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杨胜胜

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- 杨胜胜杨胜胜
  ·2021-04-30
  ??
  Preview: Apart from the explosive non-agricultural industry, what else is there to watch in May?
  5月远不止非农就业数据和美联储动态要关注。
  Preview: Apart from the explosive non-agricultural industry, what else is there to watch in May?
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- 杨胜胜杨胜胜
  ·2021-04-27
  ？？？？
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- 杨胜胜杨胜胜
  ·2021-04-25
  ??
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- 杨胜胜杨胜胜
  ·2021-04-25
  ?
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- 杨胜胜杨胜胜
  ·2021-04-24
  ??
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- 杨胜胜杨胜胜
  ·2021-04-23
  ???
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- 杨胜胜杨胜胜
  ·2021-04-21
  ?
  Hillhouse Capital or Tiger Fund, who is more powerful in speculating in Chinese stocks?
  2020年高瓴投资中概股的收益约45亿美元，老虎的收益约48亿美元，两家PE炒股的秘诀是什么？老虎和高瓴，已经成为最会炒中概股的两家PE。老虎环球基金2020年赚了100多亿美元，京东、拼多多两
  Hillhouse Capital or Tiger Fund, who is more powerful in speculating in Chinese stocks?
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- 杨胜胜杨胜胜
  ·2021-04-21
  666
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- 杨胜胜杨胜胜
  ·2021-04-21
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- 杨胜胜杨胜胜
  ·2021-02-01
  lol
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23:03","market":"us","language":"zh","title":"Preview: Apart from the explosive non-agricultural industry, what else is there to watch in May?","url":"https://stock-news.laohu8.com/highlight/detail?id=1137689010","media":"金十数据","summary":"5月远不止非农就业数据和美联储动态要关注。","content":"<p>Author (s): Zhang Fujian</p><p>May is about to open. Unlike last May, people are getting back on track as the vaccination effort continues, various entertainment venues are opening up, and the employment report is doing well, so there's a lot to look forward to this May.</p><p>Perhaps the employment numbers aren't as exciting as the various recreational activities, after all people haven't participated in recreational activities in a year. However, the April non-farm payroll data of the United States released next Friday (May 7th) may make waves in the stock market and bond market in May.</p><p>Will employment data continue March's strong performance? If the performance is strong, will it cause consumers to worry about overheating? How will the Fed respond? Each of these issues could have an impact on trading in the coming days or weeks.</p><p>In addition to the employment data and speeches from Fed officials, there is a lot to watch for in May, including first-quarter earnings reports of U.S. companies, the pandemic situation in various countries, the progress of Biden's infrastructure plan and any news about corporate mergers and acquisitions.<b>However, the jobs report and the dynamics of the Federal Reserve remain the two biggest attractions.</b></p><p><b>Highlight 1: Will non-agricultural products be very beautiful in April?</b></p><p>Last May, Americans were basically fighting the epidemic, and the employment data released at that time was very ugly. The jobs report showed that more than 20 million people were unemployed in the U.S. last April, and the unemployment rate soared to 14.7%.</p><p>By May this year, the market expected 916,000 new jobs in the United States and the unemployment rate to drop to 6%. Of course, the unemployment rate is still some way from pre-pandemic levels, and there are still millions of jobless people in the United States. Previous data also gave us some references. The number of U.S. jobless claims in the first two weeks both hit new lows since the pandemic, both fewer than 600,000, but still high.</p><p>But in general, the latest employment report should hint at an improvement, and you can expect it.</p><p>Now the question is, if the jobs numbers do well, will that raise concerns about inflation? In fact, inflation concerns had already emerged in the market earlier this year, according to Briefing Research. However, the Fed's position on inflation temporarily eased market worries.</p><p>But recently,<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Large companies such as Kimberly-Clark and Kimberly-Clark have announced price hikes, saying they will have to raise prices if higher costs affect their profits. If so, it will inevitably trigger panic again.</p><p>Previously, due to rising inflation worries, the yield of the 10-year Treasury Bond in the United States rose from about 0.9% to 1.77% in the first quarter of this year, hitting a 13-month high.</p><p>Although the volatility of the bond market decreased in April, if the data improves, it is not excluded that the volatility will rise again in May. You know, rising U.S. bond yields are often accompanied by inflation worries, which hurt growth stocks a lot.</p><p><b>Point 2: Will the Federal Reserve reveal a hawk signal?</b></p><p><b>It's too early to discuss rate hike? The market doesn't see it that way.</b></p><p>At the end of April, the CME group (CME) FedWatch forecasting tool showed a 10% probability of the Fed's rate hike before the end of 2021. Recently, rate hike bets have suddenly plummeted, and Barron's research shows that the possibility of the Fed's rate hike this year is almost zero. Many analysts have also said that the Fed will not rate hike until late 2022 at the earliest. And the Fed itself expects that there will be no rate hike until 2023.</p><p><b>Keep an eye out for FedWatch forecasts in May, things could change</b>。 After all, interest rates have been near zero for a year, and investors are waiting for a signal from rate hike. In addition to rate hike, investors should also pay attention to whether the Federal Reserve will withdraw its $120 billion monthly bond purchase plan.</p><p>However, the market widely expects the possibility of a near-term hawkish turn by the Fed to be extremely low, as the Fed is currently focused on lowering unemployment and raising inflation above 2%.</p><p>Point 3:<b>Are the financial reports of companies continuing to shine?</b></p><p>In mid-April, the U.S. ushered in the earnings season, and most technology, telecommunications and medical companies performed strongly financially. Of course, some companies also performed unsatisfactorily, beyond Wall Street's expectations, such as Emirates Airlines; Netflix's earnings report was also a big disappointment; Furniture goods business (Bed, Bath & Beyond) also failed to impress earnings.</p><p>May, as well as including<a href=\"https://laohu8.com/S/WMT\">Walmart</a>(Walmart),<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(Pfizer), Lyft,<a href=\"https://laohu8.com/S/0MPH.UK\">Deutsche Telekom</a>(T-Mobile),<a href=\"https://laohu8.com/S/UBER\">Uber</a>Investors can keep an eye on big companies including Uber, Moderna, and Deere.</p><p><img src=\"https://static.tigerbbs.com/efab2d77547ab9ef255066078501f62d\" tg-width=\"831\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>The tug-of-war between growth and value stocks is likely to continue as earnings come out. Year-to-date, the S&P 500 performance (candle chart) has outperformed the Nasdaq 100 (purple line). In March, value stocks performed better, while growth and tech stocks were even better in April. As for which type of stock performs better in May, we'll see.