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大赢钱家

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2021-09-05

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The first batch of business rules of Beijing Stock Exchange are released, and one article understands six key points

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The first batch of business rules are \"Beijing...</p><p><a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">Web link</a></div></p>","source":"zgzqb","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 first batch of business rules of Beijing Stock Exchange are released, and one article understands six key points</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 first batch of business rules of Beijing Stock Exchange are released, and one article understands six key points\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-09-05 16:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Beijing Stock Exchange Co., Ltd. has completed its industrial and commercial registration, and its establishment and approval date is September 3rd. National Equities Exchange and Quotations Co., Ltd. is the shareholder. According to the registration information, the legal representative of Beijing Stock Exchange Co., Ltd. is Xu Ming, with a registered capital of RMB 1 billion. Xu Ming also serves as Party Secretary and Chairman of National Equities Exchange and Quotations Co., Ltd. Beijing Stock Exchange Co., Ltd. was incorporated, and Xu Ming was the chairman of the board. The first batch of business rules of Beijing Stock Exchange (hereinafter referred to as North Stock Exchange) were publicly solicited for opinions! The first batch of business rules are \"Beijing...</p><p><a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b303111eac31304c346c874474ce61e6","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://finance.ifeng.com/c/89I6heHUGyD","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175837799","content_text":"北京证券交易所有限责任公司已完成工商注册，成立及核准日期为9月3日，全国中小企业股份转让系统有限责任公司为股东。注册信息显示，北京证券交易所有限责任公司法定代表人为徐明，注册资本10亿元人民币。徐明还在全国中小企业股份转让系统有限责任公司任职，职务为该公司党委书记、董事长。北京证券交易所有限责任公司注册成立,徐明任董事长\n北京证券交易所（下称北交所）首批业务规则公开征求意见！\n首批业务规则为《北京证券交易所股票上市规则（试行）》（简称《上市规则》）、《北京证券交易所交易规则（试行）》（简称《交易规则》）、《北京证券交易所会员管理规则（试行）》（简称《会员管理规则》）。业务规则的起草，既遵循证券交易所制度建设的普遍规律，又充分考虑北交所服务创新型中小企业的市场地位。\n本次就上市规则、交易规则和会员管理规则公开征求意见结束后，北交所将根据意见情况进一步完善，经履行有关程序后发布实施。近期，北交所还将就落实公开发行注册制下审核职责相关的自律规则公开征求市场意见。\n主要内容：\n北交所上市标准平移精选层的四套“财务+市值”的条件\n不再实行主办券商持续督导制度\n为引入做市机制、实行混合交易预留制度空间\n探索与公司制交易所相契合的会员管理制度\n对现金分红比例不作硬性要求\n允许在充分披露并履行相应程序的前提下，合理设置低于股票市价的期权行权价格，以增强激励功效\n符合新三板基本挂牌条件或创新层条件的，鼓励进入相应层级挂牌交易\n平移精选层上市标准\n在结构上，《上市规则》由发行上市、持续监管、退市机制和监管处理等四部分组成。\n北交所的上市标准平移精选层的4套准入标准。这一制度安排更适合盈利能力相对稳定且具备一定经营杠杆的成长型企业。\n目前，在精选层现有66家公司中，上述4套标准均有覆盖。其中，以第一套标准进入精选层的公司占绝大多数。\n根据《上市规则》，在全国股转系统连续挂牌满12个月的创新层挂牌公司可以申请到北交所上市。目前，不管是创新层，还是基础层，符合上述4套标准中财务条件的挂牌公司数量比较充足。\n停复牌管理更加严格\n相较于精选层挂牌公司，北交所在持续监管方面做了四大方面的调整。\n一是公司治理更加优化。增加了独立董事应当发表意见的情形，将资金占用主体范围扩大到控股股东、实际控制人及其关联方，紧盯“关键少数”；明确了不得新增影响持续经营能力的同业竞争，确保上市公司独立性。\n二是信息披露要求更加具体。例如，《上市规则》细化了自愿披露、豁免披露、暂缓披露、行业和风险信息披露等具体要求，提高披露针对性和有效性。\n三是停复牌管理更加严格。《上市规则》贯彻“少停、短停、分阶段停”的监管原则，要求上市公司不得滥用停复牌机制，不得利用停牌替代信息保密，确保市场交易的连续性，保障投资者交易权利。筹划重大资产重组或发行股份购买资产的，停牌时间压缩至不超过10个交易日，筹划其他重大事项不超过5个交易日，因特殊情形延期复牌的，连续停牌总时长不超过25个交易日。\n四是主体责任更加清晰。北交所不再实行主办券商“终身”持续督导，由保荐机构履行规定期限内的持续督导职责。需要强调的是，为确保平稳过渡，在北交所开市初期，上市公司与主办券商已签订的持续督导协议应继续执行，信息披露和日常业务仍按现行模式办理，北交所将尽快明确后续制度切换安排。\n为混合交易预留空间\n从内容来看，《交易规则》整体延续精选层以连续竞价为核心的交易制度，涨跌幅限制等其他主要规定也均保持不变。\n主要内容方面，一是实行30%的价格涨跌幅限制，给予市场充分的价格博弈空间，保障价格发现效率。\n二是上市首日不设涨跌幅限制，实施临时停牌机制。即当盘中成交价格较开盘价首次上涨或下跌达到或超过30%、60%时，盘中临时停牌10分钟，复牌时进行集合竞价。据了解，配套个股临时停牌机制主要是为了避免股价快速非理性波动带来市场恐慌和盲目交易，给予市场一定的冷静期。\n三是连续竞价期间，对限价申报设置基准价格上下5%的申报有效价格范围，对市价申报采取限价保护措施。\n四是买卖申报的最低数量为100股，每笔申报可以1股为单位递增。\n五是单笔申报数量不低于10万股或成交金额不低于100万元的，可以进行大宗交易。\n市场人士认为，上述交易安排，不改变投资者交易习惯，不增加市场负担，体现中小企业股票交易特点，确保了市场交易的稳定性和连续性。\n值得一提的是，北交所还为引入做市机制、实行混合交易预留了制度空间。\n探索与公司制交易所相契合的\n会员管理制度\n根据《会员管理规则》，北交所探索与公司制交易所相契合的会员管理制度。\n北交所作为公司制交易所实行会员管理，会员是证券公司开展业务的资格载体。区别于会员制交易所，会员在公司制交易所不享有财产所有权。实施会员管理是落实上位法对于证券交易所的明确要求，在境内外公司制交易所有较多成熟实践，《会员管理规则》予以吸收借鉴，重点明确了对会员交易风险控制、客户管理、交易信息使用和技术系统管理等方面的要求，强化监督机制，督促会员在各项业务活动中归位尽责。\n\n对现金分红比例不作硬性要求\n北交所上市公司监管制度在遵循上市公司监管的基本要求的前提下，充分考虑了北交所服务创新型中小企业的市场定位，总结吸收了精选层运行以来的监管实践。\n特色方面，《上市规则》充分吸收了精选层前期实践经验，承袭契合创新型中小企业特点的监管制度，形成了体现北交所市场定位和特色的差异化制度安排，有效平衡了中小企业在资本市场的规范成本与收益。\n例如，对现金分红比例不作硬性要求，鼓励公司根据自身实际“量力而为”；对于股权激励，允许在充分披露并履行相应程序的前提下，合理设置低于股票市价的期权行权价格，以增强激励功效。\n明确主动退市与强制退市安排\n退市制度主要包括以下三个方面内容。\n一是退市标准，即“谁应退”。《上市规则》明确了主动退市与强制退市安排，强制退市分为交易类、财务类、规范类和重大违法类等四类情形，构建了多元丰富的指标组合。其中，财务类强制退市考察期为两年，指标不交叉适用。\n二是退市程序，即“怎么退”。《上市规则》规定了退市风险警示，作为强制退市的先导制度，既向市场充分揭示风险，也保障投资者的交易权利；明确强制退市由上市委员会审议，确保退市决定的严肃性和审慎性。\n三是退市去向，即“退到哪”。北交所充分发挥与新三板市场一体发展的制度优势，对于退市公司，符合新三板基本挂牌条件或创新层条件的，鼓励进入相应层级挂牌交易，继续发展；存在重大违法等情形，不符合挂牌条件的，转入退市公司板块，体现了对退市风险“分类纾解、充分缓释”的创新探索。此外，北交所退市公司符合重新上市条件的，可以申请重新上市。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813163518,"gmtCreate":1630153096634,"gmtModify":1676530235450,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813163518","repostId":"1183584379","repostType":4,"repost":{"id":"1183584379","kind":"news","pubTimestamp":1629971157,"share":"https://ttm.financial/m/news/1183584379?lang=en_US&edition=fundamental","pubTime":"2021-08-26 17:45","market":"us","language":"zh","title":"Zhiwen Group's revenue in the second quarter was 3.6717 billion yuan, profitable for 26 consecutive quarters","url":"https://stock-news.laohu8.com/highlight/detail?id=1183584379","media":"新浪财经","summary":"Hello Group Inc.正式宣布启用新的中文名称“挚文集团”。","content":"<p>On August 26th, Beijing time, Hello Group Inc. (Nasdaq: MOMO), a NASDAQ-listed company, officially announced the launch of a new Chinese name \"Zhiwen Group\". On the same day, Zhiwen Group announced its unaudited financial results for the second quarter of 2021.</p><p><img src=\"https://static.tigerbbs.com/b7ca6ed65ca9bd63ceca31eb6b025122\" tg-width=\"636\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p>According to the financial report, in the second quarter of 2021, the net revenue of Zhiwen Group reached 3.671.7 billion yuan (about 568.7 million USD), which is not measured in accordance with U.S. GAAP. The net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (about 85.3 million USD), which continued to be profitable for 26 quarters.</p><p>According to data compiled by Bloomberg, on average, 10 analysts on Wall Street estimated that Zhiwen Group's average revenue in the second quarter of 2021 would be 3.6347 billion yuan, with the highest estimate of 3.663 billion yuan. According to the financial report, Zhiwen Group's net revenue in the second quarter of 2021 was 3.6717 billion yuan (about 568.7 million USD), exceeding Wall Street's expectations.</p><p><b>Second Quarter 2021 Results Summary</b></p><p>Net revenue reached 3.671.7 billion yuan (approximately 568.7 million USD).</p><p>Net profit attributable to Zhiwen Group was 464.2 million yuan (approximately US$71.9 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 551.0 million yuan (approximately US$85.3 million).</p><p>Diluted net income per American depositary share (ADS) was 2.15 yuan (approximately $0.33).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p>June 2021,<a href=\"https://laohu8.com/S/MOMO\">Momo</a>The main App has 115.6 million monthly active users, a record high.</p><p>In the second quarter of 2021, the total number of paid subscribers of live broadcast services and value-added services after deduplication reached 12.4 million (including 3.1 million paid subscribers of Tantan).</p><p><b>Summary of Financial Results for the First Half of 2021</b></p><p>Net revenue reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group was 925.8 million yuan (approximately US$143.4 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 1,184.6 million yuan (approximately US$183.5 million).</p><p>Diluted net income per American depositary share (ADS) was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 5.45 yuan (approximately $0.84).</p><p><b>Executive Comments</b></p><p>Wang Li, CEO of Zhiwen Group, said: \"The second quarter of 2021 was a solid quarter, and we have made good progress in terms of financial and strategic priorities. The fundamentals of Momo's main App as a social platform continue to strengthen, and its revenue performance and revenue structure are also steadily advancing. The company's healthy and high-yield core business provides a solid guarantee for us to open up new areas and build a long-term growth engine for the Group.\"</p><p><b>Second Quarter 2021 Financial Results</b></p><p><b><i>Net revenue</i></b></p><p>Net revenue for the second quarter of 2021 was 3,671.7 million yuan (approximately $568.7 million).</p><p>Revenue from live streaming services in the second quarter of 2021 was RMB2,101.3 million (approximately US$325.5 million). In the second quarter of 2021, the revenue of Tantan Live Service was 216.5 million yuan (approximately 33.5 million USD).</p><p>Revenue from value-added services reached 1,507.3 million yuan (approximately US$233.4 million) in the second quarter of 2021, representing a year-on-year increase of 25.2% from 1,204.3 million yuan in the previous year. Revenue from value-added services includes revenue from virtual gift services and revenue from member subscription services. The increase in value-added service revenue was mainly due to the continuous growth of virtual gift business of Momo's main App, which was driven by continuous innovation in products and operations, and Momo's introduction of more payment schemes to enhance users' social entertainment experience, while to a lesser extent, it was affected by the growth of virtual gift revenue of new products.</p><p>In the second quarter of 2021, mobile marketing revenue was 51.6 million yuan (approximately $8 million), and mobile gaming revenue was 9.2 million yuan (approximately $1.4 million).</p><p>The net revenue of Momo's main App in the second quarter of 2021 was 3,157.5 million yuan (approximately $489.0 million). Tantan's net revenue in the second quarter of 2021 was 513.5 million yuan (approximately $79.5 million).</p><p><b><i>Costs and Expenditures</i></b></p><p>Costs and expenses for the second quarter of 2021 were RMB3,075.6 million (approximately US$476.4 million), a decrease of 2.3% from RMB3,146.9 million in the same period of the previous year. The decrease in costs and expenses was mainly due to:</p><p>1. The decrease in the fair value of the liability options granted to the founding team of Tantan;</p><p>2. The decrease of infrastructure-related expenses such as server depreciation;</p><p>3. Reduction of payment channel commissions.</p><p>These decreases were partially offset by an increase in the recipient share of virtual gifts associated with virtual gift services, an increase in the anchor revenue share associated with Tantan's live streaming business, and an increase in marketing expenses to promote the live streaming services.</p><p>In the second quarter of 2021, costs and expenses, not measured in accordance with U.S. GAAP, were RMB2,980.1 million (approximately US$461.6 million), representing an increase of 1.9% from RMB2,923.7 million in the same period of the previous year.</p><p><b><i>Other operating profit</i></b></p><p>Other operating profit for the second quarter of 2021 was 90.3 million yuan (approximately $14 million).</p><p><b><i>Operating Profit</i></b></p><p>Operating profit for the second quarter of 2021 was 686.3 million yuan (approximately $106.3 million). The operating profit of Momo's main App in the second quarter of 2021 was 711.3 million yuan (approximately $110.2 million). Tantan's operating loss in the second quarter of 2021 was 11.9 million yuan (approximately $1.8 million).</p><p>Not measured in accordance with U.S. GAAP, operating profit for the second quarter of 2021 was 781.9 million yuan (approximately $121.1 million). Not measured in accordance with U.S. GAAP, the operating profit of Momo's main App in the second quarter of 2021 was 835.8 million yuan (approximately US$129.5 million). Not measured in accordance with U.S. GAAP, Tantan's operating loss in the second quarter of 2021 was 40.9 million yuan (approximately $6.3 million).</p><p><b><i>Income tax expense</i></b></p><p>Income tax expense for the second quarter of 2021 was 291.5 million yuan (approximately $45.1 million), a decrease compared to 443.6 million yuan in the same period of the previous year. The decrease in income tax expense was mainly due to:</p><p>1. The decrease in profit in the second quarter of 2021;</p><p>2. Reduction of 10% withholding income tax on Dividend paid by our wholly foreign-owned enterprises when distributing Dividend to our overseas companies. This portion of Dividend was 1.3 billion yuan (approximately US$201.3 million) and withholding income tax was 130 million yuan (approximately US$20.1 million). This portion of Dividend and withholding income tax were both paid in the second quarter of 2021.</p><p><b><i>Net Profit</i></b></p><p>Net income for the second quarter of 2021 was 461.5 million yuan (approximately $71.5 million). The net profit of Momo's main App in the second quarter of 2021 was 481.3 million yuan (approximately $74.5 million). Tantan's net loss for the second quarter of 2021 was 6.7 million yuan (approximately $1 million).</p><p>Not measured in accordance with U.S. GAAP, net income for the second quarter of 2021 was 548.3 million yuan (approximately $84.9 million). Not measured in accordance with U.S. GAAP, the net profit of Momo's main App in the second quarter of 2021 was 605.8 million yuan (approximately US$93.8 million). Not measured in accordance with U.S. GAAP, Tantan's net loss for the second quarter of 2021 was 44.5 million yuan (approximately $6.9 million).</p><p><b><i>Net profit attributable to Zhiwen Group</i></b></p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 464.2 million yuan (approximately US$71.9 million).</p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (approximately US$85.3 million), not measured in accordance with U.S. GAAP.</p><p><b><i>Net Income Per American Depositary Share (ADS)</i></b></p><p>Diluted net income per American Depositary Share (ADS) for the second quarter of 2021 was 2.15 yuan (approximately $0.33). Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p><b><i>Cash and cash flows</i></b></p><p>As of June 30, 2021, Zhiwen Group held RMB15,450 million (approximately US$2,392.9 million) in cash, cash equivalents, short-term deposits, long-term deposits and restricted cash. Net cash used in operating activities in the second quarter of 2021 was 167.8 million yuan (approximately $26 million). In the same period last year, net cash generated from operating activities was 807.3 million yuan. The decrease in net cash from operating activities was primarily due to our cash payments of $678.2 million (approximately US$105.0 million) to the Tantan founding team to settle the share options previously granted upon its termination of services in the second quarter of 2021.</p><p><b>FINANCIAL RESULTS FOR THE FIRST HALF</b></p><p>Net revenue in the first half of 2021 reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group in the first half of 2021 was 925.8 million yuan (approximately US$143.4 million).</p><p>Net profit attributable to Zhiwen Group for the first half of 2021 was RMB1,184.6 million (approximately US$183.5 million), not measured in accordance with U.S. GAAP.</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was RMB5.45 (approximately US$0.84), not measured in accordance with U.S. GAAP.</p><p>Net cash generated from operating activities in the first half of 2021 was 333.8 million yuan (approximately US$51.7 million).</p><p><b>Recent Developments</b></p><p><i>Implementation of Share Repurchase Plan</i></p><p>On September 3, 2020, the Board of Directors of Zhiwen Group approved a share repurchase program based on which the Company will repurchase up to $300 million of shares over the next 12 months. As of August 26, 2021, the Company has repurchased approximately 13.46 million American Depositary Shares (ADS) in the open market based on the program, totaling approximately $173.4 million, at an average paid price of $12.87 per ADS.</p><p><i>Charitable donations</i></p><p>On 21 July 2021, Zhiwen Group donated RMB10 million to China Foundation for Poverty Alleviation for the procurement of emergency relief supplies and post-disaster reconstruction in Henan. So far, Zhiwen Group has donated more than 70 million yuan, mainly for poverty alleviation, Hope Primary School construction, anti-epidemic and basic medical construction, disaster relief and relief, etc.</p>","source":"XLCJ","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>Zhiwen Group's revenue in the second quarter was 3.6717 billion yuan, profitable for 26 consecutive quarters</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\">\nZhiwen Group's revenue in the second quarter was 3.6717 billion yuan, profitable for 26 consecutive quarters\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-26 17:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On August 26th, Beijing time, Hello Group Inc. (Nasdaq: MOMO), a NASDAQ-listed company, officially announced the launch of a new Chinese name \"Zhiwen Group\". On the same day, Zhiwen Group announced its unaudited financial results for the second quarter of 2021.</p><p><img src=\"https://static.tigerbbs.com/b7ca6ed65ca9bd63ceca31eb6b025122\" tg-width=\"636\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p>According to the financial report, in the second quarter of 2021, the net revenue of Zhiwen Group reached 3.671.7 billion yuan (about 568.7 million USD), which is not measured in accordance with U.S. GAAP. The net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (about 85.3 million USD), which continued to be profitable for 26 quarters.</p><p>According to data compiled by Bloomberg, on average, 10 analysts on Wall Street estimated that Zhiwen Group's average revenue in the second quarter of 2021 would be 3.6347 billion yuan, with the highest estimate of 3.663 billion yuan. According to the financial report, Zhiwen Group's net revenue in the second quarter of 2021 was 3.6717 billion yuan (about 568.7 million USD), exceeding Wall Street's expectations.</p><p><b>Second Quarter 2021 Results Summary</b></p><p>Net revenue reached 3.671.7 billion yuan (approximately 568.7 million USD).</p><p>Net profit attributable to Zhiwen Group was 464.2 million yuan (approximately US$71.9 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 551.0 million yuan (approximately US$85.3 million).</p><p>Diluted net income per American depositary share (ADS) was 2.15 yuan (approximately $0.33).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p>June 2021,<a href=\"https://laohu8.com/S/MOMO\">Momo</a>The main App has 115.6 million monthly active users, a record high.</p><p>In the second quarter of 2021, the total number of paid subscribers of live broadcast services and value-added services after deduplication reached 12.4 million (including 3.1 million paid subscribers of Tantan).</p><p><b>Summary of Financial Results for the First Half of 2021</b></p><p>Net revenue reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group was 925.8 million yuan (approximately US$143.4 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 1,184.6 million yuan (approximately US$183.5 million).</p><p>Diluted net income per American depositary share (ADS) was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 5.45 yuan (approximately $0.84).</p><p><b>Executive Comments</b></p><p>Wang Li, CEO of Zhiwen Group, said: \"The second quarter of 2021 was a solid quarter, and we have made good progress in terms of financial and strategic priorities. The fundamentals of Momo's main App as a social platform continue to strengthen, and its revenue performance and revenue structure are also steadily advancing. The company's healthy and high-yield core business provides a solid guarantee for us to open up new areas and build a long-term growth engine for the Group.\"</p><p><b>Second Quarter 2021 Financial Results</b></p><p><b><i>Net revenue</i></b></p><p>Net revenue for the second quarter of 2021 was 3,671.7 million yuan (approximately $568.7 million).