federal Reserve, since the end of 2008, the growth rate of currency in circulation has skyrocketed. Since mid-2009, the inflation level in the United States has also skyrocketed from a low level and returned to over 2%.</p><p>Then, the Federal Reserve chose to stop QE1. As a result, the growth rate of CiC quickly plummeted. The Federal Reserve had to start QE2, allowing the growth rate of CiC to skyrocket again, thus keeping the inflation rate in the United States above 2%.</p><p>When the inflation rate in the United States remained at 1%-2%, the Federal Reserve believed that the monetary target had been achieved, so it controlled the growth rate of CiC to slowly decline. This process continued until September 2019, and basically maintained low CiC growth since then. However, with the outbreak of global COVID-19 pandemic in March 2020, the U.S. inflation rate is at risk of a sharp decline. The Federal Reserve immediately launched unlimited QE and printed money frantically, causing the growth rate of CiC to continue to skyrocket to a historical high of nearly 17%...</p><p>In March this year, the inflation rate in the United States rose rapidly again. Although QE was still continuing, the Federal Reserve began to reduce the annualized growth rate of CiC from a high of nearly 17%.</p><p>Observing the changes in the Fed's liabilities in the past year and a half, we can clearly discover the Fed's thinking of manipulating the CiC growth rate:</p><p>First, through unlimited QE money printing, the size of the balance sheet soared by more than 80%; But at the same time, in order to avoid the confusion of the capital market and social value system that may be caused by the direct doubling of currency in the market, the scale of reserves and reverse repurchase began to skyrocket: the reserve account increased at a rate of more than 100%, while the growth rate of reverse repurchase account was also close to 100%. As for the U.S. Treasury account, because the federal government has to deal with the crazy money throwing in the future, its growth rate is more than 1,000%...</p><p>Under these three major increases, although the growth rate of money circulating in the society has reached the highest level in history, it only exceeds 10%, thus ensuring that the scale of dollars circulating in the whole society increases in a relatively normal range, so as not to subvert the dollar value base of the whole society.</p><p>This process continued until March 2021. As the inflation data in the United States \"rapidly exceeded the standard\", the Federal Reserve began to rapidly reduce the growth rate of CiC, and the method was to quickly reduce the growth rate of reserves. In addition, as all the money from the U.S. Treasury Department is distributed to people and enterprises by the government, the account quota of the Treasury Department has slowed down by more than 50%. In order to offset this impact, the Federal Reserve vigorously launched the reverse repurchase account, and the growth rate of the reverse repurchase account quota exceeded 500%...</p><p>Under this series of large-scale operations, the annualized growth rate of CiC began to gradually decrease, and it has now dropped to less than 10%, moving towards the level of \"normalization\".</p><p>Obviously, no matter how drastically the total balance sheet size, reserves, reverse repurchases, or the amount of government accounts (which are controlled by the U.S. Treasury Department, not the Federal Reserve), the policy goal of the Federal Reserve is to always keep money in circulation in society. of<b>\"Steady growth\"</b>--On the basis of steady growth, adjust its growth rate according to the level of inflation, and then manipulate future inflation.</p><p>This is the overall idea of the Fed manipulating dollar inflation.</p><p>In the past, I have written articles to inform everyone about the manipulation of inflation data by government statistics departments in various countries, but inflation manipulation is not only a matter for statistics bureaus alone, but also for central banks including the Federal Reserve<b>Priority</b>。</p><p>In fact, just in June 2020, with the skyrocketing growth rate of CiC, according to historical laws, the Federal Reserve was already very clear that inflation in the United States in the second quarter of 2021 would inevitably \"greatly exceed the standard\", so it proposed the so-called<b>\"Average inflation targeting\"</b>, they just are not sure how far this \"exceeding the standard\" can be exceeded.</p><p>At present, large-scale QE has become the \"normal operation\" of the Federal Reserve, and it has been superimposed on drastic changes in the U.S. government account quota. At this time, the reserve account and reverse repurchase account of the Federal Reserve are like super buffers to absorb drastic changes in the amount of dollar money. It is conceivable that these two accounts will continue to play this role in the coming year and serve as the gripper for the Fed to manipulate inflation.</p><p>Furthermore, why Powell has always vowed that even if there is inflation, the Fed will have a way to deal with it is actually his confidence in adjusting the reserve account and reverse repurchase account.</p><p>As a result, someone asked, saying that the growth rate of CiC has rapidly dropped below 10%, beginning to align with the average level of the past 10 years, and the Federal Reserve has also vowed that it can cope with inflation-</p><p>So, is inflation in the United States really temporary now, like it was after QE in 2008?</p><p>Although this is another problem, to be honest, I personally feel that the result may not be what the Fed claims. Because the current and future global economic situation is completely different from that after 2008. In previous articles, I have emphasized many times that this round of inflation is likely to continue.</p><p>Consider that in mid-2002, the annualized growth rate of CiC only exceeded 10% for a very short period of time, but for more than 5 years after that, the inflation rate in the United States exceeded 3% half the time...</p><p>After the crazy money printing so far in 2020, the severity of global inflation this time is likely to be greater than that of 20 years ago. After all, inflation is affected by too many internal and external factors, unlike the Fed's account, you can play it however you want.</p>","source":"wqqq","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How is the Fed manipulating global inflation?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow is the Fed manipulating global inflation?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财主家的余粮</strong><span class=\"h-time small\">2021-08-27 10:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the rate at which prices are rising, people usually divide inflation into the following levels:</p><p><b>creeping inflation (1% ~ 3% annual price increase);</b></p><p><b>moderate inflation (3% ~ 6% annual price increase);</b></p><p><b>raging inflation (6% ~ 9% annual price increase);</b></p><p><b>galloping inflation (galloping inflation, price increases of 10% ~ 50% every year);</b></p><p><b>hyper-inflation, where prices rise by more than 50% every year.</b></p><p>By studying the monetary history of the United States for nearly a hundred years from 1867 to 1960, Friedman came to a firm conclusion about inflation:</p><p><b>\"Inflation, at any time and anywhere, is a monetary phenomenon\".</b></p><p>Furthermore, according to Friedman's research, except hyperinflation, inflation usually occurs 12-24 months after the issuance of additional currency, and its duration is usually longer than 24 months.</p><p>Therefore, how to manipulate inflation, to put it bluntly, is to manipulate the issuance of currency, which is the central bank's business.</p><p><img src=\"https://static.tigerbbs.com/9c98d63d291d237f8950be12f1a0750f\" tg-width=\"1080\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>Some people stare at the changes of the central bank's balance sheet to judge the trend of inflation-because the size of the central bank's balance sheet indeed represents the total size of the central bank's money printing, and the size of the balance sheet is completely under the control of the central bank.</p><p>There is really nothing wrong with this idea. Unfortunately, the reality is very skinny. Apart from seeing that the central bank's balance sheet has been increasing and inflation has been continuing, you can hardly see the relationship between changes in inflation and changes in the size of the central bank's balance sheet.</p><p>For example, since 2008, we can observe the size of the balance sheet of the Federal Reserve. After the periodic surge, we can indeed observe that inflation also soared in periods one year later, but most of the time inflation has an impact on the balance sheet. There is little response to changes in sheet size.</p><p><img src=\"https://static.tigerbbs.com/b661b875fd52225ff055b573bda9d7bc\" tg-width=\"864\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p>The size of central bank balance sheets in other major global economies, including Europe, China and Japan, has less to do with inflation.</p><p>Some people stare at the rate of change of broad money, because the definition of broad money does include all the money and credit derived from the base money in a society, which represents the ability of the whole society to pay.</p><p>Take the growth rate of US dollar M2 again to observe the relationship between broad money and inflation.