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168隔壁小王

168隔壁小王

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168隔壁小王

2023-01-15

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2023-01-15

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The latest positions of tens of billions of fund managers! Significantly increase positions in two stocks, and be optimistic about these areas in 2023

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2023-01-15

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Profits exceed expectations again, JPMorgan Chase will support the "facade" of the banking industry in 2023?

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2023-01-11

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The crisis in the currency circle is fermenting: Coinbase, the largest digital currency exchange in the United States, will cut 20%

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2023-01-11

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Last night and this morning | The Nasdaq rose for three consecutive days, and Chinese concept stocks once again outperformed the market! Biden exposed to hiding confidential documents

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2023-01-11

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Regulatory pressure combined with high interest rates, Wells Fargo, once ranked number one in the United States, reduces its mortgage business

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2023-01-10

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2023-01-10

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Russia considers limiting oil discounts as prices are less than half of international oil prices

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2023-01-10

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2023-01-10

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2023-01-10

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3B Home Furnishing: Revenue of $1.259 billion in the third quarter of fiscal 2022

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2023-01-06

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2023-01-04

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2022-12-30

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2022-12-29

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2022-12-28

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2022-12-25

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2022-12-23

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2022-12-18

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Significantly increase positions in two stocks, and be optimistic about these areas in 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=1127086866","media":"券商中国","summary":"新能源基金经理施成四季度调仓动向曝光。公募基金2022年四季报陆续披露中。1月14日，管理规模超200亿的基金经理施成旗下6只基金披露了公募基金四季报，施成的最新调仓路径和观点得以曝光。基金四季报数据","content":"<p><html><head></head><body>New energy fund manager Shi Cheng's position adjustment trend in the fourth quarter was exposed. The 2022 quarterly reports of public funds are being disclosed one after another. On January 14, six funds owned by Shi Cheng, a fund manager with a management scale of over 20 billion, disclosed the quarterly report of Public Offering of Fund, and Shi Cheng's latest position adjustment path and views were exposed.</p><p>According to the data of the fund's quarterly report, as of December 31, 2022, Shi Cheng's six fund products suffered varying degrees of losses in the fourth quarter, with a total asset size of 20.296 billion yuan, a decrease of 12.2% from 23.115 billion yuan at the end of the third quarter. However, the six fund products under its management Five funds experienced net subscriptions, indicating that fund holders are still sticking to it.</p><p>From the perspective of fund holdings, Shi Cheng's positions have changed slightly, and he still maintains a high position in resource stocks in the upstream of new energy. In addition, Shi Cheng has also increased the layout of more companies outside the upstream industry of new energy.</p><p><b>Increase positions in the fourth quarter</b></p><p>In recent years, the market of new energy track has been booming. With the precise layout of new energy, Shi Cheng, who has served as a fund manager for more than three years, became famous in the first battle. Shi Cheng's management scale has also sharply exceeded the 20 billion yuan mark, attracting the attention of a large number of investors.</p><p>In 2022, the new energy market will stall and fluctuations will increase. The funds managed by Shi Cheng have not been spared, and many products have experienced corrections. According to the data of the fund quarterly report, the six fund products managed by Shi Cheng suffered varying degrees of losses in the fourth quarter, and the total management scale decreased by 12.2% compared with the end of the third quarter.</p><p>However, fund share data also shows that in addition to SDIC<a href=\"https://laohu8.com/S/UBS\">UBS</a>New Energy, the shares of the other five funds managed by Shi Cheng all increased to varying degrees in the fourth quarter, indicating that the holders are sticking to it.</p><p>Since the end of last year, the quotation of lithium battery materials in the upstream of new energy has begun to fall, and the market's expectations for the future prosperity of the upstream, midstream and downstream industrial chains of new energy have changed slightly.</p><p>So what adjustments has Shi Cheng, who has a deeper understanding of new energy investment, made latest?</p><p>According to the quarterly report of the fund, the stock positions of the six funds managed by Shi Cheng all increased to varying degrees. Among them, the stock positions of SDIC UBS Advanced Manufacturing, SDIC UBS New Energy A, SDIC UBS Jinbao, and SDIC UBS Industrial Trend A increased by 4%-6% respectively, and the stock positions exceeded 92%.</p><p>In March and July last year, Shi Cheng held two funds newly issued by SDIC UBS Industrial Upgrading for two years and held two funds by SDIC UBS Industrial Transformation for one year, which continued to increase their positions significantly in the fourth quarter, from 77.73% at the end of the third quarter respectively., 54.08% of the stock positions increased to 91.63% and 89.27% at the end of the fourth quarter.</p><p><b>Sticking to new energy, the layout begins to disperse</b></p><p>Shi Cheng still prefers the new energy industry, and his overall position is relatively high. However, in addition to his adherence to the upstream resource stocks of new energy, some leaders in the middle and lower reaches of the new energy industry chain have also entered the list of the top ten holdings of his products for the first time.</p><p>In terms of specific positions, Shi Cheng's representative work SDIC UBS Advanced Manufacturing in the fourth quarter<a href=\"https://laohu8.com/S/002176\">Jiangte Motor</a>、<a href=\"https://laohu8.com/S/002466\">Tianqi Lithium</a>、<a href=\"https://laohu8.com/S/002756\">Yongxing Materials</a>、<a href=\"https://laohu8.com/S/002192\">Rongjie shares</a>、<a href=\"https://laohu8.com/S/002738\">China Mining Resources</a>、<a href=\"https://laohu8.com/S/600499\">Keda Manufacturing</a>The number of shares held has not changed, and the holdings have increased<a href=\"https://laohu8.com/S/603799\">Huayou Cobalt</a>And<a href=\"https://laohu8.com/S/002709\">Godsend Materials</a>, the number of shares held increased by 7.81% and 19.82% respectively compared with the end of the third quarter, and the market value held at the end of the fourth quarter was 267 million yuan and 245 million yuan respectively.<a href=\"https://laohu8.com/S/600338\">Mount Everest, Tibet</a>And<a href=\"https://laohu8.com/S/000762\">Tibet Mining Industry</a>It became the 9th and 10th largest holdings. As of the end of the fourth quarter, the market value of holdings was 202 million yuan and 186 million yuan respectively.<a href=\"https://laohu8.com/S/002240\">Shengxin lithium energy</a>、<a href=\"https://laohu8.com/S/000408\">Zangge Mining</a>Exit the top ten heavyweight stocks.</p><p>Tianci Materials Co., Ltd. is a leading electrolyte company, and its cathode material business is rapidly increasing.<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>He said that the company's electrolyte cost advantage is outstanding, and its target is doubling in 2023, and its market share is expected to further increase. Huayou Cobalt is a leading enterprise in the integration of lithium battery materials in the world. It has made in-depth layout of nickel, cobalt and lithium resources in the upstream of the new energy lithium battery materials industry chain, smelting in the midstream, and ternary materials in the downstream. It has also actively deployed lithium battery recycling business.</p><p>It is not difficult to find that although the top ten holdings of SDIC UBS Advanced Manufacturing are still mostly new energy upstream industry companies, in addition to lithium mining companies, Shi Cheng began to pay attention to more other upstream companies.</p><p>The layout of the two holding period products issued by Shi Cheng last year on the new energy track is slightly different from that of other products, and the layout of the new energy industry is more scattered. The upstream, midstream and downstream industry leaders all appear in the top ten heavyweight stocks. For example, SDIC UBS's one-year industrial transformation significantly increased its holdings of Tianci Materials, Yongxing Materials,<a href=\"https://laohu8.com/S/09696\">Tianqi Lithium</a>, Huayou Cobalt, Shengxin Lithium Energy,<a href=\"https://laohu8.com/S/300037\">Xinzhoubang</a>、<a href=\"https://laohu8.com/S/002865\">Junda Shares</a>Waiting for a number of new energy materials and new energy vehicle stocks,<a href=\"https://laohu8.com/S/300014\">EVE Lithium Energy</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>, Tianqi Lithium Industry's three leading new energy stocks also entered the list of the top ten holdings.</p><p><b>Still optimistic about the investment value of growth stocks</b></p><p>Shi Cheng is optimistic that the market will be able to realize the growth industry in 2023. It was pointed out in the Four Seasons Report that Shi Cheng pointed out that the growth industries represented by new energy and semiconductors, after experiencing the valuation killing in 2022, the overall market sentiment and expectations are at a low point. In addition, many manufacturing industries will pass through the overcapacity node in 2023 and have investment value. However, Shi Cheng believes that the investment value of different growth industries is different.</p><p>Shi Cheng pointed out that in the fourth quarter of 2022, the domestic economy will be temporarily sluggish due to the impact of the epidemic. As epidemic control becomes normalized and the flow of people gradually becomes normal, it is expected that the economy will gradually improve in 2023. Economic development is the growth of value. Under the background of growth, we are optimistic about the performance of growth.</p><p>Despite the overall macroeconomic impact, the growth of growth industries is still rapid. From the perspective of 2023, many manufacturing industries will go through the node of overcapacity. For the future outlook, profitability will no longer decline, and it has investment value. Upstream resource products have resource attributes, and due to the speed limit of their long-term supply, they will have high profitability for a long time. These are the two links that Shi Cheng believes have investment value.</p><p>In terms of specific industries, in terms of equipment manufacturing industry, due to certain restrictions on the total volume, the market pays more attention to various new technologies. However, the realization of many new technologies is doubtful. In 2022, the interpretation of new technologies has reached a relatively sufficient position, so we will look for links that can be industrialized for investment.</p><p>In terms of new energy vehicles, Shi Cheng believes that sales in 2023 will significantly exceed current market expectations. From the perspective of China and Europe, the constraints on chips, wiring harnesses and other links have been alleviated, and automobile production will increase. With<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/002594\">BYD</a>New energy vehicles represented by China have the motivation to further reduce prices and seize the market after the launch of new production capacity. At present, the unit profit of fuel vehicles is already low. Foreign asset dealers value profits, and there may be moves to stabilize prices and ensure profits in the future. Therefore, the replacement logic of new energy vehicles is smooth.</p><p>Shi Cheng believes that China's new energy vehicles are likely to have no obvious obstacles before the penetration rate reaches 80%. At present, the valuation of the entire electric vehicle industry chain is at a historically low level, and we are optimistic about the overall industry performance.</p><p>In the new energy power generation industry, silicon material prices are in a downward channel and began to drop in prices in the fourth quarter. Shi Cheng is optimistic that the photovoltaic industry will grow rapidly in 2023. However, because the market has relatively consistent expectations for heavy volume and high expectations for unit profitability, the overall industry chain investment cost performance is not particularly high. Among them, new technologies and low penetration are chosen. Invest in products.</p><p>Shi Cheng is optimistic about TMT industry<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Automobile. The production capacity of the automotive industry has been fully released, making competition fierce in 2023. As an industry with economies of scale, leading companies may quickly widen the gap with tail companies, and 2023 is likely to be a year of severe polarization. The winners of car companies emerging from the differentiation may continue to go global in the future and will carefully observe their investment opportunities.</p><p>Overseas, Europe continues to be affected by the Russia-Ukraine war, energy inflation is high, the overall economic outlook is dull, and the global economic bright spots are limited. Most investment opportunities in 2022 will come from the energy crisis caused by the Russia-Ukraine war, including coal, energy storage, Oil transportation, etc. Shi Cheng predicts that overseas opportunities will also be limited in 2023.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The latest positions of tens of billions of fund managers! Significantly increase positions in two stocks, and be optimistic about these areas in 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe latest positions of tens of billions of fund managers! Significantly increase positions in two stocks, and be optimistic about these areas in 2023\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\">2023-01-15 11:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>New energy fund manager Shi Cheng's position adjustment trend in the fourth quarter was exposed. The 2022 quarterly reports of public funds are being disclosed one after another. On January 14, six funds owned by Shi Cheng, a fund manager with a management scale of over 20 billion, disclosed the quarterly report of Public Offering of Fund, and Shi Cheng's latest position adjustment path and views were exposed.</p><p>According to the data of the fund's quarterly report, as of December 31, 2022, Shi Cheng's six fund products suffered varying degrees of losses in the fourth quarter, with a total asset size of 20.296 billion yuan, a decrease of 12.2% from 23.115 billion yuan at the end of the third quarter. However, the six fund products under its management Five funds experienced net subscriptions, indicating that fund holders are still sticking to it.</p><p>From the perspective of fund holdings, Shi Cheng's positions have changed slightly, and he still maintains a high position in resource stocks in the upstream of new energy. In addition, Shi Cheng has also increased the layout of more companies outside the upstream industry of new energy.</p><p><b>Increase positions in the fourth quarter</b></p><p>In recent years, the market of new energy track has been booming. With the precise layout of new energy, Shi Cheng, who has served as a fund manager for more than three years, became famous in the first battle. Shi Cheng's management scale has also sharply exceeded the 20 billion yuan mark, attracting the attention of a large number of investors.</p><p>In 2022, the new energy market will stall and fluctuations will increase. The funds managed by Shi Cheng have not been spared, and many products have experienced corrections. According to the data of the fund quarterly report, the six fund products managed by Shi Cheng suffered varying degrees of losses in the fourth quarter, and the total management scale decreased by 12.2% compared with the end of the third quarter.</p><p>However, fund share data also shows that in addition to SDIC<a href=\"https://laohu8.com/S/UBS\">UBS</a>New Energy, the shares of the other five funds managed by Shi Cheng all increased to varying degrees in the fourth quarter, indicating that the holders are sticking to it.</p><p>Since the end of last year, the quotation of lithium battery materials in the upstream of new energy has begun to fall, and the market's expectations for the future prosperity of the upstream, midstream and downstream industrial chains of new energy have changed slightly.</p><p>So what adjustments has Shi Cheng, who has a deeper understanding of new energy investment, made latest?</p><p>According to the quarterly report of the fund, the stock positions of the six funds managed by Shi Cheng all increased to varying degrees. Among them, the stock positions of SDIC UBS Advanced Manufacturing, SDIC UBS New Energy A, SDIC UBS Jinbao, and SDIC UBS Industrial Trend A increased by 4%-6% respectively, and the stock positions exceeded 92%.</p><p>In March and July last year, Shi Cheng held two funds newly issued by SDIC UBS Industrial Upgrading for two years and held two funds by SDIC UBS Industrial Transformation for one year, which continued to increase their positions significantly in the fourth quarter, from 77.73% at the end of the third quarter respectively., 54.08% of the stock positions increased to 91.63% and 89.27% at the end of the fourth quarter.</p><p><b>Sticking to new energy, the layout begins to disperse</b></p><p>Shi Cheng still prefers the new energy industry, and his overall position is relatively high. However, in addition to his adherence to the upstream resource stocks of new energy, some leaders in the middle and lower reaches of the new energy industry chain have also entered the list of the top ten holdings of his products for the first time.</p><p>In terms of specific positions, Shi Cheng's representative work SDIC UBS Advanced Manufacturing in the fourth quarter<a href=\"https://laohu8.com/S/002176\">Jiangte Motor</a>、<a href=\"https://laohu8.com/S/002466\">Tianqi Lithium</a>、<a href=\"https://laohu8.com/S/002756\">Yongxing Materials</a>、<a href=\"https://laohu8.com/S/002192\">Rongjie shares</a>、<a href=\"https://laohu8.com/S/002738\">China Mining Resources</a>、<a href=\"https://laohu8.com/S/600499\">Keda Manufacturing</a>The number of shares held has not changed, and the holdings have increased<a href=\"https://laohu8.com/S/603799\">Huayou Cobalt</a>And<a href=\"https://laohu8.com/S/002709\">Godsend Materials</a>, the number of shares held increased by 7.81% and 19.82% respectively compared with the end of the third quarter, and the market value held at the end of the fourth quarter was 267 million yuan and 245 million yuan respectively.<a href=\"https://laohu8.com/S/600338\">Mount Everest, Tibet</a>And<a href=\"https://laohu8.com/S/000762\">Tibet Mining Industry</a>It became the 9th and 10th largest holdings. As of the end of the fourth quarter, the market value of holdings was 202 million yuan and 186 million yuan respectively.<a href=\"https://laohu8.com/S/002240\">Shengxin lithium energy</a>、<a href=\"https://laohu8.com/S/000408\">Zangge Mining</a>Exit the top ten heavyweight stocks.</p><p>Tianci Materials Co., Ltd. is a leading electrolyte company, and its cathode material business is rapidly increasing.<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>He said that the company's electrolyte cost advantage is outstanding, and its target is doubling in 2023, and its market share is expected to further increase. Huayou Cobalt is a leading enterprise in the integration of lithium battery materials in the world. It has made in-depth layout of nickel, cobalt and lithium resources in the upstream of the new energy lithium battery materials industry chain, smelting in the midstream, and ternary materials in the downstream. It has also actively deployed lithium battery recycling business.</p><p>It is not difficult to find that although the top ten holdings of SDIC UBS Advanced Manufacturing are still mostly new energy upstream industry companies, in addition to lithium mining companies, Shi Cheng began to pay attention to more other upstream companies.</p><p>The layout of the two holding period products issued by Shi Cheng last year on the new energy track is slightly different from that of other products, and the layout of the new energy industry is more scattered. The upstream, midstream and downstream industry leaders all appear in the top ten heavyweight stocks. For example, SDIC UBS's one-year industrial transformation significantly increased its holdings of Tianci Materials, Yongxing Materials,<a href=\"https://laohu8.com/S/09696\">Tianqi Lithium</a>, Huayou Cobalt, Shengxin Lithium Energy,<a href=\"https://laohu8.com/S/300037\">Xinzhoubang</a>、<a href=\"https://laohu8.com/S/002865\">Junda Shares</a>Waiting for a number of new energy materials and new energy vehicle stocks,<a href=\"https://laohu8.com/S/300014\">EVE Lithium Energy</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>, Tianqi Lithium Industry's three leading new energy stocks also entered the list of the top ten holdings.</p><p><b>Still optimistic about the investment value of growth stocks</b></p><p>Shi Cheng is optimistic that the market will be able to realize the growth industry in 2023. It was pointed out in the Four Seasons Report that Shi Cheng pointed out that the growth industries represented by new energy and semiconductors, after experiencing the valuation killing in 2022, the overall market sentiment and expectations are at a low point. In addition, many manufacturing industries will pass through the overcapacity node in 2023 and have investment value. However, Shi Cheng believes that the investment value of different growth industries is different.</p><p>Shi Cheng pointed out that in the fourth quarter of 2022, the domestic economy will be temporarily sluggish due to the impact of the epidemic. As epidemic control becomes normalized and the flow of people gradually becomes normal, it is expected that the economy will gradually improve in 2023. Economic development is the growth of value. Under the background of growth, we are optimistic about the performance of growth.</p><p>Despite the overall macroeconomic impact, the growth of growth industries is still rapid. From the perspective of 2023, many manufacturing industries will go through the node of overcapacity. For the future outlook, profitability will no longer decline, and it has investment value. Upstream resource products have resource attributes, and due to the speed limit of their long-term supply, they will have high profitability for a long time. These are the two links that Shi Cheng believes have investment value.</p><p>In terms of specific industries, in terms of equipment manufacturing industry, due to certain restrictions on the total volume, the market pays more attention to various new technologies. However, the realization of many new technologies is doubtful. In 2022, the interpretation of new technologies has reached a relatively sufficient position, so we will look for links that can be industrialized for investment.</p><p>In terms of new energy vehicles, Shi Cheng believes that sales in 2023 will significantly exceed current market expectations. From the perspective of China and Europe, the constraints on chips, wiring harnesses and other links have been alleviated, and automobile production will increase. With<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/002594\">BYD</a>New energy vehicles represented by China have the motivation to further reduce prices and seize the market after the launch of new production capacity. At present, the unit profit of fuel vehicles is already low. Foreign asset dealers value profits, and there may be moves to stabilize prices and ensure profits in the future. Therefore, the replacement logic of new energy vehicles is smooth.</p><p>Shi Cheng believes that China's new energy vehicles are likely to have no obvious obstacles before the penetration rate reaches 80%. At present, the valuation of the entire electric vehicle industry chain is at a historically low level, and we are optimistic about the overall industry performance.</p><p>In the new energy power generation industry, silicon material prices are in a downward channel and began to drop in prices in the fourth quarter. Shi Cheng is optimistic that the photovoltaic industry will grow rapidly in 2023. However, because the market has relatively consistent expectations for heavy volume and high expectations for unit profitability, the overall industry chain investment cost performance is not particularly high. Among them, new technologies and low penetration are chosen. Invest in products.</p><p>Shi Cheng is optimistic about TMT industry<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Automobile. The production capacity of the automotive industry has been fully released, making competition fierce in 2023. As an industry with economies of scale, leading companies may quickly widen the gap with tail companies, and 2023 is likely to be a year of severe polarization. The winners of car companies emerging from the differentiation may continue to go global in the future and will carefully observe their investment opportunities.</p><p>Overseas, Europe continues to be affected by the Russia-Ukraine war, energy inflation is high, the overall economic outlook is dull, and the global economic bright spots are limited. Most investment opportunities in 2022 will come from the energy crisis caused by the Russia-Ukraine war, including coal, energy storage, Oil transportation, etc. Shi Cheng predicts that overseas opportunities will also be limited in 2023.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127086866","content_text":"新能源基金经理施成四季度调仓动向曝光。公募基金2022年四季报陆续披露中。1月14日，管理规模超200亿的基金经理施成旗下6只基金披露了公募基金四季报，施成的最新调仓路径和观点得以曝光。基金四季报数据显示，截至2022年12月31日，施成旗下6只基金产品四季度出现不同程度亏损，资产总规模202.96亿元，环比三季度末231.15亿元下降12.2%，不过其管理的6只基金产品中有5只基金出现净申购，显示基金持有人仍在坚守。从基金持股来看，施成持仓出现些许变动，对新能源上游的资源股仍保持较高仓位，除此之外，施成还加大了对新能源上游产业之外的更多公司进行布局。四季度提升仓位近年来，新能源赛道行情火爆，凭借对新能源的精准布局，担任基金经理3年多的施成一战成名。施成的管理规模也急剧突破200亿元大关，受到大量投资者关注。2022年新能源行情熄火，波动加大，施成管理的基金也未能幸免，多只产品出现回调。基金四季报数据显示，施成管理的6只基金产品在四季度出现不同程度亏损，总管理规模环比三季度末下降12.2%。不过，基金份额数据也显示，除了国投瑞银新能源，施成管理的其他5只基金份额在四季度均获得不同程度增长，显示持有人在坚守。去年底以来，新能源上游锂电材料报价开始下跌，市场对新能源上中下游产业链未来景气度的预期出现些许变化。那么对新能源投资理解较为深刻的施成最新做了哪些调整呢？基金四季报显示，施成管理的6只基金的股票仓位均呈现不同程度加仓。其中，国投瑞银先进制造、国投瑞银新能源A、国投瑞银进宝、国投瑞银产业趋势A的股票仓位分别上升了4%-6%不等，股票仓位超过92%。施成去年3月和7月新发的国投瑞银产业升级两年持有、国投瑞银产业转型一年持有2只基金在四季度继续大幅加仓，分别从三季度末77.73%、54.08%的股票仓位，增加至四季度末91.63%、89.27%。坚守新能源，布局开始分散施成仍偏爱新能源行业，总体持仓较高，不过除了对新能源上游资源股的坚守外，一些新能源产业链中下游龙头也首次进入其旗下产品的十大重仓股名单中。具体持仓来看，施成的代表作国投瑞银先进制造四季度对江特电机、天齐锂业、永兴材料、融捷股份、中矿资源、科达制造的持股数量没有发生变化，增持了华友钴业和天赐材料，持股数量较三季度末分别增加了7.81%、19.82%，四季度末持有市值分别为2.67亿元、2.45亿元。西藏珠峰和西藏矿业成为第9、10大重仓股，截至四季度末，持有市值分别为2.02亿元、1.86亿元。盛新锂能、藏格矿业退出前十大重仓股。天赐材料公司是电解液龙头企业，正极材料业务快速放量。东吴证券表示，公司电解液成本优势突出，2023年目标翻倍增长，市占率预计进一步提升。华友钴业是全球锂电材料一体化龙头企业，在新能源锂电材料产业链上游的镍钴锂资源、中游的冶炼、下游的三元材料进行了深度布局，还积极布局了锂电池循环回收业务。不难发现，国投瑞银先进制造的前十大重仓股虽然仍以新能源上游产业公司居多，不过除了锂矿公司外，施成开始关注更多其他上游公司。施成去年发行的2只持有期产品对新能源赛道的布局与其余产品的重仓股有些许不同，对新能源产业的布局更为分散，上中下游产业龙头均有出现在十大重仓股中。如国投瑞银产业转型一年持有在四季度大幅增持了天赐材料、永兴材料、天齐锂业、华友钴业、盛新锂能、新宙邦、钧达股份等一众新能源材料、新能源汽车股，亿纬锂能、宁德时代、天齐锂业三只新能源龙头股也进入前十大重仓股名单中。仍看好成长股投资价值施成看好2023年能够兑现成长行业的行情。在四季报中指出，施成指出，以新能源、半导体为代表的成长行业，在经历了2022年的杀估值以后，整体市场情绪和预期处于低点，此外，2023年不少制造业将走过产能过剩节点，具备投资价值。不过，施成认为不同成长行业的投资价值不同。施成指出，2022年四季度，国内经济由于疫情影响暂时低迷。随着疫情管控进入常态化，人员流动逐步正常，预计2023年经济将逐步向好。经济的发展是价值搭台而成长唱戏，在增长的大背景下，看好成长的表现。虽然有整体宏观经济的影响，但成长行业的增长依然快速。从2023年来看，不少制造业将走过其产能过剩的节点，对于未来展望，盈利能力不再下滑，具备投资价值。上游资源品具备资源属性，由于其长期供应的速度限制，会长期具备高盈利能力。这是施成认为具备投资价值的两个环节。具体行业来看，设备制造业方面，由于总量受到一定制约，市场更关注各种新技术。但不少新技术的兑现度是存疑的，2022年对于新技术的演绎到了一个比较充分的位置，因此将寻找其中可以产业化的环节进行投资。新能源汽车方面，施成认为2023年的销量会明显超过目前市场预期。从中国和欧洲来看，芯片、线束等环节的制约得到缓解，汽车产量会提升。以特斯拉、比亚迪为代表的新能源汽车，在新产能投放后有进一步降价抢占市场的动力。目前燃油车的单位盈利已经较低，外资产商对于利润看重，后续有可能会有稳价保盈利的举动，因此新能源汽车的替代逻辑顺利。施成认为，中国的新能源汽车很可能在渗透率到80%之前，都不会有明显的阻碍。目前整个电动汽车产业链的估值在历史低位，看好整体行业表现。新能源发电行业，硅料价格处于下行通道在四季度开始降价。施成看好光伏行业在2023年有较快增长，但由于市场对于放量的预期较为一致，同时对于单位盈利能力的期望较高，整体产业链投资性价比并没有特别高，选择其中新技术、低渗透率产品进行投资。