小幸运集团 personal page - To The Moon

小幸运集团

小幸运集团

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小幸运集团

2021-04-02

$Rocket Companies(RKT)$?

小幸运集团

2021-04-29

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Ford Motor's Q1 revenue increased by 6% year-on-year, chip shortages will reduce production

小幸运集团

2021-06-15

Omb

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小幸运集团

2021-05-04

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Foreign media headlines: Robinhood hits back at Buffett, you are not the only investment prophet

小幸运集团

2021-05-02

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小幸运集团

2021-06-13

Omg

Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14

小幸运集团

2021-03-28

Hi

How long will the value style of US stocks last?

小幸运集团

2021-05-28

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SalesforceQ1 revenue was US $5.96 billion, net profit increased by 374% year-on-year

小幸运集团

2021-05-26

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Tesla announces that best-selling models in North America will stop radar sensors and adopt pure vision systems

小幸运集团

2021-05-06

$Histogenics Corporation(OCGN)$????

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href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;","text":"$特斯拉(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/521652569608376","repostId":"1118388234","repostType":2,"repost":{"id":"1118388234","kind":"news","pubTimestamp":1768383418,"share":"https://ttm.financial/m/news/1118388234?lang=en_US&edition=fundamental","pubTime":"2026-01-14 17:36","market":"us","language":"zh","title":"Tesla's FSD big turn: from \"buyout\" to subscription, scheduled to take effect after February 14","url":"https://stock-news.laohu8.com/highlight/detail?id=1118388234","media":"智通财经","summary":"该服务目前月度费用为99美元。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Announced that it will revolutionize the sales model of its advanced driver assistance system \"Full Self Driving\" (FSD), shifting across the board to monthly subscription services. CEO Elon Musk unveiled the shift on social media platform X, which is scheduled to take effect after Feb. 14. Musk did not specify the reason for the decision, and the service currently costs $99 a month.</p><p><p style=\"text-align: justify;\">The move will eliminate FSD's one-time buyout fee of up to about $8,000, significantly lowering the initial threshold for users to experience the technology. Despite the naming \"Full Self Driving,\" the technology currently requires continuous driver monitoring and ready to take over.</p><p><p style=\"text-align: justify;\">Against the backdrop of sluggish sales growth, Tesla is shifting its strategic focus to technology-centered growth points, such as FSD, driverless taxis and<a href=\"https://laohu8.com/S/300024\">Robot</a>Business. Last year, Tesla gave way to the title of the world's largest electric vehicle maker to China's<a href=\"https://laohu8.com/S/BYDDY\">BYD</a>。</p><p><p style=\"text-align: justify;\">However, it is worth noting that although the market's outlook for Tesla's valuation and fundamental prospects has fully shifted to FSD fully autonomous driving and Robotaxi (completely unmanned self-driving taxi) based on Tesla's exclusive AI supercomputing system, as well as the Tesla AI humanoid robot named \"Optimus Prime\", Tesla's electric vehicle sales and automotive business fundamentals have not been weakened to insignificance. It is still the pillar of the current cash flow and balance sheet, and the foundation of FSD data closed loop and fleet size (Robotaxi will eventually fall into scalable vehicle production capacity and operation).</p><p></body></html></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>Tesla's FSD big turn: from \"buyout\" to subscription, scheduled to take effect after February 14</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\">\nTesla's FSD big turn: from \"buyout\" to subscription, scheduled to take effect after February 14\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2026-01-14 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Announced that it will revolutionize the sales model of its advanced driver assistance system \"Full Self Driving\" (FSD), shifting across the board to monthly subscription services. CEO Elon Musk unveiled the shift on social media platform X, which is scheduled to take effect after Feb. 14. Musk did not specify the reason for the decision, and the service currently costs $99 a month.</p><p><p style=\"text-align: justify;\">The move will eliminate FSD's one-time buyout fee of up to about $8,000, significantly lowering the initial threshold for users to experience the technology. Despite the naming \"Full Self Driving,\" the technology currently requires continuous driver monitoring and ready to take over.</p><p><p style=\"text-align: justify;\">Against the backdrop of sluggish sales growth, Tesla is shifting its strategic focus to technology-centered growth points, such as FSD, driverless taxis and<a href=\"https://laohu8.com/S/300024\">Robot</a>Business. Last year, Tesla gave way to the title of the world's largest electric vehicle maker to China's<a href=\"https://laohu8.com/S/BYDDY\">BYD</a>。</p><p><p style=\"text-align: justify;\">However, it is worth noting that although the market's outlook for Tesla's valuation and fundamental prospects has fully shifted to FSD fully autonomous driving and Robotaxi (completely unmanned self-driving taxi) based on Tesla's exclusive AI supercomputing system, as well as the Tesla AI humanoid robot named \"Optimus Prime\", Tesla's electric vehicle sales and automotive business fundamentals have not been weakened to insignificance. It is still the pillar of the current cash flow and balance sheet, and the foundation of FSD data closed loop and fleet size (Robotaxi will eventually fall into scalable vehicle production capacity and operation).</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/1392776.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d695ec0cc530efc680a696604e078f14","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.zhitongcaijing.com/content/detail/1392776.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1118388234","content_text":"特斯拉宣布将彻底改变其高级驾驶辅助系统“全自动驾驶”(FSD)的销售模式，全面转向月度订阅服务。首席执行官埃隆·马斯克在社交媒体平台X上公布了这一转变，计划于2月14日后生效。马斯克未具体说明决策原因，该服务目前月度费用为99美元。此举将取消FSD高达约8000美元的一次性买断费用，大幅降低用户体验该技术的初始门槛。尽管命名为“全自动驾驶”，该技术目前仍需驾驶员持续监控并随时准备接管。在面临销售增长乏力的背景下，特斯拉正将其战略重心转向以科技为核心的增长点，如FSD、无人驾驶出租车和机器人业务。去年，特斯拉已将全球最大电动汽车制造商的头衔让位于中国的比亚迪。不过，值得注意的是，虽然市场对于特斯拉估值与基本面前景的展望已经全面转向基于特斯拉独家AI超算体系打造的FSD全自动驾驶、Robotaxi(完全无人自动驾驶出租车)，以及名为“擎天柱”的特斯拉AI人形机器人，特斯拉电动车销量与汽车业务基本面并未被削弱到无足轻重，它仍是当前现金流与资产负债表的支柱，也是FSD数据闭环与车队规模的基础(Robotaxi最终也要落到可规模化的车辆产能与运营)。","news_type":1,"symbols_score_info":{"TSLA":2}},"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355014360314248,"gmtCreate":1727675514691,"gmtModify":1727675516695,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/07552\">$XI二南方恒科(07552)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://ttm.financial/S/07552\">$XI二南方恒科(07552)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$XI二南方恒科(07552)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355014360314248","isVote":1,"tweetType":1,"viewCount":2467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927915013,"gmtCreate":1672368900533,"gmtModify":1676538680200,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/06068\">$光正教育(06068)$ &nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/06068\">$光正教育(06068)$ &nbsp;</a>","text":"$光正教育(06068)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9927915013","isVote":1,"tweetType":1,"viewCount":2360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158299819,"gmtCreate":1625149928931,"gmtModify":1703737243048,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158299819","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","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":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"hk","language":"zh","title":"Reminder: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the Independence Day holiday in the United States, the U.S. stock market will be closed for one day on July 5 (Monday), and trading will resume on July 6 (Tuesday).</b></p><p>Hong Kong stocks, A-shares, British stocks, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p><b>Independence Day</b>It is a legal national day of the United States, which is dated on July 4th every year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as grand as religious and folk festivals. Before the festival, ordinary people clean their courtyards, decorate their homes and fly the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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 U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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 U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the Independence Day holiday in the United States, the U.S. stock market will be closed for one day on July 5 (Monday), and trading will resume on July 6 (Tuesday).</b></p><p>Hong Kong stocks, A-shares, British stocks, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p><b>Independence Day</b>It is a legal national day of the United States, which is dated on July 4th every year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as grand as religious and folk festivals. Before the festival, ordinary people clean their courtyards, decorate their homes and fly the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127187081,"gmtCreate":1624839972643,"gmtModify":1703845774393,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127187081","repostId":"1175717613","repostType":4,"repost":{"id":"1175717613","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624799107,"share":"https://ttm.financial/m/news/1175717613?lang=en_US&edition=fundamental","pubTime":"2021-06-27 21:05","market":"us","language":"zh","title":"Growth VS value, this is the biggest difference in US stocks right now","url":"https://stock-news.laohu8.com/highlight/detail?id=1175717613","media":"华尔街见闻","summary":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能","content":"<p>A wrestle between growth stocks and value stocks is unfolding. By the middle of the year, the uncertainty above the U.S. stock market is growing, which has also had a huge impact on the style of the U.S. stock market. A wrestling between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support is likely to decrease, which will weaken the dynamism of the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plan to raise taxes is another potential disincentive factor.</p><p>On the other hand, the trend of inflation has become another major uncertainty affecting the trend of U.S. stocks. If the upward pressure on prices continues, the result is that rate hike expectations rise, and U.S. stocks may go through a bumpy road.</p><p>These uncertainties dominate the trend of growth and value stocks, and expected changes in inflation and monetary policy will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News previously mentioned that since the beginning of this year, as U.S. bond yields have risen rapidly and U.S. stocks have rotated rapidly, the stock prices of technology giants that have enjoyed great success during the epidemic have fallen sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and U.S. bond yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted that rate hike will be earlier than expected, the gains in technology stocks have intensified.</p><p>Many analysts sided with technology stocks, believing that after a correction, the valuations of U.S. technology giants have begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes U.S. technology stocks are relatively cheap right now. According to data from Barclays, FANMAG currently has an average forward P/E of 29.9 x. That's only marginally higher than the roughly 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, chief investment officer of Glenmede Private Wealth, believes that the market for value stocks is not over yet, and value stocks will outperform technology stocks:</p><p>We are still in the midst of a fundamental recovery, with improved economic growth and revenues. Our base assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also prefers value stocks. Andrew Slimmon, senior portfolio manager at the agency, said that when the economy is stronger, there is a tendency to hold inflation-sensitive stocks, and people may underestimate the duration of this cycle.</p><p>Slimmon pointed out that value stocks are still cheap relative to the broader market, and the phase of value stocks' overperformance will continue.</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>Growth VS value, this is the biggest difference in US stocks right now</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\">\nGrowth VS value, this is the biggest difference in US stocks right now\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-27 21:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A wrestle between growth stocks and value stocks is unfolding. By the middle of the year, the uncertainty above the U.S. stock market is growing, which has also had a huge impact on the style of the U.S. stock market. A wrestling between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support is likely to decrease, which will weaken the dynamism of the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plan to raise taxes is another potential disincentive factor.</p><p>On the other hand, the trend of inflation has become another major uncertainty affecting the trend of U.S. stocks. If the upward pressure on prices continues, the result is that rate hike expectations rise, and U.S. stocks may go through a bumpy road.</p><p>These uncertainties dominate the trend of growth and value stocks, and expected changes in inflation and monetary policy will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News previously mentioned that since the beginning of this year, as U.S. bond yields have risen rapidly and U.S. stocks have rotated rapidly, the stock prices of technology giants that have enjoyed great success during the epidemic have fallen sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and U.S. bond yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted that rate hike will be earlier than expected, the gains in technology stocks have intensified.</p><p>Many analysts sided with technology stocks, believing that after a correction, the valuations of U.S. technology giants have begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes U.S. technology stocks are relatively cheap right now. According to data from Barclays, FANMAG currently has an average forward P/E of 29.9 x. That's only marginally higher than the roughly 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, chief investment officer of Glenmede Private Wealth, believes that the market for value stocks is not over yet, and value stocks will outperform technology stocks:</p><p>We are still in the midst of a fundamental recovery, with improved economic growth and revenues. Our base assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also prefers value stocks. Andrew Slimmon, senior portfolio manager at the agency, said that when the economy is stronger, there is a tendency to hold inflation-sensitive stocks, and people may underestimate the duration of this cycle.</p><p>Slimmon pointed out that value stocks are still cheap relative to the broader market, and the phase of value stocks' overperformance will continue.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175717613","content_text":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能会减少，这将削弱当前经济复苏的活力，并对企业盈利增长造成压力。此外美国政府酝酿提高税收的计划是另一个潜在的抑制因素。\n另一方面，通胀走势成为牵动美股走势的另一大不确定性，如果价格的上行压力持续，结果是加息预期上升，美股可能会经历一段坎坷之路。\n这些不确定性主宰着成长和价值股票走势，通胀和货币政策走向预期的变动将决定美股下半年的风格。\n华尔街见闻此前提及，今年初以来，随着美债收益率快速走高，美股快速轮动，疫情期间风光无限的科技巨头们股价大幅回调，而对经济复苏较为敏感的周期股集体反弹。\n但近期，随着通胀预期降温，美债收益率下行，科技股重获市场青睐，尤其是美联储暗示将早于预期加息以来，科技股涨势加剧。\n有不少分析师站队科技股，认为经过一番回调，目前美国科技巨头们的估值已经开始彰显吸引力，这意味着这些科技领头羊有望继续上涨。\n巴克莱策略师Maneesh Deshpande认为目前美国科技股相对便宜。巴克莱(Barclays)的数据显示，FANMAG目前的平均预期市盈率为29.9倍。这只比2019年12月大流行开始前的约28倍高一点点，比去年年中40倍的峰值大幅下降。\n格伦米德(Glenmede)私人财富首席投资官Jason Pride则认为，价值股的行情还未结束，价值股将跑赢科技股：\n\n 我们仍处于基本面复苏之中，经济增长和收入都有所提高。我们的基本假设是，通胀最终会稳定在2%至3%之间，这对价值股的益处将大于成长股。\n\n摩根士丹利资产管理公司也偏好价值股。该机构高级投资组合经理Andrew Slimmon表示，在经济形势更为强劲的时候，倾向于持有对通胀敏感的股票，而人们可能低估了这个周期的持续时间。\nSlimmon指出，相对于更广泛的市场，价值型股票仍然很便宜，价值股表现超大盘的阶段将持续下去。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124490019,"gmtCreate":1624776872731,"gmtModify":1703845027076,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124490019","repostId":"1179952781","repostType":4,"repost":{"id":"1179952781","kind":"news","pubTimestamp":1624762340,"share":"https://ttm.financial/m/news/1179952781?lang=en_US&edition=fundamental","pubTime":"2021-06-27 10:52","market":"sh","language":"zh","title":"A single grain exceeds a thousand! Who is behind the skyrocketing \"miracle medicine\" Pien Tze Huang?","url":"https://stock-news.laohu8.com/highlight/detail?id=1179952781","media":"雷达财经","summary":"片仔癀价格上涨的一部分原因是原材料资源的稀缺导致采购成本较高，人工成本也在逐年上涨。此外，片仔癀在南方部分地区，被当做礼品。而随着价格的抬升，片仔癀甚至被看作一种投资品，导致黄牛入场，恶意囤积，高价卖","content":"<p>Part of the reason for the price increase of Pien Tze Huang is that the scarcity of raw material resources leads to higher procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is used as a gift in some parts of the south. As the price rises, Pien Tze Huang is even regarded as an investment product, which leads scalpers to enter the market, maliciously hoard, and sell at high prices, further pushing up the price. Queuing for purchase restrictions, out of stock... Recently, Moutai and the \"magic medicine\" Pien Tze Huang have gone crazy, even exceeding 1,000 yuan per pill on some e-commerce platforms.</p><p>At the same time, Pien Tze Huang's stock price soared, rising from 240 yuan/share to 428.5 yuan/share within three months, an increase of nearly 80%. At present, the company's market value is nearly 260 billion, and its P/E reaches 114.33 times, far exceeding the industry average.</p><p>Is the curative effect of Pien Tze Huang so amazing? Some experts in the medical industry said that Pien Tze Huang is a prescription drug, which has the effect of clearing away damp-heat in the liver and gallbladder, and has a certain effect on liver diseases. It is not used a lot clinically, and doctors don't often use it.</p><p>Radar Finance combed and found that the price of Pien Tze Huang has risen sharply, driven by multiple reasons. Part of the reason for the price increase of Pien Tze Huang is that the scarcity of raw material resources leads to higher procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is used as a gift in some parts of the south. As the price rises, Pien Tze Huang is even regarded as an investment product, which leads scalpers to enter the market, maliciously hoard, and sell at high prices, further pushing up the price.</p><p><b>It's hard to find a drug offline, and the online price exceeds 1,000</b></p><p>Recently, many consumers have reported that it is hard to find a drug when buying Pien Tze Huang in offline pharmacies. By making an appointment in advance, queuing up offline, and purchasing in limited quantities, Pien Tze Huang has suddenly become a hot sweet cake in the current market. According to the Baidu search index, searches related to Pien Tze Huang have also skyrocketed recently, and Pien Tze Huang has been in the limelight for a while.</p><p><img src=\"https://static.tigerbbs.com/f9410040e114f1d02c968b98dd3896b4\" tg-width=\"1080\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>It is understood that although there are medicines, cosmetics, daily chemicals, medical devices, health food and other products under the name of Pien Tze Huang, its core products are mainly Pien Tze Huang series products, including Pien Tze Huang, Pien Tze Huang capsules, compound Pien Tze Huang lozenges, compound Pien Tze Huang ointment, compound Pien Tze Huang hemorrhoid ointment, etc. At present, it is difficult to buy Pien Tze Huang and Pien Tze Huang capsules, and the market sales of other Pien Tze Huang products are still normal.</p><p>Radar Finance learned on some e-commerce platforms that there are currently not many stores with Pien Tze Huang and Pien Tze Huang capsule drugs on the shelves. The prices of Pien Tze Huang in stores where you can place orders are basically more than 900 yuan, and some even reach sky-high prices of more than 1,450 yuan. Online platforms are either out of stock or prices are soaring.</p><p><img src=\"https://static.tigerbbs.com/32d788078ae43348210859c4fe2e8c7d\" tg-width=\"1080\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"></p><p>Offline, the main modes of Pien Tze Huang's domestic sales are OTC sales and cinema sales, of which OTC sales are the main ones. The OTC sales model mainly includes Pien Tze Huang Experience Center, regional distribution and retail pharmacies, etc. At present, it is indeed difficult to buy Pien Tze Huang in many offline pharmacies across the country. If consumers want to buy Pien Tze Huang, they need to queue up in advance to verify their identity information, and each person is limited to 2 capsules.</p><p>When asked whether there is a limited purchase plan, the pharmacy clerk said that there are more customers buying at present, and the medicines are tight. In order to prevent scalpers from maliciously hoarding and disrupting the market, customers who buy medicines are required to show their identity certificates and prescriptions, and generally need to make an appointment one day in advance.</p><p>Insiders of Pien Tze Huang also said that this medicine was not as difficult to buy before as it is now, and a large number of purchases occurred a few months ago. In order to prevent scalpers from disturbing the market, the strategy of making an appointment, showing identity certificate and limiting the limit was adopted. The official has never raised prices, and the price increase should be done by scalpers.</p><p><b>Is Pien Tze Huang really that amazing?</b></p><p>What exactly is Pien Tze Huang? According to Baidu Encyclopedia, Pien Tze Huang has the title of \"National Treasure and Famous Medicine\". It was originally the secret recipe of the imperial doctor in the Ming Dynasty. Later, the imperial doctor became a monk and came to Pushan Temple in Zhangzhou, southern Fujian as a monk. According to the secret recipe of the palace, he developed a special medicine for reducing Huang and swelling. Zhangzhou dialect in Fujian Province collectively refers to all inflammation as \"Huang\". The shape of the medicine is strip-shaped. When used, cut into a thin slice and take it orally or externally, and it will take effect in a short time, hence the name \"Pien Tze Huang\".</p><p>Pien Tze Huang is a ready-for-use traditional Chinese medicine. It is a heat-clearing agent. It has the effects of clearing away heat and detoxifying, cooling blood and removing blood stasis, reducing swelling and relieving pain. It is often used for acute and chronic viral hepatitis caused by heat and blood stasis, carbuncle and furuncle, unknown swelling and poison, bruises and various inflammations.</p><p>But even so, there are many drugs for these diseases on the market, and is Pien Tze Huang, whose value has skyrocketed, really that magical? Is it market hype or does it work miraculously?</p><p>According to the data, the shape of Pien Tze Huang is a flat elliptical block with an elliptical ring on the block. The surface is brown-yellow or taupe-brown, with dense fine lines and mildew spots. It is hard and difficult to break. The broken surface is slightly rough, tan, uniform in color, and occasionally a small amount of mycelium is seen. The powder is brown yellow or light brown yellow, slightly fragrant, bitter and slightly sweet. The prescription and technology of Pien Tze Huang brand Pien Tze Huang are national top secrets, and it is a national first-class protected variety of traditional Chinese medicine.</p><p>Pien Tze Huang weighs 3 grams per capsule and 0.3 grams per capsule. Oral use, 0.6 grams at a time, 0.15-0.3 grams at a time for children under eight years old, 2-3 times a day, grind the powder for external use, mix well with cold boiled water or a little vinegar and apply it to the affected area (ulcers can apply it around the affected area). Several times a day, always keep it moist, or follow the doctor's advice; Capsules are packed in 2 capsules at a time, and children aged one to five take 1 capsule at a time, 3 times a day.</p><p>According to the evaluation of a Tmall pharmacy store page selling Pien Tze Huang, most consumers have favorable reviews of Pien Tze Huang capsule drugs. The main point of complaints is that the drugs are difficult to buy, and they have to rely on snapping up or luck.</p><p><img src=\"https://static.tigerbbs.com/39699fc108640e3a3e74c254cda99336\" tg-width=\"558\" tg-height=\"1600\" referrerpolicy=\"no-referrer\"></p><p>Experts say that Pien Tze Huang is a prescription drug, which has the effect of clearing away damp-heat in the liver and gallbladder, and has a certain effect on liver disease. It is not used a lot clinically, and doctors don't often use it. It should be noted that during Pien Tze Huang's medication, spicy and greasy food should be avoided. Those who have no improvement in symptoms after 3 days of taking the medicine, or are accompanied by systemic symptoms such as aversion to cold and fever during taking the medicine, should go to the hospital for treatment. Do not collide or squeeze local lesions. Local lesions are reddened, swollen, heat and pain, and those who have multiple pus heads at the beginning of the sore should go to the hospital for treatment; It is forbidden to use the drug when the properties of the drug change; Children must be used under the supervision of an adult; If you are taking other drugs, please consult your physician or pharmacist before using this product; In addition, pregnant women should not take Pien Tze Huang, and athletes should use it with caution.</p><p><b>Why did it soar? Scarcity of medicinal materials + investment appreciation + scalper speculation</b></p><p>On January 20, 2020, Pien Tze Huang Company announced that the domestic market retail price of the company's leading product Pien Tze Huang lozenges will be raised from 530 yuan/tablet to 590 yuan/tablet, and the supply price will be raised by about 40 yuan/tablet accordingly. It is reported that this is the 15th price increase of Pien Tze Huang since 2005, with the price rising from 125 yuan/piece to 590 yuan/piece, an increase of nearly 4 times.</p><p>Why is Pien Tze Huang so expensive? According to industry sources, a large part of the reason for the price increase of Pien Tze Huang is that the scarcity of raw material resources leads to higher procurement costs, and labor costs are also rising year by year.</p><p>The important ingredients involved in Pien Tze Huang drugs include musk, bezoar, snake bile, and Panax notoginseng. Among them, except for musk and snake bile, which are purchased in strict accordance with relevant state regulations, bezoar and Panax notoginseng can be purchased through market channels, and the purchase price follows the market. Therefore, a large part of the cost of Pien Tze Huang depends on the purchase price of Chinese herbal medicines.</p><p><img src=\"https://static.tigerbbs.com/2ffc9f225b2201bb43e4936dd64162c0\" tg-width=\"600\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Among them, musk comes from musk deer, a first-class protected animal in China, while the market price of natural musk ranges from 200 yuan to several hundred yuan per gram. The purchase of musk needs to be approved by the national forestry authority. After the forestry authority approves the quantity, the price will be negotiated by the buyer and the seller according to the supply and demand situation. In recent years, the price of natural musk has slowly increased. In 2020, the price of musk has basically remained stable but increased slightly.</p><p>Secondly, bezoar, the supply of bezoar is easily affected by the supply of origin and market demand. In 2020, bezoar prices continued to rise. Musk and bezoar account for a small proportion in the content of Pien Tze Huang, but the total cost of the two accounts for more than 90% of Pien Tze Huang.</p><p>As for snake gallbladder, it is necessary to organize the purchase according to the relevant regulations of the state, and the price is negotiated by the buyer and the seller according to the supply and demand situation. In 2020, the price of snake bile increased slightly.</p><p>In order to ensure the quality of Panax notoginseng raw materials and the stable supply source, the company cooperated with local enterprises in Wenshan, Yunnan Province to build a standardized and standardized Panax notoginseng planting base. The company made fixed-point purchases from the base at market prices according to the demand for production raw materials. In 2020, the price of Panax notoginseng with the same specification dropped slightly.</p><p>In 2020, the price fluctuation of important medicinal materials will have a certain impact on the cost of Pien Tze Huang series products. In the long run, the prices of musk, bezoar and snake bile are on the rise, which will put upward pressure on the cost of Pien Tze Huang series products in the future. In order to reasonably control costs, the company will adopt the method of arranging in advance, continuously paying attention to the market conditions of major varieties or important medicinal materials, and increase procurement reserves in a timely manner to control costs to the maximum extent.</p><p>Some people in the industry told Radar Finance that the price increase of Pien Tze Huang is not only due to the increase in cost, but also because Pien Tze Huang is considered by many people to be a life-saving magic medicine and used as a gift. After Pien Tze Huang gradually raised its price, some people thought that investing in Pien Tze Huang would make a stable profit without losing money. Pien Tze Huang had financial attributes, which triggered scalpers to enter the market and the price skyrocketed.</p><p><b>The stock price of the company behind it soared, and P/E far surpassed its peers</b></p><p>According to Tianyancha data, the company behind Pien Tze Huang is Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd., which is a national technological innovation demonstration enterprise and a Chinese time-honored enterprise with pharmaceutical manufacturing and research and development as its main business. Its current market value exceeds 250 billion. In June 2003, the company's shares were successfully listed on the Shanghai Stock Exchange and became a state-controlled pharmaceutical listed company (stock code: 600436).</p><p>In 2003, the company raised a total of 342 million yuan in its initial offering; In 2013, the company raised a total of 776 million yuan from the rights issue; As of the end of 2020, the company has implemented cash dividends 17 times, with a cumulative cash dividend of 2.488 billion yuan. The company's total share capital has increased from 140 million shares at the beginning of listing to 603 million shares. The company's stock market value has exceeded 100 billion yuan, and financial indicators such as return on assets (ROA) rank among the top in the pharmaceutical industry. The company has been highly recognized by domestic and foreign investors in the capital market, and the company's stock has been included in the first batch of lists of MSCI index system, as well as multiple index systems such as FTSE Russell.</p><p>Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. owns 1 research institute, 35 holding subsidiaries and 7 joint-stock companies, operating 6 categories and more than 470 product series, and has established 23 scientific research, production and medicinal materials bases in 7 provinces and municipalities directly under the Central Government. The company's operations involve ready-for-use traditional Chinese medicine, biopharmaceuticals, health food, cosmetics, daily chemicals, medical devices, e-commerce, modern pharmaceutical logistics and other industries.