</p><p>Revenue from live streaming services in the second quarter of 2021 was RMB2,101.3 million (approximately US$325.5 million). In the second quarter of 2021, the revenue of Tantan Live Service was 216.5 million yuan (approximately 33.5 million USD).</p><p>Revenue from value-added services reached 1,507.3 million yuan (approximately US$233.4 million) in the second quarter of 2021, representing a year-on-year increase of 25.2% from 1,204.3 million yuan in the previous year. Revenue from value-added services includes revenue from virtual gift services and revenue from member subscription services. The increase in value-added service revenue was mainly due to the continuous growth of virtual gift business of Momo's main App, which was driven by continuous innovation in products and operations, and Momo's introduction of more payment schemes to enhance users' social entertainment experience, while to a lesser extent, it was affected by the growth of virtual gift revenue of new products.</p><p>In the second quarter of 2021, mobile marketing revenue was 51.6 million yuan (approximately $8 million), and mobile gaming revenue was 9.2 million yuan (approximately $1.4 million).</p><p>The net revenue of Momo's main App in the second quarter of 2021 was 3,157.5 million yuan (approximately $489.0 million). Tantan's net revenue in the second quarter of 2021 was 513.5 million yuan (approximately $79.5 million).</p><p><b><i>Costs and Expenditures</i></b></p><p>Costs and expenses for the second quarter of 2021 were RMB3,075.6 million (approximately US$476.4 million), a decrease of 2.3% from RMB3,146.9 million in the same period of the previous year. The decrease in costs and expenses was mainly due to:</p><p>1. The decrease in the fair value of the liability options granted to the founding team of Tantan;</p><p>2. The decrease of infrastructure-related expenses such as server depreciation;</p><p>3. Reduction of payment channel commissions.</p><p>These decreases were partially offset by an increase in the recipient share of virtual gifts associated with virtual gift services, an increase in the anchor revenue share associated with Tantan's live streaming business, and an increase in marketing expenses to promote the live streaming services.</p><p>In the second quarter of 2021, costs and expenses, not measured in accordance with U.S. GAAP, were RMB2,980.1 million (approximately US$461.6 million), representing an increase of 1.9% from RMB2,923.7 million in the same period of the previous year.</p><p><b><i>Other operating profit</i></b></p><p>Other operating profit for the second quarter of 2021 was 90.3 million yuan (approximately $14 million).</p><p><b><i>Operating Profit</i></b></p><p>Operating profit for the second quarter of 2021 was 686.3 million yuan (approximately $106.3 million). The operating profit of Momo's main App in the second quarter of 2021 was 711.3 million yuan (approximately $110.2 million). Tantan's operating loss in the second quarter of 2021 was 11.9 million yuan (approximately $1.8 million).</p><p>Not measured in accordance with U.S. GAAP, operating profit for the second quarter of 2021 was 781.9 million yuan (approximately $121.1 million). Not measured in accordance with U.S. GAAP, the operating profit of Momo's main App in the second quarter of 2021 was 835.8 million yuan (approximately US$129.5 million). Not measured in accordance with U.S. GAAP, Tantan's operating loss in the second quarter of 2021 was 40.9 million yuan (approximately $6.3 million).</p><p><b><i>Income tax expense</i></b></p><p>Income tax expense for the second quarter of 2021 was 291.5 million yuan (approximately $45.1 million), a decrease compared to 443.6 million yuan in the same period of the previous year. The decrease in income tax expense was mainly due to:</p><p>1. The decrease in profit in the second quarter of 2021;</p><p>2. Reduction of 10% withholding income tax on Dividend paid by our wholly foreign-owned enterprises when distributing Dividend to our overseas companies. This portion of Dividend was 1.3 billion yuan (approximately US$201.3 million) and withholding income tax was 130 million yuan (approximately US$20.1 million). This portion of Dividend and withholding income tax were both paid in the second quarter of 2021.</p><p><b><i>Net Profit</i></b></p><p>Net income for the second quarter of 2021 was 461.5 million yuan (approximately $71.5 million). The net profit of Momo's main App in the second quarter of 2021 was 481.3 million yuan (approximately $74.5 million). Tantan's net loss for the second quarter of 2021 was 6.7 million yuan (approximately $1 million).</p><p>Not measured in accordance with U.S. GAAP, net income for the second quarter of 2021 was 548.3 million yuan (approximately $84.9 million). Not measured in accordance with U.S. GAAP, the net profit of Momo's main App in the second quarter of 2021 was 605.8 million yuan (approximately US$93.8 million). Not measured in accordance with U.S. GAAP, Tantan's net loss for the second quarter of 2021 was 44.5 million yuan (approximately $6.9 million).</p><p><b><i>Net profit attributable to Zhiwen Group</i></b></p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 464.2 million yuan (approximately US$71.9 million).</p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (approximately US$85.3 million), not measured in accordance with U.S. GAAP.</p><p><b><i>Net Income Per American Depositary Share (ADS)</i></b></p><p>Diluted net income per American Depositary Share (ADS) for the second quarter of 2021 was 2.15 yuan (approximately $0.33). Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p><b><i>Cash and cash flows</i></b></p><p>As of June 30, 2021, Zhiwen Group held RMB15,450 million (approximately US$2,392.9 million) in cash, cash equivalents, short-term deposits, long-term deposits and restricted cash. Net cash used in operating activities in the second quarter of 2021 was 167.8 million yuan (approximately $26 million). In the same period last year, net cash generated from operating activities was 807.3 million yuan. The decrease in net cash from operating activities was primarily due to our cash payments of $678.2 million (approximately US$105.0 million) to the Tantan founding team to settle the share options previously granted upon its termination of services in the second quarter of 2021.</p><p><b>FINANCIAL RESULTS FOR THE FIRST HALF</b></p><p>Net revenue in the first half of 2021 reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group in the first half of 2021 was 925.8 million yuan (approximately US$143.4 million).</p><p>Net profit attributable to Zhiwen Group for the first half of 2021 was RMB1,184.6 million (approximately US$183.5 million), not measured in accordance with U.S. GAAP.</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was RMB5.45 (approximately US$0.84), not measured in accordance with U.S. GAAP.</p><p>Net cash generated from operating activities in the first half of 2021 was 333.8 million yuan (approximately US$51.7 million).</p><p><b>Recent Developments</b></p><p><i>Implementation of Share Repurchase Plan</i></p><p>On September 3, 2020, the Board of Directors of Zhiwen Group approved a share repurchase program based on which the Company will repurchase up to $300 million of shares over the next 12 months. As of August 26, 2021, the Company has repurchased approximately 13.46 million American Depositary Shares (ADS) in the open market based on the program, totaling approximately $173.4 million, at an average paid price of $12.87 per ADS.</p><p><i>Charitable donations</i></p><p>On 21 July 2021, Zhiwen Group donated RMB10 million to China Foundation for Poverty Alleviation for the procurement of emergency relief supplies and post-disaster reconstruction in Henan. So far, Zhiwen Group has donated more than 70 million yuan, mainly for poverty alleviation, Hope Primary School construction, anti-epidemic and basic medical construction, disaster relief and relief, etc.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-26/doc-ikqcfncc5167837.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e6ddc053d28610b9cfd24dd35827fdd9","relate_stocks":{"MOMO":"挚文集团"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-26/doc-ikqcfncc5167837.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183584379","content_text":"北京时间8月26日，纳斯达克上市公司Hello Group Inc．（Nasdaq： MOMO）正式宣布启用新的中文名称“挚文集团”。当天，挚文集团公布了2021年第二季度未经审计的财务业绩。\n\n财报显示，2021年第二季度，挚文集团净营收达36.717亿元（约5.687亿美元），不按照美国通用会计准则计量，2021年第二季度归属于挚文集团的净利润为5.510亿元（约8530万美元），持续26个季度盈利。\n根据彭博社汇总的数据，华尔街10位分析师平均预计，挚文集团2021年第二季度平均营收为36.347亿元，最高预期36.63亿元。财报显示，挚文集团2021年第二季度净营收为36.717亿元（约5.687亿美元），超出华尔街预期。\n2021年第二季度业绩摘要\n净营收达到36.717亿元（约5.687亿美元）。\n归属于挚文集团的净利润为4.642亿元（约7190万美元）。\n不按照美国通用会计准则计量，归属于挚文集团的净利润为5.510亿元（约8530万美元）。\n每股美国存托股（ADS）摊薄净利润为2.15元（约0.33美元）。\n不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为2.54元（约0.39美元）。\n2021年6月，陌陌主App月度活跃用户为1.156亿，创历史新高。\n2021年第二季度，直播服务与增值服务付费用户去重后总数达1240万（包括探探付费用户310万）。\n2021年上半年财务业绩摘要\n净营收达到71.423亿元（约11.062亿美元）。\n归属于挚文集团的净利润为9.258亿元（约1.434亿美元）。\n不按照美国通用会计准则计量，归属于挚文集团的净利润为11.846亿元（约1.835亿美元）。\n每股美国存托股（ADS）摊薄净利润为4.29元（约0.66美元）。\n不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为5.45元（约0.84美元）。\n高管评论\n挚文集团CEO王力表示：“2021年第二季度是一个业绩表现扎实的季度，无论从财务还是战略重点的执行情况来看，我们都取得了良好的进展。陌陌主App作为社交平台的基本面在持续增强，营收表现和收入结构也在稳步推进。公司健康而高产的核心业务，为我们开辟新领域、为集团打造长期增长引擎提供了坚实保障。”\n2021年第二季度财务业绩\n净营收\n2021年第二季度净营收为36.717亿元（约5.687亿美元）。\n2021年第二季度直播服务营收21.013亿元（约3.255亿美元）。2021年第二季度探探直播服务营收为2.165亿元（约3350万美元）。\n2021年第二季度增值服务营收达到15.073亿元（约2.334亿美元），同比上一年的12.043亿元增长25.2%。增值服务营收包括虚拟礼物服务营收以及会员订阅服务营收。增值服务营收的增长主要是由于陌陌主App虚拟礼物业务的持续增长，这得益于产品和运营方面的持续创新，以及陌陌为提升用户的社交娱乐体验引入了更多付费方案，同时较小程度上受到新产品虚拟礼物营收增长的影响。\n2021年第二季度移动营销营收为5160万元（约800万美元），移动游戏营收为920万元（约140万美元）。\n2021年第二季度陌陌主App的净营收为31.575亿元（约4.890亿美元）。2021年第二季度探探的净营收为5.135亿元（约7950万美元）。\n成本和支出\n2021年第二季度的成本和支出为30.756亿元（约4.764亿美元），比上一年同期的31.469亿元减少2.3%。成本和支出的减少，主要是由于：\n1、授予探探创始团队的负债类期权的公允价值的减少；\n2、服务器折旧等基础设施相关费用的减少；\n3、支付渠道佣金的减少。\n与虚拟礼物服务中虚拟礼物的接受者分成的增加，与探探直播业务相关的主播收入分成的增加，以及为推广直播服务的市场营销费用的增加，部分抵消了这些减少。\n2021年第二季度，不按照美国通用会计准则计量，成本和支出为29.801亿元（约4.616亿美元），比上一年同期的29.237亿元增长1.9%。\n其他运营利润\n2021年第二季度其他运营利润为9030万元（约1400万美元）。\n运营利润\n2021年第二季度运营利润为6.863亿元（约1.063亿美元）。2021年第二季度陌陌主App的运营利润为7.113亿元（约1.102亿美元）。2021年第二季度探探的运营亏损为1190万元（约180万美元）。\n不按照美国通用会计准则计量，2021年第二季度运营利润为7.819亿元（约1.211亿美元）。不按照美国通用会计准则计量，2021年第二季度陌陌主App的运营利润为8.358亿元（约1.295亿美元）。不按照美国通用会计准则计量，2021年第二季度探探的运营亏损为4090万元（约630万美元）。\n所得税费用\n2021年第二季度所得税费用为2.915亿元（约4510万美元），与上一年同期的4.436亿元相比有所减少。所得税费用的减少主要是由于：\n1、2021年第二季度利润的降低；\n2、我们的外商独资企业向我们的境外公司分配股息时缴纳的股息的10%预提所得税的减少。这部分股息为13亿元（约2.013亿美元），预提所得税为1.3亿元（约2010万美元），这部分股息和预提所得税在2021年第二季度均已支付。\n净利润\n2021年第二季度净利润为4.615亿元（约7150万美元）。2021年第二季度陌陌主App的净利润为4.813亿元（约7450万美元）。2021年第二季度探探的净亏损为670万元（约100万美元）。\n不按照美国通用会计准则计量，2021年第二季度净利润为5.483亿元（约8490万美元）。不按照美国通用会计准则计量，2021年第二季度陌陌主App的净利润为6.058亿元（约9380万美元）。不按照美国通用会计准则计量，2021年第二季度探探的净亏损为4450万元（约690万美元）。\n归属于挚文集团的净利润\n2021年第二季度归属于挚文集团的净利润为4.642亿元（约7190万美元）。\n不按照美国通用会计准则计量，2021年第二季度归属于挚文集团的净利润为5.510亿元（约8530万美元）。\n每股美国存托股（ADS）净利润\n2021年第二季度每股美国存托股（ADS）摊薄净利润为2.15元（约0.33美元）。不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为2.54元（约0.39美元）。\n现金和现金流\n截至2021年6月30日，挚文集团持有的现金、现金等价物、短期存款、长期存款和限定性现金为154.500亿元（约23.929亿美元）。2021年第二季度用于经营活动的净现金为1.678亿元（约2600万美元）。去年同期，经营活动带来的净现金为8.073亿元。经营活动带来的净现金的减少，主要是由于探探创始团队在2021年第二季度终止服务时，我们现金支付其6.782亿元（约1.050亿美元），以结算先前授予的股票期权。\n2021年上半年财务业绩\n2021年上半年净营收达到71.423亿元（约11.062亿美元）。\n2021年上半年归属于挚文集团的净利润为9.258亿元（约1.434亿美元）。\n不按照美国通用会计准则计量，2021年上半年归属于挚文集团的净利润为11.846亿元（约1.835亿美元）。\n2021年上半年每股美国存托股（ADS）摊薄净利润为4.29元（约0.66美元）。\n不按照美国通用会计准则计量，2021年上半年每股美国存托股（ADS）摊薄净利润为5.45元（约0.84美元）。\n2021年上半年经营活动带来的净现金为3.338亿元（约5170万美元）。\n近期发展\n股票回购计划的执行\n2020年9月3日，挚文集团董事会批准了一项股票回购计划，基于该计划，公司将在未来12个月最高回购3亿美元的股票。截至2021年8月26日，公司基于该计划已在公开市场回购了约1346万股美国存托股（ADS），总额约1.734亿美元，每股美国存托股（ADS）的平均支付价格为12.87美元。\n公益捐赠\n2021年7月21日，挚文集团向中国扶贫基金会捐赠1000万元，用于河南水灾的紧急救援物资采购和灾后重建。至此挚文集团对外捐赠累计超过7000万元，主要用于脱贫攻坚、希望小学建设、抗疫及基础医学建设、赈灾救援等。","news_type":1,"symbols_score_info":{"MOMO":0.9}},"isVote":1,"tweetType":1,"viewCount":3316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836185877,"gmtCreate":1629465302299,"gmtModify":1676530049675,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836185877","repostId":"1128103137","repostType":4,"repost":{"id":"1128103137","kind":"news","pubTimestamp":1629428426,"share":"https://ttm.financial/m/news/1128103137?lang=en_US&edition=fundamental","pubTime":"2021-08-20 11:00","market":"sh","language":"zh","title":"The Personal Information Protection Law shall come into force on 1 November 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=1128103137","media":"新华网","summary":"据新华社报道，十三届全国人大常委会第三十次会议20日表决通过《中华人民共和国个人信息保护法》。个人信息保护法自2021年11月1日起施行。其中明确：①通过自动化决策方式向个人进行信息推送、商业营销，应提供不针对其个人特征的选项或提供便捷的拒绝方式②处理生物识别、医疗健康、金融账户、行踪轨迹等敏感个人信息，应取得个人的单独同意③对违法处理个人信息的应用程序，责令暂停或者终止提供服务。","content":"<p><div>The 30th meeting of the Standing Committee of the 13th National People's Congress voted to adopt the Personal Information Protection Law of the People's Republic of China on the 20th, Xinhua News Agency reported. The Personal Information Protection Law will come into force on November 1, 2021. It is clear that: ① information push and commercial marketing to individuals through automated decision-making should provide options that do not target their personal characteristics or provide convenient rejection methods ② sensitive personal information such as biometrics, medical health, financial accounts and whereabouts should be handled, and individual consent should be obtained ③ applications that illegally handle personal information should be ordered to suspend or terminate the provision of services.</p><p><a href=\"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin\">Web link</a></div></p>","source":"xhw","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 Personal Information Protection Law shall come into force on 1 November 2021</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 Personal Information Protection Law shall come into force on 1 November 2021\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新华网</strong><span class=\"h-time small\">2021-08-20 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The 30th meeting of the Standing Committee of the 13th National People's Congress voted to adopt the Personal Information Protection Law of the People's Republic of China on the 20th, Xinhua News Agency reported. The Personal Information Protection Law will come into force on November 1, 2021. It is clear that: ① information push and commercial marketing to individuals through automated decision-making should provide options that do not target their personal characteristics or provide convenient rejection methods ② sensitive personal information such as biometrics, medical health, financial accounts and whereabouts should be handled, and individual consent should be obtained ③ applications that illegally handle personal information should be ordered to suspend or terminate the provision of services.</p><p><a href=\"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin\">新华网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fab3e6da33eab070d39ea5ddbb760010","relate_stocks":{},"source_url":"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128103137","content_text":"据新华社报道，十三届全国人大常委会第三十次会议20日表决通过《中华人民共和国个人信息保护法》。个人信息保护法自2021年11月1日起施行。其中明确：①通过自动化决策方式向个人进行信息推送、商业营销，应提供不针对其个人特征的选项或提供便捷的拒绝方式②处理生物识别、医疗健康、金融账户、行踪轨迹等敏感个人信息，应取得个人的单独同意③对违法处理个人信息的应用程序，责令暂停或者终止提供服务。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895571675,"gmtCreate":1628760286897,"gmtModify":1676529845458,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895571675","repostId":"1145588720","repostType":4,"repost":{"id":"1145588720","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":1628757862,"share":"https://ttm.financial/m/news/1145588720?lang=en_US&edition=fundamental","pubTime":"2021-08-12 16:44","market":"us","language":"zh","title":"Summary: Ideal Hong Kong Stocks Broke on the First Day, 200 Billion Salt Emperor Strong Daily Limit","url":"https://stock-news.laohu8.com/highlight/detail?id=1145588720","media":"老虎资讯综合","summary":"要闻\n工信部：加强智能网联汽车生产企业及产品准入管理\n工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全","content":"<p><b>Important News</b></p><p><b>Ministry of Industry and Information Technology: Strengthening the Access Management of Intelligent Connected Vehicle Manufacturers and Products</b></p><p>The Ministry of Industry and Information Technology issued opinions on strengthening the access management of intelligent connected vehicle manufacturers and products, which proposed to strengthen data security management capabilities. Enterprises shall establish and improve the automobile data security management system, fulfill their data security protection obligations according to law, and clarify the responsible departments and responsible persons. Strengthen network security capabilities. Enterprises shall establish an automobile network security management system, implement the network security level protection system and the real-name registration management requirements of vehicle network cards according to law, and clarify the responsible departments and persons in charge of network security.</p><p><b>ICT Academy: Domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year</b></p><p>China Academy of Information and Communications disclosed that domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year. Among them, 22.8 million 5G mobile phones were shipped in July, accounting for 79.6%. From January to July, domestic mobile phones shipped 203 million units, up 15.6% year-on-year.</p><p><b>11 stocks newly added to the MSCI China Index</b></p><p>MSCI, an international index compiler, announced the results of its August quarterly index review. Specific to the adjustment of A-share targets, the MSCI China A-share index was newly added<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>、<a href=\"https://laohu8.com/S/300896\">Amic</a>And<a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a>Wait for 11 A-share targets, no exclusion targets. The results of the above adjustments will take effect after the market closes on August 31, 2021.</p><p><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>President: Internal discussion on the possibility of returning to A shares</b></p><p>Shen Yanan, president of Li Auto, said at the media communication meeting after the listing ceremony of Li Auto in Hong Kong that the possibility of returning to A shares was not ruled out, and the matter was being discussed internally.</p><p><b>Li Bin:<a href=\"https://laohu8.com/S/NIO\">Nio</a>Will enter the mass market with a new brand, delivering three NT2.0 models next year</b></p><p>Nio founder Li Bin said during the Q2 2021 conference call that the related preparations for Nio to enter the mass market have been accelerated and will enter the mass market through new brands. At present, a core team has been established and an important step has been taken. Additionally, in 2022, Nio will deliver three all-new models based on the NT2.0 platform, including the ET7.</p><p><b>Hong Kong stock</b></p><p>The main indexes of Hong Kong stocks closed down collectively, and the decline of the three major indexes expanded significantly in the afternoon. The Hang Seng Index closed down 0.53% to 26517.82 points, the State Index fell 0.87% to 9465.46 points, and the Hang Seng Technology Index fell 1.49% to 6719.19 points.</p><p><img src=\"https://static.tigerbbs.com/a0d8fab1d5f7f220b322ef10397c9d50\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the disk, biomedical stocks, education stocks, defense stocks, domestic insurance stocks, insurance stocks, catering stocks and tobacco concept stocks generally fell, and domestic housing stocks and property management stocks that led the gains yesterday obviously stalled; On the other hand, gold stocks and non-ferrous metal stocks led the gains against the trend, port shipping stocks performed strongly throughout the day, and oil and automobile sectors rose slightly.