</p><p><b>Point 4: Be alert to the fluctuation of commodity prices</b></p><p>In addition to the above developments, investors need to pay attention to commodity prices in May. In April, crude oil, lumber and copper performed strongly, a sign of economic growth but may also have compressed profit margins for many companies.</p><p>You know, the price of commodities affects many companies. If the price of crude oil rises to $70/barrel, it will greatly increase the transportation cost and cause difficulties for transportation companies. Plus, things like Wal-Mart and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Their supply chain is heavily dependent on cheap energy supplies, and none of them will have an easy time if prices soar. While manufacturing and real estate are also affected by copper and timber prices.</p><p><b>Point 5: The progress of Biden's infrastructure bill</b></p><p>Finally, we can also watch the progress of Biden's $2 trillion infrastructure bill. According to foreign media reports, on April 22nd, the Biden administration proposed to raise the capital gains tax, and the stock market once plummeted on the same day. In May, Congress will continue to discuss the plan, and you can pay attention to the impact of this tax increase on market sentiment.</p>","source":"jssj","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>Preview: Apart from the explosive non-agricultural industry, what else is there to watch in May?</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\">\nPreview: Apart from the explosive non-agricultural industry, what else is there to watch in May?\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\">2021-04-30 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author (s): Zhang Fujian</p><p>May is about to open. Unlike last May, people are getting back on track as the vaccination effort continues, various entertainment venues are opening up, and the employment report is doing well, so there's a lot to look forward to this May.</p><p>Perhaps the employment numbers aren't as exciting as the various recreational activities, after all people haven't participated in recreational activities in a year. However, the April non-farm payroll data of the United States released next Friday (May 7th) may make waves in the stock market and bond market in May.</p><p>Will employment data continue March's strong performance? If the performance is strong, will it cause consumers to worry about overheating? How will the Fed respond? Each of these issues could have an impact on trading in the coming days or weeks.</p><p>In addition to the employment data and speeches from Fed officials, there is a lot to watch for in May, including first-quarter earnings reports of U.S. companies, the pandemic situation in various countries, the progress of Biden's infrastructure plan and any news about corporate mergers and acquisitions.<b>However, the jobs report and the dynamics of the Federal Reserve remain the two biggest attractions.</b></p><p><b>Highlight 1: Will non-agricultural products be very beautiful in April?</b></p><p>Last May, Americans were basically fighting the epidemic, and the employment data released at that time was very ugly. The jobs report showed that more than 20 million people were unemployed in the U.S. last April, and the unemployment rate soared to 14.7%.</p><p>By May this year, the market expected 916,000 new jobs in the United States and the unemployment rate to drop to 6%. Of course, the unemployment rate is still some way from pre-pandemic levels, and there are still millions of jobless people in the United States. Previous data also gave us some references. The number of U.S. jobless claims in the first two weeks both hit new lows since the pandemic, both fewer than 600,000, but still high.</p><p>But in general, the latest employment report should hint at an improvement, and you can expect it.</p><p>Now the question is, if the jobs numbers do well, will that raise concerns about inflation? In fact, inflation concerns had already emerged in the market earlier this year, according to Briefing Research. However, the Fed's position on inflation temporarily eased market worries.</p><p>But recently,<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Large companies such as Kimberly-Clark and Kimberly-Clark have announced price hikes, saying they will have to raise prices if higher costs affect their profits. If so, it will inevitably trigger panic again.</p><p>Previously, due to rising inflation worries, the yield of the 10-year Treasury Bond in the United States rose from about 0.9% to 1.77% in the first quarter of this year, hitting a 13-month high.</p><p>Although the volatility of the bond market decreased in April, if the data improves, it is not excluded that the volatility will rise again in May. You know, rising U.S. bond yields are often accompanied by inflation worries, which hurt growth stocks a lot.</p><p><b>Point 2: Will the Federal Reserve reveal a hawk signal?</b></p><p><b>It's too early to discuss rate hike? The market doesn't see it that way.</b></p><p>At the end of April, the CME group (CME) FedWatch forecasting tool showed a 10% probability of the Fed's rate hike before the end of 2021. Recently, rate hike bets have suddenly plummeted, and Barron's research shows that the possibility of the Fed's rate hike this year is almost zero. Many analysts have also said that the Fed will not rate hike until late 2022 at the earliest. And the Fed itself expects that there will be no rate hike until 2023.</p><p><b>Keep an eye out for FedWatch forecasts in May, things could change</b>。 After all, interest rates have been near zero for a year, and investors are waiting for a signal from rate hike. In addition to rate hike, investors should also pay attention to whether the Federal Reserve will withdraw its $120 billion monthly bond purchase plan.</p><p>However, the market widely expects the possibility of a near-term hawkish turn by the Fed to be extremely low, as the Fed is currently focused on lowering unemployment and raising inflation above 2%.</p><p>Point 3:<b>Are the financial reports of companies continuing to shine?</b></p><p>In mid-April, the U.S. ushered in the earnings season, and most technology, telecommunications and medical companies performed strongly financially. Of course, some companies also performed unsatisfactorily, beyond Wall Street's expectations, such as Emirates Airlines; Netflix's earnings report was also a big disappointment; Furniture goods business (Bed, Bath & Beyond) also failed to impress earnings.</p><p>May, as well as including<a href=\"https://laohu8.com/S/WMT\">Walmart</a>(Walmart),<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(Pfizer), Lyft,<a href=\"https://laohu8.com/S/0MPH.UK\">Deutsche Telekom</a>(T-Mobile),<a href=\"https://laohu8.com/S/UBER\">Uber</a>Investors can keep an eye on big companies including Uber, Moderna, and Deere.</p><p><img src=\"https://static.tigerbbs.com/efab2d77547ab9ef255066078501f62d\" tg-width=\"831\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>The tug-of-war between growth and value stocks is likely to continue as earnings come out. Year-to-date, the S&P 500 performance (candle chart) has outperformed the Nasdaq 100 (purple line). In March, value stocks performed better, while growth and tech stocks were even better in April. As for which type of stock performs better in May, we'll see.