</p><p>According to the 2020 financial report released by the company, as of December 31, 2020, the company's total assets were 10.206 billion yuan, and the equity attributable to shareholders of the parent company was 7.863 billion yuan. During the reporting period, the company achieved total operating income of 6.511 billion yuan, an increase of 789 million yuan or 13.78% over the same period last year; Achieved net profit of 1.690 billion yuan, an increase of 303 million yuan or 21.85% over the same period last year. According to the official website, in 2020, Pien Tze Huang paid 870 million yuan in taxes, a year-on-year increase of 29.33%, setting a record high for the same period. According to the financial report, liver disease drugs are the main source of the company's profit; East China is the region with the best sales in China.</p><p>In 2020, the company's R&D expenses were 97.5516 million yuan, a year-on-year decrease of 18.32%, and R&D investment accounted for 1.50% of operating income.</p><p>Based on the current situation that Pien Tze Huang is hard to find a medicine, the stock price of Pien Tze Huang has soared in recent months, rising from 240 yuan/share to 428.5 yuan/share in three months, an increase of nearly 80%.</p><p>As of now, the P/E of Pien Tze Huang's stock price is 114.33 times, and the industry average P/E is 62.99 times.</p><p>Some investors believe that Pien Tze Huang is not a \"magic drug\" in essence, but an anti-inflammatory drug. If consumers \"faith is shattered\" in the future, it will have a greater impact on the performance of Pien Tze Huang, a listed company.</p>","source":"lsy1575359225748","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>A single grain exceeds a thousand! 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Who is behind the skyrocketing \"miracle medicine\" Pien Tze Huang?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">雷达财经</strong><span class=\"h-time small\">2021-06-27 10:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Part of the reason for the price increase of Pien Tze Huang is that the scarcity of raw material resources leads to higher procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is used as a gift in some parts of the south. As the price rises, Pien Tze Huang is even regarded as an investment product, which leads scalpers to enter the market, maliciously hoard, and sell at high prices, further pushing up the price. Queuing for purchase restrictions, out of stock... Recently, Moutai and the \"magic medicine\" Pien Tze Huang have gone crazy, even exceeding 1,000 yuan per pill on some e-commerce platforms.</p><p>At the same time, Pien Tze Huang's stock price soared, rising from 240 yuan/share to 428.5 yuan/share within three months, an increase of nearly 80%. At present, the company's market value is nearly 260 billion, and its P/E reaches 114.33 times, far exceeding the industry average.</p><p>Is the curative effect of Pien Tze Huang so amazing? Some experts in the medical industry said that Pien Tze Huang is a prescription drug, which has the effect of clearing away damp-heat in the liver and gallbladder, and has a certain effect on liver diseases. It is not used a lot clinically, and doctors don't often use it.</p><p>Radar Finance combed and found that the price of Pien Tze Huang has risen sharply, driven by multiple reasons. Part of the reason for the price increase of Pien Tze Huang is that the scarcity of raw material resources leads to higher procurement costs, and labor costs are also rising year by year. In addition, Pien Tze Huang is used as a gift in some parts of the south. As the price rises, Pien Tze Huang is even regarded as an investment product, which leads scalpers to enter the market, maliciously hoard, and sell at high prices, further pushing up the price.</p><p><b>It's hard to find a drug offline, and the online price exceeds 1,000</b></p><p>Recently, many consumers have reported that it is hard to find a drug when buying Pien Tze Huang in offline pharmacies. By making an appointment in advance, queuing up offline, and purchasing in limited quantities, Pien Tze Huang has suddenly become a hot sweet cake in the current market. According to the Baidu search index, searches related to Pien Tze Huang have also skyrocketed recently, and Pien Tze Huang has been in the limelight for a while.</p><p><img src=\"https://static.tigerbbs.com/f9410040e114f1d02c968b98dd3896b4\" tg-width=\"1080\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>It is understood that although there are medicines, cosmetics, daily chemicals, medical devices, health food and other products under the name of Pien Tze Huang, its core products are mainly Pien Tze Huang series products, including Pien Tze Huang, Pien Tze Huang capsules, compound Pien Tze Huang lozenges, compound Pien Tze Huang ointment, compound Pien Tze Huang hemorrhoid ointment, etc. At present, it is difficult to buy Pien Tze Huang and Pien Tze Huang capsules, and the market sales of other Pien Tze Huang products are still normal.</p><p>Radar Finance learned on some e-commerce platforms that there are currently not many stores with Pien Tze Huang and Pien Tze Huang capsule drugs on the shelves. The prices of Pien Tze Huang in stores where you can place orders are basically more than 900 yuan, and some even reach sky-high prices of more than 1,450 yuan. Online platforms are either out of stock or prices are soaring.</p><p><img src=\"https://static.tigerbbs.com/32d788078ae43348210859c4fe2e8c7d\" tg-width=\"1080\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"></p><p>Offline, the main modes of Pien Tze Huang's domestic sales are OTC sales and cinema sales, of which OTC sales are the main ones. The OTC sales model mainly includes Pien Tze Huang Experience Center, regional distribution and retail pharmacies, etc. At present, it is indeed difficult to buy Pien Tze Huang in many offline pharmacies across the country. If consumers want to buy Pien Tze Huang, they need to queue up in advance to verify their identity information, and each person is limited to 2 capsules.</p><p>When asked whether there is a limited purchase plan, the pharmacy clerk said that there are more customers buying at present, and the medicines are tight. In order to prevent scalpers from maliciously hoarding and disrupting the market, customers who buy medicines are required to show their identity certificates and prescriptions, and generally need to make an appointment one day in advance.</p><p>Insiders of Pien Tze Huang also said that this medicine was not as difficult to buy before as it is now, and a large number of purchases occurred a few months ago. In order to prevent scalpers from disturbing the market, the strategy of making an appointment, showing identity certificate and limiting the limit was adopted. The official has never raised prices, and the price increase should be done by scalpers.</p><p><b>Is Pien Tze Huang really that amazing?</b></p><p>What exactly is Pien Tze Huang? According to Baidu Encyclopedia, Pien Tze Huang has the title of \"National Treasure and Famous Medicine\". It was originally the secret recipe of the imperial doctor in the Ming Dynasty. Later, the imperial doctor became a monk and came to Pushan Temple in Zhangzhou, southern Fujian as a monk. According to the secret recipe of the palace, he developed a special medicine for reducing Huang and swelling. Zhangzhou dialect in Fujian Province collectively refers to all inflammation as \"Huang\". The shape of the medicine is strip-shaped. When used, cut into a thin slice and take it orally or externally, and it will take effect in a short time, hence the name \"Pien Tze Huang\".</p><p>Pien Tze Huang is a ready-for-use traditional Chinese medicine. It is a heat-clearing agent. It has the effects of clearing away heat and detoxifying, cooling blood and removing blood stasis, reducing swelling and relieving pain. It is often used for acute and chronic viral hepatitis caused by heat and blood stasis, carbuncle and furuncle, unknown swelling and poison, bruises and various inflammations.</p><p>But even so, there are many drugs for these diseases on the market, and is Pien Tze Huang, whose value has skyrocketed, really that magical? Is it market hype or does it work miraculously?</p><p>According to the data, the shape of Pien Tze Huang is a flat elliptical block with an elliptical ring on the block. The surface is brown-yellow or taupe-brown, with dense fine lines and mildew spots. It is hard and difficult to break. The broken surface is slightly rough, tan, uniform in color, and occasionally a small amount of mycelium is seen. The powder is brown yellow or light brown yellow, slightly fragrant, bitter and slightly sweet. The prescription and technology of Pien Tze Huang brand Pien Tze Huang are national top secrets, and it is a national first-class protected variety of traditional Chinese medicine.</p><p>Pien Tze Huang weighs 3 grams per capsule and 0.3 grams per capsule. Oral use, 0.6 grams at a time, 0.15-0.3 grams at a time for children under eight years old, 2-3 times a day, grind the powder for external use, mix well with cold boiled water or a little vinegar and apply it to the affected area (ulcers can apply it around the affected area). Several times a day, always keep it moist, or follow the doctor's advice; Capsules are packed in 2 capsules at a time, and children aged one to five take 1 capsule at a time, 3 times a day.</p><p>According to the evaluation of a Tmall pharmacy store page selling Pien Tze Huang, most consumers have favorable reviews of Pien Tze Huang capsule drugs. The main point of complaints is that the drugs are difficult to buy, and they have to rely on snapping up or luck.</p><p><img src=\"https://static.tigerbbs.com/39699fc108640e3a3e74c254cda99336\" tg-width=\"558\" tg-height=\"1600\" referrerpolicy=\"no-referrer\"></p><p>Experts say that Pien Tze Huang is a prescription drug, which has the effect of clearing away damp-heat in the liver and gallbladder, and has a certain effect on liver disease. It is not used a lot clinically, and doctors don't often use it. It should be noted that during Pien Tze Huang's medication, spicy and greasy food should be avoided. Those who have no improvement in symptoms after 3 days of taking the medicine, or are accompanied by systemic symptoms such as aversion to cold and fever during taking the medicine, should go to the hospital for treatment. Do not collide or squeeze local lesions. Local lesions are reddened, swollen, heat and pain, and those who have multiple pus heads at the beginning of the sore should go to the hospital for treatment; It is forbidden to use the drug when the properties of the drug change; Children must be used under the supervision of an adult; If you are taking other drugs, please consult your physician or pharmacist before using this product; In addition, pregnant women should not take Pien Tze Huang, and athletes should use it with caution.</p><p><b>Why did it soar? Scarcity of medicinal materials + investment appreciation + scalper speculation</b></p><p>On January 20, 2020, Pien Tze Huang Company announced that the domestic market retail price of the company's leading product Pien Tze Huang lozenges will be raised from 530 yuan/tablet to 590 yuan/tablet, and the supply price will be raised by about 40 yuan/tablet accordingly. It is reported that this is the 15th price increase of Pien Tze Huang since 2005, with the price rising from 125 yuan/piece to 590 yuan/piece, an increase of nearly 4 times.</p><p>Why is Pien Tze Huang so expensive? According to industry sources, a large part of the reason for the price increase of Pien Tze Huang is that the scarcity of raw material resources leads to higher procurement costs, and labor costs are also rising year by year.</p><p>The important ingredients involved in Pien Tze Huang drugs include musk, bezoar, snake bile, and Panax notoginseng. Among them, except for musk and snake bile, which are purchased in strict accordance with relevant state regulations, bezoar and Panax notoginseng can be purchased through market channels, and the purchase price follows the market. Therefore, a large part of the cost of Pien Tze Huang depends on the purchase price of Chinese herbal medicines.</p><p><img src=\"https://static.tigerbbs.com/2ffc9f225b2201bb43e4936dd64162c0\" tg-width=\"600\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Among them, musk comes from musk deer, a first-class protected animal in China, while the market price of natural musk ranges from 200 yuan to several hundred yuan per gram. The purchase of musk needs to be approved by the national forestry authority. After the forestry authority approves the quantity, the price will be negotiated by the buyer and the seller according to the supply and demand situation. In recent years, the price of natural musk has slowly increased. In 2020, the price of musk has basically remained stable but increased slightly.</p><p>Secondly, bezoar, the supply of bezoar is easily affected by the supply of origin and market demand. In 2020, bezoar prices continued to rise. Musk and bezoar account for a small proportion in the content of Pien Tze Huang, but the total cost of the two accounts for more than 90% of Pien Tze Huang.</p><p>As for snake gallbladder, it is necessary to organize the purchase according to the relevant regulations of the state, and the price is negotiated by the buyer and the seller according to the supply and demand situation. In 2020, the price of snake bile increased slightly.</p><p>In order to ensure the quality of Panax notoginseng raw materials and the stable supply source, the company cooperated with local enterprises in Wenshan, Yunnan Province to build a standardized and standardized Panax notoginseng planting base. The company made fixed-point purchases from the base at market prices according to the demand for production raw materials. In 2020, the price of Panax notoginseng with the same specification dropped slightly.</p><p>In 2020, the price fluctuation of important medicinal materials will have a certain impact on the cost of Pien Tze Huang series products. In the long run, the prices of musk, bezoar and snake bile are on the rise, which will put upward pressure on the cost of Pien Tze Huang series products in the future. In order to reasonably control costs, the company will adopt the method of arranging in advance, continuously paying attention to the market conditions of major varieties or important medicinal materials, and increase procurement reserves in a timely manner to control costs to the maximum extent.</p><p>Some people in the industry told Radar Finance that the price increase of Pien Tze Huang is not only due to the increase in cost, but also because Pien Tze Huang is considered by many people to be a life-saving magic medicine and used as a gift. After Pien Tze Huang gradually raised its price, some people thought that investing in Pien Tze Huang would make a stable profit without losing money. Pien Tze Huang had financial attributes, which triggered scalpers to enter the market and the price skyrocketed.</p><p><b>The stock price of the company behind it soared, and P/E far surpassed its peers</b></p><p>According to Tianyancha data, the company behind Pien Tze Huang is Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd., which is a national technological innovation demonstration enterprise and a Chinese time-honored enterprise with pharmaceutical manufacturing and research and development as its main business. Its current market value exceeds 250 billion. In June 2003, the company's shares were successfully listed on the Shanghai Stock Exchange and became a state-controlled pharmaceutical listed company (stock code: 600436).</p><p>In 2003, the company raised a total of 342 million yuan in its initial offering; In 2013, the company raised a total of 776 million yuan from the rights issue; As of the end of 2020, the company has implemented cash dividends 17 times, with a cumulative cash dividend of 2.488 billion yuan. The company's total share capital has increased from 140 million shares at the beginning of listing to 603 million shares. The company's stock market value has exceeded 100 billion yuan, and financial indicators such as return on assets (ROA) rank among the top in the pharmaceutical industry. The company has been highly recognized by domestic and foreign investors in the capital market, and the company's stock has been included in the first batch of lists of MSCI index system, as well as multiple index systems such as FTSE Russell.</p><p>Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. owns 1 research institute, 35 holding subsidiaries and 7 joint-stock companies, operating 6 categories and more than 470 product series, and has established 23 scientific research, production and medicinal materials bases in 7 provinces and municipalities directly under the Central Government. The company's operations involve ready-for-use traditional Chinese medicine, biopharmaceuticals, health food, cosmetics, daily chemicals, medical devices, e-commerce, modern pharmaceutical logistics and other industries.</p><p>According to the 2020 financial report released by the company, as of December 31, 2020, the company's total assets were 10.206 billion yuan, and the equity attributable to shareholders of the parent company was 7.863 billion yuan. During the reporting period, the company achieved total operating income of 6.511 billion yuan, an increase of 789 million yuan or 13.78% over the same period last year; Achieved net profit of 1.690 billion yuan, an increase of 303 million yuan or 21.85% over the same period last year. According to the official website, in 2020, Pien Tze Huang paid 870 million yuan in taxes, a year-on-year increase of 29.33%, setting a record high for the same period. According to the financial report, liver disease drugs are the main source of the company's profit; East China is the region with the best sales in China.</p><p>In 2020, the company's R&D expenses were 97.5516 million yuan, a year-on-year decrease of 18.32%, and R&D investment accounted for 1.50% of operating income.</p><p>Based on the current situation that Pien Tze Huang is hard to find a medicine, the stock price of Pien Tze Huang has soared in recent months, rising from 240 yuan/share to 428.5 yuan/share in three months, an increase of nearly 80%.</p><p>As of now, the P/E of Pien Tze Huang's stock price is 114.33 times, and the industry average P/E is 62.99 times.</p><p>Some investors believe that Pien Tze Huang is not a \"magic drug\" in essence, but an anti-inflammatory drug. If consumers \"faith is shattered\" in the future, it will have a greater impact on the performance of Pien Tze Huang, a listed company.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/RgdwNmGU2JBO70F0hp8uGQ\">雷达财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0de1778ccffaf9bad566630672035f17","relate_stocks":{"600436":"片仔癀"},"source_url":"https://mp.weixin.qq.com/s/RgdwNmGU2JBO70F0hp8uGQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179952781","content_text":"片仔癀价格上涨的一部分原因是原材料资源的稀缺导致采购成本较高，人工成本也在逐年上涨。此外，片仔癀在南方部分地区，被当做礼品。而随着价格的抬升，片仔癀甚至被看作一种投资品，导致黄牛入场，恶意囤积，高价卖出，进一步推动价格上涨。\n\n排队限购、断货……近段时间内，药中茅台、“神药”片仔癀涨疯了，甚至在一些电商平台单粒破千元。\n与此同时，片仔癀股价大涨，三个月内从240元/股涨至428.5元/股，涨幅近80%。目前，公司市值近2600亿，市盈率达114.33倍，远超行业平均水平。\n片仔癀疗效真这么神奇？有医疗行业专家表示，片仔癀为处方药，有清利肝胆湿热的功效，对肝病有一定作用。临床上使用并不很多，医生并非经常用到。\n雷达财经梳理发现，片仔癀价格大涨，受到多重原因推动。片仔癀价格上涨的一部分原因是原材料资源的稀缺导致采购成本较高，人工成本也在逐年上涨。此外，片仔癀在南方部分地区，被当做礼品。而随着价格的抬升，片仔癀甚至被看作一种投资品，导致黄牛入场，恶意囤积，高价卖出，进一步推动价格上涨。\n线下一药难求 线上价格破千\n近日，许多消费者反映线下药店买片仔癀出现一药难求的情况，提前预约、线下排队、限量购买，片仔癀一下子成了当下市场上炙手可热的香饽饽。根据百度搜索指数显示，近期片仔癀相关的搜索也出现暴涨，一时间片仔癀风头无两。\n\n据了解，片仔癀名下虽然有药品、化妆品、日化用品、医疗器械、健康食品等产品，但其核心产品主要是片仔癀系列产品，包括片仔癀、片仔癀胶囊、复方片仔癀含片、复方片仔癀软膏、复方片仔癀痔疮膏等。当前比较难买的是片仔癀和片仔癀胶囊，片仔癀其余产品的市场销售情况还属正常。\n雷达财经在一些电商平台上了解到，目前上架片仔癀及片仔癀胶囊药品的店铺不是特别多，能下单购买的店铺片仔癀的价格基本都在900元以上，有的甚至达到了1450元以上的天价。线上平台要么是没货，要么就是价格飞涨。\n\n而在线下，片仔癀在国内销售的主要模式为OTC销售和院线销售，其中以OTC 销售为主。OTC销售模式主要包括片仔癀体验馆、区域经销及零售药店等。目前，全国多地线下药店确实存在很难买到片仔癀的情况。消费者若想购买片仔癀，需要提前排队，验证身份信息，并且每人限购2粒。\n药店店员在被问及是否有限购方案时，表示目前购买的顾客比较多，药品比较紧张，为了防止黄牛恶意囤积扰乱市场，所以要求购买药品的顾客出示身份证明和处方，并且一般需要提前一天预约。\n片仔癀方内部人员还称之前这个药并不像现在这样难买，几个月前出现大量购买的情况。为了防止黄牛扰乱市场，这才采取预约、出示身份证明、限期限量的策略，官方从来没有进行过涨价，涨价行为应是黄牛所为。\n片仔癀真的那么神？\n片仔癀到底是什么？百度百科资料显示，片仔癀有着“国宝名药”的称号。它原是明朝太医的秘方，后太医出家，来到闽南漳州璞山寺当和尚。他根据宫廷秘方研制出一种特效退癀、消肿的良药，福建漳州方言把一切炎症统称“癀”。该药外形呈条索状，使用时，切一薄片内服或外敷，片刻见效，故而得名“片仔癀”。\n片仔癀是一种中成药，为清热剂，具有清热解毒、凉血化瘀，消肿止痛之功效，常用于热毒血瘀所致急慢性病毒性肝炎，痈疽疔疮，无名肿毒，跌打损伤及各种炎症。\n可即便如此，市面上针对这些病症的药物也有不少，而身价暴涨的片仔癀真的有那么神奇么？是市场炒作还是确有奇效？\n资料显示，片仔癀形状为类扁椭圆形块状，块上有一椭圆环。表面棕黄色或灰褐色，有密细纹，可见霉斑。质坚硬，难折断。折断面微粗糙，呈棕褐色，色泽均匀，偶见少量菌丝体。粉末呈棕黄色或淡棕黄色，气微香，味苦、微甘。片仔癀牌片仔癀的处方、工艺均属国家绝密级秘密，是国家一级中药保护品种。\n片仔癀每粒重3克，胶囊装每粒0.3克。口服使用，一次0.6克，八岁以下儿童一次0.15~0.3克，一日2~3次，外用研末用冷开水或食醋少许调匀涂在患处(溃疡者可在患处周围涂敷之)。一日数次，常保持湿润，或遵医嘱；胶囊装一次2粒，一至五岁儿童一次1粒，一日3次。\n据一家销售片仔癀的天猫药房店铺页面评价显示，大多数消费者对于片仔癀胶囊药品的评价好评居多，吐槽较多的点主要在于药比较难买，得靠抢购或者运气。\n\n专家表示片仔癀为处方药，有清利肝胆湿热的功效，对肝病有一定作用。临床上使用并不很多，医生并非经常用到。需要注意的是，片仔癀服药期间，忌食辛辣、油腻食物。服用3天后症状无改善，或服药期间伴有恶寒发热等全身症状者，应到医院就诊。对局部病变切忌碰撞、挤压。局部病灶红肿热痛反应剧烈，初起疮顶即有多个脓头者均应到医院就诊；药品性状发生改变时禁止使用；儿童必须在成人的监护下使用；如正在服其他药品，使用本品前请咨询医师或药师；另外，片仔癀孕妇忌服，运动员慎用。\n为何大涨？药材稀缺+投资增值+黄牛炒作\n2020年1月20日，片仔癀公司曾发布公告称，将公司主导产品片仔癀锭剂国内市场零售价格将从530元/粒上调到590元/粒，供应价格相应上调约40元/粒。据悉，这是2005年以来片仔癀第15次涨价，价格从125元/粒涨到590元/粒，涨幅近4倍。\n片仔癀凭什么卖这么贵？据行业人士透露，片仔癀价格上涨的很大一部分原因是原材料资源的稀缺导致采购成本较高，另外人工成本也在逐年上涨。\n片仔癀药物涉及的重要成分包括麝香、牛黄、蛇胆、三七。其中，除麝香、蛇胆严格按国家有关规定组织采购外，牛黄、三七可通过市场渠道进行采购，采购价格随行就市。所以片仔癀的成本很大一部分取决于中药材的采购价格。\n\n其中，麝香来自我国一级保护动物麝，而天然麝香的市场价格在每克200元至几百元不等。麝香的采购需获得国家林业主管部门的核准，林业主管部门核准数量以后，价格由买卖双方根据供需情况自行协商。近年来天然麝香价格缓慢上升，2020年麝香价格基本保持稳定但略有上涨。\n其次是牛黄，牛黄供应容易受到产地供给与市场需求的影响。2020年，牛黄价格呈持续上涨趋势。麝香和牛黄在片仔癀的含量上占的比例不多，但二者合计成本的占比却达到了片仔癀的90%以上。\n蛇胆方面，需按国家有关规定组织采购，价格由买卖双方根据供需情况自行协商。2020年，蛇胆价格略有上涨。\n为了保证三七原料质量及供应来源稳定，公司在云南文山与当地企业合作共建标准化、规范化三七种植基地，公司根据生产原料需求按市场价格向基地进行定点采购。2020年，同等规格的三七价格略有下降。\n2020年，重要药材品种价格的波动对片仔癀系列产品的成本产生一定的影响。从长期看，麝香、牛黄及蛇胆的价格呈上涨趋势，未来将对片仔癀系列产品成本产生上升压力。为合理控制成本，公司将采取提前布局、持续关注主要大品种或重要药材市场行情的方式，适时加大采购储备，以最大限度控制成本。\n有行业人士向雷达财经表示，片仔癀涨价，除了成本提高，还因为片仔癀被许多人认为是救命神药，并被当作送礼礼品。而片仔癀逐步提价后，一些人认为投资片仔癀稳赚不赔，片仔癀具备金融属性，引发黄牛进场，价格暴涨。\n背后公司股价大涨，市盈率远超同行\n天眼查资料显示，片仔癀背后的公司是漳州片仔癀药业股份有限公司，该公司是以医药制造、研发为主业的国家技术创新示范企业、中华老字号企业，现市值超2500亿。2003年6月，公司股票于上交所成功上市，成为国有控股医药类上市公司(股票代码：600436)。\n2003年，公司首发募集资金总额3.42亿元；2013年，公司配股募集资金总额7.76亿元；截至2020年末，公司已实施现金分红累计17次，累计现金分红24.88亿元。公司的总股本从上市初的1.40亿股增加至6.03亿股，公司股票市值已超千亿元，资产回报率（ROA）等财务指标位居医药行业前列。公司在资本市场上得到境内外投资者的高度认可，公司股票被纳入到明晟（MSCI）指数体系的首批名单之中，以及富时罗素（FTSE Russell）等多个指数体系。\n漳州片仔癀药业股份有限公司旗下拥有1家研究院、35家控股子公司、7家参股公司，经营6大品类、470多个产品系列，在全国7个省、直辖市建立23个科研、生产和药材基地。公司经营涉及中成药、生物制药、保健食品、化妆品、日化品、医疗器械、电子商务、现代医药物流等行业。\n根据公司发布的2020年财报显示，截至2020年12月31日，公司总资产为102.06亿元，归属母公司股东权益为78.63亿元。报告期内，公司实现营业总收入65.11亿元，比上年同期增加7.89亿元，同比增长13.78%；实现净利润16.90亿元，比上年同期增加3.03亿元，同比增长21.85%。据官网显示，2020年片仔癀上缴税收8.7亿元，同比增长29.33%，再创同期历史新高。据财报显示，肝病用药是公司盈利的主要来源；华东地区是国内销量最好的地区。\n2020年，公司研发费用 9755.16万元，同比下降18.32%，研发投入占营业收入比例为1.50%。\n基于片仔癀一药难求的现状，近几个月片仔癀股价大涨，三个月内从240元/股涨至428.5元/股，涨幅近80%。\n截至目前，片仔癀股价市盈率为114.33倍，行业平均市盈率为62.99倍。\n有投资者认为，片仔癀本质上并非“神药”，而是消炎药，如果将来消费者“信仰破灭”，将对上市公司片仔癀业绩产生较大影响。","news_type":1,"symbols_score_info":{"600436":0.9}},"isVote":1,"tweetType":1,"viewCount":3194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124903730,"gmtCreate":1624714598420,"gmtModify":1703844026912,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124903730","repostId":"1167256448","repostType":4,"repost":{"id":"1167256448","kind":"news","pubTimestamp":1624686286,"share":"https://ttm.financial/m/news/1167256448?lang=en_US&edition=fundamental","pubTime":"2021-06-26 13:44","market":"sh","language":"zh","title":"Xiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry","url":"https://stock-news.laohu8.com/highlight/detail?id=1167256448","media":"全天候科技","summary":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。","content":"<p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner? Kelly (pseudonym) is a marketing management member of a new energy vehicle brand from a traditional domestic car company. Recently, he wanted to take advantage of the trend of technology car manufacturing to change the \"runway\", so he paid attention to Xiaomi, 360, Jidu, etc. Many technology companies have announced job opportunities for car manufacturing. But what he didn't expect was that after looking around, he found that his choice was very small.</p><p>\"People from (traditional) automobile (enterprise) backgrounds are not very popular.\" Kelly's feelings when applying for jobs from these technology car manufacturers, \"Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking.\" Kelly said somewhat helplessly.</p><p>Chen Fan (pseudonym), who has also worked in traditional car companies for many years and is responsible for vehicle tuning, and his colleagues have recently paid great attention to the opportunities of new car technology companies. \"There are many people waiting and watching now,\" Chen Fan said. But according to Chen Fan, up to now, no colleagues around me have been able to enter these new technology companies.</p><p>\"They (technology companies) despise people from traditional car companies, and they all want to engage in software.\" At this point, Chen Fan and Kelly have similar feelings.</p><p>As technology companies represented by Xiaomi enter the market to build cars, news of their heavy \"recruitment\" continues to spread, which seems to give automobile employees more opportunities to \"change jobs\". But the reality is not the case.</p><p>A screenshot of his conversation with the company provided by a job seeker on the Internet confirms the \"rejection\" of talents from traditional car companies by technology car companies from another aspect: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>A joint venture with Geely), but I think you are in SAIC Volkswagen, right? Jidu made it clear that it doesn't want traditional cars. \"</p><p>However, the heroic \"meal ticket\" issued by Xiaomi still makes many car companies eager to move. \"Now the normal recruitment of all new companies is a salary increase of 10%-30%. People who are very good can talk about it themselves.\" A job seeker from a traditional car company said. And according to<a href=\"https://laohu8.com/S/SINA\">SINA</a>According to financial reports, the recommendation bonus of 360 Auto Recruitment alone totals hundreds of thousands of yuan.</p><p>According to a data exclusively provided to the Economic Observer by the workplace social platform Maimai, according to statistics, among new car companies, the number of people in the automotive circle plan to go to Didi is the largest, and the number of interactions is the highest; Followed by<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, the third place is Jidu Automobile, a cooperation between Baidu and Geely, and the fourth place is Xiaomi Automobile.</p><p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner?</p><p><b>1、</b><b><b>Selective \"poaching corners\"</b></b></p><p>While the employees of traditional car companies are \"cold reception\" when applying for jobs, new car companies have become the key direction for technology car companies to \"poach people\".</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the car press conference, Li Bin, founder and chairman of Nio, said with emotion, \"There are too many people poaching us recently, and there is no way we can do it. We have to hide all the information of our colleagues.\" Because at that time, Baidu, Xiaomi, Didi and others have successively announced the construction of cars, which is considered to be the beginning of the war between technology companies and new car companies such as \"Wei Xiaoli\" to grab people. Compared with traditional car companies, these two types of companies are considered to be more advanced and advanced in car manufacturing concepts and technologies.</p><p>It is worth pondering that just a few years ago, \"Wei Xiaoli\" was still a \"poacher\". He once poached people from traditional car companies with high salaries, but now their employees have become \"sweet cakes\" in the eyes of technology car companies. \". According to reports, Zhu Jiang, former vice president of Nio Automobile User Development, may join Didi to build cars. In order to retain talents, information revealed that new car manufacturers have also begun to take actions, either signing more non-competition agreements or increasing employee stock ownership, in order to resist Xiaomi's \"poaching\".</p><p>\"This (poaching people) is normal. Now the industry needs it (talents) at a speed far faster than it supplies. When there is no water in the'pool ', can't you go to others to find water?\" Steven, who works in a new car company, said. \"If there is the right opportunity, of course it will be considered, so why not?\" Steven said.</p><p>It is worth noting that the obstacles encountered by employees of traditional car companies in applying for jobs do not mean that new technology car companies are completely disinterested in talents from traditional car companies. Some senior managers are still the targets of new technology car companies.</p><p>Recently, some media broke the news that Xiaomi Motors offered hundreds of millions of sky-high prices to \"poach corners\"<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, president of the research institute, and Hu Zhengnan will also leave Geely to join Xiaomi in building cars. But then Hu Zhennan refuted rumors in the circle of friends. Geely insiders said that Hu Zhengnan's \"position (at Geely Research Institute) was removed, but there is no news about whether he left or not.\" In addition, other information shows that Didi once looked for a person at the vice president level, and the salary offered exceeded one million levels, which is more than three times that of traditional car companies.</p><p>Due to bringing a lot of money into the game, technology car-making companies generally spend a lot of money in order to quickly form teams. Zhou Hongluo, founder and chairman of 360 Group, even personally posted hero posts on social media, saying that \"the company is fully liberalized and fully supported in terms of salary and benefits.</p><p>It is worth noting that the positions that \"Xiaomi\" are now open are mainly focused on autonomous driving research and development. Judging from the recruitment information released by Xiaomi, it involves 20 positions including autonomous driving data platform, vehicle infrastructure, decision-making planning, and millimeter wave algorithm. The positions that 360 is seeking include perception fusion algorithms, software architecture, information security,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving development and other positions.</p><p>This shows that technology car companies are more focused on the research and development of core technologies such as autonomous driving, so current employees in this field may get more \"job-hopping\" opportunities.</p><p>According to the speeches of certified users on Maimai, these enterprises mainly attract them in terms of salary. In addition, some job seekers claim to be \"rice noodles\" and play emotional cards.</p><p><b>2、</b><b><b>New employment \"contempt chain\"</b></b></p><p>As participants from all sides are in place one after another, the car-making camp continues to expand, and the factions gradually become clear. In this process, a default employment \"contempt chain\" in the industry has been formed.</p><p>On the Maimai platform, automobile practitioners generally agree that the ranking of job hunting choices is: first-and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second-and third-tier new car manufacturers. Among these companies, cutting-edge technology research and development positions such as autonomous driving are even better.</p><p>Therefore, practitioners who join the autonomous driving industry are considered to be \"ashore\". Zhao Jun (a pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old, just a few years after graduation, and now works as an unmanned project engineer in a technology company. Prior to this, he worked briefly in a traditional car company.</p><p>Zhao Jun recalled that when he applied for a job, the current company was just recruiting, and the requirements for the richness of experience were low. \"During the interview, I asked about the use of some commonly used tools for testing in the automotive industry, as well as some simple tool programming.\" After successfully joining the company, Zhao Jun did outsourced adas (advanced driver assistance system) testing in the company.