嘉豪9191 personal page - To The Moon

嘉豪9191

嘉豪9191

No personal profile

687Follow

54Followers

3Topic

0Badge

2025-03-08

$特斯拉(TSLA)$

2021-08-04

O

Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter

2021-07-20

u

U.S. stocks crashed again! Investors rushed into this sector to avoid risks

2022-01-29

Bb omg

2022-01-28

B B

@小虎AV:快看！木頭姐的2022投資展望

2021-07-19

G

Sorry, the original content has been removed

2021-07-18

j

Haitong Strategy: On the current market style! Is the sound of the waves still?

2024-01-16

2022-04-02

Up up up@TigerEvents @美股判官 @Miller

2022-06-20

OK

Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3575111006123483","uuid":"3575111006123483","gmtCreate":1612016982424,"gmtModify":1613201505845,"name":"嘉豪9191","pinyin":"jh9191jiahao9191","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":54,"headSize":687,"tweetSize":0,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":3,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.03.11","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.23","exceedPercentage":"93.25%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"4e86300037264823b9bb00ff44fc0f19-5","templateUuid":"4e86300037264823b9bb00ff44fc0f19","name":"Live trading challenger","description":"for 10 months","bigImgUrl":"https://community-static.tradeup.com/news/50836b6acaa4041c6613cc97eeeb364b","smallImgUrl":"https://community-static.tradeup.com/news/a6b8bf4481e36ae8a863eae5098461e6","grayImgUrl":"https://community-static.tradeup.com/news/91c1c1e4d3607b46e414ab97cc6dd982","redirectLinkEnabled":0,"redirectLink":"https://www.tigerbrokers.com.sg/activity/market/2023/stock-contest?adcode=StockContest2023","hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.07.03","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5600},{"badgeId":"3e5a625780d3411098f7e72115f69f0a-1","templateUuid":"3e5a625780d3411098f7e72115f69f0a","name":"Total trades","description":"Cumulative for 100 trades","bigImgUrl":"https://community-static.tradeup.com/news/f6040a65e0c6e125e4dcfe0101de45ee","smallImgUrl":"https://community-static.tradeup.com/news/f803dba33fef1aa87b64be09f4f064ee","grayImgUrl":"https://community-static.tradeup.com/news/5dfa45d4a1e98a2d8c2e1b4253ddd916","redirectLinkEnabled":0,"redirectLink":"https://www.tigerbrokers.com.sg/activity/market/2023/stock-contest?adcode=StockContest2023","hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.02.10","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5100},{"badgeId":"f8545949683242faa8dd0b48c38980be-6","templateUuid":"f8545949683242faa8dd0b48c38980be","name":"Monthly top 3 team’s member","description":"Top 3","bigImgUrl":"https://community-static.tradeup.com/news/07c1c095634de01442a994a6e400c15e","smallImgUrl":"https://community-static.tradeup.com/news/9781810dde36b017d40bfd2d4bbdec33","grayImgUrl":"https://community-static.tradeup.com/news/502a753fc3c530cb2ab08d98d795adaa","redirectLinkEnabled":0,"redirectLink":"https://www.tigerbrokers.com.sg/activity/market/2023/stock-contest?adcode=StockContest2023","hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.03","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5400},{"badgeId":"23f878ed27704312ae41c7f17e73b319-3","templateUuid":"23f878ed27704312ae41c7f17e73b319","name":"Annualised return","description":"Top 20%","bigImgUrl":"https://community-static.tradeup.com/news/1ece4391160b811e6f36b1eea9eb6ea4","smallImgUrl":"https://community-static.tradeup.com/news/7d7540817554a583ac3bf85dea074a4a","grayImgUrl":"https://community-static.tradeup.com/news/8c5460a7cc80dd22560efa26813d947d","redirectLinkEnabled":0,"redirectLink":"https://www.tigerbrokers.com.sg/activity/market/2023/stock-contest?adcode=StockContest2023","hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.08.30","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5300},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"60.14%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"82ffa69a97264fba9002044f4f5f535b-1","templateUuid":"82ffa69a97264fba9002044f4f5f535b","name":"Tiger Think Tank","description":"Tiger Think Tank","bigImgUrl":"https://community-static.tradeup.com/news/193f8255673f42bdc610097b2074ec3e","smallImgUrl":"https://community-static.tradeup.com/news/06af124f59f026a383d35b268362424f","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.09","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":4001},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":10,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":33,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":411270253080928,"gmtCreate":1741394706406,"gmtModify":1741394710780,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a>&nbsp;","text":"$特斯拉(TSLA)$","images":[{"img":"https://community-static.tradeup.com/news/d1368eb3b44d0404fb48a536bbdbb85d","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/411270253080928","isVote":1,"tweetType":1,"viewCount":2795,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4203678803747912","authorId":"4203678803747912","name":"首席分析师Marco","avatar":"https://community-static.tradeup.com/news/65426d7905470020631382dc2da12627","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4203678803747912","idStr":"4203678803747912"},"content":"Your cost is a bit high","text":"Your cost is a bit high","html":"Your cost is a bit high"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":406015572263152,"gmtCreate":1740152513434,"gmtModify":1740152517429,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$ </a>&nbsp;","text":"$英伟达(NVDA)$","images":[{"img":"https://community-static.tradeup.com/news/3344528a75c1950256fac7150131999b","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/406015572263152","isVote":1,"tweetType":1,"viewCount":2125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263486000529576,"gmtCreate":1705362175680,"gmtModify":1705362178431,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$ </a>&nbsp;","text":"$蔚来(NIO)$","images":[{"img":"https://community-static.tradeup.com/news/967d93ee8088eb5de33f6fc3ba50828c","width":"882","height":"1608"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263486000529576","isVote":1,"tweetType":1,"viewCount":2531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9965884306,"gmtCreate":1669936305906,"gmtModify":1676538271945,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965884306","isVote":1,"tweetType":1,"viewCount":2602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9985264421,"gmtCreate":1667402720163,"gmtModify":1676537912269,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9985264421","isVote":1,"tweetType":1,"viewCount":2574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079972482,"gmtCreate":1657149814746,"gmtModify":1676535957203,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"O&nbsp;","listText":"O&nbsp;","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9079972482","repostId":"2249511163","repostType":4,"repost":{"id":"2249511163","kind":"news","pubTimestamp":1657149199,"share":"https://ttm.financial/m/news/2249511163?lang=en_US&edition=fundamental","pubTime":"2022-07-07 07:13","market":"hk","language":"zh","title":"Apple plans to launch lock mode to deal with hacking attacks","url":"https://stock-news.laohu8.com/highlight/detail?id=2249511163","media":"新浪科技","summary":"新浪科技讯 北京事件7月7日凌晨消息，苹果公司周三表示，计划在今年秋天发布一项名为“锁定模式”的新功能，旨在为用户增加一层新的保护和防止复杂的黑客攻击。\n此前一款名为“飞马（Pegasus）”的手机间谍软件入侵遍布全球50多个国家，可能被监控人数高达5万，飞马由以色列软件监控公司NSO开发，用于监视记者、律师和政治家等较有影响力的人，“飞马”一旦侵入手机，就可以在使用者不知情的情况下，提取短信、照片、电子邮件，对通话进行录音，远程开启手机的麦克风和摄像头，对用户隐私造成极大威胁。\n“飞马”软件的制造商NSO集团已被苹果公司起诉，并被美国官员列入贸易黑名单。","content":"<p><html><head></head><body>Sina Technology News Beijing incident news in the early morning of July 7,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company said Wednesday it plans to release a new feature this fall called \"Lock Mode,\" which aims to add a new layer of protection and protection against sophisticated hacking for users.</p><p>Previously, a mobile phone spyware named Pegasus invaded more than 50 countries around the world, and the number of people that may be monitored was as high as 50,000. Pegasus was developed by NSO, an Israeli software monitoring company, and was used to monitor influential people such as journalists, lawyers and politicians. Once Pegasus invaded the mobile phone, it could extract short messages, photos and e-mails, record calls and remotely turn on the microphone and camera of the mobile phone without the user's knowledge, posing a great threat to the user's privacy.</p><p>NSO Group, the maker of the \"Pegasus\" software, has been sued by Apple and placed on a trade blacklist by US officials.</p><p></body></html></p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple plans to launch lock mode to deal with hacking attacks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple plans to launch lock mode to deal with hacking attacks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2022-07-07 07:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Sina Technology News Beijing incident news in the early morning of July 7,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company said Wednesday it plans to release a new feature this fall called \"Lock Mode,\" which aims to add a new layer of protection and protection against sophisticated hacking for users.</p><p>Previously, a mobile phone spyware named Pegasus invaded more than 50 countries around the world, and the number of people that may be monitored was as high as 50,000. Pegasus was developed by NSO, an Israeli software monitoring company, and was used to monitor influential people such as journalists, lawyers and politicians. Once Pegasus invaded the mobile phone, it could extract short messages, photos and e-mails, record calls and remotely turn on the microphone and camera of the mobile phone without the user's knowledge, posing a great threat to the user's privacy.</p><p>NSO Group, the maker of the \"Pegasus\" software, has been sued by Apple and placed on a trade blacklist by US officials.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/it/2022-07-07/detail-imizirav2236354.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/568cfd902cc65a2f5fa2518ef2c6196d","relate_stocks":{"BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4575":"芯片概念","BK4505":"高瓴资本持仓","BK4515":"5G概念","BK4559":"巴菲特持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4507":"流媒体概念","BK4170":"电脑硬件、储存设备及电脑周边","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","BK4512":"苹果概念","BK4553":"喜马拉雅资本持仓","BK4501":"段永平概念","BK4527":"明星科技股","AAPL":"苹果"},"source_url":"https://tech.sina.cn/it/2022-07-07/detail-imizirav2236354.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2249511163","content_text":"新浪科技讯 北京事件7月7日凌晨消息，苹果公司周三表示，计划在今年秋天发布一项名为“锁定模式”的新功能，旨在为用户增加一层新的保护和防止复杂的黑客攻击。此前一款名为“飞马（Pegasus）”的手机间谍软件入侵遍布全球50多个国家，可能被监控人数高达5万，飞马由以色列软件监控公司NSO开发，用于监视记者、律师和政治家等较有影响力的人，“飞马”一旦侵入手机，就可以在使用者不知情的情况下，提取短信、照片、电子邮件，对通话进行录音，远程开启手机的麦克风和摄像头，对用户隐私造成极大威胁。“飞马”软件的制造商NSO集团已被苹果公司起诉，并被美国官员列入贸易黑名单。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":2832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040285562,"gmtCreate":1655680664756,"gmtModify":1676535681778,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040285562","repostId":"1130766759","repostType":4,"repost":{"id":"1130766759","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":1655260917,"share":"https://ttm.financial/m/news/1130766759?lang=en_US&edition=fundamental","pubTime":"2022-06-15 10:41","market":"us","language":"zh","title":"Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20","url":"https://stock-news.laohu8.com/highlight/detail?id=1130766759","media":"老虎资讯综合","summary":"这一节日是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。","content":"<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-06-15 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3beebfa3e0137570abe14d50f470080d","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130766759","content_text":"尊敬的投资者：美股将于6月20日（星期一）休市，因为6月19日（星期日）是美国的联邦假日（六月节）。值得一提的是，这一节日相当“年轻”，去年才被合法化，是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。预祝投资顺利老虎证券休市安排美股6月20日（周一）休市，6月21日（周二）起照常开市。港股、A股、新加坡股市、澳大利亚市场照常交易。背景介绍2021年6月17日，美国总统拜登签署法令，将每年的6月19日定为全国法定节假日以纪念美国奴隶制的终结，节日名称为“Juneteenth”，该名称取自June（六月）和Nineteenth（十九）的组合。中国官方称这一节日为“六月节”。拜登与“六月节祖母”Opal Lee或许正是因为六月节非常“年轻”，去年的这个时候，美国SEC（证券交易委员会）还因为这个节日和美股市场产生了“分歧”：SEC放假，而纽交所和纳斯达克交易所却照常开市。SEC表示：“交易所自行决定联邦假期的运营状态，我们对各主要市场在正常时间内运营表示理解。”纽交所当时回应称，将评估2022年的六月节是否停业过节。目前看来这样的“分歧”今年不会重演了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9052514496,"gmtCreate":1655194652315,"gmtModify":1676535579230,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9052514496","repostId":"9022524674","repostType":1,"repost":{"id":9022524674,"gmtCreate":1653552819200,"gmtModify":1676535303082,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"Time Travel with Tiger, Join the Memorabilia Adventure Now!!!","htmlText":"\n \n \n  Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi\n \n","listText":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","text":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022524674","isVote":1,"tweetType":2,"object":{"id":"97af7069aa6440eab7c85601f72b41b1","tweetId":"9022524674","videoUrl":"https://1254107296.vod2.myqcloud.com/73ba5544vodgzp1254107296/5836ee3f387702302012189230/1IRQdazMc4YA.mp4","poster":"https://community-static.tradeup.com/news/f2462b20b2a9a2483ae56cbb54dcb2a7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011889337,"gmtCreate":1648855084452,"gmtModify":1676534409434,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","listText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","text":"Up up up@TigerEvents@美股判官@Miller","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011889337","isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099419995,"gmtCreate":1643412118072,"gmtModify":1676533816906,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"Bb omg","listText":"Bb omg","text":"Bb omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099419995","isVote":1,"tweetType":1,"viewCount":2874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099349484,"gmtCreate":1643299446510,"gmtModify":1676533801008,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"B B","listText":"B B","text":"B B","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099349484","repostId":"639367269","repostType":1,"repost":{"id":639367269,"gmtCreate":1643170686233,"gmtModify":1676532644226,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/91101bd3142b32495c3131036d5f8afa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514329116425907","idStr":"3514329116425907"},"themes":[],"title":"快看！木頭姐的2022投資展望","htmlText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","listText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","text":"ARK從2017年開始發佈Big Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：凱西·伍德對2022年的展望採訪 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","images":[{"img":"https://static.tigerbbs.com/14bae82a6bc1560f1d02cf374dece92d","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/7f9e4f5b68dcb408955d1c71e85f5380","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/d63da9acc54bb21920024b8ed7abd1da","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/639367269","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":19,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099340941,"gmtCreate":1643299283077,"gmtModify":1676533800982,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099340941","repostId":"9090454610","repostType":1,"repost":{"id":9090454610,"gmtCreate":1643249931605,"gmtModify":1676533790701,"author":{"id":"3527667621665671","authorId":"3527667621665671","name":"Daily_Discussion","avatar":"https://community-static.tradeup.com/news/6973ef3354e752778088dfd8ca725c82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667621665671","idStr":"3527667621665671"},"themes":[],"title":"🔥[Jan 27th]Share your trades today with others >>","htmlText":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions&nbsp;on&nbsp;market trends,the&nbsp;stocks you like(bullish on)or dislike(bearish on),and&nbsp;your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins&nbsp;as reward&nbsp;which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Tiger Community TOP10 Tickers ⭐For The Daily Most Active Stocks in S&amp;P 500, please turn to@TigerObserver ⭐For The Top 10 Popular Stcocks on WallStreetBets, Please turn to@WallStreet_Tiger Daily Focus&nbsp;Thursday Afternoon Recap U.S. equity markets finished the daylower, with theS&amp;P 500-0.15%, theDow-0.38%, theNasdaq+0.02%, and theRussell 2000-1.38%. With","listText":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions&nbsp;on&nbsp;market trends,the&nbsp;stocks you like(bullish on)or dislike(bearish on),and&nbsp;your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins&nbsp;as reward&nbsp;which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Tiger Community TOP10 Tickers ⭐For The Daily Most Active Stocks in S&amp;P 500, please turn to@TigerObserver ⭐For The Top 10 Popular Stcocks on WallStreetBets, Please turn to@WallStreet_Tiger Daily Focus&nbsp;Thursday Afternoon Recap U.S. equity markets finished the daylower, with theS&amp;P 500-0.15%, theDow-0.38%, theNasdaq+0.02%, and theRussell 2000-1.38%. With","text":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions on market trends,the stocks you like(bullish on)or dislike(bearish on),and your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins as reward which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Tiger Community TOP10 Tickers ⭐For The Daily Most Active Stocks in S&P 500, please turn to@TigerObserver ⭐For The Top 10 Popular Stcocks on WallStreetBets, Please turn to@WallStreet_Tiger Daily Focus Thursday Afternoon Recap U.S. equity markets finished the daylower, with theS&P 500-0.15%, theDow-0.38%, theNasdaq+0.02%, and theRussell 2000-1.38%. With","images":[{"img":"https://static.tigerbbs.com/4d88973302eced66c7cfae721c56bebb","width":"429","height":"170"},{"img":"https://static.tigerbbs.com/419852b64e141acfc924e04c1577a4b2","width":"1280","height":"720"},{"img":"https://static.tigerbbs.com/44298bd342ca71a76baead731b1dc36a","width":"758","height":"1676"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090454610","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898375945,"gmtCreate":1628475878887,"gmtModify":1703506652720,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898375945","repostId":"2158041619","repostType":2,"repost":{"id":"2158041619","kind":"news","pubTimestamp":1628470402,"share":"https://ttm.financial/m/news/2158041619?lang=en_US&edition=fundamental","pubTime":"2021-08-09 08:53","market":"us","language":"zh","title":"Apple's MacBook supply chain is revealed to be mass-produced, and 2 new MacBook Pros will be launched in the second half of the year","url":"https://stock-news.laohu8.com/highlight/detail?id=2158041619","media":"IT之家","summary":"供应链媒体 Digitimes 今日报道称，苹果 MacBook供应链现已开动，将会在今年下半年推出两款新机。