</p><p><img src=\"https://static.tigerbbs.com/4566cd8037455a6e2d0f324863cab858\" tg-width=\"864\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>The relationship between M2 growth rate and inflation is better than the change of asset size, but there is still no pattern overall.</p><p>More importantly, no matter in the United States or China, broad money mainly comes from the expansion of social credit. Although the central bank can affect its expansion speed by cutting interest rates and printing money in rate hike, it is not completely under the control of the central bank after all. To a large extent, it is affected by the economic environment, and the central bank must choose a data that it can completely control and manipulate.</p><p>As far as the US dollar is concerned, this data is called \"Currency in Circulation\", which I call CiC.</p><p>Here's an interpretation of the main composition of the Fed's debt side.</p><p>On the asset side of the Federal Reserve, it is a question of what it uses to print money; On the liability side of the Federal Reserve, it is a question of which accounts the money it prints eventually flows to.</p><p>According to the balance sheet of the Federal Reserve, at present, the liability side of the Federal Reserve is mainly composed of four parts:</p><p><b>1) Bank reserves:</b>Including the statutory reserves and excess reserves of banks, the statutory reserve ratio in the United States is very low. However, since the global financial crisis in 2008, the amount of excess reserves deposited by major banks in the accounts of the Federal Reserve has increased rapidly, and it is currently the debt of the Federal Reserve. The largest item on the side is that the money belongs to major banks, but it is placed in the reserve account of the Federal Reserve and has not circulated to the society.</p><p><b>2) Federal government accounts:</b>There is nothing to say about this. It is the account opened by the U.S. Treasury Department in the Federal Reserve, commonly known as the \"TGA (Treasury General Account)\". The funds shown here have been deposited in the Federal Reserve account and have not been circulated to the society. If the U.S. government spends it, the account amount will be reduced, that is, it will be circulated to the society.</p><p><b>3) The Federal Reserve's reverse repurchase account funds:</b>This is a tool used by the Federal Reserve to adjust the tightness of credit in the financial market in the short term. It is just the opposite of the reverse repurchase of the People's Bank of China. The reverse repurchase of the Federal Reserve is a move to recover market funds. The funds in it are also deposited in the account of the Federal Reserve, not money circulating in society. All along, the funds in the reverse repurchase account are not worth mentioning. However, since the global financial crisis in 2008, in order to recover excessive liquidity in the financial market, the scale of reverse repurchase has grown rapidly; Since April 2020, the size of this account has soared to a huge amount, becoming one of the most important liabilities of the Federal Reserve.</p><p><b>4) Currency in circulation:</b>There is nothing to say about this, that is, the sum of all account funds currently opened in Federal Reserve member banks (almost all large and medium-sized banks in the United States are Federal Reserve member banks) is the money that really circulates in American society.</p><p>Except during the 2008 financial crisis and other rare times, the sum of these four accounts accounted for more than 90% of the total debt of the Federal Reserve, and currently accounted for 96%. It is through the balance of these four accounts that the Federal Reserve adjusts and changes the total amount of money circulating in American society, thus affecting the inflation situation of the whole society.</p><p>Comparing the annualized growth rate of CiC in the past 20 years with the CPI inflation 12 months later, in addition to seeing that the growth rate of CiC is highly correlated with inflation, it is also clear that the Fed's operating ideas are clearly seen.</p><p>The adjustment idea is very simple:</p><p><b>If the inflation rate is at a high and rising stage, try our best to reduce the growth rate of currency in circulation;</b></p><p><b>When the inflation rate is low and declining, we will try our best to increase the growth rate of currency in circulation.</b></p><p>After the outbreak of the \"9/11 Incident\" in 2001, the Federal Reserve aggressively increased the amount of money in circulation. As a result, since the end of 2002, the CPI inflation in the United States began to rise and exceeded 2% and remained above 2%. Subsequently, the Federal Reserve took a series of measures to recover some liquidity in the market, and as long as the market inflation rate was high, the growth rate of CiC kept it low.</p><p>By the beginning of 2008, the annualized growth rate of money in circulation had dropped to a level close to zero. Soon after, the global financial crisis triggered by the subprime mortgage crisis broke out, and the inflation level dropped sharply. The Federal Reserve immediately chose to print money crazily (QE1). Under the manipulation of the Federal Reserve, since the end of 2008, the growth rate of currency in circulation has skyrocketed. Since mid-2009, the inflation level in the United States has also skyrocketed from a low level and returned to over 2%.</p><p>Then, the Federal Reserve chose to stop QE1. As a result, the growth rate of CiC quickly plummeted. The Federal Reserve had to start QE2, allowing the growth rate of CiC to skyrocket again, thus keeping the inflation rate in the United States above 2%.</p><p>When the inflation rate in the United States remained at 1%-2%, the Federal Reserve believed that the monetary target had been achieved, so it controlled the growth rate of CiC to slowly decline. This process continued until September 2019, and basically maintained low CiC growth since then. However, with the outbreak of global COVID-19 pandemic in March 2020, the U.S. inflation rate is at risk of a sharp decline. The Federal Reserve immediately launched unlimited QE and printed money frantically, causing the growth rate of CiC to continue to skyrocket to a historical high of nearly 17%...</p><p>In March this year, the inflation rate in the United States rose rapidly again. Although QE was still continuing, the Federal Reserve began to reduce the annualized growth rate of CiC from a high of nearly 17%.</p><p>Observing the changes in the Fed's liabilities in the past year and a half, we can clearly discover the Fed's thinking of manipulating the CiC growth rate:</p><p>First, through unlimited QE money printing, the size of the balance sheet soared by more than 80%; But at the same time, in order to avoid the confusion of the capital market and social value system that may be caused by the direct doubling of currency in the market, the scale of reserves and reverse repurchase began to skyrocket: the reserve account increased at a rate of more than 100%, while the growth rate of reverse repurchase account was also close to 100%. As for the U.S. Treasury account, because the federal government has to deal with the crazy money throwing in the future, its growth rate is more than 1,000%...</p><p>Under these three major increases, although the growth rate of money circulating in the society has reached the highest level in history, it only exceeds 10%, thus ensuring that the scale of dollars circulating in the whole society increases in a relatively normal range, so as not to subvert the dollar value base of the whole society.</p><p>This process continued until March 2021. As the inflation data in the United States \"rapidly exceeded the standard\", the Federal Reserve began to rapidly reduce the growth rate of CiC, and the method was to quickly reduce the growth rate of reserves. In addition, as all the money from the U.S. Treasury Department is distributed to people and enterprises by the government, the account quota of the Treasury Department has slowed down by more than 50%. In order to offset this impact, the Federal Reserve vigorously launched the reverse repurchase account, and the growth rate of the reverse repurchase account quota exceeded 500%...</p><p>Under this series of large-scale operations, the annualized growth rate of CiC began to gradually decrease, and it has now dropped to less than 10%, moving towards the level of \"normalization\".</p><p>Obviously, no matter how drastically the total balance sheet size, reserves, reverse repurchases, or the amount of government accounts (which are controlled by the U.S. Treasury Department, not the Federal Reserve), the policy goal of the Federal Reserve is to always keep money in circulation in society. of<b>\"Steady growth\"</b>--On the basis of steady growth, adjust its growth rate according to the level of inflation, and then manipulate future inflation.</p><p>This is the overall idea of the Fed manipulating dollar inflation.</p><p>In the past, I have written articles to inform everyone about the manipulation of inflation data by government statistics departments in various countries, but inflation manipulation is not only a matter for statistics bureaus alone, but also for central banks including the Federal Reserve<b>Priority</b>。