</p><p>Zhao Jun said that he decided to join the current company, except because his previous work content in traditional car companies changed frequently, and he was overwhelmed. Another opportunity was that he saw a video of the CEO of a well-known company's views on future autonomous driving, which made him deeply touched. \"In addition, the wages of traditional car companies are too low, and there is almost no salary increase.\" Zhao Jun said that after he came to this company, the salary level and salary increase system were better than those of traditional car companies.</p><p>\"More importantly, I have been exposed to more things, my horizons have broadened, and I can see the future trend more clearly.\" Based on this, Zhao Jun can accept the longer working hours of the company now. \"Before the big and small weeks, it later became a full break, and the arrangement was particularly full.\"</p><p>If he changes jobs again, Zhao Jun said he would choose new car companies, Internet companies, or autonomous driving<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>。 \"There is no other reason. I feel that companies with these backgrounds pay more.\"</p><p>Regarding whether to consider new technology car manufacturing companies such as Xiaomi, Zhao Jun said, \"I have considered it, but at present, they have little experience in the industry and can't get in. What they need are basically old people who have started with three years of experience, and they can work when they come. Now the industry is developing too fast, and they all hope to commercialize it quickly. No company is too willing to spend time training people, so they may not go at present.\"</p><p>Although he is considered to be at the top of the \"contempt chain\" of employment, Zhao Jun said that his colleagues are currently waiting to see more opportunities. \"(Colleagues change jobs) change frequently, and (the willingness to change jobs) is also very strong. They should consider more autonomous driving startups and new forces. They rarely hear of anyone returning to traditional car companies like Great Wall and Geely..\"</p><p>But not everyone is eager for Xiaomi's car manufacturing, and some automobile practitioners show \"no feeling\" for technology car manufacturing companies. Steven from a new car manufacturer said that if it wasn't a company he was optimistic about, he wouldn't go even if he was poached with a high salary.</p><p>\"This matter (joining a technology car-making company) is actually not in my consideration for the time being. Because I think that if you join a company, you want to grow with him more. In an industry, if you can't do it deeply and thoroughly, your personal value will not be significantly improved.\" In Steven, 40, the higher salary of technology car-making companies is no longer the first attraction for him. Steven joined the current new car manufacturer in 2019. Before that, he worked for a technology company.</p><p>For those who want to switch jobs to technology car manufacturers such as Xiaomi, Steven suggested that they can observe again. \"Most of Xiaomi's current open jobs are related to these industries related to intelligent driving, so we still don't know whether there are demands for the traditional powertrain direction and interior and exterior decoration direction. After all, we don't know what form Xiaomi will take to make its first car. It is uncertain whether it starts from scratch or cooperates with OEM.\" Steven said that under different manufacturing modes, the positions recruited by \"Xiaomi\" will also be very different. At present, there are many targets of Xiaomi OEM scandals, but none of them have been determined.</p><p>At present, new car manufacturers are still entering the game, and the car manufacturing track will be unprecedentedly fierce. This means that the \"people-grabbing war\" in the automobile circle will become more and more fierce.</p><p>Xia Yiping, CEO of Jidu Automobile, said in April this year that the current core team of Jidu Automobile is about 100 people, and plans to expand to 2,500-3,000 people by the end of next year. And these people will undoubtedly come from other corporate talent pools. How to maintain its talent pool in this new wave of car manufacturing has become an issue that every enterprise needs to carefully consider.</p>","source":"qthkj","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>Xiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry</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\">\nXiaomi entered the game to build cars, but it brought out a new \"contempt chain\" for job hunting in the auto industry\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-06-26 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner? Kelly (pseudonym) is a marketing management member of a new energy vehicle brand from a traditional domestic car company. Recently, he wanted to take advantage of the trend of technology car manufacturing to change the \"runway\", so he paid attention to Xiaomi, 360, Jidu, etc. Many technology companies have announced job opportunities for car manufacturing. But what he didn't expect was that after looking around, he found that his choice was very small.</p><p>\"People from (traditional) automobile (enterprise) backgrounds are not very popular.\" Kelly's feelings when applying for jobs from these technology car manufacturers, \"Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking.\" Kelly said somewhat helplessly.</p><p>Chen Fan (pseudonym), who has also worked in traditional car companies for many years and is responsible for vehicle tuning, and his colleagues have recently paid great attention to the opportunities of new car technology companies. \"There are many people waiting and watching now,\" Chen Fan said. But according to Chen Fan, up to now, no colleagues around me have been able to enter these new technology companies.</p><p>\"They (technology companies) despise people from traditional car companies, and they all want to engage in software.\" At this point, Chen Fan and Kelly have similar feelings.</p><p>As technology companies represented by Xiaomi enter the market to build cars, news of their heavy \"recruitment\" continues to spread, which seems to give automobile employees more opportunities to \"change jobs\". But the reality is not the case.</p><p>A screenshot of his conversation with the company provided by a job seeker on the Internet confirms the \"rejection\" of talents from traditional car companies by technology car companies from another aspect: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>A joint venture with Geely), but I think you are in SAIC Volkswagen, right? Jidu made it clear that it doesn't want traditional cars. \"</p><p>However, the heroic \"meal ticket\" issued by Xiaomi still makes many car companies eager to move. \"Now the normal recruitment of all new companies is a salary increase of 10%-30%. People who are very good can talk about it themselves.\" A job seeker from a traditional car company said. And according to<a href=\"https://laohu8.com/S/SINA\">SINA</a>According to financial reports, the recommendation bonus of 360 Auto Recruitment alone totals hundreds of thousands of yuan.</p><p>According to a data exclusively provided to the Economic Observer by the workplace social platform Maimai, according to statistics, among new car companies, the number of people in the automotive circle plan to go to Didi is the largest, and the number of interactions is the highest; Followed by<a href=\"https://laohu8.com/S/LI\">Li Auto</a>, the third place is Jidu Automobile, a cooperation between Baidu and Geely, and the fourth place is Xiaomi Automobile.</p><p>On the one hand, the information of high-paying recruitment of technology car manufacturers is constantly updated, but on the other hand, a large number of job seekers are turned away. What kind of people are \"millets\" looking for? Who is the talent who does not hesitate to spend more than one million annual salary to dig the corner?</p><p><b>1、</b><b><b>Selective \"poaching corners\"</b></b></p><p>While the employees of traditional car companies are \"cold reception\" when applying for jobs, new car companies have become the key direction for technology car companies to \"poach people\".</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the car press conference, Li Bin, founder and chairman of Nio, said with emotion, \"There are too many people poaching us recently, and there is no way we can do it. We have to hide all the information of our colleagues.\" Because at that time, Baidu, Xiaomi, Didi and others have successively announced the construction of cars, which is considered to be the beginning of the war between technology companies and new car companies such as \"Wei Xiaoli\" to grab people. Compared with traditional car companies, these two types of companies are considered to be more advanced and advanced in car manufacturing concepts and technologies.</p><p>It is worth pondering that just a few years ago, \"Wei Xiaoli\" was still a \"poacher\". He once poached people from traditional car companies with high salaries, but now their employees have become \"sweet cakes\" in the eyes of technology car companies. \". According to reports, Zhu Jiang, former vice president of Nio Automobile User Development, may join Didi to build cars. In order to retain talents, information revealed that new car manufacturers have also begun to take actions, either signing more non-competition agreements or increasing employee stock ownership, in order to resist Xiaomi's \"poaching\".</p><p>\"This (poaching people) is normal. Now the industry needs it (talents) at a speed far faster than it supplies. When there is no water in the'pool ', can't you go to others to find water?\" Steven, who works in a new car company, said. \"If there is the right opportunity, of course it will be considered, so why not?\" Steven said.</p><p>It is worth noting that the obstacles encountered by employees of traditional car companies in applying for jobs do not mean that new technology car companies are completely disinterested in talents from traditional car companies. Some senior managers are still the targets of new technology car companies.</p><p>Recently, some media broke the news that Xiaomi Motors offered hundreds of millions of sky-high prices to \"poach corners\"<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, president of the research institute, and Hu Zhengnan will also leave Geely to join Xiaomi in building cars. But then Hu Zhennan refuted rumors in the circle of friends. Geely insiders said that Hu Zhengnan's \"position (at Geely Research Institute) was removed, but there is no news about whether he left or not.\" In addition, other information shows that Didi once looked for a person at the vice president level, and the salary offered exceeded one million levels, which is more than three times that of traditional car companies.</p><p>Due to bringing a lot of money into the game, technology car-making companies generally spend a lot of money in order to quickly form teams. Zhou Hongluo, founder and chairman of 360 Group, even personally posted hero posts on social media, saying that \"the company is fully liberalized and fully supported in terms of salary and benefits.</p><p>It is worth noting that the positions that \"Xiaomi\" are now open are mainly focused on autonomous driving research and development. Judging from the recruitment information released by Xiaomi, it involves 20 positions including autonomous driving data platform, vehicle infrastructure, decision-making planning, and millimeter wave algorithm. The positions that 360 is seeking include perception fusion algorithms, software architecture, information security,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Driving development and other positions.</p><p>This shows that technology car companies are more focused on the research and development of core technologies such as autonomous driving, so current employees in this field may get more \"job-hopping\" opportunities.</p><p>According to the speeches of certified users on Maimai, these enterprises mainly attract them in terms of salary. In addition, some job seekers claim to be \"rice noodles\" and play emotional cards.</p><p><b>2、</b><b><b>New employment \"contempt chain\"</b></b></p><p>As participants from all sides are in place one after another, the car-making camp continues to expand, and the factions gradually become clear. In this process, a default employment \"contempt chain\" in the industry has been formed.</p><p>On the Maimai platform, automobile practitioners generally agree that the ranking of job hunting choices is: first-and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second-and third-tier new car manufacturers. Among these companies, cutting-edge technology research and development positions such as autonomous driving are even better.</p><p>Therefore, practitioners who join the autonomous driving industry are considered to be \"ashore\". Zhao Jun (a pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old, just a few years after graduation, and now works as an unmanned project engineer in a technology company. Prior to this, he worked briefly in a traditional car company.</p><p>Zhao Jun recalled that when he applied for a job, the current company was just recruiting, and the requirements for the richness of experience were low. \"During the interview, I asked about the use of some commonly used tools for testing in the automotive industry, as well as some simple tool programming.\" After successfully joining the company, Zhao Jun did outsourced adas (advanced driver assistance system) testing in the company.</p><p>Zhao Jun said that he decided to join the current company, except because his previous work content in traditional car companies changed frequently, and he was overwhelmed. Another opportunity was that he saw a video of the CEO of a well-known company's views on future autonomous driving, which made him deeply touched. \"In addition, the wages of traditional car companies are too low, and there is almost no salary increase.\" Zhao Jun said that after he came to this company, the salary level and salary increase system were better than those of traditional car companies.</p><p>\"More importantly, I have been exposed to more things, my horizons have broadened, and I can see the future trend more clearly.\" Based on this, Zhao Jun can accept the longer working hours of the company now. \"Before the big and small weeks, it later became a full break, and the arrangement was particularly full.\"</p><p>If he changes jobs again, Zhao Jun said he would choose new car companies, Internet companies, or autonomous driving<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>。 \"There is no other reason. I feel that companies with these backgrounds pay more.\"</p><p>Regarding whether to consider new technology car manufacturing companies such as Xiaomi, Zhao Jun said, \"I have considered it, but at present, they have little experience in the industry and can't get in. What they need are basically old people who have started with three years of experience, and they can work when they come. Now the industry is developing too fast, and they all hope to commercialize it quickly. No company is too willing to spend time training people, so they may not go at present.\"</p><p>Although he is considered to be at the top of the \"contempt chain\" of employment, Zhao Jun said that his colleagues are currently waiting to see more opportunities. \"(Colleagues change jobs) change frequently, and (the willingness to change jobs) is also very strong. They should consider more autonomous driving startups and new forces. They rarely hear of anyone returning to traditional car companies like Great Wall and Geely..\"</p><p>But not everyone is eager for Xiaomi's car manufacturing, and some automobile practitioners show \"no feeling\" for technology car manufacturing companies. Steven from a new car manufacturer said that if it wasn't a company he was optimistic about, he wouldn't go even if he was poached with a high salary.</p><p>\"This matter (joining a technology car-making company) is actually not in my consideration for the time being. Because I think that if you join a company, you want to grow with him more. In an industry, if you can't do it deeply and thoroughly, your personal value will not be significantly improved.\" In Steven, 40, the higher salary of technology car-making companies is no longer the first attraction for him. Steven joined the current new car manufacturer in 2019. Before that, he worked for a technology company.</p><p>For those who want to switch jobs to technology car manufacturers such as Xiaomi, Steven suggested that they can observe again. \"Most of Xiaomi's current open jobs are related to these industries related to intelligent driving, so we still don't know whether there are demands for the traditional powertrain direction and interior and exterior decoration direction. After all, we don't know what form Xiaomi will take to make its first car. It is uncertain whether it starts from scratch or cooperates with OEM.\" Steven said that under different manufacturing modes, the positions recruited by \"Xiaomi\" will also be very different. At present, there are many targets of Xiaomi OEM scandals, but none of them have been determined.</p><p>At present, new car manufacturers are still entering the game, and the car manufacturing track will be unprecedentedly fierce. This means that the \"people-grabbing war\" in the automobile circle will become more and more fierce.</p><p>Xia Yiping, CEO of Jidu Automobile, said in April this year that the current core team of Jidu Automobile is about 100 people, and plans to expand to 2,500-3,000 people by the end of next year. And these people will undoubtedly come from other corporate talent pools. How to maintain its talent pool in this new wave of car manufacturing has become an issue that every enterprise needs to carefully consider.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167256448","content_text":"一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n\n王珂（化名）是一位来自国内某传统车企新能源汽车品牌的营销管理层人员，最近他想趁着科技造车的风口换个“跑道”，因此留意了包括小米、360、集度等多家宣布造车的科技公司工作机会。但让他没想到的是，看了一圈后，他发现自己的选择空间非常小。\n“（传统）汽车（企业）出身的人都不太受待见。”王珂在向这些科技造车企业求职时的感受，“传统车企好像就是传统守旧、思想僵化的代名词。”王珂有些无奈地表示。\n同样在传统车企工作多年，负责车辆调教工作的陈凡（化名）和他的同事们，近期也非常关注新造车科技公司的机会，“现在观望的人很多”，陈凡说。但据陈凡透露，截至目前身边还没有同事能够进入这些新科技公司。\n“他们（科技公司）看不上传统车企的人，都要搞软件的。”在这一点上，陈凡与王珂有着相似的感受。\n随着以小米为代表的科技企业入局造车，它们重金“招兵买马”的消息不断传出，这似乎让汽车从业人员有了更多“跳槽”的机会。但现实情况却并非如此。\n网络上一张由求职者提供的其与企业的对话截图，从另一个侧面印证着科技造车公司对传统车企人才的“排斥”：“这边是集度（百度和吉利的合资公司），但是我看你是在上汽大众是吧，集度明确表示不要传统汽车的。”\n但小米们开出的豪迈“饭票”，还是让众多车企人士蠢蠢欲动。“现在所有新企业正常招聘都是涨薪10%-30%，很牛的人就自己谈喽。”一位来自某传统车企的求职人士表示。而据新浪财经报道，360汽车招聘仅岗位的推荐奖金就共计达数十万元。\n由职场社交平台脉脉独家提供给经济观察报的一份数据显示，据统计，在新造车企业中，汽车圈里计划去滴滴的人最多，互动数量最高；其次是理想汽车，第三名是百度和吉利合作的集度汽车，第四名是小米汽车。\n一边是科技造车企业高薪招聘的信息不断更新，一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人？到底谁才是他们不惜拿出超百万年薪挖墙角的人才？\n1、选择性“挖角”\n在传统车企从业人员求职遭“冷遇”的同时，新造车企业却成了科技造车企业“挖人”的重点方向。\n在5月蔚来汽车的发布会上，蔚来创始人、董事长李斌感慨，“最近挖我们的人实在太多了，没办法，我们要把同事的信息都隐藏一下。”由于彼时正值百度、小米、滴滴等陆续宣布造车，这被认为是科技公司和“蔚小理”等新造车企业抢人大战的开始。与传统车企相比，这两类企业在造车理念和技术上被认为更加先进和超前。\n值得玩味的是，就在几年前，“蔚小理”还是“挖角者”的角色，曾高薪从传统车企挖人，而如今他们的员工也成了科技造车公司眼中的“香饽饽”。据报道，原蔚来汽车用户发展副总裁朱江或将加盟滴滴造车。而为了留住人才，有信息透露，新造车企业也已开始采取行动，或增加签订竞业协议，或增加员工持股，以此抵抗小米们的“挖墙脚”。\n“这（挖人）是很正常的，现在这个行业需要着它（人才）的速度已经远远超过了它供给的速度。当‘水池子’里没有水的时候，不得去别人那儿去找水喝吗？”在某新造车企业任职的Steven说。“如果有合适的机会，当然会考虑，为什么不呢？”Steven说。\n值得注意的是，传统车企从业人员求职遇阻，并不意味着科技新造车企业对传统车企的人才完全不感兴趣。一些高层管理人员，仍然是科技新造车企业的目标。\n近日有媒体爆料，小米汽车开出上亿天价“挖角”吉利汽车研究院院长胡峥楠，胡峥楠也将离开吉利加盟小米造车。但随后胡峥楠在朋友圈辟谣。吉利内部人员表示，胡峥楠“（在吉利研究院的）职位撤了，不过走没走还没有消息。”此外，另有信息显示，滴滴曾寻找副总级别的人物，开出的待遇超百万级，是传统车企的三倍以上。\n由于携重金入局，科技造车公司为了迅速组建团队普遍出手阔绰。360集团创始人、董事长周鸿掉更是亲自在社交媒体上广发英雄帖，表示“公司在薪酬待遇方面全面放开、全力支持。\n值得注意的是，“小米”们如今开放的岗位，主要是集中在自动驾驶研发等方面。从小米发布的招聘信息看，涉及自动驾驶数据平台、车载基础架构、决策规划、毫米波算法等20个岗位。360重金寻求的职位则包括感知融合算法、软件架构、信息安全、智能驾驶开发等岗位。\n这表明科技造车公司更加聚焦自动驾驶等核心技术的研发，因此当前这方面的从业人员可能获得更多的“跳槽”机会。\n而根据认证用户在脉脉上的发言，这些企业吸引他们的地方主要是在薪资方面，另外也有求职者自称是“米粉”，打出情怀牌。\n2、新从业“鄙视链”\n随着各方参与者陆续到位，造车阵营持续扩大，且派系逐渐分明。在这个过程中，形成了一条业内默认的就职“鄙视链”。\n在脉脉平台上，汽车从业者普遍认同，求职选择的优劣排序是：一二线新造车企业、传统车企孵化的新品牌、传统主机厂、二三线新造车企业。而在这些企业中，自动驾驶等前沿科技研发岗位更胜一筹。\n因此，加入自动驾驶行业的从业人员被认为是“上了岸”。赵钧（化名）是其中一个“幸运儿”。赵钧今年25岁，毕业刚几年，现在某科技企业担任无人驾驶项目工程师。在此之前，他在一家传统车企短暂工作。\n赵钧回忆称，自己求职时，现在的公司刚好在招聘，而且对于经验的丰富性要求较低。“面试时问了一些汽车行业测试常用工具的使用情况，以及一些简单的工具编程情况。”成功入职后，赵钧在公司做外包adas（高级驾驶辅助系统）测试。\n赵钧表示，决定进入现在这家公司，除了因为之前在传统车企的工作内容变更频繁，有些招架不住，另一个契机是其看到了一家知名公司CEO对未来自动驾驶看法的视频，这让他深受触动。“另外就是，传统车企的工资实在太低了，而且几乎不会涨薪。”赵钧说，他来到这家公司后，薪资水平和涨薪制度都优于传统车企。\n“更重要的是，我接触的东西多了，眼界开拓了，能够更清晰地看清未来的趋势。”基于此，赵钧能够接受现在公司较长的工作时长。“之前大小周，后来变成全单休，安排得特别满。”\n如果再换工作的话，赵钧称会选择新造车企业、互联网公司，或者自动驾驶创业公司。“原因无它，感觉这些背景的公司给的工钱更多。”\n对于是否考虑小米这类新科技造车公司，赵钧表示“考虑过，但目前来说，入行经验少，进不去，他们需要的基本都是三年经验起步的老人，来了就可以干活，现在行业发展太快，都希望可以快速落地商业化，没有公司太愿意花时间培养人，所以目前来说可能不会去。”\n尽管被认为已经处于从业“鄙视链”较顶端的位置，但赵钧说，他的同事们目前也在观望更多的机会。“（同事换工作）变动很频繁，（跳槽的意愿）也很强烈，他们对自动驾驶初创公司和新势力应该考虑的更多，很少听说有谁又回到长城吉利类的传统车企。”\n但并非所有人都对小米造车趋之若鹜，一些汽车从业人员对科技造车企业表现出“无感”。来自某新造车企业的Steven就表示，如果不是自己看好的公司，就算是被高薪挖，也不会去。\n“这个事（加入科技造车企业）其实暂时还不在我的考虑之内。因为我觉得，你如果加入一家企业，更多的是希望能够跟他一块成长。一个行业，如果你没有能够把做深做透的话，你的个人价值是不会得到非常明显提升的。”在40岁的Steven看来，科技造车企业更高的薪资对他而言已经不是第一吸引力。Steven2019年加入现在的新造车企业，在此之前就职于某科技公司。\n对于想跳槽到小米等科技造车企业的人，Steven建议可以再观察一下。“小米现在open的岗位大多和智能驾驶相关的这些行业有关，那么对于传统的动力总成方向、内外饰方向是不是有诉求我们还不知道，毕竟现在也不知道小米会以什么样的形式去做它的第一款车，是从0开始，还是合作代工都不确定。”Steven表示，在不同的制造模式下，“小米”们招聘的岗位也会非常不同。目前，小米代工绯闻对象不少，但均未确定。\n目前来看，新的造车者还在不断入局，造车赛道也将空前激烈。这意味着汽车圈的“抢人大战”将越来越激烈。\n集度汽车CEO夏一平在今年4月表示，当前集度汽车核心团队约100人，到明年年底计划扩大到2500-3000人。而这些人无疑将来源于其它企业人才库。如何在这波造车新浪潮中守住自己的人才储备，已成为每个企业都需要慎重考虑的问题。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128641982,"gmtCreate":1624515456046,"gmtModify":1703839030396,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Hahaha","listText":"Hahaha","text":"Hahaha","images":[{"img":"https://static.tigerbbs.com/50694ed5e2adc6509cb62002e1d2fc49","width":"1080","height":"2241"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128641982","isVote":1,"tweetType":1,"viewCount":4115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164021604,"gmtCreate":1624162050808,"gmtModify":1703829880508,"author":{"id":"3576715327990513","authorId":"357671532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10:24","market":"us","language":"zh","title":"The largest IPO in India's history: \"India Alipay\" seeks a valuation of $30 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2144089457","media":"华尔街见闻","summary":"Paytm目前拥有约1.5亿用户数量，用户每月的交易量为14亿笔。蚂蚁集团和阿里巴巴合计持有其约37%的股份。","content":"<p>According to the Financial Times, Indian digital payments group Paytm will hold a shareholder meeting next month to approve the IPO plan.</p><p>This time, Paytm plans to sell 120 billion rupees (about 1.61 billion US dollars) of new shares, plus a potential over-allotment of 1% (for underwriters). The IPO plans to raise about 218 billion rupees ($3 billion) and may be the largest IPO ever in India.</p><p>Paytm will hire, according to people familiar with the matter<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/IBN\">Industrial Credit Investment Bank of India</a>As its underwriter.</p><p>Paytm, officially known as One97 Communications, targets a valuation between $25 billion and $30 billion for the offering. In the last funding round in 2019, Paytm was valued at $16 billion.</p><p>The initial public offering will include new and existing shares, with India setting 10% of shares to be listed within two years and 25% within five years.</p><p>Shareholders include<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, SoftBank Group and<a href=\"https://laohu8.com/S/06688\">Ant Group</a>。</p><p>Among them, Ant Group, as the largest shareholder, holds nearly 30% of the company's shares.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>And Ant Group holds a total of 37% of Paytm's shares.</p><p>If it passes the review of the Securities and Exchange Board of India, Ant Group will reduce its stake by about 5% before and during the IPO, and comply with the shareholding standard of less than 25%.</p><p>Paytm currently has about 150 million users and 1.4 billion monthly transactions. Its business has expanded from digital payments to banking, credit cards and financial services.</p><p>But it also faces problems from<a href=\"https://laohu8.com/S/GOOG\">Google</a>Payment,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Payments and<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Fierce competition from its PhonePe and other rivals.</p><p>Neil Shah, an analyst at tech research firm Counterpoint, said:</p><p>Five years ago, Paytm almost dominated India, but its performance is now slipping. Now it must seize the opportunity to conduct an IPO, because the competition is intensifying, and IPO may bring it some competitiveness. Karan Sharma, co-head of digital and tech investment banking at Avendus Capital in Mumbai, believes that the demand for tech IPOs is very strong.</p><p>He said:</p><p>The combined market value of companies listed on the Bombay Stock Exchange has exceeded $3 trillion, but there are almost no Internet companies for investors to choose from. Global investors have a very large potential demand for emerging markets.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The largest IPO in India's history: \"India Alipay\" seeks a valuation of $30 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe largest IPO in India's history: \"India Alipay\" seeks a valuation of $30 billion\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-19 10:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the Financial Times, Indian digital payments group Paytm will hold a shareholder meeting next month to approve the IPO plan.</p><p>This time, Paytm plans to sell 120 billion rupees (about 1.61 billion US dollars) of new shares, plus a potential over-allotment of 1% (for underwriters). The IPO plans to raise about 218 billion rupees ($3 billion) and may be the largest IPO ever in India.</p><p>Paytm will hire, according to people familiar with the matter<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/IBN\">Industrial Credit Investment Bank of India</a>As its underwriter.</p><p>Paytm, officially known as One97 Communications, targets a valuation between $25 billion and $30 billion for the offering. In the last funding round in 2019, Paytm was valued at $16 billion.</p><p>The initial public offering will include new and existing shares, with India setting 10% of shares to be listed within two years and 25% within five years.</p><p>Shareholders include<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, SoftBank Group and<a href=\"https://laohu8.com/S/06688\">Ant Group</a>。</p><p>Among them, Ant Group, as the largest shareholder, holds nearly 30% of the company's shares.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>And Ant Group holds a total of 37% of Paytm's shares.</p><p>If it passes the review of the Securities and Exchange Board of India, Ant Group will reduce its stake by about 5% before and during the IPO, and comply with the shareholding standard of less than 25%.</p><p>Paytm currently has about 150 million users and 1.4 billion monthly transactions. Its business has expanded from digital payments to banking, credit cards and financial services.</p><p>But it also faces problems from<a href=\"https://laohu8.com/S/GOOG\">Google</a>Payment,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Payments and<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Fierce competition from its PhonePe and other rivals.</p><p>Neil Shah, an analyst at tech research firm Counterpoint, said:</p><p>Five years ago, Paytm almost dominated India, but its performance is now slipping. Now it must seize the opportunity to conduct an IPO, because the competition is intensifying, and IPO may bring it some competitiveness. Karan Sharma, co-head of digital and tech investment banking at Avendus Capital in Mumbai, believes that the demand for tech IPOs is very strong.</p><p>He said:</p><p>The combined market value of companies listed on the Bombay Stock Exchange has exceeded $3 trillion, but there are almost no Internet companies for investors to choose from. Global investors have a very large potential demand for emerging markets.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633318\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0534f6e8c1b685c0020f93652485a89b","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://wallstreetcn.com/articles/3633318","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144089457","content_text":"据英国《金融时报》报道，印度数字支付集团Paytm将于下月召开股东大会，批准IPO计划。\n此次Paytm计划发售1200亿卢比（约16.1亿美元）的新股，外加1%的潜在超额配售（面向承销商）。IPO计划筹资约2180亿卢比(合30亿美元)，可能是印度有史以来规模最大的IPO。\n据知情人士透露，Paytm将聘请摩根大通、摩根士丹利、高盛和印度工业信贷投资银行作为其承销商。\nPaytm的正式名称为One97 Communications，此次发行的目标估值在250亿美元至300亿美元之间。在2019年的上一轮融资中，Paytm的估值达到160亿美元。\n首次公开发行的股票将包括新股和现有股票，印度规定两年内上市的股票比例为10%，五年内上市的股票比例为25%。\n股东包括伯克希尔哈撒韦公司、软银集团和蚂蚁集团。\n其中蚂蚁集团作为最大股东，持有该公司近30%的股份。阿里巴巴和持有蚂蚁集团合计共持有Paytm37%的股份。\n如果通过印度证券交易委员会的审查，蚂蚁集团将在IPO前和IPO过程中减持约5%的股份，并遵守25%以下的持股标准。\nPaytm目前拥有约1.5亿用户数量，用户每月的交易量为14亿笔，其业务已经从数字支付扩展到银行、信用卡和金融服务等领域。\n但它同时也面临着来自谷歌支付、亚马逊支付和沃尔玛旗下的PhonePe等对手的激烈竞争。\n科技研究公司Counterpoint的分析师Neil Shah表示：\n\n 五年前，Paytm几乎统治了印度，但它现在的业绩却在下滑。现在它必须要抓住时机进行IPO，因为竞争正愈演愈烈，IPO可能会为它带来一定的竞争力。\n\n孟买Avendus Capital数字和科技投资银行业务联席主管Karan Sharma认为，科技公司IPO的需求非常强。\n他表示：\n\n 在孟买证券交易所上市的公司市值合计已经超过3万亿美元，但几乎没有任何互联网公司可以让投资者选择。全球投资者对新兴市场有非常大的潜在需求。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":2780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162888929,"gmtCreate":1624056831561,"gmtModify":1703827628735,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162888929","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>June 18th, Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When Leyi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</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>Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing</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\">\nAihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 18th, Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When Leyi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184293999,"gmtCreate":1623714967111,"gmtModify":1704209210573,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omb","listText":"Omb","text":"Omb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184293999","repostId":"1132976562","repostType":4,"isVote":1,"tweetType":1,"viewCount":1391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184299590,"gmtCreate":1623714958210,"gmtModify":1704209210086,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omh","listText":"Omh","text":"Omh","images":[],"top":1,"highlighted":1,"essential":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16:14","market":"fut","language":"zh","title":"Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14</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: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182678048,"gmtCreate":1623572593184,"gmtModify":1704206467882,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182678048","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"fut","language":"zh","title":"Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14</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: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180246858,"gmtCreate":1623208734874,"gmtModify":1704198400820,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180246858","repostId":"2142606382","repostType":4,"isVote":1,"tweetType":1,"viewCount":789,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115522365,"gmtCreate":1623023887057,"gmtModify":1704194376258,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115522365","repostId":"1127148608","repostType":4,"repost":{"id":"1127148608","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":1623020854,"share":"https://ttm.financial/m/news/1127148608?lang=en_US&edition=fundamental","pubTime":"2021-06-07 07:07","market":"hk","language":"zh","title":"This week's preview: The Fed enters a period of silence! G7 summit is about to be held","url":"https://stock-news.laohu8.com/highlight/detail?id=1127148608","media":"老虎资讯综合","summary":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数","content":"<p><b>Summary:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 developer conference opened in the early morning of Tuesday; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Head Education</a>, BOSS Zhipin will land on the US stock market; WSB Hot Concepts Inc<a href=\"https://laohu8.com/S/GME\">GameStop</a>Will announce earnings > > ><b>Monday (June 7) Keywords: China's trade account; Eurozone confidence index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, the total value of China's foreign trade import and export was 11.62 trillion yuan, a year-on-year increase of 28.5%, and the foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value was 3.15 trillion yuan, a year-on-year increase of 26.6%. Among them, exports were 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports were 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollars, China's total import and export value in April was US $484.99 billion, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Investor confidence in the euro zone improved far more than expected in May. The index stood at 21.0 in May and-13 in April. As the European economy continues to open up, the CPI of the euro zone has reached 2% in May, and the unemployment rate has dropped to 8% in April. The confidence index is likely to further increase in June, indicating that people have more confidence in the European economy.