</p><p>Large science and technology stocks generally fell, $Baidu (09888$,<a href=\"https://laohu8.com/S/01810\">Millet</a>Down 2%,<a href=\"https://laohu8.com/S/09618\">Jingdong</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>It fell by more than 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>, Meituan and Aauto Quicker all declined.</p><p>\"Evergrande Department\" collectively fell,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>fell by more than 8%,<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>、<a href=\"https://laohu8.com/S/06666\">Evergrande Properties</a>It fell by more than 6%. Earlier, Yangguang.com reported that two projects of Evergrande Real Estate Group in Kunming, Yunnan Province had been shut down. In addition, according to the Financial Associated Press, Vanke,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It has temporarily withdrawn from the acquisition of Evergrande Properties.</p><p>Biomedical stocks plummeted, Tengsheng Boyao fell nearly 15%, Nuocheng Jianhua fell nearly 12%, Kangfang Bio fell nearly 8%,<a href=\"https://laohu8.com/S/688185\">CanSino</a>Bio fell more than 7%.</p><p>Li Auto fell 0.85%, Li Auto landed on the Hong Kong Stock Exchange today, public offering stage<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>5.5 times subscribed, the final number of Offer Shares to be allocated to the Public Offer is 10 million, representing 10% of the total number of Offer Shares (before the exercise of any Over-allotment Option). A total of 50,264 valid applications were received, with a successful rate of 50%, and 4 subscriptions were successful. In addition, the International Offering has been over-subscribed and the final number of Offer Shares is 90 million, representing 90% of the total number of Offer Shares.</p><p><img src=\"https://static.tigerbbs.com/1cb70a4b941ffbb43934778e70597d76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A Shares</b></p><p>Today's size index continues to differentiate. As of the close, the Shanghai Composite Index fell 0.22% to 3524.74 points; The Shenzhen Component Index fell 0.79% to close at 14,901.97 points; The GEM index fell 1.47% to close at 3,386.43 points. Stocks in the two cities had mixed ups and downs, and the turnover exceeded one trillion yuan for 17 consecutive trading days. Northbound funds slightly sold 178 million yuan in the whole day, the second consecutive day of net sales.</p><p><img src=\"https://static.tigerbbs.com/6206e22fa738ff400c87e1201902aebc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>High prosperity sectors such as lithium batteries, chips and photovoltaics have been active repeatedly. Nearly 20 shares of lithium batteries have daily limit or increased by more than 10%, and the market focus stocks<a href=\"https://laohu8.com/S/000792\">Salt Lake Shares</a>In the afternoon, the daily limit, with a turnover of nearly 16 billion yuan, drove the popularity of lithium extraction in salt lakes to pick up. The upstream performance of lithium batteries such as phosphorus chemical industry and fluorine chemical industry was brilliant, and many stocks reached the daily limit.</p><p><img src=\"https://static.tigerbbs.com/6d63199dca84452eadaffe8f4dcf451a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>New energy vehicles rose throughout the day,<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>、<a href=\"https://laohu8.com/S/601238\">GAC Group</a>、<a href=\"https://laohu8.com/S/600006\">Dongfeng Motor</a>Wait for the daily limit. In addition, the concept of energy storage differentiated today after its climax yesterday. Nonferrous metals, steel and coal sectors were trending strongly, precious metals, aluminum and other industrial metals rose sharply, liquor, food and beverage, and medical care continued to weaken, and defense stocks led the decline in the two cities. On the disk, automobiles, nonferrous metals, semiconductors and components were among the top gainers, while national defense and military industry, beverage manufacturing and real estate were among the top decliners.</p><p><b>U.S. stocks</b></p><p>In the pre-market session on Thursday, the futures of the three major U.S. stocks were mixed. As of press time, the S&P 500 futures fell 0.04%, the Nasdaq futures fell 0.17%, and the Dow futures rose 0.06%.</p><p><img src=\"https://static.tigerbbs.com/4a6c9c3c7610bd70755221d6bbfefb22\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Shell</a>It fell more than 10% premarket, and revenue is expected to decline by about 24.6% to 29.4% year-on-year in the third quarter.</p><p>Moderna rose more than 1% premarket and closed down more than 15% overnight after the European Medicines Agency said it was investigating<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And 3 new side effects that could be triggered by the Moderna vaccine.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 1% before the market, and Hong Kong stocks broke today.</p><p><b>European shares</b></p><p>Major European indexes rose, with Germany's DAX30 up 0.06%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Down 0.21%, French CAC40 up 0.04%, European Stoxx 50 up 0.1%.</p><p><img src=\"https://static.tigerbbs.com/a5a9fa5f681dc2d45e9fab44ff4c2fa2\" tg-width=\"817\" tg-height=\"148\" referrerpolicy=\"no-referrer\"></p><p> <b>crude oil</b></p><p>International oil prices fell slightly. As of press time, U.S. oil fell by 0.35% to $69.11/barrel; Brent oil fell 0.29% to $71.37/barrel during the day.</p><p>EIA crude oil inventory dropped slightly on Wednesday, indicating that the current market demand has not been greatly affected by the epidemic. However, the epidemic has affected the future demand expectation, and oil prices are still under great downward pressure. Under this circumstance, it is relatively difficult for oil prices to go up, and the short-term trend may be dominated by shocks.</p><p><b>Gold</b></p><p>International gold rose slightly. As of press time, spot gold rose 0.25% to $1,754.1/oz.</p><p>The U.S. CPI in July showed a slowdown in inflation, which eased market worries. There are still important July PPI data released during the day. In view of the moderate performance of CPI, PPI is expected to be roughly the same as the previous value, which may also provide upward momentum for gold bulls.</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>Summary: Ideal Hong Kong Stocks Broke on the First Day, 200 Billion Salt Emperor Strong Daily Limit</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\">\nSummary: Ideal Hong Kong Stocks Broke on the First Day, 200 Billion Salt Emperor Strong Daily Limit\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-12 16:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Important News</b></p><p><b>Ministry of Industry and Information Technology: Strengthening the Access Management of Intelligent Connected Vehicle Manufacturers and Products</b></p><p>The Ministry of Industry and Information Technology issued opinions on strengthening the access management of intelligent connected vehicle manufacturers and products, which proposed to strengthen data security management capabilities. Enterprises shall establish and improve the automobile data security management system, fulfill their data security protection obligations according to law, and clarify the responsible departments and responsible persons. Strengthen network security capabilities. Enterprises shall establish an automobile network security management system, implement the network security level protection system and the real-name registration management requirements of vehicle network cards according to law, and clarify the responsible departments and persons in charge of network security.</p><p><b>ICT Academy: Domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year</b></p><p>China Academy of Information and Communications disclosed that domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year. Among them, 22.8 million 5G mobile phones were shipped in July, accounting for 79.6%. From January to July, domestic mobile phones shipped 203 million units, up 15.6% year-on-year.</p><p><b>11 stocks newly added to the MSCI China Index</b></p><p>MSCI, an international index compiler, announced the results of its August quarterly index review. Specific to the adjustment of A-share targets, the MSCI China A-share index was newly added<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>、<a href=\"https://laohu8.com/S/300896\">Amic</a>And<a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a>Wait for 11 A-share targets, no exclusion targets. The results of the above adjustments will take effect after the market closes on August 31, 2021.</p><p><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>President: Internal discussion on the possibility of returning to A shares</b></p><p>Shen Yanan, president of Li Auto, said at the media communication meeting after the listing ceremony of Li Auto in Hong Kong that the possibility of returning to A shares was not ruled out, and the matter was being discussed internally.</p><p><b>Li Bin:<a href=\"https://laohu8.com/S/NIO\">Nio</a>Will enter the mass market with a new brand, delivering three NT2.0 models next year</b></p><p>Nio founder Li Bin said during the Q2 2021 conference call that the related preparations for Nio to enter the mass market have been accelerated and will enter the mass market through new brands. At present, a core team has been established and an important step has been taken. Additionally, in 2022, Nio will deliver three all-new models based on the NT2.0 platform, including the ET7.</p><p><b>Hong Kong stock</b></p><p>The main indexes of Hong Kong stocks closed down collectively, and the decline of the three major indexes expanded significantly in the afternoon. The Hang Seng Index closed down 0.53% to 26517.82 points, the State Index fell 0.87% to 9465.46 points, and the Hang Seng Technology Index fell 1.49% to 6719.19 points.</p><p><img src=\"https://static.tigerbbs.com/a0d8fab1d5f7f220b322ef10397c9d50\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the disk, biomedical stocks, education stocks, defense stocks, domestic insurance stocks, insurance stocks, catering stocks and tobacco concept stocks generally fell, and domestic housing stocks and property management stocks that led the gains yesterday obviously stalled; On the other hand, gold stocks and non-ferrous metal stocks led the gains against the trend, port shipping stocks performed strongly throughout the day, and oil and automobile sectors rose slightly.</p><p>Large science and technology stocks generally fell, $Baidu (09888$,<a href=\"https://laohu8.com/S/01810\">Millet</a>Down 2%,<a href=\"https://laohu8.com/S/09618\">Jingdong</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>It fell by more than 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>, Meituan and Aauto Quicker all declined.</p><p>\"Evergrande Department\" collectively fell,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>fell by more than 8%,<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>、<a href=\"https://laohu8.com/S/06666\">Evergrande Properties</a>It fell by more than 6%. Earlier, Yangguang.com reported that two projects of Evergrande Real Estate Group in Kunming, Yunnan Province had been shut down. In addition, according to the Financial Associated Press, Vanke,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It has temporarily withdrawn from the acquisition of Evergrande Properties.</p><p>Biomedical stocks plummeted, Tengsheng Boyao fell nearly 15%, Nuocheng Jianhua fell nearly 12%, Kangfang Bio fell nearly 8%,<a href=\"https://laohu8.com/S/688185\">CanSino</a>Bio fell more than 7%.</p><p>Li Auto fell 0.85%, Li Auto landed on the Hong Kong Stock Exchange today, public offering stage<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>5.5 times subscribed, the final number of Offer Shares to be allocated to the Public Offer is 10 million, representing 10% of the total number of Offer Shares (before the exercise of any Over-allotment Option). A total of 50,264 valid applications were received, with a successful rate of 50%, and 4 subscriptions were successful. In addition, the International Offering has been over-subscribed and the final number of Offer Shares is 90 million, representing 90% of the total number of Offer Shares.</p><p><img src=\"https://static.tigerbbs.com/1cb70a4b941ffbb43934778e70597d76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A Shares</b></p><p>Today's size index continues to differentiate. As of the close, the Shanghai Composite Index fell 0.22% to 3524.74 points; The Shenzhen Component Index fell 0.79% to close at 14,901.97 points; The GEM index fell 1.47% to close at 3,386.43 points. Stocks in the two cities had mixed ups and downs, and the turnover exceeded one trillion yuan for 17 consecutive trading days. Northbound funds slightly sold 178 million yuan in the whole day, the second consecutive day of net sales.</p><p><img src=\"https://static.tigerbbs.com/6206e22fa738ff400c87e1201902aebc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>High prosperity sectors such as lithium batteries, chips and photovoltaics have been active repeatedly. Nearly 20 shares of lithium batteries have daily limit or increased by more than 10%, and the market focus stocks<a href=\"https://laohu8.com/S/000792\">Salt Lake Shares</a>In the afternoon, the daily limit, with a turnover of nearly 16 billion yuan, drove the popularity of lithium extraction in salt lakes to pick up. The upstream performance of lithium batteries such as phosphorus chemical industry and fluorine chemical industry was brilliant, and many stocks reached the daily limit.</p><p><img src=\"https://static.tigerbbs.com/6d63199dca84452eadaffe8f4dcf451a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>New energy vehicles rose throughout the day,<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>、<a href=\"https://laohu8.com/S/601238\">GAC Group</a>、<a href=\"https://laohu8.com/S/600006\">Dongfeng Motor</a>Wait for the daily limit. In addition, the concept of energy storage differentiated today after its climax yesterday. Nonferrous metals, steel and coal sectors were trending strongly, precious metals, aluminum and other industrial metals rose sharply, liquor, food and beverage, and medical care continued to weaken, and defense stocks led the decline in the two cities. On the disk, automobiles, nonferrous metals, semiconductors and components were among the top gainers, while national defense and military industry, beverage manufacturing and real estate were among the top decliners.</p><p><b>U.S. stocks</b></p><p>In the pre-market session on Thursday, the futures of the three major U.S. stocks were mixed. As of press time, the S&P 500 futures fell 0.04%, the Nasdaq futures fell 0.17%, and the Dow futures rose 0.06%.</p><p><img src=\"https://static.tigerbbs.com/4a6c9c3c7610bd70755221d6bbfefb22\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Shell</a>It fell more than 10% premarket, and revenue is expected to decline by about 24.6% to 29.4% year-on-year in the third quarter.</p><p>Moderna rose more than 1% premarket and closed down more than 15% overnight after the European Medicines Agency said it was investigating<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And 3 new side effects that could be triggered by the Moderna vaccine.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 1% before the market, and Hong Kong stocks broke today.</p><p><b>European shares</b></p><p>Major European indexes rose, with Germany's DAX30 up 0.06%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Down 0.21%, French CAC40 up 0.04%, European Stoxx 50 up 0.1%.</p><p><img src=\"https://static.tigerbbs.com/a5a9fa5f681dc2d45e9fab44ff4c2fa2\" tg-width=\"817\" tg-height=\"148\" referrerpolicy=\"no-referrer\"></p><p> <b>crude oil</b></p><p>International oil prices fell slightly. As of press time, U.S. oil fell by 0.35% to $69.11/barrel; Brent oil fell 0.29% to $71.37/barrel during the day.</p><p>EIA crude oil inventory dropped slightly on Wednesday, indicating that the current market demand has not been greatly affected by the epidemic. However, the epidemic has affected the future demand expectation, and oil prices are still under great downward pressure. Under this circumstance, it is relatively difficult for oil prices to go up, and the short-term trend may be dominated by shocks.</p><p><b>Gold</b></p><p>International gold rose slightly. As of press time, spot gold rose 0.25% to $1,754.1/oz.</p><p>The U.S. CPI in July showed a slowdown in inflation, which eased market worries. There are still important July PPI data released during the day. In view of the moderate performance of CPI, PPI is expected to be roughly the same as the previous value, which may also provide upward momentum for gold bulls.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"399001":"深证成指","399006":"创业板指","09988":"阿里巴巴-W",".IXIC":"NASDAQ Composite","02015":"理想汽车-W","BEKE":"贝壳","00708":"恒大汽车","03333":"中国恒大","HSTECH":"恒生科技指数","000792":"盐湖股份","000001.SH":"上证指数",".SPX":"S&P 500 Index","XPEV":"小鹏汽车","01810":"小米集团-W","09618":"京东集团-SW","HSCCI":"红筹指数","HSCEI":"国企指数",".DJI":"道琼斯","HSI":"恒生指数","VUKE.UK":"英国富时100","LI":"理想汽车","09888":"百度集团-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145588720","content_text":"要闻\n工信部：加强智能网联汽车生产企业及产品准入管理\n工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全保护义务，明确责任部门和负责人。加强网络安全保障能力。企业应当建立汽车网络安全管理制度，依法落实网络安全等级保护制度和车联网卡实名登记管理要求，明确网络安全责任部门和负责人。\n信通院：7月国内手机出货量2870万部，同比增长28.6%\n中国信通院披露，7月国内手机出货量2870万部，同比增长28.6%。其中，7月5G手机出货量2280万部，占比79.6%。1-7月，国内手机累计出货量2.03亿部，同比增长15.6%。\n11只个股新纳入MSCI中国指数\n国际指数编制公司MSCI宣布8月份季度指数评审结果。具体到A股标的的调整，MSCI中国A股指数本次新增金山办公、爱美客和万泰生物等11只A股标的，无剔除标的。上述调整结果将于2021年8月31日收盘后生效。\n理想汽车总裁：内部在研讨回归A股的可能性\n理想汽车总裁沈亚楠在理想汽车香港上市仪式后的媒体沟通会上表示， 不排除回归A股的可能性，内部正在研讨此事。\n李斌：蔚来将通过新品牌进入大众市场，明年交付三款NT2.0车型\n蔚来创始人李斌在2021年Q2电话会上表示，蔚来进入大众市场的相关准备工作已经提速，将通过新的品牌进入大众市场，目前已建立了核心团队，迈出了重要的一步。此外，2022年，蔚来将交付包括ET7在内的基于NT2.0平台的三款全新车型。\n港股\n港股主要指数集体收跌，三大指数午后跌幅明显扩大，恒指收跌0.53%报26517.82点，国指跌0.87%报9465.46点，恒生科技指数跌1.49%报6719.19点。\n\n盘面上，生物医药股、教育股、军工股、内险股、保险股、餐饮股、烟草概念股普跌，昨日领涨的内房股与物管股明显熄火；另一方面，黄金股、有色金属股逆势领涨，港口航运股全天表现强势，石油、汽车板块小幅走高。\n大型科网股普跌，$百度(09888$、小米跌2%，京东、阿里巴巴跌超1%，腾讯、美团、快手均有跌幅。\n“恒大系”集体下挫，中国恒大跌超8%，恒大汽车、恒大物业跌超6%。此前央广网报道恒大地产集团位于云南昆明两项目已停工。此外，据财联社报道，万科、碧桂园暂已退出收购恒大物业。\n生物医药股大跌，腾盛博药跌近15%，诺诚健华跌近12%，康方生物跌近8%，康希诺生物跌超7%。\n理想汽车跌0.85%，理想汽车今日登陆港交所，公开发售阶段理想汽车-W获5.5倍认购，分配至公开发售的发售股份最终数目为1000万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获50264份有效申请，一手中签率50%，认购4手稳中一手。此外，国际发售已获超额认购，发售股份最终数目为9000万股，相当于发售股份总数的90%。\n\nA股\n今日大小指数继续分化，截至收盘，沪指跌0.22%，报3524.74点；深成指跌0.79%，报收14901.97点；创业板指跌1.47%，报收3386.43点。两市个股涨跌参半，成交额连续17个交易日突破万亿元。北向资金全天小幅净卖出1.78亿元，为连续第二天净卖出。\n\n锂电、芯片、光伏等高景气板块反复活跃，锂电近20股涨停或涨幅超10%，市场焦点股盐湖股份午后涨停，成交额近160亿元，带动盐湖提锂人气回升，磷化工、氟化工等锂电上游表现亮眼，多只个股涨停。\n\n新能源车全天大涨，北汽蓝谷、广汽集团、东风汽车等涨停。另外，储能概念昨日高潮后今日分化，有色、钢铁、煤炭板块走势强劲，贵金属、铝等工业金属大涨，白酒、食品饮料、医疗保健继续疲软，军工股领跌两市。盘面上，汽车整车、有色、半导体及元件涨幅居前，国防军工、饮料制造、房地产跌幅前列。\n美股\n周四盘前时段，美股三大指数期货涨跌不一，截止发稿，标普500指数期货跌0.04%、纳指期货跌0.17%、道指期货涨0.06%。\n\n贝壳盘前跌超10%，预计第三季度营收将同比下滑约24.6%至29.4%。\nModerna盘前涨超1%，隔夜收跌超15%，此前欧洲药管局表示正在调查辉瑞和Moderna疫苗可能引发的3项新的副作用。\n理想汽车盘前跌超1%，今日港股上市破发。\n欧股\n欧洲主要指数上涨，德国DAX30涨0.06%，英国富时100跌0.21%，法国CAC40涨0.04%，欧洲斯托克50涨0.1%。\n\n 原油\n国际油价小幅下跌，截至发稿，美油日内跌0.35%，报69.11美元/桶；布油日内跌0.29%，报71.37美元/桶。\n周三的EIA原油库存小幅下降，显示目前市场的需求未遭到疫情太大的影响，不过疫情影响到了未来的需求预期，油价仍然有较大的下行压力。在此情况下，油价上行显得相对艰难，短线走势可能偏向震荡为主。\n黄金\n国际黄金小幅上涨，截至发稿，现货黄金涨0.25%，报1754.1美元/盎司。\n美国7月CPI显示通胀上涨放缓，令市场担忧情绪有所缓和。日内仍有重要的7月PPI数据出炉，鉴于CPI表现温和，PPI料与前值大致相同，这同样可能给黄金多头提供上涨动能。