</p><p>In fact, just in June 2020, with the skyrocketing growth rate of CiC, according to historical laws, the Federal Reserve was already very clear that inflation in the United States in the second quarter of 2021 would inevitably \"greatly exceed the standard\", so it proposed the so-called<b>\"Average inflation targeting\"</b>, they just are not sure how far this \"exceeding the standard\" can be exceeded.</p><p>At present, large-scale QE has become the \"normal operation\" of the Federal Reserve, and it has been superimposed on drastic changes in the U.S. government account quota. At this time, the reserve account and reverse repurchase account of the Federal Reserve are like super buffers to absorb drastic changes in the amount of dollar money. It is conceivable that these two accounts will continue to play this role in the coming year and serve as the gripper for the Fed to manipulate inflation.</p><p>Furthermore, why Powell has always vowed that even if there is inflation, the Fed will have a way to deal with it is actually his confidence in adjusting the reserve account and reverse repurchase account.</p><p>As a result, someone asked, saying that the growth rate of CiC has rapidly dropped below 10%, beginning to align with the average level of the past 10 years, and the Federal Reserve has also vowed that it can cope with inflation-</p><p>So, is inflation in the United States really temporary now, like it was after QE in 2008?</p><p>Although this is another problem, to be honest, I personally feel that the result may not be what the Fed claims. Because the current and future global economic situation is completely different from that after 2008. In previous articles, I have emphasized many times that this round of inflation is likely to continue.</p><p>Consider that in mid-2002, the annualized growth rate of CiC only exceeded 10% for a very short period of time, but for more than 5 years after that, the inflation rate in the United States exceeded 3% half the time...</p><p>After the crazy money printing so far in 2020, the severity of global inflation this time is likely to be greater than that of 20 years ago. After all, inflation is affected by too many internal and external factors, unlike the Fed's account, you can play it however you want.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/j-I4SnKxJHxF3XljSZHIKg\">财主家的余粮</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{"161125":"标普500","513500":"标普500ETF","OEX":"标普100","SH":"做空标普500-Proshares","DOG":"道指ETF-ProShares做空",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF","QID":"两倍做空纳斯达克指数ETF-ProShares",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF","SDS":"两倍做空标普500 ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","SPY":"标普500ETF","DDM":"2倍做多道指ETF-ProShares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares"},"source_url":"https://mp.weixin.qq.com/s/j-I4SnKxJHxF3XljSZHIKg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187114664","content_text":"按照价格上升的速度，人们通常将通货膨胀划分为以下几个级别：\n爬行通货膨胀(creeping inflation, 每年物价上升1%~3%);\n温和通货膨胀(moderate inflation, 每年物价上升3%~6%);\n严重通货膨胀(raging inflation, 每年物价上升6%~9%);\n急剧通货膨胀(galloping inflation, 每年物价上升10%~50%);\n超级通货膨胀(hyper-inflation, 每年物价上升50%以上)。\n通过研究美国1867-1960年之间近百年的货币史，关于通货膨胀，弗里德曼得出来了一个斩钉截铁的结论：\n“通货膨胀，在任何时间，在任何地点，都是一个货币现象”。\n进一步地，根据弗里德曼的研究，除了超级通货膨胀之外，通货膨胀的发生，通常都发生在货币增发之后的12-24个月，而且持续时间，通常比24个月更久。\n所以，如何操纵通胀，说白了就是操纵货币的发行，这是央行的事儿。\n\n有人盯着央行的资产负债表变动，以此来判断通胀的走势——因为，央行资产负债表规模，确确实实代表了央行印钞的总规模，而且资产负债表大小完完全全在央行的操控之下。\n这个思路的确没啥问题。可惜，现实却很骨感，除了能看到央行资产负债表一直在增加、而通胀也一直持续这两个共同点之外，你几乎看不到通货膨胀变化与央行资产负债表规模变化之间的关系。\n例如，自2008年以来，我们可以观察到美联储的资产负债表规模，在阶段性的暴涨过后，的确能观察到一年之后的通胀也阶段性暴涨之外，但绝大部分时间通胀对资产负债表规模的变化几乎没有反应。\n\n其他的全球主要经济体，包括欧洲、中国和日本，央行资产负债表规模与通胀的关系更小。\n有人盯着广义货币的变化速率，因为广义货币的定义，的确包含了一个社会上由基础货币所衍生出来的所有货币和信贷，代表着整个社会的支付能力。\n再次拿美元M2增速，来观察广义货币与通货膨胀的关系。\n\nM2增长率与通货膨胀的关系比资产规模变化好一些，但整体还是看不出来什么规律。\n更重要的是，无论美国还是中国，广义货币主要来自于社会信贷的扩张，央行固然可以通过加息降息印钞收钞来影响其扩张速度，但毕竟不是完全在央行的管控之下，其很大程度上，受到经济环境的影响，而央行必须选一个自己能够完全掌控和操纵的数据。\n就美元而言，这个数据叫“流通中的货币（Currency in Circulation）” ，我称之为CiC。\n这里解读一下美联储负债端的主要构成。\n美联储的资产端，是它拿什么来印钞的问题；而美联储的负债端，则是它所印的钱，最终都流向了哪些账户的问题。\n根据美联储的资产负债表，目前，美联储的负债端主要由4个部分构成：\n1）银行准备金：包括了银行的法定准备金和超额准备金，美国的法定准备金率很低，但是自2008年全球金融危机以来，各大银行存放在美联储账户上的超额准备金额度迅速增长，目前是美联储负债端第一大项，这些钱隶属于各大银行，但是放在美联储的准备金账户上，未流通到社会上。\n2）联邦政府账户：这个没什么好说的，就是美国财政部开在美联储的账户，俗称为“TGA（Treasury General Account）”，这里面所显示的资金，一直存放在美联储账户上，并未流通到社会上。如果美国政府花出去，账户额会降低，就是流通到了社会上。\n3）美联储的逆回购账户资金：这是美联储用于短期调节金融市场信用松紧的工具，和中国央行的逆回购正好相反，美联储逆回购是收回市场资金的举动，这里面的资金，也是存放在美联储的账户上，不是社会上流通的钱。一直以来，逆回购账户资金不值一提。但自2008年全球金融危机之后，为了收回金融市场上过多的流动性，逆回购规模快速增长；从2020年4月份开始，这个账户规模更是飙升至天量，成为美联储最主要的负债端之一。\n4）流通中的货币：这个没啥说的，就是目前开在美联储会员银行（美国几乎所有的大中型银行都是美联储的会员银行）所有账户资金总和，是真正流通在美国社会上的钱。\n除了2008年金融危机期间及其他极少数时间，这4个账户总和，占到美联储负债总规模的90%以上，目前占比是96%。美联储正是通过这4个账户的平衡，来调节和改变美国社会上所流通的货币总量，进而影响整个社会的通货膨胀情况。\n把过去20年里CiC的年化增长率与12个月后的CPI通胀进行对比，除了能看出来CiC的增长率与通胀相关性很高之外，也明显看出美联储的操作思路。\n调节思路非常简单：\n通胀率处于高位且上升阶段，就想方设法降低流通货币增长率；\n通胀率处于低位且下降阶段，就使劲儿增加流通货币的增长率。\n2001年“911事件”爆发之后，美联储大肆增加流通货币数量，由此导致从2002年底开始，美国的CPI通胀开始上升并突破2%并一直保持在2%以上。随后美联储就采取一系列措施，收回市场上的一部分流动性，而且只要市场通胀率位于高位，CiC的增长率就一直让其保持在低位。\n到了2008年初，流通货币的年化增长率已经降至接近于0的水平。此后不久，又爆发了由次贷危机引发的全球金融危机，通胀水平急剧下降，美联储立即选择了疯狂印钞（QE1）。在美联储的操纵之下，自2008年底开始，流通货币增长率暴涨，从2009年年中开始，美国通胀水平也从低位开始暴涨并回到了2%以上。\n然后，美联储选择了停止QE1，结果CiC的增长率很快暴跌，美联储不得不开启QE2，让CiC的增长率再度暴涨，由此才将美国的通胀率维持在2%以上。\n当美国的通胀率维持在1%-2%水平的时候，美联储认为已经达成了货币目标，于是控制CiC的增长率缓慢下降，这一过程一直持续到2019年9月份，此后基本维持CiC低位增长。但随着2020年3月份全球新冠疫情的爆发，美国通胀率有急剧下降风险，美联储立即启动了无限QE，疯狂印钞，让CiC的增长率持续暴涨到近17%的历史极高位……\n今年3月份，美国的通胀率再度迅速上升，虽然还在持续QE，但美联储就又开始着手降低CiC的年化增长率，将其从近17%的高位降下来。\n观察最近一年半来美联储的负债项变化，可以清晰地发现美联储操纵CiC增长率的思路：\n先是通过无限QE印钞，资产负债表规模暴涨了80%以上；但同时，为避免市场上货币直接翻倍可能导致的资本市场及社会价值体系混乱，准备金和逆回购规模开始暴涨：准备金账户以超过100%的速度增加，而逆回购账户的增长率也接近100%。至于美国财政部账户，因为联邦政府要应对未来的疯狂撒钱，其增长率更是超过1000%……\n在这三个大项增长之下，社会上流通的货币增长率尽管达到了有史以来的最高水平，但也仅仅是超过了10%，从而确保整个社会流通美元的规模在一个相对正常的范围增长，不至于颠覆整个社会的美元价值基础。\n这一过程一直持续到2021年3月份，随着美国的通胀数据的“迅速超标”，美联储开始火速降低CiC的增长率，办法就是快速降低准备金的增速。另外，随着美国财政部的钱都被政府发给民众和企业，财政部账户额度的降速更是超过了50%。为抵消这个影响，美联储又强力启动逆回购账户，逆回购账户额度增速超过了500%……\n在这一系列大手笔操作之下，CiC的年化增长率开始逐渐降低，目前已经降低到了10%以下，向着“正常化”的水平迈进。\n显然，不管资产负债表总规模、准备金、逆回购或者政府账户（这个受美国财政部控制，不是美联储说了算）的额度如何剧烈变化，美联储的政策目标，就是始终保持社会上流通货币的“稳定增长”——在稳定增长的基础上，根据通货膨胀的高低，调整其增长率，进而对未来通胀加以操控。\n这就是美联储操纵美元通货膨胀的整体思路。\n以前，我曾经写过文章，告知大家关于各国政府统计部门对于通胀数据的操纵，但通胀操纵这事儿，可不仅仅是统计局一家的事儿，更是包括美联储在内各国央行的首要任务。\n实际上，就在2020年6月，随着CiC增长率的暴涨，根据历史规律，美联储已经很清楚， 2021年二季度美国的通胀必然会 “大大超标”，所以才提出来了所谓的“平均通胀目标制”，他们只是不确定这个“超标”能够超到什么程度而已。\n目前，大规模QE变成了美联储的“正常操作”，而且叠加了美国政府账户额度的剧烈变化。此时，美联储的准备金账户和逆回购账户，就像是吸收美元货币量剧烈变化的超级缓冲器。可以想象的是，在未来一年内，这两个账户还将持续发挥这种作用，并成为美联储操纵通胀的抓手。\n进一步地，鲍威尔为什么一直信誓旦旦地说，即使出现了通胀，美联储也有办法进行应对，其实也是对于调节准备金账户和逆回购账户的自信。\n这么一来，有人就问了，说现在CiC增长率已经迅速降低到了10%以下，开始向过去10年的平均水平看齐，而且美联储也信誓旦旦地说能够应对通胀——\n那么，现在美国的通胀是不是就真的是暂时的，像2008年的QE之后一样？\n虽然说，这是另外一个问题，但老实说，我个人觉得，结果可能不是美联储所宣称的那样。因为现在以及未来的全球经济状况，与2008年之后完全不一样。在以往文章里，我也多次强调，这一轮的通胀，大概率会持续下去。\n想想看，2002年年中，CiC的年化增长率，只是在极短时期内超过了10%，但在此后5年多的时间里，美国的通胀率在一半时间里都超过了3%……\n2020年初迄今的疯狂印钞之后，这一次的全球通胀，其严重性大概率会超过20年前。毕竟，通胀这玩意儿，有太多的内部和外部因素影响，可不像美联储的账户一样，自己想怎么玩，就怎么玩。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"QID":0.9,"SPY":0.9,"SDS":0.9,"SQQQ":0.9,"DDM":0.9,"SH":0.9,"SSO":0.9,"DOG":0.9,"ESmain":0.9,"IVV":0.9,"SPXU":0.9,".SPX":0.9,".IXIC":0.9,"OEX":0.9,"QQQ":0.9,".DJI":0.9,"TQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810446854,"gmtCreate":1629997262778,"gmtModify":1676530197074,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810446854","repostId":"1135489091","repostType":4,"repost":{"id":"1135489091","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629984612,"share":"https://ttm.financial/m/news/1135489091?lang=en_US&edition=fundamental","pubTime":"2021-08-26 21:30","market":"us","language":"zh","title":"Opening: The three major U.S. stock indexes basically opened flat, and Huanju Times rose more than 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1135489091","media":"老虎资讯综合","summary":"8月26日，美股三大指数基本平开，道琼斯指数开盘上涨40.00点，涨幅0.11%，报35445.50点；标普500指数开盘下跌3.39点，跌幅0.08%，报4492.80点；纳斯达克综合指数开盘上涨2","content":"<p>On August 26, the three major U.S. stock indexes basically opened flat. The Dow Jones Index opened up 40.00 points, or 0.11%, to 35,445.50 points; The S&P 500 index opened down 3.39 points, or 0.08%, to 4,492.80 points; The Nasdaq Composite Index opened up 22.1 points, or 0.15%, to 15,041.9 points.</p><p>Most popular Chinese concept stocks fell,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Fell more than 1%.</p><p><a href=\"https://laohu8.com/S/YY\">Happy gathering times</a>It opened up more than 12%. It is reported that Chairman Huanju and Lei Jun plan to<a href=\"https://laohu8.com/S/YY\">Huanju Group</a>Privatization, with a valuation of US $8 billion.</p><p><a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>It fell more than 14%, and the net loss in Q2 expanded to 391 million yuan.</p><p><a href=\"https://laohu8.com/S/KXIN\">Happy Auto</a>It rose more than 8%. It is reported that the company will acquire 100% equity of Henan Yujie Times Automobile.</p><p><a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Up 20%, the company appointed DANIEL NINIVAGGI as its new CEO.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>It rose more than 8%, Q2 revenue increased by 104% year-on-year, and the retention rate reached 169%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: The three major U.S. stock indexes basically opened flat, and Huanju Times rose more than 12%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: The three major U.S. stock indexes basically opened flat, and Huanju Times rose more than 12%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-26 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 26, the three major U.S. stock indexes basically opened flat. The Dow Jones Index opened up 40.00 points, or 0.11%, to 35,445.50 points; The S&P 500 index opened down 3.39 points, or 0.08%, to 4,492.80 points; The Nasdaq Composite Index opened up 22.1 points, or 0.15%, to 15,041.9 points.