</p><p>In terms of financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maiwell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>. U.S. stocks announced earnings after hours.</p><p><b>Tuesday (June 8) Keywords: US trade account, API; Apple WWDC2021 Developer Conference; Zhangmen Education is listed; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Statements</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the main Republican negotiator, and it is also the deadline for the Biden administration to make progress in discussions on a massive infrastructure bill. Earlier, the White House issued a statement saying that Biden met with Capito, the main Republican negotiator, on Friday. Capito proposed to increase the budget of the Republican Party's 928 billion yuan infrastructure plan by about 50 billion yuan, but the two sides did not reach an agreement in the end.</p><p>The U.S. Department of Commerce announced that the trade deficit in goods and services further expanded to $74.4 billion in March, higher than the revised previous value of $70.5 billion and a record high. According to the report of the Ministry of Commerce, U.S. imports increased by 6.3% to $274.5 billion in March, a record high, and exports increased by 6.6% to $200 billion, the highest in more than a year. In addition, the U.S.-China trade deficit increased by $6.7 billion in March to $36.9 billion, and China is still the largest trade deficit country in the United States. Oren Klachen, chief economist of the United States, said that compared with other economies around the world, the trade deficit of the United States is expected to continue to grow this year due to its stronger economic recovery and strong domestic demand.</p><p>Apple's WWDC2021 Developer Conference will open at 1 a.m. Beijing time on June 8th, when it will be free to more than 30 million Apple developers in 227 regions around the world. WWDC2021 will release iOS 15, macOS12, watchOS 8, of which iOS 15 and macOS 12 are the most anticipated, and may also release AirPods 3 and the new iPad mini.</p><p>Financial report:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(premarket), UiPath (after-hours)</p><p>In terms of new shares: K12 personalized online education platform Zhangmen Education will be listed.</p><p><b>Wednesday (June 9) Keywords: China CPI; EIA; 2021 World Semiconductor Conference; Payment tech company Marqeta goes public; GameStop Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>According to data released by the National Bureau of Statistics, the consumer price index (CPI) and the industrial producer price index (PPI) continued to diverge in April: the CPI rose by 0.9% year-on-year, slightly lower than expected; PPI rose 6.8% year-on-year, the highest since October 2017 and higher than the median survey estimate of 6.5%. Analysts pointed out that the inflation situation continues to diverge, the CPI is sluggish, and the inflation of industrial products deserves attention. It is expected that the upward pressure will continue to spread to the middle and lower reaches of commodities in the future.</p><p>U.S. crude oil inventories fell by 5.1 million barrels last week, compared with expectations for a decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. Brian Kessens, portfolio manager at Tortoise, said: \"The sharp drop in crude oil inventories is indeed constructive for the overall crude oil market. However, the increase in refined oil inventories is disappointing, possibly due to the increase in refinery operating rates ahead of the peak summer driving period\".</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Technology</a>More than 300 companies including, ASE, and China Micro Semiconductor will participate in the exhibition.</p><p>In terms of financial report: GameStop (after hours)</p><p>In terms of new shares: payment technology company Marqeta goes public</p><p><b>Thursday (June 10) Keywords: U.S. CPI, initial jobless claims; Chewy Earnings</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefit program decreased by 20,000 to 385,000. It fell below 400,000 for the first time since COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume traveling and socializing. It is expected that next Thursday's data is likely to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data show that U.S. CPI increased by 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of COVID-19 pandemic, the overall price level in the United States will be low in 2020, which will lead to a certain exaggeration of the CPI increase this year. It is expected that the inflation level will fall later this year.</p><p>In terms of financial reports: Chewy (after-hours)</p><p><b>Friday (June 11) Keywords: IEA monthly report, Michigan confidence index; G7 Summit; BOSS direct recruitment listing</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The final value of the University of Michigan Consumer Confidence Index in May was 82.9, which was little change from the initial value of 82.8 in May, but it was a sharp drop compared with the final value of 88.3 in April. In the May survey, a record number of consumers surveyed said that the prices of housing, automobiles and household durable goods had risen. At the same time, the number of Americans worried about skyrocketing prices has also hit a record high.</p><p>The 46th Group of Seven (G7) Summit will open in the UK on the same day, and the meeting will be held until 13th.</p><p>In terms of new shares: BOSS, the largest online recruitment platform in China, is listed directly.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Tiger's 7th Anniversary OPEN DAY Beijing Live Broadcast!</b></a><b></b></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>This week's preview: The Fed enters a period of silence! G7 summit is about to be held</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\">\nThis week's preview: The Fed enters a period of silence! G7 summit is about to be held\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-07 07:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Summary:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 developer conference opened in the early morning of Tuesday; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Head Education</a>, BOSS Zhipin will land on the US stock market; WSB Hot Concepts Inc<a href=\"https://laohu8.com/S/GME\">GameStop</a>Will announce earnings > > ><b>Monday (June 7) Keywords: China's trade account; Eurozone confidence index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, the total value of China's foreign trade import and export was 11.62 trillion yuan, a year-on-year increase of 28.5%, and the foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value was 3.15 trillion yuan, a year-on-year increase of 26.6%. Among them, exports were 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports were 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollars, China's total import and export value in April was US $484.99 billion, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Investor confidence in the euro zone improved far more than expected in May. The index stood at 21.0 in May and-13 in April. As the European economy continues to open up, the CPI of the euro zone has reached 2% in May, and the unemployment rate has dropped to 8% in April. The confidence index is likely to further increase in June, indicating that people have more confidence in the European economy.</p><p>In terms of financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maiwell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>. U.S. stocks announced earnings after hours.</p><p><b>Tuesday (June 8) Keywords: US trade account, API; Apple WWDC2021 Developer Conference; Zhangmen Education is listed; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Statements</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the main Republican negotiator, and it is also the deadline for the Biden administration to make progress in discussions on a massive infrastructure bill. Earlier, the White House issued a statement saying that Biden met with Capito, the main Republican negotiator, on Friday. Capito proposed to increase the budget of the Republican Party's 928 billion yuan infrastructure plan by about 50 billion yuan, but the two sides did not reach an agreement in the end.</p><p>The U.S. Department of Commerce announced that the trade deficit in goods and services further expanded to $74.4 billion in March, higher than the revised previous value of $70.5 billion and a record high. According to the report of the Ministry of Commerce, U.S. imports increased by 6.3% to $274.5 billion in March, a record high, and exports increased by 6.6% to $200 billion, the highest in more than a year. In addition, the U.S.-China trade deficit increased by $6.7 billion in March to $36.9 billion, and China is still the largest trade deficit country in the United States. Oren Klachen, chief economist of the United States, said that compared with other economies around the world, the trade deficit of the United States is expected to continue to grow this year due to its stronger economic recovery and strong domestic demand.</p><p>Apple's WWDC2021 Developer Conference will open at 1 a.m. Beijing time on June 8th, when it will be free to more than 30 million Apple developers in 227 regions around the world. WWDC2021 will release iOS 15, macOS12, watchOS 8, of which iOS 15 and macOS 12 are the most anticipated, and may also release AirPods 3 and the new iPad mini.</p><p>Financial report:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(premarket), UiPath (after-hours)</p><p>In terms of new shares: K12 personalized online education platform Zhangmen Education will be listed.</p><p><b>Wednesday (June 9) Keywords: China CPI; EIA; 2021 World Semiconductor Conference; Payment tech company Marqeta goes public; GameStop Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>According to data released by the National Bureau of Statistics, the consumer price index (CPI) and the industrial producer price index (PPI) continued to diverge in April: the CPI rose by 0.9% year-on-year, slightly lower than expected; PPI rose 6.8% year-on-year, the highest since October 2017 and higher than the median survey estimate of 6.5%. Analysts pointed out that the inflation situation continues to diverge, the CPI is sluggish, and the inflation of industrial products deserves attention. It is expected that the upward pressure will continue to spread to the middle and lower reaches of commodities in the future.</p><p>U.S. crude oil inventories fell by 5.1 million barrels last week, compared with expectations for a decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. Brian Kessens, portfolio manager at Tortoise, said: \"The sharp drop in crude oil inventories is indeed constructive for the overall crude oil market. However, the increase in refined oil inventories is disappointing, possibly due to the increase in refinery operating rates ahead of the peak summer driving period\".</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Technology</a>More than 300 companies including, ASE, and China Micro Semiconductor will participate in the exhibition.</p><p>In terms of financial report: GameStop (after hours)</p><p>In terms of new shares: payment technology company Marqeta goes public</p><p><b>Thursday (June 10) Keywords: U.S. CPI, initial jobless claims; Chewy Earnings</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefit program decreased by 20,000 to 385,000. It fell below 400,000 for the first time since COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume traveling and socializing. It is expected that next Thursday's data is likely to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data show that U.S. CPI increased by 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of COVID-19 pandemic, the overall price level in the United States will be low in 2020, which will lead to a certain exaggeration of the CPI increase this year. It is expected that the inflation level will fall later this year.</p><p>In terms of financial reports: Chewy (after-hours)</p><p><b>Friday (June 11) Keywords: IEA monthly report, Michigan confidence index; G7 Summit; BOSS direct recruitment listing</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The final value of the University of Michigan Consumer Confidence Index in May was 82.9, which was little change from the initial value of 82.8 in May, but it was a sharp drop compared with the final value of 88.3 in April. In the May survey, a record number of consumers surveyed said that the prices of housing, automobiles and household durable goods had risen. At the same time, the number of Americans worried about skyrocketing prices has also hit a record high.</p><p>The 46th Group of Seven (G7) Summit will open in the UK on the same day, and the meeting will be held until 13th.</p><p>In terms of new shares: BOSS, the largest online recruitment platform in China, is listed directly.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Tiger's 7th Anniversary OPEN DAY Beijing Live Broadcast!</b></a><b></b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127148608","content_text":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数；达达集团、Coupa Software等财报海关总署对外公布，今年前4个月中国国外贸进出口总值11.62万亿元，同比增长28.5％，外贸进出口继续保持向好势头。4月份当月，中国进出口总值3.15万亿元，同比增长26.6％。其中出口1.71万亿元，同比增长22.2％；进口1.44万亿元，同比增长32.2％。按美元计价，4月中国进出口总值4849.9亿美元，同比增长37%，4月中国出口同比增长32.3%，进口同比增长43.1%。5月份欧元区投资者信心的改善远远超出预期。该指数5月份为21.0，4月份为-13。随着欧洲经济继续开放，欧元区5月CPI已经达到2%，4月失业率降至8%，6月信心指数有可能进一步提升，显示民众对欧洲经济更加有信心。财报方面：达达集团、Stitch Fix、迈威尔科技、Coupa Software Inc.美股盘后公布财报。周二（6月8日）关键词：美国贸易帐、API；苹果WWDC2021开发者大会；掌门教育上市；陌陌、UiPath财报周一，拜登将再次与共和党主要谈判代表卡皮托会面，也是拜登政府的大规模基建法案讨论取得进展的最后期限。此前，白宫发布声明称，拜登周五与共和党主要谈判代表卡皮托会面，卡皮托提议将共和党9280亿元的基建计划增加约500亿元的预算，但最终双方并没有谈拢。美国商务部公布3月商品和服务贸易逆差进一步扩大至744亿美元，高于修订后前值705亿美元，再创历史新高。商务部报告显示，美国3月进口额增长6.3%，至2745亿美元，创下历史新高，出口额增长6.6%，至2000亿美元，也创逾一年最高。另外，美中贸易逆差在3月增加67亿美元，至369亿美元，中国迄今仍为美国最大贸易逆差国。美国首席经济学家Oren Klachen表示，相较于全球其他经济体，美国因经济复苏力道更强，国内需求维持强劲，预计今年贸易逆差将持续成长。苹果公司WWDC2021开发者大会将会在北京时间6月8日凌晨1点开幕，届时其将免费向全世界227个地区的超过3000万名苹果开发者开放。WWDC2021将发布iOS 15、macOS12、watchOS 8，其中iOS 15和macOS 12最令人期待，也可能发布AirPods 3和新款iPad mini。财报方面：陌陌（盘前）、UiPath（盘后）新股方面：K12个性化在线教育平台掌门教育将上市。周三（6月9日）关键词：中国CPI；EIA；2021世界半导体大会；支付科技公司Marqeta上市；游戏驿站财报国家统计局公布数据显示，4月居民消费价格指数(CPI)和工业生产者出厂价格指数(PPI)继续分化：CPI同比上涨0.9%，略低于预期；PPI则同比上涨6.8%，为2017年10月以来最高，高于调查预估中值6.5%。分析人士指出，通胀态势继续分化，CPI低迷，而工业品通胀值得关注，预计上涨压力未来还会向中下游商品继续扩散。上周美国原油库存减少510万桶，预期为减少240万桶，但汽油库存增加150万桶创出4月初以来最大增幅，精炼油库存增加370万桶。Tortoise的投资组合经理Brian Kessens表示：“原油库存大幅下降对整个原油市场确实具有建设性。然而，成品油库存增加令人失望，可能是夏季驾车高峰期来临之前炼油厂开工率增加所致”。6月9日至11日将在南京举办的2021世界半导体大会，台积电、新思科技、中芯国际、澜起科技、日月光、中微半导体等300余家公司将参展。财报方面：游戏驿站（盘后）新股方面：支付科技公司Marqeta上市周四（6月10日）关键词：美国CPI、初请失业金人数；Chewy财报美国劳工部6月3日公布的数据显示，在截至5月29日的一周中，常规的州失业福利计划之下的首次申请失业救济人数减少2万人至38.5万人，这是自新冠疫情以来第一次跌破40万。随着剩余的疫情限制措施放宽，以及更多接种疫苗的美国人希望恢复旅行和社交，劳动力市场继续升温。预计下周四的数据有可能继续小幅下降，显示劳动力市场逐步回归正轨。数据显示，4月美国CPI同比增长4.2%，创2008年9月以来最大同比增幅。剔除食品和能源价格后，核心CPI环比增长0.9%，是1982年4月以来的最大增幅。分析人士认为，受新冠疫情冲击，2020年美国整体物价水平较低，导致今年CPI涨幅出现一定程度夸大，预计通胀水平在今年晚些时候会有所回落。财报方面：Chewy（盘后）周五（6月11日）关键词：IEA月报、密歇根信心指数；G7峰会；BOSS直聘上市密歇根大学消费者信心指数5月终值为82.9，相较5月初值82.8变化不大，但与4月终值88.3相比则是出现大幅下挫。5月调查当中，有创纪录数量的受访消费者表示住房、汽车、家庭耐用品的价格出现上涨。与此同时，担心物价飞涨的美国人数量也创下历史新高。第46届七国集团（G7）峰会将于当日在英国开幕，会议将举行至13日。新股方面：中国最大的在线招聘平台BOSS直聘上市。周六（6月12日）：老虎7周年「OPEN DAY北京场」现场直播！","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115526772,"gmtCreate":1623023873096,"gmtModify":1704194375771,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115526772","repostId":"1127148608","repostType":4,"repost":{"id":"1127148608","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":1623020854,"share":"https://ttm.financial/m/news/1127148608?lang=en_US&edition=fundamental","pubTime":"2021-06-07 07:07","market":"hk","language":"zh","title":"This week's preview: The Fed enters a period of silence! G7 summit is about to be held","url":"https://stock-news.laohu8.com/highlight/detail?id=1127148608","media":"老虎资讯综合","summary":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数","content":"<p><b>Summary:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 developer conference opened in the early morning of Tuesday; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Head Education</a>, BOSS Zhipin will land on the US stock market; WSB Hot Concepts Inc<a href=\"https://laohu8.com/S/GME\">GameStop</a>Will announce earnings > > ><b>Monday (June 7) Keywords: China's trade account; Eurozone confidence index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, the total value of China's foreign trade import and export was 11.62 trillion yuan, a year-on-year increase of 28.5%, and the foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value was 3.15 trillion yuan, a year-on-year increase of 26.6%. Among them, exports were 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports were 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollars, China's total import and export value in April was US $484.99 billion, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Investor confidence in the euro zone improved far more than expected in May. The index stood at 21.0 in May and-13 in April. As the European economy continues to open up, the CPI of the euro zone has reached 2% in May, and the unemployment rate has dropped to 8% in April. The confidence index is likely to further increase in June, indicating that people have more confidence in the European economy.</p><p>In terms of financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maiwell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>. U.S. stocks announced earnings after hours.</p><p><b>Tuesday (June 8) Keywords: US trade account, API; Apple WWDC2021 Developer Conference; Zhangmen Education is listed; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Statements</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the main Republican negotiator, and it is also the deadline for the Biden administration to make progress in discussions on a massive infrastructure bill. Earlier, the White House issued a statement saying that Biden met with Capito, the main Republican negotiator, on Friday. Capito proposed to increase the budget of the Republican Party's 928 billion yuan infrastructure plan by about 50 billion yuan, but the two sides did not reach an agreement in the end.</p><p>The U.S. Department of Commerce announced that the trade deficit in goods and services further expanded to $74.4 billion in March, higher than the revised previous value of $70.5 billion and a record high. According to the report of the Ministry of Commerce, U.S. imports increased by 6.3% to $274.5 billion in March, a record high, and exports increased by 6.6% to $200 billion, the highest in more than a year. In addition, the U.S.-China trade deficit increased by $6.7 billion in March to $36.9 billion, and China is still the largest trade deficit country in the United States. Oren Klachen, chief economist of the United States, said that compared with other economies around the world, the trade deficit of the United States is expected to continue to grow this year due to its stronger economic recovery and strong domestic demand.</p><p>Apple's WWDC2021 Developer Conference will open at 1 a.m. Beijing time on June 8th, when it will be free to more than 30 million Apple developers in 227 regions around the world. WWDC2021 will release iOS 15, macOS12, watchOS 8, of which iOS 15 and macOS 12 are the most anticipated, and may also release AirPods 3 and the new iPad mini.</p><p>Financial report:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(premarket), UiPath (after-hours)</p><p>In terms of new shares: K12 personalized online education platform Zhangmen Education will be listed.</p><p><b>Wednesday (June 9) Keywords: China CPI; EIA; 2021 World Semiconductor Conference; Payment tech company Marqeta goes public; GameStop Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>According to data released by the National Bureau of Statistics, the consumer price index (CPI) and the industrial producer price index (PPI) continued to diverge in April: the CPI rose by 0.9% year-on-year, slightly lower than expected; PPI rose 6.8% year-on-year, the highest since October 2017 and higher than the median survey estimate of 6.5%. Analysts pointed out that the inflation situation continues to diverge, the CPI is sluggish, and the inflation of industrial products deserves attention. It is expected that the upward pressure will continue to spread to the middle and lower reaches of commodities in the future.</p><p>U.S. crude oil inventories fell by 5.1 million barrels last week, compared with expectations for a decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. Brian Kessens, portfolio manager at Tortoise, said: \"The sharp drop in crude oil inventories is indeed constructive for the overall crude oil market. However, the increase in refined oil inventories is disappointing, possibly due to the increase in refinery operating rates ahead of the peak summer driving period\".</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Technology</a>More than 300 companies including, ASE, and China Micro Semiconductor will participate in the exhibition.</p><p>In terms of financial report: GameStop (after hours)</p><p>In terms of new shares: payment technology company Marqeta goes public</p><p><b>Thursday (June 10) Keywords: U.S. CPI, initial jobless claims; Chewy Earnings</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefit program decreased by 20,000 to 385,000. It fell below 400,000 for the first time since COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume traveling and socializing. It is expected that next Thursday's data is likely to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data show that U.S. CPI increased by 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of COVID-19 pandemic, the overall price level in the United States will be low in 2020, which will lead to a certain exaggeration of the CPI increase this year. It is expected that the inflation level will fall later this year.</p><p>In terms of financial reports: Chewy (after-hours)</p><p><b>Friday (June 11) Keywords: IEA monthly report, Michigan confidence index; G7 Summit; BOSS direct recruitment listing</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The final value of the University of Michigan Consumer Confidence Index in May was 82.9, which was little change from the initial value of 82.8 in May, but it was a sharp drop compared with the final value of 88.3 in April. In the May survey, a record number of consumers surveyed said that the prices of housing, automobiles and household durable goods had risen. At the same time, the number of Americans worried about skyrocketing prices has also hit a record high.</p><p>The 46th Group of Seven (G7) Summit will open in the UK on the same day, and the meeting will be held until 13th.</p><p>In terms of new shares: BOSS, the largest online recruitment platform in China, is listed directly.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Tiger's 7th Anniversary OPEN DAY Beijing Live Broadcast!</b></a><b></b></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>This week's preview: The Fed enters a period of silence! G7 summit is about to be held</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\">\nThis week's preview: The Fed enters a period of silence! G7 summit is about to be held\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-07 07:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Summary:</b><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's 2021 developer conference opened in the early morning of Tuesday; The World Semiconductor Conference will open in Nanjing;<a href=\"https://laohu8.com/S/ZME\">Head Education</a>, BOSS Zhipin will land on the US stock market; WSB Hot Concepts Inc<a href=\"https://laohu8.com/S/GME\">GameStop</a>Will announce earnings > > ><b>Monday (June 7) Keywords: China's trade account; Eurozone confidence index;<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>Coupa Software Waiting for financial reports</b></p><p><img src=\"https://static.tigerbbs.com/756b7a9ebd94ef3a5d06042afa352745\" tg-width=\"467\" tg-height=\"155\" referrerpolicy=\"no-referrer\"></p><p>The General Administration of Customs announced that in the first four months of this year, the total value of China's foreign trade import and export was 11.62 trillion yuan, a year-on-year increase of 28.5%, and the foreign trade import and export continued to maintain a positive momentum. In April, China's total import and export value was 3.15 trillion yuan, a year-on-year increase of 26.6%. Among them, exports were 1.71 trillion yuan, a year-on-year increase of 22.2%; Imports were 1.44 trillion yuan, a year-on-year increase of 32.2%.</p><p>In US dollars, China's total import and export value in April was US $484.99 billion, a year-on-year increase of 37%. In April, China's exports increased by 32.3% year-on-year, and imports increased by 43.1% year-on-year.</p><p>Investor confidence in the euro zone improved far more than expected in May. The index stood at 21.0 in May and-13 in April. As the European economy continues to open up, the CPI of the euro zone has reached 2% in May, and the unemployment rate has dropped to 8% in April. The confidence index is likely to further increase in June, indicating that people have more confidence in the European economy.</p><p>In terms of financial reports: Dada Group, Stitch Fix,<a href=\"https://laohu8.com/S/MRVL\">Maiwell Technology</a>、<a href=\"https://laohu8.com/S/COUP\">Coupa Software Inc</a>. U.S. stocks announced earnings after hours.</p><p><b>Tuesday (June 8) Keywords: US trade account, API; Apple WWDC2021 Developer Conference; Zhangmen Education is listed; Momo,<a href=\"https://laohu8.com/S/PATH\">UiPath</a>Financial Statements</b></p><p><img src=\"https://static.tigerbbs.com/675df7fd9de0bc20894461c5c4b1c161\" tg-width=\"522\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>On Monday, Biden will meet again with Capito, the main Republican negotiator, and it is also the deadline for the Biden administration to make progress in discussions on a massive infrastructure bill. Earlier, the White House issued a statement saying that Biden met with Capito, the main Republican negotiator, on Friday. Capito proposed to increase the budget of the Republican Party's 928 billion yuan infrastructure plan by about 50 billion yuan, but the two sides did not reach an agreement in the end.</p><p>The U.S. Department of Commerce announced that the trade deficit in goods and services further expanded to $74.4 billion in March, higher than the revised previous value of $70.5 billion and a record high. According to the report of the Ministry of Commerce, U.S. imports increased by 6.3% to $274.5 billion in March, a record high, and exports increased by 6.6% to $200 billion, the highest in more than a year. In addition, the U.S.-China trade deficit increased by $6.7 billion in March to $36.9 billion, and China is still the largest trade deficit country in the United States. Oren Klachen, chief economist of the United States, said that compared with other economies around the world, the trade deficit of the United States is expected to continue to grow this year due to its stronger economic recovery and strong domestic demand.</p><p>Apple's WWDC2021 Developer Conference will open at 1 a.m. Beijing time on June 8th, when it will be free to more than 30 million Apple developers in 227 regions around the world. WWDC2021 will release iOS 15, macOS12, watchOS 8, of which iOS 15 and macOS 12 are the most anticipated, and may also release AirPods 3 and the new iPad mini.</p><p>Financial report:<a href=\"https://laohu8.com/S/MOMO\">Momo</a>(premarket), UiPath (after-hours)</p><p>In terms of new shares: K12 personalized online education platform Zhangmen Education will be listed.</p><p><b>Wednesday (June 9) Keywords: China CPI; EIA; 2021 World Semiconductor Conference; Payment tech company Marqeta goes public; GameStop Financial Report</b></p><p><img src=\"https://static.tigerbbs.com/252383a6cdab95f96a91309347903c8d\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>According to data released by the National Bureau of Statistics, the consumer price index (CPI) and the industrial producer price index (PPI) continued to diverge in April: the CPI rose by 0.9% year-on-year, slightly lower than expected; PPI rose 6.8% year-on-year, the highest since October 2017 and higher than the median survey estimate of 6.5%. Analysts pointed out that the inflation situation continues to diverge, the CPI is sluggish, and the inflation of industrial products deserves attention. It is expected that the upward pressure will continue to spread to the middle and lower reaches of commodities in the future.</p><p>U.S. crude oil inventories fell by 5.1 million barrels last week, compared with expectations for a decrease of 2.4 million barrels, but gasoline inventories increased by 1.5 million barrels, the largest increase since early April, and refined oil inventories increased by 3.7 million barrels. Brian Kessens, portfolio manager at Tortoise, said: \"The sharp drop in crude oil inventories is indeed constructive for the overall crude oil market. However, the increase in refined oil inventories is disappointing, possibly due to the increase in refinery operating rates ahead of the peak summer driving period\".</p><p>The 2021 World Semiconductor Conference will be held in Nanjing from June 9th to 11th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>、<a href=\"https://laohu8.com/S/SMI\">SMIC</a>、<a href=\"https://laohu8.com/S/688008\">Montage Technology</a>More than 300 companies including, ASE, and China Micro Semiconductor will participate in the exhibition.</p><p>In terms of financial report: GameStop (after hours)</p><p>In terms of new shares: payment technology company Marqeta goes public</p><p><b>Thursday (June 10) Keywords: U.S. CPI, initial jobless claims; Chewy Earnings</b></p><p><img src=\"https://static.tigerbbs.com/31809e9655e71fd0d90e8d3814bd9654\" tg-width=\"543\" tg-height=\"136\" referrerpolicy=\"no-referrer\"></p><p>Data released by the U.S. Department of Labor on June 3 showed that in the week ending May 29, the number of initial claims for unemployment benefits under the regular state unemployment benefit program decreased by 20,000 to 385,000. It fell below 400,000 for the first time since COVID-19 pandemic. The labor market continues to heat up as remaining pandemic restrictions ease and more vaccinated Americans look to resume traveling and socializing. It is expected that next Thursday's data is likely to continue to decline slightly, indicating that the labor market is gradually getting back on track.</p><p>Data show that U.S. CPI increased by 4.2% year-on-year in April, the largest year-on-year increase since September 2008. Excluding food and energy prices, core CPI rose 0.9% month-on-month, the largest increase since April 1982. Analysts believe that due to the impact of COVID-19 pandemic, the overall price level in the United States will be low in 2020, which will lead to a certain exaggeration of the CPI increase this year. It is expected that the inflation level will fall later this year.