</p><p><b>Point 4: Be alert to the fluctuation of commodity prices</b></p><p>In addition to the above developments, investors need to pay attention to commodity prices in May. In April, crude oil, lumber and copper performed strongly, a sign of economic growth but may also have compressed profit margins for many companies.</p><p>You know, the price of commodities affects many companies. If the price of crude oil rises to $70/barrel, it will greatly increase the transportation cost and cause difficulties for transportation companies. Plus, things like Wal-Mart and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Their supply chain is heavily dependent on cheap energy supplies, and none of them will have an easy time if prices soar. While manufacturing and real estate are also affected by copper and timber prices.</p><p><b>Point 5: The progress of Biden's infrastructure bill</b></p><p>Finally, we can also watch the progress of Biden's $2 trillion infrastructure bill. According to foreign media reports, on April 22nd, the Biden administration proposed to raise the capital gains tax, and the stock market once plummeted on the same day. In May, Congress will continue to discuss the plan, and you can pay attention to the impact of this tax increase on market sentiment.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/73955\">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/2578fef036607345dce47cc401e172a3","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://xnews.jin10.com/details/73955","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137689010","content_text":"作者：张富健5月即将开启。与去年5月不同的是，随着疫苗接种工作持续推进，各种娱乐场所陆续开放，人们正在重回正轨，就业报告也表现出色，所以今年5月有很多值得期待的地方。或许就业数据没有各种娱乐活动那么令人兴奋，毕竟人们已经一年没有参加娱乐活动了。不过，下周五（5月7日）公布的美国4月非农就业人口数据可能会在5月的股市和债市里掀起一番波澜。就业数据是否会延续3月的强势表现？若表现强势，又是否会引发消费者对经济过热的担忧？美联储又将如何回应？这些问题都可能会对未来几天或数周的交易产生影响。除了就业数据以及美联储官员的讲话，5月还有很多值得关注的地方，包括美国各公司一季度财报、各国的疫情状况、拜登基建计划的进展以及任何有关企业并购的消息。不过，就业报告和美联储动态仍是两个最大的看点。看点一：4月非农将会十分靓丽？去年5月，美国人基本都在跟疫情作斗争，当时公布的就业数据可谓十分难看。就业报告显示，去年4月美国失业人口超过2000万人，失业率飙升至14.7%。到了今年5月，市场预期美国新增就业岗位91.6万个，失业率降至6%。当然，失业率距离疫情前水平还有一段距离，美国还是有数百万人没有工作。此前的数据也给了我们一些参考。前两周的美国初请失业金人数均创下疫情以来的新低，均少于60万人，但还是很高。但是总的来说，最新就业报告应该会暗示状况好转，大家可以期待一下。现在的问题是，如果就业数据表现靓丽，这是否会引发人们对通胀的担忧？Briefing研究公司表示，其实，今年早些时候，市场上就已经出现了对通胀的担忧。只不过美联储对于通胀的表态暂时缓解了市场担忧。但是近期，可口可乐和金佰利等大公司纷纷宣布涨价，这些公司表示，如果成本升高影响到了它们的利润的话，它们将不得不抬高价格。若真如此，这难免会再次引发了人们的恐慌情绪。此前由于通胀担忧升温，今年第一季度美国10年期国债收益率就从0.9%左右涨到了1.77%，创下了13个月以来的新高。虽然4月债市波动率有所下降，但如果数据转好，不排除5月波动率会重新大涨。要知道，美债收益率上升往往伴随着通胀担忧，这对成长型股票的伤害很大。看点二：美联储会透露转鹰信号吗？现在讨论加息还为时尚早？市场并不这么认为。4月底，芝商所（CME）FedWatch预测工具显示，美联储在2021年末前加息的概率为10%。近期加息押注却突然大降，巴伦周刊的研究表明，美联储今年加息的可能性几乎为零。许多分析师也表示，美联储最早要到2022年末才会加息。而美联储自己也预计，到2023年之前都不会加息。5月份要留意FedWatch的预测，情况可能会有所变化。毕竟接近于零的利率已经维持了一年了，投资者正在等待加息的信号。除了加息以外，投资者还要关注美联储会不会撤回1200亿美元的月度购债计划。不过，市场普遍预计美联储近期转鹰的可能性极低，因为美联储目前专注于降低失业率以及将通胀率抬高到2%以上。看点三：各公司财报是否持续亮眼？4月中美国迎来了财报季，大多数的科技、电信和医疗公司财务状况表现强劲。当然，有的公司表现也不尽人意，出乎华尔街的预期，例如阿联酋航空公司；奈飞的财报也令人大失所望；家具用品企业（Bed, Bath & Beyond）的财报也没有给人留下深刻印象。5月，还有包括沃尔玛（Walmart）、辉瑞（Pfizer）、来福车（Lyft）、德国电信（T-Mobile）、优步（Uber）、莫德纳（Moderna）以及迪尔（Deere）在内的大公司将会公布财报，投资者可以继续关注。随着财报陆续公布，成长型股和价值型股之间的拉锯战可能会持续。今年迄今，标普500指数表现（蜡烛图）跑赢了纳斯达克100指数（紫线）。3月，价值型股的表现较优，而4月成长型股和科技股则更为出色。至于5月，哪一类型的股票的表现更好，我们拭目以待。看点四：警惕大宗商品价格的波动除了上述动态以外，5月投资者还需关注大宗商品价格。4月，原油、木材和铜的表现强劲，这是经济增长的表现，但也可能压缩了许多公司的利润空间。要知道，大宗商品的价格影响着很多公司。如果原油价格升至70美元/桶，那么将极大增加运输成本，给交通运输公司带来困难。另外，像沃尔玛和亚马逊的供应链严重依赖于廉价能源供应，如果价格飙升，他们的日子都不会好过。而制造业和房地产也受到铜价和木材价格的影响。看点五：拜登基建法案的进展最后，我们还可以关注拜登的2万亿美元基建法案的进展。据外媒报道，4月22日，拜登政府提议将提高资本利得税，股市当日闻讯一度急跌。5月，国会将继续就该计划进行商讨，大家可关注这个加税计划对市场情绪的影响。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377254065,"gmtCreate":1619532216457,"gmtModify":1704725539237,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"？？？？","listText":"？？？？","text":"？？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377254065","repostId":"2130475313","repostType":4,"isVote":1,"tweetType":1,"viewCount":2076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375375566,"gmtCreate":1619312734555,"gmtModify":1704722253515,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/375375566","repostId":"1104243150","repostType":4,"isVote":1,"tweetType":1,"viewCount":1691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375372866,"gmtCreate":1619312682955,"gmtModify":1704722251902,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/375372866","repostId":"1189556280","repostType":4,"isVote":1,"tweetType":1,"viewCount":2148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375915083,"gmtCreate":1619275872142,"gmtModify":1704722044202,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/375915083","repostId":"1170368925","repostType":4,"isVote":1,"tweetType":1,"viewCount":1594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376680219,"gmtCreate":1619109213131,"gmtModify":1704719859730,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/376680219","repostId":"2129387412","repostType":4,"isVote":1,"tweetType":1,"viewCount":2704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378856004,"gmtCreate":1619017380408,"gmtModify":1704718416004,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378856004","repostId":"11610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10:58","market":"us","language":"zh","title":"Hillhouse Capital or Tiger Fund, who is more powerful in speculating in Chinese stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161095162","media":"投中网","summary":"2020年高瓴投资中概股的收益约45亿美元，老虎的收益约48亿美元，两家PE炒股的秘诀是什么？\n\n老虎和高瓴，已经成为最会炒中概股的两家PE。\n老虎环球基金2020年赚了100多亿美元，京东、拼多多两","content":"<p><b>In 2020, Hillhouse's income from investing in Chinese stocks was about 4.5 billion USD, and Tiger's income was about 4.8 billion USD. What is the secret of the two PE stocks?</b>Tiger and Hillhouse have become the two PEs that will speculate in Chinese stocks the most.</p><p>Tiger Global Fund made more than $10 billion in 2020,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Two stocks earned Tiger $4.2 billion; Hillhouse Capital's position in U.S. stocks has reached $12.6 billion by the end of 2020, and China concept stocks brought about $4.5 billion to Hillhouse last year.</p><p>In the matter of speculating in Chinese stocks, Tiger and Hillhouse have many similar operations: for example, heavy warehouses<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>And Ali, after the outbreak of the epidemic, added positions in JD.COM and Pinduoduo, and successively reduced their holdings of new energy vehicle stocks in the fourth quarter, etc.; However, careful analysis shows that the styles of the two are obviously different. For example, Hillhouse prefers to do band operation, while Tiger is more inclined to hold it for a long time; Hillhouse covers a wider range, and Tiger's positions are concentrated in the fields of e-commerce, education, streaming media and other fields that he is familiar with...</p><p>First of all, the purpose of this article is to summarize the characteristics of Hillhouse and Tiger stock speculation, rather than define all the investment strategies of the two PEs. Hillhouse's asset management scale is nearly 80 billion US dollars, and US stock positions only account for 1/7 of the asset portfolio; Although Tiger greatly increased the proportion of U.S. stocks in its asset portfolio in 2020, it is the secret of Tiger Global Fund's long-term prosperity since its establishment 17 years ago to enter the private placement stage and hold it for a long time after the company's listing.