据称，苹果新款 MacBook Pro 自 7 月起便已进行拉货，8 月起正式量产，每月出货量将会达到 30 万~40 万台。苹果将会在今年下半年推出 2 款新的 MacBook Pro，每月出货量粗略估算可达 30 万-40 万台。从此前爆料来看，苹果可能正在准备推出传闻中的 14 英寸和 16 英寸 MacBook Pro，或将配备苹果 M1X 芯片，而重新设计的 MacBook Air 预计将在 2022 年晚些时候推出。","content":"<p><html><body><span><img src=\"http://n.sinaimg.cn/sinakd20210802ac/292/w812h1080/20210802/8c4c-a5d9c01be694a8c7e7648bc211dd5f0b.jpg\"/><em><span></span></em></span><font><a href=\"https://laohu8.com/S/AAPL\">Apple</a>M1 MacBook Air/Pro is exposed to cracks in the screen, but the official warranty is not available</font></p><p>Supply chain media Digitimes reported today that Apple's MacBook supply chain has started and will launch two new machines in the second half of this year.</p><p>It is said that Apple's new MacBook Pro has been in stock since July and will be officially mass-produced in August. Monthly shipments will reach 300,000 to 400,000 units. Apple will launch two new MacBook Pro models in the second half of this year, with monthly shipments roughly estimated to reach 300,000-400,000 units.</p><p>IT House has reported that two new MacBook models running macOS 12 Monterey have previously appeared in Eurasian Economic Commission documents (models A2442 and A2485) and are expected to be released before the end of the year.</p><p><figure><img h=\"309\" src=\"http://n.sinaimg.cn/tech/crawl/59/w550h309/20210809/c3ee-b6ab9f763f1e1ceccb93ea88e73b00fa.jpg\" w=\"550\"/><h2></h2></figure>Judging from previous revelations, Apple may be preparing to launch the rumored 14-inch and 16-inch MacBook Pro, which may be equipped with Apple's M1X chip, while the redesigned MacBook Air is expected to be launched later in 2022.</p><p><div sax-type=\"proxy\"></div>A new MacBook Pro with more \"M1X\" processors is still expected to be released \"in the coming months,\" and a new high-end Mac mini will appear \"shortly after that,\" Bloomberg Mark Gurman said in a Power On newsletter Sunday. In 2022, Gurman expects the iMac to be \"fully transitioned by the end of next year\" and \"a modified small Mac Pro with Apple Silicon later next year.\"</p><p>With the M1X chip, the new MacBook Pro is rumored to be even more powerful, bringing a 1080p FaceTime camera, eliminating the Touch Bar, and adding more ports like HDMI, microSD, and a new MagSafe charging port.</p><p>In terms of design, the new MacBook Pro will feature a fresh form factor design and is said to have 14-inch and 16-inch screen sizes with new mini LED screen technology.</p><p><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple's MacBook supply chain is revealed to be mass-produced, and 2 new MacBook Pros will be launched in the second half of the year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's MacBook supply chain is revealed to be mass-produced, and 2 new MacBook Pros will be launched in the second half of the year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IT之家</strong><span class=\"h-time small\">2021-08-09 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><span><img src=\"http://n.sinaimg.cn/sinakd20210802ac/292/w812h1080/20210802/8c4c-a5d9c01be694a8c7e7648bc211dd5f0b.jpg\"/><em><span></span></em></span><font><a href=\"https://laohu8.com/S/AAPL\">Apple</a>M1 MacBook Air/Pro is exposed to cracks in the screen, but the official warranty is not available</font></p><p>Supply chain media Digitimes reported today that Apple's MacBook supply chain has started and will launch two new machines in the second half of this year.</p><p>It is said that Apple's new MacBook Pro has been in stock since July and will be officially mass-produced in August. Monthly shipments will reach 300,000 to 400,000 units. Apple will launch two new MacBook Pro models in the second half of this year, with monthly shipments roughly estimated to reach 300,000-400,000 units.</p><p>IT House has reported that two new MacBook models running macOS 12 Monterey have previously appeared in Eurasian Economic Commission documents (models A2442 and A2485) and are expected to be released before the end of the year.</p><p><figure><img h=\"309\" src=\"http://n.sinaimg.cn/tech/crawl/59/w550h309/20210809/c3ee-b6ab9f763f1e1ceccb93ea88e73b00fa.jpg\" w=\"550\"/><h2></h2></figure>Judging from previous revelations, Apple may be preparing to launch the rumored 14-inch and 16-inch MacBook Pro, which may be equipped with Apple's M1X chip, while the redesigned MacBook Air is expected to be launched later in 2022.</p><p><div sax-type=\"proxy\"></div>A new MacBook Pro with more \"M1X\" processors is still expected to be released \"in the coming months,\" and a new high-end Mac mini will appear \"shortly after that,\" Bloomberg Mark Gurman said in a Power On newsletter Sunday. In 2022, Gurman expects the iMac to be \"fully transitioned by the end of next year\" and \"a modified small Mac Pro with Apple Silicon later next year.\"</p><p>With the M1X chip, the new MacBook Pro is rumored to be even more powerful, bringing a 1080p FaceTime camera, eliminating the Touch Bar, and adding more ports like HDMI, microSD, and a new MagSafe charging port.</p><p>In terms of design, the new MacBook Pro will feature a fresh form factor design and is said to have 14-inch and 16-inch screen sizes with new mini LED screen technology.</p><p><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/apple/2021-08-09/detail-ikqciyzm0352602.d.html?vt=4\">IT之家</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/667/w400h267/20210809/b4a4-18c9f40b38314e420f906eb69aa1028c.jpg/w120h90l50t1995.jpg","relate_stocks":{"AAPL":"苹果"},"source_url":"https://tech.sina.cn/apple/2021-08-09/detail-ikqciyzm0352602.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158041619","content_text":"苹果M1 MacBook Air/Pro被曝屏幕出现裂缝 官方不保修\n供应链媒体 Digitimes 今日报道称，苹果  MacBook 供应链现已开动，将会在今年下半年推出两款新机。\n据称，苹果新款 MacBook Pro 自 7 月起便已进行拉货，8 月起正式量产，每月出货量将会达到 30 万~40 万台。苹果将会在今年下半年推出 2 款新的 MacBook Pro，每月出货量粗略估算可达 30 万-40 万台。\nIT之家曾报道，有两款运行 macOS 12 Monterey 的新 MacBook 型号此前已出现在欧亚经济委员会的文件中（型号为 A2442 和 A2485），预计将会在年底之前发布。\n\n\n\n\n从此前爆料来看，苹果可能正在准备推出传闻中的 14 英寸和 16 英寸 MacBook Pro，或将配备苹果 M1X 芯片，而重新设计的 MacBook Air 预计将在 2022 年晚些时候推出。\n彭博社 Mark Gurman 在周日的 Power On 通讯中表示，配备更多“M1X”处理器的新 MacBook Pro 仍有望在“未来几个月”发布，而新的高端 Mac mini 将“在那之后不久”出现。在 2022 年，古尔曼预计 iMac 将“在明年年底前完全过渡”，“明年晚些时候也会有一款经过改造的、带搭载 Apple Silicon 的小型 Mac Pro”。\n有了 M1X 芯片，据传新的 MacBook Pro 将更加强大，带来 1080p FaceTime 摄像头，取消 Touch Bar，并增加更多的端口，如 HDMI、microSD 和新的 MagSafe 充电接口。\n在设计方面，新的 MacBook Pro 将采用全新的外形设计，据说将有 14 英寸和 16 英寸的屏幕尺寸，采用新的 mini LED 屏幕技术。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":1171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893765453,"gmtCreate":1628301620072,"gmtModify":1703504767476,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"Wa","listText":"Wa","text":"Wa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893765453","repostId":"2157912834","repostType":2,"isVote":1,"tweetType":1,"viewCount":1234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899539876,"gmtCreate":1628205582295,"gmtModify":1703502978730,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899539876","repostId":"1145944874","repostType":2,"isVote":1,"tweetType":1,"viewCount":1481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807872285,"gmtCreate":1628032817447,"gmtModify":1703499797297,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807872285","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"hk","language":"zh","title":"Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":"　　在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。　　纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。　　总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So this is really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>","source":"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>Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter</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 headlines: U.S. household debt hit the largest increase since 2013 in the second quarter\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\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So this is really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.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/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","UPRO":"三倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares","SQQQ":"纳指三倍做空ETF","SDOW":"三倍做空道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","SSO":"2倍做多标普500ETF-ProShares","EBON":"亿邦国际","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","UDOW":"三倍做多道指30ETF-ProShares","CAN":"嘉楠科技","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","OEX":"标普100"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行：预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示，对于其他类型的信贷，例如汽车贷款和信用卡，信贷标准一直在放松。\n总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行：预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策，”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期，从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问，职务是国家经济委员会特别助理兼首席经济学家。他表示，在今年强劲增长后，2022年经济增长势将放缓，令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%，甚至更低，”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n美国证券交易委员会主席根斯勒（Gary Gensler）暗示了一条批准设立比特币ETF的途径，表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为，比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中，Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供，并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施，我期待工作人员对此类申请进行审查，特别是如果这些ETF仅限于CME交易的比特币期货，”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下，SEC多次拒绝批准加密货币ETF，担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示，delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上，并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示，这比之前估计的60%至70%“高得多”，因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒，比原始病毒危险得多，” Franco说。\n群体免疫是基于这样的想法：当一定比例的人口已经接种疫苗或之前曾感染而获得免疫，将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定，十几家最大银行过去四个季度的利润总和超过1700亿美元，彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色，所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退，投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏，拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门，因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录，欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响，道琼斯美国银行业指数过去一年上涨59%，欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露，英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd．。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm，以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月，英国文化大臣Oliver Dowden要求竞争和市场管理局（CMA）准备一份有关该交易是否可被视为反竞争的报告，并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切，英国目前倾向于否定该交易。另一位知情人士表示，出于国家安全考虑，英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DOG":0.9,"MNQmain":0.9,"SQQQ":0.9,".DJI":0.9,"QQQ":0.9,"QID":0.9,"SDS":0.9,"EBON":0.9,"UPRO":0.9,"SH":0.9,"TQQQ":0.9,"UDOW":0.9,"OEX":0.9,"DXD":0.9,"SDOW":0.9,"OEF":0.9,"DJX":0.9,"DDM":0.9,"BTCmain":0.9,"SPXU":0.9,"CAN":0.9,"IVV":0.9,".SPX":0.9,"QLD":0.9,"NQmain":0.9,"PSQ":0.9,"ESmain":0.9,"XBTmain":0.9,".IXIC":0.9,"SSO":0.9}},"isVote":1,"tweetType":1,"viewCount":1253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174208005,"gmtCreate":1627098730807,"gmtModify":1703484250191,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174208005","repostId":"1135225174","repostType":4,"repost":{"id":"1135225174","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":1627098358,"share":"https://ttm.financial/m/news/1135225174?lang=en_US&edition=fundamental","pubTime":"2021-07-24 11:45","market":"us","language":"zh","title":"NetEase Cloud responds to anti-monopoly supervision of the State Administration of Municipal Supervision","url":"https://stock-news.laohu8.com/highlight/detail?id=1135225174","media":"老虎资讯综合","summary":"针对市场监管总局责令腾讯解除网络音乐独家版权，网易云发公告称坚决支持国家市场监督管理总局处罚决定。网易云音乐认为，国家市场监督管理总局依法责令涉案公司解除网络音乐独家版权协议、停止高额预付金等版权费用","content":"<p>Ordered by the State Administration for Market Regulation<a href=\"https://laohu8.com/S/00700\">Tencent</a>Release the exclusive copyright of online music,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Yunfa announced that it firmly supports the punishment decision of the State Administration for Market Regulation. Netease Cloud Music believes that the State Administration of Market Regulation ordered the company involved to cancel the exclusive copyright agreement of online music, stop payment methods of copyright fees such as high advance payments, and not implement most-favored-nation treatment clauses and other measures to restore market competition will continue to improve China's online music copyright authorization environment, guide copyright prices to return to rationality, promote the wide dissemination of excellent music works and the improvement of users' music consumption experience, promote industry integration with international rules, and enhance the international competitiveness of my country's music platform companies.</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>NetEase Cloud responds to anti-monopoly supervision of the State Administration of Municipal Supervision</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\">\nNetEase Cloud responds to anti-monopoly supervision of the State Administration of Municipal Supervision\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\">2021-07-24 11:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Ordered by the State Administration for Market Regulation<a href=\"https://laohu8.com/S/00700\">Tencent</a>Release the exclusive copyright of online music,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Yunfa announced that it firmly supports the punishment decision of the State Administration for Market Regulation. Netease Cloud Music believes that the State Administration of Market Regulation ordered the company involved to cancel the exclusive copyright agreement of online music, stop payment methods of copyright fees such as high advance payments, and not implement most-favored-nation treatment clauses and other measures to restore market competition will continue to improve China's online music copyright authorization environment, guide copyright prices to return to rationality, promote the wide dissemination of excellent music works and the improvement of users' music consumption experience, promote industry integration with international rules, and enhance the international competitiveness of my country's music platform companies.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fcabf75ca25b5c2a5767c559e42702f8","relate_stocks":{"09999":"网易-S","NTES":"网易","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":"1135225174","content_text":"针对市场监管总局责令腾讯解除网络音乐独家版权，网易云发公告称坚决支持国家市场监督管理总局处罚决定。网易云音乐认为，国家市场监督管理总局依法责令涉案公司解除网络音乐独家版权协议、停止高额预付金等版权费用支付方式、不得实施最惠国待遇条款等恢复市场竞争状态的措施，将持续改善中国网络音乐版权授权环境，引导版权价格回归理性，促进优秀音乐作品的广泛传播和用户音乐消费体验提升，推动产业接轨国际规则，提升我国音乐平台企业国际竞争力。","news_type":1,"symbols_score_info":{"90033":0.9,"QNETCN":0.9,"NTES":0.9,"09999":0.9}},"isVote":1,"tweetType":1,"viewCount":973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171862494,"gmtCreate":1626737667018,"gmtModify":1703764071350,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"u","listText":"u","text":"u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171862494","repostId":"2152657534","repostType":4,"repost":{"id":"2152657534","kind":"highlight","pubTimestamp":1626732000,"share":"https://ttm.financial/m/news/2152657534?lang=en_US&edition=fundamental","pubTime":"2021-07-20 06:00","market":"us","language":"zh","title":"U.S. stocks crashed again! Investors rushed into this sector to avoid risks","url":"https://stock-news.laohu8.com/highlight/detail?id=2152657534","media":"智通财经网","summary":"因市场对新冠疫情升温的担忧，周一美股出现大幅调整，道指跌超2%，为去年十月下旬以来最大单日跌幅，航空股、石油股、银行股普跌。","content":"<p>Zhitong Finance APP learned that due to market concerns about the rising COVID-19 pandemic, U.S. stocks experienced a sharp adjustment on Monday. The Dow fell more than 2%, the largest one-day decline since late October last year. Airline stocks, oil stocks, and bank stocks generally fell; The Nasdaq and S&P 500 both fell more than 1%.<a href=\"https://laohu8.com/S/CBOE\">Chicago Board Options Exchange</a>The volatility index VIX once soared by more than 30%. Crude oil futures fell sharply.</p><p>Investors began to bet on pandemic-benefiting sectors such as grocery stores. Shares of Kroger (KR) and Albertsons (ACI) both rose on Monday.<a href=\"https://laohu8.com/S/COST\">Costco</a>It hit an all-time high of $415.317 during the session.</p><p>Grocery stores have been the beneficiaries of the pandemic over the past year as restaurants temporarily closed, forcing people to stock up on food and cook at home. These retailers will face profitability challenges in the next few quarters, because they need to compare with last year's unusually high sales growth and profitability data. Investors and companies have been trying to figure out when (and to what extent) consumers will return to the habit of eating out as more people become fully vaccinated and restrictions ease. However, matters have been further complicated in recent weeks when some areas have returned to implementing measures imposed during partial lockdowns as the Delta virus spreads widely.</p><p>Brian Yarbrough, a retail analyst at Edward Jones, pointed out that investors are being spooked by news about the Delta virus, which has led them back to the embrace of stocks benefiting from the epidemic. \"</p><p>D.A. Michael Baker, a retail analyst at Davidson, said grocers are doing \"the opposite of what you see in airline stocks\" in the market. Airlines and cruises were the hardest hit sectors as investors worried that travel trends could slow or reverse. \"</p><p>Food sales remain above pre-pandemic levels, according to market research firm IRI, which tracks sales patterns in supermarkets, hypermarkets and convenience stores. In the week ending July 4, total demand for packaged goods was essentially flat from year-ago levels, although total sales of perishables and non-edible items declined slightly.</p><p>In the past year, Baker said, people have developed the habit of cooking at home. In addition, the shortage of labor has affected customer service at some restaurants, giving customers another reason to eat at home.</p><p>Recent data also supports the stickiness of the eating-at-home pattern, he noted. Revenue at food and beverage stores increased by 0.6% in June compared to the previous month, according to the U.S. Department of Commerce. On the other hand, restaurant dining was still down 8% in July compared to a year ago, according to OpenTable bookings.</p><p>However, not all pandemic beneficiary stocks bucked the trend and rose on Monday.