</p><p>In terms of financial reports: Chewy (after-hours)</p><p><b>Friday (June 11) Keywords: IEA monthly report, Michigan confidence index; G7 Summit; BOSS direct recruitment listing</b></p><p><img src=\"https://static.tigerbbs.com/2d9211f97f2091f4af16dca8962ec793\" tg-width=\"543\" tg-height=\"174\" referrerpolicy=\"no-referrer\"></p><p>The final value of the University of Michigan Consumer Confidence Index in May was 82.9, which was little change from the initial value of 82.8 in May, but it was a sharp drop compared with the final value of 88.3 in April. In the May survey, a record number of consumers surveyed said that the prices of housing, automobiles and household durable goods had risen. At the same time, the number of Americans worried about skyrocketing prices has also hit a record high.</p><p>The 46th Group of Seven (G7) Summit will open in the UK on the same day, and the meeting will be held until 13th.</p><p>In terms of new shares: BOSS, the largest online recruitment platform in China, is listed directly.</p><p><b>Saturday (June 12):</b><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D\" target=\"_blank\"><b>Tiger's 7th Anniversary OPEN DAY Beijing Live Broadcast!</b></a><b></b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127148608","content_text":"摘要：苹果公司2021开发者大会周二凌晨开幕；世界半导体大会将在南京启幕；掌门教育、BOSS直聘将登陆美股；WSB热门概念公司游戏驿站将公布财报>>>周一（6月7日）关键词：中国贸易帐；欧元区信心指数；达达集团、Coupa Software等财报海关总署对外公布，今年前4个月中国国外贸进出口总值11.62万亿元，同比增长28.5％，外贸进出口继续保持向好势头。4月份当月，中国进出口总值3.15万亿元，同比增长26.6％。其中出口1.71万亿元，同比增长22.2％；进口1.44万亿元，同比增长32.2％。按美元计价，4月中国进出口总值4849.9亿美元，同比增长37%，4月中国出口同比增长32.3%，进口同比增长43.1%。5月份欧元区投资者信心的改善远远超出预期。该指数5月份为21.0，4月份为-13。随着欧洲经济继续开放，欧元区5月CPI已经达到2%，4月失业率降至8%，6月信心指数有可能进一步提升，显示民众对欧洲经济更加有信心。财报方面：达达集团、Stitch Fix、迈威尔科技、Coupa Software Inc.美股盘后公布财报。周二（6月8日）关键词：美国贸易帐、API；苹果WWDC2021开发者大会；掌门教育上市；陌陌、UiPath财报周一，拜登将再次与共和党主要谈判代表卡皮托会面，也是拜登政府的大规模基建法案讨论取得进展的最后期限。此前，白宫发布声明称，拜登周五与共和党主要谈判代表卡皮托会面，卡皮托提议将共和党9280亿元的基建计划增加约500亿元的预算，但最终双方并没有谈拢。美国商务部公布3月商品和服务贸易逆差进一步扩大至744亿美元，高于修订后前值705亿美元，再创历史新高。商务部报告显示，美国3月进口额增长6.3%，至2745亿美元，创下历史新高，出口额增长6.6%，至2000亿美元，也创逾一年最高。另外，美中贸易逆差在3月增加67亿美元，至369亿美元，中国迄今仍为美国最大贸易逆差国。美国首席经济学家Oren Klachen表示，相较于全球其他经济体，美国因经济复苏力道更强，国内需求维持强劲，预计今年贸易逆差将持续成长。苹果公司WWDC2021开发者大会将会在北京时间6月8日凌晨1点开幕，届时其将免费向全世界227个地区的超过3000万名苹果开发者开放。WWDC2021将发布iOS 15、macOS12、watchOS 8，其中iOS 15和macOS 12最令人期待，也可能发布AirPods 3和新款iPad mini。财报方面：陌陌（盘前）、UiPath（盘后）新股方面：K12个性化在线教育平台掌门教育将上市。周三（6月9日）关键词：中国CPI；EIA；2021世界半导体大会；支付科技公司Marqeta上市；游戏驿站财报国家统计局公布数据显示，4月居民消费价格指数(CPI)和工业生产者出厂价格指数(PPI)继续分化：CPI同比上涨0.9%，略低于预期；PPI则同比上涨6.8%，为2017年10月以来最高，高于调查预估中值6.5%。分析人士指出，通胀态势继续分化，CPI低迷，而工业品通胀值得关注，预计上涨压力未来还会向中下游商品继续扩散。上周美国原油库存减少510万桶，预期为减少240万桶，但汽油库存增加150万桶创出4月初以来最大增幅，精炼油库存增加370万桶。Tortoise的投资组合经理Brian Kessens表示：“原油库存大幅下降对整个原油市场确实具有建设性。然而，成品油库存增加令人失望，可能是夏季驾车高峰期来临之前炼油厂开工率增加所致”。6月9日至11日将在南京举办的2021世界半导体大会，台积电、新思科技、中芯国际、澜起科技、日月光、中微半导体等300余家公司将参展。财报方面：游戏驿站（盘后）新股方面：支付科技公司Marqeta上市周四（6月10日）关键词：美国CPI、初请失业金人数；Chewy财报美国劳工部6月3日公布的数据显示，在截至5月29日的一周中，常规的州失业福利计划之下的首次申请失业救济人数减少2万人至38.5万人，这是自新冠疫情以来第一次跌破40万。随着剩余的疫情限制措施放宽，以及更多接种疫苗的美国人希望恢复旅行和社交，劳动力市场继续升温。预计下周四的数据有可能继续小幅下降，显示劳动力市场逐步回归正轨。数据显示，4月美国CPI同比增长4.2%，创2008年9月以来最大同比增幅。剔除食品和能源价格后，核心CPI环比增长0.9%，是1982年4月以来的最大增幅。分析人士认为，受新冠疫情冲击，2020年美国整体物价水平较低，导致今年CPI涨幅出现一定程度夸大，预计通胀水平在今年晚些时候会有所回落。财报方面：Chewy（盘后）周五（6月11日）关键词：IEA月报、密歇根信心指数；G7峰会；BOSS直聘上市密歇根大学消费者信心指数5月终值为82.9，相较5月初值82.8变化不大，但与4月终值88.3相比则是出现大幅下挫。5月调查当中，有创纪录数量的受访消费者表示住房、汽车、家庭耐用品的价格出现上涨。与此同时，担心物价飞涨的美国人数量也创下历史新高。第46届七国集团（G7）峰会将于当日在英国开幕，会议将举行至13日。新股方面：中国最大的在线招聘平台BOSS直聘上市。周六（6月12日）：老虎7周年「OPEN DAY北京场」现场直播！","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116211706,"gmtCreate":1622803052105,"gmtModify":1704191476449,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Oooo","listText":"Oooo","text":"Oooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116211706","repostId":"2140408354","repostType":4,"repost":{"id":"2140408354","kind":"highlight","pubTimestamp":1622801674,"share":"https://ttm.financial/m/news/2140408354?lang=en_US&edition=fundamental","pubTime":"2021-06-04 18:14","market":"hk","language":"zh","title":"Debt is soaring and speculative frenzy is taking turns. Is 2021 a dangerous year?","url":"https://stock-news.laohu8.com/highlight/detail?id=2140408354","media":"腾讯美股","summary":"在新局面下，金融市场完全可能面对腹背受敌的局面。","content":"<p>According to data from the Institute for International Finance (IIF), in 2020, the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England collectively injected a total of $7.8 trillion in new currency into the economic system through quantitative easing operations. At the same time, the total debt-to-GDP ratio of the world's 61 major economies has also increased from 88% in 2019 to 105%, with new debt totaling US $12 trillion. Needless to say, these are closely related to policies to deal with the epidemic.</p><p>As the economy remains trapped by the epidemic and difficult to respond substantially to stimulus, a large part of these injected funds have flowed to financial markets, thus triggering a grand speculative frenzy.</p><p>Now, in major economies, vaccines are being rolled out increasingly widely, and funds are gradually flowing into the real economy, which has highlighted the risks of overheated economic growth and high inflation. In this case, Central banks may be forced to consider reducing the intensity of easing policies in the epidemic era to a certain extent.</p><p><b><u>This means that under the new situation, the financial market is entirely likely to face the situation of being attacked from both sides, that is, on the one hand, the existing funds in the market will flow from speculation to the real economy, and on the other hand, the flood of money supply will ebb, which means that 2021 for the financial market is destined to be a dangerous year.</u></b></p><p><img src=\"https://static.tigerbbs.com/64fdfdadbac865daf95053860ed6e956\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>The truth is that in dealing with the severe economic impact of the pandemic, many governments have made huge mistakes. Under the epidemic, the biggest economic trouble is that the normal consumption and production cycle is short-circuited, and no matter how strong the stimulus is, it cannot actually solve this problem. On the contrary, the only result of vigorous monetary and fiscal stimulus can only be to push up the water level of financial markets.</p><p>As vaccines are rolled out and the economy returns to normal, stimulus that should not have been put in the first place can only greatly increase the risk of economic overheating and sharp inflation. The first and most obvious sign that funds began to flow out of financial markets was that the real estate market began to overheat. Now, this problem has affected the United States, Britain and many major economies.</p><p>Unlike pure financial inflation, housing inflation has a much shorter path to consumer price inflation. Real estate inflation will directly affect the living and production costs in the real economy.</p><p>Due to inflationary pressures in both residential real estate and commodities, it currently looks entirely likely that consumer inflation will reach levels close to 10% in 2021.</p><p>In this case, the debt of governments is expected to increase by another $10 trillion in 2021, which can only further increase inflationary pressures.</p><p>Up to now, major central banks still seem unwilling to reduce unnecessary epidemic-era quantitative easing operations to cool down inflation, and they rarely even talk about this topic. However, as the risk of inflation becomes increasingly clear, financial markets are gradually beginning to panic, and central bankers will have to start to reduce.</p><p>However, the fact is that even if they start now, I'm afraid it will be too late to prevent a financial crisis. Now is the golden age of financial fraud. Buffett once said that only after the tide recedes can we find out who is swimming naked, and at that moment, the global financial market may really become a celestial bathing beach.</p><p>History tells the world that the reason why financial crises happen again and again is precisely because financial institutions can't learn from their past mistakes. They will always be dominated by greed. The reason why the Archegos Capital Management liquidation incident not long ago has attracted so widespread attention is precisely because many people have begun to question whether those big financial institutions are really as reliable as they seem.</p><p>According to the report, in a thriving market, Archegos' losses actually reached 20 billion dollars, and the bank working for this family office also lost more than 10 billion dollars. It seems that these big banks have forgotten that their wings are bonded with wax and flew too close to the sun again.</p><p>Now, the total debt of the global financial sector has exceeded the level of 2007, that is, the eve of the last global financial crisis. Last year alone, it increased by 4 trillion dollars. Needless to say, a large part of this comes from the leverage provided by big banks to speculators.</p><p>Recently, Bitcoin prices plummeted amid violent shocks, which had a direct impact on global stock prices. This fully shows that due to the dramatic popularity of Bitcoin, this crazy marginal asset has become a very important part of the overall financial system. Not long ago, Bitcoin's total plate had exceeded $1 trillion.</p><p>The so-called special purpose acquisition company (SPAC), by its essence, is actually a tool for companies with ulterior motives to bypass the strict supervision of IPOs and go public on a curve, and its total plate is approaching US $1 trillion. Also, an EV company that isn't substantially big and makes little money<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, and almost close to the market value of US $1 trillion.</p><p>The latest empty-glove white wolf trick is the so-called non-homogeneous token (NFT). This asset actually has no substantive content, only a seemingly gorgeous description-\"unique\".</p><p>NFT has opened a door that allows people to create unlimited financial value. Of course, the major premise of everything is that various central banks are continuing to inject water into the liquidity pool frantically. It is against this background that people have seen the \"democratization\" of the financial bubble, the chaos almost everywhere, and the terrible reality that the financial system is highly unstable.</p><p>It's hard for people to imagine when and when, something will pop up from strange places and suck considerable funds from the market, such as digital versions of Cristiano Ronaldo socks and sneakers.</p><p><b><u>Trillions of money are constantly being put into the financial system, and the money supply is increasing wildly. Needless to say, the potential demand for funds from speculation is huge and the growth is amazing, but can central banks really play this crazy game forever?</u></b></p><p>According to data from the Global Finance Association, the total scale of global debt was US $142 trillion in 2007, and then the global financial crisis broke out. In 2020, this figure has reached US $281 trillion, equivalent to the global domestic market that year. 355% of the gross product. The reason why people's high dependence on debt can be established is that the low interest rate environment \"takes the greatest credit\", because in this case, everyone can easily borrow more new debts to repay old debts.</p><p>In the context of lackluster global economic growth, the money supply continues to increase. Those strange things, from \"story stocks\" loved by retail investors to virtual currencies, to NFTs, have skyrocketed prices that are actually a reasonable result. The foundation that supports the towering debt platform is the value of those speculative transactions, and the real value of these transactions is almost zero. How many of these terrible debts will collapse overnight by the time the whole party is over?</p><p>No matter from which angle, 2021 is destined to be a turning point year. Increasing inflationary pressures make it increasingly difficult for central bankers to provide more liquidity. Even if they don't reduce their easing efforts, the real economy will need more and more funds. At the same time, the funding demand of speculative assets is unlimited. Now, the party was past midnight, awaiting the boom that was bound to come.</p>","source":"txmg","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>Debt is soaring and speculative frenzy is taking turns. Is 2021 a dangerous 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\">\nDebt is soaring and speculative frenzy is taking turns. Is 2021 a dangerous year?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-06-04 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to data from the Institute for International Finance (IIF), in 2020, the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England collectively injected a total of $7.8 trillion in new currency into the economic system through quantitative easing operations. At the same time, the total debt-to-GDP ratio of the world's 61 major economies has also increased from 88% in 2019 to 105%, with new debt totaling US $12 trillion. Needless to say, these are closely related to policies to deal with the epidemic.</p><p>As the economy remains trapped by the epidemic and difficult to respond substantially to stimulus, a large part of these injected funds have flowed to financial markets, thus triggering a grand speculative frenzy.</p><p>Now, in major economies, vaccines are being rolled out increasingly widely, and funds are gradually flowing into the real economy, which has highlighted the risks of overheated economic growth and high inflation. In this case, Central banks may be forced to consider reducing the intensity of easing policies in the epidemic era to a certain extent.</p><p><b><u>This means that under the new situation, the financial market is entirely likely to face the situation of being attacked from both sides, that is, on the one hand, the existing funds in the market will flow from speculation to the real economy, and on the other hand, the flood of money supply will ebb, which means that 2021 for the financial market is destined to be a dangerous year.</u></b></p><p><img src=\"https://static.tigerbbs.com/64fdfdadbac865daf95053860ed6e956\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>The truth is that in dealing with the severe economic impact of the pandemic, many governments have made huge mistakes. Under the epidemic, the biggest economic trouble is that the normal consumption and production cycle is short-circuited, and no matter how strong the stimulus is, it cannot actually solve this problem. On the contrary, the only result of vigorous monetary and fiscal stimulus can only be to push up the water level of financial markets.</p><p>As vaccines are rolled out and the economy returns to normal, stimulus that should not have been put in the first place can only greatly increase the risk of economic overheating and sharp inflation. The first and most obvious sign that funds began to flow out of financial markets was that the real estate market began to overheat. Now, this problem has affected the United States, Britain and many major economies.</p><p>Unlike pure financial inflation, housing inflation has a much shorter path to consumer price inflation. Real estate inflation will directly affect the living and production costs in the real economy.</p><p>Due to inflationary pressures in both residential real estate and commodities, it currently looks entirely likely that consumer inflation will reach levels close to 10% in 2021.</p><p>In this case, the debt of governments is expected to increase by another $10 trillion in 2021, which can only further increase inflationary pressures.</p><p>Up to now, major central banks still seem unwilling to reduce unnecessary epidemic-era quantitative easing operations to cool down inflation, and they rarely even talk about this topic. However, as the risk of inflation becomes increasingly clear, financial markets are gradually beginning to panic, and central bankers will have to start to reduce.</p><p>However, the fact is that even if they start now, I'm afraid it will be too late to prevent a financial crisis. Now is the golden age of financial fraud. Buffett once said that only after the tide recedes can we find out who is swimming naked, and at that moment, the global financial market may really become a celestial bathing beach.</p><p>History tells the world that the reason why financial crises happen again and again is precisely because financial institutions can't learn from their past mistakes. They will always be dominated by greed. The reason why the Archegos Capital Management liquidation incident not long ago has attracted so widespread attention is precisely because many people have begun to question whether those big financial institutions are really as reliable as they seem.</p><p>According to the report, in a thriving market, Archegos' losses actually reached 20 billion dollars, and the bank working for this family office also lost more than 10 billion dollars. It seems that these big banks have forgotten that their wings are bonded with wax and flew too close to the sun again.</p><p>Now, the total debt of the global financial sector has exceeded the level of 2007, that is, the eve of the last global financial crisis. Last year alone, it increased by 4 trillion dollars. Needless to say, a large part of this comes from the leverage provided by big banks to speculators.</p><p>Recently, Bitcoin prices plummeted amid violent shocks, which had a direct impact on global stock prices. This fully shows that due to the dramatic popularity of Bitcoin, this crazy marginal asset has become a very important part of the overall financial system. Not long ago, Bitcoin's total plate had exceeded $1 trillion.</p><p>The so-called special purpose acquisition company (SPAC), by its essence, is actually a tool for companies with ulterior motives to bypass the strict supervision of IPOs and go public on a curve, and its total plate is approaching US $1 trillion. Also, an EV company that isn't substantially big and makes little money<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, and almost close to the market value of US $1 trillion.</p><p>The latest empty-glove white wolf trick is the so-called non-homogeneous token (NFT). This asset actually has no substantive content, only a seemingly gorgeous description-\"unique\".</p><p>NFT has opened a door that allows people to create unlimited financial value. Of course, the major premise of everything is that various central banks are continuing to inject water into the liquidity pool frantically. It is against this background that people have seen the \"democratization\" of the financial bubble, the chaos almost everywhere, and the terrible reality that the financial system is highly unstable.</p><p>It's hard for people to imagine when and when, something will pop up from strange places and suck considerable funds from the market, such as digital versions of Cristiano Ronaldo socks and sneakers.</p><p><b><u>Trillions of money are constantly being put into the financial system, and the money supply is increasing wildly. Needless to say, the potential demand for funds from speculation is huge and the growth is amazing, but can central banks really play this crazy game forever?</u></b></p><p>According to data from the Global Finance Association, the total scale of global debt was US $142 trillion in 2007, and then the global financial crisis broke out. In 2020, this figure has reached US $281 trillion, equivalent to the global domestic market that year. 355% of the gross product. The reason why people's high dependence on debt can be established is that the low interest rate environment \"takes the greatest credit\", because in this case, everyone can easily borrow more new debts to repay old debts.</p><p>In the context of lackluster global economic growth, the money supply continues to increase. Those strange things, from \"story stocks\" loved by retail investors to virtual currencies, to NFTs, have skyrocketed prices that are actually a reasonable result. The foundation that supports the towering debt platform is the value of those speculative transactions, and the real value of these transactions is almost zero. How many of these terrible debts will collapse overnight by the time the whole party is over?</p><p>No matter from which angle, 2021 is destined to be a turning point year. Increasing inflationary pressures make it increasingly difficult for central bankers to provide more liquidity. Even if they don't reduce their easing efforts, the real economy will need more and more funds. At the same time, the funding demand of speculative assets is unlimited. Now, the party was past midnight, awaiting the boom that was bound to come.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/bGa8UbnZWmpNLn856RS6Fw\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ec3d0dd1f01bca738ed37472f7e72a","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/bGa8UbnZWmpNLn856RS6Fw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140408354","content_text":"国际金融协会（Institute for International Finance，IIF）的数据显示，2020年当中，美联储、欧洲央行、日本央行和英国央行合计起来，总计通过量化宽松操作向经济系统新投放了7.8万亿美元的货币。与此同时，全球最主要的61个经济体，其总债务对国内生产总值的比率也从2019年的88%提升到了105%，新增债务总计12万亿美元。不必说，这些都和应对疫情的政策有着密切的关系。由于经济依然受困于疫情，难以对刺激做出实质性的回应，这些被注入的资金，很大一部分都流向了金融市场，由此引发了一场宏大的投机狂热。现在，主要经济体当中，疫苗都在日益广泛地铺开，资金便也随之逐渐流入到现实经济当中，由此又使得经济增长过热和通货膨胀高企的风险凸显出来，在这种情况下，央行们或许将被迫考虑对疫情时代的宽松政策力度进行一定程度的缩减。这也就意味着，在新局面下，金融市场完全可能面对腹背受敌的局面，即一方面，市场内既有的资金从投机流向现实经济，而另外一方面，货币供应的洪水将会退潮，这就意味着，金融市场的2021年注定将是危险之年。事实就是，在处理疫情造成的严重经济影响的时候，许多政府都犯下了巨大的错误。疫情之下，最大的经济麻烦就在于，正常的消费和生产循环宣告短路，而刺激无论力度多大，其实都无法解决这个问题。相反，大力度的货币和财政刺激，唯一的结果只能是推高金融市场的水位。伴随疫苗铺开让，经济重新回归常态，那些最开始就不该投放的刺激，只能使得经济过热和通货膨胀猛烈抬升的风险大增。资金开始流出金融市场，第一个最明显的迹象，就是房地产市场开始过热，现在，这种问题已经影响到了美国、英国和许多主要经济体。与纯粹的金融通胀不同，房地产通胀通向消费者价格通胀的路径要短得多。房地产通胀会直接影响到现实经济当中的居住和生产成本。由于住宅房地产和大宗商品这两方面的通货膨胀压力，目前看上去，2021年的消费者通货通胀率完全有可能达到接近10%的水平。在这种情况下，各国政府的债务2021年预计还将再增加10万亿美元，而这只能进一步加大通货膨胀压力。到了现在，各大央行看上去依然不愿意缩减不必要的疫情时代量化宽松操作力度，来给通货膨胀降温，他们甚至连谈论这个话题都极少。可是，伴随通货膨胀风险日益明晰，金融市场逐渐开始感到恐慌，央行银行家们将不得不着手缩减了。然而，事实就是，哪怕他们现在开始着手，恐怕也为时已晚，无法阻止一场金融危机的发生了。当下已经是金融欺诈的黄金时代。巴菲特曾经说过，只有潮水退去之后，才能发现到底是谁在裸泳，而真的到了那个时刻，全球金融市场真的可能变成一处天体浴场。历史告诉世人，金融危机之所以会一再发生，正是因为金融机构无法从自身过去的错误中学习的缘故。他们总是会被贪婪支配。不久前发生的Archegos Capital Management爆仓事件之所以会引起那么广泛的关注，正是因为许多人因此而开始质疑，那些大金融机构到底是不是真的有看上去那么靠谱。报道称，在一个欣欣向荣的市场上，Archegos的损失规模居然达到了200亿美元之巨，而为这家家族办公室工作的银行，也损失了超过100亿美元。看来，这些大银行又忘记了自己的翅膀是用蜡粘接的，再次飞到了距离太阳过近的高空。现在，全球金融部门的债务总规模已经超过了2007年，即上一次全球金融危机前夜的水平，单单去年一年，就增加了4万亿美元之巨。不必说，这里很大一部分都是来自大银行提供给投机者的杠杆。最近，比特币价格在剧烈震荡当中暴跌，对全球股票价格形成了直接冲击。这充分说明，由于比特币戏剧性的大普及，这种疯狂的边缘资产已经成为整体金融系统当中非常重要的一个部分。不久前，比特币的总盘子已经超过了1万亿美元。所谓特殊目的收购公司（SPAC），就其本质而言，其实就是一种居心叵测的企业绕开IPO的严格监管、曲线上市的工具，而其总盘子也迫近1万亿美元。还有，一家实质上并不算大，而且几乎没有赚钱的电动汽车公司特斯拉，也几乎距离1万亿美元市值近在咫尺。最新的空手套白狼把戏，则是所谓非同质化代币（NFT），这种资产其实没有任何实质性的内容，只有一个看似华丽的形容——“独一无二”。NFT开启了一扇大门，让人们可以无限量地创造金融价值，当然一切的大前提是，各家央行还在持续向流动性池子当中疯狂注水。正是这种大背景下，人们才看到了金融泡沫“民主化”，几乎无处不在的乱象，看到了金融系统高度不稳定的可怕现实。人们已经难以想象，不知道何时何日，不知道什么东西又会从奇怪的地方冒出来，从市场上吸走可观的资金，比如，C罗的袜子和球鞋的数字版本。数以万亿计的资金不断投放到金融系统当中，货币供应疯狂增加。不必说，投机对资金的潜在需求是巨大的，增长是惊人的，但是，各国央行们真的能够将这个疯狂游戏一直玩下去吗？根据全球金融协会的数据，全球债务总规模2007年时是142万亿美元，之后就爆发了全球金融危机，而2020年时，这一数字已经达到了281万亿美元，相当于全球当年国内生产总值的355%。人们对债务的这种高度依赖之所以能够成立，低利率环境“居功至伟”，因为在这种情况下，大家都可以很容易地更多借新债去偿还旧债。在全球经济增长乏善可陈的情况下，货币供应持续增加，那些奇奇怪怪的东西，从散户钟爱的“故事股票”到虚拟货币，再到NFT，其价格暴涨其实是再合理不过的结果。支撑着高耸的债台的基础，就是那些投机交易的价值，而这些交易的真实价值几乎为零。等到整个派对曲终人散，这些可怕的债务将有多少一夜间崩塌？无论从哪个角度来说，2021年注定将是个转折点式的年头。通货膨胀压力日增，使得央行银行家们变得越来越难以提供更多流动性，哪怕他们不缩减宽松的力度，真实经济也会需要越来越多的资金，而与此同时，投机资产的资金需求也是无限的。现在，派对已经过了午夜，正等待着必然要到来的轰然巨响。","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":340850810,"gmtCreate":1617375728230,"gmtModify":1704699303563,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"<a 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07:54","market":"us","language":"zh","title":"Ford Motor's Q1 revenue increased by 6% year-on-year, chip shortages will reduce production","url":"https://stock-news.laohu8.com/highlight/detail?id=2131306540","media":"老虎资讯综合","summary":"一季度，福特汽车市场份额为5.3%,上年同期为6.0%。福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。","content":"<p>After the market closed on April 28 Eastern Time,<a href=\"https://laohu8.com/S/F\">Ford Motor</a>Announced its first quarter 2021 financial results. Data shows that the company's Q1 revenue was US $36.228 billion, compared with US $34.320 billion in the same period last year, a year-on-year increase of 6%; Net profit was US $3.262 billion, compared with a net loss of US $1.993 billion in the same period last year; The net profit margin was 9.0%, and the net loss margin in the same period last year was 5.8%; Diluted earnings per share were $0.81, compared with a loss of $0.50 in the same period last year.<img src=\"https://static.tigerbbs.com/e1c8718336d2c4c4c81aeb91c0d43876\" tg-width=\"754\" tg-height=\"788\" referrerpolicy=\"no-referrer\">By business, the company's automotive business revenue was US $33.554 billion, compared with US $31.342 billion in the same period last year; Ford's credit business revenue was US $2.663 billion, compared with US $2.967 billion in the same period last year; Mobility business revenue was US $11 million, flat year-on-year.</p><p>Cash flow from operating activities was $4.5 billion, compared with negative $500 million in the same period last year.</p><p>In the first quarter, Ford's market share was 5.3%, compared with 6.0% in the same period last year. wholesale units were 1.062 million, down 6% year-on-year; Among them, the number of wholesale units in the Chinese market was 150,000, a year-on-year increase of 85%.</p><p>Ford Motor CFO John Lawler mentioned in the financial report that the fire at Renesas Electronics in March exacerbated the supply situation of semiconductor chips. The company believes that Renesas' chip traffic problems are expected to begin to recover in the second quarter and improve in the rest of the year.</p><p>In addition, the company also said it will establish a global battery center named FordIonPark to accelerate the research and development of batteries and battery technologies, including future battery manufacturing.</p><p>Looking ahead, Lawler said that due to the chip shortage and the impact of the Renesas Electronics fire incident, planned production is expected to decrease by approximately 50% in the second quarter and 10% in the second half of 2021; Production this year will be about 1.1 million fewer vehicles; Full-year 2021 adjusted EBIT will be in the range of $5.5-6.5 billion, including approximately $2.5 billion headwinds from chip issues, and adjusted free cash flow is expected to be $500-1.5 billion.</p><p>After the financial report was announced, as of press time, the stock fell 3.22% to $12.03 after hours.<img src=\"https://static.tigerbbs.com/e70f966542ace3d4e1b77d43cb43fdec\" tg-width=\"691\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ford Motor's Q1 revenue increased by 6% year-on-year, chip shortages will reduce production</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\">\nFord Motor's Q1 revenue increased by 6% year-on-year, chip shortages will reduce production\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\">2021-04-29 07:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the market closed on April 28 Eastern Time,<a href=\"https://laohu8.com/S/F\">Ford Motor</a>Announced its first quarter 2021 financial results. Data shows that the company's Q1 revenue was US $36.228 billion, compared with US $34.320 billion in the same period last year, a year-on-year increase of 6%; Net profit was US $3.262 billion, compared with a net loss of US $1.993 billion in the same period last year; The net profit margin was 9.0%, and the net loss margin in the same period last year was 5.8%; Diluted earnings per share were $0.81, compared with a loss of $0.50 in the same period last year.<img src=\"https://static.tigerbbs.com/e1c8718336d2c4c4c81aeb91c0d43876\" tg-width=\"754\" tg-height=\"788\" referrerpolicy=\"no-referrer\">By business, the company's automotive business revenue was US $33.554 billion, compared with US $31.342 billion in the same period last year; Ford's credit business revenue was US $2.663 billion, compared with US $2.967 billion in the same period last year; Mobility business revenue was US $11 million, flat year-on-year.</p><p>Cash flow from operating activities was $4.5 billion, compared with negative $500 million in the same period last year.</p><p>In the first quarter, Ford's market share was 5.3%, compared with 6.0% in the same period last year. wholesale units were 1.062 million, down 6% year-on-year; Among them, the number of wholesale units in the Chinese market was 150,000, a year-on-year increase of 85%.</p><p>Ford Motor CFO John Lawler mentioned in the financial report that the fire at Renesas Electronics in March exacerbated the supply situation of semiconductor chips. The company believes that Renesas' chip traffic problems are expected to begin to recover in the second quarter and improve in the rest of the year.</p><p>In addition, the company also said it will establish a global battery center named FordIonPark to accelerate the research and development of batteries and battery technologies, including future battery manufacturing.</p><p>Looking ahead, Lawler said that due to the chip shortage and the impact of the Renesas Electronics fire incident, planned production is expected to decrease by approximately 50% in the second quarter and 10% in the second half of 2021; Production this year will be about 1.1 million fewer vehicles; Full-year 2021 adjusted EBIT will be in the range of $5.5-6.5 billion, including approximately $2.5 billion headwinds from chip issues, and adjusted free cash flow is expected to be $500-1.5 billion.</p><p>After the financial report was announced, as of press time, the stock fell 3.22% to $12.03 after hours.<img src=\"https://static.tigerbbs.com/e70f966542ace3d4e1b77d43cb43fdec\" tg-width=\"691\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5e8aba7de194dc92d26747c1cfec057","relate_stocks":{"159813":"芯片","F":"福特汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131306540","content_text":"美东时间4月28日盘后，福特汽车公布了2021年第一季度财务业绩。数据显示，该公司Q1营收362.28亿美元，上年同期为343.20亿美元，同比增长6%；净利润32.62亿美元，上年同期净亏损19.93亿美元；净利润率为9.0%，上年同期净亏损率5.8%；摊薄后每股收益为0.81美元，上年同期亏损0.50美元。按业务划分，该公司汽车业务营收为335.54亿美元，上年同期为313.42亿美元；福特信贷业务营收为26.63亿美元，上年同期为29.67亿美元；移动出行业务营收为1100万美元，同比持平。经营活动产生的现金流为45亿美元，上年同期为负5亿美元。一季度，福特汽车市场份额为5.3%,上年同期为6.0%。批发单位(wholesale units)为106.2万，同比下降6%；其中，中国市场批发单位为15万，同比增长85%。福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。另外，该公司还表示，将成立一个命名为FordIonPark的全球电池中心，以加快电池和电池技术的研发，包括未来的电池制造。展望未来，Lawler表示，由于芯片短缺，以及瑞萨电子火灾事件的影响，预计第二季度计划产量将减少约50%，2021年下半年计划产量将减少10%；今年的产量将减少约110万辆；2021全年调整后EBIT将在55-65亿美元之间，其中包括芯片问题带来的约25亿美元的不利因素，预计调整后自由现金流为5-15亿美元。财报公布后，截至发稿，该股盘后跌3.22%，报12.03美元。","news_type":1,"symbols_score_info":{"159813":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184293999,"gmtCreate":1623714967111,"gmtModify":1704209210573,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omb","listText":"Omb","text":"Omb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184293999","repostId":"1132976562","repostType":4,"isVote":1,"tweetType":1,"viewCount":1391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106941316,"gmtCreate":1620086095335,"gmtModify":1704338327568,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/106941316","repostId":"2132308515","repostType":4,"repost":{"id":"2132308515","kind":"highlight","pubTimestamp":1620077099,"share":"https://ttm.financial/m/news/2132308515?lang=en_US&edition=fundamental","pubTime":"2021-05-04 05:24","market":"us","language":"zh","title":"Foreign media headlines: Robinhood hits back at Buffett, you are not the only investment prophet","url":"https://stock-news.laohu8.com/highlight/detail?id=2132308515","media":"新浪财经","summary":"　　由于持续的供应链问题和材料短缺导致生产受限和订单积压，美国制造业增长势头在4月出现降温。读数高于50表明制造业活动仍处于扩张期。ISM数据显示，工厂及其客户减少了库存以满足旺盛需求。　　由于产能限制，ISM生产指标降至三个月低点62.5。　　