TMT行业施成看好智能汽车。汽车行业的产能充分释放，使得2023年竞争将会很激烈。而作为规模经济的行业，头部企业可能会迅速拉大和尾部企业的差距，2023年很可能是两极分化剧烈的年份。车企从分化中走出的胜者，未来有可能继续走向全球，会仔细观察其投资机会。海外方面，欧洲继续受到俄乌战争等影响，能源通胀高企，整体经济前景平淡，全球经济亮点有限，2022年大部分的投资机会都来自于俄乌战争造成的能源危机，包括煤炭、储能、油运等。施成预计2023年海外机会也偏有限。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":626395600,"gmtCreate":1673790245132,"gmtModify":1676538885665,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/626395600","repostId":"1101124635","repostType":4,"repost":{"id":"1101124635","kind":"news","weMediaInfo":{"introduction":"美股研究社，一个专注研究美股的平台，专业的美股投资人都在这。想了解美国股市行情、美股开户、美股资讯、美股公司；想获得一手美股重磅信息；想加入美股交流社群，敬请关注我们吧。","home_visible":0,"media_name":"美股研究社","id":"1074069735","head_image":"https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6"},"pubTimestamp":1673776709,"share":"https://ttm.financial/m/news/1101124635?lang=en_US&edition=fundamental","pubTime":"2023-01-15 17:58","market":"us","language":"zh","title":"Profits exceed expectations again, JPMorgan Chase will support the \"facade\" of the banking industry in 2023?","url":"https://stock-news.laohu8.com/highlight/detail?id=1101124635","media":"美股研究社","summary":"摩根大通在1月13日星期五又一次发布了全面超预期的盈利报告，这是过去20个季度中的第12次。按面值计算，收入增长近18%和EPS超出预期46美分，本应在周五推高该股，但在早盘交易中却出现了相反的情况。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>On Friday, January 13th, it released another across the board earnings report that beat expectations, the 12th time in the past 20 quarters. Revenue growth of nearly 18% and EPS beating estimates of 46 cents at par should have pushed the stock higher on Friday, but the opposite was seen in early trading.</p><p>Let's review the good and bad parts of JPMorgan's earnings report, and we'll discuss whether it makes sense to hold it at current levels by revisiting the stock.</p><p><b>01</b></p><p><b>Works well</b></p><p>Directionally, there isn't much to surprise investors and analysts with JPMorgan's data. On a broad thematic level, a rising interest rate environment has helped banks expand their spreads on the consumer and commercial front, but has hurt the segment of investment banking.</p><p>In my opinion, what works in JPMorgan's favor is the company's diverse business model and superior execution. I've made the argument several times on Seeking Alpha that JPMorgan stands out as a best-in-class bank that not only complies with macroeconomic and industry trends, but also tends to deliver results that outperform peers.</p><p>For example, diversification has largely insulated the bank from a sharp decline in investment banking activity. While JPMorgan's banking expenses plunged 58% year-over-year, even worse than the 47% drop in the third quarter, the $1.7 billion sub-segment revenue accounted for just 13% of the CIB (corporate and investment banking) segment revenue and only 5% of the company's total revenue.</p><p>Consumer banking and wealth management, which accounted for 28% of total revenue, were key highlights in the fourth quarter. The business grew by a whopping 56% year over year, driven by a favorable interest rate environment. In contrast,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>(NYSE: WFC) 's consumer and small business banking segments grew 36% during the period, while Citigroup's (NYSE: C) personal banking and wealth management segments grew 5% year over year.</p><p><img src=\"https://static.tigerbbs.com/5a874de3f15934f40da8d113718b85ac\" tg-width=\"640\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>JP Morgan's I Rpage</p><p>While many executives in the banking industry like to argue that lowering interest rates doesn't necessarily cause trouble for their financial performance, JPMorgan clearly has the ability to capitalize when rates move in the opposite direction. A similar phenomenon can be observed on the commercial bank side, where revenue, which accounts for one tenth of the company's total revenue, increased by 30% in the fourth quarter.</p><p>Regarding execution, non-interest expense grew 6% year over year, below inflation, and caught my eye. While JPMorgan sees lower legal fees as a positive, I think tighter cost management (think the recent rounds of layoffs announced by some of the largest banks) may also play a role in creating operating leverage. I hope to see this trend continue in what many predict will be a challenging 2023.</p><p>Finally, investors may be comfortable with share buybacks expected to restart in 2023, as previously hinted by JPMorgan's executive team. During the earnings call, Chief Financial Officer Jeremy Barnum cited a high target of $12 billion in buybacks this year, which could help turn bearish sentiment on JPM into bullish during the trading session.</p><p><b>02</b></p><p><b>Possible problems</b></p><p>To sum up, JPMorgan's earnings report wasn't flawless. First, as mentioned earlier, investment banking has taken a considerable hit, mainly due to deteriorating market conditions and rising interest rates. Despite claims from Jamie Dimon & Co. that JPMorgan remains the industry leader, it's unlikely to see the banking sector recover anytime soon, in my opinion.</p><p>Additionally, additional credit loss provisions looked particularly rich this quarter. On the consumer side, it was $1.8 billion last quarter compared to $529 million last quarter and over $1 billion this time last year, putting considerable pressure on segment profits, which were up just 10% year-over-year compared to a 29% increase in revenue (see table above). The business side of the story isn't that different.</p><p>Aside from bottom-line headwinds limited to quarterly results, these numbers alone don't represent much. But more worryingly, they appear to represent a more pessimistic view of the global economy, as can be seen when we contrast CEO Jamie Dimon's narrative of the macro landscape in the third quarter and the fourth quarter.</p><p>Q3: \"In the United States, consumers continue to spend, balance sheets are solid, job openings are abundant, and businesses remain healthy. However, the headwinds before us are great. While we hope for the best, we are always vigilant and prepared for bad results.\"</p><p>Q4: \"The U.S. economy is still strong, consumers are still spending too much cash, and businesses are healthy. However, we still don't know the final impact of headwinds. We remain vigilant and prepared for whatever happens.\"</p><p>A slight shift from cautiously optimistic to outright caution may be reflected in consumer loan balances that continue to rise, suggesting that consumer balance sheets are not as strong now as they were earlier last year and before. JPMorgan's credit card servicing loans, the largest subcategory in the consumer space, grew 20% year over year and 9% sequentially to $185 billion.</p><p><b>03</b></p><p><b>JPMorgan remains a solid pick for the banking sector</b></p><p>At the end of the day, I think JPMorgan's fourth-quarter results were solid. Considering the level of uncertainty surrounding the state of the global economy in 2023 and the fact that JPMorgan is up 37% since the end of the third quarter of last year, it may be difficult for the stock to climb any further. Of course, this at least bodes well for momentum.</p><p><img src=\"https://static.tigerbbs.com/2963af0a16c5d8c34d8c451ccc9071b6\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>YCharts Data</p><p>However, compared to a short-term trader, I am more of an investor who focuses on diversifying a portfolio of high-quality stocks. Given the longer time horizon, I think it makes sense to own equity in a high-performing bank like JPMorgan.</p><p>Its valuation isn't necessarily cheap, either compared to recent history or compared to what I see as lower-quality alternatives in the sector (see chart above). But I think higher P/E is reasonably justified by JPMorgan's consistently strong execution and more balanced income mix.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Profits exceed expectations again, JPMorgan Chase will support the \"facade\" of the banking industry in 2023?</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\">\nProfits exceed expectations again, JPMorgan Chase will support the \"facade\" of the banking industry in 2023?\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美股研究社 </p>\n<p class=\"h-time smaller\">2023-01-15 17:58</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>On Friday, January 13th, it released another across the board earnings report that beat expectations, the 12th time in the past 20 quarters. Revenue growth of nearly 18% and EPS beating estimates of 46 cents at par should have pushed the stock higher on Friday, but the opposite was seen in early trading.</p><p>Let's review the good and bad parts of JPMorgan's earnings report, and we'll discuss whether it makes sense to hold it at current levels by revisiting the stock.</p><p><b>01</b></p><p><b>Works well</b></p><p>Directionally, there isn't much to surprise investors and analysts with JPMorgan's data. On a broad thematic level, a rising interest rate environment has helped banks expand their spreads on the consumer and commercial front, but has hurt the segment of investment banking.</p><p>In my opinion, what works in JPMorgan's favor is the company's diverse business model and superior execution. I've made the argument several times on Seeking Alpha that JPMorgan stands out as a best-in-class bank that not only complies with macroeconomic and industry trends, but also tends to deliver results that outperform peers.</p><p>For example, diversification has largely insulated the bank from a sharp decline in investment banking activity. While JPMorgan's banking expenses plunged 58% year-over-year, even worse than the 47% drop in the third quarter, the $1.7 billion sub-segment revenue accounted for just 13% of the CIB (corporate and investment banking) segment revenue and only 5% of the company's total revenue.</p><p>Consumer banking and wealth management, which accounted for 28% of total revenue, were key highlights in the fourth quarter. The business grew by a whopping 56% year over year, driven by a favorable interest rate environment. In contrast,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>(NYSE: WFC) 's consumer and small business banking segments grew 36% during the period, while Citigroup's (NYSE: C) personal banking and wealth management segments grew 5% year over year.</p><p><img src=\"https://static.tigerbbs.com/5a874de3f15934f40da8d113718b85ac\" tg-width=\"640\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>JP Morgan's I Rpage</p><p>While many executives in the banking industry like to argue that lowering interest rates doesn't necessarily cause trouble for their financial performance, JPMorgan clearly has the ability to capitalize when rates move in the opposite direction. A similar phenomenon can be observed on the commercial bank side, where revenue, which accounts for one tenth of the company's total revenue, increased by 30% in the fourth quarter.</p><p>Regarding execution, non-interest expense grew 6% year over year, below inflation, and caught my eye. While JPMorgan sees lower legal fees as a positive, I think tighter cost management (think the recent rounds of layoffs announced by some of the largest banks) may also play a role in creating operating leverage. I hope to see this trend continue in what many predict will be a challenging 2023.</p><p>Finally, investors may be comfortable with share buybacks expected to restart in 2023, as previously hinted by JPMorgan's executive team. During the earnings call, Chief Financial Officer Jeremy Barnum cited a high target of $12 billion in buybacks this year, which could help turn bearish sentiment on JPM into bullish during the trading session.</p><p><b>02</b></p><p><b>Possible problems</b></p><p>To sum up, JPMorgan's earnings report wasn't flawless. First, as mentioned earlier, investment banking has taken a considerable hit, mainly due to deteriorating market conditions and rising interest rates. Despite claims from Jamie Dimon & Co. that JPMorgan remains the industry leader, it's unlikely to see the banking sector recover anytime soon, in my opinion.</p><p>Additionally, additional credit loss provisions looked particularly rich this quarter. On the consumer side, it was $1.8 billion last quarter compared to $529 million last quarter and over $1 billion this time last year, putting considerable pressure on segment profits, which were up just 10% year-over-year compared to a 29% increase in revenue (see table above). The business side of the story isn't that different.</p><p>Aside from bottom-line headwinds limited to quarterly results, these numbers alone don't represent much. But more worryingly, they appear to represent a more pessimistic view of the global economy, as can be seen when we contrast CEO Jamie Dimon's narrative of the macro landscape in the third quarter and the fourth quarter.</p><p>Q3: \"In the United States, consumers continue to spend, balance sheets are solid, job openings are abundant, and businesses remain healthy. However, the headwinds before us are great. While we hope for the best, we are always vigilant and prepared for bad results.\"</p><p>Q4: \"The U.S. economy is still strong, consumers are still spending too much cash, and businesses are healthy. However, we still don't know the final impact of headwinds. We remain vigilant and prepared for whatever happens.\"</p><p>A slight shift from cautiously optimistic to outright caution may be reflected in consumer loan balances that continue to rise, suggesting that consumer balance sheets are not as strong now as they were earlier last year and before. JPMorgan's credit card servicing loans, the largest subcategory in the consumer space, grew 20% year over year and 9% sequentially to $185 billion.</p><p><b>03</b></p><p><b>JPMorgan remains a solid pick for the banking sector</b></p><p>At the end of the day, I think JPMorgan's fourth-quarter results were solid. Considering the level of uncertainty surrounding the state of the global economy in 2023 and the fact that JPMorgan is up 37% since the end of the third quarter of last year, it may be difficult for the stock to climb any further. Of course, this at least bodes well for momentum.</p><p><img src=\"https://static.tigerbbs.com/2963af0a16c5d8c34d8c451ccc9071b6\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>YCharts Data</p><p>However, compared to a short-term trader, I am more of an investor who focuses on diversifying a portfolio of high-quality stocks. Given the longer time horizon, I think it makes sense to own equity in a high-performing bank like JPMorgan.</p><p>Its valuation isn't necessarily cheap, either compared to recent history or compared to what I see as lower-quality alternatives in the sector (see chart above). But I think higher P/E is reasonably justified by JPMorgan's consistently strong execution and more balanced income mix.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e2f636e805bfca87903ab08fc842298","relate_stocks":{"JPM":"摩根大通"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101124635","content_text":"摩根大通在1月13日星期五又一次发布了全面超预期的盈利报告，这是过去20个季度中的第12次。按面值计算，收入增长近18%和EPS超出预期46美分，本应在周五推高该股，但在早盘交易中却出现了相反的情况。让我们回顾一下摩根大通收益报告中的好坏部分，我们将通过重新审视股票来讨论以当前水平持有它是否有意义。01运作良好从方向上看，摩根大通的数据并没有太多让投资者和分析师感到惊讶的地方。在广泛的主题层面上，利率上升的环境有助于银行在消费者和商业方面的利差扩大，但损害了投资银行业务的细分市场。在我看来，对摩根大通有利的是该公司多元化的商业模式和卓越的执行力。我在Seeking Alpha上多次提出论点，即摩根大通作为一流的银行脱颖而出，不仅顺应宏观经济和行业趋势，而且提供的业绩往往优于同行。例如，多元化在很大程度上使该银行免受投资银行活动急剧下降的影响。尽管摩根大通的银行业务费用同比暴跌58%，甚至比第三季度47%的降幅还要糟糕，17亿美元的子部门收入仅占CIB（企业和投资银行）部门收入的13%，仅占公司总收入的5%。占总收入28%的消费者银行业务和财富管理业务是第四季度的主要亮点。在有利的利率环境的推动下，该业务同比增长高达56%。相比之下，富国银行(NYSE:WFC)的消费者和小型企业银行业务在此期间增长了36%，而花旗集团(NYSE:C)的个人银行业务和财富管理部门同比增长5%。JP Morgan'sI Rpage虽然银行业的许多管理人员喜欢争辩说，降低利率并不一定会给他们的财务业绩带来麻烦，但摩根大通显然有能力在利率向相反方向移动时进行资本化。在商业银行方面也可以观察到类似的现象，占公司总收入十分之一的收入在第四季度增长了30%。关于执行，非利息支出同比增长6%，低于通货膨胀率，引起了我的注意。虽然摩根大通认为较低的法律费用是一个积极因素，但我认为更严格的成本管理（想想一些最大的银行最近宣布的几轮裁员）也可能在创造经营杠杆方面发挥作用。我希望看到这一趋势在许多人预测充满挑战的2023年继续下去。最后，正如摩根大通执行团队此前暗示的那样，投资者可能对预计将于2023年重启的股票回购感到满意。在财报电话会议上，首席财务官杰里米·巴纳姆(Jeremy Barnum)引用了今年回购120亿美元的高目标，这可能有助于在交易时段将对JPM的看跌情绪转为看涨情绪。02可能存在的问题综上所述，摩根大通的收益报告并非完美无缺。首先，如前所述，投资银行业务受到了相当大的打击，主要是由于市场环境恶化和利率上升。尽管杰米戴蒙公司声称摩根大通仍然是行业领导者，在我看来，银行业不太可能很快恢复。此外，本季度额外的信贷损失拨备看起来特别丰富。在消费者方面，上季度为18亿美元，而上季度为5.29亿美元，去年这个时候超过10亿美元，这对部门利润造成了相当大的压力，与收入增长29%相比，该部门利润仅同比增长10%（见上表）。商业方面的故事并没有太大不同。除了仅限于季度业绩的底线逆风之外，仅这些数字并不能代表太多。但更令人担忧的是，它们似乎代表了对全球经济更为悲观的看法，当我们将首席执行官杰米·戴蒙(Jamie Dimon)对第三季度和第四季度宏观格局的叙述进行对比时可以看出这一点。第3季度：“在美国，消费者继续支出，资产负债表稳健，职位空缺充足，企业保持健康。但是，摆在我们面前的阻力很大。虽然我们希望最好的结果，我们始终保持警惕，并为糟糕的结果做好准备。”第4季度：“美国经济目前依然强劲，消费者仍在支出过多现金，企业健康。但是，我们仍然不知道逆风的最终影响。我们保持警惕，并为发生的一切做好准备。”从谨慎乐观到彻底谨慎的轻微转变可能反映在继续上升的消费者贷款余额中，表明消费者资产负债表现在不像去年早些时候和之前那样强劲。摩根大通的信用卡服务贷款是消费领域最大的子类别，同比增长20%，环比增长9%，达到1850亿美元。03摩根大通仍然是银行业的可靠选择归根结底，我认为摩根大通第四季度的业绩是稳健的。考虑到2023年全球经济状况存在一定程度的不确定性，以及摩根大通自去年第三季度末以来上涨了37%，该股可能很难再进一步攀升。当然，这至少预示着势头良好。YCharts数据然而，与短线交易者相比，我更像是一个关注高质量股票投资组合多元化的投资者。考虑到更长的时间范围，我认为拥有像摩根大通这样的高绩效银行的股权是有意义的。无论是与最近的历史相比，还是与我认为该行业中质量较低的替代品相比，其估值不一定便宜（见上图）。但我认为，摩根大通一贯强劲的执行力和更平衡的收入组合合理地证明了更高的市盈率。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":2855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628490731,"gmtCreate":1673399014325,"gmtModify":1676538830286,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628490731","repostId":"2302097321","repostType":4,"repost":{"id":"2302097321","kind":"news","pubTimestamp":1673393261,"share":"https://ttm.financial/m/news/2302097321?lang=en_US&edition=fundamental","pubTime":"2023-01-11 07:27","market":"hk","language":"zh","title":"The crisis in the currency circle is fermenting: Coinbase, the largest digital currency exchange in the United States, will cut 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=2302097321","media":"李丹","summary":"除了裁员，Coinbase CEO还宣布关停多个项目，称本该在去年市场开始调整时裁得更多。上周Genesis计划裁员30%并考虑破产申请；四季度遭客户大挤兑的Silvergate宣布裁员40%。","content":"<p><html><head></head><body>In addition to layoffs, Coinbase CEO also announced the closure of multiple projects, saying that more layoffs should have been laid off when the market began to adjust last year. Last week Genesis planned to cut 30% of its workforce and consider bankruptcy filing; Silvergate, which suffered a big run on customers in the fourth quarter, announced 40% layoffs. The bankruptcy of the cryptocurrency exchange FTX has made it worse for companies in the currency circle that are already facing difficulties due to falling currency prices. Even some well-known companies in the currency circle are taking actions to lay off employees or possibly go bankrupt to protect themselves.</p><p>On Tuesday, January 10th, Eastern Time, Brain Amstrong, CEO of Coinbase, the largest and first cryptocurrency exchange listed in the United States, announced through his official blog that he had made a difficult decision, which would reduce the operating expenses of this quarter compared with the previous quarter. About 25%, specific measures include laying off about 950 employees, and all laid-off employees will be notified on the same day.</p><p>This means that Coinbase will lay off about 20% of its employees, which is equivalent to one out of every five employees. Because public information shows that as of the end of September 2022, the company has a total of about 4,700 employees. This is another round of major layoffs at Coinbase in more than half a year. In June 2022, the company announced that it would lay off 18% of its employees, about 1,200 employees, and in November, about 60 positions would be abolished.</p><p>CEO Amstong mentioned in his blog on Tuesday that as part of the actions related to layoffs, Coinbase will shut down multiple projects with low probability of success, and the affected teams will be notified on Tuesday. Other projects will continue to operate as usual, but with fewer manpower than before.</p><p>Explaining why he decided to lay off employees, Amstong said that Coinbase is well-capitalized and the cryptocurrency industry is not at the end of the road. Unnamely, he mentioned FTX, which has entered the bankruptcy process, saying he believes that recent events, including the collapse of a large competitor and increasing regulatory clarity, will ultimately benefit Coinbase, and they validate Coinbase's long-term strategy. But these changes will take time to materialize, and Coinbase needs to ensure that it has appropriate operating efficiency in order to weather the downturn of the cryptocurrency market and seize possible opportunities.</p><p>Amstrong wrote that the cryptocurrency industry is difficult to predict, but the key is to make plans to ensure that you can successfully run your business when there are many possible outcomes in the future. In the past decade, Coinbase has used this process to weather many bear markets. This is the first time that the company has encountered a cryptocurrency industry cycle that coincides with the downturn of the entire economy. Obviously, the company needs to cut expenses and increase the odds of doing well in all situations. There is no choice but to lay off employees.</p><p>Amstrong pointed out that the reason why Coinbase has come to the point where it has to lay off employees is partly due to some factors beyond its control, but he also has some responsibilities as CEO. \"Last year, we also cut people when the market began to adjust. Looking back now, we could have cut more at that time.\"</p><p>Coinbase expects that actions related to business restructuring such as layoffs will incur costs of US $149 million to US $163 million in the first quarter of 2023, and the restructuring will be basically completed before the end of the second quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the full year of 2023 is expected to be a loss of approximately US $500 million, which is within the company's performance guidance range for 2022.</p><p>Owen Lau, an analyst at Oppenheimer, commented that the new round of layoffs at Coinbase is due to the fact that the trading volume of cryptocurrencies is still low, especially after the bankruptcy of FTX. Analysts at Keefe Bruyette & Woods commented that the new action will help mitigate the challenging environmental impact on Coinbase, but may not allow the company to turn a profit.</p><p>On the day Amstong announced the action, Coinbase's stock price quickly turned higher on Tuesday despite an open low, rising by more than 3% intraday, and still fell by more than 80% in the past year.</p><p>At present, the bear market of cryptocurrencies has entered its second year, and a series of thunderstorms in the industry, such as the bankruptcy of FTX, have also hurt the prospects of the entire industry. Before Coinbase announced layoffs, well-known currency companies had taken similar actions.</p><p>Wall Street News mentioned last week that dragged down by the collapse of FTX, encryption lender Genesis Trading will lay off 60 people, accounting for 30% of the total employees, and will file for bankruptcy protection. The FTX incident triggered customer concerns about Silvergate Capital, a bank serving the currency circle (<a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a>), the company's cryptocurrency-related deposits dropped sharply by 68% in the fourth quarter of 2022. When it disclosed its results last week, it announced the layoff of about 200 people and about 40% of its employees.</p><p></body></html></p>","source":"awtmt_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>The crisis in the currency circle is fermenting: Coinbase, the largest digital currency exchange in the United States, will cut 20%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe crisis in the currency circle is fermenting: Coinbase, the largest digital currency exchange in the United States, will cut 20%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">李丹</strong><span class=\"h-time small\">2023-01-11 07:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In addition to layoffs, Coinbase CEO also announced the closure of multiple projects, saying that more layoffs should have been laid off when the market began to adjust last year. Last week Genesis planned to cut 30% of its workforce and consider bankruptcy filing; Silvergate, which suffered a big run on customers in the fourth quarter, announced 40% layoffs. The bankruptcy of the cryptocurrency exchange FTX has made it worse for companies in the currency circle that are already facing difficulties due to falling currency prices. Even some well-known companies in the currency circle are taking actions to lay off employees or possibly go bankrupt to protect themselves.</p><p>On Tuesday, January 10th, Eastern Time, Brain Amstrong, CEO of Coinbase, the largest and first cryptocurrency exchange listed in the United States, announced through his official blog that he had made a difficult decision, which would reduce the operating expenses of this quarter compared with the previous quarter. About 25%, specific measures include laying off about 950 employees, and all laid-off employees will be notified on the same day.</p><p>This means that Coinbase will lay off about 20% of its employees, which is equivalent to one out of every five employees. Because public information shows that as of the end of September 2022, the company has a total of about 4,700 employees. This is another round of major layoffs at Coinbase in more than half a year. In June 2022, the company announced that it would lay off 18% of its employees, about 1,200 employees, and in November, about 60 positions would be abolished.</p><p>CEO Amstong mentioned in his blog on Tuesday that as part of the actions related to layoffs, Coinbase will shut down multiple projects with low probability of success, and the affected teams will be notified on Tuesday. Other projects will continue to operate as usual, but with fewer manpower than before.</p><p>Explaining why he decided to lay off employees, Amstong said that Coinbase is well-capitalized and the cryptocurrency industry is not at the end of the road. Unnamely, he mentioned FTX, which has entered the bankruptcy process, saying he believes that recent events, including the collapse of a large competitor and increasing regulatory clarity, will ultimately benefit Coinbase, and they validate Coinbase's long-term strategy. But these changes will take time to materialize, and Coinbase needs to ensure that it has appropriate operating efficiency in order to weather the downturn of the cryptocurrency market and seize possible opportunities.</p><p>Amstrong wrote that the cryptocurrency industry is difficult to predict, but the key is to make plans to ensure that you can successfully run your business when there are many possible outcomes in the future. In the past decade, Coinbase has used this process to weather many bear markets. This is the first time that the company has encountered a cryptocurrency industry cycle that coincides with the downturn of the entire economy. Obviously, the company needs to cut expenses and increase the odds of doing well in all situations. There is no choice but to lay off employees.</p><p>Amstrong pointed out that the reason why Coinbase has come to the point where it has to lay off employees is partly due to some factors beyond its control, but he also has some responsibilities as CEO. \"Last year, we also cut people when the market began to adjust. Looking back now, we could have cut more at that time.\"</p><p>Coinbase expects that actions related to business restructuring such as layoffs will incur costs of US $149 million to US $163 million in the first quarter of 2023, and the restructuring will be basically completed before the end of the second quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the full year of 2023 is expected to be a loss of approximately US $500 million, which is within the company's performance guidance range for 2022.</p><p>Owen Lau, an analyst at Oppenheimer, commented that the new round of layoffs at Coinbase is due to the fact that the trading volume of cryptocurrencies is still low, especially after the bankruptcy of FTX. Analysts at Keefe Bruyette & Woods commented that the new action will help mitigate the challenging environmental impact on Coinbase, but may not allow the company to turn a profit.</p><p>On the day Amstong announced the action, Coinbase's stock price quickly turned higher on Tuesday despite an open low, rising by more than 3% intraday, and still fell by more than 80% in the past year.</p><p>At present, the bear market of cryptocurrencies has entered its second year, and a series of thunderstorms in the industry, such as the bankruptcy of FTX, have also hurt the prospects of the entire industry. Before Coinbase announced layoffs, well-known currency companies had taken similar actions.</p><p>Wall Street News mentioned last week that dragged down by the collapse of FTX, encryption lender Genesis Trading will lay off 60 people, accounting for 30% of the total employees, and will file for bankruptcy protection. The FTX incident triggered customer concerns about Silvergate Capital, a bank serving the currency circle (<a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a>), the company's cryptocurrency-related deposits dropped sharply by 68% in the fourth quarter of 2022. When it disclosed its results last week, it announced the layoff of about 200 people and about 40% of its employees.