</p><p>Most popular Chinese concept stocks fell,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Fell more than 1%.</p><p><a href=\"https://laohu8.com/S/YY\">Happy gathering times</a>It opened up more than 12%. It is reported that Chairman Huanju and Lei Jun plan to<a href=\"https://laohu8.com/S/YY\">Huanju Group</a>Privatization, with a valuation of US $8 billion.</p><p><a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>It fell more than 14%, and the net loss in Q2 expanded to 391 million yuan.</p><p><a href=\"https://laohu8.com/S/KXIN\">Happy Auto</a>It rose more than 8%. It is reported that the company will acquire 100% equity of Henan Yujie Times Automobile.</p><p><a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Up 20%, the company appointed DANIEL NINIVAGGI as its new CEO.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>It rose more than 8%, Q2 revenue increased by 104% year-on-year, and the retention rate reached 169%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SSO":"2倍做多标普500ETF-ProShares","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500ETF-iShares","PDD":"拼多多","BABA":"阿里巴巴","OEF":"标普100指数ETF-iShares","SNOW":"Snowflake","SPY":"标普500ETF","OEX":"标普100",".DJI":"道琼斯",".SPX":"S&P 500 Index","KXIN":"开心控股","SDS":"两倍做空标普500 ETF-ProShares",".IXIC":"NASDAQ Composite","09988":"阿里巴巴-W","SH":"做空标普500-Proshares","NTES":"网易","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135489091","content_text":"8月26日，美股三大指数基本平开，道琼斯指数开盘上涨40.00点，涨幅0.11%，报35445.50点；标普500指数开盘下跌3.39点，跌幅0.08%，报4492.80点；纳斯达克综合指数开盘上涨22.1点，涨幅0.15%，报15041.9点。\n热门中概股多数走低，网易、阿里巴巴、拼多多跌超1%。\n欢聚时代开涨超12%，消息称欢聚董事长和雷军计划将欢聚集团私有化，估值或达80亿美元。\n逸仙电商跌超14%，Q2净亏损扩大至3.91亿元。\n开心汽车涨超8%，消息称公司将收购河南御捷时代汽车100%股权。\nLordstown Motors大涨20%，公司任命DANIEL NINIVAGGI为新的首席执行官。\nSnowflake涨超8%，Q2营收同比增长104%，留存率达169%。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"QNETCN":0.9,"ESmain":0.9,"UPRO":0.9,"SNOW":0.9,"KXIN":0.9,"OEX":0.9,"BABA":0.9,"SSO":0.9,"NTES":0.9,"SPY":0.9,"IVV":0.9,".DJI":0.9,".IXIC":0.9,"SPXU":0.9,"PDD":0.9,"09988":0.9,"OEF":0.9,"SH":0.9,"SDS":0.9,"RIDE":0.9,".SPX":0.9,"YY":0.9}},"isVote":1,"tweetType":1,"viewCount":1575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837158684,"gmtCreate":1629867117648,"gmtModify":1676530156855,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837158684","repostId":"2162303853","repostType":4,"repost":{"id":"2162303853","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1629851039,"share":"https://ttm.financial/m/news/2162303853?lang=en_US&edition=fundamental","pubTime":"2021-08-25 08:23","market":"hk","language":"zh","title":"Is the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different","url":"https://stock-news.laohu8.com/highlight/detail?id=2162303853","media":"券商中国","summary":"恒生指数罕见破净 史上仅出现3次 这次很不一样？　　8月24日，恒生科技指数大涨7.06%，创史上第二大单日涨幅，这距离恒生指数市净率降至0.98倍、跌破净资产仅一个交易日。就在本次反弹前，港股的恒生指数跌破了市净率。港股基金艰难，基金经理判断底部已至　　与此同时，在恒生指数跌破净资产之际，重仓港股的基金年内收益名列倒数。","content":"<p>After the index broke the net and Hong Kong stock funds ranked first and second at the bottom, the Hong Kong stock index ushered in a landmark rebound.</p><p>On August 24, the Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. This was only one trading day after the price-to-book ratio of the Hang Seng Index fell to 0.98 times and fell below net assets. Considering that the Hong Kong stock market has transformed into a new economic market dominated by high technology rather than bank real estate, this phenomenon of falling below net assets particularly highlights the attractiveness after wrong killing.</p><p>Ran Linghao of Dacheng Fund believes that the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>After a long drought, Hong Kong stocks finally exploded</p><p>After continuous adjustments, fund managers finally waited for an important rebound in Hong Kong stocks.</p><p>The Hang Seng Index rose 2.46% on August 24, and the Hang Seng China Enterprises Index closed up 3.21%; The Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. In terms of fund holdings, Meituan Company closed up 13.51%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Rose 10.22%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 8.81%.</p><p>The surge in Hong Kong stocks on August 24 was more like a super counterattack by bargain-hunting funds. Just before this rebound, the Hang Seng Index of Hong Kong stocks fell below the price-to-book ratio. After a week of continuous decline last week, the price-to-book ratio of the Hang Seng Index once fell to 0.98 times on August 20, falling below net assets. This data is at the 1% quantile level since 2002, which means that the price-to-book ratio valuation of the Hang Seng Index is lower than 99% of the time since 2002.</p><p>It is worth mentioning that the Hang Seng Index has also had three major \"net-breaking\" ranges before, which occurred in 1998<a href=\"https://laohu8.com/S/00662\">Asian Finance</a>The crisis, the A-share circuit breaker in early 2016, and the continued decline of Hong Kong stocks in 2020. However, this year's net breaks are obviously different from the previous three times. During the first three \"net breaks\", the Hang Seng Index still used the financial sector with low valuation and low price-to-book ratio as the main weight industry. However, in recent years, with the continuous optimization of the Hong Kong stock market and index policies, the proportion of the new economic sector of Hong Kong stocks will continue to increase.</p><p>A Chinese reporter from a brokerage firm learned from an interview that the proportion of new economy companies in the average daily turnover of the Hong Kong stock market has increased from 4% in 2018 to 20% at the end of the first quarter of 2021. In the first quarter of this year, new economy companies The IPO funds raised in Hong Kong have reached a new climax, and this proportion has increased to 95%. Hong Kong stocks are becoming more and more new economic and are shaping a new economic form for Hong Kong stocks.</p><p>Against the background of a relatively high proportion of technology stocks in the Hong Kong stock market, the current \"net-breaking\" signal may be more obvious than the previous three \"net-breaking\" signals, that is, Hong Kong stocks, a new economic market dominated by technology stocks, may be significantly undervalued.</p><p>\"The valuation of the Hang Seng Technology Index is already very low, but its growth remains at a high level, and its PEG is lower than the GEM Index and the Nasdaq 100 Index.\" Ran Linghao of Dacheng Fund said that corresponding to the current situation, the Hang Seng Technology Index P/E in 2021 is 33 times, P/E in 2022 is 25 times, and P/E in 2023 is 20 times. The corresponding compound annualized profit growth rate will reach more than 30%. The valuation of PEG is low, especially for the main heavyweights of the Hang Seng Technology Index.</p><p>Hong Kong stock funds are struggling, fund managers judge that the bottom has reached</p><p>At the same time, when the Hang Seng Index fell below net assets, funds with heavy positions in Hong Kong stocks ranked the bottom in terms of returns during the year. The data shows that as of August 24, China Universal Hong Kong Hybrid Fund has lost 24.79% this year, ranking first among active equity funds during the year. The second largest loss during the year was E Fund Asia Select Fund, with a loss of 24.11% during the year. The main positions of the fund are also concentrated in the Hong Kong stock market.</p><p>However, whether it is China Universal Hong Kong Hybrid Fund or E Fund Asia Select Fund, the Hong Kong-listed companies with core positions are all high-quality new economic leaders. Therefore, the performance ranking of related fund products with heavy positions in Hong Kong stocks ranks bottom, which further highlights that the adjustment of Hong Kong stocks seems to have entered a moment of panic and greed.</p><p>The Hang Seng Index falling below the price-to-book ratio is obviously a symbolic signal, but some big names actually started bargain hunting as early as the beginning of the month.</p><p>On the evening of August 9, Li Ka-shing's Hong Kong-listed company<a href=\"https://laohu8.com/S/00001\">Changhe</a>The company announced that it will repurchase 650,000 shares on August 9, 2021, at a cost of HK $37.5089 million, with the highest repurchase price of HK $58.05 and the lowest repurchase price of HK $57.45. On August 6, it spent HK $52.091 million to repurchase 900,000 shares, and the price per share was also around HK $58. CKH Hutchison has repurchased 9.2975 million shares in the past three months, accounting for 0.24% of the issued share capital.</p><p>It is worth noting that the repurchases of leading companies related to Hong Kong stocks have further enhanced the confidence of bargain-hunting funds.</p><p>After August 19, Tencent Holdings continued to repurchase on the 20th, 23rd, and 24th, repurchasing a total of 650,000 shares for 4 consecutive trading days, spending a total of 290 million Hong Kong dollars. Tencent Holdings announced that it repurchased 22,600 shares on the 24th at a cost of HK $10.2005 million. The repurchase price was between HK $450.6 and HK $451.6 per share, marking the fourth consecutive trading day of repurchases.