工厂库存指标创下8月以来最快下降，客户库存指数跌至历史新低。","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. U.S. factory activity growth cools as supply chain issues persist</b><b>2. Banks are speeding up to replace Libor Bank of America and<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Completion of swap transactions linked to new benchmarks</b><b>3. Credit Suisse allows Archegos to trade with 10 times leverage, causing its own losses to far exceed those of its peers</b><b>4. EBay: Open to accepting cryptocurrencies in the future and exploring NFTs</b><b>5. Ford executives say they may produce electric vehicle batteries in 2025</b><b>6. Robinhood hits back at Buffett: Old-fashioned people don't want ordinary Americans to have a place on Wall Street</b><img src=\"https://static.tigerbbs.com/a82238e89aaa5e31ff15a6483dbe031d\" tg-width=\"550\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p><b>US factory activity growth cools as supply chain issues persist</b></p><p>U.S. manufacturing growth momentum cooled in April as ongoing supply chain issues and material shortages led to production constraints and order backlogs.</p><p>Data from the Institute for Supply Management released Monday showed an index of factory activity fell to 60.7 from a more than 37-year high of 64.7 a month ago, falling short of expectations for all economists polled by Bloomberg. A reading above 50 indicates that manufacturing activity is still in an expansion period.</p><p>Ongoing supply challenges have limited what should be strong growth momentum in manufacturing, resulting in record backlogs and driving material prices higher. ISM data shows that factories and their customers have reduced inventory to meet exuberant demand.</p><p>The ISM production gauge fell to a three-month low of 62.5 due to capacity constraints. A shortage of semiconductor chips has been curbing production at auto factories.</p><p>Meanwhile, the raw material price measure jumped to its highest level since July 2008, highlighting the shortage of inputs.</p><p>The factory inventory gauge recorded its fastest decline since August, and the customer inventory index fell to a record low.</p><p>The ISM new orders and employment indicators also fell to 64.3 and 55.1, respectively.</p><p><img src=\"https://static.tigerbbs.com/915f68bbd1d53b4b3bdbac612877fece\" tg-width=\"550\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p><b>Banks speed up to replace Libor, Bank of America and<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Completion of swap transactions linked to new benchmarks</b></p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>And JPMorgan Chase reached the first swap deal linked to the short-term bank yield index (BSBY) on Friday.</p><p>The two banks reached a $250 million one-year basis swap contract, with one end linked to BSBY as the reference interest rate. This benchmark interest rate is constructed from anonymous data aggregated based on commercial paper, certificates of deposit, US dollar bank deposits and short-term bank bond transactions, and reflects the marginal financing cost of banks. The other end of the contract is linked to the secured overnight financing rate (SOFR).</p><p>Starting next year, new contracts linked to the London Interbank Offered Rate (Libor) will not be issued, so banks are making preparations. Market observers say that although they plan to use the alternative interest rate SOFR favored by the Federal Reserve as a reference benchmark for floating rate instruments, there is room for other interest rates to play, especially for instruments that contain a credit component. SOFR does not yet have this function.</p><p>Among the many contenders, BSBY, Ameribor, and ICE's bank yield indexes all seek to carve a niche in the post-Libor era.</p><p>\"We want to show our support for credit-sensitive rates and SOFR,\"<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Said Sonali Theisen, head of electronic trading and market structure for fixed income, foreign exchange and commodities. \"A lot of work is underway to build a rate that looks and feels like a Libor.\"</p><p><img src=\"https://static.tigerbbs.com/0c77da50915f5e7a7f04996a98555dc7\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\"></p><p><b>Credit Suisse allows Archegos to trade with 10x leverage, causing itself to lose far more than its peers</b></p><p>Credit Suisse's business dealings with Archegos Capital Management allowed the latter to place highly leveraged stock bets with little collateral. As a result, when the family office liquidated its position, Credit Suisse suffered far more losses than its peers.</p><p>A person familiar with the matter said that Credit Suisse lent money to Bill Hwang's family office, allowing it to make a tenfold bet, requiring only collateral equivalent to 10% of the money borrowed.</p><p>In some cases, Credit Suisse offered Hwang twice as much leverage as other brokerages. As a result, Credit Suisse suffered a loss of approximately US $5.5 billion after Archegos liquidated its position in March. In contrast,<a href=\"https://laohu8.com/S/NMR\">Nomura Holdings</a>Loss of $2.9 billion, and other banks that provided prime broker business services to Hwang (including<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>) Lower or even no losses.</p><p>In response, CEO Thomas Gottstein said the bank was reviewing its prime broker division and would focus its business on clients that have business relationships with other parts of the firm. According to media reports, Hwang is not Credit Suisse<a href=\"https://laohu8.com/S/PVTB\">Private Banking</a>Customers, and Archegos' business only brought in $17.5 million in revenue last year.</p><p><img src=\"https://static.tigerbbs.com/df1470fb1b217b4aac124df5968e7602\" tg-width=\"550\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>EBay: Open to Future Acceptance of Cryptocurrencies Exploring NFTs</b></p><p><b>EBay Inc. said on Monday it is open to the possibility of accepting cryptocurrency as a form of payment in the future</b>, and is looking for ways to acquire non-homogeneous tokens (NFTs) on its platform.</p><p><b>More companies are beginning to accept virtual currencies as a form of payment</b>, bringing the asset class that major financial institutions avoided a few years ago another step closer to becoming mainstream.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Has begun accepting Bitcoin as a payment method for its electric vehicles, while payments giant PayPal last year began allowing customers to buy, sell and hold cryptocurrencies in its online wallets.</p><p>\"We have been looking at the most relevant payment methods and will continue to evaluate this. There are no plans at this time, but we are watching closely.\"</p><p>Jamie Lannone, CEO of EBay, said accepting virtual currencies is an option the company is considering.</p><p>EBay disappointed investors last week when it issued a weak second-quarter profit forecast. Then the company said it was considering \"multiple pathways\" into the non-homogeneous token space.</p><p>NFTs are a digital asset that exists on the blockchain and have seen a surge in popularity this year. For example, musicians such as the rock band Kings of Leon have embraced them on their latest albums, with works selling for millions of dollars.</p><p><img src=\"https://static.tigerbbs.com/3930fef9bbf05870319b90f7e7e88edd\" tg-width=\"550\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p><b>Ford Exec Says EV Batteries Could Be Producted By 2025</b></p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>By 2025, the company should be able to sell enough electric vehicles in North America and produce its own batteries, a company executive said.</p><p><b>This is the most detailed EV battery production schedule Ford has released, and Wall Street is watching the plan closely</b>, which is also a strategic reversal of the company under the leadership of former CEO Jim Hackett.<b>In-house production of batteries is expected to be key for automakers to cut EV costs and secure sourcing</b>, in response to an expected surge in demand over the next decade.</p><p>\"We don't need to scale up today to justify having our own dedicated battery factory,\" Ford's chief product platform and operations officer Hau Thai-Tang said in an interview Monday morning. \"But by 2025, when we launch the F-150, the E-Transit, and another battery electric vehicle we announced, we will have enough to build our own factories in North America.\"</p><p>Ford spokeswoman Jennifer Flake said the exact timing of production depends on the electric vehicle market, consumer demand and research and development progress. She said the company \"may have the ability\" to produce its own batteries for electric vehicles by 2025.</p><p><img src=\"https://static.tigerbbs.com/43893499a2ab7edbc26ea2f25713c1cc\" tg-width=\"550\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Robinhood hits back at Buffett: Old-fashioned people don't want ordinary Americans to have a place on Wall Street</b></p><p>Robinhood, a retail-focused brokerage, hit back at Buffett's comments. Buffett on Saturday<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The shareholder meeting compared the millions of inexperienced short-term traders who have entered the stock market over the past year to gamblers. He thinks it's like a casino owner entering the stock market. Although it claims to be commission-free and attracts many people who want to \"gamble\", it is immoral.</p><p>Buffett said Robinhood has attracted a large number of people, \"maybe it's starting to attract\", who are just betting on short-term price action. Munger, Buffett's long-time business partner, was more severe, calling it a \"deeply wrong\".</p><p>Ramsay, head of public policy communications at Robinhood, wrote in a blog post published Monday:</p><p><b>\"If last year's events taught us anything, it's that people are tired of people like Buffett Munger in the world who act like they're the only investing prophets.\"</b></p><p>\"At Robinhood, we don't sit idly by while they belittle ordinary people who are in charge of their financial lives.\"</p>","source":"highlight_sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: Robinhood hits back at Buffett, you are not the only investment prophet</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: Robinhood hits back at Buffett, you are not the only investment prophet\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\">2021-05-04 05:24</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. U.S. factory activity growth cools as supply chain issues persist</b><b>2. Banks are speeding up to replace Libor Bank of America and<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Completion of swap transactions linked to new benchmarks</b><b>3. Credit Suisse allows Archegos to trade with 10 times leverage, causing its own losses to far exceed those of its peers</b><b>4. EBay: Open to accepting cryptocurrencies in the future and exploring NFTs</b><b>5. Ford executives say they may produce electric vehicle batteries in 2025</b><b>6. Robinhood hits back at Buffett: Old-fashioned people don't want ordinary Americans to have a place on Wall Street</b><img src=\"https://static.tigerbbs.com/a82238e89aaa5e31ff15a6483dbe031d\" tg-width=\"550\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p><b>US factory activity growth cools as supply chain issues persist</b></p><p>U.S. manufacturing growth momentum cooled in April as ongoing supply chain issues and material shortages led to production constraints and order backlogs.</p><p>Data from the Institute for Supply Management released Monday showed an index of factory activity fell to 60.7 from a more than 37-year high of 64.7 a month ago, falling short of expectations for all economists polled by Bloomberg. A reading above 50 indicates that manufacturing activity is still in an expansion period.</p><p>Ongoing supply challenges have limited what should be strong growth momentum in manufacturing, resulting in record backlogs and driving material prices higher. ISM data shows that factories and their customers have reduced inventory to meet exuberant demand.</p><p>The ISM production gauge fell to a three-month low of 62.5 due to capacity constraints. A shortage of semiconductor chips has been curbing production at auto factories.</p><p>Meanwhile, the raw material price measure jumped to its highest level since July 2008, highlighting the shortage of inputs.</p><p>The factory inventory gauge recorded its fastest decline since August, and the customer inventory index fell to a record low.</p><p>The ISM new orders and employment indicators also fell to 64.3 and 55.1, respectively.</p><p><img src=\"https://static.tigerbbs.com/915f68bbd1d53b4b3bdbac612877fece\" tg-width=\"550\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p><b>Banks speed up to replace Libor, Bank of America and<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Completion of swap transactions linked to new benchmarks</b></p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>And JPMorgan Chase reached the first swap deal linked to the short-term bank yield index (BSBY) on Friday.</p><p>The two banks reached a $250 million one-year basis swap contract, with one end linked to BSBY as the reference interest rate. This benchmark interest rate is constructed from anonymous data aggregated based on commercial paper, certificates of deposit, US dollar bank deposits and short-term bank bond transactions, and reflects the marginal financing cost of banks. The other end of the contract is linked to the secured overnight financing rate (SOFR).</p><p>Starting next year, new contracts linked to the London Interbank Offered Rate (Libor) will not be issued, so banks are making preparations. Market observers say that although they plan to use the alternative interest rate SOFR favored by the Federal Reserve as a reference benchmark for floating rate instruments, there is room for other interest rates to play, especially for instruments that contain a credit component. SOFR does not yet have this function.</p><p>Among the many contenders, BSBY, Ameribor, and ICE's bank yield indexes all seek to carve a niche in the post-Libor era.</p><p>\"We want to show our support for credit-sensitive rates and SOFR,\"<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Said Sonali Theisen, head of electronic trading and market structure for fixed income, foreign exchange and commodities. \"A lot of work is underway to build a rate that looks and feels like a Libor.\"</p><p><img src=\"https://static.tigerbbs.com/0c77da50915f5e7a7f04996a98555dc7\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\"></p><p><b>Credit Suisse allows Archegos to trade with 10x leverage, causing itself to lose far more than its peers</b></p><p>Credit Suisse's business dealings with Archegos Capital Management allowed the latter to place highly leveraged stock bets with little collateral. As a result, when the family office liquidated its position, Credit Suisse suffered far more losses than its peers.</p><p>A person familiar with the matter said that Credit Suisse lent money to Bill Hwang's family office, allowing it to make a tenfold bet, requiring only collateral equivalent to 10% of the money borrowed.</p><p>In some cases, Credit Suisse offered Hwang twice as much leverage as other brokerages. As a result, Credit Suisse suffered a loss of approximately US $5.5 billion after Archegos liquidated its position in March. In contrast,<a href=\"https://laohu8.com/S/NMR\">Nomura Holdings</a>Loss of $2.9 billion, and other banks that provided prime broker business services to Hwang (including<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>) Lower or even no losses.</p><p>In response, CEO Thomas Gottstein said the bank was reviewing its prime broker division and would focus its business on clients that have business relationships with other parts of the firm. According to media reports, Hwang is not Credit Suisse<a href=\"https://laohu8.com/S/PVTB\">Private Banking</a>Customers, and Archegos' business only brought in $17.5 million in revenue last year.</p><p><img src=\"https://static.tigerbbs.com/df1470fb1b217b4aac124df5968e7602\" tg-width=\"550\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>EBay: Open to Future Acceptance of Cryptocurrencies Exploring NFTs</b></p><p><b>EBay Inc. said on Monday it is open to the possibility of accepting cryptocurrency as a form of payment in the future</b>, and is looking for ways to acquire non-homogeneous tokens (NFTs) on its platform.</p><p><b>More companies are beginning to accept virtual currencies as a form of payment</b>, bringing the asset class that major financial institutions avoided a few years ago another step closer to becoming mainstream.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Has begun accepting Bitcoin as a payment method for its electric vehicles, while payments giant PayPal last year began allowing customers to buy, sell and hold cryptocurrencies in its online wallets.</p><p>\"We have been looking at the most relevant payment methods and will continue to evaluate this. There are no plans at this time, but we are watching closely.\"</p><p>Jamie Lannone, CEO of EBay, said accepting virtual currencies is an option the company is considering.</p><p>EBay disappointed investors last week when it issued a weak second-quarter profit forecast. Then the company said it was considering \"multiple pathways\" into the non-homogeneous token space.</p><p>NFTs are a digital asset that exists on the blockchain and have seen a surge in popularity this year. For example, musicians such as the rock band Kings of Leon have embraced them on their latest albums, with works selling for millions of dollars.</p><p><img src=\"https://static.tigerbbs.com/3930fef9bbf05870319b90f7e7e88edd\" tg-width=\"550\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p><b>Ford Exec Says EV Batteries Could Be Producted By 2025</b></p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>By 2025, the company should be able to sell enough electric vehicles in North America and produce its own batteries, a company executive said.</p><p><b>This is the most detailed EV battery production schedule Ford has released, and Wall Street is watching the plan closely</b>, which is also a strategic reversal of the company under the leadership of former CEO Jim Hackett.<b>In-house production of batteries is expected to be key for automakers to cut EV costs and secure sourcing</b>, in response to an expected surge in demand over the next decade.</p><p>\"We don't need to scale up today to justify having our own dedicated battery factory,\" Ford's chief product platform and operations officer Hau Thai-Tang said in an interview Monday morning. \"But by 2025, when we launch the F-150, the E-Transit, and another battery electric vehicle we announced, we will have enough to build our own factories in North America.\"</p><p>Ford spokeswoman Jennifer Flake said the exact timing of production depends on the electric vehicle market, consumer demand and research and development progress. She said the company \"may have the ability\" to produce its own batteries for electric vehicles by 2025.</p><p><img src=\"https://static.tigerbbs.com/43893499a2ab7edbc26ea2f25713c1cc\" tg-width=\"550\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Robinhood hits back at Buffett: Old-fashioned people don't want ordinary Americans to have a place on Wall Street</b></p><p>Robinhood, a retail-focused brokerage, hit back at Buffett's comments. Buffett on Saturday<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The shareholder meeting compared the millions of inexperienced short-term traders who have entered the stock market over the past year to gamblers. He thinks it's like a casino owner entering the stock market. Although it claims to be commission-free and attracts many people who want to \"gamble\", it is immoral.</p><p>Buffett said Robinhood has attracted a large number of people, \"maybe it's starting to attract\", who are just betting on short-term price action. Munger, Buffett's long-time business partner, was more severe, calling it a \"deeply wrong\".</p><p>Ramsay, head of public policy communications at Robinhood, wrote in a blog post published Monday:</p><p><b>\"If last year's events taught us anything, it's that people are tired of people like Buffett Munger in the world who act like they're the only investing prophets.\"</b></p><p>\"At Robinhood, we don't sit idly by while they belittle ordinary people who are in charge of their financial lives.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-05-04/doc-ikmxzfmm0434559.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/aaf10f59d529fccc557480730989e342","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","BRK.A":"伯克希尔","BRK.B":"伯克希尔B",".DJI":"道琼斯"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-05-04/doc-ikmxzfmm0434559.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2132308515","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：1、美国工厂活动增长降温 因供应链问题持续存在2、银行快马加鞭替代Libor 美银与摩根大通达成挂钩新基准的掉期交易3、瑞信允许Archegos进行10倍杠杆交易 导致自己的损失远超同行4、EBay：对未来接受加密货币持开放态度 探索NFTs5、福特高管表示或于2025年生产电动汽车电池6、Robinhood回击巴菲特：守旧的人不希望普通美国人在华尔街有一席之地美国工厂活动增长降温 因供应链问题持续存在由于持续的供应链问题和材料短缺导致生产受限和订单积压，美国制造业增长势头在4月出现降温。供应管理学会周一发布的数据显示，一项工厂活动指数从一个月前的逾37年高点64.7降至60.7，低于接受彭博调查的所有经济学家的预期。读数高于50表明制造业活动仍处于扩张期。持续的供应挑战限制了制造业本应强劲的增长势头，导致积压订单创纪录，并推动材料价格上涨。 ISM数据显示，工厂及其客户减少了库存以满足旺盛需求。由于产能限制，ISM生产指标降至三个月低点62.5。半导体芯片短缺一直遏制汽车厂的生产。与此同时，原材料支付价格指标跃升至2008年7月以来的最高水平，凸显投入品的短缺。工厂库存指标创下8月以来最快下降，客户库存指数跌至历史新低。ISM新订单和就业指标也分别降至64.3和55.1。银行快马加鞭替代Libor 美银与摩根大通达成挂钩新基准的掉期交易美国银行和摩根大通周五达成首笔与短期银行收益率指数（BSBY）挂钩的掉期交易。这两家银行达成2.5亿美元1年期基差掉期合约，一端挂钩BSBY为参考利率。这项基准利率是以基于商业票据、存款证、美元银行存款和短期银行债券交易而汇总的匿名数据构建的，反映银行边际融资成本。合约另一端挂钩有担保隔夜融资利率（SOFR）。明年开始将不能发挂钩伦敦银行间同业拆借利率（Libor）的新合约，为此银行都在快马加鞭做准备。市场观察人士称，尽管他们计划多采用美联储青睐的替代利率SOFR，以此作为浮动利率工具的参考基准，但其它利率也有发挥空间，尤其是对包含信贷成分的工具而言，SOFR尚不具备这方面功能。在众多竞争者中，BSBY、Ameribor和ICE的银行收益率指数都寻求在后Libor时代开拓一席之地。“我们想表明对信贷敏感利率及SOFR的支持，”美国银行固定收益、外汇和大宗商品电子交易和市场结构主管Sonali Theisen表示。“大量工作正在进行中，以打造一个看上去和感觉都像是Libor的利率。”瑞信允许Archegos进行10倍杠杆交易 导致自己的损失远超同行瑞信集团与Archegos Capital Management的业务往来使得后者可以用很少的抵押品进行高杠杆的股票押注，结果是这个家族理财室爆仓时，瑞信蒙受的损失大大超过同行。一位知情人士说，瑞信借钱给Bill Hwang的这个家族理财室，允许其进行十倍押注，只要求相当于所借资金10%的抵押品。在某些情况下，瑞信向Hwang提供的杠杆率是其他经纪公司的两倍。结果，Archegos在3月份爆仓后，瑞信蒙受大约55亿美元损失。相比之下，野村控股损失29亿美元，其他向Hwang提供主经纪商业务服务的银行（包括德意志银行）损失更低，甚至没有损失。作为回应，首席执行官Thomas Gottstein表示该行正在审查其主经纪商部门，并将把业务重点放在与该公司其他部门有业务关系的客户上。据媒体报道，Hwang不是瑞信私人银行客户，且Archegos的业务去年仅带来1750万美元收入。EBay：对未来接受加密货币持开放态度 探索NFTsEBay公司周一表示，公司对未来接受加密货币作为一种支付形式的可能性持开放态度，并正在寻找在其平台上获得非同质化代币（NFTs）的方法。越来越多的公司开始接受虚拟货币作为一种支付形式，使得几年前主要金融机构还回避的这一资产类别向成为主流又迈进了一步。特斯拉已经开始接受比特币作为其电动汽车的支付方式，而支付巨头贝宝去年开始允许客户在其在线钱包中购买、出售和持有加密货币。“我们一直在关注最相关的支付方式，并将继续对此进行评估。目前还没有计划，但我们正在密切关注。”EBay公司首席执行官Jamie Lannone表示，接受虚拟货币是该公司正在考虑的一个选择。EBay上周发布了疲弱的第二季度利润预期，这令投资者失望。随后该公司表示，正在考虑“多种途径”进入非同质化代币领域。NFT是一种存在于区块链上的数字资产，今年它的受欢迎程度激增。例如，摇滚乐队莱昂国王（Kings of Leon）等音乐家在最新专辑中都接受了它们，作品售价达数百万美元。福特高管表示或于2025年生产电动汽车电池福特汽车公司的一位高管表示，到2025年，该公司应该能在北美销售足够多的电动汽车，并生产自己的电池。这是福特公布的最详细的电动汽车电池生产时间表，华尔街正密切关注这一计划，这也是该公司在前首席执行官吉姆•哈克特（Jim Hackett）领导下的战略逆转。电池内部生产预计将是汽车制造商削减电动汽车成本和确保采购的关键，以应对未来十年预计将出现的需求激增。福特首席产品平台和运营官Hau Thai-Tang周一上午接受采访时说，“我们不需要今天就扩大规模，以证明我们有自己的专用电池工厂是合理的。”“但到2025年，当我们推出F-150、E-Transit和我们宣布的另一款纯电动汽车时，我们将有足够的数量在北美建立自己的工厂。”福特发言人Jennifer Flake表示，生产的具体时间取决于电动汽车市场、消费者需求和研发进度。她表示，到2025年，该公司“可能有能力”生产自己的电动汽车电池。Robinhood回击巴菲特：守旧的人不希望普通美国人在华尔街有一席之地专注于零售的经纪公司Robinhood对巴菲特的言论进行了回击。巴菲特在周六的伯克希尔股东大会上将过去一年进入股市的数百万缺乏经验的短线交易员比作赌徒。他认为这像是赌场老板进入了股票市场，它虽然声称免佣金，吸引了众多想要“赌博”的人，但这并不道德。巴菲特表示，Robinhood吸引了一大批人，“也许已经开始吸引了”，这些人只是在赌短期价格走势。巴菲特长期商业伙伴芒格的措辞更为严厉，称这是“大错特错（deeply wrong）”。Robinhood公共政策沟通主管Ramsay周一发表的一篇博客文章中写道：“如果说去年的事情教会了我们什么，那就是人们已经厌倦了世界上像巴菲特芒格这样的人，他们表现得好像自己是唯一的投资预言者。”“在Robinhood，当他们贬低那些掌控自己财务生活的普通人时，我们不会坐视不管。”","news_type":1,"symbols_score_info":{"ZTmain":0.9,"BRK.A":0.9,"ZNmain":0.9,".IXIC":0.9,".SPX":0.9,"ZBmain":0.9,"BRK.B":0.9,".DJI":0.9,"ZFmain":0.9,"UBmain":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101624367,"gmtCreate":1619911063059,"gmtModify":1704336153234,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"????????????","listText":"????????????","text":"????????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/101624367","repostId":"2132159853","repostType":2,"isVote":1,"tweetType":1,"viewCount":938,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3578444023405318","authorId":"3578444023405318","name":"呆牛张","avatar":"https://static.tigerbbs.com/c803fd046fefdb1dc03c159c4e606ede","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3578444023405318","idStr":"3578444023405318"},"content":"The absolute value of Apple in the long run. It needs to be adjusted in the short term","text":"The absolute value of Apple in the long run. It needs to be adjusted in the short term","html":"The absolute value of Apple in the long run. It needs to be adjusted in the short term"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182678993,"gmtCreate":1623572601012,"gmtModify":1704206469182,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182678993","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"fut","language":"zh","title":"Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14</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: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352304414,"gmtCreate":1616889400238,"gmtModify":1704799715571,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352304414","repostId":"1192792909","repostType":4,"repost":{"id":"1192792909","kind":"news","pubTimestamp":1617030576,"share":"https://ttm.financial/m/news/1192792909?lang=en_US&edition=fundamental","pubTime":"2021-03-29 23:09","market":"us","language":"zh","title":"How long will the value style of US stocks last?","url":"https://stock-news.laohu8.com/highlight/detail?id=1192792909","media":"雪涛宏观笔记","summary":"美股价值股与成长股长期相对收益的核心来源是盈利，而不是估值。与科网泡沫时期显著不同的是当前成长股相比价值股并不存在明显的估值泡沫（可能都贵）。短期来看，本轮价值风格已持续了6个月，可能处于风格优势期的","content":"<p>The core source of long-term relative returns between U.S. value stocks and growth stocks is earnings, not valuations. What is significantly different from the dot-com bubble period is that there is no obvious valuation bubble in current growth stocks compared with value stocks (they may all be expensive). In the short term, this round of value style has lasted for 6 months, and may be in the middle and late stages of the style advantage period (comparable to an average of 10 months). As a recovery trade, value stocks are still expected to outperform growth stocks in the next quarter, but it is recommended to lower expectations for absolute returns on value stocks. In the long run, it is still unknown whether the trend of value/growth style differentiation can be reversed. If the U.S. government promotes a series of institutional reforms to narrow the gap between the rich and the poor through tax increases, it must be psychologically prepared for the trend reversal of style.<b>Introduction:</b></p><p>In August last year, U.S. value stocks underperformed growth stocks for the first time, exceeding the level during the dot-com bubble. At that time, the market began to show the view of turning to cyclical value stocks. At the same time, the long-term US Treasury yields began to rebound sharply, driving the value/growth ratio to rebound from historical lows. Since February this year, the Nasdaq index, which represents the growth style, has seen a continuous pullback/retracement, and the Dow Jones index, which represents the value style, has repeatedly hit new highs. When the style switch has become a reality, the discussion on whether the value style of U.S. stocks has ushered in a long-term inflection point has intensified.</p><p><b>Is the style switching a long-term reversal or a short-term convergence, and how much room for deduction is there?</b>--Let's explore the answer to this question using the Russel 1000 Value and Growth Index as an example.</p><p><b>Core conclusions:</b></p><p><b>First, the core source of relative returns between value stocks and growth stocks is profit, not valuation! At present, there is no obvious valuation bubble in growth stocks compared to value stocks (they may be both expensive!), which is significantly different from the dot com bubble period.</b></p><p><b>Second, after 1981, the core of the decline in long-term bond interest rates was the phenomenon of low economic growth and low inflation caused by insufficient endogenous kinetic energy of economic growth. At present, the technical and institutional factors that lead to the insufficient endogenous kinetic energy of economic growth and the long-term deflation environment have not been improved.</b></p><p><b>Third, if the U.S. Treasury Bond market cannot form a long-term bear market, the discussion that value is better than growth style may be limited to short-term cycles. The peak and fall of nominal interest rate, real interest rate, CPI, and inflation expectations are roughly inflection point synchronization or leading indicators, and the inflection point of market style is also earlier than the relative profit inflection point.</b></p><p><b>Fourthly, from a short-term perspective, this round of value style has lasted for 6 months, and it is in the middle and late stage of the style advantage period (comparable to an average of 10 months), and the excess return has also completed more than half of the historical average. The phase of rapid rise in interest rates and inflation may end in May this year. Therefore, value stocks are still expected to outperform growth stocks in the coming quarter as a recovery trade, but it is recommended to lower expectations for the absolute returns of value stocks.</b></p><p><b>Fifth, once the U.S. government begins to turn left and reform the distribution system based on liberal capitalism since the Reagan administration, the conditions for long-term interest rates to turn upward may appear. The equalization of income distribution may reverse the long-term deflation caused by the widening gap between the rich and the poor in the past four decades, and promote the central trend of long-term interest rates to rise.</b></p><p><b>Sixth, it is still unknown whether the trend of long-term value/growth style differentiation can be reversed. If the U.S. government promotes a series of institutional reforms to narrow the gap between the rich and the poor through tax increases, it must be psychologically prepared for the possible trend reversal of style.</b></p><p><table><tbody><tr><td>Figure 1: 10-year Treasury Bond yield versus Russel 1000 Value and Style Index relative returns</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/600e3efd47bf1b5bf01a8081ca124909\" tg-width=\"910\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>1. What determines the relative returns of value/growth style?</b></p><p>The core view supporting the long-term reversal of style is the reversal of the downward trend of long-term U.S. bond yields. We analyze it from the perspective of the impact of long-term yield on earnings per share and valuation of value stocks and growth stocks.</p><p><b>(1) The direction of long-term U.S. bond yields and the difference between value growth EPS are in the same direction</b></p><p>Financial statement metrics related to operating leverage, such as turnover of assets, plant and equipment, and net debt, differ significantly for value and growth companies. In a broad reflationary environment, value companies with relatively high levels of fixed assets will have more pronounced improvements in turnover than growth companies. Value companies also have higher net debt levels than growth companies. In the case of reflation, compared with growth enterprises, the burden of repaying principal and interest of value enterprises will be relatively small. Therefore,<b>The downward trend in interest rates may imply a decline in the relative earnings of EPS of value companies.</b></p><p>Judging from the history of nearly 30 years,<b>The difference in EPS between value stocks and growth stocks is more consistent with short-cycle fluctuations in interest rates</b>。 However, the high points of each cycle move down in turn, which is in line with the long-term downward direction of interest rates. Among them, the short-term monetary policy interest rate was consistent with the fluctuation law of profit margin before 2008, but gradually deviated after the financial crisis, reflecting that the monetary policy interest rate's response to the economic profit cycle slowed down. The long-term ten-year US Treasury yields deviated significantly from the earnings difference from 2003 to 2006. The EPS difference between value stocks and growth stocks hit a new high in 2007, but the ten-year US Treasury yields was lower than the previous cycle high.