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://api.jianyuweb.com/apiv1/content/articles/3679529?extract=1\">李丹</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/709c8c52047b7d3426eff9782845dade","relate_stocks":{"BK4535":"淡马锡持仓","BK4554":"元宇宙及AR概念","COIN":"Coinbase Global, Inc.","BK4551":"寇图资本持仓","BK4112":"金融交易所和数据","BK4539":"次新股"},"source_url":"https://api.jianyuweb.com/apiv1/content/articles/3679529?extract=1","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2302097321","content_text":"除了裁员，Coinbase CEO还宣布关停多个项目，称本该在去年市场开始调整时裁得更多。上周Genesis计划裁员30%并考虑破产申请；四季度遭客户大挤兑的Silvergate宣布裁员40%。加密货币交易所FTX的破产让本已因币价下跌面临困境的币圈公司雪上加霜，即使是一些币圈鼎鼎大名的企业，也在采取或是裁员或是可能破产的行动自保。美东时间1月10日周二，美国最大、也是首家在美上市加密货币交易所Coinbase的CEO Brain Amstrong通过官方博客宣布，做出艰难的决定，将让本季度的运营费用环比前一季减少约25%，具体举措包括裁员约 950人，所有被裁员工当天就会得到通知。这意味着，Coinbase将裁员约20%，相当于每五名员工就有一人被裁。因为公开信息显示，截至2022年9月末，该公司共有员工约4700人。这是Coinbase半年多来又一轮大裁员，2022年6月，该司宣布将裁员18%、约1200人，11月又裁撤约60个岗位。CEO Amstong在本周二的博客中提到，作为裁员相关的部分行动，Coinbase将关停多个取得成功可能性较低的项目，受影响的团队将周二当天得到通知。其他的项目将继续如常运营，不过人手会比以前少。Amstong解释为何决定裁员时说，Coinbase资本充裕，加密货币行业并非穷途末路。他不具名地提到了进入破产流程的FTX，称他相信，包括一家大型竞争对手倒闭和监管越来越清晰在内，最近的事件最终将让Coinbase受益匪浅，它们验证了Coinbase的长期战略。但这些变化需要时间实现，Coinbase需要确保有适当的经营效率，以便安然渡过加密货币市场的下滑期，并抓住可能出现的机遇。Amstrong写道，加密货币行业是难以预测的，但关键是制定计划，确保可以在未来有多种可能的结果时都能成功经营企业。过去十年，Coinbase用这种流程渡过了多次熊市，这次是公司第一次碰上加密货币的行业周期正逢整个经济的下滑。显然公司需要削减费用，增加在各种情形下都能经营良好的几率，除了裁员别无办法。Amstrong指出，Coinbase之所以走到如今这个不得不裁员的地步，部分源于一些无法控制的因素，但他作为CEO也要负一些责任。“去年我们也在市场开始调整时裁撤了人手，现在回过头看，我们本可以当时裁得更多。”Coinbase预计，裁员等业务重组相关的行动将在2023年第一季度产生1.49亿到1.63亿美元的费用，重组将在二季度末以前基本完成。2023年全年的调整后息税折旧摊销前利润（EBITDA）料将约为亏损5亿美元，处于2022年该司的业绩指引范围。机构Oppenheimer的分析师Owen Lau评论称，Coinbase的新一轮裁员是源于加密货币的交易量仍然很低，特别是FTX破产后。Keefe Bruyette & Woods的分析师评论称，新行动将有助于缓和Coinbase所受到的有挑战的环境影响，但可能不会让该司扭亏为盈。Amstong宣布行动当天，周二Coinbase股价虽然低开但很快转涨，盘中涨超3%，最近一年仍累计跌超80%。目前加密货币的熊市进入第二年，FTX破产等一系列业内企业爆雷冲击也伤害了整个行业的前景。在Coinbase宣布裁员之前，已有知名币圈公司采取类似行动。华尔街见闻上周提到，受FTX倒闭拖累，加密贷款机构Genesis Trading将裁员60人，占总员工数的30%，并将申请破产保护。FTX事件引发客户对为币圈服务的银行银门资本（Silvergate Capital）的挤兑，该司2022年四季度的加密货币相关存款剧减68%，上周披露业绩的同时宣布解雇约200人、约40%的员工。","news_type":1,"symbols_score_info":{"COIN":1}},"isVote":1,"tweetType":1,"viewCount":2413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628490498,"gmtCreate":1673399004316,"gmtModify":1676538830285,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628490498","repostId":"1122928788","repostType":4,"repost":{"id":"1122928788","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":1673395332,"share":"https://ttm.financial/m/news/1122928788?lang=en_US&edition=fundamental","pubTime":"2023-01-11 08:02","market":"sh","language":"zh","title":"Last night and this morning | The Nasdaq rose for three consecutive days, and Chinese concept stocks once again outperformed the market! Biden exposed to hiding confidential documents","url":"https://stock-news.laohu8.com/highlight/detail?id=1122928788","media":"老虎资讯综合","summary":"摘要：①隔夜纳指涨超1%录3连涨，热门中概再度领跑，阿里巴巴涨近4%；②世界银行将2023年全球GDP增速预期下调至1.7%，并警告存在衰退风险；③美媒：拜登私人办公室内发现10份机密文件。海外行情1","content":"<p><html><head></head><body>Summary: ① The Nasdaq rose by more than 1% overnight, recording three consecutive gains, and the popular China Concept once again led the way.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up nearly 4%; ② The World Bank lowered its global GDP growth forecast for 2023 to 1.7% and warned of the risk of recession; ③ US media: 10 confidential documents were found in Biden's private office. Overseas market</p><p>1. The market is concerned about the Federal Reserve policy. U.S. stocks closed higher. The Nasdaq rose more than 1%.</p><p>U.S. stocks closed higher on Tuesday. Investors were relieved that Federal Reserve Chairman Jerome Powell did not comment on interest rate policy in his speech, nor did he talk about the U.S. economic situation, and did not continue to beat the market as before. This week, the market focused on Thursday's CPI data and Friday's financial reports of large banks, believing that this may be an important market driver. The World Bank lowered its global and U.S. economic growth forecast for 2023. As of the close, the Nasdaq rose 1.01%, the S&P 500 rose 0.7%, and the Dow Jones rose 0.56%.</p><p>Star Technology Stocks Only<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Fall. \"Metaverse\" Meta turned up nearly 3%, the highest since October 25 last year.<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It rose nearly 3% to a four-week high.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After falling more than 1%, it turned up 0.5%, and<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Both have risen for three consecutive days, with Netflix rising nearly 4% to the highest since April 19 last year.<a href=\"https://laohu8.com/S/GOOGL\">Google A</a>Stocks turned up 0.5% after falling 2.5%. Tesla fell as much as 2.5%, stopping two consecutive positive days and falling from the year's high.</p><p>Chip stocks were also volatile, with gains expanding in late trading. The Philadelphia Semiconductor Index rose 0.7% at the beginning of the session and then turned down 0.9%. It finally closed up more than 1% and rose above the 2,700-point integer, setting a new four-week high.<a href=\"https://laohu8.com/S/INTC\">Intel</a>After falling more than 1%, it turned up 0.4%, setting a new five-week high. AMD turned up more than 1% after falling 1%.<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It rose nearly 2%, both hitting another three-week high.<a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>It closed down 0.3% after falling 4.7%.</p><p>On the news, Microsoft is negotiating a US $10 billion stake in OpenAI, the development company behind the artificial intelligence \"small composition\" tool ChatGPT. It is rumored that Tesla China received 30,000 car orders within three days after the price cut, and the company said it would not comment.</p><p>2. The popular Chinese concept leads Alibaba again, rising for six consecutive days to the highest level in half a year</p><p>Popular Chinese concept stocks outperformed the broader market, with the Nasdaq Golden Dragon China Index (HXC) rising nearly 2%. Among the four constituent stocks of Nasdaq 100,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Rose nearly 1%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Rose nearly 4%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up 1%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Down 1.5%. Among other stocks, Alibaba rose nearly 4%, rising for six consecutive days to the highest level in half a year, Station B rose nearly 2%, and the \"three idiots in building cars\" all rose and<a href=\"https://laohu8.com/S/NIO\">Nio</a>Cars rose more than 4%. On the news, Hangzhou and Alibaba signed a comprehensive and deepening strategic cooperation agreement, and specific measures to support the platform economy are already being formulated.</p><p>3. Major European stock indexes fell, and the German DAX30 index fell 0.12%</p><p>Major European stock indexes closed generally lower on Tuesday, with Germany's DAX30 index falling 0.12%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell 0.39%, the French CAC40 index fell 0.55%, and the European Stoxx 50 index fell 0.27%.</p><p>4. Oil prices rose for three consecutive days to a one-week high. Brent oil returned to $80. European and American natural gas fell more than 6%.</p><p>WTI February crude oil futures closed up $0.49, or 0.65%, at $75.12 per barrel, with an intraday maximum increase of $1.29 or 1.7%, and once pushed up to $76. Brent crude oil futures for March closed up $0.45, or 0.56%, at $80.10 per barrel, with an intraday maximum increase of $1.72, or 2.2%, and once rose above $81.</p><p>Warm winter weather weakened heating demand, and the European benchmark TTF Dutch natural gas futures fell more than 7%, falling below the integer of 70 euros/MWh. ICE British Gas fell more than 6% in late trading, and once fell 8.6% during the session and fell below 170p/kcal. NYMEX February U.S. natural gas futures closed down 6.93% at $3.6390 per million British thermal units. They once fell more than 9% during the session, approaching the low since June 2021.</p><p>5. New York gold futures prices closed down 0.1% on Tuesday and held steady near an eight-month high</p><p>Gold futures for February delivery fell $1.30, or nearly 0.1%, to settle at $1,876.50 an ounce on the New York Mercantile Exchange on Tuesday. It stopped its two-day losing streak, but it was not far from an eight-month high. Spot gold maintained its upward trend throughout the day, rising as high as 0.5% and breaking through the integer of $1,880, also hovering at an eight-month high.</p><p>Macro News</p><p>1. Powell emphasizes the Fed's need for political independence in dealing with inflation</p><p>Federal Reserve Chairman Jerome Powell attended the \"<a href=\"https://laohu8.com/S/CNBC\">Central Bank</a>Independence \"international seminar and gave a short presentation.</p><p>Powell emphasized the importance of being politically independent as a nation's central bank. In his speech, he said that stabilizing prices requires difficult decisions, which may be politically unpopular, and when talking about some U.S. lawmakers calling on the Federal Reserve to use its oversight and management powers to deal with climate change, he said that the Federal Reserve is not a \"climate policy maker\" and should not be used as a direct tool to address the climate crisis.</p><p>Powell believes that price stability is the cornerstone of a healthy economy, but in order to reduce inflation and ensure price stability, the Federal Reserve may take short-term unpopular measures, such as raising interest rates.</p><p>2. The World Bank lowers its 2023 global GDP growth forecast to 1.7% and warns of recession risks</p><p>The World Bank released its latest \"Global Economic Prospect\" report on Tuesday. Against the backdrop of soaring inflation, central bank rate hike, reduced investment and the Russia-Ukraine conflict, the World Bank significantly lowered its 2023 global GDP growth forecast to 1.7% and warned of recession risks.</p><p>Specifically, the World Bank lowered its global GDP growth forecast for 2023 from 3.0% growth in June last year to 1.7% growth. This will be the third lowest global growth rate in the past 30 years after the economic recessions in 2009 and 2020. a year.</p><p>3. US media: 10 confidential documents found in Biden's private office</p><p>According to a CNN report on January 10, local time, a total of 10 confidential documents were found in the private office of US President Biden. It is reported that these 10 confidential documents come from Obama's administration and Biden's tenure as vice president. The documents include US intelligence memos and briefing materials, covering topics such as Ukraine, Iran and Britain. The documents are dated between 2013 and 2016, sources said.</p><p>4. Results of the North American Leaders Summit: The semiconductor industry has attracted much attention and seeks to open up the integration of the industrial chain</p><p>On Tuesday local time, the official website of the White House released a summary of the results of the North American Leaders' Summit. The document showed that the semiconductor industry has become the economic issue that leaders of the United States, Mexico, and Canada are most concerned about.</p><p>The three countries said they will organize the first tripartite semiconductor forum in early 2023 to adjust government policies and increase investment in North America's semiconductor supply chain. All parties will send industry executives and cabinet-level officials to attend the meeting. In addition, the three countries will coordinate the mapping of their respective industries in the semiconductor supply chain. This cooperation will also enhance mutual understanding and identify complementary investment opportunities.</p><p>5. The U.S. Department of Energy predicts that U.S. oil production will hit a record high in 2023. The expected price of Brent oil in 2023 will be significantly reduced by 10%</p><p><a href=\"https://laohu8.com/S/USEG\">US Energy</a>The Ministry report slightly raised its forecast for U.S. crude oil production in 2023 to a record 12.34 million barrels per day, and production in 2024 is expected to increase by 3.2% compared with 2023 to a new high; Global oil inventories are expected to grow in the next two years as production exceeds consumption; It will also reduce the expected spot price of natural gas in the United States by nearly 10%, the retail price of gasoline by more than 5%, and the export volume of LNG by nearly 1.6% in 2023.</p><p>In the latest official forecast report released, the U.S. Department of Energy predicts that the domestic economy will grow slightly and oil production will grow further in 2023, and has significantly lowered its expected price for Brent crude oil, the annual international crude oil benchmark.</p><p>The situation between Russia and Ukraine</p><p>1. Ukrainian Foreign Minister says Germany will provide \"Leopard\" tanks</p><p>According to Ukrainian Free Television, German Foreign Minister Baerbock said during his visit to the eastern Ukrainian city of Kharkiv on the 10th local time that Germany has provided Ukraine with IRIS-T air defense systems, Cheetah air defense tanks, and Weasel infantry fighting vehicles. And will continue to provide military and humanitarian assistance to Ukraine. Ukrainian Foreign Minister Kuleba, who accompanied the German Foreign Minister on his visit, said that Ukraine will receive \"Leopard\" tanks provided by Germany.</p><p>2. Vice Chairman of the Security Council of the Russian Federation: If necessary, new penalties will be imposed on violation of the execution of defense order contracts</p><p>Medvedev, vice chairman of the Security Council of the Russian Federation, said during an inspection of the \"61st Armored Repair Factory\" in St. Petersburg on January 10th, local time that the Russian Military Industry Commission will set up a subordinate working group to manage the production of weapons needed by the Russian army. He stressed that if necessary, the Russian government will be forced to impose new penalties for violating the execution of defense order contracts, including criminal responsibility.</p><p>3. U.S. Department of Defense: Ukrainian soldiers will go to the United States next week to receive \"Patriot\" system training</p><p>The U.S. Department of Defense announced on the 10th local time that about 100 Ukrainian soldiers will receive training in the operation of the \"Patriot\" anti-missile system in the United States starting next week. The training will take place at the U.S. Artillery Academy at Fort Sill and will continue for months. In December last year, the United States announced for the first time that it would provide Ukraine with the Patriot anti-missile system. A spokesman for the U.S. Department of Defense said that compared with the air defense systems previously provided to Ukraine, the \"Patriot\" anti-missile system can shoot down more cruise missiles, short-range ballistic missiles and aircraft.</p><p>Company News</p><p>1. Tesla plans to invest more than US $700 million to expand Texas factory</p><p>Tesla's electric vehicle factory in Austin, Texas, will reportedly begin to expand in the coming weeks. On January 9, local time, Tesla stated in a document submitted to the Texas Department of Licensing and Supervision (TDLR) that it plans to invest US $717 million to build four more new buildings at the Austin factory starting as early as the end of this month. The total construction area reaches 1.4 million square feet.</p><p>2、<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>Huge losses broke out and bankruptcy was imminent</p><p>The chief executive of Bed Bath & Beyond, the US home furnishing retail giant, reported a huge loss of $393 million on Tuesday, admitting that its turnaround plan failed to materialize. The company may file for bankruptcy at any time because the holiday promotion failed to meet expectations. The home goods seller has struggled with dwindling cash reserves as suppliers demand faster payments. Additionally, sales in the home goods and decor sectors took a hit as the economy slowed down. The company is in the early stages of a planned Chapter 11 bankruptcy filing, which could be completed within weeks, according to people familiar with the matter.</p><p>3. In-depth layout of the virtual power plant industry: top U.S. car companies join hands across borders<a href=\"https://laohu8.com/S/GOOG\">Google</a>Cooperate</p><p>On Tuesday local time,<a href=\"https://laohu8.com/S/GM\">General Motors</a>、<a href=\"https://laohu8.com/S/F\">Ford Motor</a>, Google and others said they would work together to develop standards to expand the market for virtual power plants (VPPs). In addition to GM, Ford and Google, there are<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Manufacturer<a href=\"https://laohu8.com/S/SPWR\">SunPower</a>, Sunrun and others have also joined the initiative, called the Virtual Power Plant Partnership (VP3), which will be hosted by energy transition nonprofit RMI, with the goal of setting rules for the use of VPP systems.</p><p>4. Amazon expands Buy with Prime service: from self-operated to covering all sellers</p><p>According to reports, Amazon announced on January 10 that it will expand its \"Buy with Prime\" service to cover all sellers in the United States by the end of the month. Amazon first launched its \"Buy with Prime\" service in April last year, allowing merchants to add Prime badges to products on their own websites.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Last night and this morning | The Nasdaq rose for three consecutive days, and Chinese concept stocks once again outperformed the market! Biden exposed to hiding confidential documents</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\">\nLast night and this morning | The Nasdaq rose for three consecutive days, and Chinese concept stocks once again outperformed the market! Biden exposed to hiding confidential documents\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\">2023-01-11 08:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Summary: ① The Nasdaq rose by more than 1% overnight, recording three consecutive gains, and the popular China Concept once again led the way.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up nearly 4%; ② The World Bank lowered its global GDP growth forecast for 2023 to 1.7% and warned of the risk of recession; ③ US media: 10 confidential documents were found in Biden's private office. Overseas market</p><p>1. The market is concerned about the Federal Reserve policy. U.S. stocks closed higher. The Nasdaq rose more than 1%.</p><p>U.S. stocks closed higher on Tuesday. Investors were relieved that Federal Reserve Chairman Jerome Powell did not comment on interest rate policy in his speech, nor did he talk about the U.S. economic situation, and did not continue to beat the market as before. This week, the market focused on Thursday's CPI data and Friday's financial reports of large banks, believing that this may be an important market driver. The World Bank lowered its global and U.S. economic growth forecast for 2023. As of the close, the Nasdaq rose 1.01%, the S&P 500 rose 0.7%, and the Dow Jones rose 0.56%.</p><p>Star Technology Stocks Only<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Fall. \"Metaverse\" Meta turned up nearly 3%, the highest since October 25 last year.<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It rose nearly 3% to a four-week high.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After falling more than 1%, it turned up 0.5%, and<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Both have risen for three consecutive days, with Netflix rising nearly 4% to the highest since April 19 last year.<a href=\"https://laohu8.com/S/GOOGL\">Google A</a>Stocks turned up 0.5% after falling 2.5%. Tesla fell as much as 2.5%, stopping two consecutive positive days and falling from the year's high.</p><p>Chip stocks were also volatile, with gains expanding in late trading. The Philadelphia Semiconductor Index rose 0.7% at the beginning of the session and then turned down 0.9%. It finally closed up more than 1% and rose above the 2,700-point integer, setting a new four-week high.<a href=\"https://laohu8.com/S/INTC\">Intel</a>After falling more than 1%, it turned up 0.4%, setting a new five-week high. AMD turned up more than 1% after falling 1%.<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It rose nearly 2%, both hitting another three-week high.<a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>It closed down 0.3% after falling 4.7%.</p><p>On the news, Microsoft is negotiating a US $10 billion stake in OpenAI, the development company behind the artificial intelligence \"small composition\" tool ChatGPT. It is rumored that Tesla China received 30,000 car orders within three days after the price cut, and the company said it would not comment.</p><p>2. The popular Chinese concept leads Alibaba again, rising for six consecutive days to the highest level in half a year</p><p>Popular Chinese concept stocks outperformed the broader market, with the Nasdaq Golden Dragon China Index (HXC) rising nearly 2%. Among the four constituent stocks of Nasdaq 100,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Rose nearly 1%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Rose nearly 4%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up 1%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Down 1.5%. Among other stocks, Alibaba rose nearly 4%, rising for six consecutive days to the highest level in half a year, Station B rose nearly 2%, and the \"three idiots in building cars\" all rose and<a href=\"https://laohu8.com/S/NIO\">Nio</a>Cars rose more than 4%. On the news, Hangzhou and Alibaba signed a comprehensive and deepening strategic cooperation agreement, and specific measures to support the platform economy are already being formulated.</p><p>3. Major European stock indexes fell, and the German DAX30 index fell 0.12%</p><p>Major European stock indexes closed generally lower on Tuesday, with Germany's DAX30 index falling 0.12%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell 0.39%, the French CAC40 index fell 0.55%, and the European Stoxx 50 index fell 0.27%.</p><p>4. Oil prices rose for three consecutive days to a one-week high. Brent oil returned to $80. European and American natural gas fell more than 6%.</p><p>WTI February crude oil futures closed up $0.49, or 0.65%, at $75.12 per barrel, with an intraday maximum increase of $1.29 or 1.7%, and once pushed up to $76. Brent crude oil futures for March closed up $0.45, or 0.56%, at $80.10 per barrel, with an intraday maximum increase of $1.72, or 2.2%, and once rose above $81.</p><p>Warm winter weather weakened heating demand, and the European benchmark TTF Dutch natural gas futures fell more than 7%, falling below the integer of 70 euros/MWh. ICE British Gas fell more than 6% in late trading, and once fell 8.6% during the session and fell below 170p/kcal. NYMEX February U.S. natural gas futures closed down 6.93% at $3.6390 per million British thermal units. They once fell more than 9% during the session, approaching the low since June 2021.</p><p>5. New York gold futures prices closed down 0.1% on Tuesday and held steady near an eight-month high</p><p>Gold futures for February delivery fell $1.30, or nearly 0.1%, to settle at $1,876.50 an ounce on the New York Mercantile Exchange on Tuesday. It stopped its two-day losing streak, but it was not far from an eight-month high. Spot gold maintained its upward trend throughout the day, rising as high as 0.5% and breaking through the integer of $1,880, also hovering at an eight-month high.</p><p>Macro News</p><p>1. Powell emphasizes the Fed's need for political independence in dealing with inflation</p><p>Federal Reserve Chairman Jerome Powell attended the \"<a href=\"https://laohu8.com/S/CNBC\">Central Bank</a>Independence \"international seminar and gave a short presentation.</p><p>Powell emphasized the importance of being politically independent as a nation's central bank. In his speech, he said that stabilizing prices requires difficult decisions, which may be politically unpopular, and when talking about some U.S. lawmakers calling on the Federal Reserve to use its oversight and management powers to deal with climate change, he said that the Federal Reserve is not a \"climate policy maker\" and should not be used as a direct tool to address the climate crisis.</p><p>Powell believes that price stability is the cornerstone of a healthy economy, but in order to reduce inflation and ensure price stability, the Federal Reserve may take short-term unpopular measures, such as raising interest rates.</p><p>2. The World Bank lowers its 2023 global GDP growth forecast to 1.7% and warns of recession risks</p><p>The World Bank released its latest \"Global Economic Prospect\" report on Tuesday. Against the backdrop of soaring inflation, central bank rate hike, reduced investment and the Russia-Ukraine conflict, the World Bank significantly lowered its 2023 global GDP growth forecast to 1.7% and warned of recession risks.</p><p>Specifically, the World Bank lowered its global GDP growth forecast for 2023 from 3.0% growth in June last year to 1.7% growth. This will be the third lowest global growth rate in the past 30 years after the economic recessions in 2009 and 2020. a year.</p><p>3. US media: 10 confidential documents found in Biden's private office</p><p>According to a CNN report on January 10, local time, a total of 10 confidential documents were found in the private office of US President Biden. It is reported that these 10 confidential documents come from Obama's administration and Biden's tenure as vice president. The documents include US intelligence memos and briefing materials, covering topics such as Ukraine, Iran and Britain. The documents are dated between 2013 and 2016, sources said.</p><p>4. Results of the North American Leaders Summit: The semiconductor industry has attracted much attention and seeks to open up the integration of the industrial chain</p><p>On Tuesday local time, the official website of the White House released a summary of the results of the North American Leaders' Summit. The document showed that the semiconductor industry has become the economic issue that leaders of the United States, Mexico, and Canada are most concerned about.</p><p>The three countries said they will organize the first tripartite semiconductor forum in early 2023 to adjust government policies and increase investment in North America's semiconductor supply chain. All parties will send industry executives and cabinet-level officials to attend the meeting. In addition, the three countries will coordinate the mapping of their respective industries in the semiconductor supply chain. This cooperation will also enhance mutual understanding and identify complementary investment opportunities.</p><p>5. The U.S. Department of Energy predicts that U.S. oil production will hit a record high in 2023. The expected price of Brent oil in 2023 will be significantly reduced by 10%</p><p><a href=\"https://laohu8.com/S/USEG\">US Energy</a>The Ministry report slightly raised its forecast for U.S. crude oil production in 2023 to a record 12.34 million barrels per day, and production in 2024 is expected to increase by 3.2% compared with 2023 to a new high; Global oil inventories are expected to grow in the next two years as production exceeds consumption; It will also reduce the expected spot price of natural gas in the United States by nearly 10%, the retail price of gasoline by more than 5%, and the export volume of LNG by nearly 1.6% in 2023.</p><p>In the latest official forecast report released, the U.S. Department of Energy predicts that the domestic economy will grow slightly and oil production will grow further in 2023, and has significantly lowered its expected price for Brent crude oil, the annual international crude oil benchmark.</p><p>The situation between Russia and Ukraine</p><p>1. Ukrainian Foreign Minister says Germany will provide \"Leopard\" tanks</p><p>According to Ukrainian Free Television, German Foreign Minister Baerbock said during his visit to the eastern Ukrainian city of Kharkiv on the 10th local time that Germany has provided Ukraine with IRIS-T air defense systems, Cheetah air defense tanks, and Weasel infantry fighting vehicles. And will continue to provide military and humanitarian assistance to Ukraine. Ukrainian Foreign Minister Kuleba, who accompanied the German Foreign Minister on his visit, said that Ukraine will receive \"Leopard\" tanks provided by Germany.</p><p>2. Vice Chairman of the Security Council of the Russian Federation: If necessary, new penalties will be imposed on violation of the execution of defense order contracts</p><p>Medvedev, vice chairman of the Security Council of the Russian Federation, said during an inspection of the \"61st Armored Repair Factory\" in St. Petersburg on January 10th, local time that the Russian Military Industry Commission will set up a subordinate working group to manage the production of weapons needed by the Russian army. He stressed that if necessary, the Russian government will be forced to impose new penalties for violating the execution of defense order contracts, including criminal responsibility.