</p><p><a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>It also released a research report stating that it maintains Tencent Holdings' \"buy\" rating and gives PE35-38x in 2022, corresponding to a target price of 700-750 Hong Kong dollars. The agency believes that the revenue of online game business is 43 billion yuan, a year-on-year increase of 12%. Basically in line with consensus expectations. Its<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Revenue (including social accounts) was 40.8 billion yuan, a year-on-year increase of 13%, and the bank estimates that the turnover will increase by about 3% year-on-year. Client game revenue increased by 1% year-on-year to 11 billion yuan, exceeding consensus expectations by 1%. Overseas game revenue increased by 29% year-on-year to 10.8 billion yuan, and the actual growth rate after excluding the impact of currency exchange rate was 37%; Accounting for 25% of online game revenue.</p><p>In the eyes of many institutions, Hong Kong stocks with substantial discounts have entered the range of gradual layout.<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>It is believed that in the long run, due to the recent stock price adjustment of Internet companies, the investment value has become prominent. The intention of supervision is not to curb Internet companies from becoming bigger and stronger. Future policies are likely to tend to regulate the development of the industry rather than subvert it. The standardized Internet companies will remain the most potential and dynamic part of China's economy in the future.</p><p>In addition, judging from the experience of U.S. stocks, Internet companies have also faced many regulatory pressures, but the risk and probability of business splitting are low. Most companies are still flourishing and rejuvenating after regulation. At present, under regulatory pressure, the Internet giants in Hong Kong stocks have experienced low valuation levels that are rare in history. This is a rare buying opportunity for long-term funds.</p><p>Dacheng<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Fund manager Ran Linghao believes that the performance of Hong Kong stocks in 2020 is obviously not as good as that of US stocks and A shares, but the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>Ran Linghao reiterated the view that the Hang Seng Technology Index has basically reached the bottom range, but believes that the rebound may not come so quickly, because the market needs time to thoroughly digest the policy impact and negative news, during which there may be a narrow range of fluctuations, but by 4 In the quarter, investors will gradually begin to reevaluate the valuation of the Hang Seng Technology Index based on the performance in 2022. At that time, they will find that the Hang Seng Technology Index still has good growth potential and the valuation is cheaper, which may drive the index to a better increase.</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>Is the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Hong Kong stock reversal signal clear? Only three times in history, this time it's very different\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-08-25 08:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the index broke the net and Hong Kong stock funds ranked first and second at the bottom, the Hong Kong stock index ushered in a landmark rebound.</p><p>On August 24, the Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. This was only one trading day after the price-to-book ratio of the Hang Seng Index fell to 0.98 times and fell below net assets. Considering that the Hong Kong stock market has transformed into a new economic market dominated by high technology rather than bank real estate, this phenomenon of falling below net assets particularly highlights the attractiveness after wrong killing.</p><p>Ran Linghao of Dacheng Fund believes that the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>After a long drought, Hong Kong stocks finally exploded</p><p>After continuous adjustments, fund managers finally waited for an important rebound in Hong Kong stocks.</p><p>The Hang Seng Index rose 2.46% on August 24, and the Hang Seng China Enterprises Index closed up 3.21%; The Hang Seng Technology Index rose 7.06%, the second largest single-day increase in history. In terms of fund holdings, Meituan Company closed up 13.51%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Rose 10.22%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 8.81%.</p><p>The surge in Hong Kong stocks on August 24 was more like a super counterattack by bargain-hunting funds. Just before this rebound, the Hang Seng Index of Hong Kong stocks fell below the price-to-book ratio. After a week of continuous decline last week, the price-to-book ratio of the Hang Seng Index once fell to 0.98 times on August 20, falling below net assets. This data is at the 1% quantile level since 2002, which means that the price-to-book ratio valuation of the Hang Seng Index is lower than 99% of the time since 2002.</p><p>It is worth mentioning that the Hang Seng Index has also had three major \"net-breaking\" ranges before, which occurred in 1998<a href=\"https://laohu8.com/S/00662\">Asian Finance</a>The crisis, the A-share circuit breaker in early 2016, and the continued decline of Hong Kong stocks in 2020. However, this year's net breaks are obviously different from the previous three times. During the first three \"net breaks\", the Hang Seng Index still used the financial sector with low valuation and low price-to-book ratio as the main weight industry. However, in recent years, with the continuous optimization of the Hong Kong stock market and index policies, the proportion of the new economic sector of Hong Kong stocks will continue to increase.</p><p>A Chinese reporter from a brokerage firm learned from an interview that the proportion of new economy companies in the average daily turnover of the Hong Kong stock market has increased from 4% in 2018 to 20% at the end of the first quarter of 2021. In the first quarter of this year, new economy companies The IPO funds raised in Hong Kong have reached a new climax, and this proportion has increased to 95%. Hong Kong stocks are becoming more and more new economic and are shaping a new economic form for Hong Kong stocks.</p><p>Against the background of a relatively high proportion of technology stocks in the Hong Kong stock market, the current \"net-breaking\" signal may be more obvious than the previous three \"net-breaking\" signals, that is, Hong Kong stocks, a new economic market dominated by technology stocks, may be significantly undervalued.</p><p>\"The valuation of the Hang Seng Technology Index is already very low, but its growth remains at a high level, and its PEG is lower than the GEM Index and the Nasdaq 100 Index.\" Ran Linghao of Dacheng Fund said that corresponding to the current situation, the Hang Seng Technology Index P/E in 2021 is 33 times, P/E in 2022 is 25 times, and P/E in 2023 is 20 times. The corresponding compound annualized profit growth rate will reach more than 30%. The valuation of PEG is low, especially for the main heavyweights of the Hang Seng Technology Index.</p><p>Hong Kong stock funds are struggling, fund managers judge that the bottom has reached</p><p>At the same time, when the Hang Seng Index fell below net assets, funds with heavy positions in Hong Kong stocks ranked the bottom in terms of returns during the year. The data shows that as of August 24, China Universal Hong Kong Hybrid Fund has lost 24.79% this year, ranking first among active equity funds during the year. The second largest loss during the year was E Fund Asia Select Fund, with a loss of 24.11% during the year. The main positions of the fund are also concentrated in the Hong Kong stock market.</p><p>However, whether it is China Universal Hong Kong Hybrid Fund or E Fund Asia Select Fund, the Hong Kong-listed companies with core positions are all high-quality new economic leaders. Therefore, the performance ranking of related fund products with heavy positions in Hong Kong stocks ranks bottom, which further highlights that the adjustment of Hong Kong stocks seems to have entered a moment of panic and greed.</p><p>The Hang Seng Index falling below the price-to-book ratio is obviously a symbolic signal, but some big names actually started bargain hunting as early as the beginning of the month.</p><p>On the evening of August 9, Li Ka-shing's Hong Kong-listed company<a href=\"https://laohu8.com/S/00001\">Changhe</a>The company announced that it will repurchase 650,000 shares on August 9, 2021, at a cost of HK $37.5089 million, with the highest repurchase price of HK $58.05 and the lowest repurchase price of HK $57.45. On August 6, it spent HK $52.091 million to repurchase 900,000 shares, and the price per share was also around HK $58. CKH Hutchison has repurchased 9.2975 million shares in the past three months, accounting for 0.24% of the issued share capital.</p><p>It is worth noting that the repurchases of leading companies related to Hong Kong stocks have further enhanced the confidence of bargain-hunting funds.</p><p>After August 19, Tencent Holdings continued to repurchase on the 20th, 23rd, and 24th, repurchasing a total of 650,000 shares for 4 consecutive trading days, spending a total of 290 million Hong Kong dollars. Tencent Holdings announced that it repurchased 22,600 shares on the 24th at a cost of HK $10.2005 million. The repurchase price was between HK $450.6 and HK $451.6 per share, marking the fourth consecutive trading day of repurchases.