</p><p><b>At the heart of the divergence is also the mystery of Greenspan's long-term interest rate</b>, short-term interest rates rose, while long-term risk-free interest rates fell. Greenspan's explanations for this include:</p><p>1. The economic recovery of the United States and the deepening of globalization have led to the accumulation of increasingly large dollar surpluses among trading partners. On a global scale, the only place that has the ability to undertake this part of the foreign exchange reserves accumulated from the surplus is the US Treasury Bond market.</p><p>2. With the inevitable increase in the number of retirees (especially in developed countries), the insufficient funding of retirement plans has attracted increasing concern. Pension funds and insurance companies have to increase their share of long-term bonds in their investment portfolios.</p><p><table><tbody><tr><td>Figure 2: Before 2008, the monetary policy cycle was close to the trend of the difference between value and growth profit</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/61937bebe0692c423e53ccc1341518ff\" tg-width=\"568\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 3: The 10Y US Treasury yields is more consistent with the fluctuation of value growth profit difference</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/0213083f3bfc77aed3440308bd2fe7d3\" tg-width=\"824\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>(2) The decline in long-term yields will not make growth stocks more expensive than value stocks</b></p><p><b>There is a widespread view that the downward trend of risk-free interest rates will bring more valuation premiums to growth stocks, but this perception is wrong!</b>Although from a short-cycle perspective, the fluctuation of Treasury Bond's yield is indeed ahead of the risk premium difference between value stocks and growth stocks, but from a long-term perspective, the risk premium of value stocks compared with growth stocks has not expanded due to the downward trend of risk-free interest rates.</p><p><table><tbody><tr><td>Figure 4: The difference between 10-year Treasury Bond interest rate and value and the risk premium of growth stocks</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/31507616ec0aec31a906ffcb6a74a3a9\" tg-width=\"478\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table>Thus, we conclude,<b>The core source of relative returns between value stocks and growth stocks is earnings, not valuation! At present, there is no obvious valuation bubble in growth stocks compared to value stocks (they may be both expensive!), which is significantly different from the dot com bubble period.</b></p><p>The decline in risk-free interest rates and the decline in style relative profitability (value stocks-growth stocks) both reflect changes in the industrial structure of the U.S. economy. The use of capital and technology reduces labor costs and improves corporate efficiency and profitability. Therefore, the weight of growth stocks represented by technology in the stock market does not match their contribution to the economy and employment (see Figure 6).<b>The key question of whether there will be a style reversal in the future is whether the U.S. industrial structure will change, leading to a continued upward trend in value stock earnings, inflation and interest rates.</b></p><p><table><tbody><tr><td>Figure 5: Except for the divergence of the Science and Technology Period (2000), the profit difference between value and growth dominates the relative returns of the value and growth index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b50730f74cd9d5269e52a4816dbcc27a\" tg-width=\"532\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 6: The weight of growth stocks represented by technology in the stock market does not match their contribution to the economy and employment</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c8b2645041d5028dd3dc4a6684ec26ed\" tg-width=\"480\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: BEA, BLS, Standard & Poor's, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>2. If there is a tax increase (and a series of institutional reforms representing a left turn in American society), the 40-year downward trend in interest rates may end, and the style may reverse</b></p><p>Looking back at the history of interest rates after World War II, the factors that led to the 40-year decline in interest rates have not changed.<b>The trend of nominal interest rates depends mainly on real economic growth and inflation.</b>After World War II, the 10-year U.S. bond yield was highly consistent with the trend of U.S. GDP growth and core CPI, with the peak appearing in the 1970s.</p><p><table><tbody><tr><td>Figure 7: 10-year Treasury Bond yield and US real GDP growth and core CPI</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/51766a075b0ad18b0da629cc8019a2c4\" tg-width=\"475\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>The first phase of the rising interest rate cycle (1946-1970)</b>It is based on the real prosperity generated by the positive feedback between the supply side and the demand side. During World War II, the U.S. government promoted supply-side reform in response to the current situation, upgraded the supply level of U.S. manufacturing and supporting industries, accelerated the training of a large number of technical talents at the rate of wartime economy, and reproduced the barbaric advance of the late 19th century in the application of new technologies. Roosevelt's New Deal pushed the legislation of labor relations, narrowed the polarization between the rich and the poor, and allowed American workers to get the 8-hour working week and other benefits. However, the increase of relative labor costs, the education level of residents and the increase of female labor participation rate pushed labor productivity to a new height. On the demand side, the war has hit global industries hard, leaving everything in waste to be rebuilt, and the industrial base needs to be rebuilt urgently. At this stage, the economy is growing rapidly, inflation is low, the unemployment rate continues to decline, and the polarization between the rich and the poor is narrowing.<b>The rise in interest rates corresponds to the acceleration of real economic growth.</b></p><p><b>The second phase of rising interest rates (1970-1981)</b>Built on the supply shock brought about by the oil crisis. During the two oil crises, the price of crude oil rose from less than $3 per barrel in 1973 to $45 in 1980. The post-war economic recovery was highly dependent on the energy support provided by the petrochemical industry. The price of crude oil rose. After the Bretton Woods system collapsed, the depreciation of the US dollar brought imported inflation, and the yield of ten-year Treasury Bond rose to the highest level since the founding of the United States. At this stage, the economy is in frequent recession, the price level remains at a high level, the unemployment rate is rising,<b>The rise in interest rates mainly corresponds to the high inflation caused by the contraction of supply.</b></p><p><b>After 1981, the core of the decline in long-term bond interest rates was the phenomenon of low economic growth and low inflation caused by insufficient endogenous kinetic energy of economic growth.</b></p><p>On the supply side, the global innovation and economic progress since 1970s have focused on a narrow field of human activities, which is more related to entertainment, communication, information collection and processing, and the improvement of this part of social well-being is not included in GDP. \"For other matters that human beings care about, including food, clothing, housing, transportation, health, working environment inside and outside the home, the progress rate has slowed down after 1970, both from a quantitative and qualitative point of view.\" (Robert Gordon, Up and Down of American Economic Growth)</p><p>On the demand side, the deterioration of the income distribution mechanism has led to long-term insufficient effective demand. The loosening of wage control policy in 1973 is an important reason for the intensification of the polarization between the rich and the poor since then. Population aging in western countries generally appeared in the early 1980. Combined with their high welfare system, both labor supply and savings declined, and capital investment was insufficient. In addition, in response to global competition, enterprises in developed countries have moved their industries to emerging markets to reduce costs, and residents' wage growth has stagnated.</p><p><b>At present, the above factors that lead to the lack of endogenous kinetic energy of economic growth have not been improved.</b>The aging population and the decline of fertility rate in developed countries are still intensifying; Global innovation mainly focuses on business models, and hardware investment has not yet formed a qualitative change to improve social production efficiency; Technological progress and globalization have improved efficiency, but they have damaged fairness. The government must make more efforts to pay attention to vulnerable groups.</p><p>Human society does not evolve linearly, but develops by leaps and bounds like a quantum leap. It has been at a slow and steady energy level for a long time. Suddenly, it encounters some major changes. The order, system and technology begin to undergo profound changes, and the process of history begins to accelerate until it enters the next new energy level of long-term slow and steady development. COVID-19 pandemic may be such a major change. When human beings encounter difficulties, cooperation and reform are more likely to appear and enter the above-mentioned leap-forward development.</p><p><b>After the COVID-19 pandemic, some factors that changed the lack of endogenous power of long-term economic growth began to loom.</b>The Democratic Party is willing to reform the wealth distribution system, including raising the income tax rate of the rich and large enterprises, raising the minimum wage, stimulating employment with traditional infrastructure, and increasing transfer payments to low-and middle-income people. However, the polarization of political views between the two parties and society in the United States makes this reform difficult (the Republican Party's opposition to raising the minimum wage to $15 per hour is a microcosm of political polarization). The bipartisan consensus may be on antitrust enforcement of large technology companies. Congress is considering forcing technology giants to separate their dominant online platforms from other business units. The Antitrust Subcommittee of the House Judiciary Committee led by Democrats is preparing to propose comprehensive reforms, which may encourage innovation in the long run (as IBM was spun off in 1970s), increase social labor productivity and improve wealth distribution mechanisms.</p><p><b>Once the U.S. government begins to turn left and reform the distribution system based on liberal capitalism since the Reagan administration, the conditions for long-term interest rates to turn upward may appear.</b>The equalization of income distribution may reverse the long-term deflation caused by the widening gap between the rich and the poor in the past four decades.<b>And promote the central trend of long-term interest rates to rebound.</b></p><p><b>In addition, there are also potential factors on the supply side that will drive the long-term recovery of interest rates.</b>Under the global trend of \"carbon neutrality\", the capital market is also driving the \"greening\" of the energy industry, which may lead to insufficient investment in traditional energy. For example, Shell, which has a more aggressive transformation, plans to achieve carbon neutrality goals by 2050. To this end, its capital expenditure ratio in the upstream sector has been reduced from about 35% to 25-30% after 2025, while the capital expenditure ratio of renewable energy has increased. Correspondingly, the IRR of new capital expenditure also treats the return rate of the upstream sector and renewable energy differently. The return rate of capital expenditure of the upstream sector must reach 20-25%, while the return rate of investment of renewable energy is only no less than 10%. Not only energy, but commodity prices have been sluggish in the past 10 years, raw material producers have cut capital expenditures to varying degrees, and COVID-19 pandemic has also accelerated the clearing of some production capacity.</p><p><b>3. If the trend reversal of interest rates is not considered, how long can this round of style switching of growth value last?</b></p><p><b>If the U.S. Treasury Bond market fails to form a long-term bear market, the discussion of value over growth style may be limited to short-term cycles.</b></p><p>We selected five indicators: inflation expectations, real interest rates, PMI, CPI, and year-on-year inventories to examine the macro state of value stocks outperforming growth stocks since 2000. 2000.7-2001.3 and 2008.6-2008.12 were both economic downturn stages. PMI, inventory year-on-year, and CPI all declined. Under the defensive strategy, value stocks gained excess returns. The remaining four stages are all economic recovery, and most of the economic indicators are in a state of recovery. Inflation expectations and CPI rebound fluctuate at high levels; Except for 2001.11-2002.7, the bottom of the real interest rate began to climb, and the PMI fluctuated upward; Except for 2012.5-2013.7, the inventory cycle is in the replenishment stage. Excluding this time (2020.9-2021.2) and the long-term bull period of value stocks (2003.12-2006.06), the average excess return of value stocks is 15.54%.<b>The average duration is 10 months</b>。 The most similar to this one is 2016.3-2016.12. This stage is the last round of small-cycle recovery period. The excess return of value stocks was 8.22%, which lasted for 10 months.</p><p><table><tbody><tr><td>Table 1: Previous periods of excess return of value stocks relative to growth stocks</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c79f98fa6d41cc0bb8b40968953959c8\" tg-width=\"492\" tg-height=\"179\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 8: 1990-present inflation expectations (%), CPI year-on-year growth rate (%), inventory year-on-year growth rate (%)</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/9497187cf6a6026f1ba5e5df2d759692\" tg-width=\"494\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 9: Real interest rates and PMI 1990-present</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b903d79a6e050f784a34a9525ddba907\" tg-width=\"485\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table>Judging from the previous four style reversals (that is, the RUSSEL 1000 value/growth index turned from downward to upward),<b>The peak and fall of nominal interest rate, real interest rate, CPI, and inflation expectations are roughly inflection point synchronization or leading indicators</b>。 But after 2008, value stocks can only eat the \"fish body\" of rising interest rates or inflation, that is, the early stage of rising interest rates or inflation from the bottom, but not the \"fish tail\" of the peak stage. This may be because the market believes that the duration of excess profits of value stocks is difficult to be as long as it was in 2003-2006.<b>The inflection point of market style is also earlier than the inflection point of relative profitability.</b></p><p>According to data from FactSet, profits in the industrial, materials and financial sectors are expected to increase by 89%, 40% and 23% year-on-year respectively in 2021, while profits in the technology sector will only increase by 18%, showing that the current value style is dominant.<b>This round of value style has lasted for 6 months, and may be in the middle and late stage of the style advantage period (comparable to an average of 10 months), and the excess return has also completed more than half of the historical average.</b></p><p>Looking at macro indicators,<b>CPI may fall after peaking in May, and inflation expectations are already at historical highs (99.5% percentile)</b>。 The lower-than-expected recovery of U.S. shale oil production capacity gives OPEC room to continue production cuts to maintain high oil prices. Oil prices may fluctuate violently at high levels in the first half of the year, but inflation expectations may fall with oil prices in the second half of the year. Judging from previous rounds of historical experience, inflation expectations are about half a year ahead of real interest rates. Therefore, after inflation expectations fall in the second half of the year, there is still room for real interest rates to rise. After stripping off the long-term trend, the current real interest rate (around-0.66%) is still at a historically low level (17.4% quantile). It is expected that the rebound high of real interest rates will be around 0.2%-0.3%, corresponding to the historical quantile of 70%-80%, which is approximately equal to the average level in 2019.</p><p><b>According to our judgment on inflation and real interest rates, the phase of rapid rise in interest rates and inflation may end in May this year. Therefore, the short-term style advantage of value stocks may still last for a quarter, and whether the trend can be reversed in the long term will be determined by a series of institutional reforms that reverse income distribution and the gap between the rich and the poor.</b></p><p>In terms of specific industries, commodity price increases, manufacturing replenishment and rising interest rates are driven by<b>Sectors such as finance, energy, industry and raw materials led the gains during the recovery period.</b>Healthcare, information technology, public utilities, and telecommunications services have no obvious inventory cycle, and the performance of core consumer goods is relatively stable and relatively less elastic. Non-core consumer goods are too affected by amazon.<b>At present, the gains of energy stocks have exceeded the historical average level, and the gains of financial stocks have been fully realized</b>。</p><p>In the short term, we think<b>Value stocks are still expected to outperform growth stocks in the coming quarter as a recovery trade, but it is recommended to lower expectations for absolute returns of value stocks; In the long run, it is still unknown whether the trend of value/growth style differentiation can be reversed. If the U.S. government promotes a series of institutional reforms to narrow the gap between the rich and the poor through tax increases, it must be psychologically prepared for the possible trend reversal of style.</b></p><p><table><tbody><tr><td>Table 2: Performance of various industries during the recovery phase</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6228f37247756967ffbc3aa57083aa9d\" tg-width=\"460\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table></p>","source":"xthgbj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How long will the value style of US stocks last?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow long will the value style of US stocks last?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">雪涛宏观笔记</strong><span class=\"h-time small\">2021-03-29 23:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The core source of long-term relative returns between U.S. value stocks and growth stocks is earnings, not valuations. What is significantly different from the dot-com bubble period is that there is no obvious valuation bubble in current growth stocks compared with value stocks (they may all be expensive). In the short term, this round of value style has lasted for 6 months, and may be in the middle and late stages of the style advantage period (comparable to an average of 10 months). As a recovery trade, value stocks are still expected to outperform growth stocks in the next quarter, but it is recommended to lower expectations for absolute returns on value stocks. In the long run, it is still unknown whether the trend of value/growth style differentiation can be reversed. If the U.S. government promotes a series of institutional reforms to narrow the gap between the rich and the poor through tax increases, it must be psychologically prepared for the trend reversal of style.<b>Introduction:</b></p><p>In August last year, U.S. value stocks underperformed growth stocks for the first time, exceeding the level during the dot-com bubble. At that time, the market began to show the view of turning to cyclical value stocks. At the same time, the long-term US Treasury yields began to rebound sharply, driving the value/growth ratio to rebound from historical lows. Since February this year, the Nasdaq index, which represents the growth style, has seen a continuous pullback/retracement, and the Dow Jones index, which represents the value style, has repeatedly hit new highs. When the style switch has become a reality, the discussion on whether the value style of U.S. stocks has ushered in a long-term inflection point has intensified.</p><p><b>Is the style switching a long-term reversal or a short-term convergence, and how much room for deduction is there?</b>--Let's explore the answer to this question using the Russel 1000 Value and Growth Index as an example.</p><p><b>Core conclusions:</b></p><p><b>First, the core source of relative returns between value stocks and growth stocks is profit, not valuation! At present, there is no obvious valuation bubble in growth stocks compared to value stocks (they may be both expensive!), which is significantly different from the dot com bubble period.</b></p><p><b>Second, after 1981, the core of the decline in long-term bond interest rates was the phenomenon of low economic growth and low inflation caused by insufficient endogenous kinetic energy of economic growth. At present, the technical and institutional factors that lead to the insufficient endogenous kinetic energy of economic growth and the long-term deflation environment have not been improved.</b></p><p><b>Third, if the U.S. Treasury Bond market cannot form a long-term bear market, the discussion that value is better than growth style may be limited to short-term cycles. The peak and fall of nominal interest rate, real interest rate, CPI, and inflation expectations are roughly inflection point synchronization or leading indicators, and the inflection point of market style is also earlier than the relative profit inflection point.</b></p><p><b>Fourthly, from a short-term perspective, this round of value style has lasted for 6 months, and it is in the middle and late stage of the style advantage period (comparable to an average of 10 months), and the excess return has also completed more than half of the historical average. The phase of rapid rise in interest rates and inflation may end in May this year. Therefore, value stocks are still expected to outperform growth stocks in the coming quarter as a recovery trade, but it is recommended to lower expectations for the absolute returns of value stocks.</b></p><p><b>Fifth, once the U.S. government begins to turn left and reform the distribution system based on liberal capitalism since the Reagan administration, the conditions for long-term interest rates to turn upward may appear. The equalization of income distribution may reverse the long-term deflation caused by the widening gap between the rich and the poor in the past four decades, and promote the central trend of long-term interest rates to rise.</b></p><p><b>Sixth, it is still unknown whether the trend of long-term value/growth style differentiation can be reversed. If the U.S. government promotes a series of institutional reforms to narrow the gap between the rich and the poor through tax increases, it must be psychologically prepared for the possible trend reversal of style.</b></p><p><table><tbody><tr><td>Figure 1: 10-year Treasury Bond yield versus Russel 1000 Value and Style Index relative returns</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/600e3efd47bf1b5bf01a8081ca124909\" tg-width=\"910\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>1. What determines the relative returns of value/growth style?</b></p><p>The core view supporting the long-term reversal of style is the reversal of the downward trend of long-term U.S. bond yields. We analyze it from the perspective of the impact of long-term yield on earnings per share and valuation of value stocks and growth stocks.</p><p><b>(1) The direction of long-term U.S. bond yields and the difference between value growth EPS are in the same direction</b></p><p>Financial statement metrics related to operating leverage, such as turnover of assets, plant and equipment, and net debt, differ significantly for value and growth companies. In a broad reflationary environment, value companies with relatively high levels of fixed assets will have more pronounced improvements in turnover than growth companies. Value companies also have higher net debt levels than growth companies. In the case of reflation, compared with growth enterprises, the burden of repaying principal and interest of value enterprises will be relatively small. Therefore,<b>The downward trend in interest rates may imply a decline in the relative earnings of EPS of value companies.</b></p><p>Judging from the history of nearly 30 years,<b>The difference in EPS between value stocks and growth stocks is more consistent with short-cycle fluctuations in interest rates</b>。 However, the high points of each cycle move down in turn, which is in line with the long-term downward direction of interest rates. Among them, the short-term monetary policy interest rate was consistent with the fluctuation law of profit margin before 2008, but gradually deviated after the financial crisis, reflecting that the monetary policy interest rate's response to the economic profit cycle slowed down. The long-term ten-year US Treasury yields deviated significantly from the earnings difference from 2003 to 2006. The EPS difference between value stocks and growth stocks hit a new high in 2007, but the ten-year US Treasury yields was lower than the previous cycle high.</p><p><b>At the heart of the divergence is also the mystery of Greenspan's long-term interest rate</b>, short-term interest rates rose, while long-term risk-free interest rates fell. Greenspan's explanations for this include:</p><p>1. The economic recovery of the United States and the deepening of globalization have led to the accumulation of increasingly large dollar surpluses among trading partners. On a global scale, the only place that has the ability to undertake this part of the foreign exchange reserves accumulated from the surplus is the US Treasury Bond market.</p><p>2. With the inevitable increase in the number of retirees (especially in developed countries), the insufficient funding of retirement plans has attracted increasing concern. Pension funds and insurance companies have to increase their share of long-term bonds in their investment portfolios.</p><p><table><tbody><tr><td>Figure 2: Before 2008, the monetary policy cycle was close to the trend of the difference between value and growth profit</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/61937bebe0692c423e53ccc1341518ff\" tg-width=\"568\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 3: The 10Y US Treasury yields is more consistent with the fluctuation of value growth profit difference</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/0213083f3bfc77aed3440308bd2fe7d3\" tg-width=\"824\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>(2) The decline in long-term yields will not make growth stocks more expensive than value stocks</b></p><p><b>There is a widespread view that the downward trend of risk-free interest rates will bring more valuation premiums to growth stocks, but this perception is wrong!</b>Although from a short-cycle perspective, the fluctuation of Treasury Bond's yield is indeed ahead of the risk premium difference between value stocks and growth stocks, but from a long-term perspective, the risk premium of value stocks compared with growth stocks has not expanded due to the downward trend of risk-free interest rates.</p><p><table><tbody><tr><td>Figure 4: The difference between 10-year Treasury Bond interest rate and value and the risk premium of growth stocks</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/31507616ec0aec31a906ffcb6a74a3a9\" tg-width=\"478\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table>Thus, we conclude,<b>The core source of relative returns between value stocks and growth stocks is earnings, not valuation! At present, there is no obvious valuation bubble in growth stocks compared to value stocks (they may be both expensive!), which is significantly different from the dot com bubble period.</b></p><p>The decline in risk-free interest rates and the decline in style relative profitability (value stocks-growth stocks) both reflect changes in the industrial structure of the U.S. economy. The use of capital and technology reduces labor costs and improves corporate efficiency and profitability. Therefore, the weight of growth stocks represented by technology in the stock market does not match their contribution to the economy and employment (see Figure 6).<b>The key question of whether there will be a style reversal in the future is whether the U.S. industrial structure will change, leading to a continued upward trend in value stock earnings, inflation and interest rates.</b></p><p><table><tbody><tr><td>Figure 5: Except for the divergence of the Science and Technology Period (2000), the profit difference between value and growth dominates the relative returns of the value and growth index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b50730f74cd9d5269e52a4816dbcc27a\" tg-width=\"532\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 6: The weight of growth stocks represented by technology in the stock market does not match their contribution to the economy and employment</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c8b2645041d5028dd3dc4a6684ec26ed\" tg-width=\"480\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: BEA, BLS, Standard & Poor's, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>2. If there is a tax increase (and a series of institutional reforms representing a left turn in American society), the 40-year downward trend in interest rates may end, and the style may reverse</b></p><p>Looking back at the history of interest rates after World War II, the factors that led to the 40-year decline in interest rates have not changed.<b>The trend of nominal interest rates depends mainly on real economic growth and inflation.</b>After World War II, the 10-year U.S. bond yield was highly consistent with the trend of U.S. GDP growth and core CPI, with the peak appearing in the 1970s.</p><p><table><tbody><tr><td>Figure 7: 10-year Treasury Bond yield and US real GDP growth and core CPI</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/51766a075b0ad18b0da629cc8019a2c4\" tg-width=\"475\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>The first phase of the rising interest rate cycle (1946-1970)</b>It is based on the real prosperity generated by the positive feedback between the supply side and the demand side. During World War II, the U.S. government promoted supply-side reform in response to the current situation, upgraded the supply level of U.S. manufacturing and supporting industries, accelerated the training of a large number of technical talents at the rate of wartime economy, and reproduced the barbaric advance of the late 19th century in the application of new technologies. Roosevelt's New Deal pushed the legislation of labor relations, narrowed the polarization between the rich and the poor, and allowed American workers to get the 8-hour working week and other benefits. However, the increase of relative labor costs, the education level of residents and the increase of female labor participation rate pushed labor productivity to a new height. On the demand side, the war has hit global industries hard, leaving everything in waste to be rebuilt, and the industrial base needs to be rebuilt urgently. At this stage, the economy is growing rapidly, inflation is low, the unemployment rate continues to decline, and the polarization between the rich and the poor is narrowing.