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"GOLDmain":0.9,"00708":0.9,"YMmain":0.9,"HSCEI":0.9,"BZmain":0.9,"09618":0.9,"01810":0.9,"LI":0.9,"CLmain":0.9,"ESmain":0.9,"XPEV":0.9,".SPX":0.9,"09988":0.9,"03333":0.9,"HSCCI":0.9,".IXIC":0.9,"HSI":0.9,"02015":0.9,"GCmain":0.9,"000001.SH":0.9,"09888":0.9,"BEKE":0.9,"NQmain":0.9,"HSTECH":0.9,"VUKE.UK":0.9,".DJI":0.9,"000792":0.9}},"isVote":1,"tweetType":1,"viewCount":3210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805839244,"gmtCreate":1627868981688,"gmtModify":1703496832461,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805839244","repostId":"1127485239","repostType":4,"repost":{"id":"1127485239","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":1627867350,"share":"https://ttm.financial/m/news/1127485239?lang=en_US&edition=fundamental","pubTime":"2021-08-02 09:22","market":"sh","language":"zh","title":"Opening: Hang Seng Index opened 0.36% higher, Hengteng Network resumed trading and rose more than 31%","url":"https://stock-news.laohu8.com/highlight/detail?id=1127485239","media":"老虎资讯综合","summary":"8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒","content":"<p>On August 2nd, the three major indices of Hong Kong stocks opened slightly higher, with the Hang Seng Index rising 0.36% to 26,054 points, the State Index rising 0.27% to 9,258 points, and the Hang Seng Technology Index rising 0.15% to 6,791 points.<img src=\"https://static.tigerbbs.com/48acf8c598fe7999ee803caf7fc59bdf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, Evergrande Department opened higher across the board,<a href=\"https://laohu8.com/S/00136\">Hengteng Network</a>The resumption of trading soared 31.58%,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>、<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>Both rising, Evergrande<a href=\"https://laohu8.com/S/00700\">Tencent</a>such as disposal of shares of the Company; Port shipping stocks, home appliance stocks, photovoltaic stocks, automobile stocks, banking stocks and education stocks mostly rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Opening sharply higher nearly 8% performs better; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/09999\">Netease</a>Opened 3.47% higher,<a href=\"https://laohu8.com/S/09888\">Baidu</a>Nearly 2%, Meituan rose 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low; Coal stocks were among the top losers, while insurance stocks and mobile phone concept stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Up nearly 3%, the stamp duty rate on stock transactions in the Hong Kong market has been officially adjusted.</p><p><a href=\"https://laohu8.com/S/03396\">Legend Holdings</a>It rose by nearly 6%, and it is expected that the medium-term net profit will increase greatly.</p><p><a href=\"https://laohu8.com/S/09868\">XPeng Motors</a>It rose by nearly 8%, and the delivery volume exceeded 8,000 units in July.</p><p><a href=\"https://laohu8.com/S/09001\">New Oriental</a>down 2.5%, canceling the results announcement and board meeting scheduled for this week.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Hang Seng Index opened 0.36% higher, Hengteng Network resumed trading and rose more than 31%</title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Hang Seng Index opened 0.36% higher, Hengteng Network resumed trading and rose more than 31%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-02 09:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 2nd, the three major indices of Hong Kong stocks opened slightly higher, with the Hang Seng Index rising 0.36% to 26,054 points, the State Index rising 0.27% to 9,258 points, and the Hang Seng Technology Index rising 0.15% to 6,791 points.<img src=\"https://static.tigerbbs.com/48acf8c598fe7999ee803caf7fc59bdf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, Evergrande Department opened higher across the board,<a href=\"https://laohu8.com/S/00136\">Hengteng Network</a>The resumption of trading soared 31.58%,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>、<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>Both rising, Evergrande<a href=\"https://laohu8.com/S/00700\">Tencent</a>such as disposal of shares of the Company; Port shipping stocks, home appliance stocks, photovoltaic stocks, automobile stocks, banking stocks and education stocks mostly rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Opening sharply higher nearly 8% performs better; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/09999\">Netease</a>Opened 3.47% higher,<a href=\"https://laohu8.com/S/09888\">Baidu</a>Nearly 2%, Meituan rose 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low; Coal stocks were among the top losers, while insurance stocks and mobile phone concept stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Up nearly 3%, the stamp duty rate on stock transactions in the Hong Kong market has been officially adjusted.</p><p><a href=\"https://laohu8.com/S/03396\">Legend Holdings</a>It rose by nearly 6%, and it is expected that the medium-term net profit will increase greatly.</p><p><a href=\"https://laohu8.com/S/09868\">XPeng Motors</a>It rose by nearly 8%, and the delivery volume exceeded 8,000 units in July.</p><p><a href=\"https://laohu8.com/S/09001\">New Oriental</a>down 2.5%, canceling the results announcement and board meeting scheduled for this week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","00136":"中国儒意","HSI":"恒生指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127485239","content_text":"8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒大汽车均上涨，恒大向腾讯等出售公司股份；港口航运股、家电股、光伏股、汽车股、银行股、教育股多数上涨，小鹏汽车大幅高开近8%表现较佳；大型科技股普涨，网易高开3.47%，百度涨近2%，美团涨1%，腾讯小幅低开；煤炭股跌幅居前，保险股、手机概念股下跌明显。\n香港交易所涨近3%，香港市场的股票交易印花税税率已正式调整。\n联想控股涨近6%，预计中期净利润大增。\n小鹏汽车涨近8%，7月交付量突破8000台。\n新东方跌2.5%，取消原定于本周举行的业绩发布及董事会会议。","news_type":1,"symbols_score_info":{"513600":0.9,"HHImain":0.9,"00136":0.9,"MCHmain":0.9,"HSI":0.9,"MHImain":0.9,"02833":0.9,"HSImain":0.9}},"isVote":1,"tweetType":1,"viewCount":3480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803446433,"gmtCreate":1627460117422,"gmtModify":1703490380388,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803446433","repostId":"1195908684","repostType":4,"repost":{"id":"1195908684","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":1627459755,"share":"https://ttm.financial/m/news/1195908684?lang=en_US&edition=fundamental","pubTime":"2021-07-28 16:09","market":"us","language":"zh","title":"Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%","url":"https://stock-news.laohu8.com/highlight/detail?id=1195908684","media":"老虎资讯综合","summary":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","content":"<p>On July 28th, some popular Chinese stocks stopped falling and rebounded before the market.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 5%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 3%, and Nio, Didi and Shell rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nPopular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-28 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 28th, some popular Chinese stocks stopped falling and rebounded before the market.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 5%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 3%, and Nio, Didi and Shell rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","LI":"理想汽车","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195908684","content_text":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","news_type":1,"symbols_score_info":{"LI":0.9,"TTTN":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":3226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177601110,"gmtCreate":1627203488930,"gmtModify":1703485528966,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177601110","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"What are we buying when we buy funds?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","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>What are we buying when we buy funds?</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\">\nWhat are we buying when we buy funds?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178867074,"gmtCreate":1626798287298,"gmtModify":1703765492707,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178867074","repostId":"2152695265","repostType":4,"isVote":1,"tweetType":1,"viewCount":3900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147844979,"gmtCreate":1626353000491,"gmtModify":1703758457012,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147844979","repostId":"2151052566","repostType":4,"repost":{"id":"2151052566","kind":"highlight","pubTimestamp":1626349838,"share":"https://ttm.financial/m/news/2151052566?lang=en_US&edition=fundamental","pubTime":"2021-07-15 19:50","market":"us","language":"zh","title":"BlackRock gives employees an 8% raise while chanting 'inflation is coming'","url":"https://stock-news.laohu8.com/highlight/detail?id=2151052566","media":"华尔街见闻","summary":"据报道，资管巨头贝莱德在周三表示，将对大多数员工从9月开始加薪8%，而该公司管理层认为美国目前的高通胀仍将持续下去。","content":"<p>As a leading enterprise in the global asset management industry,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The management believes that the current high inflation in the United States will continue, and they have given a way to deal with it: give employees a full-scale pay increase.</p><p>The company's CEO Larry Fink and president Rob Kapito said in a memo co-signed on Wednesday that they will increase base compensation by 8% for most employees, including directors, according to multiple media reports, and the increase will take effect starting in September.</p><p>At the same time, BlackRock's second-quarter revenue and profit data also greatly exceeded market expectations. According to the data, the company's second-quarter revenue rose 32% to $4.8 billion, higher than the market's previous estimate of $4.6 billion, while net income climbed 14% to $1.38 billion. Additionally, the company delivered adjusted EPS of $10.03, topping the market estimate of $9.48.</p><p>In a subsequent interview with the Financial Times, Larry Fink said that the salary increase for nearly 95% of the company's 16,500 employees was not forced by inflationary pressure, but to make the company's employees share the profits together.</p><p>In addition, Larry Fink also talked about the issue of inflation in an interview. He pointed out that many people are used to inflation below 2%, and he did not rule out the possibility of inflation staying above 3% because of higher energy costs, global supply chain disruptions, and the Federal Reserve's focus on job growth.</p><p>In an interview with Bloomberg, he also pointed out that inflation will bring epic changes. Although it may not be related to market worries, it will not be a short-term phenomenon as expected by some market strategists.</p><p>In fact, BlackRock is not the first business to prepare to give its employees a pay rise. As early as two months ago,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>It has issued a statement saying that it plans to raise the minimum hourly wage for U.S. employees to $25 by 2025, when the bank's minimum hourly wage for U.S. employees was $20. At the same time, the bank also requires its suppliers to set a minimum wage of $15 an hour.</p><p>And even earlier,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>Announced that it would give employees an average salary increase of 10% in stores throughout the company, while<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And other enterprises are planning to raise their employees.</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>BlackRock gives employees an 8% raise while chanting 'inflation is coming'</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\">\nBlackRock gives employees an 8% raise while chanting 'inflation is coming'\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-15 19:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a leading enterprise in the global asset management industry,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The management believes that the current high inflation in the United States will continue, and they have given a way to deal with it: give employees a full-scale pay increase.</p><p>The company's CEO Larry Fink and president Rob Kapito said in a memo co-signed on Wednesday that they will increase base compensation by 8% for most employees, including directors, according to multiple media reports, and the increase will take effect starting in September.</p><p>At the same time, BlackRock's second-quarter revenue and profit data also greatly exceeded market expectations. According to the data, the company's second-quarter revenue rose 32% to $4.8 billion, higher than the market's previous estimate of $4.6 billion, while net income climbed 14% to $1.38 billion. Additionally, the company delivered adjusted EPS of $10.03, topping the market estimate of $9.48.</p><p>In a subsequent interview with the Financial Times, Larry Fink said that the salary increase for nearly 95% of the company's 16,500 employees was not forced by inflationary pressure, but to make the company's employees share the profits together.</p><p>In addition, Larry Fink also talked about the issue of inflation in an interview. He pointed out that many people are used to inflation below 2%, and he did not rule out the possibility of inflation staying above 3% because of higher energy costs, global supply chain disruptions, and the Federal Reserve's focus on job growth.</p><p>In an interview with Bloomberg, he also pointed out that inflation will bring epic changes. Although it may not be related to market worries, it will not be a short-term phenomenon as expected by some market strategists.</p><p>In fact, BlackRock is not the first business to prepare to give its employees a pay rise. As early as two months ago,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>It has issued a statement saying that it plans to raise the minimum hourly wage for U.S. employees to $25 by 2025, when the bank's minimum hourly wage for U.S. employees was $20. At the same time, the bank also requires its suppliers to set a minimum wage of $15 an hour.</p><p>And even earlier,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>Announced that it would give employees an average salary increase of 10% in stores throughout the company, while<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And other enterprises are planning to raise their employees.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635511\">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/6ed062b2faa3a0680e0cd690b2172d7a","relate_stocks":{"BLK":"贝莱德"},"source_url":"https://wallstreetcn.com/articles/3635511","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151052566","content_text":"作为全球资管业中居于前列的企业，贝莱德的管理层认为美国目前的高通胀仍然将持续下去，而他们也给出了应对之法：给员工全面加薪。\n根据多家媒体的报道，该公司首席执行官Larry Fink和总裁Rob Kapito在周三共同签署的一份备忘录中表示，将对包括董事在内的大多数员工增加8%的基本薪酬，该加薪举措将从9月开始生效。\n与此同时，贝莱德公布的二季度收入和利润数据也大大超出了市场预期。根据数据，该公司二季度收入上升32%至48亿美元，高于市场此前预期的46亿美元，而净利润则攀升14%至13.8亿美元。此外，该公司调整后的每股收益为10.03美元，高于市场预期的9.48美元。\nLarry Fink在随后接受英国《金融时报》访问时称，为该公司1.65万员工中近95%的人加薪，并非迫于通胀压力，而是想让公司员工共同分享利润。\n此外，Larry Fink在接受访问时还谈到了通胀的问题。他指出，很多人已经习惯了2%以下的通胀，而他也没有排除通胀保持在3%以上的可能性，原因在于更高的能源成本，全球供应链中断，以及美联储对就业增长的关注。\n他在接受彭博社访问时也指出，通胀将带来史诗般的变化，尽管与市场的担忧未必相关，但也不会如部分市场策略师所料是短期现象。\n事实上，贝莱德并不是第一个准备给员工加薪的企业。早在两个月之前，美国银行就曾发表声明称，计划2025年前将美国员工最低时薪提高至25美元，当时该行的美国员工最低时薪为20美元。同时，该行也要求其供应商将最低工资设定为每小时15美元。\n而在更早之前，麦当劳宣布将在全公司门店给员工平均加薪10%，而沃尔玛、星巴克、亚马逊和摩根大通等也企业都计划给员工加薪。","news_type":1,"symbols_score_info":{"BLK":0.9}},"isVote":1,"tweetType":1,"viewCount":3398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154094318,"gmtCreate":1625458747034,"gmtModify":1703742123657,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154094318","repostId":"2149389882","repostType":4,"isVote":1,"tweetType":1,"viewCount":3559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155912125,"gmtCreate":1625368736967,"gmtModify":1703740873596,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155912125","repostId":"1198720542","repostType":4,"repost":{"id":"1198720542","kind":"news","pubTimestamp":1625361204,"share":"https://ttm.financial/m/news/1198720542?lang=en_US&edition=fundamental","pubTime":"2021-07-04 09:13","market":"sh","language":"zh","title":"Someone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita","url":"https://stock-news.laohu8.com/highlight/detail?id=1198720542","media":"每日经济新闻","summary":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励","content":"<p><div>Gree and Xiaomi, one after another, throw equity incentive plans. On July 2nd, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees on the same day. As of the close of Hong Kong stocks on July 2nd, the share price of Xiaomi Group was HK$ 26.2/share, so the total amount of awarded shares this time reached HK$ 1.84 billion (about RMB 1.534 billion), and the per capita award was about HK$ 470,000 (about RMB 392,900). Selected employees are at least 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">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>Someone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita</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\">\nSomeone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita\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\">2021-07-04 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Gree and Xiaomi, one after another, throw equity incentive plans. On July 2nd, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees on the same day. As of the close of Hong Kong stocks on July 2nd, the share price of Xiaomi Group was HK$ 26.2/share, so the total amount of awarded shares this time reached HK$ 1.84 billion (about RMB 1.534 billion), and the per capita award was about HK$ 470,000 (about RMB 392,900). Selected employees are at least 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634498\">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/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3634498","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198720542","content_text":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励股份的总额达到18.4亿港元（约合人民币15.34亿元），人均奖励约47万港元（约合39.29万元人民币）。\n入选员工最小24岁\n根据公告，小米集团董事会于2021年7月2日根据股份奖励计划奖励合共7023万股奖励股份予3904名选定参与者。所有选定参与者均为非关连承授人。上述奖励不会筹集任何新资金。\n\n小米集团称，授出奖励日的股份收市价为26.20港元。按照上述股市收市价计算，合计奖励金额达到18.4亿港元。\n此次获得奖励股份的小米员工包括集团优秀青年工程师、优秀应届生和团队核心岗位的优秀员工，以及年度技术大奖的获得者。\n小米特别提到，在以上员工中，有约700名优秀青年工程师入选了小米最新的人才激励项目“青年工程师激励计划”，他们将获得总计1604.2万股的股票。经简单计算，这700名青年工程师人均获发的股票价值为60万港元（约合50万元人民币）。\n公告发布以后，小米创始人雷军发布微博表示，是他亲自负责了“青年工程师激励计划”，首批入选的近700名青年工程师主要是研发工程师、测试、产品经理、设计师等，其中最小的员工仅24岁。\n\n有网友评论称：“现在入职还来的及吗？”“这样工程师肯定会更努力！激发创造力了”还有一位网友调侃称，“我还有汽修专业的高级技工证书，你看什么时候安排一下填入职表，雷总？”\n\n据了解，小米于今年3月30日官宣造车。每日经济新闻此前曾报道，小米官宣造车后，雷军已拜访上汽通用五菱、长城汽车等车企，并与蔚来汽车创始人、董事长兼CEO李斌，理想汽车创始人、CEO李想，小鹏汽车董事长兼CEO何小鹏，以及比亚迪股份有限公司董事长兼总裁王传福等业内人士商谈。\n与此同时，包括武汉、西安等地都表示积极对接“小米造车”项目，希望小米汽车落户。一时之间，一场争夺小米汽车的暗战已经打响。\n小米上市以来多次发布股权激励计划\n2018年的7月9日，小米集团登陆港交所，成为首批港交所力推“同股不同权”的挂牌企业，发行价为17港元。\n自1月初达到35.9港元/股的高点后，今年以来小米股价累计跌幅达21%。自上市至今，小米集团股价累计涨幅为54%。\n近日，小米公布一季度业绩显示，总收入同比增长54.7%至769亿元，经调整净利润达到人民币61亿元，同比增长163.8%，业绩增长大超市场预期，总收入和经调整净利润均创下单季度历史新高。\n2020年全年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。\n据证券时报统计，小米自上市以来，共发布了11次股权激励计划，其中，2019年有4次，2020年有5次，今年来也已有2次。\n最近一次发生在2021年1月6日，当时一共给2405名员工授予了1686.63万股，当时的小米股价为33.90港元，授予股份的整体价值为5.72亿港元。\n\n股份奖励是上市公司常见的激励员工的方式之一。就在不久前，格力电器（000651）就发布了员工持股计划草案，参与员工数达1.2万人。\n不过格力的计划和小米有所不同，小米是给员工发股票，而格力是以折扣后的价格让员工买股票。\n格力1.2万名员工可5折买股票打组合拳再出手回购6000万股\n刚刚过去的6月份，格力股价下跌了7.46%，今年以来累计下跌了17%。\n股价下跌之际，格力再度出手回购自家公司股票。\n7月2日晚间，格力电器公告称，截至6月30日，该公司第三期回购计划以集中竞价方式累计回购公司股份6001万股，占总股本的0.9975%，支付的总金额为31.75亿元。其中，最高成交价为56.11元/股，最低成交价为49.92元/股。\n截至目前，格力已经完成了前两期共120亿元回购，加上此番30亿元回购，已经累计动用了150亿元回购自家股票。\n除了大手笔的回购，6月30日，格力刚刚召开完股东大会，备受争议的格力员工持股计划顺利通过，1.34万人的投票更是创纪录。\n\n此事源于6月20日晚间，格力公布第一期员工持股计划，规模总额不超过30亿元，覆盖员工人数最高为1.2万人，员工持股计划购买公司回购股份的价格为27.68元/股，回购股票规模不超过1.08亿股，占该公司当前总股本的1.80%。\n由于员工5折“买股票”，董明珠一人更是认购3000万股，账面浮盈就达8亿元，一度备受市场争议。\n\n紧接着，6月27日晚间，格力电器发布公告称，将第二期回购的股份变更为直接注销减少注册资本，显然对股东而言是一大利好消息。\n此外，董明珠还罕见的现身接待机构投资者。在被问到“公司后续会不会注销回购股份，长期分红比例会不会加大？”的问题时，格力电器回应，该公司回购股票不仅仅为了股权激励，更重要的是维护股东、社会、员工的利益，是否会注销回购股份需要结合实际情况研究，按程序决策。\n即第三期回购是否注销，目前还没有结论。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167186027,"gmtCreate":1624252220169,"gmtModify":1703831641275,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>up up up","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>up up up","text":"$Sundial Growers Inc.