</p><p><a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>It also released a research report stating that it maintains Tencent Holdings' \"buy\" rating and gives PE35-38x in 2022, corresponding to a target price of 700-750 Hong Kong dollars. The agency believes that the revenue of online game business is 43 billion yuan, a year-on-year increase of 12%. Basically in line with consensus expectations. Its<a href=\"https://laohu8.com/S/00302\">China Mobile Games</a>Revenue (including social accounts) was 40.8 billion yuan, a year-on-year increase of 13%, and the bank estimates that the turnover will increase by about 3% year-on-year. Client game revenue increased by 1% year-on-year to 11 billion yuan, exceeding consensus expectations by 1%. Overseas game revenue increased by 29% year-on-year to 10.8 billion yuan, and the actual growth rate after excluding the impact of currency exchange rate was 37%; Accounting for 25% of online game revenue.</p><p>In the eyes of many institutions, Hong Kong stocks with substantial discounts have entered the range of gradual layout.<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>It is believed that in the long run, due to the recent stock price adjustment of Internet companies, the investment value has become prominent. The intention of supervision is not to curb Internet companies from becoming bigger and stronger. Future policies are likely to tend to regulate the development of the industry rather than subvert it. The standardized Internet companies will remain the most potential and dynamic part of China's economy in the future.</p><p>In addition, judging from the experience of U.S. stocks, Internet companies have also faced many regulatory pressures, but the risk and probability of business splitting are low. Most companies are still flourishing and rejuvenating after regulation. At present, under regulatory pressure, the Internet giants in Hong Kong stocks have experienced low valuation levels that are rare in history. This is a rare buying opportunity for long-term funds.</p><p>Dacheng<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Fund manager Ran Linghao believes that the performance of Hong Kong stocks in 2020 is obviously not as good as that of US stocks and A shares, but the stagflation of Hong Kong stocks in the early stage provides sufficient room for future compensatory gains, and there will be multiple kinetic energy driving Hong Kong stocks to rise in the future. In the long run, the trend of the Hong Kong stock market is completely determined by the profitability of listed companies; In the next two years, the profits of listed companies in Hong Kong stocks are expected to rise rapidly, strongly supporting the trend of Hong Kong stocks.</p><p>Ran Linghao reiterated the view that the Hang Seng Technology Index has basically reached the bottom range, but believes that the rebound may not come so quickly, because the market needs time to thoroughly digest the policy impact and negative news, during which there may be a narrow range of fluctuations, but by 4 In the quarter, investors will gradually begin to reevaluate the valuation of the Hang Seng Technology Index based on the performance in 2022. At that time, they will find that the Hang Seng Technology Index still has good growth potential and the valuation is cheaper, which may drive the index to a better increase.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{"513600":"恒生指数ETF","02833":"恒指ETF","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162303853","content_text":"指数破净及港股基金垫底第一和第二后，港股指数迎来一次标志性的反弹。\n8月24日，恒生科技指数大涨7.06%，创史上第二大单日涨幅，这距离恒生指数市净率降至0.98倍、跌破净资产仅一个交易日。考虑到港股市场已蜕变为以高科技而非银行地产主导的新经济市场，这种跌破净资产的现象，尤其凸显了错杀后的吸引力。\n大成基金冉凌浩认为，港股前期的滞胀正是为将来的补涨提供了充足的空间，未来也将会有多重动能驱动港股上涨。长期来看，港股市场走势完全由上市公司盈利水平决定；未来两年，港股上市公司盈利有望快速上行，有力支撑港股走势。\n久旱逢甘露，港股终于爆发\n在经历持续的调整后，基金经理终于等来港股的一次重要反弹。\n恒生指数在8月24日大涨2.46%，恒生国企指数收涨3.21%；恒生科技指数更是大涨7.06%，创史上第二大单日涨幅。基金重仓股方面，美团公司收盘大涨13.51%、哔哩哔哩大涨10.22%、腾讯控股大涨8.81%。\n港股在8月24日的大涨，更像是抄底资金的一次超级反扑。就在本次反弹前，港股的恒生指数跌破了市净率。在经历上周连续一周的持续走低后，8月20日的恒生指数市净率水平一度降至0.98倍，跌破净资产，该数据位于2002年以来的1%分位水平，意味着恒生指数的市净率估值比2002年以来99%的时间都低。\n值得一提的是，恒生指数此前也有三次主要“破净”区间，分别发生在1998年的亚洲金融危机、2016年初的A股熔断、2020年的港股持续下跌阶段。但今年的破净与过往三次明显不同，前三次“破净”时，恒生指数还是以低估值、低市净率的金融板块为主要权重行业，但近年来，随着港股市场及指数政策不断优化，港股新经济板块占比将不断提升。\n券商中国记者采访获悉，港股市场的日均成交金额中来自新经济公司的占比，由2018年的4%提升到2021年第一季度末的20%，而在今年第一季度，新经济公司在香港的IPO募集资金达到一个新高潮，这一比重提升到95%，港股正越来越新经济化，正塑造港股新的经济形态。\n在港股市场科技股占比较高的背景下，当前“破净”相比以往三次“破净”的信号意味或更加明显，即港股这样以科技股为主导的新经济市场，可能存在明显的低估。\n“恒生科技指数的估值已经很低，但其成长性依然保持在较高水平，其PEG比创业板指数及纳斯达克100指数都低。”大成基金冉凌浩表示，对应目前情况计算，恒生科技指数2021年市盈率为33倍，2022年的市盈率为25倍，2023年市盈率为20倍，对应的复合年化盈利增速达到30%以上，PEG估值较低，尤其是恒生科技指数主要权重股，如某些互联网巨头企业的估值水平已经位于历史低水平区间，意味着坏消息已经在股价中体现出来了，未来下跌空间很小。\n港股基金艰难，基金经理判断底部已至\n与此同时，在恒生指数跌破净资产之际，重仓港股的基金年内收益名列倒数。数据显示，截止8月24日，汇添富香港混合基金今年以来亏损已达24.79%，位列年内主动权益类基金亏损第一。年内亏损排名第二的则是易方达亚洲精选基金，年内亏损为24.11%，该基金的主要仓位也集中在港股市场。\n然而，无论是汇添富香港混合基金，抑或是易方达亚洲精选基金，其核心持仓的港股上市公司，均为清一色的优质新经济龙头。因此，重仓港股的相关基金产品业绩排名位列倒数，更凸显了港股的调整似乎已进入恐慌的贪婪时刻。\n恒生指数跌破市净率显然具有标志性的信号，但一些大佬事实上早在月初就已开启抄底。\n8月9日晚间，李嘉诚的港股上市公司长和公司公告称，于2021年8月9日回购65万股，耗资3750.89万港元，最高回购价58.05港元，最低回购价57.45港元。8月6日耗资5209.1万港元回购90万股，每股价格同样为58港元左右。长和近三个月累计回购股份数为929.75万股，占已发行股本的0.24%。\n值得关注的是，港股相关龙头公司的回购，也进一步增强了抄底资金的信心。\n腾讯控股继8月19日后，陆续于20日、23日、24日持续回购，连续4个交易日共回购65万股，共斥资2.9亿港元。腾讯控股发布公告称，于24日回购2.26万股股票，耗资1020.05万港元，回购价格在每股450.6-451.6港元之间，为连续第四个交易日进行回购。\n国信证券也发布研究报告称，维持腾讯控股“买入”评级，予2022年PE35-38x，对应目标价为700-750港元。该机构认为，网络游戏业务收入为430亿元，同比增长12%。基本符合一致预期。其中手游收入(含社交分账)为408亿元，同比增长13%，该行估算流水同比增长约3%。端游收入同比增长1%至110亿元，超出一致预期1%。海外游戏收入同比增长29%至108亿元，剔除货币汇率影响后实际增速为37%;占网络游戏收入比例达25%。\n大幅折价的港股在许多机构眼中，已进入逐步布局的区间。光大证券认为，长期来看，由于互联网公司近期的股价调整，投资价值已经凸显。监管意图不是遏制互联网企业做大做强，未来政策大概率是倾向于规范行业发展而非颠覆行业。规范后的互联网公司未来仍将是中国经济最具潜力、最有活力的一部分。\n此外，从美股的经验来看，互联网公司也面临过多次监管压力，但业务拆分的风险和概率较低，多数公司在规范后依然蓬勃发展，再次焕发生机。目前港股互联网巨头们在监管压力下，出现了历史上少有的低估值水平，这对长线资金来讲，都是难得的买入时机。\n大成恒生科技ETF基金经理冉凌浩认为，2020年港股表现明显不如美股及A股，但港股前期的滞胀正是为将来的补涨提供了充足的空间，未来也将会有多重动能驱动港股上涨。长期来看，港股市场走势完全由上市公司盈利水平决定；未来两年，港股上市公司盈利有望快速上行，有力支撑港股走势。\n冉凌浩重申恒生科技指数已经基本到底部区间的观点，但认为反弹可能不会来得那么快，因为市场需要时间来彻底消化政策影响和负面消息，其间可能会出现窄幅震荡的走势，但是到了4季度，投资者会逐步开始以2022年的业绩来重估恒生科技指数的估值状况，届时会发现恒生科技指数依然有着很好的成长性，同时估值更便宜了，这可能会推动指数出现较好的涨幅。","news_type":1,"symbols_score_info":{"513600":0.9,"MHImain":0.9,"HSI":0.9,"HHImain":0.9,"02833":0.9,"HSImain":0.9,"MCHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817855704,"gmtCreate":1630934833808,"gmtModify":1676530423945,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817855704","repostId":"1169885756","repostType":4,"isVote":1,"tweetType":1,"viewCount":1830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817855219,"gmtCreate":1630934820531,"gmtModify":1676530423873,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817855219","repostId":"2165842643","repostType":4,"repost":{"id":"2165842643","kind":"news","pubTimestamp":1630923185,"share":"https://ttm.financial/m/news/2165842643?lang=en_US&edition=fundamental","pubTime":"2021-09-06 18:13","market":"hk","language":"zh","title":"ByteDance Vice President Li Liang once again bombarded Tencent","url":"https://stock-news.laohu8.com/highlight/detail?id=2165842643","media":"中关村新闻","summary":"在转载评论中，李亮言辞激烈的指出，腾讯利用其影响力介入公权力，影响甚大。","content":"<p>Author: Qingzhou</p><p>Li Liang, vice president of ByteDance, reprinted the People's Daily commentary \"Website of the Central Commission for Discipline Inspection: Capital intervention is an important factor for teenagers to indulge in online games, and related companies cannot be mercenary\" and commented: \"Previously<a href=\"https://laohu8.com/S/00700\">Tencent</a>A report was issued with an institution saying that the game was harmless and was criticized by a middle school teacher. Regarding this critical article, Tencent pushed the public security in a certain place to file a case and interrogate the middle school teacher who opposed the poisoning of students by games. The case has not yet reached a conclusion. \"</p><p>In the reprinted comments, Li Liang pointed out fiercely that Tencent used its influence to intervene in public power, which had a great influence. The following is the original text of ByteDance Li Liang bombarding Tencent:</p><p><img src=\"https://static.tigerbbs.com/8ca01a854f01ee36d6f74cd8cac0264b\" tg-width=\"640\" tg-height=\"1385\" referrerpolicy=\"no-referrer\"></p>","source":"zol_stock","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>ByteDance Vice President Li Liang once again bombarded Tencent</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\">\nByteDance Vice President Li Liang once again bombarded Tencent\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中关村新闻</strong><span class=\"h-time small\">2021-09-06 18:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author: Qingzhou</p><p>Li Liang, vice president of ByteDance, reprinted the People's Daily commentary \"Website of the Central Commission for Discipline Inspection: Capital intervention is an important factor for teenagers to indulge in online games, and related companies cannot be mercenary\" and commented: \"Previously<a href=\"https://laohu8.com/S/00700\">Tencent</a>A report was issued with an institution saying that the game was harmless and was criticized by a middle school teacher. Regarding this critical article, Tencent pushed the public security in a certain place to file a case and interrogate the middle school teacher who opposed the poisoning of students by games. The case has not yet reached a conclusion. \"</p><p>In the reprinted comments, Li Liang pointed out fiercely that Tencent used its influence to intervene in public power, which had a great influence. The following is the original text of ByteDance Li Liang bombarding Tencent:</p><p><img src=\"https://static.tigerbbs.com/8ca01a854f01ee36d6f74cd8cac0264b\" tg-width=\"640\" tg-height=\"1385\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://news.zol.com.cn/776/7760636.html\">中关村新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8bea8b224335f941f6bd882d8b14f1da","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"http://news.zol.com.cn/776/7760636.