</p><p><b>Hillhouse, Tiger, who is the PE who can speculate in Chinese stocks the most?</b></p><p>First of all, let's sort out the earnings of Hillhouse and Tiger on Chinese stocks in 2020.</p><p><img src=\"https://static.tigerbbs.com/a0d3e0db1c8cdcf3e3d65f30aa474cf4\" tg-width=\"657\" tg-height=\"1105\" referrerpolicy=\"no-referrer\"></p><p>Look at Hillhouse first, as shown in the table above,<b>In 2020, Hillhouse Capital successively held 37 Chinese concept stocks, with a total revenue of approximately US$4.5 billion for the year.</b></p><p>In Hillhouse's position portfolio, the five stocks with the highest returns are Pinduoduo, JD.COM,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>，<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a>And<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Full-year earnings were $1,432 million, $823 million, $719 million, $507 million and $409 million, respectively.</p><p><img src=\"https://static.tigerbbs.com/7d647c9926c7b5548e830b4326f1ad70\" tg-width=\"577\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p><p>Look at the tiger again, as shown in the table above,<b>In 2020, Tiger successively held 25 Chinese concept stocks, with a total annual revenue of US$4.8 billion.</b>It accounted for 46% of Tiger Global Fund's total earnings in 2020 (approximately $10.4 billion).</p><p>In Tiger's position portfolio of Chinese stocks, JD.COM, Pinduoduo,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The highest earnings, with the three stocks combined generating a combined earnings of $4.71 billion, accounting for 99% of the earnings of all China Concept stocks in 2020.</p><p>At first glance, there are many similarities between Hillhouse and Tiger, whether it is income or position. However, by analyzing the investment behaviors behind them, we can find that there are obvious differences between Hillhouse and Tiger in speculating on Chinese stocks.</p><p><img src=\"https://static.tigerbbs.com/38e60a0d09f7044f0a41594bddaf7ea0\" tg-width=\"742\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p><p><b>The first is the difference between stock selection.</b></p><p>Tiger's choice of Chinese stocks is basically a continuation of its PE department's investment strategy. As shown in the figure above, as of the fourth quarter of 2020, Tiger's stock position accounted for about 25% of its U.S. stock position, and China's e-commerce giants JD.COM, Pinduoduo and Alibaba's positions exceeded USD 1 billion, of which JD.COM's stock position was as high as USD 4.5 billion, which was the highest stock held by Tiger Global Fund, accounting for 11.6% of Tiger's total U.S. stock positions.</p><p>In addition to e-commerce, the areas in which tigers invest the most are education (6) and streaming media (5). In addition, tigers in data centers, new energy vehicles and other popular industries in 2020 also participated.</p><p><img src=\"https://static.tigerbbs.com/81b095caa7c0f8bb035d79124b368c38\" tg-width=\"742\" tg-height=\"1142\" referrerpolicy=\"no-referrer\"></p><p>In contrast, Hillhouse has a wider range of coverage. As of Q4 2020, Hillhouse's total positions in Chinese stocks totaled US$7.13 billion, accounting for about 57% of Hillhouse's total positions in U.S. stocks, of which Pinduoduo,<a href=\"https://laohu8.com/S/06160\">BeiGene</a>Three stocks in JD.COM hold more than $1 billion.</p><p>From the perspective of industry classification, e-commerce is also Hillhouse's favorite industry. Besides the three giants of JD.COM, Ali and Pinduoduo, Hillhouse also holds<a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>(cleared),<a href=\"https://laohu8.com/S/UXIN\">Uxin</a>And other vertical e-commerce. In addition, medicine is also a key industry for Hillhouse. In 2020, Hillhouse invested in six Chinese pharmaceutical companies. In addition to Chinese stocks, Hillhouse also invested in nearly 30 European and American medical and health companies in 2020.</p><p>In addition to the key layout of e-commerce, medical care and education industries, other popular Chinese stocks are also involved, from Station B,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>、<a href=\"https://laohu8.com/S/API\">Acoustic network</a>, to<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Looking for a house,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>The Group and three new car manufacturing forces, the popular Chinese concept stocks in 2020, except the end of the year<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Hillhouse hasn't missed anything else.</p><p>Another performance of Hillhouse's strong stock selection ability is the ability to \"avoid pits\". In 2020, the two biggest thunders of Chinese stocks were Luckin and Eggshell. These two stocks were also popular Chinese stocks before, but Hillhouse perfectly avoided them. Except because<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>The position lost about 100 million USD, and Hillhouse hardly lost much money in speculating in Chinese stocks in 2020.</p><p><b>The second point is the difference in buying strategies.</b></p><p>Tiger rarely buys Chinese stocks in the secondary market, and most positions are investments completed in the private placement stage. The only exception is e-commerce. In 2020, Tiger only bought shares of JD.COM, Ali and Pinduoduo in the secondary market. The e-commerce industry is also the most familiar field for tigers. Whether it is investing in Dangdang Excellence in the early years or investing in JD.COM to become famous in World War I, China's e-commerce can be said to be the gateway for tigers to rank among the top PE.</p><p>Hillhouse also got the top PE ticket through the case of JD.COM, but speculating in Chinese stocks is not limited to e-commerce. In 2020, Hillhouse bought at least 14 Chinese stocks in the secondary market, Perfect Diary,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Hillhouse, a few popular Chinese stocks in 2020, has bought in the secondary market and participated as a cornerstone investor<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Looking for a house \"plays new\".</p><p><img src=\"https://static.tigerbbs.com/0629fe2e85c24d191c22721db6d0e861\" tg-width=\"1080\" tg-height=\"649\" referrerpolicy=\"no-referrer\"></p><p>In addition, it is worth mentioning the investment in Station B. The share price of Station B started to take off after the New Year's Eve party in 2019. Hillhouse was not an early investor of Station B. It was not until Q4 of 2020 that it began to increase its holdings of Station B. There is no news that Station B introduced Hillhouse's war investment in the public information. 6 That is to say, Hillhouse is probably the stock of Station B bought in the secondary market.</p><p>In Q4 2018, it bought 2 million shares, and in the first three quarters of 2019, it bought 1.3 million, 4.5 million and 4.8 million shares respectively. The total position cost of Hillhouse was less than 180 million USD, but it earned nearly 650 million USD, with a return of 260%, which was more than most VCs who bet on Station B.</p><p><b>The third point is the difference in investment style.