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/HD\">Home Depot</a>And<a href=\"https://laohu8.com/S/LOW\">Lowe's</a>The stock price has fallen.</p><p>Yarbrough believes that this is because<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Selling general merchandise and discretionary items instead of a pure grocery store. Compared with grocery stores, the sales growth of home improvement retailers may not be too surprising. \"</p>","source":"highlight_zhitongcaijin","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>U.S. stocks crashed again! Investors rushed into this sector to avoid risks</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\">\nU.S. stocks crashed again! Investors rushed into this sector to avoid risks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-20 06:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Zhitong Finance APP learned that due to market concerns about the rising COVID-19 pandemic, U.S. stocks experienced a sharp adjustment on Monday. The Dow fell more than 2%, the largest one-day decline since late October last year. Airline stocks, oil stocks, and bank stocks generally fell; The Nasdaq and S&P 500 both fell more than 1%.<a href=\"https://laohu8.com/S/CBOE\">Chicago Board Options Exchange</a>The volatility index VIX once soared by more than 30%. Crude oil futures fell sharply.</p><p>Investors began to bet on pandemic-benefiting sectors such as grocery stores. Shares of Kroger (KR) and Albertsons (ACI) both rose on Monday.<a href=\"https://laohu8.com/S/COST\">Costco</a>It hit an all-time high of $415.317 during the session.</p><p>Grocery stores have been the beneficiaries of the pandemic over the past year as restaurants temporarily closed, forcing people to stock up on food and cook at home. These retailers will face profitability challenges in the next few quarters, because they need to compare with last year's unusually high sales growth and profitability data. Investors and companies have been trying to figure out when (and to what extent) consumers will return to the habit of eating out as more people become fully vaccinated and restrictions ease. However, matters have been further complicated in recent weeks when some areas have returned to implementing measures imposed during partial lockdowns as the Delta virus spreads widely.</p><p>Brian Yarbrough, a retail analyst at Edward Jones, pointed out that investors are being spooked by news about the Delta virus, which has led them back to the embrace of stocks benefiting from the epidemic. \"</p><p>D.A. Michael Baker, a retail analyst at Davidson, said grocers are doing \"the opposite of what you see in airline stocks\" in the market. Airlines and cruises were the hardest hit sectors as investors worried that travel trends could slow or reverse. \"</p><p>Food sales remain above pre-pandemic levels, according to market research firm IRI, which tracks sales patterns in supermarkets, hypermarkets and convenience stores. In the week ending July 4, total demand for packaged goods was essentially flat from year-ago levels, although total sales of perishables and non-edible items declined slightly.</p><p>In the past year, Baker said, people have developed the habit of cooking at home. In addition, the shortage of labor has affected customer service at some restaurants, giving customers another reason to eat at home.</p><p>Recent data also supports the stickiness of the eating-at-home pattern, he noted. Revenue at food and beverage stores increased by 0.6% in June compared to the previous month, according to the U.S. Department of Commerce. On the other hand, restaurant dining was still down 8% in July compared to a year ago, according to OpenTable bookings.</p><p>However, not all pandemic beneficiary stocks bucked the trend and rose on Monday.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/HD\">Home Depot</a>And<a href=\"https://laohu8.com/S/LOW\">Lowe's</a>The stock price has fallen.</p><p>Yarbrough believes that this is because<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Selling general merchandise and discretionary items instead of a pure grocery store. Compared with grocery stores, the sales growth of home improvement retailers may not be too surprising. \"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/517189.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f6b557122b30390aec7062249e24940a","relate_stocks":{"WMT":"沃尔玛"},"source_url":"http://www.zhitongcaijing.com/content/detail/517189.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2152657534","content_text":"智通财经APP获悉，因市场对新冠疫情升温的担忧，周一美股出现大幅调整，道指跌超2%，为去年十月下旬以来最大单日跌幅，航空股、石油股、银行股普跌；纳指及标普500指数均跌超1%。芝加哥期权交易所波动率指数VIX一度狂飙超30%。原油期货大幅下跌。\n投资者开始转向押注食品杂货店等疫情受益板块，周一，Kroger(KR)及Albertsons(ACI)的股价均有上涨，好市多盘中触及历史新高415.317美元。\n在过去的一年里，食品杂货店是疫情的受益者，因为餐馆暂时关闭，迫使人们囤积食物并在家里做饭。这些零售商在未来几个季度将面临盈利挑战，因其需要做对比的是去年异常高的销售增长及盈利数据。投资者和公司一直在试图弄清楚，随着越来越多的人全面接种疫苗和限制措施的放松，消费者何时(以及在多大程度上)会恢复外出就餐的习惯。然而，最近几周，随着Delta病毒的广泛传播，一些地区又开始实施了部分封锁时期实施的措施，这使得事情变得更为复杂。\nEdward Jones的零售分析师Brian Yarbrough指出，投资者正被有关Delta病毒的消息吓坏了，这导致他们又重新回到了疫情受益股的怀抱。”\nD.A. Davidson公司的零售分析师Michael Baker表示，食品杂货商在市场上的表现“与你在航空股上看到的情况相反”。由于投资者担心旅游趋势可能放缓或逆转，航空公司和游轮是受打击最严重的板块。”\n根据市场调研公司IRI的数据，食品销售仍然高于疫情前的水平，IRI追踪超市、大卖场和便利店的销售模式。在截至7月4日的一周内，对包装商品的总需求与去年同期水平基本持平，尽管易腐物品和非食用物品的总销量略有下降。\nBaker表示，在过去一年里，人们养成了在家做饭的习惯。另外，劳动力的短缺使一些餐馆的客户服务受到影响，给顾客提供了另一个在家吃饭的理由。\n他指出，最近的数据也支持了在家吃饭模式的粘性。根据美国商务部的数据，6月份食品和饮料商店的收入比上个月增加了0.6%。另一方面，根据OpenTable的预订情况，7月份餐厅餐饮与一年前相比仍然下降了8%。\n然而，并非所有疫情受益股都在周一逆市上涨。沃尔玛、家得宝和劳氏的股价出现了下跌。\nYarbrough认为，这是因为沃尔玛销售一般商品和可自由支配的物品，而不是一个纯粹的食品杂货店。而相比起食品杂货店，家庭装修零售商的销售增长可能不会有太多惊喜。”","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173671456,"gmtCreate":1626659864475,"gmtModify":1703762846546,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173671456","repostId":"1119317025","repostType":4,"isVote":1,"tweetType":1,"viewCount":880,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179725510,"gmtCreate":1626579286430,"gmtModify":1703761977095,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575111006123483","idStr":"3575111006123483"},"themes":[],"htmlText":"j","listText":"j","text":"j","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179725510","repostId":"1199169547","repostType":4,"repost":{"id":"1199169547","kind":"news","weMediaInfo":{"introduction":"侃投资/话人生/广交友","home_visible":1,"media_name":"股市荀策","id":"1012219063","head_image":"https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be"},"pubTimestamp":1626577567,"share":"https://ttm.financial/m/news/1199169547?lang=en_US&edition=fundamental","pubTime":"2021-07-18 11:06","market":"sh","language":"zh","title":"Haitong Strategy: On the current market style! Is the sound of the waves still?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199169547","media":"股市荀策","summary":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，","content":"<p><b>Core conclusions:</b>① Since the beginning of 19 years, the overall market style has tended to grow. From the relative trend of style index and valuation, it can be seen that the style evolution has not yet reached the extreme. ② Economic fundamentals, liquidity and relative valuation are not the core variables that determine the style, and the relative trend of profit determines that the current market style will continue. ③ Continue to be optimistic about the market. The market growth represented by the Mao Index is still a good allocation, with<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth represented by manufacturing is more elastic.</p><p><b>Is the sound of the waves still?</b></p><p><b>-On the current market style</b></p><p>On the whole, it is the third year that the A-share growth style is dominant, and it is the sixth year that the market style is dominant. Some investors worry that the current market style differentiation is too extreme and style switching is just around the corner. We review the previous style switching situations of A-shares, look for the core variables that determine the style, and try to answer this market concern.</p><p><b>1. The current market style is still biased towards market growth</b></p><p><b>At present, the growth style of A-share market is still dominant.</b>There are two main types of market styles, one is the large and small cap style, and the other is the value growth style. Looking back at history, both U.S. stocks and A-shares have typical rotation characteristics of large and small cap styles. The rotation cycle of large and small caps in U.S. stocks is 3-6 years. From 2015 to 2019, the large market (S&P 100) dominated. In the past 20 years, the style has returned to small caps (Russell 2000). As an emerging market, A-shares have a shorter rotation cycle of small and small caps, generally 2-3 years. From the end of 2013 to 2015, A-shares small-cap (Shenwan small-cap) won, and since 2016, the large-cap (Shenwan large-cap) has dominated. From the perspective of the rotation of value growth styles, the value growth (value: Dow, growth: Nasdaq) styles of U.S. stocks switched rapidly from 2000 to 2009, but the growth style has continued to dominate since 2010. The value growth of A-shares (value: SSE 50, growth: GEM index) style rotation was basically synchronized with the rotation of large and small-cap styles before 2019, that is, large-cap stocks won when value dominated, and small-cap stocks performed well when growth dominated. However, since 2019, the rotation of growth value and large and small-cap styles has diverged. When large-cap stocks continued to dominate, the style has returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>At present, the evolution of market style has not reached the extreme.</b>Although the current growth and market dominance have lasted for three and six years respectively, it is still early for the market to evolve to the extreme. From the perspective of value growth, we use the relative trend of GEM index/SSE 50 and PE valuation to describe the growth value style. Currently (as of 21/07/16, the same below) GEM index/SSE 50 is 1.03, which is already higher than the upward standard deviation. It seems that the dominance of growth style is extreme; However, from the perspective of valuation, the current GEM index PE/SSE 50PE is 5.17, which is near the historical average, and the dominance of growth style has not reached the extreme. From the perspective of large and small caps, we use the relative trend of Shenwan Large Cap/Shenwan Small Cap Index and PE valuation to describe the style of large and small caps. In the past 16 years, the trend of Shenwan Large Cap/Shenwan Small Cap has continued to rise, and it has been slightly adjusted since February this year. At present, it is 0.93, close to the historical average, and the differentiation of large and small caps styles is not extreme; Judging from the relative trend of PE, the current Shenwan large-cap PE/Shenwan small-cap PE is 0.75, which is much higher than the upward standard deviation of 1 times. This phenomenon does not mean that the large-cap style is deduced to the extreme, but shows that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation of large and small-cap styles. Before the implementation of the registration system, the IPO approval system greatly increased the listing cost of enterprises, and many enterprises would find another way and seek backdoor listing. Therefore, some small-cap listed companies have considerable \"shell value\" even if they don't operate well. Since 2019, the advancement of the registration system has greatly reduced the \"shell value\", and the connection between the stock price performance of listed companies and fundamentals has been further strengthened. The valuation premium of small-cap stocks relative to large-cap stocks has been continuously reduced. Shenwan Large-cap PE/Shenwan Small-cap PE rose from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style will swing briefly, but the market style will continue the original trend in the later period.</b>Historically, there were short-term swings in the market style in the late stages of the two bull markets in 2005-07 and 2012-15, but then the market continued to continue the characteristics of the previous style. In 2005-07, the leading industry in the bull market was the large-cap blue-chip stocks represented by real estate banks, and the overall value style was dominant. However, from January to March 2007, the value stocks with strong gains in the early stage were generally pullback/retracement, while the small-cap stocks performed better. During this period, the maximum drop of Shenwan large-cap index was 27%, and the maximum increase of Shenwan small-cap index was 63%. In 12-15 years, the leading industry in the bull market is technology stocks represented by TMT, and the overall growth style is dominant. However, from October 14 to January 15, there was also a restoration market of value stocks represented by financial real estate. During this period, the maximum increase of SSE 50 was 65%, while the maximum decline of GEM index was 13% in the same period. This round of bull market growth and market style dominates. After the Spring Festival, due to inflation concerns and rising US Treasury yields, the market underwent a short-term adjustment, but looking forward to growth and market style dominates unchanged.</p><p><b>2. Profitability is the core variable that determines style</b></p><p><b>Economic fundamentals, liquidity, and relative valuation are not the core variables that determine style.</b>With the recent comprehensive RRR cut by the central bank and the release of macroeconomic data in the second quarter, some investors are worried that changes in liquidity environment and economic growth will have an impact on style. After analysis, we found that factors such as liquidity, economic fundamentals, and relative valuation are not the core variables that determine the market style. We can get a glimpse by reviewing historical data.</p><p>The tightness of fluidity has little impact on style. In terms of large and small cap styles, during the two periods when small cap dominated from 13/01 to 14/02 and large cap dominated from 16/10 to 18/01, the yield of ten-year Treasury Bond was in the rising range, from 13/1 respectively. 3.57% rose to 4.51% on 14/2, and from 2.65% on 16/10 to 3.94% on 18/01. In terms of growth value style, the ten-year Treasury Bond yield continued to rise during 16/10-18/01 and 20/04-20/11, but 16/10-18/01 value dominated, and 20/04-20/11 Growth dominates.</p><p>Economic fundamentals have some influence on style. When the economic data improves, it is beneficial to value/large-cap stocks, but there has also been a divergence between the two: judging from the year-on-year growth rate of GDP in the current quarter, small-cap stocks overall dominated when the economy went up in 2009-10; Judging from the year-on-year growth rate of industrial added value in the quarter, industrial added value continued to decline in 2011-12, but the value style was dominant at this stage.</p><p>Relative valuation changes are the price performance of style switching, and touching the extreme value of the valuation range can easily lead to style changes. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high. From the end of 2014 to January 2015, there was a restoration market of value stocks represented by financial real estate. However, from the perspective of large and small cap styles, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been continuously reduced, and the impact of the relative valuation of large and small cap stocks on style switching has weakened.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profit is the core variable determined by style.</b>In the long run, stocks are weighing machines. Looking at fundamentals from a long-term perspective determines the rise and fall of stock prices. The differentiation of profit trends is a watershed for style switching. In terms of value growth style, whether it is the value dominance in 16-17 years or the weakening of style in 19 years, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of SSE 50's net profit attributable to the parent company increased from-7.6% in 16Q1 (ROE-TTM was 11.6%) to 13.9% (11.8%) in 17Q4; The GEM index dropped from 77.1% (12.5%) in 16Q1 to-39.8% (6.0%) in 17Q4. The cumulative year-on-year difference (ROE-TTM difference) between the GEM index and the SSE 50 net profit attributable to the parent company dropped from Q1 in 2016. 84.7% (0.78%) dropped all the way to-53.8% (-5.74%) in Q4 in 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the GEM Index has rebounded even more. The cumulative year-on-year growth rate of the net profit attributable to the parent company of the SSE 50 has changed from 8.1% (12.1%) in 18Q4 to 43.2% (10.9%) in 21Q1.%), but the net profit growth rate of the GEM Index rose from-38.4% (7.0%) to 94.2% (13.5%), and the difference between the GEM Index and the SSE 50 rose from-46.5% (-5.1%) in 18Q4 to 50.9% (2.6%).</p><p><b>3. Follow the trend and be surprisingly upright</b></p><p><b>The bull market remains unchanged, and the market is expected to hit new highs.</b>We remain optimistic for the second half of the year. From a macro point of view, the investment clock is a good tool for asset allocation analysis based on the macro background. Many of our previous reports pointed out that the current investment clock is still in an overheated period. The just released economic data show that China's GDP in the second quarter increased by 7.9% year-on-year, and the two-year compound growth rate was 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, it further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is abundant. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) is 3.16%, while the average values in 2018, 2019, and 2020 are 3.64%, 3.20%, and 2.98%. This year's macro liquidity The degree of tightness has only returned to around the level of 2019. From the perspective of micro-liquidity, since the beginning of this year, partial public funds have issued a total of 1.3 trillion yuan, compared with 2.0 trillion yuan for the whole year of 2020. The cumulative net inflow of northbound funds is 238.6 billion yuan, compared with 208.9 billion yuan in 2020. Micro-liquidity is very abundant this year. Second, corporate profits are expanding. Looking back at history, the index high point of the bull market is slightly earlier than the profit index high point. Specifically, the index high point is more related to the ROE high point. Although the single-quarter year-on-year high point of corporate profits is 21Q1, after excluding the impact of low base, this round of profit cycle The high point of ROE is 21Q4 or 22Q1. It is expected that the net profit of A shares for the whole year will grow by 20% year-on-year. Looking forward to the second half of the year, the continued improvement of fundamentals is expected to support the market center. Third, market risk appetite is rising. Sectors with large stock price increases this year tend to have higher valuations. In fact, this is the characteristic of the middle and late stages of the bull market, that is, market risk appetite continues to rise, investors pay attention to trends and are willing to give high valuations to high-prosperity sectors. In addition, from the perspective of sentiment indicators, The current market sentiment temperature is about 60-65 degrees, and there is room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim performance forecast and express report confirm that profits are still in an upward cycle, and the performance of science and technology innovation board has improved significantly.