(SNDL)$up up up","images":[{"img":"https://static.tigerbbs.com/a7904732f350260a7c95fcc53db4ae13","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/167186027","isVote":1,"tweetType":1,"viewCount":1502,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"content":"Give me a rise today","text":"Give me a rise today","html":"Give me a rise today"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":162429055,"gmtCreate":1624072027777,"gmtModify":1703828217822,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/162429055","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股","content":"<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","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>Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech 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\">\nSurge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股各行业市值榜首！\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化（见下图）。数据来源：Wind\n与此同时，港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源：Wind\n市值增长的主要原因是港股上市公司的大幅扩张，上市公司数量由10年前的1448家增至现今的近2600家。于此同时，曾以金融、地产股为主的恒生指数涨幅则相对有限，十年间仅有约20%。\n港股上市公司数量，如下图所示。\n\n从各行业指数市值占比来看，恒生资讯科技业指数比重（占入选恒生系列行业指数的公司总市值）由2011年6月的3%爆发式增至最新的25%！\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块，则明显跑输市场，甚至能源已不再是一个权重板块。\n数据来源：Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显，由占比46%下滑至25%，是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱，市值占比从10%降至9%。\n此外，近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元，10年来不增反而腰斩，市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年，可以说是中国科技公司的黄金10年，阿里、腾讯双雄爆发式成长，市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传，但美团已成为市值近2万亿的科技龙头，小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利，市值达到万亿量级。百度、网易稍逊风骚，虽不如本世纪前十年的爆发式增长，也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展，造就了快手、哔哩哔哩等视频龙头的崛起。此外，据媒体今年4月报道称，字节跳动已向港交所提交了承销商聘用函，启动了赴港上市流程，估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股，未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利，另外一边则是港交所痛定思痛，自身改革。\n港交所在2014年错失阿里巴巴后，最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说，从2018年起，对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市，其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场，已是投资中国科技行业不可或缺的市场！","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":1106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111862247,"gmtCreate":1622675802189,"gmtModify":1704188535192,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111862247","repostId":"1124831677","repostType":4,"repost":{"id":"1124831677","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":1622644371,"share":"https://ttm.financial/m/news/1124831677?lang=en_US&edition=fundamental","pubTime":"2021-06-02 22:32","market":"us","language":"zh","title":"Foreign media: Former US President Trump's blog page was permanently closed","url":"https://stock-news.laohu8.com/highlight/detail?id=1124831677","media":"老虎资讯综合","summary":"CNBC援引特朗普发言人的话报道称，前总统唐纳德·特朗普的博客页面已被永久关闭。CNBC援引特朗普高级助手杰森·米勒的话报道，特朗普网站的“From the Desk of Donald J. Tru","content":"<p>CNBC reported that former President Donald Trump's blog page has been permanently shut down, citing a Trump spokesman. the \"From the Desk of Donald J. Trump\" page on Trump's website has been removed and \"won't come back,\" CNBC reported, citing top Trump aide Jason Miller.</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>Foreign media: Former US President Trump's blog page was permanently closed</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\">\nForeign media: Former US President Trump's blog page was permanently closed\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-02 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>CNBC reported that former President Donald Trump's blog page has been permanently shut down, citing a Trump spokesman. the \"From the Desk of Donald J. Trump\" page on Trump's website has been removed and \"won't come back,\" CNBC reported, citing top Trump aide Jason Miller.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c21335c9fbf67353f7991d911935c983","relate_stocks":{"DJT":"特朗普媒体科技集团",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124831677","content_text":"CNBC援引特朗普发言人的话报道称，前总统唐纳德·特朗普的博客页面已被永久关闭。CNBC援引特朗普高级助手杰森·米勒的话报道，特朗普网站的“From the Desk of Donald J. Trump”页面已被移除，“不会再回来”。","news_type":1,"symbols_score_info":{"DJT":1,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113068719,"gmtCreate":1622586815031,"gmtModify":1704186643870,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113068719","repostId":"1145299249","repostType":4,"repost":{"id":"1145299249","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":1622560648,"share":"https://ttm.financial/m/news/1145299249?lang=en_US&edition=fundamental","pubTime":"2021-06-01 23:17","market":"sh","language":"zh","title":"WHO Adds China's Sinovac COVID-19 Vaccine to 'Emergency Use List'","url":"https://stock-news.laohu8.com/highlight/detail?id=1145299249","media":"老虎资讯综合","summary":"当地时间6月1日，世界卫生组织宣布，由中国科兴研发的新冠疫苗正式通过世卫组织紧急使用认证。世卫组织免疫战略咨询专家组根据现有数据建议，18岁以上的成年人可以接种两剂次科兴疫苗，疫苗接种间隔为2到4周。","content":"<p>On June 1, local time, the World Health Organization announced that the COVID-19 vaccine developed by Sinovac officially passed the WHO emergency use certification. The WHO Advisory Expert Group on Immunization Strategies recommends, based on available data, that adults over the age of 18 can receive two doses of Sinovac vaccine, with vaccination intervals of two to four weeks. The data shows that Sinovac vaccine can prevent severe cases 100%.</p><p>At present, seven COVID-19 vaccines have passed the WHO emergency use certification. Previously, China's Sinopharm COVID-19 vaccine has been certified for emergency use by WHO and officially provided vaccines to the \"COVID-19 Vaccine Implementation Plan\".</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>WHO Adds China's Sinovac COVID-19 Vaccine to 'Emergency Use List'</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\">\nWHO Adds China's Sinovac COVID-19 Vaccine to 'Emergency Use List'\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-01 23:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 1, local time, the World Health Organization announced that the COVID-19 vaccine developed by Sinovac officially passed the WHO emergency use certification. The WHO Advisory Expert Group on Immunization Strategies recommends, based on available data, that adults over the age of 18 can receive two doses of Sinovac vaccine, with vaccination intervals of two to four weeks. The data shows that Sinovac vaccine can prevent severe cases 100%.</p><p>At present, seven COVID-19 vaccines have passed the WHO emergency use certification. Previously, China's Sinopharm COVID-19 vaccine has been certified for emergency use by WHO and officially provided vaccines to the \"COVID-19 Vaccine Implementation Plan\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/798398ce231ff745c67914ec77089e7c","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145299249","content_text":"当地时间6月1日，世界卫生组织宣布，由中国科兴研发的新冠疫苗正式通过世卫组织紧急使用认证。世卫组织免疫战略咨询专家组根据现有数据建议，18岁以上的成年人可以接种两剂次科兴疫苗，疫苗接种间隔为2到4周。数据显示，科兴疫苗可以100%防止重症病例。目前，已经有7款新冠疫苗通过世卫组织紧急使用认证。此前，中国国药新冠疫苗已获世卫组织紧急使用认证，并正式向“新冠肺炎疫苗实施计划”提供疫苗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110850722,"gmtCreate":1622441689566,"gmtModify":1704184480066,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110850722","repostId":"1134882458","repostType":4,"repost":{"id":"1134882458","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":1622440903,"share":"https://ttm.financial/m/news/1134882458?lang=en_US&edition=fundamental","pubTime":"2021-05-31 14:01","market":"sh","language":"zh","title":"Dario: The yuan will become a global reserve currency sooner than expected","url":"https://stock-news.laohu8.com/highlight/detail?id=1134882458","media":"老虎资讯综合","summary":"桥水基金创始人达里奥在接受采访时表示，人民币将比大多数人预期的更早成为全球储备货币。美元目前是全球储备货币，但达里奥表示，未来几年人民币的作用可能会大得多。他补充称，未来几年可能会有更多的全球贸易和金","content":"<p>Dario, founder of Bridgewater, said in an interview that the yuan will become the global reserve currency sooner than most people expected. The dollar is currently the global reserve currency, but Mr Dalio said the yuan's role could be much greater in the coming years. He added that more global trade and financial transactions are likely to be denominated in yuan in the coming years, which will help the yuan become more widely used internationally. (CNBC)</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>Dario: The yuan will become a global reserve currency sooner than expected</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\">\nDario: The yuan will become a global reserve currency sooner than expected\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-31 14:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dario, founder of Bridgewater, said in an interview that the yuan will become the global reserve currency sooner than most people expected. The dollar is currently the global reserve currency, but Mr Dalio said the yuan's role could be much greater in the coming years. He added that more global trade and financial transactions are likely to be denominated in yuan in the coming years, which will help the yuan become more widely used internationally. (CNBC)</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d6df5ac01fa3efdb94210e5814bffebf","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134882458","content_text":"桥水基金创始人达里奥在接受采访时表示，人民币将比大多数人预期的更早成为全球储备货币。美元目前是全球储备货币，但达里奥表示，未来几年人民币的作用可能会大得多。他补充称，未来几年可能会有更多的全球贸易和金融交易以人民币计价，这将有助于人民币在国际上得到更广泛的使用。（CNBC）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":814599573,"gmtCreate":1630837975692,"gmtModify":1676530403749,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/814599573","repostId":"1175837799","repostType":4,"repost":{"id":"1175837799","kind":"news","pubTimestamp":1630830102,"share":"https://ttm.financial/m/news/1175837799?lang=en_US&edition=fundamental","pubTime":"2021-09-05 16:21","market":"sh","language":"zh","title":"The first batch of business rules of Beijing Stock Exchange are released, and one article understands six key points","url":"https://stock-news.laohu8.com/highlight/detail?id=1175837799","media":"中国证券报","summary":"北京证券交易所有限责任公司已完成工商注册，成立及核准日期为9月3日，全国中小企业股份转让系统有限责任公司为股东。注册信息显示，北京证券交易所有限责任公司法定代表人为徐明，注册资本10亿元人民币。徐明还","content":"<p><div>Beijing Stock Exchange Co., Ltd. has completed its industrial and commercial registration, and its establishment and approval date is September 3rd. National Equities Exchange and Quotations Co., Ltd. is the shareholder. According to the registration information, the legal representative of Beijing Stock Exchange Co., Ltd. is Xu Ming, with a registered capital of RMB 1 billion. Xu Ming also serves as Party Secretary and Chairman of National Equities Exchange and Quotations Co., Ltd. Beijing Stock Exchange Co., Ltd. was incorporated, and Xu Ming was the chairman of the board. The first batch of business rules of Beijing Stock Exchange (hereinafter referred to as North Stock Exchange) were publicly solicited for opinions! The first batch of business rules are \"Beijing...</p><p><a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">Web link</a></div></p>","source":"zgzqb","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 first batch of business rules of Beijing Stock Exchange are released, and one article understands six key points</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 first batch of business rules of Beijing Stock Exchange are released, and one article understands six key points\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-09-05 16:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Beijing Stock Exchange Co., Ltd. has completed its industrial and commercial registration, and its establishment and approval date is September 3rd. National Equities Exchange and Quotations Co., Ltd. is the shareholder. According to the registration information, the legal representative of Beijing Stock Exchange Co., Ltd. is Xu Ming, with a registered capital of RMB 1 billion. Xu Ming also serves as Party Secretary and Chairman of National Equities Exchange and Quotations Co., Ltd. Beijing Stock Exchange Co., Ltd. was incorporated, and Xu Ming was the chairman of the board. The first batch of business rules of Beijing Stock Exchange (hereinafter referred to as North Stock Exchange) were publicly solicited for opinions! The first batch of business rules are \"Beijing...</p><p><a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b303111eac31304c346c874474ce61e6","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://finance.ifeng.com/c/89I6heHUGyD","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175837799","content_text":"北京证券交易所有限责任公司已完成工商注册，成立及核准日期为9月3日，全国中小企业股份转让系统有限责任公司为股东。注册信息显示，北京证券交易所有限责任公司法定代表人为徐明，注册资本10亿元人民币。徐明还在全国中小企业股份转让系统有限责任公司任职，职务为该公司党委书记、董事长。北京证券交易所有限责任公司注册成立,徐明任董事长\n北京证券交易所（下称北交所）首批业务规则公开征求意见！\n首批业务规则为《北京证券交易所股票上市规则（试行）》（简称《上市规则》）、《北京证券交易所交易规则（试行）》（简称《交易规则》）、《北京证券交易所会员管理规则（试行）》（简称《会员管理规则》）。业务规则的起草，既遵循证券交易所制度建设的普遍规律，又充分考虑北交所服务创新型中小企业的市场地位。\n本次就上市规则、交易规则和会员管理规则公开征求意见结束后，北交所将根据意见情况进一步完善，经履行有关程序后发布实施。近期，北交所还将就落实公开发行注册制下审核职责相关的自律规则公开征求市场意见。\n主要内容：\n北交所上市标准平移精选层的四套“财务+市值”的条件\n不再实行主办券商持续督导制度\n为引入做市机制、实行混合交易预留制度空间\n探索与公司制交易所相契合的会员管理制度\n对现金分红比例不作硬性要求\n允许在充分披露并履行相应程序的前提下，合理设置低于股票市价的期权行权价格，以增强激励功效\n符合新三板基本挂牌条件或创新层条件的，鼓励进入相应层级挂牌交易\n平移精选层上市标准\n在结构上，《上市规则》由发行上市、持续监管、退市机制和监管处理等四部分组成。\n北交所的上市标准平移精选层的4套准入标准。这一制度安排更适合盈利能力相对稳定且具备一定经营杠杆的成长型企业。\n目前，在精选层现有66家公司中，上述4套标准均有覆盖。其中，以第一套标准进入精选层的公司占绝大多数。\n根据《上市规则》，在全国股转系统连续挂牌满12个月的创新层挂牌公司可以申请到北交所上市。目前，不管是创新层，还是基础层，符合上述4套标准中财务条件的挂牌公司数量比较充足。\n停复牌管理更加严格\n相较于精选层挂牌公司，北交所在持续监管方面做了四大方面的调整。\n一是公司治理更加优化。增加了独立董事应当发表意见的情形，将资金占用主体范围扩大到控股股东、实际控制人及其关联方，紧盯“关键少数”；明确了不得新增影响持续经营能力的同业竞争，确保上市公司独立性。\n二是信息披露要求更加具体。例如，《上市规则》细化了自愿披露、豁免披露、暂缓披露、行业和风险信息披露等具体要求，提高披露针对性和有效性。\n三是停复牌管理更加严格。《上市规则》贯彻“少停、短停、分阶段停”的监管原则，要求上市公司不得滥用停复牌机制，不得利用停牌替代信息保密，确保市场交易的连续性，保障投资者交易权利。筹划重大资产重组或发行股份购买资产的，停牌时间压缩至不超过10个交易日，筹划其他重大事项不超过5个交易日，因特殊情形延期复牌的，连续停牌总时长不超过25个交易日。\n四是主体责任更加清晰。北交所不再实行主办券商“终身”持续督导，由保荐机构履行规定期限内的持续督导职责。需要强调的是，为确保平稳过渡，在北交所开市初期，上市公司与主办券商已签订的持续督导协议应继续执行，信息披露和日常业务仍按现行模式办理，北交所将尽快明确后续制度切换安排。\n为混合交易预留空间\n从内容来看，《交易规则》整体延续精选层以连续竞价为核心的交易制度，涨跌幅限制等其他主要规定也均保持不变。\n主要内容方面，一是实行30%的价格涨跌幅限制，给予市场充分的价格博弈空间，保障价格发现效率。\n二是上市首日不设涨跌幅限制，实施临时停牌机制。即当盘中成交价格较开盘价首次上涨或下跌达到或超过30%、60%时，盘中临时停牌10分钟，复牌时进行集合竞价。据了解，配套个股临时停牌机制主要是为了避免股价快速非理性波动带来市场恐慌和盲目交易，给予市场一定的冷静期。\n三是连续竞价期间，对限价申报设置基准价格上下5%的申报有效价格范围，对市价申报采取限价保护措施。\n四是买卖申报的最低数量为100股，每笔申报可以1股为单位递增。\n五是单笔申报数量不低于10万股或成交金额不低于100万元的，可以进行大宗交易。\n市场人士认为，上述交易安排，不改变投资者交易习惯，不增加市场负担，体现中小企业股票交易特点，确保了市场交易的稳定性和连续性。\n值得一提的是，北交所还为引入做市机制、实行混合交易预留了制度空间。\n探索与公司制交易所相契合的\n会员管理制度\n根据《会员管理规则》，北交所探索与公司制交易所相契合的会员管理制度。\n北交所作为公司制交易所实行会员管理，会员是证券公司开展业务的资格载体。区别于会员制交易所，会员在公司制交易所不享有财产所有权。实施会员管理是落实上位法对于证券交易所的明确要求，在境内外公司制交易所有较多成熟实践，《会员管理规则》予以吸收借鉴，重点明确了对会员交易风险控制、客户管理、交易信息使用和技术系统管理等方面的要求，强化监督机制，督促会员在各项业务活动中归位尽责。\n\n对现金分红比例不作硬性要求\n北交所上市公司监管制度在遵循上市公司监管的基本要求的前提下，充分考虑了北交所服务创新型中小企业的市场定位，总结吸收了精选层运行以来的监管实践。\n特色方面，《上市规则》充分吸收了精选层前期实践经验，承袭契合创新型中小企业特点的监管制度，形成了体现北交所市场定位和特色的差异化制度安排，有效平衡了中小企业在资本市场的规范成本与收益。\n例如，对现金分红比例不作硬性要求，鼓励公司根据自身实际“量力而为”；对于股权激励，允许在充分披露并履行相应程序的前提下，合理设置低于股票市价的期权行权价格，以增强激励功效。\n明确主动退市与强制退市安排\n退市制度主要包括以下三个方面内容。\n一是退市标准，即“谁应退”。《上市规则》明确了主动退市与强制退市安排，强制退市分为交易类、财务类、规范类和重大违法类等四类情形，构建了多元丰富的指标组合。其中，财务类强制退市考察期为两年，指标不交叉适用。\n二是退市程序，即“怎么退”。《上市规则》规定了退市风险警示，作为强制退市的先导制度，既向市场充分揭示风险，也保障投资者的交易权利；明确强制退市由上市委员会审议，确保退市决定的严肃性和审慎性。\n三是退市去向，即“退到哪”。北交所充分发挥与新三板市场一体发展的制度优势，对于退市公司，符合新三板基本挂牌条件或创新层条件的，鼓励进入相应层级挂牌交易，继续发展；存在重大违法等情形，不符合挂牌条件的，转入退市公司板块，体现了对退市风险“分类纾解、充分缓释”的创新探索。此外，北交所退市公司符合重新上市条件的，可以申请重新上市。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167186027,"gmtCreate":1624252220169,"gmtModify":1703831641275,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>up up up","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>up up up","text":"$Sundial Growers Inc.(SNDL)$up up up","images":[{"img":"https://static.tigerbbs.com/a7904732f350260a7c95fcc53db4ae13","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/167186027","isVote":1,"tweetType":1,"viewCount":1502,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"content":"Give me a rise today","text":"Give me a rise today","html":"Give me a rise today"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":178867074,"gmtCreate":1626798287298,"gmtModify":1703765492707,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178867074","repostId":"2152695265","repostType":4,"isVote":1,"tweetType":1,"viewCount":3900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162429055,"gmtCreate":1624072027777,"gmtModify":1703828217822,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/162429055","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股","content":"<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","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>Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech 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\">\nSurge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股各行业市值榜首！\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化（见下图）。数据来源：Wind\n与此同时，港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源：Wind\n市值增长的主要原因是港股上市公司的大幅扩张，上市公司数量由10年前的1448家增至现今的近2600家。于此同时，曾以金融、地产股为主的恒生指数涨幅则相对有限，十年间仅有约20%。\n港股上市公司数量，如下图所示。\n\n从各行业指数市值占比来看，恒生资讯科技业指数比重（占入选恒生系列行业指数的公司总市值）由2011年6月的3%爆发式增至最新的25%！\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块，则明显跑输市场，甚至能源已不再是一个权重板块。\n数据来源：Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显，由占比46%下滑至25%，是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱，市值占比从10%降至9%。\n此外，近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元，10年来不增反而腰斩，市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年，可以说是中国科技公司的黄金10年，阿里、腾讯双雄爆发式成长，市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传，但美团已成为市值近2万亿的科技龙头，小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利，市值达到万亿量级。百度、网易稍逊风骚，虽不如本世纪前十年的爆发式增长，也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展，造就了快手、哔哩哔哩等视频龙头的崛起。此外，据媒体今年4月报道称，字节跳动已向港交所提交了承销商聘用函，启动了赴港上市流程，估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股，未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利，另外一边则是港交所痛定思痛，自身改革。\n港交所在2014年错失阿里巴巴后，最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说，从2018年起，对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市，其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场，已是投资中国科技行业不可或缺的市场！","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":1106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110850722,"gmtCreate":1622441689566,"gmtModify":1704184480066,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110850722","repostId":"1134882458","repostType":4,"repost":{"id":"1134882458","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":1622440903,"share":"https://ttm.financial/m/news/1134882458?lang=en_US&edition=fundamental","pubTime":"2021-05-31 14:01","market":"sh","language":"zh","title":"Dario: The yuan will become a global reserve currency sooner than expected","url":"https://stock-news.laohu8.com/highlight/detail?id=1134882458","media":"老虎资讯综合","summary":"桥水基金创始人达里奥在接受采访时表示，人民币将比大多数人预期的更早成为全球储备货币。美元目前是全球储备货币，但达里奥表示，未来几年人民币的作用可能会大得多。他补充称，未来几年可能会有更多的全球贸易和金","content":"<p>Dario, founder of Bridgewater, said in an interview that the yuan will become the global reserve currency sooner than most people expected. The dollar is currently the global reserve currency, but Mr Dalio said the yuan's role could be much greater in the coming years. He added that more global trade and financial transactions are likely to be denominated in yuan in the coming years, which will help the yuan become more widely used internationally. (CNBC)</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>Dario: The yuan will become a global reserve currency sooner than expected</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\">\nDario: The yuan will become a global reserve currency sooner than expected\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-31 14:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dario, founder of Bridgewater, said in an interview that the yuan will become the global reserve currency sooner than most people expected. The dollar is currently the global reserve currency, but Mr Dalio said the yuan's role could be much greater in the coming years. He added that more global trade and financial transactions are likely to be denominated in yuan in the coming years, which will help the yuan become more widely used internationally. (CNBC)</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d6df5ac01fa3efdb94210e5814bffebf","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134882458","content_text":"桥水基金创始人达里奥在接受采访时表示，人民币将比大多数人预期的更早成为全球储备货币。