</p><p>3. U.S. Department of Defense: Ukrainian soldiers will go to the United States next week to receive \"Patriot\" system training</p><p>The U.S. Department of Defense announced on the 10th local time that about 100 Ukrainian soldiers will receive training in the operation of the \"Patriot\" anti-missile system in the United States starting next week. The training will take place at the U.S. Artillery Academy at Fort Sill and will continue for months. In December last year, the United States announced for the first time that it would provide Ukraine with the Patriot anti-missile system. A spokesman for the U.S. Department of Defense said that compared with the air defense systems previously provided to Ukraine, the \"Patriot\" anti-missile system can shoot down more cruise missiles, short-range ballistic missiles and aircraft.</p><p>Company News</p><p>1. Tesla plans to invest more than US $700 million to expand Texas factory</p><p>Tesla's electric vehicle factory in Austin, Texas, will reportedly begin to expand in the coming weeks. On January 9, local time, Tesla stated in a document submitted to the Texas Department of Licensing and Supervision (TDLR) that it plans to invest US $717 million to build four more new buildings at the Austin factory starting as early as the end of this month. The total construction area reaches 1.4 million square feet.</p><p>2、<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>Huge losses broke out and bankruptcy was imminent</p><p>The chief executive of Bed Bath & Beyond, the US home furnishing retail giant, reported a huge loss of $393 million on Tuesday, admitting that its turnaround plan failed to materialize. The company may file for bankruptcy at any time because the holiday promotion failed to meet expectations. The home goods seller has struggled with dwindling cash reserves as suppliers demand faster payments. Additionally, sales in the home goods and decor sectors took a hit as the economy slowed down. The company is in the early stages of a planned Chapter 11 bankruptcy filing, which could be completed within weeks, according to people familiar with the matter.</p><p>3. In-depth layout of the virtual power plant industry: top U.S. car companies join hands across borders<a href=\"https://laohu8.com/S/GOOG\">Google</a>Cooperate</p><p>On Tuesday local time,<a href=\"https://laohu8.com/S/GM\">General Motors</a>、<a href=\"https://laohu8.com/S/F\">Ford Motor</a>, Google and others said they would work together to develop standards to expand the market for virtual power plants (VPPs). In addition to GM, Ford and Google, there are<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Manufacturer<a href=\"https://laohu8.com/S/SPWR\">SunPower</a>, Sunrun and others have also joined the initiative, called the Virtual Power Plant Partnership (VP3), which will be hosted by energy transition nonprofit RMI, with the goal of setting rules for the use of VPP systems.</p><p>4. Amazon expands Buy with Prime service: from self-operated to covering all sellers</p><p>According to reports, Amazon announced on January 10 that it will expand its \"Buy with Prime\" service to cover all sellers in the United States by the end of the month. Amazon first launched its \"Buy with Prime\" service in April last year, allowing merchants to add Prime badges to products on their own websites.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122928788","content_text":"摘要：①隔夜纳指涨超1%录3连涨，热门中概再度领跑，阿里巴巴涨近4%；②世界银行将2023年全球GDP增速预期下调至1.7%，并警告存在衰退风险；③美媒：拜登私人办公室内发现10份机密文件。海外行情1、市场关注联储政策美股收涨纳指涨超1%美股周二收高。美联储主席鲍威尔在讲话中没有就利率政策发表评论，也没有谈及美国经济形势，并未像此前一样继续敲打市场，这令投资者松了一口气。本周市场关注周四的CPI数据与周五的大型银行财报，认为这可能是重要的市场驱动因素。世界银行下调2023年全球与美国经济增长预期。截至收盘，纳斯达克指数涨1.01%，标普500指数涨0.7%，道琼斯指数涨0.56%。明星科技股仅特斯拉跌。“元宇宙”Meta转涨近3%，至去年10月25日来最高。亚马逊涨近3%至四周高位。苹果跌超1%后转涨0.5%，与微软均连涨三日，奈飞涨近4%至去年4月19日来最高，谷歌A类股跌2.5%后转涨0.5%。特斯拉最深跌2.5%，止步两连阳并从年内高位回落。芯片股也震荡不安，尾盘涨幅扩大。费城半导体指数盘初涨0.7%后转跌0.9%，最终收涨超1%并升破2700点整数位，刷新四周高位。英特尔跌超1%后转涨0.4%，刷新五周高位，AMD跌1%后转涨超1%，英伟达涨近2%，均再创三周高位。博通跌4.7%后收跌0.3%。消息面上，微软洽谈100亿美元入股人工智能“小作文”工具ChatGPT背后的开发公司OpenAI。传闻降价后特斯拉中国三天内获3万辆汽车订单，公司称不予置评。2、热门中概再领跑阿里连涨六日至半年最高热门中概股跑赢大盘，纳斯达克金龙中国指数（HXC）涨近2%。纳斯达克100四只成份股中，京东涨近1%，网易涨近4%，百度涨1%，拼多多跌1.5%。其他个股中，阿里巴巴涨近4%，连涨六日至半年最高，B站涨近2%，“造车三傻”齐涨且蔚来汽车涨超4%。消息面上，杭州市与阿里巴巴签订全面深化战略合作协议，支持平台经济具体措施已在制定中。3、欧股主要指数下跌德国DAX30指数跌0.12%欧洲主要股指周二收盘普跌，德国DAX30指数跌0.12%，英国富时100指数跌0.39%，法国CAC40指数跌0.55%，欧洲斯托克50指数跌0.27%。4、油价连涨三日至一周高位 布油重返80美元 欧美天然气跌超6%WTI 2月原油期货收涨0.49美元，涨幅0.65%，报75.12美元/桶，盘中最高涨1.29美元或涨1.7%，一度上逼76美元。布伦特3月原油期货收涨0.45美元，涨幅0.56%，报80.10美元/桶，盘中最高涨1.72美元或涨2.2%，一度升破81美元。暖冬天气削弱取暖需求，欧洲基准的TTF荷兰天然气期货跌超7%，失守70欧元/兆瓦时整数位。ICE英国天然气尾盘跌超6%，盘中一度跌8.6%并跌穿170便士/千卡。NYMEX 2月美国天然气期货收跌6.93%，报3.6390美元/百万英热单位，盘中一度跌超9%，逼近2021年6月来低位。5、周二纽约黄金期货价格收跌0.1% 持稳八个月高位附近周二，纽约商品交易所2月交割的黄金期货价格下跌1.30美元，跌幅近0.1%，收于每盎司1876.50美元。止步两日连跌，但离八个月高位不远。现货黄金全天保持涨势，最高涨0.5%并升破1880美元整数位，也徘徊八个月高位。宏观新闻1、鲍威尔强调美联储应对通胀时需要政治独立美联储主席杰罗姆·鲍威尔当地时间1月10日参加在瑞典斯德哥尔摩举行的有关“中央银行独立性”国际研讨会并进行简短发言。鲍威尔强调作为国家中央银行政治独立的重要性。他在讲话中称，稳定物价需要做出艰难的决定，这些决定可能在政治上不受欢迎，并在谈到部分美国议员呼吁美联储利用其监督管理权力应对气候变化问题时表示，美联储不是“气候政策制定者”，不应作为应对气候危机的直接工具。鲍威尔认为，物价稳定是健康经济的基石，但是为了降低通胀、保证物价稳定，美联储可能会采取短期内不受欢迎的措施，比如提高利率。2、世界银行将2023年全球GDP增速预期下调至1.7% 并警告存在衰退风险世界银行周二发布了最新的《全球经济展望》报告，在通胀飙升、央行加息、投资减少以及俄乌冲突的背景下，世界银行将2023年全球GDP增速预期大幅下调至1.7%，并警告存在衰退风险。具体来看，世界银行将2023年全球GDP增长预期从去年6月份的增长3.0%下调至增长1.7%，这将是继2009年和2020年的经济衰退后，近30年来全球增长速度第三低的一年。3、美媒：拜登私人办公室内发现10份机密文件据美国有线电视新闻网（CNN）当地时间1月10日报道，美国总统拜登私人办公室内发现的机密文件共有10份。据悉，这10份机密文件来源于奥巴马执政、拜登担任副总统时期，文件包括美国情报备忘录和简报材料，涉及的话题包括乌克兰、伊朗和英国。消息人士称，文件的日期是2013年至2016年之间。4、北美领导人峰会成果：半导体行业颇受关注 谋求打通产业链一体化当地时间周二，美国白宫官网发布了北美领导人峰会的成果摘要，文件显示半导体行业俨然成为美、墨、加领导人最为关心的经济议题。三国表示，将在2023年初组织首次三方半导体论坛，以调整政府政策并增加对北美半导体供应链的投资。各方将派出行业高管和内阁级别的官员参会。此外三个国家将协同各自产业在半导体供应链的映射工作，这项合作也将增进彼此的理解，并确定具有互补性的投资机会。5、美能源部预计2023年美国产油创历史新高 2023年布油预期价大幅下调10%美国能源部报告将预期2023年美国原油产量小幅上调至创纪录的1234万桶/日，预计2024年产量较2023年增长3.2%至新高；预计未来两年全球石油库存因产量超过消耗而增长；还将预期的2023年美国天然气现货价下调近10%、汽油零售价下调逾5%、LNG出口量下调近1.6%。在最新公布的官方预测报告中，美国能源部预计2023年国内经济小幅增长，产油量将进一步增长，并大幅下调了对年度国际原油基准布伦特原油的预期价。俄乌局势1、乌克兰外长称德国将提供“豹”式坦克据乌克兰自由电视台报道，德国外长贝尔伯克当地时间10日在访问乌克兰东部城市哈尔科夫期间表示，德国已经向乌克兰提供了IRIS-T防空系统、猎豹式防空坦克、黄鼠狼步兵战车，并且还将继续向乌方提供军事和人道主义援助。陪同德国外长访问的乌克兰外长库列巴则表示，乌克兰将会收到德国提供的“豹”式坦克。2、俄联邦安全会议副主席：必要时将对破坏国防订单合同执行行为施加新处罚俄罗斯联邦安全会议副主席梅德韦杰夫当地时间1月10日在视察圣彼得堡“第61装甲修理厂”时表示，俄罗斯军工委员会将成立一个下属的工作小组以管理俄军所需武器的生产。他强调必要情况下，俄罗斯政府将被迫对破坏国防订单合同执行的行为施加新的处罚，其中包括追究刑事责任。3、美国防部：乌军士兵下周赴美接受“爱国者”系统训练美国国防部当地时间10日宣布，将有约100名乌克兰士兵于下周起在美国接受“爱国者”反导系统的操作训练。训练将在美国锡尔堡炮兵学院进行，并将持续数月。去年12月，美国首次宣布将向乌克兰提供“爱国者”反导系统。美国国防部发言人称，与此前提供给乌克兰的防空系统相比，“爱国者”反导系统可以击落更多巡航导弹、短程弹道导弹和飞机。公司新闻1、特斯拉计划投资逾7亿美元扩建得州工厂据报道，未来几周，特斯拉位于得克萨斯州奥斯汀的电动汽车工厂的规模将开始扩大。当地时间1月9日，特斯拉在提交给得克萨斯州许可和监督管理部（TDLR）的文件中称，计划投资7.17亿美元，最早从本月底开始，在奥斯汀工厂再建造四座新大楼，总建筑面积达到140万平方英尺。2、3B家居爆出巨额亏损破产在即美国家居零售巨头3B家居(Bed Bath & Beyond)于周二公布了3.93亿美元的巨额亏损，这家企业的首席执行官承认，其扭亏为盈计划未能实现。因假日促销未达预期，导致该公司可能随时申请破产。由于供应商要求更快地付款，这家家居用品销售商一直在努力应对现金储备不断减少的问题。此外，随着经济放缓，家居用品和装饰行业的销售也受到了冲击。据知情人士透露，该公司正处于计划申请第11章破产保护的早期阶段，申请破产保护可能会在几周内完成。3、深入布局虚拟电厂行业：美国顶级车企跨界牵手谷歌展开合作当地时间周二，通用汽车、福特汽车、谷歌等公司表示，他们将共同努力制定标准，以拓展虚拟电厂 (VPP) 的市场。除了通用、福特和谷歌，还有太阳能生产商SunPower、Sunrun等也加入了这项名为“虚拟电厂合作伙伴关系”（VP3）的倡议，该倡议将由能源转型非营利组织RMI主持，目标是制定VPP系统使用的规则。4、亚马逊拓展Buy with Prime服务：从自营到覆盖所有卖家据报道，亚马逊1月10日宣布，将拓展其“Buy with Prime”服务，在月底之前涵盖到美国所有卖家。亚马逊去年4月首次推出了“Buy with Prime”服务，允许商家在他们自家网站上的产品上添加Prime徽章。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628490588,"gmtCreate":1673398993646,"gmtModify":1676538830278,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628490588","repostId":"1142912258","repostType":4,"repost":{"id":"1142912258","kind":"news","pubTimestamp":1673397385,"share":"https://ttm.financial/m/news/1142912258?lang=en_US&edition=fundamental","pubTime":"2023-01-11 08:36","market":"sh","language":"zh","title":"Regulatory pressure combined with high interest rates, Wells Fargo, once ranked number one in the United States, reduces its mortgage business","url":"https://stock-news.laohu8.com/highlight/detail?id=1142912258","media":"华尔街见闻","summary":"摘要：直到2019年，富国银行都是美国第一大房贷提供商，但富国将不再广泛地发展按揭贷款客户。这是现任CEO自2019年上任以来做出的最新的，或许也是最重要的战略调整。在监管的重压和高利率带来的房地产市","content":"<p><html><head></head><body>Abstract: Until 2019, Wells Fargo was the largest mortgage provider in the United States, but Wells Fargo will no longer extensively develop mortgage customers. This is the latest, and perhaps the most important, strategic adjustment the current CEO has made since taking office in 2019. Under the pressure of regulation and the sluggish real estate market caused by high interest rates, Wells Fargo, which once ranked first in the mortgage lending field in the United States, is considering exiting this trillion-dollar market.</p><p>On Tuesday, January 10th, some media said that Wells Fargo will no longer extensively develop mortgage loan customers, but will only provide home mortgage loans to existing banking and wealth management customers and borrowers in minority communities.</p><p>In addition, Wells Fargo also closed the business of selling mortgage loans through third-party companies, and \"significantly\" reduced its mortgage loan service portfolio through asset sales.</p><p>Wells Fargo executives acknowledged that this shift would lead to a new round of layoffs in the bank's mortgage business, but they declined to disclose the specific number of layoffs.</p><p>Kleber Santos, head of consumer loans at Wells Fargo, said that the U.S. mortgage market has collapsed since the Federal Reserve began its rate hike last year. In addition, the supervision faced by the banking industry is also strengthening, as well as a series of collateral influences caused by Wells Fargo after the false accounting scandal in 2016. Factors such as influence led to the company's decision:</p><p>We are aware of the changes that have taken place at Wells Fargo since 2016 and the work we need to do to restore public confidence. As part of a regulatory review, we have now determined that our home loan business is too large in terms of overall size and scope.<b>The market believes that this adjustment is the latest and perhaps the most important strategic adjustment made by current Wells Fargo CEO Charlie Scharf since he took office in 2019.</b></p><p>Home mortgages are by far the largest category of debt held by Americans, accounting for more than 70% of the total household balance of $16.5 trillion in the United States. Wells Fargo was once proud to be the largest mortgage provider in the United States. Until 2019, Wells Fargo Banks are the largest mortgage providers in the United States.</p><p><b>While gradually withdrawing from the mortgage market, Wells Fargo gradually shifted its strategic focus to investment banking and credit card business. In the future, Wells Fargo's business may be closer to that of Bank of America or JPMorgan Chase, both of which gave up their mortgage business after the 2008 financial crisis.</b></p><p>Wells Fargo's withdrawal from the U.S. mortgage market will have an important impact on the U.S. mortgage market. Currently, Wells Fargo is the third largest U.S. mortgage provider after Rocket and United Wholesale Mortgage, but non-bank institutions like Rocket are not strictly regulated. Some industry insiders worry that this may bring more hidden dangers to U.S. consumers and U.S. real estate.</p><p>Wells Fargo executives acknowledged that this strategic adjustment will bring about a new round of layoffs in the company's mortgage business, but they declined to disclose the specific number of layoffs. Last year, thousands of mortgage specialists were fired by Wells Fargo or voluntarily left because of the business decline.</p><p></body></html></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>Regulatory pressure combined with high interest rates, Wells Fargo, once ranked number one in the United States, reduces its mortgage business</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\">\nRegulatory pressure combined with high interest rates, Wells Fargo, once ranked number one in the United States, reduces its mortgage business\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\">2023-01-11 08:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: Until 2019, Wells Fargo was the largest mortgage provider in the United States, but Wells Fargo will no longer extensively develop mortgage customers. This is the latest, and perhaps the most important, strategic adjustment the current CEO has made since taking office in 2019. Under the pressure of regulation and the sluggish real estate market caused by high interest rates, Wells Fargo, which once ranked first in the mortgage lending field in the United States, is considering exiting this trillion-dollar market.</p><p>On Tuesday, January 10th, some media said that Wells Fargo will no longer extensively develop mortgage loan customers, but will only provide home mortgage loans to existing banking and wealth management customers and borrowers in minority communities.</p><p>In addition, Wells Fargo also closed the business of selling mortgage loans through third-party companies, and \"significantly\" reduced its mortgage loan service portfolio through asset sales.</p><p>Wells Fargo executives acknowledged that this shift would lead to a new round of layoffs in the bank's mortgage business, but they declined to disclose the specific number of layoffs.</p><p>Kleber Santos, head of consumer loans at Wells Fargo, said that the U.S. mortgage market has collapsed since the Federal Reserve began its rate hike last year. In addition, the supervision faced by the banking industry is also strengthening, as well as a series of collateral influences caused by Wells Fargo after the false accounting scandal in 2016. Factors such as influence led to the company's decision:</p><p>We are aware of the changes that have taken place at Wells Fargo since 2016 and the work we need to do to restore public confidence. As part of a regulatory review, we have now determined that our home loan business is too large in terms of overall size and scope.<b>The market believes that this adjustment is the latest and perhaps the most important strategic adjustment made by current Wells Fargo CEO Charlie Scharf since he took office in 2019.</b></p><p>Home mortgages are by far the largest category of debt held by Americans, accounting for more than 70% of the total household balance of $16.5 trillion in the United States. Wells Fargo was once proud to be the largest mortgage provider in the United States. Until 2019, Wells Fargo Banks are the largest mortgage providers in the United States.</p><p><b>While gradually withdrawing from the mortgage market, Wells Fargo gradually shifted its strategic focus to investment banking and credit card business. In the future, Wells Fargo's business may be closer to that of Bank of America or JPMorgan Chase, both of which gave up their mortgage business after the 2008 financial crisis.</b></p><p>Wells Fargo's withdrawal from the U.S. mortgage market will have an important impact on the U.S. mortgage market. Currently, Wells Fargo is the third largest U.S. mortgage provider after Rocket and United Wholesale Mortgage, but non-bank institutions like Rocket are not strictly regulated. Some industry insiders worry that this may bring more hidden dangers to U.S. consumers and U.S. real estate.</p><p>Wells Fargo executives acknowledged that this strategic adjustment will bring about a new round of layoffs in the company's mortgage business, but they declined to disclose the specific number of layoffs. Last year, thousands of mortgage specialists were fired by Wells Fargo or voluntarily left because of the business decline.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3679535\">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/81696a8d77e14122d00486602eb0855d","relate_stocks":{"WFC":"富国银行"},"source_url":"https://wallstreetcn.com/articles/3679535","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142912258","content_text":"摘要：直到2019年，富国银行都是美国第一大房贷提供商，但富国将不再广泛地发展按揭贷款客户。这是现任CEO自2019年上任以来做出的最新的，或许也是最重要的战略调整。在监管的重压和高利率带来的房地产市场不景气之下，曾在美国按揭贷款领域排名第一的富国银行正在考虑退出这一价值数万亿美元的市场。1月10日周二，有媒体称，富国银行将不再广泛地发展按揭贷款客户，而是只向现有的银行和财富管理客户以及少数族裔社区的借款人提供住房按揭贷款。此外，富国银行还关闭了通过第三方公司销售按揭贷款的业务，并通过资产出售“大幅”缩减按揭贷款服务组合。富国银行的高管们承认，这一转变将导致该银行房贷业务的新一轮裁员，但他们拒绝透露具体裁员人数。富国银行消费者贷款负责人Kleber Santos表示，自美联储去年开始加息以来，美国房贷市场已经崩溃，此外，银行业面临的监管也在加强，以及富国银行在2016年假账丑闻后引发的一系列连带影响等因素导致了公司的这一决定：我们意识到富国银行自2016年以来发生的变化，以及我们需要做的工作来恢复公众信心。作为监管审查的一部分，我们现在确定我们的房屋贷款业务在总体规模和范围方面都太大了。市场认为，这一调整是现任富国银行CEO Charlie Scharf自2019年上任以来做出的最新的，或许也是最重要的战略调整。房屋抵押贷款是迄今为止美国人持有的最大债务类别，占全美16.5万亿美元家庭总余额的七成以上，富国银行曾因为自己是美国最大的房贷提供商而自豪，直到2019年，富国银行都是全美最大的房贷提供商。在逐渐退出房贷市场的同时，富国银行把战略重心逐渐转移到投资银行业务、信用卡业务等方面。未来，富国银行的业务将可能更接近于美国银行或者摩根大通，而这两家银行都在2008年金融危机之后放弃了房贷业务。富国银行退出美国房贷市场将对美国房贷市场产生重要影响。当前，富国银行是仅次于Rocket和United Wholesale Mortgage的第三大美国房贷提供商，但是Rocket这样的非银行机构并不受到严格监管，有行业人士担忧，这可能会给美国消费者和美国房地产市场带来更多隐患。富国银行的高管们承认，这一战略调整将带来该公司房贷业务的新一轮裁员，但他们拒绝透露具体裁员人数。 去年，由于业务下滑，成千上万的房贷专员被富国银行解雇或自愿离职。","news_type":1,"symbols_score_info":{"WFC":0.9}},"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628521491,"gmtCreate":1673355432915,"gmtModify":1676538823016,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628521491","repostId":"2302144050","repostType":4,"isVote":1,"tweetType":1,"viewCount":2388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628521580,"gmtCreate":1673355421041,"gmtModify":1676538823007,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628521580","repostId":"1122124823","repostType":4,"repost":{"id":"1122124823","kind":"news","pubTimestamp":1673353362,"share":"https://ttm.financial/m/news/1122124823?lang=en_US&edition=fundamental","pubTime":"2023-01-10 20:22","market":"fut","language":"zh","title":"Russia considers limiting oil discounts as prices are less than half of international oil prices","url":"https://stock-news.laohu8.com/highlight/detail?id=1122124823","media":"华尔街见闻","summary":"俄罗斯能源部表示，俄罗斯将监测其原油的国际价格。","content":"<p><html><head></head><body>Author: Xu Chao</p><p>Russia will monitor the international price of its crude oil and limit possible price discounts, the energy ministry said.</p><p>The Russian Ministry of Energy said it would issue monitoring regulations based on a presidential decree issued last December. According to Putin's presidential decree issued in December last year, Russia banned the sale of oil to any country that imposes a price cap. Any measures will be in line with market-oriented principles, the statement said, but did not elaborate.</p><p>At present, Russian crude oil is facing a very serious discount in the international market. On Friday, Urals crude oil at the Baltic port of Primorsk was trading at $37.80 a barrel, Argus Media data showed.<b>As Russia's largest crude oil export volume, the current price of Urals crude oil is less than half of the settlement price of Brent crude oil futures that day.</b></p><p>Europe has banned the import of almost all seaborne crude oil from Russia since December 5 last year. At the same time, the European Union and the Group of Seven have set a price cap on Russian oil. The cap mechanism means that only when the oil price is below $60/barrel can oil tankers obtain a series of services such as shipping insurance provided by the West. Russia believes that the Western price ceiling is \"illegal\" and will affect the stability of global energy supply.</p><p>Traders are closely watching Russia's moves to respond to Western price caps as they could affect the balance of global oil markets.<b>Russia hinted early last month that it could set a price floor on the oil it exports, but has yet to come up with a final rule.</b></p><p>Russian crude producers averaged steady at around 10.9 million barrels per day in January. However, there are signs that exports may tend to decline. Russian Deputy Prime Minister Novak said last month that Russia may reduce oil production by 500,000 to 700,000 barrels per day in early 2023 to combat the price cap.</p><p></body></html></p>","source":"live_wallstreetcn","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>Russia considers limiting oil discounts as prices are less than half of international oil prices</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\">\nRussia considers limiting oil discounts as prices are less than half of international oil prices\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\">2023-01-10 20:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Xu Chao</p><p>Russia will monitor the international price of its crude oil and limit possible price discounts, the energy ministry said.</p><p>The Russian Ministry of Energy said it would issue monitoring regulations based on a presidential decree issued last December. According to Putin's presidential decree issued in December last year, Russia banned the sale of oil to any country that imposes a price cap. Any measures will be in line with market-oriented principles, the statement said, but did not elaborate.</p><p>At present, Russian crude oil is facing a very serious discount in the international market. On Friday, Urals crude oil at the Baltic port of Primorsk was trading at $37.80 a barrel, Argus Media data showed.<b>As Russia's largest crude oil export volume, the current price of Urals crude oil is less than half of the settlement price of Brent crude oil futures that day.</b></p><p>Europe has banned the import of almost all seaborne crude oil from Russia since December 5 last year. At the same time, the European Union and the Group of Seven have set a price cap on Russian oil. The cap mechanism means that only when the oil price is below $60/barrel can oil tankers obtain a series of services such as shipping insurance provided by the West. Russia believes that the Western price ceiling is \"illegal\" and will affect the stability of global energy supply.</p><p>Traders are closely watching Russia's moves to respond to Western price caps as they could affect the balance of global oil markets.<b>Russia hinted early last month that it could set a price floor on the oil it exports, but has yet to come up with a final rule.</b></p><p>Russian crude producers averaged steady at around 10.9 million barrels per day in January. However, there are signs that exports may tend to decline. Russian Deputy Prime Minister Novak said last month that Russia may reduce oil production by 500,000 to 700,000 barrels per day in early 2023 to combat the price cap.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3679510\">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/ba0e918dfd4ec815c4f78fc4cfc3ea3e","relate_stocks":{"USO":"美国原油ETF"},"source_url":"https://wallstreetcn.com/articles/3679510","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1122124823","content_text":"作者：许超俄罗斯能源部表示，俄罗斯将监测其原油的国际价格，并限制可能出现的价格折扣。俄罗斯能源部表示，将基于去年12月发布的总统令发布监测条例。根据普京去年12月颁布的总统令，俄罗斯禁止将石油出售给任何实施价格上限的国家。声明称，任何措施都将符合市场化原则，但没有详细说明。目前俄罗斯原油在国际市场面临非常严重的折价。Argus Media的数据显示，上周五，波罗的海港口Primorsk的乌拉尔原油价格为每桶37.80美元。作为俄罗斯目前出口量最大的原油，乌拉尔原油目前价格还不到布伦特原油期货当日结算价的一半。欧洲从去年12月5日起禁止从俄罗斯进口几乎所有海运原油。与此同时，欧盟与七国集团对俄罗斯的石油设定了价格上限。上限机制意味着，只有在油价低于60美元/桶时，油轮才能获得西方提供的航运保险等一系列服务。俄罗斯方面认为，西方的价格上限是“非法的”，将影响全球能源供应的稳定。交易员们正在密切关注俄罗斯应对西方限价的举措，因为这些举措可能会影响全球石油市场的平衡。俄罗斯上个月初暗示，可能会对其出口的石油设定价格下限，但尚未出台最终规定。俄罗斯原油生产商1月份的平均产量稳定在每天1090万桶左右。不过，有迹象表明，出口量可能会趋于下降。俄罗斯副总理诺瓦克上个月表示，俄罗斯可能在2023年初将石油产量减少50万至70万桶/日，以应对价格上限。","news_type":1,"symbols_score_info":{"USO":0.9}},"isVote":1,"tweetType":1,"viewCount":2353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628521267,"gmtCreate":1673355395760,"gmtModify":1676538822998,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628521267","repostId":"1121191993","repostType":4,"isVote":1,"tweetType":1,"viewCount":2231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628521668,"gmtCreate":1673355381856,"gmtModify":1676538822992,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628521668","repostId":"1170287747","repostType":4,"isVote":1,"tweetType":1,"viewCount":2743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":628521172,"gmtCreate":1673355371798,"gmtModify":1676538822961,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/628521172","repostId":"1185293786","repostType":4,"repost":{"id":"1185293786","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":1673354142,"share":"https://ttm.financial/m/news/1185293786?lang=en_US&edition=fundamental","pubTime":"2023-01-10 20:35","market":"us","language":"zh","title":"3B Home Furnishing: Revenue of $1.259 billion in the third quarter of fiscal 2022","url":"https://stock-news.laohu8.com/highlight/detail?id=1185293786","media":"老虎资讯综合","summary":"净亏损为39.3亿美元。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>: Revenue in the third quarter of fiscal year 2022 was US $1.259 billion, and net loss was US $3.93 billion; Adjusted loss per share was $3.65, compared with market forecasts for a loss of $2.35 per share. Net loss for the quarter included a $107 million non-cash impairment charge related to certain store-level assets.</p><p>Approximately $80 million to $100 million in incremental cost reductions, including overhead and headcount, were initiated across the company to align with the current business.</p><p>It is on track to achieve approximately $250 million in selling and administrative expense savings in the second half of fiscal 2022.</p><p>After the financial report was announced, the pre-market share price of 3B Home Furnishing fell.</p><p><img src=\"https://static.tigerbbs.com/b08b1a3e09e06aa4a48f87874904f66d\" tg-width=\"1397\" tg-height=\"543\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3B Home Furnishing: Revenue of $1.259 billion in the third quarter of fiscal 2022</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\">\n3B Home Furnishing: Revenue of $1.259 billion in the third quarter of fiscal 2022\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\">2023-01-10 20:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>: Revenue in the third quarter of fiscal year 2022 was US $1.259 billion, and net loss was US $3.93 billion; Adjusted loss per share was $3.65, compared with market forecasts for a loss of $2.35 per share. Net loss for the quarter included a $107 million non-cash impairment charge related to certain store-level assets.</p><p>Approximately $80 million to $100 million in incremental cost reductions, including overhead and headcount, were initiated across the company to align with the current business.</p><p>It is on track to achieve approximately $250 million in selling and administrative expense savings in the second half of fiscal 2022.</p><p>After the financial report was announced, the pre-market share price of 3B Home Furnishing fell.</p><p><img src=\"https://static.tigerbbs.com/b08b1a3e09e06aa4a48f87874904f66d\" tg-width=\"1397\" tg-height=\"543\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e6ce85e9ea7f2054513362e854964223","relate_stocks":{"BBBY":"Bed Bath & Beyond, Inc."},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185293786","content_text":"3B家居：2022财年第三季度营收12.59亿美元，净亏损为39.3亿美元；调整后每股亏损3.65美元，市场预测每股亏损2.35美元。本季度净亏损包括与某些门店级资产相关的1.07亿美元非现金减值费用。为配合当前业务，在整个公司范围内启动了约8000万至1亿美元的增量成本削减，包括管理费用和员工人数。有望在2022财年下半年实现约2.5亿美元的销售和管理费用节省。财报公布后，3B家居盘前股价走低。","news_type":1,"symbols_score_info":{"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9959683099,"gmtCreate":1672970572411,"gmtModify":1676538764735,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/XPEV\">$小鹏汽车(XPEV)$&nbsp;</a><v-v 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data-views=\"0\"></v-v>","text":"$老虎证券(TIGR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9925347837","isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9059924234,"gmtCreate":1654297234328,"gmtModify":1676535425460,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9059924234","repostId":"2221629210","repostType":4,"repost":{"id":"2221629210","kind":"highlight","pubTimestamp":1654261747,"share":"https://ttm.financial/m/news/2221629210?lang=en_US&edition=fundamental","pubTime":"2022-06-03 21:09","market":"us","language":"zh","title":"Night Reading | When can you and when can't you be confident in trading?","url":"https://stock-news.laohu8.com/highlight/detail?id=2221629210","media":"金十数据","summary":"自信是交易心态最佳的表现方式，交易市场上很多成功的投资者在成功前都经历过无数次的失败甚至破产，但因为他们坚信自己一定能成功，所以他们在这个市场坚持下来且又东山再起，并最终走入令人仰慕的地步。但是，我们","content":"<p><html><head></head><body>Self-confidence is the best way to express trading mentality. Many successful investors in the trading market have experienced countless failures and even bankruptcies before they succeed, but because they firmly believe that they will succeed, they persist in this market and make a comeback, and finally enter the point of admiration.</p><p>However, we can't be blindly confident because of this. We should distinguish which aspects of transactions should be confident and which aspects should not be confident.</p><p><b>1. Be confident in your trading ability</b></p><p><b>You must be confident in your trading ability, which is a common characteristic of successful people.</b>People who can succeed in trading have experienced countless failures. The reason why they don't disappear in the market like others is because they firmly believe that they will succeed.