</b>As of July 15, after excluding ST companies, based on the number of disclosures, the number of companies that disclosed interim performance forecasts and express reports in 2021 accounted for 33% of all A shares. Taking the companies that have disclosed forecasts/express reports as samples, we measure the interim performance of each sector, and use the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year. We can find that the trend of performance recovery in the first half of this year is still continuing. Specifically, the two-year annualized compound growth rate of the net profit attributable to the parent company of all A shares in 21H1 relative to 19H1 is 35% (the two-year annualized growth rate in 21Q1 is 35%, the same below), the GEM is 38%, and the Science and Technology Innovation Board is 92% and 89% respectively. In terms of major industries, the most obvious improvement in performance in the first half of 21 compared with the first quarter was financial real estate. Its two-year annualized growth rates of net profit attributable to the parent company in 21H1 and 21Q1 were 10% and 0% respectively, followed by technology (computer, media, Communications, electronics), its 21H1 and 21Q1 growth rates were 48% and 45% respectively. In addition to industries, we also analyze the concept index and Mao index, which have experienced large increases in the first half of this year. The biggest difference in the two-year annualized growth rate of net profit attributable to the parent company in 21H1 and 21Q1 is the new energy vehicle index, whose two-year annualized growth rate in 21H1 is 72% (56% in 21Q1, the same below); The growth rate of net profit attributable to the parent of the lithium battery index also increased significantly, with its two-year annualized growth rate of 53% in 21H1 (44% in 21Q1); The growth rate of net profit attributable to the parent company of the Mao Index and the Semiconductor Index dropped slightly, but remained at a relatively high level. Among them, the two-year annualized growth rate of the Mao Index in 21H1 was 62% (69% in 21Q1), and the semiconductor index 21H1 The growth rate was 114% (21Q1 was 121%). On the whole, the profit trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report \"Science and Technology Innovation Board Performance Improvement Significantly-21 Interim Report Performance Forecast and Express Report Commentary-20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by keeping upright and surprising can you win.</b>Shouzheng: The growth of the market represented by the Mao Index is still a good allocation. In the era of stock economy, industry concentration has increased, and the fundamentals of high-quality leading companies have better fundamentals. The profitability of large-cap growth stocks represented by the Mao Index will continue. China's entry into the era of equity investment will gradually improve the institutionalization and internationalization of A-shares, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals + institutional allocation, the Mao Index has shown the clue of US stock market since 2016, generally showing a zigzag upward trend of long bull and slow bull, and the valuation center is gradually rising: the PE valuation center of the Mao Index since 2016 (TTM, overall method) has moved up from 15.7 times in 2009-15 to 28.8 times. Under the influence of inflation since the Spring Festival, the correction of the Mao Index is only a self-correction of the price/performance ratio. With the gradual easing of inflationary pressure in the second half of the year, driven by the steady performance level and the continued favor of institutional investors, the Mao Index is expected to return to the previous high point. For details, see \"Mao Index Zhengmei Stockholding-20210617\". Surprisingly: mid-cap growth represented by intelligent manufacturing is more resilient. From the perspective of market value structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company in 21Q1 is 19%, and the current PE is 29 times. The matching degree of profit valuation is better than that of large and small market capitalization stocks. From the perspective of the industry, the most prominent industries in the growth of the mid-market are intelligent manufacturing-related industries. For details, please refer to \"China Intelligent Manufacturing Series Reports 1-5\". There are three logics for the current rise of intelligent manufacturing: First, driven by technological progress, the restructuring of the industrial chain by the epidemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for Intelligent Manufacturing Development\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions represented by funds do not have a high allocation of intelligent manufacturing. In 21Q1, the intelligent manufacturing industry accounted for only 26.6% of the fund's heavy holdings, while the high point in 20Q2 was 32.3%, which is still slightly underallocated. Moreover, the recently released Shuangchuang 50 Index is expected to attract more funds to allocate intelligent manufacturing sectors. Investment opportunities can be explored from three directions: ① Application of information technology: including artificial intelligence, industrial software, industrial Internet and other fields; ② Application of new energy technology: including smart cars and other fields; ③ Improvement and upgrading of traditional manufacturing technology: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>And other fields.</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Inflation continues to rise sharply, and the investment clock enters a period of stagflation ahead of schedule.</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>Haitong Strategy: On the current market style! Is the sound of the waves still?</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\">\nHaitong Strategy: On the current market style! Is the sound of the waves still?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012219063\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">股市荀策 </p>\n<p class=\"h-time smaller\">2021-07-18 11:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Core conclusions:</b>① Since the beginning of 19 years, the overall market style has tended to grow. From the relative trend of style index and valuation, it can be seen that the style evolution has not yet reached the extreme. ② Economic fundamentals, liquidity and relative valuation are not the core variables that determine the style, and the relative trend of profit determines that the current market style will continue. ③ Continue to be optimistic about the market. The market growth represented by the Mao Index is still a good allocation, with<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth represented by manufacturing is more elastic.</p><p><b>Is the sound of the waves still?</b></p><p><b>-On the current market style</b></p><p>On the whole, it is the third year that the A-share growth style is dominant, and it is the sixth year that the market style is dominant. Some investors worry that the current market style differentiation is too extreme and style switching is just around the corner. We review the previous style switching situations of A-shares, look for the core variables that determine the style, and try to answer this market concern.</p><p><b>1. The current market style is still biased towards market growth</b></p><p><b>At present, the growth style of A-share market is still dominant.</b>There are two main types of market styles, one is the large and small cap style, and the other is the value growth style. Looking back at history, both U.S. stocks and A-shares have typical rotation characteristics of large and small cap styles. The rotation cycle of large and small caps in U.S. stocks is 3-6 years. From 2015 to 2019, the large market (S&P 100) dominated. In the past 20 years, the style has returned to small caps (Russell 2000). As an emerging market, A-shares have a shorter rotation cycle of small and small caps, generally 2-3 years. From the end of 2013 to 2015, A-shares small-cap (Shenwan small-cap) won, and since 2016, the large-cap (Shenwan large-cap) has dominated. From the perspective of the rotation of value growth styles, the value growth (value: Dow, growth: Nasdaq) styles of U.S. stocks switched rapidly from 2000 to 2009, but the growth style has continued to dominate since 2010. The value growth of A-shares (value: SSE 50, growth: GEM index) style rotation was basically synchronized with the rotation of large and small-cap styles before 2019, that is, large-cap stocks won when value dominated, and small-cap stocks performed well when growth dominated. However, since 2019, the rotation of growth value and large and small-cap styles has diverged. When large-cap stocks continued to dominate, the style has returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>At present, the evolution of market style has not reached the extreme.</b>Although the current growth and market dominance have lasted for three and six years respectively, it is still early for the market to evolve to the extreme. From the perspective of value growth, we use the relative trend of GEM index/SSE 50 and PE valuation to describe the growth value style. Currently (as of 21/07/16, the same below) GEM index/SSE 50 is 1.03, which is already higher than the upward standard deviation. It seems that the dominance of growth style is extreme; However, from the perspective of valuation, the current GEM index PE/SSE 50PE is 5.17, which is near the historical average, and the dominance of growth style has not reached the extreme. From the perspective of large and small caps, we use the relative trend of Shenwan Large Cap/Shenwan Small Cap Index and PE valuation to describe the style of large and small caps. In the past 16 years, the trend of Shenwan Large Cap/Shenwan Small Cap has continued to rise, and it has been slightly adjusted since February this year. At present, it is 0.93, close to the historical average, and the differentiation of large and small caps styles is not extreme; Judging from the relative trend of PE, the current Shenwan large-cap PE/Shenwan small-cap PE is 0.75, which is much higher than the upward standard deviation of 1 times. This phenomenon does not mean that the large-cap style is deduced to the extreme, but shows that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation of large and small-cap styles. Before the implementation of the registration system, the IPO approval system greatly increased the listing cost of enterprises, and many enterprises would find another way and seek backdoor listing. Therefore, some small-cap listed companies have considerable \"shell value\" even if they don't operate well. Since 2019, the advancement of the registration system has greatly reduced the \"shell value\", and the connection between the stock price performance of listed companies and fundamentals has been further strengthened. The valuation premium of small-cap stocks relative to large-cap stocks has been continuously reduced. Shenwan Large-cap PE/Shenwan Small-cap PE rose from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style will swing briefly, but the market style will continue the original trend in the later period.</b>Historically, there were short-term swings in the market style in the late stages of the two bull markets in 2005-07 and 2012-15, but then the market continued to continue the characteristics of the previous style. In 2005-07, the leading industry in the bull market was the large-cap blue-chip stocks represented by real estate banks, and the overall value style was dominant. However, from January to March 2007, the value stocks with strong gains in the early stage were generally pullback/retracement, while the small-cap stocks performed better. During this period, the maximum drop of Shenwan large-cap index was 27%, and the maximum increase of Shenwan small-cap index was 63%. In 12-15 years, the leading industry in the bull market is technology stocks represented by TMT, and the overall growth style is dominant. However, from October 14 to January 15, there was also a restoration market of value stocks represented by financial real estate. During this period, the maximum increase of SSE 50 was 65%, while the maximum decline of GEM index was 13% in the same period. This round of bull market growth and market style dominates. After the Spring Festival, due to inflation concerns and rising US Treasury yields, the market underwent a short-term adjustment, but looking forward to growth and market style dominates unchanged.</p><p><b>2. Profitability is the core variable that determines style</b></p><p><b>Economic fundamentals, liquidity, and relative valuation are not the core variables that determine style.</b>With the recent comprehensive RRR cut by the central bank and the release of macroeconomic data in the second quarter, some investors are worried that changes in liquidity environment and economic growth will have an impact on style. After analysis, we found that factors such as liquidity, economic fundamentals, and relative valuation are not the core variables that determine the market style. We can get a glimpse by reviewing historical data.</p><p>The tightness of fluidity has little impact on style. In terms of large and small cap styles, during the two periods when small cap dominated from 13/01 to 14/02 and large cap dominated from 16/10 to 18/01, the yield of ten-year Treasury Bond was in the rising range, from 13/1 respectively. 3.57% rose to 4.51% on 14/2, and from 2.65% on 16/10 to 3.94% on 18/01. In terms of growth value style, the ten-year Treasury Bond yield continued to rise during 16/10-18/01 and 20/04-20/11, but 16/10-18/01 value dominated, and 20/04-20/11 Growth dominates.</p><p>Economic fundamentals have some influence on style. When the economic data improves, it is beneficial to value/large-cap stocks, but there has also been a divergence between the two: judging from the year-on-year growth rate of GDP in the current quarter, small-cap stocks overall dominated when the economy went up in 2009-10; Judging from the year-on-year growth rate of industrial added value in the quarter, industrial added value continued to decline in 2011-12, but the value style was dominant at this stage.</p><p>Relative valuation changes are the price performance of style switching, and touching the extreme value of the valuation range can easily lead to style changes. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high. From the end of 2014 to January 2015, there was a restoration market of value stocks represented by financial real estate. However, from the perspective of large and small cap styles, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been continuously reduced, and the impact of the relative valuation of large and small cap stocks on style switching has weakened.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profit is the core variable determined by style.</b>In the long run, stocks are weighing machines. Looking at fundamentals from a long-term perspective determines the rise and fall of stock prices. The differentiation of profit trends is a watershed for style switching. In terms of value growth style, whether it is the value dominance in 16-17 years or the weakening of style in 19 years, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of SSE 50's net profit attributable to the parent company increased from-7.6% in 16Q1 (ROE-TTM was 11.6%) to 13.9% (11.8%) in 17Q4; The GEM index dropped from 77.1% (12.5%) in 16Q1 to-39.8% (6.0%) in 17Q4. The cumulative year-on-year difference (ROE-TTM difference) between the GEM index and the SSE 50 net profit attributable to the parent company dropped from Q1 in 2016. 84.7% (0.78%) dropped all the way to-53.8% (-5.74%) in Q4 in 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the GEM Index has rebounded even more. The cumulative year-on-year growth rate of the net profit attributable to the parent company of the SSE 50 has changed from 8.1% (12.1%) in 18Q4 to 43.2% (10.9%) in 21Q1.%), but the net profit growth rate of the GEM Index rose from-38.4% (7.0%) to 94.2% (13.5%), and the difference between the GEM Index and the SSE 50 rose from-46.5% (-5.1%) in 18Q4 to 50.9% (2.6%).</p><p><b>3. Follow the trend and be surprisingly upright</b></p><p><b>The bull market remains unchanged, and the market is expected to hit new highs.</b>We remain optimistic for the second half of the year. From a macro point of view, the investment clock is a good tool for asset allocation analysis based on the macro background. Many of our previous reports pointed out that the current investment clock is still in an overheated period. The just released economic data show that China's GDP in the second quarter increased by 7.9% year-on-year, and the two-year compound growth rate was 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, it further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is abundant. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) is 3.16%, while the average values in 2018, 2019, and 2020 are 3.64%, 3.20%, and 2.98%. This year's macro liquidity The degree of tightness has only returned to around the level of 2019. From the perspective of micro-liquidity, since the beginning of this year, partial public funds have issued a total of 1.3 trillion yuan, compared with 2.0 trillion yuan for the whole year of 2020. The cumulative net inflow of northbound funds is 238.6 billion yuan, compared with 208.9 billion yuan in 2020. Micro-liquidity is very abundant this year. Second, corporate profits are expanding. Looking back at history, the index high point of the bull market is slightly earlier than the profit index high point. Specifically, the index high point is more related to the ROE high point. Although the single-quarter year-on-year high point of corporate profits is 21Q1, after excluding the impact of low base, this round of profit cycle The high point of ROE is 21Q4 or 22Q1. It is expected that the net profit of A shares for the whole year will grow by 20% year-on-year. Looking forward to the second half of the year, the continued improvement of fundamentals is expected to support the market center. Third, market risk appetite is rising. Sectors with large stock price increases this year tend to have higher valuations. In fact, this is the characteristic of the middle and late stages of the bull market, that is, market risk appetite continues to rise, investors pay attention to trends and are willing to give high valuations to high-prosperity sectors. In addition, from the perspective of sentiment indicators, The current market sentiment temperature is about 60-65 degrees, and there is room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim performance forecast and express report confirm that profits are still in an upward cycle, and the performance of science and technology innovation board has improved significantly.</b>As of July 15, after excluding ST companies, based on the number of disclosures, the number of companies that disclosed interim performance forecasts and express reports in 2021 accounted for 33% of all A shares. Taking the companies that have disclosed forecasts/express reports as samples, we measure the interim performance of each sector, and use the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year. We can find that the trend of performance recovery in the first half of this year is still continuing. Specifically, the two-year annualized compound growth rate of the net profit attributable to the parent company of all A shares in 21H1 relative to 19H1 is 35% (the two-year annualized growth rate in 21Q1 is 35%, the same below), the GEM is 38%, and the Science and Technology Innovation Board is 92% and 89% respectively. In terms of major industries, the most obvious improvement in performance in the first half of 21 compared with the first quarter was financial real estate. Its two-year annualized growth rates of net profit attributable to the parent company in 21H1 and 21Q1 were 10% and 0% respectively, followed by technology (computer, media, Communications, electronics), its 21H1 and 21Q1 growth rates were 48% and 45% respectively. In addition to industries, we also analyze the concept index and Mao index, which have experienced large increases in the first half of this year. The biggest difference in the two-year annualized growth rate of net profit attributable to the parent company in 21H1 and 21Q1 is the new energy vehicle index, whose two-year annualized growth rate in 21H1 is 72% (56% in 21Q1, the same below); The growth rate of net profit attributable to the parent of the lithium battery index also increased significantly, with its two-year annualized growth rate of 53% in 21H1 (44% in 21Q1); The growth rate of net profit attributable to the parent company of the Mao Index and the Semiconductor Index dropped slightly, but remained at a relatively high level. Among them, the two-year annualized growth rate of the Mao Index in 21H1 was 62% (69% in 21Q1), and the semiconductor index 21H1 The growth rate was 114% (21Q1 was 121%). On the whole, the profit trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report \"Science and Technology Innovation Board Performance Improvement Significantly-21 Interim Report Performance Forecast and Express Report Commentary-20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by keeping upright and surprising can you win.</b>Shouzheng: The growth of the market represented by the Mao Index is still a good allocation. In the era of stock economy, industry concentration has increased, and the fundamentals of high-quality leading companies have better fundamentals. The profitability of large-cap growth stocks represented by the Mao Index will continue. China's entry into the era of equity investment will gradually improve the institutionalization and internationalization of A-shares, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals + institutional allocation, the Mao Index has shown the clue of US stock market since 2016, generally showing a zigzag upward trend of long bull and slow bull, and the valuation center is gradually rising: the PE valuation center of the Mao Index since 2016 (TTM, overall method) has moved up from 15.7 times in 2009-15 to 28.8 times. Under the influence of inflation since the Spring Festival, the correction of the Mao Index is only a self-correction of the price/performance ratio. With the gradual easing of inflationary pressure in the second half of the year, driven by the steady performance level and the continued favor of institutional investors, the Mao Index is expected to return to the previous high point. For details, see \"Mao Index Zhengmei Stockholding-20210617\". Surprisingly: mid-cap growth represented by intelligent manufacturing is more resilient. From the perspective of market value structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company in 21Q1 is 19%, and the current PE is 29 times. The matching degree of profit valuation is better than that of large and small market capitalization stocks. From the perspective of the industry, the most prominent industries in the growth of the mid-market are intelligent manufacturing-related industries. For details, please refer to \"China Intelligent Manufacturing Series Reports 1-5\". There are three logics for the current rise of intelligent manufacturing: First, driven by technological progress, the restructuring of the industrial chain by the epidemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for Intelligent Manufacturing Development\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions represented by funds do not have a high allocation of intelligent manufacturing. In 21Q1, the intelligent manufacturing industry accounted for only 26.6% of the fund's heavy holdings, while the high point in 20Q2 was 32.3%, which is still slightly underallocated. Moreover, the recently released Shuangchuang 50 Index is expected to attract more funds to allocate intelligent manufacturing sectors. Investment opportunities can be explored from three directions: ① Application of information technology: including artificial intelligence, industrial software, industrial Internet and other fields; ② Application of new energy technology: including smart cars and other fields; ③ Improvement and upgrading of traditional manufacturing technology: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>And other fields.</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Inflation continues to rise sharply, and the investment clock enters a period of stagflation ahead of schedule.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199169547","content_text":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，以茅指数为代表的大盘成长仍是较好配置，以智能制造为代表的中盘成长更有弹性。\n涛声是否依旧？\n——论当前市场风格\n整体上看，A股成长风格占优已是第三年，大盘风格占优也已是第六年，有投资者担忧当前市场风格分化过于极致、风格切换近在眼前。我们回顾A股历次风格切换情况，寻找决定风格的核心变量，尝试解答这一市场担忧。\n1.当前市场风格仍偏向大盘成长\n当前A股大盘成长风格仍占优。市场风格的划分主要有两种，一是大小盘风格，二是价值成长风格。回顾历史，美股和A股都存在典型的大小盘风格轮换特征。美股大小盘轮换周期为 3-6 年，2015-2019年间大盘（标普100）占优，20年以来风格有回归小盘（罗素2000）的趋势。A 股作为新兴市场，大小盘轮换周期更短，一般是2-3年，2013-2015年末A股小盘（申万小盘）胜出， 2016年至今大盘（申万大盘）占优。从价值成长风格轮换来看，美股2000-2009年间价值成长（价值：道指，成长：纳指）风格切换较快，但2010年起成长风格持续占优。A股的价值成长（价值：上证50，成长：创业板指）风格轮换在2019年之前与大小盘风格轮换基本同步，即价值占优时大盘股胜出，成长占优时小盘股表现优异，但2019年起成长价值和大小盘风格的轮换出现分化，在大盘股持续占优时，风格回归成长，至今仍在成长占优的趋势中。\n\n目前市场风格演化并未到极致。虽然目前成长、大盘占优持续分别达三年和六年，但市场演化离极致尚早。从价值成长看，我们以创业板指/上证50及PE估值相对走势来刻画成长价值风格，当前（截至21/07/16，下同）创业板指/上证50为1.03，已经高于向上1倍标准差，看似成长风格占优已经较为极致；但如果从估值角度看，目前创业板指PE/上证50PE为5.17、位于历史均值附近，成长风格的占优未到极致的地步。从大小盘看，我们以申万大盘/申万小盘指数及PE估值相对走势来刻画大小盘风格，16年以来申万大盘/申万小盘走势持续向上，今年2月以来略有调整，当前为0.93、接近历史均值，大小盘风格分化并不算极致；从PE相对走势看，目前申万大盘PE/申万小盘PE为0.75，远高于向上1倍标准差，这一现象并非意味着大盘风格演绎到极致，而是说明2016年以来小盘股的估值溢价在不断降低，背后的原因是注册制正加强大小盘风格的分化。注册制实施之前，IPO核准制极大地增加了企业的上市成本，不少企业会另辟蹊径、寻求借壳上市，因此一些小市值上市公司即使运营不善，也具有可观的“壳价值”。2019年来，注册制的推进使得“壳价值”被极大压缩，上市公司股价表现与基本面的联系进一步加强，小盘股相对大盘股的估值溢价在不断降低，申万大盘PE/申万小盘PE从19/07/22的0.61升至目前的0.75。\n\n牛市中风格会出现短暂摇摆，但后期市场风格延续原有趋势。从历史上看，05-07年、12-15年两轮牛市后期市场风格都曾出现短期摇摆，但随后市场继续延续前期风格特征。05-07年牛市主导行业是地产银行为代表的大盘蓝筹股，价值风格整体占优，但07年1-3月前期涨幅强势的价值股普遍回撤，而小盘股表现更好，这一期间申万大盘指数最大跌幅达27%、申万小盘指数最大涨幅达63%，申万大盘/小盘相对走势之比从07/01/10的阶段性高点1.62一路降至07/03/23的低点1.36，但市场调整结束后前期价值风格得到延续，申万大盘/小盘相对走势之比一路攀升，并在07/10达到2.04的最高点；12-15年牛市主导行业是TMT为代表的科技股，成长风格整体占优，但在14年10月至15年1月也出现了金融地产为代表的价值股修复行情，期间上证50最大涨幅65%，同期创业板指最大跌幅13%，创业板指/上证50相对走势之比从14/10/13的阶段性高点0.96一路降至15/01/05的低点0.55，调整结束后创业板指/上证50相对走势之比一路攀升，并在15年6月达到1.23的最高点。本轮牛市成长、大盘风格占优，春节后因通胀担忧和美债利率上行，市场出现短暂调整，但往后看成长、大盘风格占优不变。\n2.盈利是决定风格的核心变量\n经济基本面、流动性、相对估值并非决定风格的核心变量。近期央行全面降准以及二季度宏观经济数据公布，有投资者担心流动性环境和经济增速的变化会对风格带来影响。我们经过分析发现，流动性、经济基本面、相对估值等因素并非决定市场风格的核心变量，具体通过回顾历史数据可以一窥究竟。\n流动性松紧对风格影响不大。大小盘风格上，在13/01-14/02小盘占优和16/10-18/01大盘占优的两个时段内，十年期国债收益率均处在上升区间，分别从13/1的3.57%升至14/2的4.51%，从16/10的2.65%升至18/01的3.94%。成长价值风格方面，十年期国债收益率在16/10-18/01和20/04-20/11期间持续上行，但16/10-18/01价值占优，20/04-20/11成长占优。\n经济基本面对风格有一定的影响。经济数据好转时利于价值/大盘股，但两者也出现过背离：从GDP当季同比增速来看，2009-10年经济上行时小盘股整体占优；从工业增加值当季同比增速来看，2011-12年工业增加值持续下行，但此阶段中价值风格占优。\n相对估值变化是风格切换的价格表现，触及估值区间极值易促成风格转变。例如，14年10月成长股相对价值股的估值溢价处于历史高位，14年底至15年1月出现了金融地产为代表的价值股修复行情。但从大小盘风格来看，近年来由于注册制推进，小盘股的估值溢价不断降低，大小盘相对估值对风格切换的影响减弱。\n\n盈利相对趋势才是风格决定的核心变量。股票长期看是称重机，站在长周期看基本面决定股价涨跌，盈利趋势分化是风格切换的分水岭。价值成长风格方面，无论是16-17年价值占优还是19年以来风格弱化，背后的核心变量都是盈利。16-17年价值占优期间，上证50归母净利润累计同比增速从16Q1的-7.6%（ROE-TTM为11.6%）上升至17Q4的13.9%（11.8%）；创业板指从16Q1的77.1%（12.5%）降至17Q4的-39.8%（6.0%），创业板指与上证50归母净利润累计同比之差（ROE-TTM之差）从16年Q1的84.7%（0.78%）一路下降至17年Q4的-53.8%（-5.74%）。而19年价值成长风格弱化的原因则是创业板指的盈利增速回升幅度更大，上证50归母净利润累计同比增速从18Q4的8.1%（12.1%）变为21Q1的43.2%（10.9%），但创业板指净利润增速从-38.4%（7.0%）上升至94.2%（13.5%），创业板指与上证50两者之差从18Q4的-46.5%（-5.1%）升至21Q1的50.9%（2.6%）。\n3.顺势而上，守正出奇\n牛市不变，市场有望创新高。对于下半年，我们保持乐观态度。宏观角度上看，投资时钟是基于宏观背景做资产配置分析时很好的工具，我们前期多篇报告指出当前投资时钟仍处过热期，刚刚公布的经济数据显示我国二季度 GDP 同比增长 7.9%，2年复合增速为 5.5%，高于一季度的5.0%，从投资时钟角度进一步印证今年仍处于过热期。微观角度看，具体理由有三：第一，宏观流动性中性、微观流动性充裕。宏观流动性上，2021年初至今（截至21/07/16）十年期国债收益率均值3.16%，而2018年、2019年、2020年均值为3.64%、3.20%、2.98%，今年宏观流动性的松紧程度只是回到了2019年的水平附近。从微观流动性看，今年以来偏股公募基金累计发行1.3万亿元，而2020年全年为2.0万亿元，北上资金累计净流入2386亿元，而2020年为2089亿元，相较而言今年微观流动性非常充裕。第二，企业盈利扩张中。回顾历史，牛市的指数高点略提前于盈利指标高点，具体而言指数高点与ROE高点更相关，虽然企业利润单季度同比高点在21Q1，但是剔除低基数影响后，本轮盈利周期ROE高点在21Q4或22Q1，预计全年A股净利同比增速为20%，展望下半年，基本面继续改善有望支撑市场中枢不断抬高。第三，市场风险偏好上升中。今年以来股价涨幅大的板块估值往往较高，其实这就是牛市中后期的特征，即市场风险偏好持续上升，投资者重趋势，愿意给高景气板块高估值，此外从情绪指标来看，当前市场情绪温度大约为60-65度，风险偏好还有进一步提升的空间。\n\n中报业绩预告及快报印证盈利仍处上行周期，科创板业绩明显改善。截至7月15日，剔除ST公司后，以披露家数计算，2021年披露中报业绩预告及快报的公司数占全部A股的比例为33%。我们以已披露预告/快报的公司为样本，测算各板块中报业绩，用两年年化复合增速来剔除去年一季度的低基数效应，可以发现今年上半年业绩回升的趋势仍在延续。具体而言，全部A股21H1相对19H1的归母净利润两年年化复合增速为35%（21Q1两年年化增速为35%，下同），创业板均为38%，科创板分别为92%和89%。大类行业上，21年上半年较一季度业绩改善最明显的是金融地产，其21H1和21Q1归母净利润两年年化增速分别为10%和0%，其次是科技（计算机、传媒、通信、电子），其21H1和21Q1增速分别为48%和45%。除行业外，我们同样对今年上半年涨幅较大的概念指数和茅指数进行分析。21H1和21Q1归母净利润两年年化增速差最大的是新能源汽车指数，其21H1两年年化增速为72%（21Q1为56%，下同）；锂电池指数的归母净利增速同样明显上升，其21H1两年年化增速为53%（21Q1为44%）；茅指数和半导体指数的归母净利润增速则是略有回落，但仍维持在较高的水平，其中茅指数21H1两年年化增速为62%（21Q1为69%），半导体指数21H1增速为114%（21Q1为121%）。整体上看，成长相对价值的盈利趋势或将扩大，成长风格延续。详见我们前期报告《科创板业绩改善明显——21年中报业绩预告及快报点评-20210715》。\n\n守正出奇方能致胜。守正：茅指数为代表的大盘成长仍是较好配置。存量经济时代行业集中度提升，优质龙头公司基本面更优，茅指数为代表的大盘成长股盈利水平将持续。我国进入股权投资时代也将逐渐提升A股机构化、国际化程度，基本面优异的龙头股配置将得到巩固。基本面+机构配置推动下，2016年以来茅指数已现美股化端倪，总体上呈现锯齿形向上的长牛慢牛趋势，估值中枢正逐渐抬高：茅指数16年至今PE估值中枢（TTM，整体法）已经从09-15年间的15.7倍上移至28.8倍。春节以来通胀影响下，茅指数回调只是性价比的自我修正，随着下半年通胀压力逐渐缓解，在稳健业绩水平和机构投资者持续青睐推动下，茅指数有望回到前期高点，详见《茅指数正美股化-20210617》。出奇：智能制造为代表的中盘成长更有弹性。从市值结构看，我们测算中市值公司21Q1归母净利润两年年化增速为19%，当前PE为29倍，盈利估值匹配度优于大市值和小市值股。从行业层面来看，中盘成长中最为凸显就是智能制造相关行业，详见“中国智造系列报告1-5”。当前智能制造崛起有三大逻辑：第一，技术进步、疫情重构产业链、温和通胀推动下，智能制造基本面更强。第二，《“十四五”智能制造发展规划》等重要政策频频出台，支持智能制造快速崛起。第三，基金为代表的机构对智能制造配置不高，21Q1基金重仓股中智能制造类行业占比仅26.6%，而20Q2的高点为32.3%，目前仍略微低配，而且近期发布的双创50指数有望吸引更多资金配置智能制造板块。可从三个方向挖掘投资机会：①信息技术的应用：包括人工智能、工业软件、工业互联网等领域；②新能源技术的应用：包括智能汽车等领域；③传统制造技术改进与升级：包括智能家电、工业机器人等领域。\n\n风险提示：通胀继续大幅上行，投资时钟提前进入滞胀期。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":411270253080928,"gmtCreate":1741394706406,"gmtModify":1741394710780,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a>&nbsp;","text":"$特斯拉(TSLA)$","images":[{"img":"https://community-static.tradeup.com/news/d1368eb3b44d0404fb48a536bbdbb85d","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/411270253080928","isVote":1,"tweetType":1,"viewCount":2795,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4203678803747912","authorId":"4203678803747912","name":"首席分析师Marco","avatar":"https://community-static.tradeup.com/news/65426d7905470020631382dc2da12627","crmLevel":1,"crmLevelSwitch":0,"idStr":"4203678803747912","authorIdStr":"4203678803747912"},"content":"Your cost is a bit high","text":"Your cost is a bit high","html":"Your cost is a bit high"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807872285,"gmtCreate":1628032817447,"gmtModify":1703499797297,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807872285","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"hk","language":"zh","title":"Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":"　　在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。　　纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。　　总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So this is really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>","source":"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>Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter</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 headlines: U.S. household debt hit the largest increase since 2013 in the second quarter\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\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So this is really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.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/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","UPRO":"三倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares","SQQQ":"纳指三倍做空ETF","SDOW":"三倍做空道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","SSO":"2倍做多标普500ETF-ProShares","EBON":"亿邦国际","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","UDOW":"三倍做多道指30ETF-ProShares","CAN":"嘉楠科技","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","OEX":"标普100"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行：预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示，对于其他类型的信贷，例如汽车贷款和信用卡，信贷标准一直在放松。\n总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行：预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策，”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期，从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问，职务是国家经济委员会特别助理兼首席经济学家。他表示，在今年强劲增长后，2022年经济增长势将放缓，令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%，甚至更低，”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n美国证券交易委员会主席根斯勒（Gary Gensler）暗示了一条批准设立比特币ETF的途径，表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为，比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中，Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供，并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施，我期待工作人员对此类申请进行审查，特别是如果这些ETF仅限于CME交易的比特币期货，”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下，SEC多次拒绝批准加密货币ETF，担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示，delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上，并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示，这比之前估计的60%至70%“高得多”，因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒，比原始病毒危险得多，” Franco说。\n群体免疫是基于这样的想法：当一定比例的人口已经接种疫苗或之前曾感染而获得免疫，将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定，十几家最大银行过去四个季度的利润总和超过1700亿美元，彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色，所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退，投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏，拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门，因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录，欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响，道琼斯美国银行业指数过去一年上涨59%，欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露，英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd．。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm，以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月，英国文化大臣Oliver Dowden要求竞争和市场管理局（CMA）准备一份有关该交易是否可被视为反竞争的报告，并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切，英国目前倾向于否定该交易。另一位知情人士表示，出于国家安全考虑，英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DOG":0.9,"MNQmain":0.9,"SQQQ":0.9,".DJI":0.9,"QQQ":0.9,"QID":0.9,"SDS":0.9,"EBON":0.9,"UPRO":0.9,"SH":0.9,"TQQQ":0.9,"UDOW":0.9,"OEX":0.9,"DXD":0.9,"SDOW":0.9,"OEF":0.9,"DJX":0.9,"DDM":0.9,"BTCmain":0.9,"SPXU":0.9,"CAN":0.9,"IVV":0.9,".SPX":0.9,"QLD":0.9,"NQmain":0.9,"PSQ":0.9,"ESmain":0.9,"XBTmain":0.9,".IXIC":0.9,"SSO":0.9}},"isVote":1,"tweetType":1,"viewCount":1253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171862494,"gmtCreate":1626737667018,"gmtModify":1703764071350,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"u","listText":"u","text":"u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171862494","repostId":"2152657534","repostType":4,"repost":{"id":"2152657534","kind":"highlight","pubTimestamp":1626732000,"share":"https://ttm.financial/m/news/2152657534?lang=en_US&edition=fundamental","pubTime":"2021-07-20 06:00","market":"us","language":"zh","title":"U.S. stocks crashed again! Investors rushed into this sector to avoid risks","url":"https://stock-news.laohu8.com/highlight/detail?id=2152657534","media":"智通财经网","summary":"因市场对新冠疫情升温的担忧，周一美股出现大幅调整，道指跌超2%，为去年十月下旬以来最大单日跌幅，航空股、石油股、银行股普跌。","content":"<p>Zhitong Finance APP learned that due to market concerns about the rising COVID-19 pandemic, U.S. stocks experienced a sharp adjustment on Monday. The Dow fell more than 2%, the largest one-day decline since late October last year. Airline stocks, oil stocks, and bank stocks generally fell; The Nasdaq and S&P 500 both fell more than 1%.<a href=\"https://laohu8.com/S/CBOE\">Chicago Board Options Exchange</a>The volatility index VIX once soared by more than 30%. Crude oil futures fell sharply.</p><p>Investors began to bet on pandemic-benefiting sectors such as grocery stores. Shares of Kroger (KR) and Albertsons (ACI) both rose on Monday.<a href=\"https://laohu8.com/S/COST\">Costco</a>It hit an all-time high of $415.317 during the session.</p><p>Grocery stores have been the beneficiaries of the pandemic over the past year as restaurants temporarily closed, forcing people to stock up on food and cook at home. These retailers will face profitability challenges in the next few quarters, because they need to compare with last year's unusually high sales growth and profitability data. Investors and companies have been trying to figure out when (and to what extent) consumers will return to the habit of eating out as more people become fully vaccinated and restrictions ease. However, matters have been further complicated in recent weeks when some areas have returned to implementing measures imposed during partial lockdowns as the Delta virus spreads widely.