</b></p><p>Tiger's investment style of Chinese stocks is relatively stable. For JD.COM, Pinduoduo, Alibaba's,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/TAL\">TAL</a>These heavy stocks, whether the tiger is increasing or reducing its holdings, are not big every time. For example, the proportion of reducing JD.COM in 2020Q1 is about 4%, the proportion of increasing holdings in 2020Q2 is about 2%, and there is a reduction in Q4<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>The proportion does not exceed 15%.</p><p>Hillhouse likes band operation, and even \"All in\" at every turn. For example, in JD.COM, Q2 Hillhouse first reduced its holdings by 30%, Q3 directly increased its positions by 100%, and then reduced its holdings by nearly 20% in Q4. The operation is not only frequent, but also the proportion of blessings and reductions in every quarter far exceeds that of Tiger. In the fourth quarter of last year, for the new car-making forces at a high point, Hillhouse directly cleared the stocks of the future, XPeng and Ideal. In 2020, Hillhouse cleared a total of 13 Chinese stocks, of which 5 stocks were bought during the year.</p><p><b>Finally, there is another particularly interesting phenomenon, that is,<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>Different treatment of two stocks and Alibaba.</b></p><p>Ali and iQiyi are both heavily owned stocks by Tiger and Hillhouse. At the beginning of 2020, Hillhouse held nearly 2 million shares of Ali (worth about $400 million) and 12 million shares of iQiyi (worth about $400 million), respectively, and Tiger held 3.5 million shares of Ali (about $700 million) and 1 million shares of iQiyi (worth about $21 million), respectively.</p><p>In 2020, both companies encountered trouble. At the beginning of the year, iQiyi was attacked by short-selling institutions, and then it was reported that it was investigated by the sec; Alibaba was in trouble at the end of the year because of domestic antitrust investigations and the failure of Ant's listing.</p><p>Tiger cleared iQIYI's shares in Q2, but never reduced its holdings of Ali's shares, and even caused the earnings of Ali's shares to decrease by about 300 million USD in Q4 in 2020; Hillhouse killed Ali decisively in this matter, and directly cleared Ali shares in Q4, but did not \"abandon\" iQiyi. It only reduced its holdings by about 8 million shares in Q3 and Q4, which is about 1/6 of its holdings.</p><p>Faced with the same crisis and different companies, Tiger and Hillhouse have made two diametrically opposite operations, and the things behind them are worth thinking about.</p><p><b>Cheng is also JD.COM, and Cheng is also JD.COM</b></p><p>Finally, let's talk about Tiger and Hillhouse's investment in JD.COM.</p><p>Both Hillhouse and Tiger became famous because of JD.COM in World War I, thus ranking among the top PE in the world. Tiger, which launched the first private equity fund in 2003, completed a total of about 6 billion US dollars in the next 11 years. After JD.COM's listing in 2014, Tiger completed nearly 18 billion US dollars in seven years, three times that of the previous 11 years.</p><p>The same is true of Gaochun. When Zhang Lei established Gaochun Capital in 2005, he only got $20 million in seeds provided by David Swenson and others. After the listing of JD.COM in 2014, Gaochun's fund-raising accelerated, and by 2020, the scale of asset management had exceeded 500 billion yuan (about $76 billion).</p><p>Let's review Tiger and Hillhouse's investment in JD.COM before going public.</p><p>Hillhouse invested in JD.COM's C round of financing in 2010. According to media reports, the total investment was USD 300 million, of which USD 65 million was invested in the form of convertible bonds. This part of convertible bonds was converted into 86 million ordinary shares in 2012. Together with 230 million C-series preferred shares shares acquired in Series C, Hillhouse held a total of 319 million ordinary shares (equivalent to 159 million ADS) after its listing in JD.COM.</p><p>Tiger invested in JD.COM several times between 2010 and 2012, including US$75 million in JD.COM in 2012. Before listing according to the prospectus, Tiger held 445 million ordinary shares (equivalent to 222 million ADS) in JD.COM. However, after the listing of JD.COM, Tiger distributed most of its shares to LP. By the end of 2014, there were only 5 million shares belonging to Tiger Global Fund.</p><p><img src=\"https://static.tigerbbs.com/fcb64858e3a35393daed3822f4349eaa\" tg-width=\"1080\" tg-height=\"696\" referrerpolicy=\"no-referrer\"></p><p>As shown in the figure above, at the end of 2014, Hillhouse still held 152 million shares of JD.COM. In 2015, Hillhouse began to slowly reduce its holdings of JD.COM shares, of which about 30 million shares were reduced in 2015, with a profit of more than 800 million USD. In 2016, Hillhouse further accelerated its reduction. By Q2 of 2018, it had reduced its holdings to about 21 million shares, with a profit of about 3.4 billion USD during the period. At this time, the return of Hillhouse's investment in JD.COM was nearly 5 billion USD.</p><p>In 2018, due to the influence of Liu Qiangdong Mingzhou incident, JD.COM's share price began to enter a long period of stagnation. At this time, Gaochun also slowed down its reduction. In 2019, it also bought a small amount of JD.COM shares in two quarters.</p><p>By the beginning of 2020, Hillhouse's holdings of JD.com had fallen to 12 million shares, with a total market capitalization of about $420 million. Because the epidemic accelerated its performance recovery, JD.COM's stock price skyrocketed in 2020, and Hillhouse also invested more than 500 million US dollars to buy JD.COM shares in Q2 of 2020. Finally, Hillhouse gained about 800 million US dollars on JD.COM shares in 2020.</p><p>Tiger, on the other hand, is exactly the opposite of JD.COM's operation. After listing, Tiger distributed most of its stocks to LP, and only 5 million shares were left at the end of 2014. However, since then, Tiger began to increase its holdings in JD.COM. In Q1 and Q2 of 2015, Tiger invested nearly $2 billion, and bought 16 million and 50 million shares of JD.COM through its funds.</p><p>In the next few years, Tiger reduced its holdings of JD.COM shares at a very slow rate. By 2018Q2, its holdings dropped to 40 million shares, a reduction of about 40% (Hillhouse had reduced its holdings by nearly 90% in the same period). After the Mingzhou incident in 2018, Tiger chose to further increase its holdings of JD.COM, and bought nearly 16 million shares of JD.COM shares at a consideration of about 500 million USD in the next two quarters.</p><p>By the beginning of 2020, Tiger held 53 million shares of JD.com. During that year, JD.com, whose share price has more than tripled, earned Tiger nearly $2.8 billion.</p><p>When JD.COM went public, the return of Hillhouse was about USD 3 billion according to the issue price. Since then, through long-term holding, Hillhouse has earned an additional USD 2.5 billion in JD.COM; After Tiger went public in JD.COM, it gave LPs shares worth $4.2 billion (calculated according to the issue price). After seven years of speculation in JD.COM shares, Tiger made another $3.1 billion itself.</p>","source":"tzw","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>Hillhouse Capital or Tiger Fund, who is more powerful in speculating in Chinese stocks?