</p><p>The experience of failure has enabled them to gain real trading ability. Knowledge can be learned, but it is far from enough to improve ability by relying solely on knowledge in books. Only by conducting actual transactions, experiencing losses and profits can we finally gain our own abilities. Investors must not stay on theoretical research that is divorced from actual transactions.</p><p>Profit is the embodiment of comprehensive ability, which is by no means something that can be brought about by a certain method or system. This ability is more a deep understanding of the market than a simple trading formula.</p><p>The contingency and instability of the market make many people with trading ability also experience heavy failures, but because they are full of firm confidence in their trading ability, they will not be defeated by this contingency and instability.</p><p>The loss of confidence in one's ability to trade is the only sign that a person has truly failed. Indeed, as long as you have confidence, everything can change. So we must always be confident in our trading ability, otherwise, you should choose to leave the market.</p><p><b>2. Be confident in the trading system</b></p><p>The trading system is an important tool to help you analyze and judge what state the market is in and how we should trade.<b>If you choose a trading system, you must not change it easily, let alone be full of doubts about its trading signals.</b></p><p>Indeed, the trading signals sent by the system are often difficult for you to understand and execute, and many excellent trading opportunities are lost when investors hesitate about the system signals.</p><p>However, think calmly, what is the result of the transaction made based on your own subjective judgment? The signal of the system will not appear according to your preferences, it will only appear according to the changes of the market. It is the most objective and true, and there is no emotional color at all.</p><p>Subjective judgment in trading often makes you suffer a lot. Only by admitting reality and respecting objectivity can you adapt to market trends and changes and keep up with the pace of market progress.</p><p>The system will overcome your trading weaknesses, the system will help you make correct decisions, the system will help you defeat yourself, and the system will make you follow the waves of the market.</p><p>But at the same time, any system has weaknesses, and our acceptance of this system also means that we must accept its weaknesses.</p><p><b>3. Be confident in the market</b></p><p>The market is often in the midst of oscillation consolidation. The length of this oscillation consolidation often exceeds your expectations and the limit of your patience, causing you to lose confidence in the market, lose trading enthusiasm and attention to the market, and is likely to change your trading strategy. This kind of loss of confidence in the market is very dangerous!</p><p><b>Any opportunity with investment value will never come easily.</b>The oscillation and consolidation of the market is not only a normal phenomenon of the market itself, but also a test of investors' confidence. Big trading opportunities are formed after long-term oscillation consolidation.</p><p>The market is like a battlefield. It is impossible to have a big battle every day, but once a big battle occurs, it will not stop in a day or two. Long-term oscillation consolidation can reduce our trading passion and attention to the market, but it must not reduce our confidence in the market.</p><p>You should always be full of confidence in the market. Confidence in the market can ensure that you will not miss major trading opportunities and enable you to seize opportunities in the early stages of the market launch. Otherwise, any trading opportunities will pass you by. When you look back and pay attention to the market, it is already in a magnificent market, and you can only look at the ocean and sigh and regret it.</p><p>You must have full confidence in the market at all times, which is an indispensable condition for grasping major trading opportunities.</p><p><b>4. Never be confident in the direction of trading</b><b></b></p><p><b>The trading market is a risk trade, and firm long or short thinking will make you lose money.</b>Changes in the market are always beyond our expectations, and our trading ideas or directions must change with changes in the market.</p><p>Firm confidence is important to success in other ways, but it can only be harmful in the direction of trading.</p><p>A person who holds a firm view of the market will not admit the true trend of the price. He has always been in the illusion of his own view and firmly believes that the market will move in a direction that is beneficial to him. Any small fluctuation in the market that is beneficial to him will be affected by him. It was thought that the market was going in his direction, but in the end he was deeply stuck until he left the market.</p><p><b>\"Dead bulls\" or \"dead shorts\" will eventually leave the market at a loss, because they simply don't adapt to the laws of market operation.</b></p><p><b>People who firmly believe that they are right cannot face up to their mistakes, let alone correct them, which leads to investors being deeply trapped and unable to make new transactions.</b></p><p>Generally speaking, we should look at self-confidence rationally in trading, rather than blindly confident, that is:<b>You must be confident in your trading ability, the trading system, the market, and never the direction of trading</b>！</p><p></body></html></p>","source":"xnew_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Night Reading | When can you and when can't you be confident in trading?</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\">\nNight Reading | When can you and when can't you be confident in trading?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金十数据</strong><span class=\"h-time small\">2022-06-03 21:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Self-confidence is the best way to express trading mentality. Many successful investors in the trading market have experienced countless failures and even bankruptcies before they succeed, but because they firmly believe that they will succeed, they persist in this market and make a comeback, and finally enter the point of admiration.</p><p>However, we can't be blindly confident because of this. We should distinguish which aspects of transactions should be confident and which aspects should not be confident.</p><p><b>1. Be confident in your trading ability</b></p><p><b>You must be confident in your trading ability, which is a common characteristic of successful people.</b>People who can succeed in trading have experienced countless failures. The reason why they don't disappear in the market like others is because they firmly believe that they will succeed.</p><p>The experience of failure has enabled them to gain real trading ability. Knowledge can be learned, but it is far from enough to improve ability by relying solely on knowledge in books. Only by conducting actual transactions, experiencing losses and profits can we finally gain our own abilities. Investors must not stay on theoretical research that is divorced from actual transactions.</p><p>Profit is the embodiment of comprehensive ability, which is by no means something that can be brought about by a certain method or system. This ability is more a deep understanding of the market than a simple trading formula.</p><p>The contingency and instability of the market make many people with trading ability also experience heavy failures, but because they are full of firm confidence in their trading ability, they will not be defeated by this contingency and instability.</p><p>The loss of confidence in one's ability to trade is the only sign that a person has truly failed. Indeed, as long as you have confidence, everything can change. So we must always be confident in our trading ability, otherwise, you should choose to leave the market.</p><p><b>2. Be confident in the trading system</b></p><p>The trading system is an important tool to help you analyze and judge what state the market is in and how we should trade.<b>If you choose a trading system, you must not change it easily, let alone be full of doubts about its trading signals.</b></p><p>Indeed, the trading signals sent by the system are often difficult for you to understand and execute, and many excellent trading opportunities are lost when investors hesitate about the system signals.</p><p>However, think calmly, what is the result of the transaction made based on your own subjective judgment? The signal of the system will not appear according to your preferences, it will only appear according to the changes of the market. It is the most objective and true, and there is no emotional color at all.</p><p>Subjective judgment in trading often makes you suffer a lot. Only by admitting reality and respecting objectivity can you adapt to market trends and changes and keep up with the pace of market progress.</p><p>The system will overcome your trading weaknesses, the system will help you make correct decisions, the system will help you defeat yourself, and the system will make you follow the waves of the market.</p><p>But at the same time, any system has weaknesses, and our acceptance of this system also means that we must accept its weaknesses.</p><p><b>3. Be confident in the market</b></p><p>The market is often in the midst of oscillation consolidation. The length of this oscillation consolidation often exceeds your expectations and the limit of your patience, causing you to lose confidence in the market, lose trading enthusiasm and attention to the market, and is likely to change your trading strategy. This kind of loss of confidence in the market is very dangerous!</p><p><b>Any opportunity with investment value will never come easily.</b>The oscillation and consolidation of the market is not only a normal phenomenon of the market itself, but also a test of investors' confidence. Big trading opportunities are formed after long-term oscillation consolidation.</p><p>The market is like a battlefield. It is impossible to have a big battle every day, but once a big battle occurs, it will not stop in a day or two. Long-term oscillation consolidation can reduce our trading passion and attention to the market, but it must not reduce our confidence in the market.</p><p>You should always be full of confidence in the market. Confidence in the market can ensure that you will not miss major trading opportunities and enable you to seize opportunities in the early stages of the market launch. Otherwise, any trading opportunities will pass you by. When you look back and pay attention to the market, it is already in a magnificent market, and you can only look at the ocean and sigh and regret it.</p><p>You must have full confidence in the market at all times, which is an indispensable condition for grasping major trading opportunities.</p><p><b>4. Never be confident in the direction of trading</b><b></b></p><p><b>The trading market is a risk trade, and firm long or short thinking will make you lose money.</b>Changes in the market are always beyond our expectations, and our trading ideas or directions must change with changes in the market.</p><p>Firm confidence is important to success in other ways, but it can only be harmful in the direction of trading.</p><p>A person who holds a firm view of the market will not admit the true trend of the price. He has always been in the illusion of his own view and firmly believes that the market will move in a direction that is beneficial to him. Any small fluctuation in the market that is beneficial to him will be affected by him. It was thought that the market was going in his direction, but in the end he was deeply stuck until he left the market.</p><p><b>\"Dead bulls\" or \"dead shorts\" will eventually leave the market at a loss, because they simply don't adapt to the laws of market operation.</b></p><p><b>People who firmly believe that they are right cannot face up to their mistakes, let alone correct them, which leads to investors being deeply trapped and unable to make new transactions.</b></p><p>Generally speaking, we should look at self-confidence rationally in trading, rather than blindly confident, that is:<b>You must be confident in your trading ability, the trading system, the market, and never the direction of trading</b>！</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/webapp/details.html?id=91674&type=news\">金十数据</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/de0bbe341ac5d74e1a8d74c9ca5de715","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://xnews.jin10.com/webapp/details.html?id=91674&type=news","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2221629210","content_text":"自信是交易心态最佳的表现方式，交易市场上很多成功的投资者在成功前都经历过无数次的失败甚至破产，但因为他们坚信自己一定能成功，所以他们在这个市场坚持下来且又东山再起，并最终走入令人仰慕的地步。但是，我们却不能因此而盲目地自信，我们应分清在交易中哪些方面应该自信，哪些方面却不能自信。1、对自己的交易能力一定要自信对自己的交易能力一定要自信，这是成功者共同的特征。在交易中能成功的人都经历过无数次的失败，他们之所以没有如同其他人一样在市场中消失，就是因为他们坚信自己一定能成功。失败的经历使他们获得了真正的交易能力。知识可以学，但能力的提高仅靠书本上的知识是远远不够的，进行实际交易，经历亏损、盈利才能最终获得属于自己的能力，投资者绝不能停留在脱离实际交易的理论研究上。获利是综合能力的体现，绝不是某种方法或系统所能带来的，这种能力更大程度上是对市场的深刻理解，而非简单的某种交易公式。市场的偶然性和不稳定性使很多有交易能力的人同样会经历惨重的失败，但因他们对自己的交易能力充满坚定信心，所以他们不会被这种偶然性和不稳定性所击垮。对自己交易能力信心的丧失是判断一个人真正失败的惟一标志。确实，只要你信心尚在，则一切皆有可能改变。所以我们必须始终对自己的交易能力充满自信，否则，你就应该选择离开市场。2、对交易系统一定要自信交易系统是帮助你分析判断市场处于何种状态以及我们应如何交易的重要工具。如你选定了一种交易系统就绝不能轻易改变，更不能对其交易信号充满疑虑。确实，系统发出的交易信号经常会让你难以理解和执行，很多绝佳的交易机会就是在投资者对系统信号的犹豫彷徨中丧失的。可是，冷静地想想，凭你自己的主观判断所进行的交易，结果又如何呢?系统的信号不会根据你的喜好来出现，它只会根据市场的变化来出现，它是最客观和真实的，绝无一点情绪化的色彩。在交易中主观判断经常会让你吃尽苦头，惟有承认现实，尊重客观才能使你适应市场的趋势和变化，才能跟上市场前进的脚步。系统会克服你的交易弱点，系统会帮你进行正确的决策，系统会帮你战胜自己，系统会使你随市场之波逐市场之流。但同时，任何系统都有弱点，我们接受了这个系统，也意味着我们必须接受它的弱点。3、对市场一定要自信市场经常会处于振荡盘整之中，这种振荡盘整时间之长常常会出乎你的意料及你的忍耐限度，使你对市场丧失信心，失去交易热情和对市场的关注，并很有可能改变你的交易策略。这种对市场丧失信心的行为是非常危险的！任何一次有投资价值的机会是决不会轻而易举出现的。市场的振荡盘整不仅是市场本身的正常现象，更是对投资者的一种信心考验。大的交易机会都是在长期振荡盘整之后形成的。市场正如战场，不可能天天都有大的战役，但一旦出现一次大战役也不会一两天就停止。长时期的振荡盘整可以降低我们的交易激情和对市场的关注程度，但绝不能降低我们对市场的信心。对市场应该始终充满信心，对市场的信心可以保证你不会错过重大的交易机会，并可使你在市场启动初期把握住机会，否则任何的交易机会都将与你擦肩而过，等你回头再关注市场之时，它已处于波澜壮阔的行情中了，你只能望洋兴叹、后悔莫及。任何时候对市场都必须充满信心，这是把握重大交易机会不可或缺的条件。4、对交易方向绝不能自信 交易市场进行的是风险交易，坚定的多头或空头思想会让你亏损。市场的变化总是出乎我们的意料之外，我们的交易思路或方向必须随着市场的变化而变化。坚定的信心在别的方面对成功具有重要意义，但在交易方向上则只会有害无益。对市场持坚定看法的人不会承认价格的真实走势，他一直处于自己看法的虚幻之中，坚信市场会朝对他有利的方向走，市场的任何一次小幅的对他有利的波动都会被他认为是市场要朝他的方向走了，然而最终却被深度套牢直至离开市场。“死多头”或“死空头”最终都会亏完离场，因为他们根本就不适应市场的运行规律。坚信自己正确的人无法正视错误，更无法改正错误，这导致投资者深度被套，并且无法进行新的交易。总的来讲，在交易中我们应该理智地看待自信，而不能盲目自信，即：对自己的交易能力一定要自信，对交易系统一定要自信，对市场一定要自信，而对交易方向绝不能自信！","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927094424,"gmtCreate":1672350601768,"gmtModify":1676538676226,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSM\">$台积电(TSM)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/TSM\">$台积电(TSM)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$台积电(TSM)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9927094424","isVote":1,"tweetType":1,"viewCount":852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966316381,"gmtCreate":1669419760143,"gmtModify":1676538194395,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/FUTU\">$富途控股(FUTU)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/FUTU\">$富途控股(FUTU)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$富途控股(FUTU)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966316381","isVote":1,"tweetType":1,"viewCount":723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9059924406,"gmtCreate":1654297254405,"gmtModify":1676535425442,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9059924406","repostId":"2240189240","repostType":4,"repost":{"id":"2240189240","kind":"highlight","pubTimestamp":1654259223,"share":"https://ttm.financial/m/news/2240189240?lang=en_US&edition=fundamental","pubTime":"2022-06-03 20:27","market":"us","language":"zh","title":"Goldman Sachs, JPMorgan Chase, and Bank of America all speak out. What is Wall Street nervous about?","url":"https://stock-news.laohu8.com/highlight/detail?id=2240189240","media":"华尔街见闻","summary":"越来越多的华尔街大佬开始用极端天气来隐喻美国经济。伴随着俄乌危机持续及美联储政策收紧，美国经济衰退的风险开始变高。华尔街大佬们开始担心，一场“经济风暴”或许即将来袭。准备迎接“经济风暴”在本周三的金融","content":"<p><html><head></head><body>More and more Wall Street bosses are using extreme weather as a metaphor for the American economy.</p><p>As the Russia-Ukraine crisis continues and the Federal Reserve policy tightens, the risk of a U.S. economic recession has begun to increase. Wall Street bosses are beginning to worry that an \"economic storm\" may be coming.</p><p><h2>Get ready for an \"economic storm\"</h2>At this Wednesday's financial conference, the \"President of the Universe Bank\",<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CEO Jamie Dimon warned that the U.S. economy faces unprecedented challenges and JPMorgan is bracing for an impending \"economic storm\":</p><p>Economic storm \"is right in front of our eyes, no one knows if it's a small storm or a\" Sandy \"category super hurricane, and we better prepare for it. In response to the recent rebound in U.S. stocks, Dimon also poured cold water on it, saying that as the Federal Reserve tightens its policy, greater market volatility will continue:</p><p>Now, the weather turns to clear, everything is fine, and everyone thinks the Fed can handle it. However,<b>The hurricane was there, down the road of \"rate hike\", heading towards us.</b><b>The Federal Reserve has no choice. The American economic system is flooded with liquidity. They must eliminate some liquidity to stop speculation and lower house prices.</b>Attending the meeting at the same time as Dimon<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>CEO Brian Moynihan issued a similar warning:</p><p>We're in North Carolina (where Bank of America is headquartered) and we get hurricanes every year. We have no choice, we're always ready...<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>John Waldron, the No.2 figure, also issued a pessimistic forecast this week, warning that the future will enter a difficult period due to a series of shocks to the global economy.</p><p>The current environment is quite tricky, if not the most complicated and uncertain, in my career. The shocks to the whole system are unprecedented for me.<h2>Recession risk is very high</h2>The pessimistic remarks of Wall Street bigwigs this week are just a microcosm of the recent pessimism on Wall Street.</p><p>As early as mid-May, the CEOs of major Wall Street banks began to collectively mouth badmouths: the CEO of JPMorgan Chase said that the chance of a soft landing by the Federal Reserve was one-third.<b>But a mild recession is also one-in-three chances</b>； The former CEO of Goldman Sachs for twelve years called the risk of recession \"very, very high\";<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>The CEO also said that it is difficult for the U.S. economy to avoid some degree of recession, and rising interest rates mean the economy must slow down.<b>A soft landing of the U.S. economy is difficult to achieve.</b></p><p>Inflation, the Federal Reserve's monetary policy, and the risks brought by the Russia-Ukraine conflict are the key words that Wall Street bosses have collectively bad-mouthed recently.</p><p>When talking about the commodity impact of the Russia-Ukraine conflict, Dimon said that this is the worst European conflict since World War II, and the resulting supply disruptions will force oil prices to rise, possibly reaching $150 or $175 per barrel. Continued deterioration of conflict can lead to unintended consequences. This leads to a tougher capital market environment.</p><p><a href=\"https://laohu8.com/S/BLK\">BlackRock</a>CEO Larry Fink explained that the current high inflation will continue in the coming years due to the disruption of global supply chains.<b>Since current inflation is supply-driven, the Fed itself does not have the tools to address supply problems across the economy</b>； Market volatility will continue until the actual supply problem is solved.</p><p></body></html></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>Goldman Sachs, JPMorgan Chase, and Bank of America all speak out. What is Wall Street nervous about?</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\">\nGoldman Sachs, JPMorgan Chase, and Bank of America all speak out. What is Wall Street nervous about?\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\">2022-06-03 20:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>More and more Wall Street bosses are using extreme weather as a metaphor for the American economy.</p><p>As the Russia-Ukraine crisis continues and the Federal Reserve policy tightens, the risk of a U.S. economic recession has begun to increase. Wall Street bosses are beginning to worry that an \"economic storm\" may be coming.</p><p><h2>Get ready for an \"economic storm\"</h2>At this Wednesday's financial conference, the \"President of the Universe Bank\",<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CEO Jamie Dimon warned that the U.S. economy faces unprecedented challenges and JPMorgan is bracing for an impending \"economic storm\":</p><p>Economic storm \"is right in front of our eyes, no one knows if it's a small storm or a\" Sandy \"category super hurricane, and we better prepare for it. In response to the recent rebound in U.S. stocks, Dimon also poured cold water on it, saying that as the Federal Reserve tightens its policy, greater market volatility will continue:</p><p>Now, the weather turns to clear, everything is fine, and everyone thinks the Fed can handle it. However,<b>The hurricane was there, down the road of \"rate hike\", heading towards us.</b><b>The Federal Reserve has no choice. The American economic system is flooded with liquidity. They must eliminate some liquidity to stop speculation and lower house prices.</b>Attending the meeting at the same time as Dimon<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>CEO Brian Moynihan issued a similar warning:</p><p>We're in North Carolina (where Bank of America is headquartered) and we get hurricanes every year. We have no choice, we're always ready...<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>John Waldron, the No.2 figure, also issued a pessimistic forecast this week, warning that the future will enter a difficult period due to a series of shocks to the global economy.</p><p>The current environment is quite tricky, if not the most complicated and uncertain, in my career. The shocks to the whole system are unprecedented for me.<h2>Recession risk is very high</h2>The pessimistic remarks of Wall Street bigwigs this week are just a microcosm of the recent pessimism on Wall Street.</p><p>As early as mid-May, the CEOs of major Wall Street banks began to collectively mouth badmouths: the CEO of JPMorgan Chase said that the chance of a soft landing by the Federal Reserve was one-third.<b>But a mild recession is also one-in-three chances</b>； The former CEO of Goldman Sachs for twelve years called the risk of recession \"very, very high\";<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>The CEO also said that it is difficult for the U.S. economy to avoid some degree of recession, and rising interest rates mean the economy must slow down.<b>A soft landing of the U.S. economy is difficult to achieve.</b></p><p>Inflation, the Federal Reserve's monetary policy, and the risks brought by the Russia-Ukraine conflict are the key words that Wall Street bosses have collectively bad-mouthed recently.</p><p>When talking about the commodity impact of the Russia-Ukraine conflict, Dimon said that this is the worst European conflict since World War II, and the resulting supply disruptions will force oil prices to rise, possibly reaching $150 or $175 per barrel. Continued deterioration of conflict can lead to unintended consequences. This leads to a tougher capital market environment.</p><p><a href=\"https://laohu8.com/S/BLK\">BlackRock</a>CEO Larry Fink explained that the current high inflation will continue in the coming years due to the disruption of global supply chains.<b>Since current inflation is supply-driven, the Fed itself does not have the tools to address supply problems across the economy</b>； Market volatility will continue until the actual supply problem is solved.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3661057\">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/50f0a252f951b7accc03d40bda92a3b2","relate_stocks":{"BK4566":"资本集团","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BK4127":"投资银行业与经纪业","GS":"高盛","JPM":"摩根大通","BK4552":"Archegos爆仓风波概念","BK4504":"桥水持仓","BK4581":"高盛持仓","BK4207":"综合性银行"},"source_url":"https://wallstreetcn.com/articles/3661057","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2240189240","content_text":"越来越多的华尔街大佬开始用极端天气来隐喻美国经济。伴随着俄乌危机持续及美联储政策收紧，美国经济衰退的风险开始变高。华尔街大佬们开始担心，一场“经济风暴”或许即将来袭。准备迎接“经济风暴”在本周三的金融会议上，“宇宙行行长”、摩根大通首席执行官杰米·戴蒙警告，美国经济面临前所未有的挑战，摩根大通正在为即将到来的“经济风暴”做准备：经济风暴”就在我们眼前，没人知道是一场小风暴还是“桑迪”级别的超级飓风，我们最好做好准备。针对近期美股反弹，戴蒙也浇了一盆冷水，表示随着美联储政策收紧，更大的市场波动还将继续：现在，天气转向晴朗，一切都很好，每个人都认为美联储可以应付。然而，飓风就在那里，沿着“加息”这条路，向我们袭来。美联储别无选择，美国经济体系中流动性泛滥，他们必须消除一些流动性，以阻止投机，降低房价。与戴蒙同时出席会议的美国银行首席执行官布赖恩·莫伊尼汉也发出类似警告：我们在北卡罗来纳州（美国银行总部所在地），我们每年都会遇到飓风。我们别无选择，时刻准备着。。。。高盛的二号人物John Waldron本周同样发出悲观预测，警告称由于全球经济受到的一系列冲击，未来将步入一段艰难时期。现在的环境在我的职业生涯中即使不是最复杂最不确定的，也是相当棘手的。整个系统受到的各种冲击与我而言是前所未有的。衰退风险非常高本周华尔街大佬们的悲观言论只是华尔街近期悲观情绪的一个缩影。早在5月中旬，华尔街大行的CEO们便开始集体唱衰：摩根大通CEO称美联储软着陆的几率有三分之一，但温和衰退的几率也有三分之一；执掌高盛十二年的前CEO称衰退的风险“非常非常高”；富国银行CEO也称美国经济难以避免某种程度的衰退，利率上升意味着经济必须放缓，美国经济软着陆的情况很难实现。通胀、美联储货币政策以及俄乌冲突带来的风险是近期华尔街大佬集体唱衰的关键词。在谈及俄乌冲突带来的大宗商品影响时，戴蒙表示这是第二次世界大战以来最严重的欧洲冲突，造成的供应中断将使油价不得不上涨，可能达到每桶150美元或175美元。冲突继续恶化会导致意想不到的后果。这导致更艰难的资本市场环境。贝莱德首席执行官拉里芬克则解释称，由于全球供应链混乱，目前的高通胀将在未来数年持续。由于目前的通胀是由供给驱动的，美联储本身并没有解决整个经济供应问题的工具；在实际供给问题达到解决前，市场波动还将继续。","news_type":1,"symbols_score_info":{"GS":1,"JPM":1}},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926197629,"gmtCreate":1671490528361,"gmtModify":1676538543771,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"<a 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data-views=\"1\"></v-v>","text":"$特斯拉(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9916402425","isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935023226,"gmtCreate":1663022061565,"gmtModify":1676537181731,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935023226","repostId":"1164909743","repostType":4,"repost":{"id":"1164909743","kind":"news","pubTimestamp":1662996080,"share":"https://ttm.financial/m/news/1164909743?lang=en_US&edition=fundamental","pubTime":"2022-09-12 23:21","market":"sh","language":"zh","title":"Talk show concept? 600759 is a hot search, what's going on? The company urgently clarifies …","url":"https://stock-news.laohu8.com/highlight/detail?id=1164909743","media":"证券时报网","summary":"在全心准备《脱口秀大会第五季》的时候，或许House也没有想到，自己这一季的“出圈”是霸榜了热搜第一，以自己投资的惨痛经历作为调侃，成功地和A股股民产生了共情。而这家代码600759的A股公司或许也没","content":"<p><div>When preparing for \"Talk Show Conference Season 5\" wholeheartedly, perhaps House did not expect that his \"out of the circle\" this season would dominate the top hot search list. A-share investors developed empathy. And this A-share company with code 600759 may not have expected that it was \"hot\" because of a variety show. In this regard, ST Intercontinental (600759) issued a clarification announcement on the evening of September 12, saying that on September 12, the company noticed that the network titled \"A talk show brought fire\" 600759 \"! Shareholders are waiting for the market to open, what happened?\" Report,...</p><p><a href=\"https://news.stcn.com/sd/202209/t20220912_4854929.html\">Web link</a></div></p>","source":"zqsbw","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>Talk show concept? 600759 is a hot search, what's going on? The company urgently clarifies …</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\">\nTalk show concept? 600759 is a hot search, what's going on? The company urgently clarifies …\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券时报网</strong><span class=\"h-time small\">2022-09-12 23:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>When preparing for \"Talk Show Conference Season 5\" wholeheartedly, perhaps House did not expect that his \"out of the circle\" this season would dominate the top hot search list. A-share investors developed empathy. And this A-share company with code 600759 may not have expected that it was \"hot\" because of a variety show. In this regard, ST Intercontinental (600759) issued a clarification announcement on the evening of September 12, saying that on September 12, the company noticed that the network titled \"A talk show brought fire\" 600759 \"! Shareholders are waiting for the market to open, what happened?\" Report,...</p><p><a href=\"https://news.stcn.com/sd/202209/t20220912_4854929.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.stcn.com/sd/202209/t20220912_4854929.html\">证券时报网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22618e6e76e6b6357f65fd926960a998","relate_stocks":{"600759":"洲际油气"},"source_url":"https://news.stcn.com/sd/202209/t20220912_4854929.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164909743","content_text":"在全心准备《脱口秀大会第五季》的时候，或许House也没有想到，自己这一季的“出圈”是霸榜了热搜第一，以自己投资的惨痛经历作为调侃，成功地和A股股民产生了共情。而这家代码600759的A股公司或许也没想到，自己竟因为一档综艺节目而“火了”。对此，ST洲际(600759)9月12日晚间发布澄清公告称，9月12日，公司注意到网络题为《一场脱口秀带火“600759”！