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165842643","content_text":"作者：轻舟\n字节跳动副总裁李亮转载人民日报评论《中纪委网站：资本介入是青少年沉迷网游的重要因素，相关企业不能唯利是图》一文评论道：“此前腾讯与某机构出台报告称游戏无害，受某中学老师批评。就这一篇批评文章，腾讯就推动某地公安立案，刑询这位反对游戏毒害学生的中学老师，此案至今没有结论。”\n在转载评论中，李亮言辞激烈的指出，腾讯利用其影响力介入公权力，影响甚大。以下为字节跳动李亮炮轰腾讯原文：","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837153640,"gmtCreate":1629866986780,"gmtModify":1676530156816,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837153640","repostId":"2162387390","repostType":4,"repost":{"id":"2162387390","kind":"highlight","pubTimestamp":1629858360,"share":"https://ttm.financial/m/news/2162387390?lang=en_US&edition=fundamental","pubTime":"2021-08-25 10:26","market":"hk","language":"zh","title":"After buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China","url":"https://stock-news.laohu8.com/highlight/detail?id=2162387390","media":"华尔街见闻","summary":"几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。\nArk Investment创始人、有科技股女股神之称的Cathie Wood周二在接","content":"<p>ARK Fund, which has almost cleared its positions in Chinese concept stocks, began to buy at the bottom this week<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stocks, the founder of the fund \"Sister Wood\" lately stated that she is not pessimistic about China.</p><p>Cathie Wood, founder of Ark Investment and known as the female goddess of technology stocks, said in an interview with Bloomberg on Tuesday:</p><p><b>\"In the long run, I'm not pessimistic about China because I think they are a very entrepreneurial society.\"</b>Wood said that the Chinese government is formulating more rules and regulations, but the government's purpose is not to stop growth and progress.</p><p>The latest disclosed data shows that ARK's automatic &<a href=\"https://laohu8.com/S/300024\">Robot</a>Technology ETF (ARKQ) bought more than 160,000 shares of JD ADR on Monday,<b>It reversed the continuous selling trend since the end of July.</b></p><p><img src=\"https://static.tigerbbs.com/ba01ecec77377314f0598c9caadf2456\" tg-width=\"1118\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>As of Tuesday, ARKQ held $86.17 million in JD.com shares, accounting for 3.22% of its position in the ETF, making it its ninth largest position.</p><p><img src=\"https://static.tigerbbs.com/f3dccaf72955102a69b8a5080d87c3db\" tg-width=\"1107\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Since the beginning of the year, JD.com's stock has fallen by nearly 13%. After announcing a strong earnings report on Monday, JD.com's share price rebounded strongly, rising 14% overnight.<b>ARKQ also conducted bottom-hunting after JD.com announced its eye-catching financial report.</b></p><p><img src=\"https://static.tigerbbs.com/d796d9299aa03662c774ddd14756d6c0\" tg-width=\"688\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wall Street News previously mentioned that financial report data showed that JD.com's revenue in the second quarter was 253.8 billion yuan, exceeding market expectations of 244.026 billion yuan, a year-on-year increase of 26.23%; The adjusted income per ADS in the second quarter was 2.90 yuan, exceeding market expectations of 2.12 yuan;</p><p>In terms of active users, as of June 30, 2021, the number of active purchasing users of JD.com in the past 12 months reached 532 million, exceeding the market estimate of 520.9 million, a net increase of 115 million compared with the same period last year, and an increase of 32 million in a single quarter. The highest increase in history.</p><p>The past has been a year of ups and downs for Wood and Ark. In 2020, under the east wind of the bull market in U.S. technology stocks, ARK's flagship fund ARKK achieved an astonishing return of 149%.</p><p><b>However, since entering 2021, with the correction of technology stocks, ARKK's performance has been sluggish. It has fallen by 2.9% this year. It was once redeemed by investors and was shorted by hedge funds.</b></p><p><img src=\"https://static.tigerbbs.com/10a0e581ee3758d2aa1dfdc00b1114d3\" tg-width=\"720\" tg-height=\"412\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>After buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China</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\">\nAfter buying the bottom of JD.com, \"Sister Wood\" expressed her position: she is not pessimistic about China\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\">2021-08-25 10:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>ARK Fund, which has almost cleared its positions in Chinese concept stocks, began to buy at the bottom this week<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stocks, the founder of the fund \"Sister Wood\" lately stated that she is not pessimistic about China.</p><p>Cathie Wood, founder of Ark Investment and known as the female goddess of technology stocks, said in an interview with Bloomberg on Tuesday:</p><p><b>\"In the long run, I'm not pessimistic about China because I think they are a very entrepreneurial society.\"</b>Wood said that the Chinese government is formulating more rules and regulations, but the government's purpose is not to stop growth and progress.</p><p>The latest disclosed data shows that ARK's automatic &<a href=\"https://laohu8.com/S/300024\">Robot</a>Technology ETF (ARKQ) bought more than 160,000 shares of JD ADR on Monday,<b>It reversed the continuous selling trend since the end of July.</b></p><p><img src=\"https://static.tigerbbs.com/ba01ecec77377314f0598c9caadf2456\" tg-width=\"1118\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>As of Tuesday, ARKQ held $86.17 million in JD.com shares, accounting for 3.22% of its position in the ETF, making it its ninth largest position.</p><p><img src=\"https://static.tigerbbs.com/f3dccaf72955102a69b8a5080d87c3db\" tg-width=\"1107\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Since the beginning of the year, JD.com's stock has fallen by nearly 13%. After announcing a strong earnings report on Monday, JD.com's share price rebounded strongly, rising 14% overnight.<b>ARKQ also conducted bottom-hunting after JD.com announced its eye-catching financial report.</b></p><p><img src=\"https://static.tigerbbs.com/d796d9299aa03662c774ddd14756d6c0\" tg-width=\"688\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wall Street News previously mentioned that financial report data showed that JD.com's revenue in the second quarter was 253.8 billion yuan, exceeding market expectations of 244.026 billion yuan, a year-on-year increase of 26.23%; The adjusted income per ADS in the second quarter was 2.90 yuan, exceeding market expectations of 2.12 yuan;</p><p>In terms of active users, as of June 30, 2021, the number of active purchasing users of JD.com in the past 12 months reached 532 million, exceeding the market estimate of 520.9 million, a net increase of 115 million compared with the same period last year, and an increase of 32 million in a single quarter. The highest increase in history.</p><p>The past has been a year of ups and downs for Wood and Ark. In 2020, under the east wind of the bull market in U.S. technology stocks, ARK's flagship fund ARKK achieved an astonishing return of 149%.</p><p><b>However, since entering 2021, with the correction of technology stocks, ARKK's performance has been sluggish. It has fallen by 2.9% this year. It was once redeemed by investors and was shorted by hedge funds.</b></p><p><img src=\"https://static.tigerbbs.com/10a0e581ee3758d2aa1dfdc00b1114d3\" tg-width=\"720\" tg-height=\"412\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3638794\">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/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"09618":"京东集团-SW","JD":"京东","ARKF":"ARK Fintech Innovation ETF"},"source_url":"https://wallstreetcn.com/articles/3638794","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162387390","content_text":"几乎已经清仓中概股的ARK基金，本周开始出手抄底买入京东股票，该基金创始人“木头姐”最新表态称：对中国并不悲观。\nArk Investment创始人、有科技股女股神之称的Cathie Wood周二在接受彭博采访中表示：\n\n“从长远来看，我对中国并不悲观，因为我认为他们是一个非常具有创业精神的社会。”\n\nWood称，中国政府正在制定更多的规章制度，但政府的目的并不想阻止增长和进步。\n最新披露的数据显示，ARK旗下的自动&机器人技术ETF (ARKQ)于周一买入了超过16万股的京东ADR，扭转了7月底以来连续抛售的态势。\n\n截至周二，ARKQ持有8617万美元的京东股票，在该ETF中的持仓占比为3.22%，为其第九大持仓。\n\n年初至今，京东股票累计下跌了近13%。在周一公布了强劲财报后，京东股价强势反弹，隔夜大涨14%。ARKQ也是在京东公布亮眼财报后进行了抄底。\n\n华尔街见闻此前提及，财报数据显示，京东第二季度营收2538亿元，超市场预期2440.26亿元，同比增长26.23%；第二季度调整后每ADS收益2.90元，超市场预期的2.12元；\n在活跃用户方面， 截至2021年6月30日，京东过去12个月的活跃购买用户数达到5.32亿，超市场预估的5.209亿，较去年同期净增了1.15亿，单季新增3200万创下历史最高增量。\n对Wood和Ark来说，过去是跌宕起伏的一年。2020年在美国科技股大牛市的东风下，方舟旗舰基金ARKK取得了149%的惊人回报。\n但进入2021年来，随着科技股回调，ARKK表现萎靡，今年以来累计下跌2.9%，一度遭遇投资者大举赎回，并被对冲基金争相做空。","news_type":1,"symbols_score_info":{"09618":0.9,"ARKF":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881415864,"gmtCreate":1631375662458,"gmtModify":1676530538205,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/881415864","repostId":"2166370356","repostType":2,"repost":{"id":"2166370356","kind":"news","pubTimestamp":1631369550,"share":"https://ttm.financial/m/news/2166370356?lang=en_US&edition=fundamental","pubTime":"2021-09-11 22:12","market":"us","language":"zh","title":"Apple has dropped plans to launch a low-priced Apple TV TV stick","url":"https://stock-news.laohu8.com/highlight/detail?id=2166370356","media":"威锋网","summary":"据The Information报道，苹果已经放弃了低价Apple TV电视棒的计划，并将在明年大幅加快和扩大Apple TV+上新内容的输出。