</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\">\nHillhouse Capital or Tiger Fund, who is more powerful in speculating in Chinese stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2021-04-21 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>In 2020, Hillhouse's income from investing in Chinese stocks was about 4.5 billion USD, and Tiger's income was about 4.8 billion USD. What is the secret of the two PE stocks?</b>Tiger and Hillhouse have become the two PEs that will speculate in Chinese stocks the most.</p><p>Tiger Global Fund made more than $10 billion in 2020,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Two stocks earned Tiger $4.2 billion; Hillhouse Capital's position in U.S. stocks has reached $12.6 billion by the end of 2020, and China concept stocks brought about $4.5 billion to Hillhouse last year.</p><p>In the matter of speculating in Chinese stocks, Tiger and Hillhouse have many similar operations: for example, heavy warehouses<a href=\"https://laohu8.com/S/JD\">Jingdong</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>And Ali, after the outbreak of the epidemic, added positions in JD.COM and Pinduoduo, and successively reduced their holdings of new energy vehicle stocks in the fourth quarter, etc.; However, careful analysis shows that the styles of the two are obviously different. For example, Hillhouse prefers to do band operation, while Tiger is more inclined to hold it for a long time; Hillhouse covers a wider range, and Tiger's positions are concentrated in the fields of e-commerce, education, streaming media and other fields that he is familiar with...</p><p>First of all, the purpose of this article is to summarize the characteristics of Hillhouse and Tiger stock speculation, rather than define all the investment strategies of the two PEs. Hillhouse's asset management scale is nearly 80 billion US dollars, and US stock positions only account for 1/7 of the asset portfolio; Although Tiger greatly increased the proportion of U.S. stocks in its asset portfolio in 2020, it is the secret of Tiger Global Fund's long-term prosperity since its establishment 17 years ago to enter the private placement stage and hold it for a long time after the company's listing.</p><p><b>Hillhouse, Tiger, who is the PE who can speculate in Chinese stocks the most?</b></p><p>First of all, let's sort out the earnings of Hillhouse and Tiger on Chinese stocks in 2020.</p><p><img src=\"https://static.tigerbbs.com/a0d3e0db1c8cdcf3e3d65f30aa474cf4\" tg-width=\"657\" tg-height=\"1105\" referrerpolicy=\"no-referrer\"></p><p>Look at Hillhouse first, as shown in the table above,<b>In 2020, Hillhouse Capital successively held 37 Chinese concept stocks, with a total revenue of approximately US$4.5 billion for the year.</b></p><p>In Hillhouse's position portfolio, the five stocks with the highest returns are Pinduoduo, JD.COM,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>，<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a>And<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Full-year earnings were $1,432 million, $823 million, $719 million, $507 million and $409 million, respectively.</p><p><img src=\"https://static.tigerbbs.com/7d647c9926c7b5548e830b4326f1ad70\" tg-width=\"577\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p><p>Look at the tiger again, as shown in the table above,<b>In 2020, Tiger successively held 25 Chinese concept stocks, with a total annual revenue of US$4.8 billion.</b>It accounted for 46% of Tiger Global Fund's total earnings in 2020 (approximately $10.4 billion).</p><p>In Tiger's position portfolio of Chinese stocks, JD.COM, Pinduoduo,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The highest earnings, with the three stocks combined generating a combined earnings of $4.71 billion, accounting for 99% of the earnings of all China Concept stocks in 2020.</p><p>At first glance, there are many similarities between Hillhouse and Tiger, whether it is income or position. However, by analyzing the investment behaviors behind them, we can find that there are obvious differences between Hillhouse and Tiger in speculating on Chinese stocks.</p><p><img src=\"https://static.tigerbbs.com/38e60a0d09f7044f0a41594bddaf7ea0\" tg-width=\"742\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p><p><b>The first is the difference between stock selection.</b></p><p>Tiger's choice of Chinese stocks is basically a continuation of its PE department's investment strategy. As shown in the figure above, as of the fourth quarter of 2020, Tiger's stock position accounted for about 25% of its U.S. stock position, and China's e-commerce giants JD.COM, Pinduoduo and Alibaba's positions exceeded USD 1 billion, of which JD.COM's stock position was as high as USD 4.5 billion, which was the highest stock held by Tiger Global Fund, accounting for 11.6% of Tiger's total U.S. stock positions.</p><p>In addition to e-commerce, the areas in which tigers invest the most are education (6) and streaming media (5). In addition, tigers in data centers, new energy vehicles and other popular industries in 2020 also participated.</p><p><img src=\"https://static.tigerbbs.com/81b095caa7c0f8bb035d79124b368c38\" tg-width=\"742\" tg-height=\"1142\" referrerpolicy=\"no-referrer\"></p><p>In contrast, Hillhouse has a wider range of coverage. As of Q4 2020, Hillhouse's total positions in Chinese stocks totaled US$7.13 billion, accounting for about 57% of Hillhouse's total positions in U.S. stocks, of which Pinduoduo,<a href=\"https://laohu8.com/S/06160\">BeiGene</a>Three stocks in JD.COM hold more than $1 billion.</p><p>From the perspective of industry classification, e-commerce is also Hillhouse's favorite industry. Besides the three giants of JD.COM, Ali and Pinduoduo, Hillhouse also holds<a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>(cleared),<a href=\"https://laohu8.com/S/UXIN\">Uxin</a>And other vertical e-commerce. In addition, medicine is also a key industry for Hillhouse. In 2020, Hillhouse invested in six Chinese pharmaceutical companies. In addition to Chinese stocks, Hillhouse also invested in nearly 30 European and American medical and health companies in 2020.</p><p>In addition to the key layout of e-commerce, medical care and education industries, other popular Chinese stocks are also involved, from Station B,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/MNSO\">Miniso</a>、<a href=\"https://laohu8.com/S/API\">Acoustic network</a>, to<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Looking for a house,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>The Group and three new car manufacturing forces, the popular Chinese concept stocks in 2020, except the end of the year<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Hillhouse hasn't missed anything else.</p><p>Another performance of Hillhouse's strong stock selection ability is the ability to \"avoid pits\". In 2020, the two biggest thunders of Chinese stocks were Luckin and Eggshell. These two stocks were also popular Chinese stocks before, but Hillhouse perfectly avoided them. Except because<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>The position lost about 100 million USD, and Hillhouse hardly lost much money in speculating in Chinese stocks in 2020.