股民坐等开盘，发生了什么？》的报道，引发市场关注。截止目前，公司生产经营未发生重大变化。请广大投资者理性投资，注意风险。“脱口秀概念第一股”横空出世在最新一期《脱口秀大会第五季》上，脱口秀演员House分享了自己的投资经历，表示他买的第一只股票，证券代码为600759，一上来就是一波大涨，第一天赚3000元，第二天赚了5000元。就在他寄希望于通过炒股实现财富自由时，现实迅速打脸。从第三天开始，该股走势急转直下，第三天亏了4000元，第四天亏了6000元…最终12万元只剩下了2.5万元。本来是一个段子，却没想到成功引起了A股散户的高度关注。12日，“600759”跃居雪球热搜第一，而其东方财富网股吧则成为了股民打卡纪念地，截至记者发稿，人气排名位居股吧A股市场第二名。很多网友都在期待周二开盘该股的表现，股吧的评论区有热情的网友留言助力：“连续17个涨停，House就能回本，加油！”尽管House没有如愿成为“交易的王者，A股的传说”，也无法考究其是否出身于投资世家，但他的这场脱口秀能火，无疑是击中了众多散户的心，一句“我就喜欢梭哈”，让众多韭菜们共情。在节目现场，很多参赛者兴奋的从座位上跳起来，李诞也表现得特别兴奋，他似乎也在House的表演中寻找到了散户的共鸣——一天损失半年储蓄的经历，毕竟关于炒股的伤痛，此前只有拉他进入A股遨游的呼兰在调侃。能创作出这样的作品，和House之前的经历也有密不可分的关系。此前，他曾是金融行业的从业者，长期在银行工作，辞职后从人人向往的北京到了时时搞钱的深圳，而且他也的确做过投资，一开始赚了点钱，但很快就赔了。11日晚，在笑果工厂公众号推送的内容中，House讲述了自己对于上述内容的创作过程，并直接表示演出有喜剧加工的成分，“并没有真亏那么多”，“从年化收益率这段开始，后边的东西都是计划外写出的梗。”ST洲际：公司生产经营未发生重大变化对于突然“火了”，ST洲际12日晚间发布澄清公告称，公司注意到网络题为《一场脱口秀带火“600759”！股民坐等开盘，发生了什么？》的报道，引发市场关注。截止目前，公司生产经营未发生重大变化。请广大投资者理性投资，注意风险。上半年净利翻倍 股价过山车公开资料显示，股票代码为600759的公司是ST洲际(洲际油气)。该公司成立于1984年，前身为海南正和实业集团有限公司。2014年，公司转型进入油气行业，主营业务目前已由房地产、租赁服务和贸易转型为石油勘探开发和石油化工项目的投资及相关工程的技术开发、咨询、服务。业绩方面，ST洲际受益国际原油价格走高，今年上半年业绩大涨。半年报显示，ST洲际营收约13.35亿元，同比增长15.48%；净利润约1.24亿元，同比增长117.74%。今年以来ST洲际在二级市场的股价表现上演过山车，曾于4月底连收“六跌停”，一个月后又再收“六涨停”。截至9月9日收盘，ST洲际报2.5元/股，总市值为56.59亿元，公司股价年内跌超10%。9月9日，ST洲际最新一则公告显示，因子公司柳州华桂纺织品贸易有限公司（以下简称“柳州华桂”）与柳州市区农村信用合作联社借款协议纠，公司、柳州华桂及公司全资子公司广西正和商业管理有限公司成为被告被执行人。涉及的执行金额合计1789.40万元，应付利息402.98万元。","news_type":1,"symbols_score_info":{"600759":0.9}},"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9900814646,"gmtCreate":1658698781085,"gmtModify":1676536191181,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9900814646","repostId":"1194697796","repostType":4,"repost":{"id":"1194697796","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1658659658,"share":"https://ttm.financial/m/news/1194697796?lang=en_US&edition=fundamental","pubTime":"2022-07-24 18:47","market":"hk","language":"zh","title":"\"Cheap money\" disappears, has the logic of global asset pricing changed?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194697796","media":"Kevin策略研究","summary":"资产负债表稳健、增长前景良好或者能提供稳定现金流的“核心资产”将更受青睐。摘要欧央行以意外加息50bp的方式告别了其实施长达8年的负利率政策，加入了全球紧缩队列。我们统计，当前全球进入加息周期的央行占","content":"<p><html><head></head><body>\"Core assets\" with solid balance sheets, good growth prospects or stable cash flow will be preferred.<b>SUMMARY</b></p><p>The European Central Bank bid farewell to its eight-year negative interest rate policy with an unexpected rate hike of 50bp and joined the global tightening queue.<b>According to our statistics, the proportion of central banks entering a rate hike cycle in the world has reached 76%, the highest since 1946</b>。 The arrival of the inflection point of global liquidity, especially the disappearance of \"cheap money\", will have a greater impact on global asset pricing.</p><p><b>1. The disappearance of \"cheap money\"? Central Bank tightens, fiscal stimulus declines, private credit demand falls</b></p><p>After the epidemic, global liquidity and credit expanded substantially, mainly due to fiscal expansion directly stimulated by the U.S. government. The Federal Reserve provided sufficient liquidity guarantees in the process. While the large-scale fiscal stimulus in the United States effectively protects the balance sheets of residents and enterprises, it also brings excess liquidity and savings, so radical austerity has become an inevitable result.<b>We use changes in the balance sheets of major central banks as an indicator to measure global liquidity, which has turned negative year-on-year since July. We estimate that the decline may continue in the future, and the downward inflection point may not appear until February 2023</b>。</p><p><b>Next, several factors that could hedge or speed up the disappearance of \"cheap money\" worldwide deserve close attention.</b>There are three hedging factors: 1) Excess savings of American residents and still abundant liquidity in the financial system. 2) The European Central Bank's new anti-financial differentiation tool TPI. 3) The intensity of China's fiscal stimulus and the degree of credit expansion of the non-financial private sector. On the contrary, the main variable to accelerate the disappearance of \"cheap money\" is the marginal change of the Bank of Japan's YCC (yield curve control) policy. The Fed's monetary policy turning to easing again will also help alleviate the current situation that \"cheap money\" is gradually tightening or even disappearing. But the fulfillment of this process depends on whether the Fed can successfully \"cross\" the narrower window of completing the tightening task vs. avoiding recession.</p><p><b>II. Impact on global asset pricing: discounted cash flow; Core Assets vs. Edge Assets</b></p><p><b>The pricing logic of any asset can start from the perspective of its future cash flow discount.</b>Even gold with negative cash flow.<b>Less \"cheap money\" makes cash flow returns more demanding</b>。 Therefore,</p><p><b>1) Edge assets that lack cash flow on the numerator side and rely too much on the denominator side are damaged</b>, whether it is marginal assets within a market (such as companies and sectors with poor profit prospects within the stock market, high-yield bonds within bonds), or marginal market and exchange rate trends between different markets (such as marginal countries within the euro zone, and small outward-looking economies with sluggish growth in emerging markets), or gold and digital currencies without cash flow.<b>2) On the contrary, \"core assets\" with solid balance sheets, good growth prospects, or stable cash flow will be preferred</b>, such as high-quality growth stocks, markets and exchange rates with resilient domestic demand or room for policy stimulus, and even real estate in core areas, etc.</p><p>Looking ahead, we expect that the \"impossible triangle\" of tightening, growth and inflation in the third quarter may be difficult to completely resolve, and the general environment for asset pricing has not changed. If the Fed's policy can successfully decline in the future, it can become a more certain and secure opportunity for our \"improved version\" of Merrill Lynch's clock to rotate to Treasury Bond and growth style.</p><p>Under the persistent or even more severe inflation situation, the European Central Bank bid farewell to its eight-year negative interest rate policy (lowering the deposit interest rate below zero for the first time in mid-2014) with an unexpected rate hike of 50bp, and joined the global tightening queue.</p><p>eye<b>Looking ahead, the current global austerity \"race\" seems to have no intention of stopping</b>。 After the Federal Reserve's inflation exceeded expectations again in June, there is a high probability that the rate hike will be 75bp again at the end of July, and it will be difficult to stop before completing its tightening task of exceeding 2.5% neutral interest rate (\"Market Outlook After Inflation Breaks 9\"). Not only that, other countries have also accelerated the pace of tightening recently. For example, South Korea's first rate hike of 50bp this week, the largest in history since 1999 [1]; The Philippine rate hike of 75bp outside the regular meeting this week is the most radical move since the central bank's policy target shifted to inflation since 2002 [2]; Singapore has also tightened policy to combat inflation [3].<b>According to our statistics, the proportion of central banks entering a rate hike cycle in the world has reached 76%, the highest since 1946</b>。 What's more, even the YCC policy of the Bank of Japan, which is the last position of negative interest rates and \"cheap money\", does not rule out the possibility of loosening (Policy and Liquidity Ripples of Abe's Assassination).</p><p><img src=\"https://static.tigerbbs.com/a91f4b328935c615113d75db7d1c3236\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/></p><p>The impact of the increasing global austerity is both direct and long-term. Currently, the scale of global negative interest rate bonds has dropped from a peak of US $18 trillion at the end of 2020 to about US $2 trillion, and almost all of them are Japanese bond assets.</p><p>From the perspective of discounted cash flow pricing model of assets,<b>The arrival of the inflection point of global liquidity, especially the disappearance of \"cheap money\", will have a greater impact on global asset pricing, especially those companies or countries that rely too much on denominator-side pricing but lack insufficient cash flow at numerator (lack of growth potential)) \"edge assets\" that even have no cash flow (such as gold and digital currency); On the contrary, \"core assets\" that can provide stable cash flow may be more sought after (such as high Dividend or high-quality growth stocks, and markets with resilient domestic demand).</b></p><p><img src=\"https://static.tigerbbs.com/e4b56c4f7f6665edc1338fe6512b8362\" tg-width=\"1080\" tg-height=\"424\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/5597829e5fc61f3016ef39ca38cbc9be\" tg-width=\"1080\" tg-height=\"490\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/4f75a053e8bc70da1ddb5a4ad2cc4060\" tg-width=\"1080\" tg-height=\"633\" referrerpolicy=\"no-referrer\"/></p><p><b>1. The disappearance of \"cheap money\"? Central Bank tightens, fiscal stimulus declines, private credit demand falls</b></p><p><b>After the epidemic, global liquidity and credit expanded significantly, mainly due to fiscal expansion directly stimulated by the U.S. government. The Federal Reserve provided sufficient liquidity guarantees in the process</b>。 For example, the growth rate of M2 in the United States once jumped to a high level of more than 25% since World War II, and its main contribution was the government's creditor's rights. In this process, the ratio of U.S. government debt to GDP rose from 102.1% in the fourth quarter of 2019 to 121% in the first quarter of 2022, protecting the balance sheets of non-financial enterprises and residential sectors from damage to cash flow statements. impact to avoid turning into a larger debt crisis. In the case of insufficient willingness to expand credit in the financial sector, the substantial expansion of government debt is achieved by the substantial accumulation of assets of the Federal Reserve. The total scale of this round of QE by the Federal Reserve is US $4.7 trillion, exceeding the sum of the three rounds of QE after the 2008 financial crisis.</p><p><b>While the massive fiscal stimulus in the United States has effectively protected the balance sheets of residents and businesses, it has also brought about a surplus of liquidity and savings</b>(We estimate that the current excess savings scale of U.S. residents is still as high as 2.3 trillion U.S. dollars, close to 10% of GDP), and the resulting strong demand and successive supply shocks have formed a \"perfect storm\" that currently plagues high inflation in major developed countries around the world. \".</p><p><b>Therefore, the radical austerity mentioned at the beginning of this article has become an inevitable result.</b>We use changes in the balance sheets of major central banks as an indicator to measure global liquidity, which has turned negative year-on-year since July. We estimate that it may continue to decline in the future.<b>The downward inflection point may not appear until February 2023</b>。 Historically, its trend has a strong correlation with the MSCI Global Market Index and the relative performance of developed and emerging markets.</p><p><img src=\"https://static.tigerbbs.com/8327114adb3cd9c670d5c3cfa7a5438a\" tg-width=\"1080\" tg-height=\"425\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/5d552a4d5a26c7d90cf84caf956c47bc\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/46d6c0a295f19c3669135d74326a5667\" tg-width=\"1080\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/></p><p><b>Next, several factors that could hedge or speed up the disappearance of \"cheap money\" worldwide deserve close attention.</b></p><p>Among them, there are three hedging factors:<b>1) Excess savings of U.S. residents and still abundant liquidity in the financial system.</b>At present, the excess savings of U.S. residents (US $2.3 trillion) and the large amount of liquidity accumulated by financial institutions (the scale of reverse repurchases in the Fed's account exceeds US $2 trillion) are the \"buffer pool\" to hedge the Fed's tight volume and price, which dwarfs the shrinking balance sheet of ~ 500 billion US dollars this year and 1.14 trillion US dollars next year. This also explains why, despite the aggressive rate hike of the Federal Reserve, the overall financial conditions in the United States are still negative, and the financing cost (FRA-OIS) of the U.S. financial system is still slightly lower than the historical average.<b>2) The European Central Bank's new anti-financial differentiation tool TPI</b>Transmission Protection Instrument. At the same time, radical rate hike launched a new asset purchase tool. This contradictory operation is directly related to the inherent internal differentiation and lack of fiscal union in the euro zone. The extent to which the European Central Bank will use this tool to hedge in the future may become one of the factors affecting the speed of marginal liquidity tightening (\"How far is the European Debt Crisis 2.0 from us?\").<b>3) The intensity of China's fiscal stimulus and the degree of credit expansion of the non-financial private sector.</b></p><p><img src=\"https://static.tigerbbs.com/c6da4663c9c3995b17e0ab2d4238c55f\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/282eb9e8376de6a87042bb02bfa4141b\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/></p><p>On the contrary,<b>The main variable to accelerate the disappearance of \"cheap money\" is the marginal change of the Bank of Japan's YCC (yield curve control) policy.</b>As the last position of negative interest rates and a typical carry trade currency, if the Bank of Japan's YCC policy is marginally loosened, it may have a significant impact on the supply of \"cheap money\" for global low-interest financing, and the reversal of yen carry trade will also have an impact on many asset prices. In fact, Japanese holdings of U.S. Treasury Bond have fallen for six consecutive months. Taken together, compared with the seemingly larger but uncertain hedging factors, the Bank of Japan's YCC policy may have a greater impact if it changes due to its large scale and involvement.</p><p>Of course, the Fed's monetary policy turning to easing again will also help alleviate the current situation that \"cheap money\" is gradually tightening or even disappearing. The recent downturn in US Treasury yields is a leap-forward game. Faced with increasing growth pressure, the Fed is solving inflation. After the problem, it will eventually turn to easing. At present, CME interest rate futures are expected to cut interest rates in May 2023. It's just,<b>The fulfillment of this process depends on whether the Fed can successfully \"pass through\" the narrower and narrower window to complete the tightening task vs. avoiding the arrival of recession, not to mention that there is still a process of continued tightening in the third quarter before the arrival of another easing.</b></p><p><img src=\"https://static.tigerbbs.com/0496412dcc2087935fa32174e00cfa32\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"/></p><p><b>II. Impact on global asset pricing: discounted cash flow; Core Assets vs. Edge Assets</b></p><p>Putting aside disturbances from factors such as short-term sentiment and trading,<b>The pricing logic of any asset can start from the perspective of its discounted future cash flow, even gold with negative cash flow</b>。 For example, as a negative cash flow asset with a negative numerator, the value of gold is more reflected when the denominator is also deeply negative (high inflation makes the real interest rate negative), while other times it does not have long-term and sustained investment value; Another example is the exchange rate, which can also be regarded as the discount of the country's overall future cash flow, and the denominator is the policy direction of the Federal Reserve as a global central bank.</p><p>For assets, the end of negative interest rates and liquidity tightening mean that the scale of potential incremental funds entering the capital market is declining.<b>The reduction in \"cheap money\" makes it more demanding for cash flow returns.</b>The pricing ideas of the capital market along with liquidity changes also have higher requirements for cash flow and balance sheet quality. From the global capital flow data, it can be clearly seen that the flow of funds to the capital market is highly correlated with broad liquidity indicators such as interest rates. In February 2021, the growth rate of the balance sheet size of major central banks declined, the inflection point of liquidity appeared, and the inflow of global stocks and bond funds also began to decline significantly. Bond funds affected by inflation in February 2022 turned from inflows to sustained outflows, and stock funds also showed signs of outflows recently.</p><p>Based on this pricing logic, the reduction or even disappearance of global \"cheap money\" will make:<b>1) Edge assets that lack cash flow on the numerator side and rely too much on the denominator side are damaged</b>, whether it is marginal assets within a market (such as companies and sectors with poor profit prospects within the stock market, high-yield bonds within bonds), or marginal market and exchange rate trends between different markets (such as marginal countries within the euro zone, and small outward-looking economies with sluggish growth in emerging markets), or gold and digital currencies without cash flow.<b>2) On the contrary, \"core assets\" with solid balance sheets, good growth prospects, or stable cash flow will be preferred</b>, such as high-quality growth stocks, markets and exchange rates with resilient domestic demand or room for policy stimulus, and even real estate in core areas, etc. In particular,</p><p>►<b>High financing cost assets such as high-yield bonds and sovereign bonds of European peripheral countries</b>。 Due to the rapid rise in mortgage interest rates and other reasons, the transaction volume in the U.S. real estate market has shrunk to the lowest level since 2019. Under the influence of high prices, high interest rates and the gradual decline in the actual disposable income of residents, the short-term transaction shrinkage is difficult to significantly improve, but the cash flow of real estate in core areas due to rising rents is still supported. In the global bond market, high-yield bonds have significantly underperformed year-to-date. In addition, the spread of highly leveraged European peripheral countries such as Italy has widened, and the European rate hike does not rule out amplification pressure. The weakening of the euro is also a direct embodiment of this logic (\"How far is the European Debt Crisis 2.0 from us?\").</p><p><img src=\"https://static.tigerbbs.com/449b5c2b76216af1d6dea04fe6990347\" tg-width=\"1080\" tg-height=\"425\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/63a4a06a128df3fbe557aac1cbd61368\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>►<b>Some emerging markets and exchange rates may face the double pressure of numerator and denominator.</b>Under the influence of declining demand in Europe and the United States (except for commodities exported abroad), the current account of export-oriented economies may be damaged. If the depth of domestic demand is insufficient at the same time, the numerator side will be squeezed. At this time, the tightening of liquidity on the denominator side will only amplify this pressure. In \"Asset Implications of Global Liquidity Inflection Point Approaching\", we pointed out that the essence of capital flow is more relative growth difference and investment return difference. Since July this year, the year-on-year scale of securities held by major central banks around the world has turned negative. The risks of countries with poor fundamentals, high leverage and dependence on external financing have begun to be released under the pressure of rising financing costs on the denominator side, such as Sri Lanka. During the tightening cycle in history, the scale of global IIP assets has also declined. In this cycle, the MSCI Emerging Markets Index has continued to underperform developed markets since February 2021, which is consistent with the year-on-year decline in the growth rate of securities held by global central banks.</p><p><img src=\"https://static.tigerbbs.com/cebee86bac18925f2c5c834fe4694b6f\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/a553cc01d74684d258356b00dd767a4a\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"/></p><p>►<b>Non-cash flow assets such as gold become less attractive</b>。 Digital currencies and gold, which are more sensitive to liquidity, have a high correlation with the scale of global negative interest rate bonds, and have recently fallen sharply against the background of rising interest rates. Although gold, which is also a non-cash flow asset, has shown a certain degree of resilience due to factors such as hedging and anti-inflation, which has led to the decoupling of prices from real interest rates, the positive real interest rate has also caused gold to bear the pressure of tightening financial conditions. It has fallen 13% since the April high point (\"Farewell to\" Negative Interest Rates \"?\").</p><p><img src=\"https://static.tigerbbs.com/70fc8baaa75431420706b135c3b49a58\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/></p><p><b>On the whole, the current inflection point of global liquidity and the reduction of \"cheap money\" mean that asset prices may still be in a high volatility stage where risk appetite is suppressed.</b>Although global tightening has long become a consensus, the recent rapid tightening in many countries still exceeds expectations, which means that liquidity pressure has not been fully taken into account. If Japan's policy, which still maintains negative interest rates and YCC, is loosened, it may have a ripple effect on the contraction of global dollar liquidity (\"Policy and Liquidity Ripples of Abe's Assassination\").<b>The core variable that dominates whether tightening exceeds expectations is still the inflation trend in the short term</b>, repeated epidemics, supply-side disturbances under the situation in Russia and Ukraine, and imported inflation in some emerging markets are all challenges to the current situation. While the uncertainty of the tightening path increases market volatility, it also increases the risk of growth falling into recession.</p><p>Looking forward,<b>We predict that the \"impossible triangle\" of tightening, growth and inflation in the third quarter may be difficult to completely resolve. If the Fed's policy can be successfully retreated in the future, it can become a restoration of risk appetite and a more certain and secure opportunity for growth style rotation based on our \"improved version\" of Merrill Lynch's clock to Treasury Bond and growth.</b>Until then, high-quality assets or markets with robust balance sheets and cash flows are likely to remain preferred, and assets without cash flow or relying on high funding costs will remain suppressed. The recent market rebound is more characterized by relatively low valuations and expected games, while the general environment of asset pricing has not been fundamentally changed.</p><p><img src=\"https://static.tigerbbs.com/352f60867c8c912c89ebd948d669038e\" tg-width=\"896\" tg-height=\"740\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Cheap money\" disappears, has the logic of global asset pricing changed?</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\">\n\"Cheap money\" disappears, has the logic of global asset pricing changed?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2022-07-24 18:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>\"Core assets\" with solid balance sheets, good growth prospects or stable cash flow will be preferred.<b>SUMMARY</b></p><p>The European Central Bank bid farewell to its eight-year negative interest rate policy with an unexpected rate hike of 50bp and joined the global tightening queue.<b>According to our statistics, the proportion of central banks entering a rate hike cycle in the world has reached 76%, the highest since 1946</b>。 The arrival of the inflection point of global liquidity, especially the disappearance of \"cheap money\", will have a greater impact on global asset pricing.</p><p><b>1. The disappearance of \"cheap money\"? Central Bank tightens, fiscal stimulus declines, private credit demand falls</b></p><p>After the epidemic, global liquidity and credit expanded substantially, mainly due to fiscal expansion directly stimulated by the U.S. government. The Federal Reserve provided sufficient liquidity guarantees in the process. While the large-scale fiscal stimulus in the United States effectively protects the balance sheets of residents and enterprises, it also brings excess liquidity and savings, so radical austerity has become an inevitable result.<b>We use changes in the balance sheets of major central banks as an indicator to measure global liquidity, which has turned negative year-on-year since July. We estimate that the decline may continue in the future, and the downward inflection point may not appear until February 2023</b>。</p><p><b>Next, several factors that could hedge or speed up the disappearance of \"cheap money\" worldwide deserve close attention.</b>There are three hedging factors: 1) Excess savings of American residents and still abundant liquidity in the financial system. 2) The European Central Bank's new anti-financial differentiation tool TPI. 3) The intensity of China's fiscal stimulus and the degree of credit expansion of the non-financial private sector. On the contrary, the main variable to accelerate the disappearance of \"cheap money\" is the marginal change of the Bank of Japan's YCC (yield curve control) policy. The Fed's monetary policy turning to easing again will also help alleviate the current situation that \"cheap money\" is gradually tightening or even disappearing. But the fulfillment of this process depends on whether the Fed can successfully \"cross\" the narrower window of completing the tightening task vs. avoiding recession.</p><p><b>II. Impact on global asset pricing: discounted cash flow; Core Assets vs. Edge Assets</b></p><p><b>The pricing logic of any asset can start from the perspective of its future cash flow discount.</b>Even gold with negative cash flow.<b>Less \"cheap money\" makes cash flow returns more demanding</b>。 Therefore,</p><p><b>1) Edge assets that lack cash flow on the numerator side and rely too much on the denominator side are damaged</b>, whether it is marginal assets within a market (such as companies and sectors with poor profit prospects within the stock market, high-yield bonds within bonds), or marginal market and exchange rate trends between different markets (such as marginal countries within the euro zone, and small outward-looking economies with sluggish growth in emerging markets), or gold and digital currencies without cash flow.<b>2) On the contrary, \"core assets\" with solid balance sheets, good growth prospects, or stable cash flow will be preferred</b>, such as high-quality growth stocks, markets and exchange rates with resilient domestic demand or room for policy stimulus, and even real estate in core areas, etc.</p><p>Looking ahead, we expect that the \"impossible triangle\" of tightening, growth and inflation in the third quarter may be difficult to completely resolve, and the general environment for asset pricing has not changed. If the Fed's policy can successfully decline in the future, it can become a more certain and secure opportunity for our \"improved version\" of Merrill Lynch's clock to rotate to Treasury Bond and growth style.</p><p>Under the persistent or even more severe inflation situation, the European Central Bank bid farewell to its eight-year negative interest rate policy (lowering the deposit interest rate below zero for the first time in mid-2014) with an unexpected rate hike of 50bp, and joined the global tightening queue.</p><p>eye<b>Looking ahead, the current global austerity \"race\" seems to have no intention of stopping</b>。 After the Federal Reserve's inflation exceeded expectations again in June, there is a high probability that the rate hike will be 75bp again at the end of July, and it will be difficult to stop before completing its tightening task of exceeding 2.5% neutral interest rate (\"Market Outlook After Inflation Breaks 9\"). Not only that, other countries have also accelerated the pace of tightening recently. For example, South Korea's first rate hike of 50bp this week, the largest in history since 1999 [1]; The Philippine rate hike of 75bp outside the regular meeting this week is the most radical move since the central bank's policy target shifted to inflation since 2002 [2]; Singapore has also tightened policy to combat inflation [3].