</p><p>Brian Yarbrough, a retail analyst at Edward Jones, pointed out that investors are being spooked by news about the Delta virus, which has led them back to the embrace of stocks benefiting from the epidemic. \"</p><p>D.A. Michael Baker, a retail analyst at Davidson, said grocers are doing \"the opposite of what you see in airline stocks\" in the market. Airlines and cruises were the hardest hit sectors as investors worried that travel trends could slow or reverse. \"</p><p>Food sales remain above pre-pandemic levels, according to market research firm IRI, which tracks sales patterns in supermarkets, hypermarkets and convenience stores. In the week ending July 4, total demand for packaged goods was essentially flat from year-ago levels, although total sales of perishables and non-edible items declined slightly.</p><p>In the past year, Baker said, people have developed the habit of cooking at home. In addition, the shortage of labor has affected customer service at some restaurants, giving customers another reason to eat at home.</p><p>Recent data also supports the stickiness of the eating-at-home pattern, he noted. Revenue at food and beverage stores increased by 0.6% in June compared to the previous month, according to the U.S. Department of Commerce. On the other hand, restaurant dining was still down 8% in July compared to a year ago, according to OpenTable bookings.</p><p>However, not all pandemic beneficiary stocks bucked the trend and rose on Monday.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/HD\">Home Depot</a>And<a href=\"https://laohu8.com/S/LOW\">Lowe's</a>The stock price has fallen.</p><p>Yarbrough believes that this is because<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Selling general merchandise and discretionary items instead of a pure grocery store. Compared with grocery stores, the sales growth of home improvement retailers may not be too surprising. \"</p>","source":"highlight_zhitongcaijin","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>U.S. stocks crashed again! Investors rushed into this sector to avoid risks</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\">\nU.S. stocks crashed again! Investors rushed into this sector to avoid risks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-20 06:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Zhitong Finance APP learned that due to market concerns about the rising COVID-19 pandemic, U.S. stocks experienced a sharp adjustment on Monday. The Dow fell more than 2%, the largest one-day decline since late October last year. Airline stocks, oil stocks, and bank stocks generally fell; The Nasdaq and S&P 500 both fell more than 1%.<a href=\"https://laohu8.com/S/CBOE\">Chicago Board Options Exchange</a>The volatility index VIX once soared by more than 30%. Crude oil futures fell sharply.</p><p>Investors began to bet on pandemic-benefiting sectors such as grocery stores. Shares of Kroger (KR) and Albertsons (ACI) both rose on Monday.<a href=\"https://laohu8.com/S/COST\">Costco</a>It hit an all-time high of $415.317 during the session.</p><p>Grocery stores have been the beneficiaries of the pandemic over the past year as restaurants temporarily closed, forcing people to stock up on food and cook at home. These retailers will face profitability challenges in the next few quarters, because they need to compare with last year's unusually high sales growth and profitability data. Investors and companies have been trying to figure out when (and to what extent) consumers will return to the habit of eating out as more people become fully vaccinated and restrictions ease. However, matters have been further complicated in recent weeks when some areas have returned to implementing measures imposed during partial lockdowns as the Delta virus spreads widely.</p><p>Brian Yarbrough, a retail analyst at Edward Jones, pointed out that investors are being spooked by news about the Delta virus, which has led them back to the embrace of stocks benefiting from the epidemic. \"</p><p>D.A. Michael Baker, a retail analyst at Davidson, said grocers are doing \"the opposite of what you see in airline stocks\" in the market. Airlines and cruises were the hardest hit sectors as investors worried that travel trends could slow or reverse. \"</p><p>Food sales remain above pre-pandemic levels, according to market research firm IRI, which tracks sales patterns in supermarkets, hypermarkets and convenience stores. In the week ending July 4, total demand for packaged goods was essentially flat from year-ago levels, although total sales of perishables and non-edible items declined slightly.</p><p>In the past year, Baker said, people have developed the habit of cooking at home. In addition, the shortage of labor has affected customer service at some restaurants, giving customers another reason to eat at home.</p><p>Recent data also supports the stickiness of the eating-at-home pattern, he noted. Revenue at food and beverage stores increased by 0.6% in June compared to the previous month, according to the U.S. Department of Commerce. On the other hand, restaurant dining was still down 8% in July compared to a year ago, according to OpenTable bookings.</p><p>However, not all pandemic beneficiary stocks bucked the trend and rose on Monday.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/HD\">Home Depot</a>And<a href=\"https://laohu8.com/S/LOW\">Lowe's</a>The stock price has fallen.</p><p>Yarbrough believes that this is because<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Selling general merchandise and discretionary items instead of a pure grocery store. Compared with grocery stores, the sales growth of home improvement retailers may not be too surprising. \"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/517189.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f6b557122b30390aec7062249e24940a","relate_stocks":{"WMT":"沃尔玛"},"source_url":"http://www.zhitongcaijing.com/content/detail/517189.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2152657534","content_text":"智通财经APP获悉，因市场对新冠疫情升温的担忧，周一美股出现大幅调整，道指跌超2%，为去年十月下旬以来最大单日跌幅，航空股、石油股、银行股普跌；纳指及标普500指数均跌超1%。芝加哥期权交易所波动率指数VIX一度狂飙超30%。原油期货大幅下跌。\n投资者开始转向押注食品杂货店等疫情受益板块，周一，Kroger(KR)及Albertsons(ACI)的股价均有上涨，好市多盘中触及历史新高415.317美元。\n在过去的一年里，食品杂货店是疫情的受益者，因为餐馆暂时关闭，迫使人们囤积食物并在家里做饭。这些零售商在未来几个季度将面临盈利挑战，因其需要做对比的是去年异常高的销售增长及盈利数据。投资者和公司一直在试图弄清楚，随着越来越多的人全面接种疫苗和限制措施的放松，消费者何时(以及在多大程度上)会恢复外出就餐的习惯。然而，最近几周，随着Delta病毒的广泛传播，一些地区又开始实施了部分封锁时期实施的措施，这使得事情变得更为复杂。\nEdward Jones的零售分析师Brian Yarbrough指出，投资者正被有关Delta病毒的消息吓坏了，这导致他们又重新回到了疫情受益股的怀抱。”\nD.A. Davidson公司的零售分析师Michael Baker表示，食品杂货商在市场上的表现“与你在航空股上看到的情况相反”。由于投资者担心旅游趋势可能放缓或逆转，航空公司和游轮是受打击最严重的板块。”\n根据市场调研公司IRI的数据，食品销售仍然高于疫情前的水平，IRI追踪超市、大卖场和便利店的销售模式。在截至7月4日的一周内，对包装商品的总需求与去年同期水平基本持平，尽管易腐物品和非食用物品的总销量略有下降。\nBaker表示，在过去一年里，人们养成了在家做饭的习惯。另外，劳动力的短缺使一些餐馆的客户服务受到影响，给顾客提供了另一个在家吃饭的理由。\n他指出，最近的数据也支持了在家吃饭模式的粘性。根据美国商务部的数据，6月份食品和饮料商店的收入比上个月增加了0.6%。另一方面，根据OpenTable的预订情况，7月份餐厅餐饮与一年前相比仍然下降了8%。\n然而，并非所有疫情受益股都在周一逆市上涨。沃尔玛、家得宝和劳氏的股价出现了下跌。\nYarbrough认为，这是因为沃尔玛销售一般商品和可自由支配的物品，而不是一个纯粹的食品杂货店。而相比起食品杂货店，家庭装修零售商的销售增长可能不会有太多惊喜。”","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099419995,"gmtCreate":1643412118072,"gmtModify":1676533816906,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"Bb omg","listText":"Bb omg","text":"Bb omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099419995","isVote":1,"tweetType":1,"viewCount":2874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099349484,"gmtCreate":1643299446510,"gmtModify":1676533801008,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"B B","listText":"B B","text":"B B","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099349484","repostId":"639367269","repostType":1,"repost":{"id":639367269,"gmtCreate":1643170686233,"gmtModify":1676532644226,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/91101bd3142b32495c3131036d5f8afa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3514329116425907","authorIdStr":"3514329116425907"},"themes":[],"title":"快看！木頭姐的2022投資展望","htmlText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","listText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","text":"ARK從2017年開始發佈Big Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：凱西·伍德對2022年的展望採訪 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","images":[{"img":"https://static.tigerbbs.com/14bae82a6bc1560f1d02cf374dece92d","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/7f9e4f5b68dcb408955d1c71e85f5380","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/d63da9acc54bb21920024b8ed7abd1da","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/639367269","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":19,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173671456,"gmtCreate":1626659864475,"gmtModify":1703762846546,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173671456","repostId":"1119317025","repostType":4,"isVote":1,"tweetType":1,"viewCount":880,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179725510,"gmtCreate":1626579286430,"gmtModify":1703761977095,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"j","listText":"j","text":"j","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179725510","repostId":"1199169547","repostType":4,"repost":{"id":"1199169547","kind":"news","weMediaInfo":{"introduction":"侃投资/话人生/广交友","home_visible":1,"media_name":"股市荀策","id":"1012219063","head_image":"https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be"},"pubTimestamp":1626577567,"share":"https://ttm.financial/m/news/1199169547?lang=en_US&edition=fundamental","pubTime":"2021-07-18 11:06","market":"sh","language":"zh","title":"Haitong Strategy: On the current market style! Is the sound of the waves still?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199169547","media":"股市荀策","summary":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，","content":"<p><b>Core conclusions:</b>① Since the beginning of 19 years, the overall market style has tended to grow. From the relative trend of style index and valuation, it can be seen that the style evolution has not yet reached the extreme. ② Economic fundamentals, liquidity and relative valuation are not the core variables that determine the style, and the relative trend of profit determines that the current market style will continue. ③ Continue to be optimistic about the market. The market growth represented by the Mao Index is still a good allocation, with<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth represented by manufacturing is more elastic.</p><p><b>Is the sound of the waves still?</b></p><p><b>-On the current market style</b></p><p>On the whole, it is the third year that the A-share growth style is dominant, and it is the sixth year that the market style is dominant. Some investors worry that the current market style differentiation is too extreme and style switching is just around the corner. We review the previous style switching situations of A-shares, look for the core variables that determine the style, and try to answer this market concern.</p><p><b>1. The current market style is still biased towards market growth</b></p><p><b>At present, the growth style of A-share market is still dominant.</b>There are two main types of market styles, one is the large and small cap style, and the other is the value growth style. Looking back at history, both U.S. stocks and A-shares have typical rotation characteristics of large and small cap styles. The rotation cycle of large and small caps in U.S. stocks is 3-6 years. From 2015 to 2019, the large market (S&P 100) dominated. In the past 20 years, the style has returned to small caps (Russell 2000). As an emerging market, A-shares have a shorter rotation cycle of small and small caps, generally 2-3 years. From the end of 2013 to 2015, A-shares small-cap (Shenwan small-cap) won, and since 2016, the large-cap (Shenwan large-cap) has dominated. From the perspective of the rotation of value growth styles, the value growth (value: Dow, growth: Nasdaq) styles of U.S. stocks switched rapidly from 2000 to 2009, but the growth style has continued to dominate since 2010. The value growth of A-shares (value: SSE 50, growth: GEM index) style rotation was basically synchronized with the rotation of large and small-cap styles before 2019, that is, large-cap stocks won when value dominated, and small-cap stocks performed well when growth dominated. However, since 2019, the rotation of growth value and large and small-cap styles has diverged. When large-cap stocks continued to dominate, the style has returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>At present, the evolution of market style has not reached the extreme.</b>Although the current growth and market dominance have lasted for three and six years respectively, it is still early for the market to evolve to the extreme. From the perspective of value growth, we use the relative trend of GEM index/SSE 50 and PE valuation to describe the growth value style. Currently (as of 21/07/16, the same below) GEM index/SSE 50 is 1.03, which is already higher than the upward standard deviation. It seems that the dominance of growth style is extreme; However, from the perspective of valuation, the current GEM index PE/SSE 50PE is 5.17, which is near the historical average, and the dominance of growth style has not reached the extreme. From the perspective of large and small caps, we use the relative trend of Shenwan Large Cap/Shenwan Small Cap Index and PE valuation to describe the style of large and small caps. In the past 16 years, the trend of Shenwan Large Cap/Shenwan Small Cap has continued to rise, and it has been slightly adjusted since February this year. At present, it is 0.93, close to the historical average, and the differentiation of large and small caps styles is not extreme; Judging from the relative trend of PE, the current Shenwan large-cap PE/Shenwan small-cap PE is 0.75, which is much higher than the upward standard deviation of 1 times. This phenomenon does not mean that the large-cap style is deduced to the extreme, but shows that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation of large and small-cap styles. Before the implementation of the registration system, the IPO approval system greatly increased the listing cost of enterprises, and many enterprises would find another way and seek backdoor listing. Therefore, some small-cap listed companies have considerable \"shell value\" even if they don't operate well. Since 2019, the advancement of the registration system has greatly reduced the \"shell value\", and the connection between the stock price performance of listed companies and fundamentals has been further strengthened. The valuation premium of small-cap stocks relative to large-cap stocks has been continuously reduced. Shenwan Large-cap PE/Shenwan Small-cap PE rose from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style will swing briefly, but the market style will continue the original trend in the later period.</b>Historically, there were short-term swings in the market style in the late stages of the two bull markets in 2005-07 and 2012-15, but then the market continued to continue the characteristics of the previous style. In 2005-07, the leading industry in the bull market was the large-cap blue-chip stocks represented by real estate banks, and the overall value style was dominant. However, from January to March 2007, the value stocks with strong gains in the early stage were generally pullback/retracement, while the small-cap stocks performed better. During this period, the maximum drop of Shenwan large-cap index was 27%, and the maximum increase of Shenwan small-cap index was 63%. In 12-15 years, the leading industry in the bull market is technology stocks represented by TMT, and the overall growth style is dominant. However, from October 14 to January 15, there was also a restoration market of value stocks represented by financial real estate. During this period, the maximum increase of SSE 50 was 65%, while the maximum decline of GEM index was 13% in the same period. This round of bull market growth and market style dominates. After the Spring Festival, due to inflation concerns and rising US Treasury yields, the market underwent a short-term adjustment, but looking forward to growth and market style dominates unchanged.</p><p><b>2. Profitability is the core variable that determines style</b></p><p><b>Economic fundamentals, liquidity, and relative valuation are not the core variables that determine style.</b>With the recent comprehensive RRR cut by the central bank and the release of macroeconomic data in the second quarter, some investors are worried that changes in liquidity environment and economic growth will have an impact on style. After analysis, we found that factors such as liquidity, economic fundamentals, and relative valuation are not the core variables that determine the market style. We can get a glimpse by reviewing historical data.</p><p>The tightness of fluidity has little impact on style. In terms of large and small cap styles, during the two periods when small cap dominated from 13/01 to 14/02 and large cap dominated from 16/10 to 18/01, the yield of ten-year Treasury Bond was in the rising range, from 13/1 respectively. 3.57% rose to 4.51% on 14/2, and from 2.65% on 16/10 to 3.94% on 18/01. In terms of growth value style, the ten-year Treasury Bond yield continued to rise during 16/10-18/01 and 20/04-20/11, but 16/10-18/01 value dominated, and 20/04-20/11 Growth dominates.</p><p>Economic fundamentals have some influence on style. When the economic data improves, it is beneficial to value/large-cap stocks, but there has also been a divergence between the two: judging from the year-on-year growth rate of GDP in the current quarter, small-cap stocks overall dominated when the economy went up in 2009-10; Judging from the year-on-year growth rate of industrial added value in the quarter, industrial added value continued to decline in 2011-12, but the value style was dominant at this stage.</p><p>Relative valuation changes are the price performance of style switching, and touching the extreme value of the valuation range can easily lead to style changes. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high. From the end of 2014 to January 2015, there was a restoration market of value stocks represented by financial real estate. However, from the perspective of large and small cap styles, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been continuously reduced, and the impact of the relative valuation of large and small cap stocks on style switching has weakened.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profit is the core variable determined by style.