</p><p><b>The second point is the difference in buying strategies.</b></p><p>Tiger rarely buys Chinese stocks in the secondary market, and most positions are investments completed in the private placement stage. The only exception is e-commerce. In 2020, Tiger only bought shares of JD.COM, Ali and Pinduoduo in the secondary market. The e-commerce industry is also the most familiar field for tigers. Whether it is investing in Dangdang Excellence in the early years or investing in JD.COM to become famous in World War I, China's e-commerce can be said to be the gateway for tigers to rank among the top PE.</p><p>Hillhouse also got the top PE ticket through the case of JD.COM, but speculating in Chinese stocks is not limited to e-commerce. In 2020, Hillhouse bought at least 14 Chinese stocks in the secondary market, Perfect Diary,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Hillhouse, a few popular Chinese stocks in 2020, has bought in the secondary market and participated as a cornerstone investor<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Looking for a house \"plays new\".</p><p><img src=\"https://static.tigerbbs.com/0629fe2e85c24d191c22721db6d0e861\" tg-width=\"1080\" tg-height=\"649\" referrerpolicy=\"no-referrer\"></p><p>In addition, it is worth mentioning the investment in Station B. The share price of Station B started to take off after the New Year's Eve party in 2019. Hillhouse was not an early investor of Station B. It was not until Q4 of 2020 that it began to increase its holdings of Station B. There is no news that Station B introduced Hillhouse's war investment in the public information. 6 That is to say, Hillhouse is probably the stock of Station B bought in the secondary market.</p><p>In Q4 2018, it bought 2 million shares, and in the first three quarters of 2019, it bought 1.3 million, 4.5 million and 4.8 million shares respectively. The total position cost of Hillhouse was less than 180 million USD, but it earned nearly 650 million USD, with a return of 260%, which was more than most VCs who bet on Station B.</p><p><b>The third point is the difference in investment style.</b></p><p>Tiger's investment style of Chinese stocks is relatively stable. For JD.COM, Pinduoduo, Alibaba's,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/TAL\">TAL</a>These heavy stocks, whether the tiger is increasing or reducing its holdings, are not big every time. For example, the proportion of reducing JD.COM in 2020Q1 is about 4%, the proportion of increasing holdings in 2020Q2 is about 2%, and there is a reduction in Q4<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>The proportion does not exceed 15%.</p><p>Hillhouse likes band operation, and even \"All in\" at every turn. For example, in JD.COM, Q2 Hillhouse first reduced its holdings by 30%, Q3 directly increased its positions by 100%, and then reduced its holdings by nearly 20% in Q4. The operation is not only frequent, but also the proportion of blessings and reductions in every quarter far exceeds that of Tiger. In the fourth quarter of last year, for the new car-making forces at a high point, Hillhouse directly cleared the stocks of the future, XPeng and Ideal. In 2020, Hillhouse cleared a total of 13 Chinese stocks, of which 5 stocks were bought during the year.</p><p><b>Finally, there is another particularly interesting phenomenon, that is,<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>Different treatment of two stocks and Alibaba.</b></p><p>Ali and iQiyi are both heavily owned stocks by Tiger and Hillhouse. At the beginning of 2020, Hillhouse held nearly 2 million shares of Ali (worth about $400 million) and 12 million shares of iQiyi (worth about $400 million), respectively, and Tiger held 3.5 million shares of Ali (about $700 million) and 1 million shares of iQiyi (worth about $21 million), respectively.</p><p>In 2020, both companies encountered trouble. At the beginning of the year, iQiyi was attacked by short-selling institutions, and then it was reported that it was investigated by the sec; Alibaba was in trouble at the end of the year because of domestic antitrust investigations and the failure of Ant's listing.</p><p>Tiger cleared iQIYI's shares in Q2, but never reduced its holdings of Ali's shares, and even caused the earnings of Ali's shares to decrease by about 300 million USD in Q4 in 2020; Hillhouse killed Ali decisively in this matter, and directly cleared Ali shares in Q4, but did not \"abandon\" iQiyi. It only reduced its holdings by about 8 million shares in Q3 and Q4, which is about 1/6 of its holdings.</p><p>Faced with the same crisis and different companies, Tiger and Hillhouse have made two diametrically opposite operations, and the things behind them are worth thinking about.</p><p><b>Cheng is also JD.COM, and Cheng is also JD.COM</b></p><p>Finally, let's talk about Tiger and Hillhouse's investment in JD.COM.</p><p>Both Hillhouse and Tiger became famous because of JD.COM in World War I, thus ranking among the top PE in the world. Tiger, which launched the first private equity fund in 2003, completed a total of about 6 billion US dollars in the next 11 years. After JD.COM's listing in 2014, Tiger completed nearly 18 billion US dollars in seven years, three times that of the previous 11 years.</p><p>The same is true of Gaochun. When Zhang Lei established Gaochun Capital in 2005, he only got $20 million in seeds provided by David Swenson and others. After the listing of JD.COM in 2014, Gaochun's fund-raising accelerated, and by 2020, the scale of asset management had exceeded 500 billion yuan (about $76 billion).</p><p>Let's review Tiger and Hillhouse's investment in JD.COM before going public.</p><p>Hillhouse invested in JD.COM's C round of financing in 2010. According to media reports, the total investment was USD 300 million, of which USD 65 million was invested in the form of convertible bonds. This part of convertible bonds was converted into 86 million ordinary shares in 2012. Together with 230 million C-series preferred shares shares acquired in Series C, Hillhouse held a total of 319 million ordinary shares (equivalent to 159 million ADS) after its listing in JD.COM.</p><p>Tiger invested in JD.COM several times between 2010 and 2012, including US$75 million in JD.COM in 2012. Before listing according to the prospectus, Tiger held 445 million ordinary shares (equivalent to 222 million ADS) in JD.COM. However, after the listing of JD.COM, Tiger distributed most of its shares to LP. By the end of 2014, there were only 5 million shares belonging to Tiger Global Fund.</p><p><img src=\"https://static.tigerbbs.com/fcb64858e3a35393daed3822f4349eaa\" tg-width=\"1080\" tg-height=\"696\" referrerpolicy=\"no-referrer\"></p><p>As shown in the figure above, at the end of 2014, Hillhouse still held 152 million shares of JD.COM. In 2015, Hillhouse began to slowly reduce its holdings of JD.COM shares, of which about 30 million shares were reduced in 2015, with a profit of more than 800 million USD. In 2016, Hillhouse further accelerated its reduction. By Q2 of 2018, it had reduced its holdings to about 21 million shares, with a profit of about 3.4 billion USD during the period. At this time, the return of Hillhouse's investment in JD.COM was nearly 5 billion USD.