据熟悉苹果计划的消息人士在接受The Information采访时，透露了该公司围绕Apple TV+的许多内部讨论和态度。据称，苹果将Apple TV+视为一项独立的业务，而不是鼓励用户购买苹果生态系统的机制。2018年有报道称，苹果正在研发一款低成本的电视棒设备，作为Apple TV更便宜的替代品。","content":"<p><html><body><article>According to The Information,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has abandoned plans for a low-priced Apple TV TV stick and will significantly accelerate and expand the output of new content on Apple TV + next year.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13969021270/0\"/>In an interview with The Information, sources familiar with Apple's plans revealed many of the company's internal discussions and attitudes surrounding Apple TV +. Apple allegedly sees Apple TV + as a separate business, rather than a mechanism to encourage users to buy Apple's ecosystem.</p><p>It was reported in 2018 that Apple was working on a low-cost TV stick device as a cheaper alternative to Apple TV. The project was driven by Apple's head of video and audio marketing, Tim Twerdahl, who based on his work on Netflix and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Experience overseeing similar projects, and believes that low-cost TV equipment will make it easier for users to get started with Apple TV +.</p><p>Greg Joswiak and Phil Schiller reportedly vetoed Twerdahl, insisting Apple shouldn't start producing cheap, low-margin devices because it could damage its reputation for high-end products, meaning Twerdahl's project for low-priced TV equipment was abandoned.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple has dropped plans to launch a low-priced Apple TV TV stick</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\">\nApple has dropped plans to launch a low-priced Apple TV TV stick\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">威锋网</strong><span class=\"h-time small\">2021-09-11 22:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>According to The Information,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has abandoned plans for a low-priced Apple TV TV stick and will significantly accelerate and expand the output of new content on Apple TV + next year.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13969021270/0\"/>In an interview with The Information, sources familiar with Apple's plans revealed many of the company's internal discussions and attitudes surrounding Apple TV +. Apple allegedly sees Apple TV + as a separate business, rather than a mechanism to encourage users to buy Apple's ecosystem.</p><p>It was reported in 2018 that Apple was working on a low-cost TV stick device as a cheaper alternative to Apple TV. The project was driven by Apple's head of video and audio marketing, Tim Twerdahl, who based on his work on Netflix and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Experience overseeing similar projects, and believes that low-cost TV equipment will make it easier for users to get started with Apple TV +.</p><p>Greg Joswiak and Phil Schiller reportedly vetoed Twerdahl, insisting Apple shouldn't start producing cheap, low-margin devices because it could damage its reputation for high-end products, meaning Twerdahl's project for low-priced TV equipment was abandoned.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021091122133079ef4164&s=b\">威锋网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c0c4c03a5eea688b1e8fa7410c021db6","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021091122133079ef4164&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2166370356","content_text":"据The Information报道，苹果已经放弃了低价Apple TV电视棒的计划，并将在明年大幅加快和扩大Apple TV+上新内容的输出。据熟悉苹果计划的消息人士在接受The Information采访时，透露了该公司围绕‌Apple TV+‌的许多内部讨论和态度。据称，苹果将Apple TV+‌视为一项独立的业务，而不是鼓励用户购买苹果生态系统的机制。2018年有报道称，苹果正在研发一款低成本的电视棒设备，作为Apple TV更便宜的替代品。该项目是由苹果视频和音频营销主管Tim Twerdahl推动的，他根据自己在Netflix和亚马逊监督类似项目的经验，认为低成本电视设备会让用户更容易入门‌Apple TV+‌。据报道，Greg Joswiak和Phil Schiller否决了Twerdahl，坚称苹果不应该开始生产廉价、低利润率的设备，因为这可能会损害其高端产品的声誉，这意味着Twerdahl的低价电视设备项目被放弃了。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":1693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814555754,"gmtCreate":1630849760278,"gmtModify":1676530405667,"author":{"id":"4090298622870650","authorId":"4090298622870650","name":"寻音望月","avatar":"https://static.tigerbbs.com/a8c06eeacb125eabd3a4586bbedd65c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090298622870650","authorIdStr":"4090298622870650"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814555754","repostId":"1115202561","repostType":4,"repost":{"id":"1115202561","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1630668434,"share":"https://ttm.financial/m/news/1115202561?lang=en_US&edition=fundamental","pubTime":"2021-09-03 19:27","market":"hk","language":"zh","title":"Tencent repurchased 210,000 shares today at a cost of HK $102 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1115202561","media":"老虎资讯综合","summary":"连续第六个交易日进行回购。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>: On September 3, 210,000 shares were repurchased at a cost of HK $102 million, the sixth consecutive trading day of repurchases.</p><p><img src=\"https://static.tigerbbs.com/7f71bd8c0ec569fc78c30fc90d0e9eb2\" tg-width=\"550\" tg-height=\"261\" width=\"100%\" height=\"auto\"></p><p><b>A list of Tencent's recent buybacks:</b></p><p>On September 2, Tencent repurchased 210,000 shares at a price of HK $493.2 to HK $498.4, costing HK $104 million.</p><p>On September 1, Tencent repurchased 210,000 shares at a cost of HK $102 million.</p><p>On August 31, Tencent spent HK $101 million to repurchase 220,000 shares at a repurchase price of HK $447.4-477 per share.</p><p>On August 30, Tencent repurchased 220,000 shares at a repurchase price ranging from HK $458.20 to HK $465.20 per share, involving a capital of HK $101.5 million.</p><p>On August 27, Tencent spent HK $104 million to repurchase 220,000 shares at a price of HK $478.2-462.6 per share.</p><p>On August 24, Tencent repurchased 22,600 shares at a repurchase price ranging from HK $450.60 to HK $451.60 per share, involving a capital of HK $10.2005 million.</p><p>On August 23, Tencent invested HK $101 million to repurchase 230,000 shares at a repurchase price of HK $432 to HK $443.8 per share.</p><p>On August 20, Tencent spent HK $102 million to repurchase 240,000 shares at a repurchase price of HK $412.6 to HK $432.4 per share.</p><p>After announcing its second-quarter results on August 18, Tencent sold HK $76.965 million to repurchase 180,000 shares the next day, at a repurchase price of HK $419.4 to HK $435.2 per share, becoming the first repurchase after two years.</p><p><img src=\"https://static.tigerbbs.com/f4754d77a88e933d2632832a51141f21\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>Tencent repurchased 210,000 shares today at a cost of HK $102 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTencent repurchased 210,000 shares today at a cost of HK $102 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-03 19:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>: On September 3, 210,000 shares were repurchased at a cost of HK $102 million, the sixth consecutive trading day of repurchases.</p><p><img src=\"https://static.tigerbbs.com/7f71bd8c0ec569fc78c30fc90d0e9eb2\" tg-width=\"550\" tg-height=\"261\" width=\"100%\" height=\"auto\"></p><p><b>A list of Tencent's recent buybacks:</b></p><p>On September 2, Tencent repurchased 210,000 shares at a price of HK $493.2 to HK $498.4, costing HK $104 million.</p><p>On September 1, Tencent repurchased 210,000 shares at a cost of HK $102 million.</p><p>On August 31, Tencent spent HK $101 million to repurchase 220,000 shares at a repurchase price of HK $447.4-477 per share.</p><p>On August 30, Tencent repurchased 220,000 shares at a repurchase price ranging from HK $458.20 to HK $465.20 per share, involving a capital of HK $101.5 million.</p><p>On August 27, Tencent spent HK $104 million to repurchase 220,000 shares at a price of HK $478.2-462.6 per share.</p><p>On August 24, Tencent repurchased 22,600 shares at a repurchase price ranging from HK $450.60 to HK $451.60 per share, involving a capital of HK $10.2005 million.</p><p>On August 23, Tencent invested HK $101 million to repurchase 230,000 shares at a repurchase price of HK $432 to HK $443.8 per share.</p><p>On August 20, Tencent spent HK $102 million to repurchase 240,000 shares at a repurchase price of HK $412.6 to HK $432.4 per share.</p><p>After announcing its second-quarter results on August 18, Tencent sold HK $76.965 million to repurchase 180,000 shares the next day, at a repurchase price of HK $419.4 to HK $435.2 per share, becoming the first repurchase after two years.</p><p><img src=\"https://static.tigerbbs.com/f4754d77a88e933d2632832a51141f21\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115202561","content_text":"腾讯控股：9月3日回购21万股股份，耗资1.02亿港元，连续第六个交易日进行回购。\n\n腾讯近期回购情况一览：\n9月2日，腾讯以493.2港元—498.4港元的价格回购21万股，耗资1.04亿港元。\n9月1日，腾讯回购21万股股份，耗资1.02亿港元。\n8月31日，腾讯斥1.01亿港元回购22万股，每股回购价为447.4-477港元。\n8月30日，腾讯回购22万股，每股回购价介乎458.20港元至465.20港元，涉资1.015亿港元。\n8月27日，腾讯耗资1.04亿港元回购22万股，每股价格为478.2-462.6港元。\n8月24日，腾讯回购2.26万股，每股回购价介乎450.60港元至451.60港元，涉资1020.05万港元。\n8月23日，腾讯出资1.01亿港元回购23万股，回购价格每股432至443.8港元。\n8月20日，腾讯斥资1.02亿港元回购24万股，回购价格每股412.6至432.4港元。\n8月18日公布二季度业绩后，腾讯第二天即出手7696.5万港元回购18万股，回购价格每股419.4至435.2港元，成为时隔两年后首次回购。","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}