</b>In the long run, stocks are weighing machines. Looking at fundamentals from a long-term perspective determines the rise and fall of stock prices. The differentiation of profit trends is a watershed for style switching. In terms of value growth style, whether it is the value dominance in 16-17 years or the weakening of style in 19 years, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of SSE 50's net profit attributable to the parent company increased from-7.6% in 16Q1 (ROE-TTM was 11.6%) to 13.9% (11.8%) in 17Q4; The GEM index dropped from 77.1% (12.5%) in 16Q1 to-39.8% (6.0%) in 17Q4. The cumulative year-on-year difference (ROE-TTM difference) between the GEM index and the SSE 50 net profit attributable to the parent company dropped from Q1 in 2016. 84.7% (0.78%) dropped all the way to-53.8% (-5.74%) in Q4 in 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the GEM Index has rebounded even more. The cumulative year-on-year growth rate of the net profit attributable to the parent company of the SSE 50 has changed from 8.1% (12.1%) in 18Q4 to 43.2% (10.9%) in 21Q1.%), but the net profit growth rate of the GEM Index rose from-38.4% (7.0%) to 94.2% (13.5%), and the difference between the GEM Index and the SSE 50 rose from-46.5% (-5.1%) in 18Q4 to 50.9% (2.6%).</p><p><b>3. Follow the trend and be surprisingly upright</b></p><p><b>The bull market remains unchanged, and the market is expected to hit new highs.</b>We remain optimistic for the second half of the year. From a macro point of view, the investment clock is a good tool for asset allocation analysis based on the macro background. Many of our previous reports pointed out that the current investment clock is still in an overheated period. The just released economic data show that China's GDP in the second quarter increased by 7.9% year-on-year, and the two-year compound growth rate was 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, it further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is abundant. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) is 3.16%, while the average values in 2018, 2019, and 2020 are 3.64%, 3.20%, and 2.98%. This year's macro liquidity The degree of tightness has only returned to around the level of 2019. From the perspective of micro-liquidity, since the beginning of this year, partial public funds have issued a total of 1.3 trillion yuan, compared with 2.0 trillion yuan for the whole year of 2020. The cumulative net inflow of northbound funds is 238.6 billion yuan, compared with 208.9 billion yuan in 2020. Micro-liquidity is very abundant this year. Second, corporate profits are expanding. Looking back at history, the index high point of the bull market is slightly earlier than the profit index high point. Specifically, the index high point is more related to the ROE high point. Although the single-quarter year-on-year high point of corporate profits is 21Q1, after excluding the impact of low base, this round of profit cycle The high point of ROE is 21Q4 or 22Q1. It is expected that the net profit of A shares for the whole year will grow by 20% year-on-year. Looking forward to the second half of the year, the continued improvement of fundamentals is expected to support the market center. Third, market risk appetite is rising. Sectors with large stock price increases this year tend to have higher valuations. In fact, this is the characteristic of the middle and late stages of the bull market, that is, market risk appetite continues to rise, investors pay attention to trends and are willing to give high valuations to high-prosperity sectors. In addition, from the perspective of sentiment indicators, The current market sentiment temperature is about 60-65 degrees, and there is room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim performance forecast and express report confirm that profits are still in an upward cycle, and the performance of science and technology innovation board has improved significantly.</b>As of July 15, after excluding ST companies, based on the number of disclosures, the number of companies that disclosed interim performance forecasts and express reports in 2021 accounted for 33% of all A shares. Taking the companies that have disclosed forecasts/express reports as samples, we measure the interim performance of each sector, and use the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year. We can find that the trend of performance recovery in the first half of this year is still continuing. Specifically, the two-year annualized compound growth rate of the net profit attributable to the parent company of all A shares in 21H1 relative to 19H1 is 35% (the two-year annualized growth rate in 21Q1 is 35%, the same below), the GEM is 38%, and the Science and Technology Innovation Board is 92% and 89% respectively. In terms of major industries, the most obvious improvement in performance in the first half of 21 compared with the first quarter was financial real estate. Its two-year annualized growth rates of net profit attributable to the parent company in 21H1 and 21Q1 were 10% and 0% respectively, followed by technology (computer, media, Communications, electronics), its 21H1 and 21Q1 growth rates were 48% and 45% respectively. In addition to industries, we also analyze the concept index and Mao index, which have experienced large increases in the first half of this year. The biggest difference in the two-year annualized growth rate of net profit attributable to the parent company in 21H1 and 21Q1 is the new energy vehicle index, whose two-year annualized growth rate in 21H1 is 72% (56% in 21Q1, the same below); The growth rate of net profit attributable to the parent of the lithium battery index also increased significantly, with its two-year annualized growth rate of 53% in 21H1 (44% in 21Q1); The growth rate of net profit attributable to the parent company of the Mao Index and the Semiconductor Index dropped slightly, but remained at a relatively high level. Among them, the two-year annualized growth rate of the Mao Index in 21H1 was 62% (69% in 21Q1), and the semiconductor index 21H1 The growth rate was 114% (21Q1 was 121%). On the whole, the profit trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report \"Science and Technology Innovation Board Performance Improvement Significantly-21 Interim Report Performance Forecast and Express Report Commentary-20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by keeping upright and surprising can you win.</b>Shouzheng: The growth of the market represented by the Mao Index is still a good allocation. In the era of stock economy, industry concentration has increased, and the fundamentals of high-quality leading companies have better fundamentals. The profitability of large-cap growth stocks represented by the Mao Index will continue. China's entry into the era of equity investment will gradually improve the institutionalization and internationalization of A-shares, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals + institutional allocation, the Mao Index has shown the clue of US stock market since 2016, generally showing a zigzag upward trend of long bull and slow bull, and the valuation center is gradually rising: the PE valuation center of the Mao Index since 2016 (TTM, overall method) has moved up from 15.7 times in 2009-15 to 28.8 times. Under the influence of inflation since the Spring Festival, the correction of the Mao Index is only a self-correction of the price/performance ratio. With the gradual easing of inflationary pressure in the second half of the year, driven by the steady performance level and the continued favor of institutional investors, the Mao Index is expected to return to the previous high point. For details, see \"Mao Index Zhengmei Stockholding-20210617\". Surprisingly: mid-cap growth represented by intelligent manufacturing is more resilient. From the perspective of market value structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company in 21Q1 is 19%, and the current PE is 29 times. The matching degree of profit valuation is better than that of large and small market capitalization stocks. From the perspective of the industry, the most prominent industries in the growth of the mid-market are intelligent manufacturing-related industries. For details, please refer to \"China Intelligent Manufacturing Series Reports 1-5\". There are three logics for the current rise of intelligent manufacturing: First, driven by technological progress, the restructuring of the industrial chain by the epidemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for Intelligent Manufacturing Development\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions represented by funds do not have a high allocation of intelligent manufacturing. In 21Q1, the intelligent manufacturing industry accounted for only 26.6% of the fund's heavy holdings, while the high point in 20Q2 was 32.3%, which is still slightly underallocated. Moreover, the recently released Shuangchuang 50 Index is expected to attract more funds to allocate intelligent manufacturing sectors. Investment opportunities can be explored from three directions: ① Application of information technology: including artificial intelligence, industrial software, industrial Internet and other fields; ② Application of new energy technology: including smart cars and other fields; ③ Improvement and upgrading of traditional manufacturing technology: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>And other fields.</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Inflation continues to rise sharply, and the investment clock enters a period of stagflation ahead of schedule.</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>Haitong Strategy: On the current market style! Is the sound of the waves still?</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\">\nHaitong Strategy: On the current market style! Is the sound of the waves still?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012219063\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">股市荀策 </p>\n<p class=\"h-time smaller\">2021-07-18 11:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Core conclusions:</b>① Since the beginning of 19 years, the overall market style has tended to grow. From the relative trend of style index and valuation, it can be seen that the style evolution has not yet reached the extreme. ② Economic fundamentals, liquidity and relative valuation are not the core variables that determine the style, and the relative trend of profit determines that the current market style will continue. ③ Continue to be optimistic about the market. The market growth represented by the Mao Index is still a good allocation, with<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth represented by manufacturing is more elastic.</p><p><b>Is the sound of the waves still?</b></p><p><b>-On the current market style</b></p><p>On the whole, it is the third year that the A-share growth style is dominant, and it is the sixth year that the market style is dominant. Some investors worry that the current market style differentiation is too extreme and style switching is just around the corner. We review the previous style switching situations of A-shares, look for the core variables that determine the style, and try to answer this market concern.</p><p><b>1. The current market style is still biased towards market growth</b></p><p><b>At present, the growth style of A-share market is still dominant.</b>There are two main types of market styles, one is the large and small cap style, and the other is the value growth style. Looking back at history, both U.S. stocks and A-shares have typical rotation characteristics of large and small cap styles. The rotation cycle of large and small caps in U.S. stocks is 3-6 years. From 2015 to 2019, the large market (S&P 100) dominated. In the past 20 years, the style has returned to small caps (Russell 2000). As an emerging market, A-shares have a shorter rotation cycle of small and small caps, generally 2-3 years. From the end of 2013 to 2015, A-shares small-cap (Shenwan small-cap) won, and since 2016, the large-cap (Shenwan large-cap) has dominated. From the perspective of the rotation of value growth styles, the value growth (value: Dow, growth: Nasdaq) styles of U.S. stocks switched rapidly from 2000 to 2009, but the growth style has continued to dominate since 2010. The value growth of A-shares (value: SSE 50, growth: GEM index) style rotation was basically synchronized with the rotation of large and small-cap styles before 2019, that is, large-cap stocks won when value dominated, and small-cap stocks performed well when growth dominated. However, since 2019, the rotation of growth value and large and small-cap styles has diverged. When large-cap stocks continued to dominate, the style has returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>At present, the evolution of market style has not reached the extreme.</b>Although the current growth and market dominance have lasted for three and six years respectively, it is still early for the market to evolve to the extreme. From the perspective of value growth, we use the relative trend of GEM index/SSE 50 and PE valuation to describe the growth value style. Currently (as of 21/07/16, the same below) GEM index/SSE 50 is 1.03, which is already higher than the upward standard deviation. It seems that the dominance of growth style is extreme; However, from the perspective of valuation, the current GEM index PE/SSE 50PE is 5.17, which is near the historical average, and the dominance of growth style has not reached the extreme. From the perspective of large and small caps, we use the relative trend of Shenwan Large Cap/Shenwan Small Cap Index and PE valuation to describe the style of large and small caps. In the past 16 years, the trend of Shenwan Large Cap/Shenwan Small Cap has continued to rise, and it has been slightly adjusted since February this year. At present, it is 0.93, close to the historical average, and the differentiation of large and small caps styles is not extreme; Judging from the relative trend of PE, the current Shenwan large-cap PE/Shenwan small-cap PE is 0.75, which is much higher than the upward standard deviation of 1 times. This phenomenon does not mean that the large-cap style is deduced to the extreme, but shows that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation of large and small-cap styles. Before the implementation of the registration system, the IPO approval system greatly increased the listing cost of enterprises, and many enterprises would find another way and seek backdoor listing. Therefore, some small-cap listed companies have considerable \"shell value\" even if they don't operate well. Since 2019, the advancement of the registration system has greatly reduced the \"shell value\", and the connection between the stock price performance of listed companies and fundamentals has been further strengthened. The valuation premium of small-cap stocks relative to large-cap stocks has been continuously reduced. Shenwan Large-cap PE/Shenwan Small-cap PE rose from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style will swing briefly, but the market style will continue the original trend in the later period.</b>Historically, there were short-term swings in the market style in the late stages of the two bull markets in 2005-07 and 2012-15, but then the market continued to continue the characteristics of the previous style. In 2005-07, the leading industry in the bull market was the large-cap blue-chip stocks represented by real estate banks, and the overall value style was dominant. However, from January to March 2007, the value stocks with strong gains in the early stage were generally pullback/retracement, while the small-cap stocks performed better. During this period, the maximum drop of Shenwan large-cap index was 27%, and the maximum increase of Shenwan small-cap index was 63%. In 12-15 years, the leading industry in the bull market is technology stocks represented by TMT, and the overall growth style is dominant. However, from October 14 to January 15, there was also a restoration market of value stocks represented by financial real estate. During this period, the maximum increase of SSE 50 was 65%, while the maximum decline of GEM index was 13% in the same period. This round of bull market growth and market style dominates. After the Spring Festival, due to inflation concerns and rising US Treasury yields, the market underwent a short-term adjustment, but looking forward to growth and market style dominates unchanged.</p><p><b>2. Profitability is the core variable that determines style</b></p><p><b>Economic fundamentals, liquidity, and relative valuation are not the core variables that determine style.</b>With the recent comprehensive RRR cut by the central bank and the release of macroeconomic data in the second quarter, some investors are worried that changes in liquidity environment and economic growth will have an impact on style. After analysis, we found that factors such as liquidity, economic fundamentals, and relative valuation are not the core variables that determine the market style. We can get a glimpse by reviewing historical data.</p><p>The tightness of fluidity has little impact on style. In terms of large and small cap styles, during the two periods when small cap dominated from 13/01 to 14/02 and large cap dominated from 16/10 to 18/01, the yield of ten-year Treasury Bond was in the rising range, from 13/1 respectively. 3.57% rose to 4.51% on 14/2, and from 2.65% on 16/10 to 3.94% on 18/01. In terms of growth value style, the ten-year Treasury Bond yield continued to rise during 16/10-18/01 and 20/04-20/11, but 16/10-18/01 value dominated, and 20/04-20/11 Growth dominates.</p><p>Economic fundamentals have some influence on style. When the economic data improves, it is beneficial to value/large-cap stocks, but there has also been a divergence between the two: judging from the year-on-year growth rate of GDP in the current quarter, small-cap stocks overall dominated when the economy went up in 2009-10; Judging from the year-on-year growth rate of industrial added value in the quarter, industrial added value continued to decline in 2011-12, but the value style was dominant at this stage.</p><p>Relative valuation changes are the price performance of style switching, and touching the extreme value of the valuation range can easily lead to style changes. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high. From the end of 2014 to January 2015, there was a restoration market of value stocks represented by financial real estate. However, from the perspective of large and small cap styles, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been continuously reduced, and the impact of the relative valuation of large and small cap stocks on style switching has weakened.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profit is the core variable determined by style.