<b>According to our statistics, the proportion of central banks entering a rate hike cycle in the world has reached 76%, the highest since 1946</b>。 What's more, even the YCC policy of the Bank of Japan, which is the last position of negative interest rates and \"cheap money\", does not rule out the possibility of loosening (Policy and Liquidity Ripples of Abe's Assassination).</p><p><img src=\"https://static.tigerbbs.com/a91f4b328935c615113d75db7d1c3236\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/></p><p>The impact of the increasing global austerity is both direct and long-term. Currently, the scale of global negative interest rate bonds has dropped from a peak of US $18 trillion at the end of 2020 to about US $2 trillion, and almost all of them are Japanese bond assets.</p><p>From the perspective of discounted cash flow pricing model of assets,<b>The arrival of the inflection point of global liquidity, especially the disappearance of \"cheap money\", will have a greater impact on global asset pricing, especially those companies or countries that rely too much on denominator-side pricing but lack insufficient cash flow at numerator (lack of growth potential)) \"edge assets\" that even have no cash flow (such as gold and digital currency); On the contrary, \"core assets\" that can provide stable cash flow may be more sought after (such as high Dividend or high-quality growth stocks, and markets with resilient domestic demand).</b></p><p><img src=\"https://static.tigerbbs.com/e4b56c4f7f6665edc1338fe6512b8362\" tg-width=\"1080\" tg-height=\"424\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/5597829e5fc61f3016ef39ca38cbc9be\" tg-width=\"1080\" tg-height=\"490\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/4f75a053e8bc70da1ddb5a4ad2cc4060\" tg-width=\"1080\" tg-height=\"633\" referrerpolicy=\"no-referrer\"/></p><p><b>1. The disappearance of \"cheap money\"? Central Bank tightens, fiscal stimulus declines, private credit demand falls</b></p><p><b>After the epidemic, global liquidity and credit expanded significantly, mainly due to fiscal expansion directly stimulated by the U.S. government. The Federal Reserve provided sufficient liquidity guarantees in the process</b>。 For example, the growth rate of M2 in the United States once jumped to a high level of more than 25% since World War II, and its main contribution was the government's creditor's rights. In this process, the ratio of U.S. government debt to GDP rose from 102.1% in the fourth quarter of 2019 to 121% in the first quarter of 2022, protecting the balance sheets of non-financial enterprises and residential sectors from damage to cash flow statements. impact to avoid turning into a larger debt crisis. In the case of insufficient willingness to expand credit in the financial sector, the substantial expansion of government debt is achieved by the substantial accumulation of assets of the Federal Reserve. The total scale of this round of QE by the Federal Reserve is US $4.7 trillion, exceeding the sum of the three rounds of QE after the 2008 financial crisis.</p><p><b>While the massive fiscal stimulus in the United States has effectively protected the balance sheets of residents and businesses, it has also brought about a surplus of liquidity and savings</b>(We estimate that the current excess savings scale of U.S. residents is still as high as 2.3 trillion U.S. dollars, close to 10% of GDP), and the resulting strong demand and successive supply shocks have formed a \"perfect storm\" that currently plagues high inflation in major developed countries around the world. \".</p><p><b>Therefore, the radical austerity mentioned at the beginning of this article has become an inevitable result.</b>We use changes in the balance sheets of major central banks as an indicator to measure global liquidity, which has turned negative year-on-year since July. We estimate that it may continue to decline in the future.<b>The downward inflection point may not appear until February 2023</b>。 Historically, its trend has a strong correlation with the MSCI Global Market Index and the relative performance of developed and emerging markets.</p><p><img src=\"https://static.tigerbbs.com/8327114adb3cd9c670d5c3cfa7a5438a\" tg-width=\"1080\" tg-height=\"425\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/5d552a4d5a26c7d90cf84caf956c47bc\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/46d6c0a295f19c3669135d74326a5667\" tg-width=\"1080\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/></p><p><b>Next, several factors that could hedge or speed up the disappearance of \"cheap money\" worldwide deserve close attention.</b></p><p>Among them, there are three hedging factors:<b>1) Excess savings of U.S. residents and still abundant liquidity in the financial system.</b>At present, the excess savings of U.S. residents (US $2.3 trillion) and the large amount of liquidity accumulated by financial institutions (the scale of reverse repurchases in the Fed's account exceeds US $2 trillion) are the \"buffer pool\" to hedge the Fed's tight volume and price, which dwarfs the shrinking balance sheet of ~ 500 billion US dollars this year and 1.14 trillion US dollars next year. This also explains why, despite the aggressive rate hike of the Federal Reserve, the overall financial conditions in the United States are still negative, and the financing cost (FRA-OIS) of the U.S. financial system is still slightly lower than the historical average.<b>2) The European Central Bank's new anti-financial differentiation tool TPI</b>Transmission Protection Instrument. At the same time, radical rate hike launched a new asset purchase tool. This contradictory operation is directly related to the inherent internal differentiation and lack of fiscal union in the euro zone. The extent to which the European Central Bank will use this tool to hedge in the future may become one of the factors affecting the speed of marginal liquidity tightening (\"How far is the European Debt Crisis 2.0 from us?\").<b>3) The intensity of China's fiscal stimulus and the degree of credit expansion of the non-financial private sector.</b></p><p><img src=\"https://static.tigerbbs.com/c6da4663c9c3995b17e0ab2d4238c55f\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/282eb9e8376de6a87042bb02bfa4141b\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/></p><p>On the contrary,<b>The main variable to accelerate the disappearance of \"cheap money\" is the marginal change of the Bank of Japan's YCC (yield curve control) policy.</b>As the last position of negative interest rates and a typical carry trade currency, if the Bank of Japan's YCC policy is marginally loosened, it may have a significant impact on the supply of \"cheap money\" for global low-interest financing, and the reversal of yen carry trade will also have an impact on many asset prices. In fact, Japanese holdings of U.S. Treasury Bond have fallen for six consecutive months. Taken together, compared with the seemingly larger but uncertain hedging factors, the Bank of Japan's YCC policy may have a greater impact if it changes due to its large scale and involvement.</p><p>Of course, the Fed's monetary policy turning to easing again will also help alleviate the current situation that \"cheap money\" is gradually tightening or even disappearing. The recent downturn in US Treasury yields is a leap-forward game. Faced with increasing growth pressure, the Fed is solving inflation. After the problem, it will eventually turn to easing. At present, CME interest rate futures are expected to cut interest rates in May 2023. It's just,<b>The fulfillment of this process depends on whether the Fed can successfully \"pass through\" the narrower and narrower window to complete the tightening task vs. avoiding the arrival of recession, not to mention that there is still a process of continued tightening in the third quarter before the arrival of another easing.</b></p><p><img src=\"https://static.tigerbbs.com/0496412dcc2087935fa32174e00cfa32\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"/></p><p><b>II. Impact on global asset pricing: discounted cash flow; Core Assets vs. Edge Assets</b></p><p>Putting aside disturbances from factors such as short-term sentiment and trading,<b>The pricing logic of any asset can start from the perspective of its discounted future cash flow, even gold with negative cash flow</b>。 For example, as a negative cash flow asset with a negative numerator, the value of gold is more reflected when the denominator is also deeply negative (high inflation makes the real interest rate negative), while other times it does not have long-term and sustained investment value; Another example is the exchange rate, which can also be regarded as the discount of the country's overall future cash flow, and the denominator is the policy direction of the Federal Reserve as a global central bank.</p><p>For assets, the end of negative interest rates and liquidity tightening mean that the scale of potential incremental funds entering the capital market is declining.<b>The reduction in \"cheap money\" makes it more demanding for cash flow returns.</b>The pricing ideas of the capital market along with liquidity changes also have higher requirements for cash flow and balance sheet quality. From the global capital flow data, it can be clearly seen that the flow of funds to the capital market is highly correlated with broad liquidity indicators such as interest rates. In February 2021, the growth rate of the balance sheet size of major central banks declined, the inflection point of liquidity appeared, and the inflow of global stocks and bond funds also began to decline significantly. Bond funds affected by inflation in February 2022 turned from inflows to sustained outflows, and stock funds also showed signs of outflows recently.</p><p>Based on this pricing logic, the reduction or even disappearance of global \"cheap money\" will make:<b>1) Edge assets that lack cash flow on the numerator side and rely too much on the denominator side are damaged</b>, whether it is marginal assets within a market (such as companies and sectors with poor profit prospects within the stock market, high-yield bonds within bonds), or marginal market and exchange rate trends between different markets (such as marginal countries within the euro zone, and small outward-looking economies with sluggish growth in emerging markets), or gold and digital currencies without cash flow.<b>2) On the contrary, \"core assets\" with solid balance sheets, good growth prospects, or stable cash flow will be preferred</b>, such as high-quality growth stocks, markets and exchange rates with resilient domestic demand or room for policy stimulus, and even real estate in core areas, etc. In particular,</p><p>►<b>High financing cost assets such as high-yield bonds and sovereign bonds of European peripheral countries</b>。 Due to the rapid rise in mortgage interest rates and other reasons, the transaction volume in the U.S. real estate market has shrunk to the lowest level since 2019. Under the influence of high prices, high interest rates and the gradual decline in the actual disposable income of residents, the short-term transaction shrinkage is difficult to significantly improve, but the cash flow of real estate in core areas due to rising rents is still supported. In the global bond market, high-yield bonds have significantly underperformed year-to-date. In addition, the spread of highly leveraged European peripheral countries such as Italy has widened, and the European rate hike does not rule out amplification pressure. The weakening of the euro is also a direct embodiment of this logic (\"How far is the European Debt Crisis 2.0 from us?\").</p><p><img src=\"https://static.tigerbbs.com/449b5c2b76216af1d6dea04fe6990347\" tg-width=\"1080\" tg-height=\"425\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/63a4a06a128df3fbe557aac1cbd61368\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>►<b>Some emerging markets and exchange rates may face the double pressure of numerator and denominator.</b>Under the influence of declining demand in Europe and the United States (except for commodities exported abroad), the current account of export-oriented economies may be damaged. If the depth of domestic demand is insufficient at the same time, the numerator side will be squeezed. At this time, the tightening of liquidity on the denominator side will only amplify this pressure. In \"Asset Implications of Global Liquidity Inflection Point Approaching\", we pointed out that the essence of capital flow is more relative growth difference and investment return difference. Since July this year, the year-on-year scale of securities held by major central banks around the world has turned negative. The risks of countries with poor fundamentals, high leverage and dependence on external financing have begun to be released under the pressure of rising financing costs on the denominator side, such as Sri Lanka. During the tightening cycle in history, the scale of global IIP assets has also declined. In this cycle, the MSCI Emerging Markets Index has continued to underperform developed markets since February 2021, which is consistent with the year-on-year decline in the growth rate of securities held by global central banks.</p><p><img src=\"https://static.tigerbbs.com/cebee86bac18925f2c5c834fe4694b6f\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/a553cc01d74684d258356b00dd767a4a\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"/></p><p>►<b>Non-cash flow assets such as gold become less attractive</b>。 Digital currencies and gold, which are more sensitive to liquidity, have a high correlation with the scale of global negative interest rate bonds, and have recently fallen sharply against the background of rising interest rates. Although gold, which is also a non-cash flow asset, has shown a certain degree of resilience due to factors such as hedging and anti-inflation, which has led to the decoupling of prices from real interest rates, the positive real interest rate has also caused gold to bear the pressure of tightening financial conditions. It has fallen 13% since the April high point (\"Farewell to\" Negative Interest Rates \"?\").</p><p><img src=\"https://static.tigerbbs.com/70fc8baaa75431420706b135c3b49a58\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/></p><p><b>On the whole, the current inflection point of global liquidity and the reduction of \"cheap money\" mean that asset prices may still be in a high volatility stage where risk appetite is suppressed.</b>Although global tightening has long become a consensus, the recent rapid tightening in many countries still exceeds expectations, which means that liquidity pressure has not been fully taken into account. If Japan's policy, which still maintains negative interest rates and YCC, is loosened, it may have a ripple effect on the contraction of global dollar liquidity (\"Policy and Liquidity Ripples of Abe's Assassination\").<b>The core variable that dominates whether tightening exceeds expectations is still the inflation trend in the short term</b>, repeated epidemics, supply-side disturbances under the situation in Russia and Ukraine, and imported inflation in some emerging markets are all challenges to the current situation. While the uncertainty of the tightening path increases market volatility, it also increases the risk of growth falling into recession.</p><p>Looking forward,<b>We predict that the \"impossible triangle\" of tightening, growth and inflation in the third quarter may be difficult to completely resolve. If the Fed's policy can be successfully retreated in the future, it can become a restoration of risk appetite and a more certain and secure opportunity for growth style rotation based on our \"improved version\" of Merrill Lynch's clock to Treasury Bond and growth.</b>Until then, high-quality assets or markets with robust balance sheets and cash flows are likely to remain preferred, and assets without cash flow or relying on high funding costs will remain suppressed. The recent market rebound is more characterized by relatively low valuations and expected games, while the general environment of asset pricing has not been fundamentally changed.</p><p><img src=\"https://static.tigerbbs.com/352f60867c8c912c89ebd948d669038e\" tg-width=\"896\" tg-height=\"740\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194697796","content_text":"资产负债表稳健、增长前景良好或者能提供稳定现金流的“核心资产”将更受青睐。摘要欧央行以意外加息50bp的方式告别了其实施长达8年的负利率政策，加入了全球紧缩队列。我们统计，当前全球进入加息周期的央行占比已经达到了76%，是1946年以来最高。全球流动性拐点的到来、特别是“便宜钱”消失，将会对全球资产定价产生较大影响。一、“便宜钱”的消失？央行收紧、财政刺激退坡、私人信贷需求回落疫情后全球流动性和信用大幅扩张，主要源头是美国政府直接刺激的财政扩张，美联储在此过程中提供了充裕的流动性保证。美国大规模财政刺激在有效保护居民和企业资产负债表的同时，也带来了流动性和储蓄的过剩，因此激进紧缩也就成了必然结果。我们以主要央行资产负债表变化作为衡量全球流动性的指标，这一指标7月以来同比已经转负。我们测算接下来或仍将继续下行，下行拐点可能要到2023年2月出现。接下来，几个可能对冲或加快全球“便宜钱”消失速度的因素值得密切关注。对冲因素有三：1）美国居民超额储蓄及金融体系内依然充裕的流动性。2）欧央行新的防金融分化工具TPI。3）中国财政刺激力度和非金融私人部门的信用扩张程度。相反，加速“便宜钱”消失主要变数为日本央行YCC（收益率曲线控制）政策的边际变化。美联储货币政策再度转向宽松也将有助于缓解当前“便宜钱”逐步紧张甚至消失的局面。但这一过程兑现取决于美联储能否顺利“穿过”越来越窄的完成紧缩任务 vs. 避免衰退到来的窗口。二、对全球资产定价影响：现金流贴现；核心资产 vs. 边缘资产任何资产的定价逻辑都可以从其未来现金流贴现的角度入手，即便是负现金流的黄金。“便宜钱”减少使得对现金流回报要求更高。因此，1）分子端现金流匮乏而过多依赖分母端的边缘资产受损，不论是一个市场内部的边缘资产（如股市内部的盈利前景较差的公司和板块、债券内部的高收益债）、还是不同市场间的边缘市场和汇率走势（如欧元区内部的边缘国家、以及新兴市场中增长乏力的小型外向经济体）、又或是没有现金流的黄金和数字货币。2）相反，资产负债表稳健、增长前景良好或者能提供稳定现金流的“核心资产”将更受青睐，例如优质成长股、内需有韧性或者政策有刺激空间的市场和汇率、甚至核心区域的房产等等。往前看，我们预计三季度紧缩、增长和通胀的“不可能三角”可能还难以完全化解，资产定价的大环境尚未改变。后续如果美联储政策能够成功退坡，则可以成为我们“改进版”美林时钟向国债和成长风格轮动的更加确定且稳妥的契机。在持续甚至更为严峻的通胀形势下，欧央行以意外加息50bp的方式告别了其实施长达8年的负利率政策（2014年中首次将存款利率降至零以下），加入了全球紧缩队列。目前来看，当前全球的紧缩“竞赛”似乎还没有停歇的意思。美联储6月通胀再度超预期后，7月末大概率再度加息75bp，且在完成其超过2.5%中性利率的紧缩任务前难以停手（《通胀破9后的市场前景》）。不仅如此，其他国家近期也在加快紧缩步伐，例如韩国本周首次加息50bp，是自1999年以来历史最大幅度[1]；菲律宾本周在常规会议之外加息75bp，是2002年以来央行政策目标转向通胀后最激进的举措[2]；新加坡也收紧政策以应对通胀[3]。我们统计，当前全球进入加息周期的央行占比已经达到了76%，是1946年以来最高。更有甚者，连作为负利率和“便宜钱”最后阵地的日本央行的YCC政策也不排除出现松动的可能（《安倍遇刺的政策与流动性涟漪》）。全球紧缩的不断加码，其影响既是直接也是长期的。当前，全球负利率债券规模已经从2020年底18万亿美元的高峰降至2万亿美元左右，且几乎都是日本债券资产。从资产的现金流贴现定价模型角度看，全球流动性拐点的到来、特别是“便宜钱”的消失，将会对全球资产定价产生较大影响，尤其是那些过多依赖分母端定价但分子端现金流不足（缺乏增长潜力的公司或国家）甚至没有现金流（如黄金、数字货币）的“边缘资产”；相反，能够提供稳定现金流的“核心资产”可能更受追捧（如高股息或优质成长股、以及内需有韧性的市场）。一、“便宜钱”的消失？央行收紧、财政刺激退坡、私人信贷需求回落疫情后全球流动性和信用大幅扩张，主要源头是美国政府直接刺激的财政扩张，美联储在此过程中提供了充裕的流动性保证。例如，美国M2增速一度跃升至25%以上的二战以来高位，其主要贡献便是对政府债权。在这一过程中，美国政府债务占GDP比例从2019年四季度的102.1%升至2022年一季度的121%，保护了非金融企业和居民部门的资产负债表不受现金流量表受损的冲击，避免演变为更大的债务危机。而在金融部门信用扩张意愿不足的情况下，政府负债的大幅扩张是借助美联储资产大幅累积来实现，美联储本轮QE总规模4.7万亿美元，超过了2008年金融危机后三轮QE总和。美国大规模财政刺激在有效保护居民和企业资产负债表的同时，也带来了流动性和储蓄的过剩（我们测算当前美国居民超额储蓄规模仍高达2.3万亿美元，接近GDP的10%），而由此导致的旺盛需求叠加接连不断的供给冲击形成了当前困扰全球主要发达国家高通胀的“完美风暴”。因此，本文开头提到的激进紧缩也就成了必然结果。我们以主要央行资产负债表变化作为衡量全球流动性的指标，这一指标7月以来同比已经转负。我们测算接下来或仍将继续下行，下行拐点可能要到2023年2月出现。从历史上来看，其走势与MSCI全球市场指数、发达与新兴市场的相对表现都有较强的相关性。接下来，几个可能对冲或加快全球“便宜钱”消失速度的因素值得密切关注。其中，对冲因素有三：1）美国居民超额储蓄及金融体系内依然充裕的流动性。当前美国居民规模依然庞大的超额储蓄（2.3万亿美元）、以及金融机构淤积的大量流动性（存在美联储账上的逆回购规模超过2万亿美元）是对冲美联储量价齐紧的“缓冲池”，这使得今年~5000亿美元和明年1.14万亿美元的缩表都相形见绌。这也解释了为什么虽然美联储已经激进加息，但美国整体金融条件依然为负、且美国金融体系的融资成本（FRA-OIS）依然略低于历史平均水平。2）欧央行新的防金融分化工具TPI（Transmission Protection Instrument）。在激进加息同时却推出新的资产购买工具，这一矛盾操作与欧元区固有的内部分化和缺乏财政联盟问题有直接关系。后续欧央行在多大程度上要动用这一工具对冲可能成为影响边际流动性收紧速度的因素之一（《欧债危机2.0距我们有多远？》）。3）中国财政刺激力度和非金融私人部门的信用扩张程度。相反，加速“便宜钱”消失主要变数为日本央行YCC（收益率曲线控制）政策的边际变化。作为负利率的最后阵地、以及典型套息交易（carry trade）货币，日本央行的YCC政策如果出现边际松动，可能会对全球低息融资“便宜钱”的供给产生显著影响，而日元套利交易逆转也会对很多资产价格造成冲击。实际上，日本持有的美国国债已经连续6个月回落。综合来看，相比看似数量更多但存在不确定性的对冲因素，日本央行YCC政策由于其规模和牵涉较大，因此若出现变化可能会带来更大影响。当然，美联储货币政策再度转向宽松也将有助于缓解当前“便宜钱”逐步紧张甚至消失的局面，近期美债利率下行便是跳跃式的博弈在面临不断增加的增长压力下，美联储在解决完通胀问题后最终还要转向宽松。当前CME利率期货2023年5月已经出现降息预期。只不过，这一过程的兑现取决于美联储能否顺利“穿过”越来越窄的完成紧缩任务vs.避免衰退到来的窗口，更何况在再度宽松到来之前，依然还有一个三季度继续紧缩的过程。二、对全球资产定价的影响：现金流贴现；核心资产 vs. 边缘资产抛开短期情绪和交易等因素的扰动，任何资产的定价逻辑都可以从其未来现金流贴现的角度入手，即便是现金流为负的黄金。例如，黄金作为分子为负的负现金流资产，其价值更多体现在当分母也深度为负的时候（通胀高企使得实际利率为负），而其他时候都不具备长期和持续投资价值；又比如汇率，也可以视作这一国家整体未来现金流的贴现，分母则是作为全球央行的美联储政策走向。对资产而言，负利率终结和流动性收紧意味着进入资本市场的潜在增量资金规模在下降，“便宜钱”的减少使得对现金流回报要求更高。资本市场的定价思路伴随流动性变化对现金流和资产负债表质量也有更高的要求。从全球资金流向数据可以明显看出资金向资本市场流动与利率等广义流动性指标高度相关。2021年2月主要央行资产负债表规模增速下降、流动性拐点出现，全球股票和债券基金流入规模也开始大幅下降。2022年2月受到通胀影响的债券基金从流入转为持续流出，股票基金近期也有流出迹象。基于这一定价逻辑，全球“便宜钱”的减少甚至消失，会使得：1）分子端现金流匮乏而过多依赖分母端的边缘资产受损，不论是一个市场内部的边缘资产（如股市内部的盈利前景较差的公司和板块、债券内部的高收益债）、还是不同市场间的边缘市场和汇率走势（如欧元区内部的边缘国家、以及新兴市场中增长乏力的小型外向经济体）、又或是没有现金流的黄金和数字货币。2）相反，资产负债表稳健、增长前景良好或者能提供稳定现金流的“核心资产”将更受青睐，例如优质成长股、内需有韧性或者政策有刺激空间的市场和汇率、甚至核心区域的房产等等。具体而言，►高收益债及欧洲边缘国家主权债等高融资成本资产。美国房地产市场由于抵押贷款利率快速上升等原因，成交量已经萎缩至2019年以来低点，且在高价格、高利率和逐渐回落的居民实际可支配收入影响下，短期成交萎缩难以明显改善，但核心区域房产由于房租上涨的现金流仍有支撑。全球债券市场中，高收益债年初至今大幅跑输。此外，高杠杆的欧洲边缘国家如意大利等国家利差走阔，欧洲加息不排除放大压力，欧元走弱也是这一逻辑的直接体现（《欧债危机2.0距我们有多远？》）。►部分新兴市场和汇率可能面对分子分母的双重压力。外向型经济体在欧美需求下降的影响下（除大宗商品出口国外）经常账户可能受损，若同时内需纵深不足的话，分子端将会受到挤压，此时分母端流动性的收紧只会放大这种压力。我们在《全球流动性拐点渐近的资产含义》中指出资金流向本质更多是相对的增长差和投资回报差。今年7月以来，全球主要央行持有证券同比规模已经转负。那些基本面较差、高杠杆且依赖外部融资的国家风险在分母端融资成本上升的压力下已经开始释放，例如斯里兰卡等。历史上紧缩周期中，全球IIP资产规模也多有所下降。本轮周期中，MSCI新兴市场指数自2021年2月以来持续跑输发达市场，与全球央行持有证券规模同比增速下降时间一致。►无现金流资产如黄金吸引力下降。对流动性更敏感的数字货币与黄金与全球负利率债规模相关性高，近期在利率抬升背景下已经大幅回落。同样作为无现金流资产的黄金虽然因避险和抗通胀等因素体现一定韧性，进而导致价格与实际利率脱钩，但实际利率的转正也使得黄金开始承受金融条件收紧的压力，4月高点以来已经下跌13%（《向“负利率”告别？》）。综合而言，当前全球流动拐点和“便宜钱”的减少意味着资产价格仍可能处于风险偏好被抑制的高波动阶段。虽然全球紧缩早已经成为共识，但近期多国快速紧缩仍超出预期，意味着流动性压力并没有完全被计入。仍维持负利率和YCC的日本政策若出现松动，对全球美元流动性收缩可能产生涟漪效应（《安倍遇刺的政策与流动性涟漪》）。而主导紧缩是否超预期的核心变量短期看仍是通胀走势，疫情反复和俄乌局势下的供给侧扰动、以及部分新兴市场的输入性通胀都是当前局面的挑战。紧缩路径的不确定性在增加市场波动的同时，也会加大增长陷入衰退的风险。往前看，我们预计三季度紧缩、增长和通胀的“不可能三角”可能还难以完全化解，后续如果美联储政策能够成功退坡，则可以成为风险偏好修复和依据我们“改进版”美林时钟向国债和成长风格轮动的更加确定且稳妥的契机。在此之前，具有稳健资产负债表和现金流的优质资产或市场可能仍是首选，无现金流或依赖高融资成本的资产仍将受到压制。近期市场反弹更多体现的是估值相对低位和预期博弈的特征，而资产定价的大环境并未得到根本性改变。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075793251,"gmtCreate":1658266239273,"gmtModify":1676536128731,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075793251","repostId":"1188519988","repostType":4,"repost":{"id":"1188519988","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":1658245796,"share":"https://ttm.financial/m/news/1188519988?lang=en_US&edition=fundamental","pubTime":"2022-07-19 23:49","market":"us","language":"zh","title":"Silvergate Capital rose 20%, the company's Q2 net income surged","url":"https://stock-news.laohu8.com/highlight/detail?id=1188519988","media":"老虎资讯综合","summary":"第二季度该行处理了约1910亿美元的转账，与第一季度相比增长了34%。","content":"<p><html><head></head><body>On Tuesday, Silvergate Capital, the parent company of Silvergate Bank, which focuses on cryptocurrencies, rose 20% intraday. The company's net revenue in the second quarter increased from $27.4 million to $38.6 million, an increase of 84.6% year-over-year.</p><p>Silvergate Exchange Network processed $191.3 billion in transfers during the quarter, up 34% compared to the first quarter and down 20% compared to the year-ago quarter. In addition, its customers increased from 1,503 in the first quarter of 2022 to 1,585 in the first quarter of 2022.</p><p><img src=\"https://static.tigerbbs.com/1b182708d51a4ef2815c77071608717e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Silvergate Capital rose 20%, the company's Q2 net income surged</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\">\nSilvergate Capital rose 20%, the company's Q2 net income surged\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-07-19 23:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Tuesday, Silvergate Capital, the parent company of Silvergate Bank, which focuses on cryptocurrencies, rose 20% intraday. The company's net revenue in the second quarter increased from $27.4 million to $38.6 million, an increase of 84.6% year-over-year.</p><p>Silvergate Exchange Network processed $191.3 billion in transfers during the quarter, up 34% compared to the first quarter and down 20% compared to the year-ago quarter. In addition, its customers increased from 1,503 in the first quarter of 2022 to 1,585 in the first quarter of 2022.</p><p><img src=\"https://static.tigerbbs.com/1b182708d51a4ef2815c77071608717e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/751c3436433a4172457fb62db45312bf","relate_stocks":{"SI":"Shoulder Innovations, Inc."},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188519988","content_text":"周二，以加密货币为重点业务的Silvergate Bank母公司Silvergate Capital盘中大涨20%。公司第二季度的净收入从2740万美元增长至3860万美元，同比增长84.6%。Silvergate Exchange Network本季度处理了1913亿美元的转账，与第一季度相比增长了34%，与去年同期相比下降了20%。另外，其客户从2022年一季度的1503名增加到2022年一季度的1585名。","news_type":1,"symbols_score_info":{"SI":0.9}},"isVote":1,"tweetType":1,"viewCount":625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9073493603,"gmtCreate":1657405050002,"gmtModify":1676536001555,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9073493603","repostId":"1104558728","repostType":4,"repost":{"id":"1104558728","kind":"news","pubTimestamp":1657361164,"share":"https://ttm.financial/m/news/1104558728?lang=en_US&edition=fundamental","pubTime":"2022-07-09 18:06","market":"other","language":"zh","title":"Abe's judicial autopsy results announced! 22 people on guard, why didn't they stop the murderer?","url":"https://stock-news.laohu8.com/highlight/detail?id=1104558728","media":"每日经济新闻","summary":"现场的警卫缺乏对周围情况的认识以及把握能力。","content":"<p><div>According to Japanese media reports quoted by overseas networks, Japanese Prime Minister Fumio Kishida went to Yamanashi Prefecture and Niigata Prefecture to give a speech on the Senate election on the 9th as originally planned. Earlier, Fumio Kishida said on the 8th that it would not yield to violence. According to CCTV news reports, UN Secretary-General Guterres expressed his sadness and shock on social networking sites and expressed his condolences to Abe's family and the Japanese government about the death of Shinzo Abe due to his injuries after being shot on July 8th, local time. U.S. President Joe Biden, Brazilian President Jair Bolsonaro, King Abdullah II of Jordan and other leaders also expressed their condolences over Abe's death from his wounds...</p><p><a href=\"https://mp.weixin.qq.com/s?__biz=Mzg3NTA5MjkyNQ==&mid=2248019878&idx=1&sn=af62ba9ed51b83a5163506be79df4d15&chksm=cecc6174f9bbe862e0ddb539a5b9b57c5015ad1b1aee4753cb721b711cd25b5fc35988056e86&scene=126&&sessionid=1657352337\">Web link</a></div></p>","source":"mrjjxw","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>Abe's judicial autopsy results announced! 22 people on guard, why didn't they stop the murderer?</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\">\nAbe's judicial autopsy results announced! 22 people on guard, why didn't they stop the murderer?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">每日经济新闻</strong><span class=\"h-time small\">2022-07-09 18:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>According to Japanese media reports quoted by overseas networks, Japanese Prime Minister Fumio Kishida went to Yamanashi Prefecture and Niigata Prefecture to give a speech on the Senate election on the 9th as originally planned. Earlier, Fumio Kishida said on the 8th that it would not yield to violence. According to CCTV news reports, UN Secretary-General Guterres expressed his sadness and shock on social networking sites and expressed his condolences to Abe's family and the Japanese government about the death of Shinzo Abe due to his injuries after being shot on July 8th, local time. U.S. President Joe Biden, Brazilian President Jair Bolsonaro, King Abdullah II of Jordan and other leaders also expressed their condolences over Abe's death from his wounds...</p><p><a href=\"https://mp.weixin.qq.com/s?__biz=Mzg3NTA5MjkyNQ==&mid=2248019878&idx=1&sn=af62ba9ed51b83a5163506be79df4d15&chksm=cecc6174f9bbe862e0ddb539a5b9b57c5015ad1b1aee4753cb721b711cd25b5fc35988056e86&scene=126&&sessionid=1657352337\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=Mzg3NTA5MjkyNQ==&mid=2248019878&idx=1&sn=af62ba9ed51b83a5163506be79df4d15&chksm=cecc6174f9bbe862e0ddb539a5b9b57c5015ad1b1aee4753cb721b711cd25b5fc35988056e86&scene=126&&sessionid=1657352337\">每日经济新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/308147f341379a39beff9ce467817e82","relate_stocks":{"EWJ":"日本ETF-iShares MSCI"},"source_url":"https://mp.weixin.qq.com/s?__biz=Mzg3NTA5MjkyNQ==&mid=2248019878&idx=1&sn=af62ba9ed51b83a5163506be79df4d15&chksm=cecc6174f9bbe862e0ddb539a5b9b57c5015ad1b1aee4753cb721b711cd25b5fc35988056e86&scene=126&&sessionid=1657352337","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104558728","content_text":"据海外网援引日本媒体消息，日本首相岸田文雄9日按原计划前往山梨县和新潟县进行关于参议院选举的演讲活动。此前，岸田文雄在8日表示，不会向暴力屈服。据央视新闻报道，就安倍晋三当地时间7月8日遭枪击后因伤势过重不治身亡一事，联合国秘书长古特雷斯在社交网站发文表示感到哀伤与震惊，向安倍家人及日本政府表示哀悼。美国总统拜登、巴西总统博索纳罗、约旦国王阿卜杜拉二世等多国领导人也对安倍遭枪击伤重不治身亡表示哀悼。事发时有22人负责警备包括7名特警据海外网援引日媒9日报道，现场当时共有22人负责警备工作，其中包括7名特警，但仍未能阻止近在咫尺的嫌犯开枪。据自民党奈良县支部联合会透露，现场当时有来自警视厅和奈良县警方的特警7人，还有来自县支部联合会的15名工作人员负责警备和警卫工作。安倍的背后也有人警备，但仍未能阻止3米外的嫌疑人开枪。对此，原警视厅刑警吉川祐二称，从结果来看只能说明警备出现了失误。日本保镖协会会长阿久津良树也称，现场的警卫缺乏对周围情况的认识以及把握能力。据海外网报道，日媒称，在日本各大媒体报道安倍晋三被枪击身亡的消息时，安倍94岁的母亲洋子当时正在养老院吃午饭，突然看到了这条新闻。相关人士透露，洋子得知自己儿子中枪后愣住，一时间无法理解发生了什么，陪在她身边的人则慌张地试图关掉电视。之后，洋子放声大哭。据央视新闻报道，安倍晋三的遗体已于当地时间9日下午运至其东京家中。自民党总务会长福田达夫等自民党要员已到访其住宅。日本首相岸田文雄也于当天下午前往安倍晋三位于东京的住所进行吊唁。据央视新闻援引日本《读卖新闻》报道，当地时间7月9日，日本首相岸田文雄在山梨县富士吉田市举行有关参议院选举的演讲。现场安保工作明显有所增强，大约每十米左右就有一名警方人员，同时现场也设置了金属探测仪。当天，岸田文雄左臂佩戴了黑纱。日本警方发布安倍晋三尸体解剖结果嫌疑人称其与宗教团体有关据央视新闻报道，当地时间9日，日本奈良县警方发表了司法解剖结果，日本前首相安倍晋三的死因是一发子弹击中左侧上臂后，致其锁骨下动脉破裂，引起大出血，最终导致失血过多不治身亡。实施抢救的医院8日称颈部有2处枪伤，而警方则表示不清楚颈部另1处创伤是否由子弹造成。据环球网援引日本共同社7月9日报道，奈良县警方9日公布司法解剖结果，称其颈部和左上臂共2处有中弹伤口。案发现场确认传出两下枪声，警方正在详细调查击发的子弹数量和结构、入射角度等。据报道，办案人员称，被捕的前海上自卫队员山上徹也（41岁，无业）大致供述称，因母亲沉迷宗教团体而心生恨意，以为安倍与该团体有关就把他当成了目标。警方8日以杀人未遂嫌疑当场逮捕了山上，现已改为杀人嫌疑进行调查。据海外网援引日本电视台及朝日电视台9日报道，嫌疑人山上徹也供述，他最初打算用自制 炸弹来杀人，并称此次行动已谋划数月。