美元目前是全球储备货币，但达里奥表示，未来几年人民币的作用可能会大得多。他补充称，未来几年可能会有更多的全球贸易和金融交易以人民币计价，这将有助于人民币在国际上得到更广泛的使用。（CNBC）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813163518,"gmtCreate":1630153096634,"gmtModify":1676530235450,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813163518","repostId":"1183584379","repostType":4,"repost":{"id":"1183584379","kind":"news","pubTimestamp":1629971157,"share":"https://ttm.financial/m/news/1183584379?lang=en_US&edition=fundamental","pubTime":"2021-08-26 17:45","market":"us","language":"zh","title":"Zhiwen Group's revenue in the second quarter was 3.6717 billion yuan, profitable for 26 consecutive quarters","url":"https://stock-news.laohu8.com/highlight/detail?id=1183584379","media":"新浪财经","summary":"Hello Group Inc.正式宣布启用新的中文名称“挚文集团”。","content":"<p>On August 26th, Beijing time, Hello Group Inc. (Nasdaq: MOMO), a NASDAQ-listed company, officially announced the launch of a new Chinese name \"Zhiwen Group\". On the same day, Zhiwen Group announced its unaudited financial results for the second quarter of 2021.</p><p><img src=\"https://static.tigerbbs.com/b7ca6ed65ca9bd63ceca31eb6b025122\" tg-width=\"636\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p>According to the financial report, in the second quarter of 2021, the net revenue of Zhiwen Group reached 3.671.7 billion yuan (about 568.7 million USD), which is not measured in accordance with U.S. GAAP. The net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (about 85.3 million USD), which continued to be profitable for 26 quarters.</p><p>According to data compiled by Bloomberg, on average, 10 analysts on Wall Street estimated that Zhiwen Group's average revenue in the second quarter of 2021 would be 3.6347 billion yuan, with the highest estimate of 3.663 billion yuan. According to the financial report, Zhiwen Group's net revenue in the second quarter of 2021 was 3.6717 billion yuan (about 568.7 million USD), exceeding Wall Street's expectations.</p><p><b>Second Quarter 2021 Results Summary</b></p><p>Net revenue reached 3.671.7 billion yuan (approximately 568.7 million USD).</p><p>Net profit attributable to Zhiwen Group was 464.2 million yuan (approximately US$71.9 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 551.0 million yuan (approximately US$85.3 million).</p><p>Diluted net income per American depositary share (ADS) was 2.15 yuan (approximately $0.33).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p>June 2021,<a href=\"https://laohu8.com/S/MOMO\">Momo</a>The main App has 115.6 million monthly active users, a record high.</p><p>In the second quarter of 2021, the total number of paid subscribers of live broadcast services and value-added services after deduplication reached 12.4 million (including 3.1 million paid subscribers of Tantan).</p><p><b>Summary of Financial Results for the First Half of 2021</b></p><p>Net revenue reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group was 925.8 million yuan (approximately US$143.4 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 1,184.6 million yuan (approximately US$183.5 million).</p><p>Diluted net income per American depositary share (ADS) was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 5.45 yuan (approximately $0.84).</p><p><b>Executive Comments</b></p><p>Wang Li, CEO of Zhiwen Group, said: \"The second quarter of 2021 was a solid quarter, and we have made good progress in terms of financial and strategic priorities. The fundamentals of Momo's main App as a social platform continue to strengthen, and its revenue performance and revenue structure are also steadily advancing. The company's healthy and high-yield core business provides a solid guarantee for us to open up new areas and build a long-term growth engine for the Group.\"</p><p><b>Second Quarter 2021 Financial Results</b></p><p><b><i>Net revenue</i></b></p><p>Net revenue for the second quarter of 2021 was 3,671.7 million yuan (approximately $568.7 million).</p><p>Revenue from live streaming services in the second quarter of 2021 was RMB2,101.3 million (approximately US$325.5 million). In the second quarter of 2021, the revenue of Tantan Live Service was 216.5 million yuan (approximately 33.5 million USD).</p><p>Revenue from value-added services reached 1,507.3 million yuan (approximately US$233.4 million) in the second quarter of 2021, representing a year-on-year increase of 25.2% from 1,204.3 million yuan in the previous year. Revenue from value-added services includes revenue from virtual gift services and revenue from member subscription services. The increase in value-added service revenue was mainly due to the continuous growth of virtual gift business of Momo's main App, which was driven by continuous innovation in products and operations, and Momo's introduction of more payment schemes to enhance users' social entertainment experience, while to a lesser extent, it was affected by the growth of virtual gift revenue of new products.</p><p>In the second quarter of 2021, mobile marketing revenue was 51.6 million yuan (approximately $8 million), and mobile gaming revenue was 9.2 million yuan (approximately $1.4 million).</p><p>The net revenue of Momo's main App in the second quarter of 2021 was 3,157.5 million yuan (approximately $489.0 million). Tantan's net revenue in the second quarter of 2021 was 513.5 million yuan (approximately $79.5 million).</p><p><b><i>Costs and Expenditures</i></b></p><p>Costs and expenses for the second quarter of 2021 were RMB3,075.6 million (approximately US$476.4 million), a decrease of 2.3% from RMB3,146.9 million in the same period of the previous year. The decrease in costs and expenses was mainly due to:</p><p>1. The decrease in the fair value of the liability options granted to the founding team of Tantan;</p><p>2. The decrease of infrastructure-related expenses such as server depreciation;</p><p>3. Reduction of payment channel commissions.</p><p>These decreases were partially offset by an increase in the recipient share of virtual gifts associated with virtual gift services, an increase in the anchor revenue share associated with Tantan's live streaming business, and an increase in marketing expenses to promote the live streaming services.</p><p>In the second quarter of 2021, costs and expenses, not measured in accordance with U.S. GAAP, were RMB2,980.1 million (approximately US$461.6 million), representing an increase of 1.9% from RMB2,923.7 million in the same period of the previous year.</p><p><b><i>Other operating profit</i></b></p><p>Other operating profit for the second quarter of 2021 was 90.3 million yuan (approximately $14 million).</p><p><b><i>Operating Profit</i></b></p><p>Operating profit for the second quarter of 2021 was 686.3 million yuan (approximately $106.3 million). The operating profit of Momo's main App in the second quarter of 2021 was 711.3 million yuan (approximately $110.2 million). Tantan's operating loss in the second quarter of 2021 was 11.9 million yuan (approximately $1.8 million).</p><p>Not measured in accordance with U.S. GAAP, operating profit for the second quarter of 2021 was 781.9 million yuan (approximately $121.1 million). Not measured in accordance with U.S. GAAP, the operating profit of Momo's main App in the second quarter of 2021 was 835.8 million yuan (approximately US$129.5 million). Not measured in accordance with U.S. GAAP, Tantan's operating loss in the second quarter of 2021 was 40.9 million yuan (approximately $6.3 million).</p><p><b><i>Income tax expense</i></b></p><p>Income tax expense for the second quarter of 2021 was 291.5 million yuan (approximately $45.1 million), a decrease compared to 443.6 million yuan in the same period of the previous year. The decrease in income tax expense was mainly due to:</p><p>1. The decrease in profit in the second quarter of 2021;</p><p>2. Reduction of 10% withholding income tax on Dividend paid by our wholly foreign-owned enterprises when distributing Dividend to our overseas companies. This portion of Dividend was 1.3 billion yuan (approximately US$201.3 million) and withholding income tax was 130 million yuan (approximately US$20.1 million). This portion of Dividend and withholding income tax were both paid in the second quarter of 2021.</p><p><b><i>Net Profit</i></b></p><p>Net income for the second quarter of 2021 was 461.5 million yuan (approximately $71.5 million). The net profit of Momo's main App in the second quarter of 2021 was 481.3 million yuan (approximately $74.5 million). Tantan's net loss for the second quarter of 2021 was 6.7 million yuan (approximately $1 million).</p><p>Not measured in accordance with U.S. GAAP, net income for the second quarter of 2021 was 548.3 million yuan (approximately $84.9 million). Not measured in accordance with U.S. GAAP, the net profit of Momo's main App in the second quarter of 2021 was 605.8 million yuan (approximately US$93.8 million). Not measured in accordance with U.S. GAAP, Tantan's net loss for the second quarter of 2021 was 44.5 million yuan (approximately $6.9 million).</p><p><b><i>Net profit attributable to Zhiwen Group</i></b></p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 464.2 million yuan (approximately US$71.9 million).</p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (approximately US$85.3 million), not measured in accordance with U.S. GAAP.</p><p><b><i>Net Income Per American Depositary Share (ADS)</i></b></p><p>Diluted net income per American Depositary Share (ADS) for the second quarter of 2021 was 2.15 yuan (approximately $0.33). Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p><b><i>Cash and cash flows</i></b></p><p>As of June 30, 2021, Zhiwen Group held RMB15,450 million (approximately US$2,392.9 million) in cash, cash equivalents, short-term deposits, long-term deposits and restricted cash. Net cash used in operating activities in the second quarter of 2021 was 167.8 million yuan (approximately $26 million). In the same period last year, net cash generated from operating activities was 807.3 million yuan. The decrease in net cash from operating activities was primarily due to our cash payments of $678.2 million (approximately US$105.0 million) to the Tantan founding team to settle the share options previously granted upon its termination of services in the second quarter of 2021.</p><p><b>FINANCIAL RESULTS FOR THE FIRST HALF</b></p><p>Net revenue in the first half of 2021 reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group in the first half of 2021 was 925.8 million yuan (approximately US$143.4 million).</p><p>Net profit attributable to Zhiwen Group for the first half of 2021 was RMB1,184.6 million (approximately US$183.5 million), not measured in accordance with U.S. GAAP.</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was RMB5.45 (approximately US$0.84), not measured in accordance with U.S. GAAP.</p><p>Net cash generated from operating activities in the first half of 2021 was 333.8 million yuan (approximately US$51.7 million).</p><p><b>Recent Developments</b></p><p><i>Implementation of Share Repurchase Plan</i></p><p>On September 3, 2020, the Board of Directors of Zhiwen Group approved a share repurchase program based on which the Company will repurchase up to $300 million of shares over the next 12 months. As of August 26, 2021, the Company has repurchased approximately 13.46 million American Depositary Shares (ADS) in the open market based on the program, totaling approximately $173.4 million, at an average paid price of $12.87 per ADS.</p><p><i>Charitable donations</i></p><p>On 21 July 2021, Zhiwen Group donated RMB10 million to China Foundation for Poverty Alleviation for the procurement of emergency relief supplies and post-disaster reconstruction in Henan. So far, Zhiwen Group has donated more than 70 million yuan, mainly for poverty alleviation, Hope Primary School construction, anti-epidemic and basic medical construction, disaster relief and relief, etc.</p>","source":"XLCJ","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>Zhiwen Group's revenue in the second quarter was 3.6717 billion yuan, profitable for 26 consecutive quarters</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\">\nZhiwen Group's revenue in the second quarter was 3.6717 billion yuan, profitable for 26 consecutive quarters\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-26 17:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On August 26th, Beijing time, Hello Group Inc. (Nasdaq: MOMO), a NASDAQ-listed company, officially announced the launch of a new Chinese name \"Zhiwen Group\". On the same day, Zhiwen Group announced its unaudited financial results for the second quarter of 2021.</p><p><img src=\"https://static.tigerbbs.com/b7ca6ed65ca9bd63ceca31eb6b025122\" tg-width=\"636\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p>According to the financial report, in the second quarter of 2021, the net revenue of Zhiwen Group reached 3.671.7 billion yuan (about 568.7 million USD), which is not measured in accordance with U.S. GAAP. The net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (about 85.3 million USD), which continued to be profitable for 26 quarters.</p><p>According to data compiled by Bloomberg, on average, 10 analysts on Wall Street estimated that Zhiwen Group's average revenue in the second quarter of 2021 would be 3.6347 billion yuan, with the highest estimate of 3.663 billion yuan. According to the financial report, Zhiwen Group's net revenue in the second quarter of 2021 was 3.6717 billion yuan (about 568.7 million USD), exceeding Wall Street's expectations.</p><p><b>Second Quarter 2021 Results Summary</b></p><p>Net revenue reached 3.671.7 billion yuan (approximately 568.7 million USD).</p><p>Net profit attributable to Zhiwen Group was 464.2 million yuan (approximately US$71.9 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 551.0 million yuan (approximately US$85.3 million).</p><p>Diluted net income per American depositary share (ADS) was 2.15 yuan (approximately $0.33).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p>June 2021,<a href=\"https://laohu8.com/S/MOMO\">Momo</a>The main App has 115.6 million monthly active users, a record high.</p><p>In the second quarter of 2021, the total number of paid subscribers of live broadcast services and value-added services after deduplication reached 12.4 million (including 3.1 million paid subscribers of Tantan).</p><p><b>Summary of Financial Results for the First Half of 2021</b></p><p>Net revenue reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group was 925.8 million yuan (approximately US$143.4 million).</p><p>Not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group was 1,184.6 million yuan (approximately US$183.5 million).</p><p>Diluted net income per American depositary share (ADS) was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 5.45 yuan (approximately $0.84).</p><p><b>Executive Comments</b></p><p>Wang Li, CEO of Zhiwen Group, said: \"The second quarter of 2021 was a solid quarter, and we have made good progress in terms of financial and strategic priorities. The fundamentals of Momo's main App as a social platform continue to strengthen, and its revenue performance and revenue structure are also steadily advancing. The company's healthy and high-yield core business provides a solid guarantee for us to open up new areas and build a long-term growth engine for the Group.\"</p><p><b>Second Quarter 2021 Financial Results</b></p><p><b><i>Net revenue</i></b></p><p>Net revenue for the second quarter of 2021 was 3,671.7 million yuan (approximately $568.7 million).</p><p>Revenue from live streaming services in the second quarter of 2021 was RMB2,101.3 million (approximately US$325.5 million). In the second quarter of 2021, the revenue of Tantan Live Service was 216.5 million yuan (approximately 33.5 million USD).</p><p>Revenue from value-added services reached 1,507.3 million yuan (approximately US$233.4 million) in the second quarter of 2021, representing a year-on-year increase of 25.2% from 1,204.3 million yuan in the previous year. Revenue from value-added services includes revenue from virtual gift services and revenue from member subscription services. The increase in value-added service revenue was mainly due to the continuous growth of virtual gift business of Momo's main App, which was driven by continuous innovation in products and operations, and Momo's introduction of more payment schemes to enhance users' social entertainment experience, while to a lesser extent, it was affected by the growth of virtual gift revenue of new products.</p><p>In the second quarter of 2021, mobile marketing revenue was 51.6 million yuan (approximately $8 million), and mobile gaming revenue was 9.2 million yuan (approximately $1.4 million).</p><p>The net revenue of Momo's main App in the second quarter of 2021 was 3,157.5 million yuan (approximately $489.0 million). Tantan's net revenue in the second quarter of 2021 was 513.5 million yuan (approximately $79.5 million).</p><p><b><i>Costs and Expenditures</i></b></p><p>Costs and expenses for the second quarter of 2021 were RMB3,075.6 million (approximately US$476.4 million), a decrease of 2.3% from RMB3,146.9 million in the same period of the previous year. The decrease in costs and expenses was mainly due to:</p><p>1. The decrease in the fair value of the liability options granted to the founding team of Tantan;</p><p>2. The decrease of infrastructure-related expenses such as server depreciation;</p><p>3. Reduction of payment channel commissions.</p><p>These decreases were partially offset by an increase in the recipient share of virtual gifts associated with virtual gift services, an increase in the anchor revenue share associated with Tantan's live streaming business, and an increase in marketing expenses to promote the live streaming services.</p><p>In the second quarter of 2021, costs and expenses, not measured in accordance with U.S. GAAP, were RMB2,980.1 million (approximately US$461.6 million), representing an increase of 1.9% from RMB2,923.7 million in the same period of the previous year.</p><p><b><i>Other operating profit</i></b></p><p>Other operating profit for the second quarter of 2021 was 90.3 million yuan (approximately $14 million).</p><p><b><i>Operating Profit</i></b></p><p>Operating profit for the second quarter of 2021 was 686.3 million yuan (approximately $106.3 million). The operating profit of Momo's main App in the second quarter of 2021 was 711.3 million yuan (approximately $110.2 million). Tantan's operating loss in the second quarter of 2021 was 11.9 million yuan (approximately $1.8 million).</p><p>Not measured in accordance with U.S. GAAP, operating profit for the second quarter of 2021 was 781.9 million yuan (approximately $121.1 million). Not measured in accordance with U.S. GAAP, the operating profit of Momo's main App in the second quarter of 2021 was 835.8 million yuan (approximately US$129.5 million). Not measured in accordance with U.S. GAAP, Tantan's operating loss in the second quarter of 2021 was 40.9 million yuan (approximately $6.3 million).</p><p><b><i>Income tax expense</i></b></p><p>Income tax expense for the second quarter of 2021 was 291.5 million yuan (approximately $45.1 million), a decrease compared to 443.6 million yuan in the same period of the previous year. The decrease in income tax expense was mainly due to:</p><p>1. The decrease in profit in the second quarter of 2021;</p><p>2. Reduction of 10% withholding income tax on Dividend paid by our wholly foreign-owned enterprises when distributing Dividend to our overseas companies. This portion of Dividend was 1.3 billion yuan (approximately US$201.3 million) and withholding income tax was 130 million yuan (approximately US$20.1 million). This portion of Dividend and withholding income tax were both paid in the second quarter of 2021.</p><p><b><i>Net Profit</i></b></p><p>Net income for the second quarter of 2021 was 461.5 million yuan (approximately $71.5 million). The net profit of Momo's main App in the second quarter of 2021 was 481.3 million yuan (approximately $74.5 million). Tantan's net loss for the second quarter of 2021 was 6.7 million yuan (approximately $1 million).