</p><p>In 2018, due to the influence of Liu Qiangdong Mingzhou incident, JD.COM's share price began to enter a long period of stagnation. At this time, Gaochun also slowed down its reduction. In 2019, it also bought a small amount of JD.COM shares in two quarters.</p><p>By the beginning of 2020, Hillhouse's holdings of JD.com had fallen to 12 million shares, with a total market capitalization of about $420 million. Because the epidemic accelerated its performance recovery, JD.COM's stock price skyrocketed in 2020, and Hillhouse also invested more than 500 million US dollars to buy JD.COM shares in Q2 of 2020. Finally, Hillhouse gained about 800 million US dollars on JD.COM shares in 2020.</p><p>Tiger, on the other hand, is exactly the opposite of JD.COM's operation. After listing, Tiger distributed most of its stocks to LP, and only 5 million shares were left at the end of 2014. However, since then, Tiger began to increase its holdings in JD.COM. In Q1 and Q2 of 2015, Tiger invested nearly $2 billion, and bought 16 million and 50 million shares of JD.COM through its funds.</p><p>In the next few years, Tiger reduced its holdings of JD.COM shares at a very slow rate. By 2018Q2, its holdings dropped to 40 million shares, a reduction of about 40% (Hillhouse had reduced its holdings by nearly 90% in the same period). After the Mingzhou incident in 2018, Tiger chose to further increase its holdings of JD.COM, and bought nearly 16 million shares of JD.COM shares at a consideration of about 500 million USD in the next two quarters.</p><p>By the beginning of 2020, Tiger held 53 million shares of JD.com. During that year, JD.com, whose share price has more than tripled, earned Tiger nearly $2.8 billion.</p><p>When JD.COM went public, the return of Hillhouse was about USD 3 billion according to the issue price. Since then, through long-term holding, Hillhouse has earned an additional USD 2.5 billion in JD.COM; After Tiger went public in JD.COM, it gave LPs shares worth $4.2 billion (calculated according to the issue price). After seven years of speculation in JD.COM shares, Tiger made another $3.1 billion itself.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/HGCWrdQ_CxJgpybrfRLAbw\">投中网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8bab54e49dd53d68a704005a9775aa0d","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/HGCWrdQ_CxJgpybrfRLAbw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161095162","content_text":"2020年高瓴投资中概股的收益约45亿美元，老虎的收益约48亿美元，两家PE炒股的秘诀是什么？\n\n老虎和高瓴，已经成为最会炒中概股的两家PE。\n老虎环球基金2020年赚了100多亿美元，京东、拼多多两只股票就给老虎赚了42亿美元；高瓴资本截至2020年底持有美股的头寸已经达到126亿美元，中概股去年给高瓴带来约45亿美元的收益。\n在炒中概股这件事儿上，老虎和高瓴有很多相似的操作：比如重仓京东、拼多多和阿里，疫情爆发后加仓京东、拼多多，四季度陆续减持新能源汽车股等等；但仔细分析，二者的风格又有明显的不同，比如高瓴更喜欢做波段操作，老虎却更倾向长期持有；高瓴覆盖的范围更广，老虎的持仓集中在自己熟悉的电商、教育、流媒体等领域……\n先强调一下，这篇文章的目的是总结高瓴、老虎炒股票的特点，而不是定义两家PE全部的投资策略。高瓴资产管理规模近800亿美元，美股头寸只占到资产组合的1/7；老虎虽然在2020年大幅提高了资产组合中美股的占比，但在私募阶段入局并在公司上市后长期持有，才是老虎环球基金成立17年以来长盛的秘诀。\n高瓴、老虎，谁是最会炒中概股的PE？\n首先梳理一下2020年高瓴和老虎在中概股上的收益。\n\n先看高瓴，如上表所示，2020年高瓴资本先后持有37只中概股股票，全年总收益约45亿美元。\n在高瓴的持仓组合中，收益最高的5只股票分别是拼多多、京东、阿里巴巴，百济神州和哔哩哔哩，全年收益分别是14.32亿美元、8.23亿美元、7.19亿美元、5.07亿美元和4.09亿美元。\n\n再看老虎，如上表所示，2020年老虎先后持有25只中概股，全年收益总额为48亿美元，占老虎环球基金2020年总收益（约104亿美元）的46%。\n在老虎的中概股仓位组合中，京东、拼多多、阿里巴巴收益最高，三只股票加起来的总收益高达47.1亿美元，占2020年全部中概股收益的99%。\n乍看之下不论是收益还是仓位，高瓴、老虎有很多相似之处，但分析二者背后的投资行为，却可以发现炒中概股这件事上，高瓴和老虎有着明显的差异。\n\n首先是择股的区别。\n老虎对于中概股的选择，基本是其PE部门投资策略的延续。如上图所示，截至2020年四季度，老虎中概股仓位约占其美股仓位的25%，中国电商三巨头京东、拼多多、阿里巴巴的头寸超过10亿美元，其中京东股票头寸高达45亿美元，是老虎环球基金持仓最高的股票，占老虎全部美股头寸的11.6%。\n除电商之外，老虎投资最多的领域是教育（6只）、流媒体（5只），此外2020年比较热门的数据中心、新能源汽车等行业老虎也有参与。\n\n相比之下高瓴的涉猎范围更广。截至2020年Q4高瓴中概股头寸合计71.3亿美元，约占高瓴全部美股头寸的57%，其中拼多多、百济神州、京东三只股票持仓超过10亿美元。\n从行业分类来看，电商同样是高瓴最喜爱的行业，除了京东、阿里、拼多多三巨头，高瓴还持有蘑菇街、唯品会（已清仓）、优信等垂类电商。此外医药也是高瓴重点布局的行业，2020年高瓴先后投资了6家中概股医药公司，除中概股以外，高瓴还在2020年投资了近30家欧美医疗健康公司。\n除了重点布局的电商、医疗、教育行业，其他热门中概股高瓴也多有涉猎，从B站、万国数据、名创优品、声网，到贝壳找房、华住集团以及三个造车新势力，2020年热门的中概股，除了年底的百度之外高瓴都没有错过。\n高瓴择股能力强的另一个表现是“避坑”能力，2020年中概股最大的两颗雷分别是瑞幸和蛋壳，这两只股票此前也是热门中概股，高瓴却完美避开。除了因为爱奇艺的仓位亏掉约1亿美元，高瓴2020年炒中概股几乎没怎么亏到钱。\n第二点是买入策略的不同。\n老虎很少在二级市场买入中概股，大多数持仓都是在私募阶段完成的投资。唯一的例外是电商，2020年老虎只在二级市场买入京东、阿里、拼多多的股票。电商行业也是老虎最熟悉的领域，不论是早年投资当当卓越，还是投资京东一战成名，中国电商可以说是老虎跻身顶级PE的龙门。\n高瓴也是通过京东的案子拿到顶级PE的入场券，但炒中概股并不局限于电商。2020年高瓴至少在二级市场买入过14只中概股，完美日记、万国数据、蔚来汽车这几个2020年的热门中概股高瓴都曾在二级市场买入，还以基石投资者的身份参与了理想汽车和贝壳找房的“打新”。\n\n另外值得一提的是对B站的投资，B站股价从2019年的跨年晚会后开始起飞，高瓴并不是B站的早期投资者，直到2020年Q4才开始增持B站，公开信息中并没有B站引入高瓴战投的新闻，6也就是说高瓴大概率是在二级市场买入的B站股票。\n2018年Q4买入200万股，2019年前三季度分别买入130万、450万和480万股，高瓴总共的持仓成本不到1.8亿美元，却赚了将近6.5亿美元，回报高达260%，比大部分押中B站的VC挣得都多。\n第三点则是投资风格的区别。\n老虎的中概股投资风格相对稳健。对于京东、拼多多、阿里巴巴、新东方、好未来这些重仓中概股，老虎不论是增持还是减持，每次的幅度都不大。比如2020Q1减持京东的比例约4%，2020Q2增持的比例约2%，还有Q4减持新东方，比例不超过15%。\n高瓴则喜欢波段操作，甚至动辄“All in”。比如京东，Q2高瓴先是减持30%，Q3直接加仓100%，又在Q4减持近20%，操作不仅频繁，每个季度加持减持的比例也远超老虎。还有去年四季度对处于高点的造车新势力，高瓴直接清仓了未来、小鹏、理想的股票。2020年高瓴一共清仓了13只中概股，其中5只股票都是在年内买入。\n最后还有一个特别有意思的现象，就是对于爱奇艺和阿里巴巴两只股票的不同处理。\n阿里和爱奇艺都是老虎和高瓴重仓的股票，2020年初高瓴分别持有近200万股阿里股票（价值约4亿美元）和1200万股爱奇艺股票（价值约4亿美元），老虎分别持有350万股阿里股票（约7亿美元）和100万股爱奇艺股票（价值约2100万美元）。\n2020年这两家公司都遇到了麻烦，年初爱奇艺遭遇做空机构狙击，之后传出遭到sec调查；阿里巴巴则在年底因为国内反垄断调查和蚂蚁上市失败陷入麻烦。\n老虎在Q2清仓了爱奇艺的股票，但始终没有减持阿里的股票，甚至导致2020年阿里股票的收益在Q4减少了约3亿美元；高瓴在阿里这件事上杀伐果断，在Q4直接清仓了阿里股票，却没有“抛弃”爱奇艺，只在Q3、Q4减持了约800万股，约是持股的1/6。\n面对同样的危机，面对不同的公司，老虎和高瓴却做出了两种截然相反的操作，背后的东西值得我们好好思考。\n成也京东，成多少也是京东\n最后，我们来聊一聊老虎和高瓴在京东的投资。\n高瓴和老虎都是因为京东一战成名，由此跻身全球顶尖PE的行列。2003年启动第一期私募基金募集的老虎，之后的11年一共完成了约60亿美元的募资，而在京东2014年上市后，老虎7年里完成了将近180亿美元募资，是之前11年的3倍。\n高瓴也是如此，2005年张磊成立高瓴资本时，手中拿到的不过是大卫·史文森等提供的2000万美元种子，2014年京东上市后高瓴募资加快，到2020年时资管规模已经超过5000亿元（约760亿美元）。\n先回顾一下老虎和高瓴在上市前对京东的投资。\n高瓴在2010年投资京东C轮融资，根据媒体报道投资总额为3亿美元，其中6500万美元是以可转债的方式投资。这部分可转债在2012年转换成8600万股普通股，加上C轮取得的2.3亿股C系列优先股，高瓴在京东上市后一共持有3.19亿普通股（相当于1.59亿ADS）。\n老虎在则在2010年-2012年之间数次投资京东，其中2012年投资京东7500万美元，根据招股书上市前老虎持有京东4.45亿普通股（相当于2.22亿ADS）。但在京东上市后老虎把大部分的股票都分给了LP，截至2014年底属于老虎环球基金的股票只剩下500万股。\n\n如上图所示，2014年底高瓴还持有1.52亿股京东股票，2015年高瓴开始慢慢减持京东股票，其中2015年减持约3000万股，获利超过8亿美元。2016年高瓴进一步加快减持速度，到2018年Q2已经减持到约2100万股，期间获利约34亿美元，此时高瓴投资京东的回报已经将近50亿美元。\n2018年因为刘强东明州事件的影响，京东股价开始进入一个漫长的停滞期，此时高瓴也放缓了减持的动作，2019年还在两个季度买入少量京东股票。\n到了2020年初，高瓴持有的京东股票降至1200万股，总市值约4.2亿美元。而因为疫情加快业绩复苏，京东在2020年股价暴涨，高瓴也在2020年Q2投入超过5亿美元买入京东股票，最终2020年高瓴在京东股票上收益约8亿美元。\n老虎则与京东的操作正好相反，上市后老虎把大部分的股票分给了LP，2014年底的持仓只剩500万股。但此后老虎开始增持京东，2015年Q1和Q2老虎投入近20亿美元，通过旗下基金先后买入1600万和5000万股京东股票。\n之后几年老虎以非常缓慢的速度减持京东股票，到2018Q2时持股降至4000万股，减持约40%（同期高瓴已经减持了将近90%），而在2018年明州事件之后，老虎选择进一步增持京东，接下来的2个季度以约5亿美元的对价买入近1600万股京东股票。\n到2020年初，老虎持有京东5300万股，在这一年里，股价上涨超过2倍的京东，为老虎赚了将近28亿美元。\n京东上市时，按照发行价计算高瓴的回报约30亿美元，此后通过长期持有，高瓴在京东上多赚了25亿美元；老虎在京东上市后给LP们分了价值42亿美元的股票（按照发行价计算），之后炒了7年京东股票，老虎自己又赚了31亿美元。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378858887,"gmtCreate":1619017357249,"gmtModify":1704718415022,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378858887","repostId":"1197052490","repostType":4,"isVote":1,"tweetType":1,"viewCount":2142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378853190,"gmtCreate":1619017210310,"gmtModify":1704718412411,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378853190","repostId":"1197052490","repostType":4,"isVote":1,"tweetType":1,"viewCount":2570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312500010,"gmtCreate":1612161764330,"gmtModify":1704867550715,"author":{"id":"3568196683280287","authorId":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568196683280287","authorIdStr":"3568196683280287"},"themes":[],"title":"","htmlText":"lol","listText":"lol","text":"lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/312500010","repostId":"2108278939","repostType":4,"isVote":1,"tweetType":1,"viewCount":3130,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}