山上表示，在决定使用手枪前，他本打算自制 炸弹来杀人，但经过实验后发现自制 炸弹无法将人杀死，所以才开始自制 枪支。就使用的自制 手枪来源，嫌疑人山上徹也在审讯中承认，他在调查了枪支的制作方法后购买了零件，火药也是在网上买的，并且也弄到了空弹壳。日本警方已从山上的住所中发现了疑似爆炸物和自制枪支，并通过处理爆炸物的车辆将危险物品运出。","news_type":1,"symbols_score_info":{"EWJ":0.9}},"isVote":1,"tweetType":1,"viewCount":488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047467243,"gmtCreate":1656972713582,"gmtModify":1676535922292,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047467243","repostId":"1116749928","repostType":4,"repost":{"id":"1116749928","kind":"news","pubTimestamp":1656947594,"share":"https://ttm.financial/m/news/1116749928?lang=en_US&edition=fundamental","pubTime":"2022-07-04 23:13","market":"hk","language":"zh","title":"Beautiful pictures harvested by the currency circle: Coin speculation lost 300 million in one year, and shareholders' banknotes supported the chairman's faith?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116749928","media":"风暴眼工作室","summary":"炒币需要信仰，而信仰需要钞票。作为国内第一家奋不顾身进军币圈的香港上市公司，美图用一年时间完美诠释了这句话。7月3日晚间，赴港上市已有五年的美图公告称，今年上半年，公司净亏损可能达2.749亿元至3.","content":"<p><html><head></head><body>Coin speculation requires faith, and faith requires banknotes.</p><p>As the first Hong Kong-listed company in China to enter the currency circle, Meitu spent a year perfectly interpreting this sentence.</p><p>On the evening of July 3, Meitu, which has been listed in Hong Kong for five years, announced that in the first half of this year, the company's net loss may reach 274.9 million to 349.9 million yuan, an increase of approximately 99.6% to 154.1% compared with the loss in the same period last year. The expected increase in net loss is mainly due to the impairment of cryptocurrencies purchased.</p><p>Affected by this news, in early trading on July 4,<a href=\"https://laohu8.com/S/01357\">Meitu Corporation</a>Sharp open low, and then continued to fluctuate lower. As of the close, it fell 10.58% throughout the day to HK $0.93 per share. After the stock price returned to HK $1 on June 16, it only lasted for half a month, and then fell below HK $1 again.</p><p>The big loss of currency speculation also caused Meitu to be put on the hot search again.</p><p>Some netizens commented: \"It is already the kindness of the market that this kind of company that doesn't make products well and relies on currency speculation has not gone bankrupt.\"</p><p><b>1. Is the chairman addicted to currency speculation? Bringing Meitu into the game for one year, from floating profits of hundreds of millions to losses of over 300 million</b></p><p>Meitu's coin speculation began in March last year.</p><p>From March 5 to April 8, 2021, Meitu purchased 940 Bitcoin pieces and 31,000 Ethereum pieces three times, costing a total of US $100 million.</p><p>At that time, the market had estimated that the average price of Meitu's purchase of Bitcoin and Ethereum was US $52,000 and US $1,629 respectively, which could be regarded as chasing high at that time.</p><p>Regarding this bold operation, Cai Wensheng, chairman of Meitu, said: \"Someone has to be the first to eat crabs.\"</p><p><img src=\"https://static.tigerbbs.com/b89ad2076949b6f236100b3444f8d320\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>Cai Wensheng</p><p>Thanks to the hot market at that time, Cai Wensheng was once full of confidence.</p><p>He even posted in the circle of friends, saying, \"Meitu continues to deploy the blockchain, and this time it purchased ETH and BTC digital currency as a value reserve for the long-term development of the blockchain strategy.\"</p><p><img src=\"https://static.tigerbbs.com/4e30959e892a83989fe19f06c7f5140e\" tg-width=\"640\" tg-height=\"636\" referrerpolicy=\"no-referrer\"/></p><p>However, the good times didn't last long. Since late May last year, the price of Bitcoin began to plummet, and thousands of cryptocurrencies fell. Meitu was also caught off guard with the shrinkage of funds.</p><p>Until the market picked up in the second half of last year, people in the currency circle collectively recovered their blood. In November, Bitcoin and Ethereum both hit record highs, hitting $69,000 and $4,892 respectively.</p><p>But soon, the currency circle changed its face again, and in June this year, there was a plunge known as an \"epic\". As the second largest cryptocurrency after Bitcoin, Ethereum even fell below the thousand-yuan mark recently, once returning to the \"triple-digit\" era, which is eye-popping.</p><p><img src=\"https://static.tigerbbs.com/7fec4baf0986c7d9407bfb2bfdd69576\" tg-width=\"640\" tg-height=\"234\" referrerpolicy=\"no-referrer\"/></p><p>Bitcoin price trend since March last year</p><p><img src=\"https://static.tigerbbs.com/c746e165e235bc0b4d09846f7b6991fc\" tg-width=\"640\" tg-height=\"233\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ethereum price trend since March last year</p><p>A rough calculation by Phoenix.com's \"Eye of the Storm\" found that if calculated according to the historical highs of Bitcoin and Ethereum in November last year, the two types of cryptocurrencies held by Meitu once made hundreds of millions of yuan. However, if compared according to the current single prices of US $19,000 and US $1,051 in Bitcoin and Ethereum, the average holding price of Meitu in the two cryptocurrencies has shrunk by 63.46% and 35.48% respectively, and the losses are as high as US $31.053 million and US $17.92 million, with a total loss of US $48.973 million, equivalent to RMB 328 million.</p><p>\"Not participating is the biggest risk.\" As Cai Wensheng himself said, Meitu's currency speculation can be said to be another big gamble.</p><p>Public information shows that as early as 2014, Cai Wensheng's Longling Capital invested in the cryptocurrency exchange OKcoin. In 2018, Cai Wensheng revealed that he owned more than 10,000 Bitcoin rights and invested in almost a dozen blockchain projects. It was revealed by netizens that he had also served as the rotating group owner of a blockchain group.</p><p>It is in this group that Cai Wensheng output many golden sentences such as \"the underlying architecture of blockchain is mathematical logic, the middle-level thought is philosophical thinking, and the highest-level thought is theological belief\".</p><p>Cai Wensheng, who is keen on cryptocurrency, naturally did not leave Meitu idle.</p><p>In January 2018, Meitu officially released a white paper on blockchain solutions. According to the white paper, Meitu will create an ecosystem based on blockchain combined with AI technology, and create a decentralized, secure and encrypted identity pass for users-Meitu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Meitu Intelligent Passport, or MIP for short. Users can use face features as token keys on the blockchain to perform decentralized KYC user identity authentication.</p><p>In addition, the token \"Meimi\" (BEC) of the US chain landed on the cryptocurrency trading platform OKEx, and Meitu, which claimed that it would not ICO (initial issuance of tokens), was accused of being the issuer of BEC tokens at that time. Although this speculation was later refuted, Meitu also indirectly admitted its close contacts with BEC-\"it has cooperation with it overseas\".</p><p>It can be said that holding a quarter of the shares, Cai Wensheng has the largest say in Meitu, and has also become the driving force for Meitu to enter the currency circle. It just backfired. Meitu, which wanted to achieve a comeback against the wind by investing in cryptocurrencies, was almost buried.</p><p>And Cai Wensheng himself was also exposed to \"narrowly escaping death\" in this round of currency crash.</p><p>On June 20, when the currency circle was \"blood flowing into a river\", a sentence from Cai Wensheng's circle of friends attracted the attention of the outside world. He wrote: \"If things backfire, I believe God must have other plans!\"</p><p>Although the news was subsequently deleted, the market speculated that what Cai Wensheng said was related to the rumor that his 200,000 Ethereum almost liquidated.</p><p>In the end, Cai Wensheng personally refuted the rumor: \"This is my friend's address, a super Ethereum believer. When the highest price of eth was 4,800, there were 280,000 eth. At that time, there was basically no leverage, and I chose to fall and continue to cover the position... My friend said, if it is true Liquidation and liquidation can also be regarded as a contribution to cryptocurrency.\"</p><p>This remark was also jokingly called \"I have a friend\" series by many netizens.</p><p><img src=\"https://static.tigerbbs.com/cd6fddbe7be2d44a99f5d3005df008c0\" tg-width=\"556\" tg-height=\"191\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>2. Who will make up for the accumulated loss of 2 billion after five years of listing?</b></p><p>Phoenix.com's \"Eye of the Storm\" found that since coin speculation, Meitu has become a frequent search customer. Although Cai Wensheng has repeatedly reiterated his emphasis on \"long-term investment\", every turmoil in the currency circle will cause Meitu's phased achievements in currency speculation to be hotly discussed.</p><p>Frequently becoming a topic in the currency circle, people once forgot that this is a company engaged in face value business.</p><p>Once upon a time, as a successor<a href=\"https://laohu8.com/S/00700\">Tencent</a>The largest Internet IPO in Hong Kong in the following 12 years, Meitu has enjoyed unlimited scenery. Photo retouching software such as \"Meitu Xiuxiu\" not only created excellent results of 450 million monthly active users for Meitu, but also pushed the company's stock price to triple three months after its listing, and its market value once reached 84.5 billion Hong Kong dollars.</p><p>In mid-2017, as soon as the lifting period of Meitu stock came, institutional shareholders including IDG Capital, innovation works, Qiming Venture Capital, Tiger Global Fund and other institutional shareholders cashed out and left the market, causing Meitu's stock price to plummet.</p><p>At the same time, in terms of main business, Meitu's products have also been impacted by competing products one after another, leaving fewer and fewer users.</p><p>According to Meitu's 2021 annual report, as of the end of last year, Meitu had 230 million monthly active users, a decrease of 11.6% from 260 million at the end of 2020, and this indicator was 410 million, 330 million, and 280 million respectively from 2017 to 2019. Shrinking for five consecutive years.</p><p>This is undoubtedly a red flag for Cai Wensheng, who knows that \"there are users, there is everything\".</p><p>The original product was unsustainable, and Meitu had to start a new stove. Around 2018, Meitu tested mobile phones, social networking and other businesses in many ways, but due to diversification, its financial situation went from bad to worse.</p><p>In 2018, Meitu's revenue only recorded 2.794 billion yuan, a decrease of 37.84% from 4.532 billion yuan in 2017, ending two consecutive years of triple-digit growth. In 2019, Meitu's revenue further shrank to single digits, only 978 million yuan.</p><p>Later, as Meitu added advanced subscription services and began to focus on the B-side and deploy SaaS business, the company's revenue gradually picked up in 2020 and 2021, reaching 1.194 billion yuan and 1.666 billion yuan respectively.</p><p>Compared with the recovery of revenue, Meitu has not improved in terms of profitability, and it has continued to lose money since its listing. The annual losses from 2017 to 2021 were 197 million yuan, 1.243 billion yuan, 405 million yuan, 60 million yuan, and 77 million yuan respectively, and the cumulative losses in five years reached 1.982 billion yuan.</p><p>And just as losses have narrowed in the past two years, Meitu plunged into the currency circle again and fell into the abyss of losses again.</p><p>It is worth pondering that, unlike Cai Wensheng's enthusiasm for currency speculation, Wu Zeyuan, founder and CEO of Meitu, said in an interview with the media earlier about Meitu's investment in cryptocurrency, \"This is a decision made by the board of directors, and I can't say how this decision was made.\"</p><p>According to Wu Zeyuan, he is basically in charge of Meitu, both in front of and behind the scenes. The reason why Cai Wensheng was able to become the chairman of Meitu is that Cai Wensheng was the first to invest at the stage when Meitu was in most urgent need of funds. Therefore, the two have always formed a cooperation model of \"one is responsible for capital and the other is responsible for business\".</p><p>But for a listed company, compared with Wu Zeyuan, who holds 13.05% of the shares, Cai Wensheng's 25.88% shareholding will obviously give it more say in Meitu.</p><p>This is also worrying: the embarrassment that the performance has not \"stopped bleeding\", and the danger of the superimposed currency circle without warning. Once there is a conflict between capital and business in the future, whose command should Meitu let?</p><p></body></html></p>","source":"lsy1639703443321","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>Beautiful pictures harvested by the currency circle: Coin speculation lost 300 million in one year, and shareholders' banknotes supported the chairman's faith?</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\">\nBeautiful pictures harvested by the currency circle: Coin speculation lost 300 million in one year, and shareholders' banknotes supported the chairman's faith?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">风暴眼工作室</strong><span class=\"h-time small\">2022-07-04 23:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Coin speculation requires faith, and faith requires banknotes.</p><p>As the first Hong Kong-listed company in China to enter the currency circle, Meitu spent a year perfectly interpreting this sentence.</p><p>On the evening of July 3, Meitu, which has been listed in Hong Kong for five years, announced that in the first half of this year, the company's net loss may reach 274.9 million to 349.9 million yuan, an increase of approximately 99.6% to 154.1% compared with the loss in the same period last year. The expected increase in net loss is mainly due to the impairment of cryptocurrencies purchased.</p><p>Affected by this news, in early trading on July 4,<a href=\"https://laohu8.com/S/01357\">Meitu Corporation</a>Sharp open low, and then continued to fluctuate lower. As of the close, it fell 10.58% throughout the day to HK $0.93 per share. After the stock price returned to HK $1 on June 16, it only lasted for half a month, and then fell below HK $1 again.</p><p>The big loss of currency speculation also caused Meitu to be put on the hot search again.</p><p>Some netizens commented: \"It is already the kindness of the market that this kind of company that doesn't make products well and relies on currency speculation has not gone bankrupt.\"</p><p><b>1. Is the chairman addicted to currency speculation? Bringing Meitu into the game for one year, from floating profits of hundreds of millions to losses of over 300 million</b></p><p>Meitu's coin speculation began in March last year.</p><p>From March 5 to April 8, 2021, Meitu purchased 940 Bitcoin pieces and 31,000 Ethereum pieces three times, costing a total of US $100 million.</p><p>At that time, the market had estimated that the average price of Meitu's purchase of Bitcoin and Ethereum was US $52,000 and US $1,629 respectively, which could be regarded as chasing high at that time.</p><p>Regarding this bold operation, Cai Wensheng, chairman of Meitu, said: \"Someone has to be the first to eat crabs.\"</p><p><img src=\"https://static.tigerbbs.com/b89ad2076949b6f236100b3444f8d320\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>Cai Wensheng</p><p>Thanks to the hot market at that time, Cai Wensheng was once full of confidence.</p><p>He even posted in the circle of friends, saying, \"Meitu continues to deploy the blockchain, and this time it purchased ETH and BTC digital currency as a value reserve for the long-term development of the blockchain strategy.\"</p><p><img src=\"https://static.tigerbbs.com/4e30959e892a83989fe19f06c7f5140e\" tg-width=\"640\" tg-height=\"636\" referrerpolicy=\"no-referrer\"/></p><p>However, the good times didn't last long. Since late May last year, the price of Bitcoin began to plummet, and thousands of cryptocurrencies fell. Meitu was also caught off guard with the shrinkage of funds.</p><p>Until the market picked up in the second half of last year, people in the currency circle collectively recovered their blood. In November, Bitcoin and Ethereum both hit record highs, hitting $69,000 and $4,892 respectively.</p><p>But soon, the currency circle changed its face again, and in June this year, there was a plunge known as an \"epic\". As the second largest cryptocurrency after Bitcoin, Ethereum even fell below the thousand-yuan mark recently, once returning to the \"triple-digit\" era, which is eye-popping.</p><p><img src=\"https://static.tigerbbs.com/7fec4baf0986c7d9407bfb2bfdd69576\" tg-width=\"640\" tg-height=\"234\" referrerpolicy=\"no-referrer\"/></p><p>Bitcoin price trend since March last year</p><p><img src=\"https://static.tigerbbs.com/c746e165e235bc0b4d09846f7b6991fc\" tg-width=\"640\" tg-height=\"233\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ethereum price trend since March last year</p><p>A rough calculation by Phoenix.com's \"Eye of the Storm\" found that if calculated according to the historical highs of Bitcoin and Ethereum in November last year, the two types of cryptocurrencies held by Meitu once made hundreds of millions of yuan. However, if compared according to the current single prices of US $19,000 and US $1,051 in Bitcoin and Ethereum, the average holding price of Meitu in the two cryptocurrencies has shrunk by 63.46% and 35.48% respectively, and the losses are as high as US $31.053 million and US $17.92 million, with a total loss of US $48.973 million, equivalent to RMB 328 million.</p><p>\"Not participating is the biggest risk.\" As Cai Wensheng himself said, Meitu's currency speculation can be said to be another big gamble.</p><p>Public information shows that as early as 2014, Cai Wensheng's Longling Capital invested in the cryptocurrency exchange OKcoin. In 2018, Cai Wensheng revealed that he owned more than 10,000 Bitcoin rights and invested in almost a dozen blockchain projects. It was revealed by netizens that he had also served as the rotating group owner of a blockchain group.</p><p>It is in this group that Cai Wensheng output many golden sentences such as \"the underlying architecture of blockchain is mathematical logic, the middle-level thought is philosophical thinking, and the highest-level thought is theological belief\".</p><p>Cai Wensheng, who is keen on cryptocurrency, naturally did not leave Meitu idle.</p><p>In January 2018, Meitu officially released a white paper on blockchain solutions. According to the white paper, Meitu will create an ecosystem based on blockchain combined with AI technology, and create a decentralized, secure and encrypted identity pass for users-Meitu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Meitu Intelligent Passport, or MIP for short. Users can use face features as token keys on the blockchain to perform decentralized KYC user identity authentication.</p><p>In addition, the token \"Meimi\" (BEC) of the US chain landed on the cryptocurrency trading platform OKEx, and Meitu, which claimed that it would not ICO (initial issuance of tokens), was accused of being the issuer of BEC tokens at that time. Although this speculation was later refuted, Meitu also indirectly admitted its close contacts with BEC-\"it has cooperation with it overseas\".</p><p>It can be said that holding a quarter of the shares, Cai Wensheng has the largest say in Meitu, and has also become the driving force for Meitu to enter the currency circle. It just backfired. Meitu, which wanted to achieve a comeback against the wind by investing in cryptocurrencies, was almost buried.</p><p>And Cai Wensheng himself was also exposed to \"narrowly escaping death\" in this round of currency crash.</p><p>On June 20, when the currency circle was \"blood flowing into a river\", a sentence from Cai Wensheng's circle of friends attracted the attention of the outside world. He wrote: \"If things backfire, I believe God must have other plans!\"</p><p>Although the news was subsequently deleted, the market speculated that what Cai Wensheng said was related to the rumor that his 200,000 Ethereum almost liquidated.</p><p>In the end, Cai Wensheng personally refuted the rumor: \"This is my friend's address, a super Ethereum believer. When the highest price of eth was 4,800, there were 280,000 eth. At that time, there was basically no leverage, and I chose to fall and continue to cover the position... My friend said, if it is true Liquidation and liquidation can also be regarded as a contribution to cryptocurrency.\"</p><p>This remark was also jokingly called \"I have a friend\" series by many netizens.</p><p><img src=\"https://static.tigerbbs.com/cd6fddbe7be2d44a99f5d3005df008c0\" tg-width=\"556\" tg-height=\"191\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>2. Who will make up for the accumulated loss of 2 billion after five years of listing?</b></p><p>Phoenix.com's \"Eye of the Storm\" found that since coin speculation, Meitu has become a frequent search customer. Although Cai Wensheng has repeatedly reiterated his emphasis on \"long-term investment\", every turmoil in the currency circle will cause Meitu's phased achievements in currency speculation to be hotly discussed.</p><p>Frequently becoming a topic in the currency circle, people once forgot that this is a company engaged in face value business.</p><p>Once upon a time, as a successor<a href=\"https://laohu8.com/S/00700\">Tencent</a>The largest Internet IPO in Hong Kong in the following 12 years, Meitu has enjoyed unlimited scenery. Photo retouching software such as \"Meitu Xiuxiu\" not only created excellent results of 450 million monthly active users for Meitu, but also pushed the company's stock price to triple three months after its listing, and its market value once reached 84.5 billion Hong Kong dollars.</p><p>In mid-2017, as soon as the lifting period of Meitu stock came, institutional shareholders including IDG Capital, innovation works, Qiming Venture Capital, Tiger Global Fund and other institutional shareholders cashed out and left the market, causing Meitu's stock price to plummet.</p><p>At the same time, in terms of main business, Meitu's products have also been impacted by competing products one after another, leaving fewer and fewer users.</p><p>According to Meitu's 2021 annual report, as of the end of last year, Meitu had 230 million monthly active users, a decrease of 11.6% from 260 million at the end of 2020, and this indicator was 410 million, 330 million, and 280 million respectively from 2017 to 2019. Shrinking for five consecutive years.</p><p>This is undoubtedly a red flag for Cai Wensheng, who knows that \"there are users, there is everything\".</p><p>The original product was unsustainable, and Meitu had to start a new stove. Around 2018, Meitu tested mobile phones, social networking and other businesses in many ways, but due to diversification, its financial situation went from bad to worse.</p><p>In 2018, Meitu's revenue only recorded 2.794 billion yuan, a decrease of 37.84% from 4.532 billion yuan in 2017, ending two consecutive years of triple-digit growth. In 2019, Meitu's revenue further shrank to single digits, only 978 million yuan.</p><p>Later, as Meitu added advanced subscription services and began to focus on the B-side and deploy SaaS business, the company's revenue gradually picked up in 2020 and 2021, reaching 1.194 billion yuan and 1.666 billion yuan respectively.</p><p>Compared with the recovery of revenue, Meitu has not improved in terms of profitability, and it has continued to lose money since its listing. The annual losses from 2017 to 2021 were 197 million yuan, 1.243 billion yuan, 405 million yuan, 60 million yuan, and 77 million yuan respectively, and the cumulative losses in five years reached 1.982 billion yuan.</p><p>And just as losses have narrowed in the past two years, Meitu plunged into the currency circle again and fell into the abyss of losses again.</p><p>It is worth pondering that, unlike Cai Wensheng's enthusiasm for currency speculation, Wu Zeyuan, founder and CEO of Meitu, said in an interview with the media earlier about Meitu's investment in cryptocurrency, \"This is a decision made by the board of directors, and I can't say how this decision was made.\"</p><p>According to Wu Zeyuan, he is basically in charge of Meitu, both in front of and behind the scenes. The reason why Cai Wensheng was able to become the chairman of Meitu is that Cai Wensheng was the first to invest at the stage when Meitu was in most urgent need of funds. Therefore, the two have always formed a cooperation model of \"one is responsible for capital and the other is responsible for business\".</p><p>But for a listed company, compared with Wu Zeyuan, who holds 13.05% of the shares, Cai Wensheng's 25.88% shareholding will obviously give it more say in Meitu.</p><p>This is also worrying: the embarrassment that the performance has not \"stopped bleeding\", and the danger of the superimposed currency circle without warning. Once there is a conflict between capital and business in the future, whose command should Meitu let?</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/iJpVkANdC5GsTBekmiuI2w\">风暴眼工作室</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a44057b4a20ebe6d630712ecfc5dba80","relate_stocks":{"01357":"美图公司","BK1095":"互动媒体与服务"},"source_url":"https://mp.weixin.qq.com/s/iJpVkANdC5GsTBekmiuI2w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116749928","content_text":"炒币需要信仰，而信仰需要钞票。作为国内第一家奋不顾身进军币圈的香港上市公司，美图用一年时间完美诠释了这句话。7月3日晚间，赴港上市已有五年的美图公告称，今年上半年，公司净亏损可能达2.749亿元至3.499亿元人民币，较去年同期亏损增加约99.6%至154.1%。净亏损预期增加的主要原因为已购买加密货币减值。受此消息影响，7月4日早盘，美图公司大幅低开，随后继续震荡走低。截至收盘，全天跌10.58%，报0.93港元/股，继6月16日股价重返1港元后仅坚持了半月，便再次跌至1港元下方。炒币大亏也令美图再次被送上热搜。有网友评论称：“这种不好好做产品，靠炒币炒作的公司，没破产倒闭已经是市场的仁慈了。”1、董事长炒币上瘾？携美图入局一年，从浮盈上亿到亏超3亿美图炒币，始于去年3月。2021年3月5日-4月8日，美图前后共三次购入940枚比特币及31000枚以太币，共计花费1亿美元。彼时，市场曾测算，美图购入比特币及以太币的均价分别在5.2万美元和1629美元，在当时可以算是追高了。对于这一大胆操作，美图董事长蔡文胜表示：“总要有人第一个吃螃蟹。”蔡文胜得益于当时的火热行情，蔡文胜一度信心满满。他甚至在朋友圈发文称，“美图公司继续布局区块链，这次购买ETH、BTC数字货币作为长期发展区块链战略的价值储备。”然而好景不长，去年5月下旬起，比特币价格开始暴跌，加密货币出现千币齐跌场景。美图也猝不及防地跟着资金缩水。直到去年下半年市场回暖，币圈人集体回血。11月，比特币及以太币双双创造历史新高，分别触及6.9万美元和4892美元。但很快，币圈再度变脸，今年6月更是出现了被誉为“史诗级”的暴跌。作为仅次于比特币的第二大加密货币，以太币甚至在近期跌破千元大关，一度退回“三位数”时代，令人瞠目。比特币去年3月以来价格走势以太币去年3月以来价格走势凤凰网《风暴眼》粗略测算发现，如果按照比特币和以太币去年11月的历史高点计算，美图持有的两类加密货币曾一度大赚上亿元。但如果按照当前比特币和以太币1.9万美元、1051美元的单枚价格分别对比，美图在两种加密货币上的持有均价现已分别缩水63.46%、35.48%，亏损额分别高达3105.3万美元及1792万美元，合计亏损4897.3万美元，折合成人民币3.28亿元。“不参与才是最大的风险”，正如蔡文胜本人所言，美图炒币可以说是其又一场豪赌。公开资料显示，早在2014年，蔡文胜的隆领资本就投资了加密货币交易所OKcoin。2018年，蔡文胜曾对外透露过自己拥有一万多个比特币，还投了差不多十几个区块链项目，并被网友爆出其还担任过某区块链群的轮值群主。正是在这个群中，蔡文胜输出了不少诸如“区块链的底层架构是数学逻辑，中层思想是哲学思考，最高层是神学信仰”等金句。热衷于加密货币的蔡文胜，自然也没让美图闲着。2018年1月，美图公司官方发布了区块链方案白皮书。 据白皮书介绍，美图公司将基于区块链结合 AI 技术打造生态，为用户创建一个去中心化、安全加密的身份通行证——美图智能通行证 Meitu Intelligent Passport，简称 MIP。用户能够在区块链上用人脸特征作为通证密钥，进行去中心化的 KYC 用户身份认证。此外，美链的代币“美蜜”（BEC）登陆加密货币交易平台OKEx，而号称不会ICO（代币首次发行）的美图公司，当时被指为是BEC代币的发行者。尽管这一猜测之后被辟谣，但美图也间接承认了自己与BEC的密切往来——“与其在海外有合作”。可以说，手握四分之一股份，蔡文胜拥有美图最大的话语权，也成为了美图进军币圈的推手。只是事与愿违，本想通过投资加密货币实现逆风翻盘的美图，不料却险些被埋葬。而蔡文胜本人，也被曝在此轮币圈暴跌里“死里逃生”。6月20日，在币圈“血流成河”之际，蔡文胜朋友圈的一句话引发外界关注。他写道：“如果事与愿违，相信那一定是老天另有安排！”尽管随后该条动态被删除，但市场纷纷猜测，蔡文胜所言与其20万枚以太币险些爆仓的传闻有关。最终，蔡文胜亲自下场辟谣：“这是我朋友地址，超级以太坊信仰者。Eth最高价4800时就有28万个eth，那时基本没杠杆，选择下跌不断补仓…朋友说了，如果真的清算平仓，也算为加密货币做贡献吧。”此番言论也被不少网友戏谑称是“我有一个朋友”系列。2、上市五年仍未盈利，谁来弥补20亿累亏？凤凰网《风暴眼》发现，自炒币以来，美图便成了热搜常客。尽管蔡文胜多次重申注重“长期投资”，但每每币圈动荡就会令美图炒币的阶段性成绩被拿出来热议一番。频繁因币圈成为话题，一度让人忘了这是一家做颜值生意的公司。曾几何时，作为继腾讯之后12年来香港最大的互联网IPO，美图公司风光无限。“美图秀秀”等修图软件不仅给美图创造了月活4.5亿人的优异成绩，还推升公司股价在上市三个月后连翻三倍，市值一度高达845亿港元。2017年年中，美图股票解禁期一到，包括IDG资本、创新工场、启明创投、老虎环球基金等机构股东齐刷刷套现离场，导致美图股价大跌。与此同时，主营业务方面，美图旗下产品也接连受到竞品冲击，留下的用户也越来越少。据美图2021年年报，截至去年末，美图月活人数2.3亿人，较2020年年末2.6亿人减少11.6%，而这一指标在2017-2019年分别为4.1亿、3.3亿、2.8亿，连续五年萎缩。这对于深谙“有用户就有一切”的蔡文胜来说，无疑是一个危险信号。原有产品难以为继，美图不得不另起炉灶。2018年前后，美图曾多方试水手机、社交等业务，但受多元化所累，财务状况却每况愈下。2018年，美图营收仅录得27.94亿元，同比2017年的45.32亿元减少37.84%，结束了连续两年的三位数增速。2019年，美图营收进一步缩减至个位数，仅有9.78亿元。而后，随着美图增加高级订阅服务并开始发力B端，布局SaaS业务，公司营收才在2020、2021两年逐步回暖，分别实现11.94亿元、16.66亿元。与营收复苏相比，美图在盈利方面却一直未见好转，上市至今持续亏损。2017-2021年年亏损额分别为1.97亿元、12.43亿元、4.05亿元、0.6亿元、0.77亿元，五年累计亏损达19.82亿元。而就在近两年亏损收窄之际，美图又一头扎进币圈，再次坠入亏损的深渊。值得玩味的是，与蔡文胜热衷炒币不同，对于美图投资加密货币的一事，美图创始人兼CEO吴泽源早前曾在接受媒体采访时表示，“这是董事会做的决定，我也不好说这个决定具体是怎么做出的。”据吴泽源透露，美图无论台前和幕后，基本都是他在管。而蔡文胜之所以能够成为美图董事长，是因为在美图最亟需资金的阶段，蔡文胜最早投资。因此，二人一直以来也形成了“一个负责资本、一个负责业务”的合作模式。但对于一家上市公司来说，相较于持股13.05%的吴泽源，蔡文胜25.88%的持股份额显然会令其在美图拥有更多话语权。这也令人隐忧：业绩仍未“止血”的尴尬，叠加币圈毫无预兆的凶险，未来一旦资本和业务产生冲突，美图又该听任谁的指挥？","news_type":1,"symbols_score_info":{"01357":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9924230418,"gmtCreate":1672265603535,"gmtModify":1676538661306,"author":{"id":"4096503759862960","authorId":"4096503759862960","name":"168隔壁小王","avatar":"https://static.tigerbbs.com/16c0ae9ccdde02c7c231aba5b181dba1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096503759862960","authorIdStr":"4096503759862960"},"themes":[],"htmlText":"<a 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