</p><p>Not measured in accordance with U.S. GAAP, net income for the second quarter of 2021 was 548.3 million yuan (approximately $84.9 million). Not measured in accordance with U.S. GAAP, the net profit of Momo's main App in the second quarter of 2021 was 605.8 million yuan (approximately US$93.8 million). Not measured in accordance with U.S. GAAP, Tantan's net loss for the second quarter of 2021 was 44.5 million yuan (approximately $6.9 million).</p><p><b><i>Net profit attributable to Zhiwen Group</i></b></p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 464.2 million yuan (approximately US$71.9 million).</p><p>Net profit attributable to Zhiwen Group in the second quarter of 2021 was 551.0 million yuan (approximately US$85.3 million), not measured in accordance with U.S. GAAP.</p><p><b><i>Net Income Per American Depositary Share (ADS)</i></b></p><p>Diluted net income per American Depositary Share (ADS) for the second quarter of 2021 was 2.15 yuan (approximately $0.33). Diluted net income per American Depositary Share (ADS), not measured in accordance with U.S. GAAP, was 2.54 yuan (approximately $0.39).</p><p><b><i>Cash and cash flows</i></b></p><p>As of June 30, 2021, Zhiwen Group held RMB15,450 million (approximately US$2,392.9 million) in cash, cash equivalents, short-term deposits, long-term deposits and restricted cash. Net cash used in operating activities in the second quarter of 2021 was 167.8 million yuan (approximately $26 million). In the same period last year, net cash generated from operating activities was 807.3 million yuan. The decrease in net cash from operating activities was primarily due to our cash payments of $678.2 million (approximately US$105.0 million) to the Tantan founding team to settle the share options previously granted upon its termination of services in the second quarter of 2021.</p><p><b>FINANCIAL RESULTS FOR THE FIRST HALF</b></p><p>Net revenue in the first half of 2021 reached 7,142.3 million yuan (approximately 1,106.2 million USD).</p><p>Net profit attributable to Zhiwen Group in the first half of 2021 was 925.8 million yuan (approximately US$143.4 million).</p><p>Net profit attributable to Zhiwen Group for the first half of 2021 was RMB1,184.6 million (approximately US$183.5 million), not measured in accordance with U.S. GAAP.</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was 4.29 yuan (approximately $0.66).</p><p>Diluted net income per American Depositary Share (ADS) for the first half of 2021 was RMB5.45 (approximately US$0.84), not measured in accordance with U.S. GAAP.</p><p>Net cash generated from operating activities in the first half of 2021 was 333.8 million yuan (approximately US$51.7 million).</p><p><b>Recent Developments</b></p><p><i>Implementation of Share Repurchase Plan</i></p><p>On September 3, 2020, the Board of Directors of Zhiwen Group approved a share repurchase program based on which the Company will repurchase up to $300 million of shares over the next 12 months. As of August 26, 2021, the Company has repurchased approximately 13.46 million American Depositary Shares (ADS) in the open market based on the program, totaling approximately $173.4 million, at an average paid price of $12.87 per ADS.</p><p><i>Charitable donations</i></p><p>On 21 July 2021, Zhiwen Group donated RMB10 million to China Foundation for Poverty Alleviation for the procurement of emergency relief supplies and post-disaster reconstruction in Henan. So far, Zhiwen Group has donated more than 70 million yuan, mainly for poverty alleviation, Hope Primary School construction, anti-epidemic and basic medical construction, disaster relief and relief, etc.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-26/doc-ikqcfncc5167837.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e6ddc053d28610b9cfd24dd35827fdd9","relate_stocks":{"MOMO":"挚文集团"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-26/doc-ikqcfncc5167837.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183584379","content_text":"北京时间8月26日，纳斯达克上市公司Hello Group Inc．（Nasdaq： MOMO）正式宣布启用新的中文名称“挚文集团”。当天，挚文集团公布了2021年第二季度未经审计的财务业绩。\n\n财报显示，2021年第二季度，挚文集团净营收达36.717亿元（约5.687亿美元），不按照美国通用会计准则计量，2021年第二季度归属于挚文集团的净利润为5.510亿元（约8530万美元），持续26个季度盈利。\n根据彭博社汇总的数据，华尔街10位分析师平均预计，挚文集团2021年第二季度平均营收为36.347亿元，最高预期36.63亿元。财报显示，挚文集团2021年第二季度净营收为36.717亿元（约5.687亿美元），超出华尔街预期。\n2021年第二季度业绩摘要\n净营收达到36.717亿元（约5.687亿美元）。\n归属于挚文集团的净利润为4.642亿元（约7190万美元）。\n不按照美国通用会计准则计量，归属于挚文集团的净利润为5.510亿元（约8530万美元）。\n每股美国存托股（ADS）摊薄净利润为2.15元（约0.33美元）。\n不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为2.54元（约0.39美元）。\n2021年6月，陌陌主App月度活跃用户为1.156亿，创历史新高。\n2021年第二季度，直播服务与增值服务付费用户去重后总数达1240万（包括探探付费用户310万）。\n2021年上半年财务业绩摘要\n净营收达到71.423亿元（约11.062亿美元）。\n归属于挚文集团的净利润为9.258亿元（约1.434亿美元）。\n不按照美国通用会计准则计量，归属于挚文集团的净利润为11.846亿元（约1.835亿美元）。\n每股美国存托股（ADS）摊薄净利润为4.29元（约0.66美元）。\n不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为5.45元（约0.84美元）。\n高管评论\n挚文集团CEO王力表示：“2021年第二季度是一个业绩表现扎实的季度，无论从财务还是战略重点的执行情况来看，我们都取得了良好的进展。陌陌主App作为社交平台的基本面在持续增强，营收表现和收入结构也在稳步推进。公司健康而高产的核心业务，为我们开辟新领域、为集团打造长期增长引擎提供了坚实保障。”\n2021年第二季度财务业绩\n净营收\n2021年第二季度净营收为36.717亿元（约5.687亿美元）。\n2021年第二季度直播服务营收21.013亿元（约3.255亿美元）。2021年第二季度探探直播服务营收为2.165亿元（约3350万美元）。\n2021年第二季度增值服务营收达到15.073亿元（约2.334亿美元），同比上一年的12.043亿元增长25.2%。增值服务营收包括虚拟礼物服务营收以及会员订阅服务营收。增值服务营收的增长主要是由于陌陌主App虚拟礼物业务的持续增长，这得益于产品和运营方面的持续创新，以及陌陌为提升用户的社交娱乐体验引入了更多付费方案，同时较小程度上受到新产品虚拟礼物营收增长的影响。\n2021年第二季度移动营销营收为5160万元（约800万美元），移动游戏营收为920万元（约140万美元）。\n2021年第二季度陌陌主App的净营收为31.575亿元（约4.890亿美元）。2021年第二季度探探的净营收为5.135亿元（约7950万美元）。\n成本和支出\n2021年第二季度的成本和支出为30.756亿元（约4.764亿美元），比上一年同期的31.469亿元减少2.3%。成本和支出的减少，主要是由于：\n1、授予探探创始团队的负债类期权的公允价值的减少；\n2、服务器折旧等基础设施相关费用的减少；\n3、支付渠道佣金的减少。\n与虚拟礼物服务中虚拟礼物的接受者分成的增加，与探探直播业务相关的主播收入分成的增加，以及为推广直播服务的市场营销费用的增加，部分抵消了这些减少。\n2021年第二季度，不按照美国通用会计准则计量，成本和支出为29.801亿元（约4.616亿美元），比上一年同期的29.237亿元增长1.9%。\n其他运营利润\n2021年第二季度其他运营利润为9030万元（约1400万美元）。\n运营利润\n2021年第二季度运营利润为6.863亿元（约1.063亿美元）。2021年第二季度陌陌主App的运营利润为7.113亿元（约1.102亿美元）。2021年第二季度探探的运营亏损为1190万元（约180万美元）。\n不按照美国通用会计准则计量，2021年第二季度运营利润为7.819亿元（约1.211亿美元）。不按照美国通用会计准则计量，2021年第二季度陌陌主App的运营利润为8.358亿元（约1.295亿美元）。不按照美国通用会计准则计量，2021年第二季度探探的运营亏损为4090万元（约630万美元）。\n所得税费用\n2021年第二季度所得税费用为2.915亿元（约4510万美元），与上一年同期的4.436亿元相比有所减少。所得税费用的减少主要是由于：\n1、2021年第二季度利润的降低；\n2、我们的外商独资企业向我们的境外公司分配股息时缴纳的股息的10%预提所得税的减少。这部分股息为13亿元（约2.013亿美元），预提所得税为1.3亿元（约2010万美元），这部分股息和预提所得税在2021年第二季度均已支付。\n净利润\n2021年第二季度净利润为4.615亿元（约7150万美元）。2021年第二季度陌陌主App的净利润为4.813亿元（约7450万美元）。2021年第二季度探探的净亏损为670万元（约100万美元）。\n不按照美国通用会计准则计量，2021年第二季度净利润为5.483亿元（约8490万美元）。不按照美国通用会计准则计量，2021年第二季度陌陌主App的净利润为6.058亿元（约9380万美元）。不按照美国通用会计准则计量，2021年第二季度探探的净亏损为4450万元（约690万美元）。\n归属于挚文集团的净利润\n2021年第二季度归属于挚文集团的净利润为4.642亿元（约7190万美元）。\n不按照美国通用会计准则计量，2021年第二季度归属于挚文集团的净利润为5.510亿元（约8530万美元）。\n每股美国存托股（ADS）净利润\n2021年第二季度每股美国存托股（ADS）摊薄净利润为2.15元（约0.33美元）。不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为2.54元（约0.39美元）。\n现金和现金流\n截至2021年6月30日，挚文集团持有的现金、现金等价物、短期存款、长期存款和限定性现金为154.500亿元（约23.929亿美元）。2021年第二季度用于经营活动的净现金为1.678亿元（约2600万美元）。去年同期，经营活动带来的净现金为8.073亿元。经营活动带来的净现金的减少，主要是由于探探创始团队在2021年第二季度终止服务时，我们现金支付其6.782亿元（约1.050亿美元），以结算先前授予的股票期权。\n2021年上半年财务业绩\n2021年上半年净营收达到71.423亿元（约11.062亿美元）。\n2021年上半年归属于挚文集团的净利润为9.258亿元（约1.434亿美元）。\n不按照美国通用会计准则计量，2021年上半年归属于挚文集团的净利润为11.846亿元（约1.835亿美元）。\n2021年上半年每股美国存托股（ADS）摊薄净利润为4.29元（约0.66美元）。\n不按照美国通用会计准则计量，2021年上半年每股美国存托股（ADS）摊薄净利润为5.45元（约0.84美元）。\n2021年上半年经营活动带来的净现金为3.338亿元（约5170万美元）。\n近期发展\n股票回购计划的执行\n2020年9月3日，挚文集团董事会批准了一项股票回购计划，基于该计划，公司将在未来12个月最高回购3亿美元的股票。截至2021年8月26日，公司基于该计划已在公开市场回购了约1346万股美国存托股（ADS），总额约1.734亿美元，每股美国存托股（ADS）的平均支付价格为12.87美元。\n公益捐赠\n2021年7月21日，挚文集团向中国扶贫基金会捐赠1000万元，用于河南水灾的紧急救援物资采购和灾后重建。至此挚文集团对外捐赠累计超过7000万元，主要用于脱贫攻坚、希望小学建设、抗疫及基础医学建设、赈灾救援等。","news_type":1,"symbols_score_info":{"MOMO":0.9}},"isVote":1,"tweetType":1,"viewCount":3316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895571675,"gmtCreate":1628760286897,"gmtModify":1676529845458,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895571675","repostId":"1145588720","repostType":4,"repost":{"id":"1145588720","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":1628757862,"share":"https://ttm.financial/m/news/1145588720?lang=en_US&edition=fundamental","pubTime":"2021-08-12 16:44","market":"us","language":"zh","title":"Summary: Ideal Hong Kong Stocks Broke on the First Day, 200 Billion Salt Emperor Strong Daily Limit","url":"https://stock-news.laohu8.com/highlight/detail?id=1145588720","media":"老虎资讯综合","summary":"要闻\n工信部：加强智能网联汽车生产企业及产品准入管理\n工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全","content":"<p><b>Important News</b></p><p><b>Ministry of Industry and Information Technology: Strengthening the Access Management of Intelligent Connected Vehicle Manufacturers and Products</b></p><p>The Ministry of Industry and Information Technology issued opinions on strengthening the access management of intelligent connected vehicle manufacturers and products, which proposed to strengthen data security management capabilities. Enterprises shall establish and improve the automobile data security management system, fulfill their data security protection obligations according to law, and clarify the responsible departments and responsible persons. Strengthen network security capabilities. Enterprises shall establish an automobile network security management system, implement the network security level protection system and the real-name registration management requirements of vehicle network cards according to law, and clarify the responsible departments and persons in charge of network security.</p><p><b>ICT Academy: Domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year</b></p><p>China Academy of Information and Communications disclosed that domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year. Among them, 22.8 million 5G mobile phones were shipped in July, accounting for 79.6%. From January to July, domestic mobile phones shipped 203 million units, up 15.6% year-on-year.</p><p><b>11 stocks newly added to the MSCI China Index</b></p><p>MSCI, an international index compiler, announced the results of its August quarterly index review. Specific to the adjustment of A-share targets, the MSCI China A-share index was newly added<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>、<a href=\"https://laohu8.com/S/300896\">Amic</a>And<a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a>Wait for 11 A-share targets, no exclusion targets. The results of the above adjustments will take effect after the market closes on August 31, 2021.</p><p><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>President: Internal discussion on the possibility of returning to A shares</b></p><p>Shen Yanan, president of Li Auto, said at the media communication meeting after the listing ceremony of Li Auto in Hong Kong that the possibility of returning to A shares was not ruled out, and the matter was being discussed internally.</p><p><b>Li Bin:<a href=\"https://laohu8.com/S/NIO\">Nio</a>Will enter the mass market with a new brand, delivering three NT2.0 models next year</b></p><p>Nio founder Li Bin said during the Q2 2021 conference call that the related preparations for Nio to enter the mass market have been accelerated and will enter the mass market through new brands. At present, a core team has been established and an important step has been taken. Additionally, in 2022, Nio will deliver three all-new models based on the NT2.0 platform, including the ET7.</p><p><b>Hong Kong stock</b></p><p>The main indexes of Hong Kong stocks closed down collectively, and the decline of the three major indexes expanded significantly in the afternoon. The Hang Seng Index closed down 0.53% to 26517.82 points, the State Index fell 0.87% to 9465.46 points, and the Hang Seng Technology Index fell 1.49% to 6719.19 points.</p><p><img src=\"https://static.tigerbbs.com/a0d8fab1d5f7f220b322ef10397c9d50\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the disk, biomedical stocks, education stocks, defense stocks, domestic insurance stocks, insurance stocks, catering stocks and tobacco concept stocks generally fell, and domestic housing stocks and property management stocks that led the gains yesterday obviously stalled; On the other hand, gold stocks and non-ferrous metal stocks led the gains against the trend, port shipping stocks performed strongly throughout the day, and oil and automobile sectors rose slightly.</p><p>Large science and technology stocks generally fell, $Baidu (09888$,<a href=\"https://laohu8.com/S/01810\">Millet</a>Down 2%,<a href=\"https://laohu8.com/S/09618\">Jingdong</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>It fell by more than 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>, Meituan and Aauto Quicker all declined.</p><p>\"Evergrande Department\" collectively fell,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>fell by more than 8%,<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>、<a href=\"https://laohu8.com/S/06666\">Evergrande Properties</a>It fell by more than 6%. Earlier, Yangguang.com reported that two projects of Evergrande Real Estate Group in Kunming, Yunnan Province had been shut down. In addition, according to the Financial Associated Press, Vanke,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It has temporarily withdrawn from the acquisition of Evergrande Properties.</p><p>Biomedical stocks plummeted, Tengsheng Boyao fell nearly 15%, Nuocheng Jianhua fell nearly 12%, Kangfang Bio fell nearly 8%,<a href=\"https://laohu8.com/S/688185\">CanSino</a>Bio fell more than 7%.</p><p>Li Auto fell 0.85%, Li Auto landed on the Hong Kong Stock Exchange today, public offering stage<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>5.5 times subscribed, the final number of Offer Shares to be allocated to the Public Offer is 10 million, representing 10% of the total number of Offer Shares (before the exercise of any Over-allotment Option). A total of 50,264 valid applications were received, with a successful rate of 50%, and 4 subscriptions were successful. In addition, the International Offering has been over-subscribed and the final number of Offer Shares is 90 million, representing 90% of the total number of Offer Shares.</p><p><img src=\"https://static.tigerbbs.com/1cb70a4b941ffbb43934778e70597d76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A Shares</b></p><p>Today's size index continues to differentiate. As of the close, the Shanghai Composite Index fell 0.22% to 3524.74 points; The Shenzhen Component Index fell 0.79% to close at 14,901.97 points; The GEM index fell 1.47% to close at 3,386.43 points. Stocks in the two cities had mixed ups and downs, and the turnover exceeded one trillion yuan for 17 consecutive trading days. Northbound funds slightly sold 178 million yuan in the whole day, the second consecutive day of net sales.</p><p><img src=\"https://static.tigerbbs.com/6206e22fa738ff400c87e1201902aebc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>High prosperity sectors such as lithium batteries, chips and photovoltaics have been active repeatedly. Nearly 20 shares of lithium batteries have daily limit or increased by more than 10%, and the market focus stocks<a href=\"https://laohu8.com/S/000792\">Salt Lake Shares</a>In the afternoon, the daily limit, with a turnover of nearly 16 billion yuan, drove the popularity of lithium extraction in salt lakes to pick up. The upstream performance of lithium batteries such as phosphorus chemical industry and fluorine chemical industry was brilliant, and many stocks reached the daily limit.</p><p><img src=\"https://static.tigerbbs.com/6d63199dca84452eadaffe8f4dcf451a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>New energy vehicles rose throughout the day,<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>、<a href=\"https://laohu8.com/S/601238\">GAC Group</a>、<a href=\"https://laohu8.com/S/600006\">Dongfeng Motor</a>Wait for the daily limit. In addition, the concept of energy storage differentiated today after its climax yesterday. Nonferrous metals, steel and coal sectors were trending strongly, precious metals, aluminum and other industrial metals rose sharply, liquor, food and beverage, and medical care continued to weaken, and defense stocks led the decline in the two cities. On the disk, automobiles, nonferrous metals, semiconductors and components were among the top gainers, while national defense and military industry, beverage manufacturing and real estate were among the top decliners.</p><p><b>U.S. stocks</b></p><p>In the pre-market session on Thursday, the futures of the three major U.S. stocks were mixed. As of press time, the S&P 500 futures fell 0.04%, the Nasdaq futures fell 0.17%, and the Dow futures rose 0.06%.</p><p><img src=\"https://static.tigerbbs.com/4a6c9c3c7610bd70755221d6bbfefb22\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Shell</a>It fell more than 10% premarket, and revenue is expected to decline by about 24.6% to 29.4% year-on-year in the third quarter.</p><p>Moderna rose more than 1% premarket and closed down more than 15% overnight after the European Medicines Agency said it was investigating<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And 3 new side effects that could be triggered by the Moderna vaccine.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 1% before the market, and Hong Kong stocks broke today.</p><p><b>European shares</b></p><p>Major European indexes rose, with Germany's DAX30 up 0.06%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Down 0.21%, French CAC40 up 0.04%, European Stoxx 50 up 0.1%.</p><p><img src=\"https://static.tigerbbs.com/a5a9fa5f681dc2d45e9fab44ff4c2fa2\" tg-width=\"817\" tg-height=\"148\" referrerpolicy=\"no-referrer\"></p><p> <b>crude oil</b></p><p>International oil prices fell slightly. As of press time, U.S. oil fell by 0.35% to $69.11/barrel; Brent oil fell 0.29% to $71.37/barrel during the day.</p><p>EIA crude oil inventory dropped slightly on Wednesday, indicating that the current market demand has not been greatly affected by the epidemic. However, the epidemic has affected the future demand expectation, and oil prices are still under great downward pressure. Under this circumstance, it is relatively difficult for oil prices to go up, and the short-term trend may be dominated by shocks.</p><p><b>Gold</b></p><p>International gold rose slightly. As of press time, spot gold rose 0.25% to $1,754.1/oz.</p><p>The U.S. CPI in July showed a slowdown in inflation, which eased market worries. There are still important July PPI data released during the day. In view of the moderate performance of CPI, PPI is expected to be roughly the same as the previous value, which may also provide upward momentum for gold bulls.</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>Summary: Ideal Hong Kong Stocks Broke on the First Day, 200 Billion Salt Emperor Strong Daily Limit</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\">\nSummary: Ideal Hong Kong Stocks Broke on the First Day, 200 Billion Salt Emperor Strong Daily Limit\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-12 16:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Important News</b></p><p><b>Ministry of Industry and Information Technology: Strengthening the Access Management of Intelligent Connected Vehicle Manufacturers and Products</b></p><p>The Ministry of Industry and Information Technology issued opinions on strengthening the access management of intelligent connected vehicle manufacturers and products, which proposed to strengthen data security management capabilities. Enterprises shall establish and improve the automobile data security management system, fulfill their data security protection obligations according to law, and clarify the responsible departments and responsible persons. Strengthen network security capabilities. Enterprises shall establish an automobile network security management system, implement the network security level protection system and the real-name registration management requirements of vehicle network cards according to law, and clarify the responsible departments and persons in charge of network security.