<b>The rise in interest rates corresponds to the acceleration of real economic growth.</b></p><p><b>The second phase of rising interest rates (1970-1981)</b>Built on the supply shock brought about by the oil crisis. During the two oil crises, the price of crude oil rose from less than $3 per barrel in 1973 to $45 in 1980. The post-war economic recovery was highly dependent on the energy support provided by the petrochemical industry. The price of crude oil rose. After the Bretton Woods system collapsed, the depreciation of the US dollar brought imported inflation, and the yield of ten-year Treasury Bond rose to the highest level since the founding of the United States. At this stage, the economy is in frequent recession, the price level remains at a high level, the unemployment rate is rising,<b>The rise in interest rates mainly corresponds to the high inflation caused by the contraction of supply.</b></p><p><b>After 1981, the core of the decline in long-term bond interest rates was the phenomenon of low economic growth and low inflation caused by insufficient endogenous kinetic energy of economic growth.</b></p><p>On the supply side, the global innovation and economic progress since 1970s have focused on a narrow field of human activities, which is more related to entertainment, communication, information collection and processing, and the improvement of this part of social well-being is not included in GDP. \"For other matters that human beings care about, including food, clothing, housing, transportation, health, working environment inside and outside the home, the progress rate has slowed down after 1970, both from a quantitative and qualitative point of view.\" (Robert Gordon, Up and Down of American Economic Growth)</p><p>On the demand side, the deterioration of the income distribution mechanism has led to long-term insufficient effective demand. The loosening of wage control policy in 1973 is an important reason for the intensification of the polarization between the rich and the poor since then. Population aging in western countries generally appeared in the early 1980. Combined with their high welfare system, both labor supply and savings declined, and capital investment was insufficient. In addition, in response to global competition, enterprises in developed countries have moved their industries to emerging markets to reduce costs, and residents' wage growth has stagnated.</p><p><b>At present, the above factors that lead to the lack of endogenous kinetic energy of economic growth have not been improved.</b>The aging population and the decline of fertility rate in developed countries are still intensifying; Global innovation mainly focuses on business models, and hardware investment has not yet formed a qualitative change to improve social production efficiency; Technological progress and globalization have improved efficiency, but they have damaged fairness. The government must make more efforts to pay attention to vulnerable groups.</p><p>Human society does not evolve linearly, but develops by leaps and bounds like a quantum leap. It has been at a slow and steady energy level for a long time. Suddenly, it encounters some major changes. The order, system and technology begin to undergo profound changes, and the process of history begins to accelerate until it enters the next new energy level of long-term slow and steady development. COVID-19 pandemic may be such a major change. When human beings encounter difficulties, cooperation and reform are more likely to appear and enter the above-mentioned leap-forward development.</p><p><b>After the COVID-19 pandemic, some factors that changed the lack of endogenous power of long-term economic growth began to loom.</b>The Democratic Party is willing to reform the wealth distribution system, including raising the income tax rate of the rich and large enterprises, raising the minimum wage, stimulating employment with traditional infrastructure, and increasing transfer payments to low-and middle-income people. However, the polarization of political views between the two parties and society in the United States makes this reform difficult (the Republican Party's opposition to raising the minimum wage to $15 per hour is a microcosm of political polarization). The bipartisan consensus may be on antitrust enforcement of large technology companies. Congress is considering forcing technology giants to separate their dominant online platforms from other business units. The Antitrust Subcommittee of the House Judiciary Committee led by Democrats is preparing to propose comprehensive reforms, which may encourage innovation in the long run (as IBM was spun off in 1970s), increase social labor productivity and improve wealth distribution mechanisms.</p><p><b>Once the U.S. government begins to turn left and reform the distribution system based on liberal capitalism since the Reagan administration, the conditions for long-term interest rates to turn upward may appear.</b>The equalization of income distribution may reverse the long-term deflation caused by the widening gap between the rich and the poor in the past four decades.<b>And promote the central trend of long-term interest rates to rebound.</b></p><p><b>In addition, there are also potential factors on the supply side that will drive the long-term recovery of interest rates.</b>Under the global trend of \"carbon neutrality\", the capital market is also driving the \"greening\" of the energy industry, which may lead to insufficient investment in traditional energy. For example, Shell, which has a more aggressive transformation, plans to achieve carbon neutrality goals by 2050. To this end, its capital expenditure ratio in the upstream sector has been reduced from about 35% to 25-30% after 2025, while the capital expenditure ratio of renewable energy has increased. Correspondingly, the IRR of new capital expenditure also treats the return rate of the upstream sector and renewable energy differently. The return rate of capital expenditure of the upstream sector must reach 20-25%, while the return rate of investment of renewable energy is only no less than 10%. Not only energy, but commodity prices have been sluggish in the past 10 years, raw material producers have cut capital expenditures to varying degrees, and COVID-19 pandemic has also accelerated the clearing of some production capacity.</p><p><b>3. If the trend reversal of interest rates is not considered, how long can this round of style switching of growth value last?</b></p><p><b>If the U.S. Treasury Bond market fails to form a long-term bear market, the discussion of value over growth style may be limited to short-term cycles.</b></p><p>We selected five indicators: inflation expectations, real interest rates, PMI, CPI, and year-on-year inventories to examine the macro state of value stocks outperforming growth stocks since 2000. 2000.7-2001.3 and 2008.6-2008.12 were both economic downturn stages. PMI, inventory year-on-year, and CPI all declined. Under the defensive strategy, value stocks gained excess returns. The remaining four stages are all economic recovery, and most of the economic indicators are in a state of recovery. Inflation expectations and CPI rebound fluctuate at high levels; Except for 2001.11-2002.7, the bottom of the real interest rate began to climb, and the PMI fluctuated upward; Except for 2012.5-2013.7, the inventory cycle is in the replenishment stage. Excluding this time (2020.9-2021.2) and the long-term bull period of value stocks (2003.12-2006.06), the average excess return of value stocks is 15.54%.<b>The average duration is 10 months</b>。 The most similar to this one is 2016.3-2016.12. This stage is the last round of small-cycle recovery period. The excess return of value stocks was 8.22%, which lasted for 10 months.</p><p><table><tbody><tr><td>Table 1: Previous periods of excess return of value stocks relative to growth stocks</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/c79f98fa6d41cc0bb8b40968953959c8\" tg-width=\"492\" tg-height=\"179\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 8: 1990-present inflation expectations (%), CPI year-on-year growth rate (%), inventory year-on-year growth rate (%)</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/9497187cf6a6026f1ba5e5df2d759692\" tg-width=\"494\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><table><tbody><tr><td>Figure 9: Real interest rates and PMI 1990-present</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/b903d79a6e050f784a34a9525ddba907\" tg-width=\"485\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table>Judging from the previous four style reversals (that is, the RUSSEL 1000 value/growth index turned from downward to upward),<b>The peak and fall of nominal interest rate, real interest rate, CPI, and inflation expectations are roughly inflection point synchronization or leading indicators</b>。 But after 2008, value stocks can only eat the \"fish body\" of rising interest rates or inflation, that is, the early stage of rising interest rates or inflation from the bottom, but not the \"fish tail\" of the peak stage. This may be because the market believes that the duration of excess profits of value stocks is difficult to be as long as it was in 2003-2006.<b>The inflection point of market style is also earlier than the inflection point of relative profitability.</b></p><p>According to data from FactSet, profits in the industrial, materials and financial sectors are expected to increase by 89%, 40% and 23% year-on-year respectively in 2021, while profits in the technology sector will only increase by 18%, showing that the current value style is dominant.<b>This round of value style has lasted for 6 months, and may be in the middle and late stage of the style advantage period (comparable to an average of 10 months), and the excess return has also completed more than half of the historical average.</b></p><p>Looking at macro indicators,<b>CPI may fall after peaking in May, and inflation expectations are already at historical highs (99.5% percentile)</b>。 The lower-than-expected recovery of U.S. shale oil production capacity gives OPEC room to continue production cuts to maintain high oil prices. Oil prices may fluctuate violently at high levels in the first half of the year, but inflation expectations may fall with oil prices in the second half of the year. Judging from previous rounds of historical experience, inflation expectations are about half a year ahead of real interest rates. Therefore, after inflation expectations fall in the second half of the year, there is still room for real interest rates to rise. After stripping off the long-term trend, the current real interest rate (around-0.66%) is still at a historically low level (17.4% quantile). It is expected that the rebound high of real interest rates will be around 0.2%-0.3%, corresponding to the historical quantile of 70%-80%, which is approximately equal to the average level in 2019.</p><p><b>According to our judgment on inflation and real interest rates, the phase of rapid rise in interest rates and inflation may end in May this year. Therefore, the short-term style advantage of value stocks may still last for a quarter, and whether the trend can be reversed in the long term will be determined by a series of institutional reforms that reverse income distribution and the gap between the rich and the poor.</b></p><p>In terms of specific industries, commodity price increases, manufacturing replenishment and rising interest rates are driven by<b>Sectors such as finance, energy, industry and raw materials led the gains during the recovery period.</b>Healthcare, information technology, public utilities, and telecommunications services have no obvious inventory cycle, and the performance of core consumer goods is relatively stable and relatively less elastic. Non-core consumer goods are too affected by amazon.<b>At present, the gains of energy stocks have exceeded the historical average level, and the gains of financial stocks have been fully realized</b>。</p><p>In the short term, we think<b>Value stocks are still expected to outperform growth stocks in the coming quarter as a recovery trade, but it is recommended to lower expectations for absolute returns of value stocks; In the long run, it is still unknown whether the trend of value/growth style differentiation can be reversed. If the U.S. government promotes a series of institutional reforms to narrow the gap between the rich and the poor through tax increases, it must be psychologically prepared for the possible trend reversal of style.</b></p><p><table><tbody><tr><td>Table 2: Performance of various industries during the recovery phase</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6228f37247756967ffbc3aa57083aa9d\" tg-width=\"460\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI0MzMzNzczNQ==&mid=2247495039&idx=1&sn=c64cff2fab379436f872324dadae5a4b&chksm=e96c3217de1bbb01c4cdf1ef8dcdeda0fd65adfedf8aff752e2d35d9bb926099814cf31cf9bb&mpshare=1&scene=23&srcid=03271858VKgyWAwMRniMvBl0&sharer_sharetime=1616837119379&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd\">雪涛宏观笔记</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI0MzMzNzczNQ==&mid=2247495039&idx=1&sn=c64cff2fab379436f872324dadae5a4b&chksm=e96c3217de1bbb01c4cdf1ef8dcdeda0fd65adfedf8aff752e2d35d9bb926099814cf31cf9bb&mpshare=1&scene=23&srcid=03271858VKgyWAwMRniMvBl0&sharer_sharetime=1616837119379&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192792909","content_text":"美股价值股与成长股长期相对收益的核心来源是盈利，而不是估值。与科网泡沫时期显著不同的是当前成长股相比价值股并不存在明显的估值泡沫（可能都贵）。短期来看，本轮价值风格已持续了6个月，可能处于风格优势期的中后期（可比平均10个月），价值股作为复苏交易在未来一个季度仍有望跑赢成长股，但建议放低对价值股绝对收益的预期。长期来看，价值/成长的风格分化能否趋势性逆转仍然未知，如果美国政府通过加税推动一系列缩小贫富差距的制度改革，要做好风格趋势性逆转的心理准备。引言：去年8月，美股价值股跑输成长股的幅度首次超过科网泡沫时期水平，当时市场开始出现转向周期价值股的观点，同一时间长端美债利率开始剧烈反弹，带动价值/成长比值从历史低位回升。今年2月以来，代表成长风格的纳斯达克指数连续回撤，代表价值风格的道琼斯指数屡创新高。当风格切换已成为事实后，关于美股价值风格是否迎来长期拐点的讨论愈演愈烈。风格切换是长期反转还是短期收敛，还有多少演绎空间？——我们以Russel 1000的价值和成长指数为例，探讨该问题的答案。核心结论：第一、价值股与成长股相对收益的核心来源是盈利，而不是估值！当前成长股相比价值股并不存在明显的估值泡沫（可能都贵！），这与科网泡沫时期是显著不同的。第二、1981年后，长期债券利率下行的内核是经济增长内生动能不足带来的低经济增速、低通胀现象。目前来看，导致经济增长内生动能不足、长期通缩环境的技术因素和制度因素仍未得到改善。第三、如果美国国债市场无法形成长期熊市，价值优于成长风格的讨论可能仅仅局限于短周期。名义利率、实际利率、CPI、通胀预期触顶回落大致是拐点同步或领先指标，市场的风格拐点也早于相对盈利拐点。第四、短周期看，本轮价值风格已持续了6个月，处于风格优势期的中后期（可比平均10个月），超额收益也完成了历史均值的一大半。利率和通胀快速上行的阶段可能在今年5月结束。因此价值股作为复苏交易在未来一个季度仍有望跑赢成长股，但建议放低对价值股绝对收益的预期。第五、一旦美国政府开始左转，改革里根政府以来以自由资本主义为基础的分配制度，长期利率转为趋势上行的条件可能出现。收入分配的均衡化可能扭转过去四十年贫富差距拉大带来的长期通缩局面，并推动长期利率中枢趋势性回升。第六、长期价值/成长的风格分化能否趋势性逆转仍然未知，如果美国政府通过加税推动一系列缩小贫富差距的制度改革，要做好可能发生风格趋势性逆转的心理准备。图1：10年期国债收益率与Russel 1000 价值与风格指数相对收益资料来源：Bloomberg，天风证券研究所一、价值/成长风格的相对收益由什么决定？支持风格长期反转的核心观点是美债长端收益率下行趋势的扭转。我们从长端收益率对价值股和成长股每股盈利和估值影响的角度予以分析。（1）长端美债收益率方向与价值成长EPS之差同向对于价值型公司和成长型公司来说，与经营杠杆相关的财务报表指标，如资产、工厂和设备的周转率和净债务，有显著的不同。在一个广泛的通货再膨胀环境中，拥有相对较高固定资产水平的价值型公司将比成长型公司在周转率方面有更明显的改善。价值型公司的净债务水平也高于成长型公司。在通货再膨胀的情况下，相对成长型企业，价值型企业还本付息的负担会相对较小。因此，利率的下行可能暗示了价值型公司EPS相对收益的下滑。从近30年的历史来看，价值股与成长股EPS之差与利率短周期波动较为吻合。但每轮周期的高点依次下移，符合利率长期下行的方向。其中短端货币政策利率在2008年前与盈利差波动规律一致，但在金融危机后逐渐背离，反映货币政策利率对经济盈利周期响应变慢。长端十年期美债利率与盈利差在2003-2006年有显著背离，价值股与成长股EPS之差在07年创下新高，但十年期美债利率却比上一轮周期高点更低。背离的核心也是格林斯潘长期利率之谜，短期利率上升，长期无风险利率却下降。格林斯潘对此的解释包括：1. 美国经济复苏叠加全球化程度加深，导致贸易伙伴累积了越来越庞大的美元顺差。而在全球范围内，唯一有能力承接这部分由顺差累积而来的外汇储备的地方，就是美国国债市场。2. 随着退休人口不可避免的增加（尤其是在发达国家），退休计划的资金供给不足日益引起关注。养老基金和保险公司都不得不在自己的投资组合中加大对长期债券的份额。图2：2008年之前，货币政策周期与价值与成长盈利差走势接近资料来源：Bloomberg，天风证券研究所图3：10Y美债利率与价值成长盈利差的波动较为吻合资料来源：Bloomberg，天风证券研究所（2）长端收益率下行并不会导致成长股比价值股更贵一种广泛的观点认为无风险利率的下行会给成长股带来更多的估值溢价，但这个认知是错误的！尽管从短周期的角度看国债收益率的波动的确领先价值股与成长股的风险溢价差，但拉长周期看，价值股相比成长股的风险溢价并没有因为无风险利率的下行而扩大。图4：10年期国债利率与价值同成长股风险溢价差资料来源：Bloomberg，天风证券研究所因此，我们总结，价值股与成长股相对收益的核心来源是盈利，而不是估值！当前成长股相比价值股并不存在明显的估值泡沫（可能都贵！），这与科网泡沫时期是显著不同的。无风险利率下行与风格相对盈利（价值股-成长股）的下行均反映了美国经济产业结构的变化。资本和技术的运用减少了人力成本，提高了企业效率和盈利，因此以科技为代表的成长股在股市中的权重与对经济和就业的贡献并不匹配（见图6）。未来是否出现风格逆转的关键问题是美国产业结构是否会发生变化，导致价值股盈利、通胀和利率持续上行。图5：除了科网时期（2000）的背离，价值与成长的盈利差主导了价值与成长指数的相对收益资料来源：Bloomberg，天风证券研究所图6：以科技为代表的成长股在股市中的权重与对经济和就业的贡献并不匹配资料来源：BEA, BLS, Standard & Poor's，天风证券研究所二、如果出现加税（以及一系列代表美国社会左转的制度改革），四十年利率下行的趋势可能终结，风格有趋势性逆转的可能回顾二战后的利率史，导致利率长达40年下行的因素并未改变。名义利率的走势主要取决于实际经济增长和通胀。二战后，10年期美债收益率与美国GDP增速和核心CPI的走势有较高的一致性，峰值出现在1970年代。图7：10年期国债收益率与美国实际GDP增速与核心CPI资料来源：Bloomberg，天风证券研究所利率上升周期的第一阶段（1946年-1970年）建立在供给侧与需求侧正反馈产生的真实繁荣基础上。二战期间，美国政府顺应时势推动了供给侧改革，升级了美国制造业及配套产业的供给水平，以战时经济的速率加速培养了大批量的技术人才，在新技术的应用方面再现了19世纪后期的野蛮式突进。罗斯福新政力推劳资关系立法，贫富分化收窄，让美国工人获得了8小时工作制及其他福利，但相对劳动成本的提升，居民受教育程度、女性劳动参与率的提高将劳动生产率推升至新的高度。需求端，战争重创全球产业，百废待兴，工业基础亟待重建。本阶段经济高速增长，通胀较低，失业率持续下降，贫富分化收窄。利率上升对应的是实际经济增长的加速。利率上升的第二阶段（1970年-1981年）建立在石油危机带来的供给冲击上。两次石油危机期间，原油价格从1973年的每桶不到3美元涨到了1980年的45美元，战后经济复苏高度依赖石油化工产业提供的能源支持，原油价格上涨，布雷顿森林体系破裂后美元贬值，带来输入性通胀，十年期国债收益率升至美国建国以来的最高水平。本阶段，经济频繁衰退，物价水平持续位于高位，失业率上升，利率上升主要对应的是供给收缩带来的高通货膨胀。1981年后，长期债券利率下行的内核是经济增长内生动能不足带来的低经济增速、低通胀现象。供给端，70年代以来的全球创新和经济进步聚焦在人类活动的一个狭窄领域，更多是同娱乐、通信、信息收集和处理有关，而这部分social well-being的提高并没有计入GDP，“对于人类所关心的其他事务，包括食品、服装、住房、交通、健康、家庭内外的工作环境等，无论是从定量还是定性的角度看，在1970年之后进步速度都已经放缓。”（《美国经济增长的起落》罗伯特戈登）需求端，收入分配机制恶化导致了长期的有效需求不足。1973年松绑的工资控制政策是此后贫富分化加剧的一个重要原因。西方国家人口老龄化普遍出现在1980年初期，结合其高福利制度，劳动力供给和储蓄双双下降，资本投资不足；此外，为应对全球竞争发达国家企业将产业迁往新兴市场以降低成本，居民工资增长停滞。目前来看，以上导致经济增长内生动能不足的因素仍未得到改善。发达国家人口老龄化、生育率下降仍在加剧；全球创新主要聚焦于商业模式，硬件投入尚未形成提高社会生产效率的质变；技术进步和全球化提高了效率，但有损公平，政府必须要付出更多努力关注弱势群体。人类社会并不是线性演进的，而是像量子跃迁一样跳跃式发展，长期处在一个缓慢稳定发展的能级，突然遇到一些重大变化，秩序、制度、技术开始发生深刻变化，历史的进程开始加速，直到进入下一个长期缓慢稳定发展的新能级。新冠疫情可能就是这样一个重大变化，当人类遇到困境时，合作和改革才更有可能出现，进入到上面所说的跃迁式发展。新冠疫情之后，一些改变长期经济增长内生动力不足的因素开始若隐若现。民主党有意愿改革财富分配制度，包括提高富人和大企业的所得税率，提高最低工资，传统基建拉动就业，增加对中低收入者的转移支付等。但美国两党、社会的政治观点极化让这项改革变得困难重重（共和党反对将最低工资提升至每小时15美元，即是政治极化的一个缩影）。两党的共识可能是对大型科技企业的反垄断执法，国会考虑迫使科技巨头将它们占据主导地位的在线平台与其他业务部门分开，由民主党人领导的众议院司法委员会反垄断小组委员会准备提出全面改革，这可能在长期会鼓励创新（如同1970年代IBM被分拆），提高社会劳动生产率，改善财富分配机制。一旦美国政府开始左转，改革里根政府以来以自由资本主义为基础的分配制度，长期利率转为趋势上行的条件可能出现。收入分配的均衡化可能扭转过去四十年贫富差距拉大带来的长期通缩局面，并推动长期利率中枢趋势性回升。除此之外，供给侧也存在推动利率长期回升的潜在因素。全球“碳中和”趋势下，资本市场亦在驱动能源行业“绿色化”，这可能导致传统能源投资不足。例如转型比较激进的壳牌公司（Shell）计划到2050年达到碳中和目标。为此，其在上游板块的资本开支比例从35％左右缩减到2025年之后25-30％，而可再生能源资本开支比例提升。相应的，新增资本开支的IRR对上游板块和可再生能源的回报率要求也差别对待，上游板块的资本开支回报率要达到20-25％，而对可再生能源投资回报率要求仅不低于10％。不仅是能源，过去10年大宗商品价格低迷，原材料生产商不同程度地削减了资本开支，新冠疫情也加速了部分产能出清。三、如果不考虑利率的趋势性逆转，这一轮成长价值的风格切换能持续多久？如果美国国债市场无法形成长期熊市，价值优于成长风格的讨论可能仅仅局限于短周期。我们选取了通胀预期、实际利率、PMI、CPI、库存同比5个指标考察2000年以来价值股跑赢成长股的宏观状态。2000.7-2001.3和2008.6-2008.12均是经济下行阶段，PMI、库存同比、CPI均下行，防御策略下价值股收获超额收益。剩余4个阶段均表现为经济复苏，各项经济指标大多处于回升状态。通胀预期和CPI回升在高位震荡；除2001.11-2002.7外，实际利率底部开始攀升，PMI震荡上行；除2012.5-2013.7外，库存周期处于补库阶段。除去本次（2020.9-2021.2）和价值股长牛期（2003.12-2006.06），价值股的超额收益平均为15.54%，平均持续时长为10个月。与本次最为类似的是2016.3-2016.12，此阶段为上一轮小周期复苏期，价值股的超额收益为8.22%，持续了10个月。表1：历次价值股相对成长股超额收益时期资料来源：Bloomberg，天风证券研究所图8：1990-至今通胀预期(%)、CPI同比增速(%)、库存同比增速(%)资料来源：Bloomberg，天风证券研究所图9：1990-至今实际利率和PMI资料来源：Bloomberg，天风证券研究所从之前四次风格反转（即RUSSEL 1000 value/growth指数由下行转为上行）时点来看，名义利率、实际利率、CPI、通胀预期触顶回落大致是拐点同步或领先指标。但08年后，价值股只能吃到利率或通胀上行的“鱼身”，也即利率或通胀从底部上行的早期阶段，吃不到冲顶阶段的“鱼尾”，这可能是因为市场认为价值股超额盈利持续时间难以像2003-2006年那么长，市场的风格拐点也早于相对盈利拐点。FactSet的数据显示，预计2021年工业、材料和金融行业的利润将分别同比增长89％、40％和23％，而科技行业的利润仅增长18％，显示当前价值风格占优。本轮价值风格已持续了6个月，可能处于风格优势期的中后期（可比平均10个月），超额收益也完成了历史均值的一大半。宏观指标来看，CPI可能在5月冲顶后回落，通胀预期也已经处在历史高位（99.5%分位）。美国页岩油产能恢复不及预期给了OPEC继续减产维持高油价的空间，上半年油价可能在高位剧烈震荡，但下半年通胀预期可能随油价回落。从之前几轮历史经验来看，通胀预期领先实际利率半年左右，因此下半年通胀预期回落后，实际利率仍有上行空间。剥离长期趋势后，当前实际利率（-0.66%左右）仍然处在历史较低水平（17.4%分位）。预计实际利率的反弹高点大约在0.2%-0.3%左右，对应70%-80%历史分位，约等于2019年的平均水平。根据我们对通胀和实际利率的判断，利率和通胀快速上行的阶段可能在今年5月结束。因此，价值股的短期风格优势可能仍能持续一个季度，长期是否能趋势性逆转将由一系列逆转收入分配和贫富差距的制度改革所决定。具体行业来看，大宗商品涨价、制造业补库和利率上行推动金融、能源、工业和原材料等行业在复苏期涨幅领先。医疗保健，信息技术、公共事业、电信服务没有明显的库存周期，核心消费品业绩较为稳定，相对弹性较小。非核心消费品受amazon影响过大。目前能源股涨幅已超过历史均值水平，金融股的涨幅也已充分兑现。短期来看，我们认为价值股作为复苏交易在未来一个季度仍有望跑赢成长股，但建议放低对价值股绝对收益的预期；长期来看，价值/成长的风格分化能否趋势性逆转仍然未知，如果美国政府通过加税推动一系列缩小贫富差距的制度改革，要做好可能发生风格趋势性逆转的心理准备。表2：各行业在复苏阶段表现资料来源：Bloomberg，天风证券研究所","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135685023,"gmtCreate":1622161386162,"gmtModify":1704180534542,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/135685023","repostId":"2138171227","repostType":4,"repost":{"id":"2138171227","kind":"highlight","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":1622156400,"share":"https://ttm.financial/m/news/2138171227?lang=en_US&edition=fundamental","pubTime":"2021-05-28 07:00","market":"hk","language":"zh","title":"SalesforceQ1 revenue was US $5.96 billion, net profit increased by 374% year-on-year","url":"https://stock-news.laohu8.com/highlight/detail?id=2138171227","media":"老虎资讯综合","summary":"Salesforce预计2022财年第二季度营收在62.2-62.3亿美元之间。","content":"<p>After the U.S. stock market closed on May 27, Eastern Time,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>Announced its results for the first quarter of fiscal year 2022 ended April 30, 2021. The financial report shows that Salesforce's revenue in the first quarter was US $5.96 billion, a year-on-year increase of 23%, higher than market expectations of US $5.89 billion.<img src=\"https://static.tigerbbs.com/fa1fff22c08757e7d229d28b9b7dc846\" tg-width=\"719\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p><p>RESULTS</p><p>By business, subscription and support business revenue was US $5.54 billion, a year-on-year increase of 21%; Professional services and other business revenue was $430 million, a year-on-year increase of 47%.</p><p>Cost of revenue for the quarter was $1.555 billion, a year-on-year increase of 24%; Operating expenses were US $4.054 billion, a year-on-year increase of 8%.</p><p>Salesforce's net profit in the first quarter was US $469 million, compared with US $99 million in the same period last year, a year-on-year increase of 374%; Diluted earnings per share were $0.5, compared with $0.11 in the same period last year.</p><p>As of the end of the first quarter, Salesforce held cash, cash equivalents and marketable securities totaling $15.02 billion.</p><p>Performance Guidance</p><p>Salesforce expects revenue in the second quarter of fiscal 2022 to be between US $6.22-6.23 billion, and expects revenue in the full fiscal year to be between US $25.9-26 billion, a year-on-year increase of 22%.</p><p>After the financial report was announced, Salesforce's after-hours stock price rose 4.46% to $235.9.<img src=\"https://static.tigerbbs.com/e12889e9194a9e8565f862cb5d40f4f0\" tg-width=\"703\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SalesforceQ1 revenue was US $5.96 billion, net profit increased by 374% year-on-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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSalesforceQ1 revenue was US $5.96 billion, net profit increased by 374% year-on-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-28 07:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After the U.S. stock market closed on May 27, Eastern Time,<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>Announced its results for the first quarter of fiscal year 2022 ended April 30, 2021. The financial report shows that Salesforce's revenue in the first quarter was US $5.96 billion, a year-on-year increase of 23%, higher than market expectations of US $5.89 billion.<img src=\"https://static.tigerbbs.com/fa1fff22c08757e7d229d28b9b7dc846\" tg-width=\"719\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p><p>RESULTS</p><p>By business, subscription and support business revenue was US $5.54 billion, a year-on-year increase of 21%; Professional services and other business revenue was $430 million, a year-on-year increase of 47%.</p><p>Cost of revenue for the quarter was $1.555 billion, a year-on-year increase of 24%; Operating expenses were US $4.054 billion, a year-on-year increase of 8%.</p><p>Salesforce's net profit in the first quarter was US $469 million, compared with US $99 million in the same period last year, a year-on-year increase of 374%; Diluted earnings per share were $0.5, compared with $0.11 in the same period last year.</p><p>As of the end of the first quarter, Salesforce held cash, cash equivalents and marketable securities totaling $15.02 billion.</p><p>Performance Guidance</p><p>Salesforce expects revenue in the second quarter of fiscal 2022 to be between US $6.22-6.23 billion, and expects revenue in the full fiscal year to be between US $25.9-26 billion, a year-on-year increase of 22%.</p><p>After the financial report was announced, Salesforce's after-hours stock price rose 4.46% to $235.9.<img src=\"https://static.tigerbbs.com/e12889e9194a9e8565f862cb5d40f4f0\" tg-width=\"703\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210528/20210528070119_25635.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{"CRM":"赛富时"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138171227","content_text":"美东时间5月27日美股盘后，Salesforce公布了截止至2021年4月30日的2022财年第一季度业绩。财报显示，Salesforce一季度营收59.6亿美元，同比增长23%，高于市场预期的58.9亿美元。业绩摘要按业务划分，订阅和支持业务营收为55.4亿美元，同比增长21％；专业服务和其他业务营收为4.3亿美元，同比增长47％。本季度营收成本为15.55亿美元，同比增长24%；营业支出为40.54亿美元，同比增长8%。Salesforce一季度净利润为4.69亿美元，去年同期为9900万美元，同比增长374%；摊薄后每股收益为0.5美元，去年同期为0.11美元。截至第一季度末，Salesforce持有的现金，现金等价物和有价证券总额为150.2亿美元。业绩指引Salesforce预计2022财年第二季度营收在62.2-62.3亿美元之间，预计全财年营收在259-260亿美元之间，将同比增长22%。财报公布后，Salesforce盘后股价涨4.46%，报235.9美元。","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136925807,"gmtCreate":1621991206509,"gmtModify":1704365559079,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/136925807","repostId":"1154917329","repostType":4,"repost":{"id":"1154917329","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":1621989214,"share":"https://ttm.financial/m/news/1154917329?lang=en_US&edition=fundamental","pubTime":"2021-05-26 08:33","market":"hk","language":"zh","title":"Tesla announces that best-selling models in North America will stop radar sensors and adopt pure vision systems","url":"https://stock-news.laohu8.com/highlight/detail?id=1154917329","media":"老虎资讯综合","summary":"特斯拉周二宣布，其北美市场畅销车型的Autopilot等驾驶辅助功能将停止使用雷达传感器。在一篇题为《向特斯拉视觉过渡》（transition to Tesla Vision）的博客文章中，该公司表示","content":"<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It announced Tuesday that driver assistance features such as Autopilot on its best-selling models in the North American market will stop using radar sensors.</p><p>In a blog post titled \"transition to Tesla Vision,\" the company said that starting this month, the best-selling Model 3 and Model Y built for U.S. and Canadian customers will feature camera-based systems to enable Autopilot functions such as traffic-adjusted cruise control or automatic lane keeping.</p><p>Radar sensors are relatively expensive, and processing data from radar sensors in a vehicle requires strong computing power. Tesla has previously told shareholders that it believes that \"pure vision systems are the ultimate need to achieve fully autonomous driving\" and plans to switch to \"Tesla Vision\" in the US market. Musk said in a tweet in March this year that the company would move to a \"visual-only\" approach.</p><p>Tesla said this will be the first time it has relied on camera vision and neural network processing to achieve \"Autopilot, Full Self-Driving (FSD) and certain active safety features.\"</p><p>The company also warned that some capabilities of the Autopilot and FSD systems may be limited during this period of technology adjustment.</p><p>\"For a short period of time during this transition, cars equipped with Tesla's vision system may have some features that are temporarily limited or cannot be enabled, including: Automatic steering will be limited to a top speed of 75 miles per hour (approximately 60 kilometers per hour) and a longer minimum following distance.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Summoning (if equipped) and emergency lane departure avoidance may be disabled upon delivery. \"</p><p>Customers who have ordered a Model 3 or Model Y but are unaware of this tweak will be notified before receiving their vehicle.</p><p>All new Tesla cars are equipped with a standard set of advanced driver assistance (ADAS) features, namely Autopilot.</p><p>Tesla also sells a $10,000 premium software package called Full Self Driving (FSD). The company allowed some car owners to get the beta version of FSD in advance, effectively turning thousands of customers into software testers on American public roads.</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>Tesla announces that best-selling models in North America will stop radar sensors and adopt pure vision systems</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\">\nTesla announces that best-selling models in North America will stop radar sensors and adopt pure vision systems\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-26 08:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It announced Tuesday that driver assistance features such as Autopilot on its best-selling models in the North American market will stop using radar sensors.</p><p>In a blog post titled \"transition to Tesla Vision,\" the company said that starting this month, the best-selling Model 3 and Model Y built for U.S. and Canadian customers will feature camera-based systems to enable Autopilot functions such as traffic-adjusted cruise control or automatic lane keeping.</p><p>Radar sensors are relatively expensive, and processing data from radar sensors in a vehicle requires strong computing power. Tesla has previously told shareholders that it believes that \"pure vision systems are the ultimate need to achieve fully autonomous driving\" and plans to switch to \"Tesla Vision\" in the US market. Musk said in a tweet in March this year that the company would move to a \"visual-only\" approach.</p><p>Tesla said this will be the first time it has relied on camera vision and neural network processing to achieve \"Autopilot, Full Self-Driving (FSD) and certain active safety features.\"</p><p>The company also warned that some capabilities of the Autopilot and FSD systems may be limited during this period of technology adjustment.</p><p>\"For a short period of time during this transition, cars equipped with Tesla's vision system may have some features that are temporarily limited or cannot be enabled, including: Automatic steering will be limited to a top speed of 75 miles per hour (approximately 60 kilometers per hour) and a longer minimum following distance.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Summoning (if equipped) and emergency lane departure avoidance may be disabled upon delivery. \"</p><p>Customers who have ordered a Model 3 or Model Y but are unaware of this tweak will be notified before receiving their vehicle.</p><p>All new Tesla cars are equipped with a standard set of advanced driver assistance (ADAS) features, namely Autopilot.</p><p>Tesla also sells a $10,000 premium software package called Full Self Driving (FSD). The company allowed some car owners to get the beta version of FSD in advance, effectively turning thousands of customers into software testers on American public roads.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9352eeb054da879ea3921619a5a8a9c","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154917329","content_text":"特斯拉周二宣布，其北美市场畅销车型的Autopilot等驾驶辅助功能将停止使用雷达传感器。在一篇题为《向特斯拉视觉过渡》（transition to Tesla Vision）的博客文章中，该公司表示，从本月开始，为美国和加拿大客户生产的畅销车型Model 3和Model Y将采用基于摄像头的系统，以实现交通调整巡航控制或自动车道保持等Autopilot的功能。雷达传感器的成本相对昂贵，而且在车辆中处理来自雷达传感器的数据需要强大的计算能力。特斯拉此前曾告诉股东，相信“纯视觉系统才是实现完全自主驾驶的最终所需”，并计划在美国市场转向“特斯拉视觉”。马斯克在今年3月的一条推文中表示，该公司将转向“纯视觉”的方式。特斯拉表示，这将是其首次依靠摄像头视觉和神经网络处理来实现“Autopilot、全自动驾驶（FSD）和某些主动安全功能”。该公司还警告称，在这段技术调整期间，Autopilot和FSD系统的一些功能可能会受到限制。“在这一过渡期间的短时间内，搭载特斯拉视觉系统的汽车可能会有一些功能暂时受限或不能启用，包括：自动转向将被限制在最高时速75英里（约每小时60公里）和更长的最低跟随距离。智能召唤（如果装备）和紧急车道偏离避免可能在交付时被禁用。”已经订购Model 3或Model Y但不知道这一调整的客户将在接收他们的车之前被通知。所有的特斯拉新车都配备了一套标准的高级驾驶辅助（ADAS）功能，即Autopilot。特斯拉还销售一款价值1万美元的高级软件包，称为“全自动驾驶”（FSD）。该公司让部分车主者提前获得了FSD的测试版，实际上将成千上万的客户变成了美国公共道路上的软件测试者。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105079424,"gmtCreate":1620261528268,"gmtModify":1704340907938,"author":{"id":"3576715327990513","authorId":"3576715327990513","name":"小幸运集团","avatar":"https://community-static.tradeup.com/news/2c8315566db80394ce17e74f51e81b00","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576715327990513","idStr":"3576715327990513"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>????","listText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>????","text":"$Histogenics Corporation(OCGN)$????","images":[{"img":"https://static.tigerbbs.com/8204d13f5af81bd53879b152cf58e74d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/105079424","isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}