</b>In the long run, stocks are weighing machines. Looking at fundamentals from a long-term perspective determines the rise and fall of stock prices. The differentiation of profit trends is a watershed for style switching. In terms of value growth style, whether it is the value dominance in 16-17 years or the weakening of style in 19 years, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of SSE 50's net profit attributable to the parent company increased from-7.6% in 16Q1 (ROE-TTM was 11.6%) to 13.9% (11.8%) in 17Q4; The GEM index dropped from 77.1% (12.5%) in 16Q1 to-39.8% (6.0%) in 17Q4. The cumulative year-on-year difference (ROE-TTM difference) between the GEM index and the SSE 50 net profit attributable to the parent company dropped from Q1 in 2016. 84.7% (0.78%) dropped all the way to-53.8% (-5.74%) in Q4 in 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the GEM Index has rebounded even more. The cumulative year-on-year growth rate of the net profit attributable to the parent company of the SSE 50 has changed from 8.1% (12.1%) in 18Q4 to 43.2% (10.9%) in 21Q1.%), but the net profit growth rate of the GEM Index rose from-38.4% (7.0%) to 94.2% (13.5%), and the difference between the GEM Index and the SSE 50 rose from-46.5% (-5.1%) in 18Q4 to 50.9% (2.6%).</p><p><b>3. Follow the trend and be surprisingly upright</b></p><p><b>The bull market remains unchanged, and the market is expected to hit new highs.</b>We remain optimistic for the second half of the year. From a macro point of view, the investment clock is a good tool for asset allocation analysis based on the macro background. Many of our previous reports pointed out that the current investment clock is still in an overheated period. The just released economic data show that China's GDP in the second quarter increased by 7.9% year-on-year, and the two-year compound growth rate was 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, it further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is abundant. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) is 3.16%, while the average values in 2018, 2019, and 2020 are 3.64%, 3.20%, and 2.98%. This year's macro liquidity The degree of tightness has only returned to around the level of 2019. From the perspective of micro-liquidity, since the beginning of this year, partial public funds have issued a total of 1.3 trillion yuan, compared with 2.0 trillion yuan for the whole year of 2020. The cumulative net inflow of northbound funds is 238.6 billion yuan, compared with 208.9 billion yuan in 2020. Micro-liquidity is very abundant this year. Second, corporate profits are expanding. Looking back at history, the index high point of the bull market is slightly earlier than the profit index high point. Specifically, the index high point is more related to the ROE high point. Although the single-quarter year-on-year high point of corporate profits is 21Q1, after excluding the impact of low base, this round of profit cycle The high point of ROE is 21Q4 or 22Q1. It is expected that the net profit of A shares for the whole year will grow by 20% year-on-year. Looking forward to the second half of the year, the continued improvement of fundamentals is expected to support the market center. Third, market risk appetite is rising. Sectors with large stock price increases this year tend to have higher valuations. In fact, this is the characteristic of the middle and late stages of the bull market, that is, market risk appetite continues to rise, investors pay attention to trends and are willing to give high valuations to high-prosperity sectors. In addition, from the perspective of sentiment indicators, The current market sentiment temperature is about 60-65 degrees, and there is room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim performance forecast and express report confirm that profits are still in an upward cycle, and the performance of science and technology innovation board has improved significantly.</b>As of July 15, after excluding ST companies, based on the number of disclosures, the number of companies that disclosed interim performance forecasts and express reports in 2021 accounted for 33% of all A shares. Taking the companies that have disclosed forecasts/express reports as samples, we measure the interim performance of each sector, and use the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year. We can find that the trend of performance recovery in the first half of this year is still continuing. Specifically, the two-year annualized compound growth rate of the net profit attributable to the parent company of all A shares in 21H1 relative to 19H1 is 35% (the two-year annualized growth rate in 21Q1 is 35%, the same below), the GEM is 38%, and the Science and Technology Innovation Board is 92% and 89% respectively. In terms of major industries, the most obvious improvement in performance in the first half of 21 compared with the first quarter was financial real estate. Its two-year annualized growth rates of net profit attributable to the parent company in 21H1 and 21Q1 were 10% and 0% respectively, followed by technology (computer, media, Communications, electronics), its 21H1 and 21Q1 growth rates were 48% and 45% respectively. In addition to industries, we also analyze the concept index and Mao index, which have experienced large increases in the first half of this year. The biggest difference in the two-year annualized growth rate of net profit attributable to the parent company in 21H1 and 21Q1 is the new energy vehicle index, whose two-year annualized growth rate in 21H1 is 72% (56% in 21Q1, the same below); The growth rate of net profit attributable to the parent of the lithium battery index also increased significantly, with its two-year annualized growth rate of 53% in 21H1 (44% in 21Q1); The growth rate of net profit attributable to the parent company of the Mao Index and the Semiconductor Index dropped slightly, but remained at a relatively high level. Among them, the two-year annualized growth rate of the Mao Index in 21H1 was 62% (69% in 21Q1), and the semiconductor index 21H1 The growth rate was 114% (21Q1 was 121%). On the whole, the profit trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report \"Science and Technology Innovation Board Performance Improvement Significantly-21 Interim Report Performance Forecast and Express Report Commentary-20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by keeping upright and surprising can you win.</b>Shouzheng: The growth of the market represented by the Mao Index is still a good allocation. In the era of stock economy, industry concentration has increased, and the fundamentals of high-quality leading companies have better fundamentals. The profitability of large-cap growth stocks represented by the Mao Index will continue. China's entry into the era of equity investment will gradually improve the institutionalization and internationalization of A-shares, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals + institutional allocation, the Mao Index has shown the clue of US stock market since 2016, generally showing a zigzag upward trend of long bull and slow bull, and the valuation center is gradually rising: the PE valuation center of the Mao Index since 2016 (TTM, overall method) has moved up from 15.7 times in 2009-15 to 28.8 times. Under the influence of inflation since the Spring Festival, the correction of the Mao Index is only a self-correction of the price/performance ratio. With the gradual easing of inflationary pressure in the second half of the year, driven by the steady performance level and the continued favor of institutional investors, the Mao Index is expected to return to the previous high point. For details, see \"Mao Index Zhengmei Stockholding-20210617\". Surprisingly: mid-cap growth represented by intelligent manufacturing is more resilient. From the perspective of market value structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company in 21Q1 is 19%, and the current PE is 29 times. The matching degree of profit valuation is better than that of large and small market capitalization stocks. From the perspective of the industry, the most prominent industries in the growth of the mid-market are intelligent manufacturing-related industries. For details, please refer to \"China Intelligent Manufacturing Series Reports 1-5\". There are three logics for the current rise of intelligent manufacturing: First, driven by technological progress, the restructuring of the industrial chain by the epidemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for Intelligent Manufacturing Development\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions represented by funds do not have a high allocation of intelligent manufacturing. In 21Q1, the intelligent manufacturing industry accounted for only 26.6% of the fund's heavy holdings, while the high point in 20Q2 was 32.3%, which is still slightly underallocated. Moreover, the recently released Shuangchuang 50 Index is expected to attract more funds to allocate intelligent manufacturing sectors. Investment opportunities can be explored from three directions: ① Application of information technology: including artificial intelligence, industrial software, industrial Internet and other fields; ② Application of new energy technology: including smart cars and other fields; ③ Improvement and upgrading of traditional manufacturing technology: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>And other fields.</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning:</b>Inflation continues to rise sharply, and the investment clock enters a period of stagflation ahead of schedule.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199169547","content_text":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，以茅指数为代表的大盘成长仍是较好配置，以智能制造为代表的中盘成长更有弹性。\n涛声是否依旧？\n——论当前市场风格\n整体上看，A股成长风格占优已是第三年，大盘风格占优也已是第六年，有投资者担忧当前市场风格分化过于极致、风格切换近在眼前。我们回顾A股历次风格切换情况，寻找决定风格的核心变量，尝试解答这一市场担忧。\n1.当前市场风格仍偏向大盘成长\n当前A股大盘成长风格仍占优。市场风格的划分主要有两种，一是大小盘风格，二是价值成长风格。回顾历史，美股和A股都存在典型的大小盘风格轮换特征。美股大小盘轮换周期为 3-6 年，2015-2019年间大盘（标普100）占优，20年以来风格有回归小盘（罗素2000）的趋势。A 股作为新兴市场，大小盘轮换周期更短，一般是2-3年，2013-2015年末A股小盘（申万小盘）胜出， 2016年至今大盘（申万大盘）占优。从价值成长风格轮换来看，美股2000-2009年间价值成长（价值：道指，成长：纳指）风格切换较快，但2010年起成长风格持续占优。A股的价值成长（价值：上证50，成长：创业板指）风格轮换在2019年之前与大小盘风格轮换基本同步，即价值占优时大盘股胜出，成长占优时小盘股表现优异，但2019年起成长价值和大小盘风格的轮换出现分化，在大盘股持续占优时，风格回归成长，至今仍在成长占优的趋势中。\n\n目前市场风格演化并未到极致。虽然目前成长、大盘占优持续分别达三年和六年，但市场演化离极致尚早。从价值成长看，我们以创业板指/上证50及PE估值相对走势来刻画成长价值风格，当前（截至21/07/16，下同）创业板指/上证50为1.03，已经高于向上1倍标准差，看似成长风格占优已经较为极致；但如果从估值角度看，目前创业板指PE/上证50PE为5.17、位于历史均值附近，成长风格的占优未到极致的地步。从大小盘看，我们以申万大盘/申万小盘指数及PE估值相对走势来刻画大小盘风格，16年以来申万大盘/申万小盘走势持续向上，今年2月以来略有调整，当前为0.93、接近历史均值，大小盘风格分化并不算极致；从PE相对走势看，目前申万大盘PE/申万小盘PE为0.75，远高于向上1倍标准差，这一现象并非意味着大盘风格演绎到极致，而是说明2016年以来小盘股的估值溢价在不断降低，背后的原因是注册制正加强大小盘风格的分化。注册制实施之前，IPO核准制极大地增加了企业的上市成本，不少企业会另辟蹊径、寻求借壳上市，因此一些小市值上市公司即使运营不善，也具有可观的“壳价值”。2019年来，注册制的推进使得“壳价值”被极大压缩，上市公司股价表现与基本面的联系进一步加强，小盘股相对大盘股的估值溢价在不断降低，申万大盘PE/申万小盘PE从19/07/22的0.61升至目前的0.75。\n\n牛市中风格会出现短暂摇摆，但后期市场风格延续原有趋势。从历史上看，05-07年、12-15年两轮牛市后期市场风格都曾出现短期摇摆，但随后市场继续延续前期风格特征。05-07年牛市主导行业是地产银行为代表的大盘蓝筹股，价值风格整体占优，但07年1-3月前期涨幅强势的价值股普遍回撤，而小盘股表现更好，这一期间申万大盘指数最大跌幅达27%、申万小盘指数最大涨幅达63%，申万大盘/小盘相对走势之比从07/01/10的阶段性高点1.62一路降至07/03/23的低点1.36，但市场调整结束后前期价值风格得到延续，申万大盘/小盘相对走势之比一路攀升，并在07/10达到2.04的最高点；12-15年牛市主导行业是TMT为代表的科技股，成长风格整体占优，但在14年10月至15年1月也出现了金融地产为代表的价值股修复行情，期间上证50最大涨幅65%，同期创业板指最大跌幅13%，创业板指/上证50相对走势之比从14/10/13的阶段性高点0.96一路降至15/01/05的低点0.55，调整结束后创业板指/上证50相对走势之比一路攀升，并在15年6月达到1.23的最高点。本轮牛市成长、大盘风格占优，春节后因通胀担忧和美债利率上行，市场出现短暂调整，但往后看成长、大盘风格占优不变。\n2.盈利是决定风格的核心变量\n经济基本面、流动性、相对估值并非决定风格的核心变量。近期央行全面降准以及二季度宏观经济数据公布，有投资者担心流动性环境和经济增速的变化会对风格带来影响。我们经过分析发现，流动性、经济基本面、相对估值等因素并非决定市场风格的核心变量，具体通过回顾历史数据可以一窥究竟。\n流动性松紧对风格影响不大。大小盘风格上，在13/01-14/02小盘占优和16/10-18/01大盘占优的两个时段内，十年期国债收益率均处在上升区间，分别从13/1的3.57%升至14/2的4.51%，从16/10的2.65%升至18/01的3.94%。成长价值风格方面，十年期国债收益率在16/10-18/01和20/04-20/11期间持续上行，但16/10-18/01价值占优，20/04-20/11成长占优。\n经济基本面对风格有一定的影响。经济数据好转时利于价值/大盘股，但两者也出现过背离：从GDP当季同比增速来看，2009-10年经济上行时小盘股整体占优；从工业增加值当季同比增速来看，2011-12年工业增加值持续下行，但此阶段中价值风格占优。\n相对估值变化是风格切换的价格表现，触及估值区间极值易促成风格转变。例如，14年10月成长股相对价值股的估值溢价处于历史高位，14年底至15年1月出现了金融地产为代表的价值股修复行情。但从大小盘风格来看，近年来由于注册制推进，小盘股的估值溢价不断降低，大小盘相对估值对风格切换的影响减弱。\n\n盈利相对趋势才是风格决定的核心变量。股票长期看是称重机，站在长周期看基本面决定股价涨跌，盈利趋势分化是风格切换的分水岭。价值成长风格方面，无论是16-17年价值占优还是19年以来风格弱化，背后的核心变量都是盈利。16-17年价值占优期间，上证50归母净利润累计同比增速从16Q1的-7.6%（ROE-TTM为11.6%）上升至17Q4的13.9%（11.8%）；创业板指从16Q1的77.1%（12.5%）降至17Q4的-39.8%（6.0%），创业板指与上证50归母净利润累计同比之差（ROE-TTM之差）从16年Q1的84.7%（0.78%）一路下降至17年Q4的-53.8%（-5.74%）。而19年价值成长风格弱化的原因则是创业板指的盈利增速回升幅度更大，上证50归母净利润累计同比增速从18Q4的8.1%（12.1%）变为21Q1的43.2%（10.9%），但创业板指净利润增速从-38.4%（7.0%）上升至94.2%（13.5%），创业板指与上证50两者之差从18Q4的-46.5%（-5.1%）升至21Q1的50.9%（2.6%）。\n3.顺势而上，守正出奇\n牛市不变，市场有望创新高。对于下半年，我们保持乐观态度。宏观角度上看，投资时钟是基于宏观背景做资产配置分析时很好的工具，我们前期多篇报告指出当前投资时钟仍处过热期，刚刚公布的经济数据显示我国二季度 GDP 同比增长 7.9%，2年复合增速为 5.5%，高于一季度的5.0%，从投资时钟角度进一步印证今年仍处于过热期。微观角度看，具体理由有三：第一，宏观流动性中性、微观流动性充裕。宏观流动性上，2021年初至今（截至21/07/16）十年期国债收益率均值3.16%，而2018年、2019年、2020年均值为3.64%、3.20%、2.98%，今年宏观流动性的松紧程度只是回到了2019年的水平附近。从微观流动性看，今年以来偏股公募基金累计发行1.3万亿元，而2020年全年为2.0万亿元，北上资金累计净流入2386亿元，而2020年为2089亿元，相较而言今年微观流动性非常充裕。第二，企业盈利扩张中。回顾历史，牛市的指数高点略提前于盈利指标高点，具体而言指数高点与ROE高点更相关，虽然企业利润单季度同比高点在21Q1，但是剔除低基数影响后，本轮盈利周期ROE高点在21Q4或22Q1，预计全年A股净利同比增速为20%，展望下半年，基本面继续改善有望支撑市场中枢不断抬高。第三，市场风险偏好上升中。今年以来股价涨幅大的板块估值往往较高，其实这就是牛市中后期的特征，即市场风险偏好持续上升，投资者重趋势，愿意给高景气板块高估值，此外从情绪指标来看，当前市场情绪温度大约为60-65度，风险偏好还有进一步提升的空间。\n\n中报业绩预告及快报印证盈利仍处上行周期，科创板业绩明显改善。截至7月15日，剔除ST公司后，以披露家数计算，2021年披露中报业绩预告及快报的公司数占全部A股的比例为33%。我们以已披露预告/快报的公司为样本，测算各板块中报业绩，用两年年化复合增速来剔除去年一季度的低基数效应，可以发现今年上半年业绩回升的趋势仍在延续。具体而言，全部A股21H1相对19H1的归母净利润两年年化复合增速为35%（21Q1两年年化增速为35%，下同），创业板均为38%，科创板分别为92%和89%。大类行业上，21年上半年较一季度业绩改善最明显的是金融地产，其21H1和21Q1归母净利润两年年化增速分别为10%和0%，其次是科技（计算机、传媒、通信、电子），其21H1和21Q1增速分别为48%和45%。除行业外，我们同样对今年上半年涨幅较大的概念指数和茅指数进行分析。21H1和21Q1归母净利润两年年化增速差最大的是新能源汽车指数，其21H1两年年化增速为72%（21Q1为56%，下同）；锂电池指数的归母净利增速同样明显上升，其21H1两年年化增速为53%（21Q1为44%）；茅指数和半导体指数的归母净利润增速则是略有回落，但仍维持在较高的水平，其中茅指数21H1两年年化增速为62%（21Q1为69%），半导体指数21H1增速为114%（21Q1为121%）。整体上看，成长相对价值的盈利趋势或将扩大，成长风格延续。详见我们前期报告《科创板业绩改善明显——21年中报业绩预告及快报点评-20210715》。\n\n守正出奇方能致胜。守正：茅指数为代表的大盘成长仍是较好配置。存量经济时代行业集中度提升，优质龙头公司基本面更优，茅指数为代表的大盘成长股盈利水平将持续。我国进入股权投资时代也将逐渐提升A股机构化、国际化程度，基本面优异的龙头股配置将得到巩固。基本面+机构配置推动下，2016年以来茅指数已现美股化端倪，总体上呈现锯齿形向上的长牛慢牛趋势，估值中枢正逐渐抬高：茅指数16年至今PE估值中枢（TTM，整体法）已经从09-15年间的15.7倍上移至28.8倍。春节以来通胀影响下，茅指数回调只是性价比的自我修正，随着下半年通胀压力逐渐缓解，在稳健业绩水平和机构投资者持续青睐推动下，茅指数有望回到前期高点，详见《茅指数正美股化-20210617》。出奇：智能制造为代表的中盘成长更有弹性。从市值结构看，我们测算中市值公司21Q1归母净利润两年年化增速为19%，当前PE为29倍，盈利估值匹配度优于大市值和小市值股。从行业层面来看，中盘成长中最为凸显就是智能制造相关行业，详见“中国智造系列报告1-5”。当前智能制造崛起有三大逻辑：第一，技术进步、疫情重构产业链、温和通胀推动下，智能制造基本面更强。第二，《“十四五”智能制造发展规划》等重要政策频频出台，支持智能制造快速崛起。第三，基金为代表的机构对智能制造配置不高，21Q1基金重仓股中智能制造类行业占比仅26.6%，而20Q2的高点为32.3%，目前仍略微低配，而且近期发布的双创50指数有望吸引更多资金配置智能制造板块。可从三个方向挖掘投资机会：①信息技术的应用：包括人工智能、工业软件、工业互联网等领域；②新能源技术的应用：包括智能汽车等领域；③传统制造技术改进与升级：包括智能家电、工业机器人等领域。\n\n风险提示：通胀继续大幅上行，投资时钟提前进入滞胀期。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":263486000529576,"gmtCreate":1705362175680,"gmtModify":1705362178431,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$ </a>&nbsp;","text":"$蔚来(NIO)$","images":[{"img":"https://community-static.tradeup.com/news/967d93ee8088eb5de33f6fc3ba50828c","width":"882","height":"1608"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263486000529576","isVote":1,"tweetType":1,"viewCount":2531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9011889337,"gmtCreate":1648855084452,"gmtModify":1676534409434,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","listText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","text":"Up up up@TigerEvents@美股判官@Miller","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011889337","isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040285562,"gmtCreate":1655680664756,"gmtModify":1676535681778,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040285562","repostId":"1130766759","repostType":4,"repost":{"id":"1130766759","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":1655260917,"share":"https://ttm.financial/m/news/1130766759?lang=en_US&edition=fundamental","pubTime":"2022-06-15 10:41","market":"us","language":"zh","title":"Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20","url":"https://stock-news.laohu8.com/highlight/detail?id=1130766759","media":"老虎资讯综合","summary":"这一节日是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。","content":"<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: Due to the US federal holiday Juneteenth, the US stock market will be closed for one day on June 20\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-06-15 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear investors,</p><p><b>U.S. stocks will be closed on Monday, June 20</b>, because June 19 (Sunday) is a federal holiday in the United States (Juneteenth). It is worth mentioning that this holiday is quite \"young\" and was legalized only last year. It is the first time in the United States since \"Martin Luther King Day\" in 1983<b>The first new national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>I wish you smooth investment</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on June 20 (Monday) and open as usual from June 21 (Tuesday).</p><p><b>Hong Kong stocks, A shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed a decree to designate June 19th of each year as a national holiday to commemorate the end of slavery in the United States. The name of the holiday is \"Juneteenth\", which is taken from the combination of June (June) and Nineteenth (Nineteenth). Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden with 'Grandmother Juneteenth' Opal Lee</span></p><p>Perhaps it is precisely because Juneteenth is very \"young\" that at this time last year, the US SEC (Securities and Exchange Commission) also had a \"disagreement\" with the US stock market because of this holiday:<b>The SEC is on holiday, while the NYSE and Nasdaq exchanges are open as usual.</b>\"Exchanges discretion the status of operations for federal holidays, and we understand that major markets operate during normal hours,\" the SEC said. The NYSE responded at the time that it would assess whether Juneteenth in 2022 would be closed for the holidays.</p><p>At present, it seems that such \"differences\" will not repeat itself this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3beebfa3e0137570abe14d50f470080d","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130766759","content_text":"尊敬的投资者：美股将于6月20日（星期一）休市，因为6月19日（星期日）是美国的联邦假日（六月节）。值得一提的是，这一节日相当“年轻”，去年才被合法化，是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。预祝投资顺利老虎证券休市安排美股6月20日（周一）休市，6月21日（周二）起照常开市。港股、A股、新加坡股市、澳大利亚市场照常交易。背景介绍2021年6月17日，美国总统拜登签署法令，将每年的6月19日定为全国法定节假日以纪念美国奴隶制的终结，节日名称为“Juneteenth”，该名称取自June（六月）和Nineteenth（十九）的组合。中国官方称这一节日为“六月节”。拜登与“六月节祖母”Opal Lee或许正是因为六月节非常“年轻”，去年的这个时候，美国SEC（证券交易委员会）还因为这个节日和美股市场产生了“分歧”：SEC放假，而纽交所和纳斯达克交易所却照常开市。SEC表示：“交易所自行决定联邦假期的运营状态，我们对各主要市场在正常时间内运营表示理解。”纽交所当时回应称，将评估2022年的六月节是否停业过节。目前看来这样的“分歧”今年不会重演了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}