</p><p><b>ICT Academy: Domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year</b></p><p>China Academy of Information and Communications disclosed that domestic mobile phone shipments in July amounted to 28.7 million units, up 28.6% year-on-year. Among them, 22.8 million 5G mobile phones were shipped in July, accounting for 79.6%. From January to July, domestic mobile phones shipped 203 million units, up 15.6% year-on-year.</p><p><b>11 stocks newly added to the MSCI China Index</b></p><p>MSCI, an international index compiler, announced the results of its August quarterly index review. Specific to the adjustment of A-share targets, the MSCI China A-share index was newly added<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>、<a href=\"https://laohu8.com/S/300896\">Amic</a>And<a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a>Wait for 11 A-share targets, no exclusion targets. The results of the above adjustments will take effect after the market closes on August 31, 2021.</p><p><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>President: Internal discussion on the possibility of returning to A shares</b></p><p>Shen Yanan, president of Li Auto, said at the media communication meeting after the listing ceremony of Li Auto in Hong Kong that the possibility of returning to A shares was not ruled out, and the matter was being discussed internally.</p><p><b>Li Bin:<a href=\"https://laohu8.com/S/NIO\">Nio</a>Will enter the mass market with a new brand, delivering three NT2.0 models next year</b></p><p>Nio founder Li Bin said during the Q2 2021 conference call that the related preparations for Nio to enter the mass market have been accelerated and will enter the mass market through new brands. At present, a core team has been established and an important step has been taken. Additionally, in 2022, Nio will deliver three all-new models based on the NT2.0 platform, including the ET7.</p><p><b>Hong Kong stock</b></p><p>The main indexes of Hong Kong stocks closed down collectively, and the decline of the three major indexes expanded significantly in the afternoon. The Hang Seng Index closed down 0.53% to 26517.82 points, the State Index fell 0.87% to 9465.46 points, and the Hang Seng Technology Index fell 1.49% to 6719.19 points.</p><p><img src=\"https://static.tigerbbs.com/a0d8fab1d5f7f220b322ef10397c9d50\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the disk, biomedical stocks, education stocks, defense stocks, domestic insurance stocks, insurance stocks, catering stocks and tobacco concept stocks generally fell, and domestic housing stocks and property management stocks that led the gains yesterday obviously stalled; On the other hand, gold stocks and non-ferrous metal stocks led the gains against the trend, port shipping stocks performed strongly throughout the day, and oil and automobile sectors rose slightly.</p><p>Large science and technology stocks generally fell, $Baidu (09888$,<a href=\"https://laohu8.com/S/01810\">Millet</a>Down 2%,<a href=\"https://laohu8.com/S/09618\">Jingdong</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>It fell by more than 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>, Meituan and Aauto Quicker all declined.</p><p>\"Evergrande Department\" collectively fell,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>fell by more than 8%,<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>、<a href=\"https://laohu8.com/S/06666\">Evergrande Properties</a>It fell by more than 6%. Earlier, Yangguang.com reported that two projects of Evergrande Real Estate Group in Kunming, Yunnan Province had been shut down. In addition, according to the Financial Associated Press, Vanke,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It has temporarily withdrawn from the acquisition of Evergrande Properties.</p><p>Biomedical stocks plummeted, Tengsheng Boyao fell nearly 15%, Nuocheng Jianhua fell nearly 12%, Kangfang Bio fell nearly 8%,<a href=\"https://laohu8.com/S/688185\">CanSino</a>Bio fell more than 7%.</p><p>Li Auto fell 0.85%, Li Auto landed on the Hong Kong Stock Exchange today, public offering stage<a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>5.5 times subscribed, the final number of Offer Shares to be allocated to the Public Offer is 10 million, representing 10% of the total number of Offer Shares (before the exercise of any Over-allotment Option). A total of 50,264 valid applications were received, with a successful rate of 50%, and 4 subscriptions were successful. In addition, the International Offering has been over-subscribed and the final number of Offer Shares is 90 million, representing 90% of the total number of Offer Shares.</p><p><img src=\"https://static.tigerbbs.com/1cb70a4b941ffbb43934778e70597d76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A Shares</b></p><p>Today's size index continues to differentiate. As of the close, the Shanghai Composite Index fell 0.22% to 3524.74 points; The Shenzhen Component Index fell 0.79% to close at 14,901.97 points; The GEM index fell 1.47% to close at 3,386.43 points. Stocks in the two cities had mixed ups and downs, and the turnover exceeded one trillion yuan for 17 consecutive trading days. Northbound funds slightly sold 178 million yuan in the whole day, the second consecutive day of net sales.</p><p><img src=\"https://static.tigerbbs.com/6206e22fa738ff400c87e1201902aebc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>High prosperity sectors such as lithium batteries, chips and photovoltaics have been active repeatedly. Nearly 20 shares of lithium batteries have daily limit or increased by more than 10%, and the market focus stocks<a href=\"https://laohu8.com/S/000792\">Salt Lake Shares</a>In the afternoon, the daily limit, with a turnover of nearly 16 billion yuan, drove the popularity of lithium extraction in salt lakes to pick up. The upstream performance of lithium batteries such as phosphorus chemical industry and fluorine chemical industry was brilliant, and many stocks reached the daily limit.</p><p><img src=\"https://static.tigerbbs.com/6d63199dca84452eadaffe8f4dcf451a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>New energy vehicles rose throughout the day,<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>、<a href=\"https://laohu8.com/S/601238\">GAC Group</a>、<a href=\"https://laohu8.com/S/600006\">Dongfeng Motor</a>Wait for the daily limit. In addition, the concept of energy storage differentiated today after its climax yesterday. Nonferrous metals, steel and coal sectors were trending strongly, precious metals, aluminum and other industrial metals rose sharply, liquor, food and beverage, and medical care continued to weaken, and defense stocks led the decline in the two cities. On the disk, automobiles, nonferrous metals, semiconductors and components were among the top gainers, while national defense and military industry, beverage manufacturing and real estate were among the top decliners.</p><p><b>U.S. stocks</b></p><p>In the pre-market session on Thursday, the futures of the three major U.S. stocks were mixed. As of press time, the S&P 500 futures fell 0.04%, the Nasdaq futures fell 0.17%, and the Dow futures rose 0.06%.</p><p><img src=\"https://static.tigerbbs.com/4a6c9c3c7610bd70755221d6bbfefb22\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Shell</a>It fell more than 10% premarket, and revenue is expected to decline by about 24.6% to 29.4% year-on-year in the third quarter.</p><p>Moderna rose more than 1% premarket and closed down more than 15% overnight after the European Medicines Agency said it was investigating<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And 3 new side effects that could be triggered by the Moderna vaccine.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 1% before the market, and Hong Kong stocks broke today.</p><p><b>European shares</b></p><p>Major European indexes rose, with Germany's DAX30 up 0.06%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>Down 0.21%, French CAC40 up 0.04%, European Stoxx 50 up 0.1%.</p><p><img src=\"https://static.tigerbbs.com/a5a9fa5f681dc2d45e9fab44ff4c2fa2\" tg-width=\"817\" tg-height=\"148\" referrerpolicy=\"no-referrer\"></p><p> <b>crude oil</b></p><p>International oil prices fell slightly. As of press time, U.S. oil fell by 0.35% to $69.11/barrel; Brent oil fell 0.29% to $71.37/barrel during the day.</p><p>EIA crude oil inventory dropped slightly on Wednesday, indicating that the current market demand has not been greatly affected by the epidemic. However, the epidemic has affected the future demand expectation, and oil prices are still under great downward pressure. Under this circumstance, it is relatively difficult for oil prices to go up, and the short-term trend may be dominated by shocks.</p><p><b>Gold</b></p><p>International gold rose slightly. As of press time, spot gold rose 0.25% to $1,754.1/oz.</p><p>The U.S. CPI in July showed a slowdown in inflation, which eased market worries. There are still important July PPI data released during the day. In view of the moderate performance of CPI, PPI is expected to be roughly the same as the previous value, which may also provide upward momentum for gold bulls.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"399001":"深证成指","399006":"创业板指","09988":"阿里巴巴-W",".IXIC":"NASDAQ Composite","02015":"理想汽车-W","BEKE":"贝壳","00708":"恒大汽车","03333":"中国恒大","HSTECH":"恒生科技指数","000792":"盐湖股份","000001.SH":"上证指数",".SPX":"S&P 500 Index","XPEV":"小鹏汽车","01810":"小米集团-W","09618":"京东集团-SW","HSCCI":"红筹指数","HSCEI":"国企指数",".DJI":"道琼斯","HSI":"恒生指数","VUKE.UK":"英国富时100","LI":"理想汽车","09888":"百度集团-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145588720","content_text":"要闻\n工信部：加强智能网联汽车生产企业及产品准入管理\n工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全保护义务，明确责任部门和负责人。加强网络安全保障能力。企业应当建立汽车网络安全管理制度，依法落实网络安全等级保护制度和车联网卡实名登记管理要求，明确网络安全责任部门和负责人。\n信通院：7月国内手机出货量2870万部，同比增长28.6%\n中国信通院披露，7月国内手机出货量2870万部，同比增长28.6%。其中，7月5G手机出货量2280万部，占比79.6%。1-7月，国内手机累计出货量2.03亿部，同比增长15.6%。\n11只个股新纳入MSCI中国指数\n国际指数编制公司MSCI宣布8月份季度指数评审结果。具体到A股标的的调整，MSCI中国A股指数本次新增金山办公、爱美客和万泰生物等11只A股标的，无剔除标的。上述调整结果将于2021年8月31日收盘后生效。\n理想汽车总裁：内部在研讨回归A股的可能性\n理想汽车总裁沈亚楠在理想汽车香港上市仪式后的媒体沟通会上表示， 不排除回归A股的可能性，内部正在研讨此事。\n李斌：蔚来将通过新品牌进入大众市场，明年交付三款NT2.0车型\n蔚来创始人李斌在2021年Q2电话会上表示，蔚来进入大众市场的相关准备工作已经提速，将通过新的品牌进入大众市场，目前已建立了核心团队，迈出了重要的一步。此外，2022年，蔚来将交付包括ET7在内的基于NT2.0平台的三款全新车型。\n港股\n港股主要指数集体收跌，三大指数午后跌幅明显扩大，恒指收跌0.53%报26517.82点，国指跌0.87%报9465.46点，恒生科技指数跌1.49%报6719.19点。\n\n盘面上，生物医药股、教育股、军工股、内险股、保险股、餐饮股、烟草概念股普跌，昨日领涨的内房股与物管股明显熄火；另一方面，黄金股、有色金属股逆势领涨，港口航运股全天表现强势，石油、汽车板块小幅走高。\n大型科网股普跌，$百度(09888$、小米跌2%，京东、阿里巴巴跌超1%，腾讯、美团、快手均有跌幅。\n“恒大系”集体下挫，中国恒大跌超8%，恒大汽车、恒大物业跌超6%。此前央广网报道恒大地产集团位于云南昆明两项目已停工。此外，据财联社报道，万科、碧桂园暂已退出收购恒大物业。\n生物医药股大跌，腾盛博药跌近15%，诺诚健华跌近12%，康方生物跌近8%，康希诺生物跌超7%。\n理想汽车跌0.85%，理想汽车今日登陆港交所，公开发售阶段理想汽车-W获5.5倍认购，分配至公开发售的发售股份最终数目为1000万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获50264份有效申请，一手中签率50%，认购4手稳中一手。此外，国际发售已获超额认购，发售股份最终数目为9000万股，相当于发售股份总数的90%。\n\nA股\n今日大小指数继续分化，截至收盘，沪指跌0.22%，报3524.74点；深成指跌0.79%，报收14901.97点；创业板指跌1.47%，报收3386.43点。两市个股涨跌参半，成交额连续17个交易日突破万亿元。北向资金全天小幅净卖出1.78亿元，为连续第二天净卖出。\n\n锂电、芯片、光伏等高景气板块反复活跃，锂电近20股涨停或涨幅超10%，市场焦点股盐湖股份午后涨停，成交额近160亿元，带动盐湖提锂人气回升，磷化工、氟化工等锂电上游表现亮眼，多只个股涨停。\n\n新能源车全天大涨，北汽蓝谷、广汽集团、东风汽车等涨停。另外，储能概念昨日高潮后今日分化，有色、钢铁、煤炭板块走势强劲，贵金属、铝等工业金属大涨，白酒、食品饮料、医疗保健继续疲软，军工股领跌两市。盘面上，汽车整车、有色、半导体及元件涨幅居前，国防军工、饮料制造、房地产跌幅前列。\n美股\n周四盘前时段，美股三大指数期货涨跌不一，截止发稿，标普500指数期货跌0.04%、纳指期货跌0.17%、道指期货涨0.06%。\n\n贝壳盘前跌超10%，预计第三季度营收将同比下滑约24.6%至29.4%。\nModerna盘前涨超1%，隔夜收跌超15%，此前欧洲药管局表示正在调查辉瑞和Moderna疫苗可能引发的3项新的副作用。\n理想汽车盘前跌超1%，今日港股上市破发。\n欧股\n欧洲主要指数上涨，德国DAX30涨0.06%，英国富时100跌0.21%，法国CAC40涨0.04%，欧洲斯托克50涨0.1%。\n\n 原油\n国际油价小幅下跌，截至发稿，美油日内跌0.35%，报69.11美元/桶；布油日内跌0.29%，报71.37美元/桶。\n周三的EIA原油库存小幅下降，显示目前市场的需求未遭到疫情太大的影响，不过疫情影响到了未来的需求预期，油价仍然有较大的下行压力。在此情况下，油价上行显得相对艰难，短线走势可能偏向震荡为主。\n黄金\n国际黄金小幅上涨，截至发稿，现货黄金涨0.25%，报1754.1美元/盎司。\n美国7月CPI显示通胀上涨放缓，令市场担忧情绪有所缓和。日内仍有重要的7月PPI数据出炉，鉴于CPI表现温和，PPI料与前值大致相同，这同样可能给黄金多头提供上涨动能。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"GOLDmain":0.9,"00708":0.9,"YMmain":0.9,"HSCEI":0.9,"BZmain":0.9,"09618":0.9,"01810":0.9,"LI":0.9,"CLmain":0.9,"ESmain":0.9,"XPEV":0.9,".SPX":0.9,"09988":0.9,"03333":0.9,"HSCCI":0.9,".IXIC":0.9,"HSI":0.9,"02015":0.9,"GCmain":0.9,"000001.SH":0.9,"09888":0.9,"BEKE":0.9,"NQmain":0.9,"HSTECH":0.9,"VUKE.UK":0.9,".DJI":0.9,"000792":0.9}},"isVote":1,"tweetType":1,"viewCount":3210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805839244,"gmtCreate":1627868981688,"gmtModify":1703496832461,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805839244","repostId":"1127485239","repostType":4,"repost":{"id":"1127485239","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":1627867350,"share":"https://ttm.financial/m/news/1127485239?lang=en_US&edition=fundamental","pubTime":"2021-08-02 09:22","market":"sh","language":"zh","title":"Opening: Hang Seng Index opened 0.36% higher, Hengteng Network resumed trading and rose more than 31%","url":"https://stock-news.laohu8.com/highlight/detail?id=1127485239","media":"老虎资讯综合","summary":"8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒","content":"<p>On August 2nd, the three major indices of Hong Kong stocks opened slightly higher, with the Hang Seng Index rising 0.36% to 26,054 points, the State Index rising 0.27% to 9,258 points, and the Hang Seng Technology Index rising 0.15% to 6,791 points.<img src=\"https://static.tigerbbs.com/48acf8c598fe7999ee803caf7fc59bdf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, Evergrande Department opened higher across the board,<a href=\"https://laohu8.com/S/00136\">Hengteng Network</a>The resumption of trading soared 31.58%,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>、<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>Both rising, Evergrande<a href=\"https://laohu8.com/S/00700\">Tencent</a>such as disposal of shares of the Company; Port shipping stocks, home appliance stocks, photovoltaic stocks, automobile stocks, banking stocks and education stocks mostly rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Opening sharply higher nearly 8% performs better; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/09999\">Netease</a>Opened 3.47% higher,<a href=\"https://laohu8.com/S/09888\">Baidu</a>Nearly 2%, Meituan rose 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low; Coal stocks were among the top losers, while insurance stocks and mobile phone concept stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Up nearly 3%, the stamp duty rate on stock transactions in the Hong Kong market has been officially adjusted.</p><p><a href=\"https://laohu8.com/S/03396\">Legend Holdings</a>It rose by nearly 6%, and it is expected that the medium-term net profit will increase greatly.</p><p><a href=\"https://laohu8.com/S/09868\">XPeng Motors</a>It rose by nearly 8%, and the delivery volume exceeded 8,000 units in July.</p><p><a href=\"https://laohu8.com/S/09001\">New Oriental</a>down 2.5%, canceling the results announcement and board meeting scheduled for this week.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Hang Seng Index opened 0.36% higher, Hengteng Network resumed trading and rose more than 31%</title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Hang Seng Index opened 0.36% higher, Hengteng Network resumed trading and rose more than 31%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-02 09:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 2nd, the three major indices of Hong Kong stocks opened slightly higher, with the Hang Seng Index rising 0.36% to 26,054 points, the State Index rising 0.27% to 9,258 points, and the Hang Seng Technology Index rising 0.15% to 6,791 points.<img src=\"https://static.tigerbbs.com/48acf8c598fe7999ee803caf7fc59bdf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the disk, Evergrande Department opened higher across the board,<a href=\"https://laohu8.com/S/00136\">Hengteng Network</a>The resumption of trading soared 31.58%,<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>、<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>Both rising, Evergrande<a href=\"https://laohu8.com/S/00700\">Tencent</a>such as disposal of shares of the Company; Port shipping stocks, home appliance stocks, photovoltaic stocks, automobile stocks, banking stocks and education stocks mostly rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Opening sharply higher nearly 8% performs better; Big tech stocks rose generally,<a href=\"https://laohu8.com/S/09999\">Netease</a>Opened 3.47% higher,<a href=\"https://laohu8.com/S/09888\">Baidu</a>Nearly 2%, Meituan rose 1%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low; Coal stocks were among the top losers, while insurance stocks and mobile phone concept stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Up nearly 3%, the stamp duty rate on stock transactions in the Hong Kong market has been officially adjusted.</p><p><a href=\"https://laohu8.com/S/03396\">Legend Holdings</a>It rose by nearly 6%, and it is expected that the medium-term net profit will increase greatly.</p><p><a href=\"https://laohu8.com/S/09868\">XPeng Motors</a>It rose by nearly 8%, and the delivery volume exceeded 8,000 units in July.</p><p><a href=\"https://laohu8.com/S/09001\">New Oriental</a>down 2.5%, canceling the results announcement and board meeting scheduled for this week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","00136":"中国儒意","HSI":"恒生指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127485239","content_text":"8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒大汽车均上涨，恒大向腾讯等出售公司股份；港口航运股、家电股、光伏股、汽车股、银行股、教育股多数上涨，小鹏汽车大幅高开近8%表现较佳；大型科技股普涨，网易高开3.47%，百度涨近2%，美团涨1%，腾讯小幅低开；煤炭股跌幅居前，保险股、手机概念股下跌明显。\n香港交易所涨近3%，香港市场的股票交易印花税税率已正式调整。\n联想控股涨近6%，预计中期净利润大增。\n小鹏汽车涨近8%，7月交付量突破8000台。\n新东方跌2.5%，取消原定于本周举行的业绩发布及董事会会议。","news_type":1,"symbols_score_info":{"513600":0.9,"HHImain":0.9,"00136":0.9,"MCHmain":0.9,"HSI":0.9,"MHImain":0.9,"02833":0.9,"HSImain":0.9}},"isVote":1,"tweetType":1,"viewCount":3480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803446433,"gmtCreate":1627460117422,"gmtModify":1703490380388,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803446433","repostId":"1195908684","repostType":4,"repost":{"id":"1195908684","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":1627459755,"share":"https://ttm.financial/m/news/1195908684?lang=en_US&edition=fundamental","pubTime":"2021-07-28 16:09","market":"us","language":"zh","title":"Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%","url":"https://stock-news.laohu8.com/highlight/detail?id=1195908684","media":"老虎资讯综合","summary":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","content":"<p>On July 28th, some popular Chinese stocks stopped falling and rebounded before the market.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 5%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 3%, and Nio, Didi and Shell rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nPopular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-28 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 28th, some popular Chinese stocks stopped falling and rebounded before the market.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 5%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 3%, and Nio, Didi and Shell rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","LI":"理想汽车","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195908684","content_text":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","news_type":1,"symbols_score_info":{"LI":0.9,"TTTN":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":3226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177601110,"gmtCreate":1627203488930,"gmtModify":1703485528966,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566533757199998","authorIdStr":"3566533757199998"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177601110","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"What are we buying when we buy funds?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","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>What are we buying when we buy funds?</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\">\nWhat are we buying when we buy funds?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}