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2022-03-17

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@OptionsTracker:Hot stocks covered call reference [March 17]

2022-02-19

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2021-05-30

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The six "chiefs" come together! How to lay out capital market investment in the second half of the year?

2021-05-28

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Meituan: Excellent take-out vs explosive group buying, stick to it or run away?

2021-05-28

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Reminder: U.S. stocks are closed for one day on May 31 due to Memorial Day

2021-05-27

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Amazon can't escape antitrust punishment? Three more U.S. states join the survey

2021-05-08

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2021-04-12

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2021-04-10

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2021-04-08

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2021-04-04

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The March report card of new car-building forces was announced, hiding these hidden worries

2021-04-02

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The mobile phone market has suffered a heavy setback. What will Huawei do next?

2021-03-27

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Xiaohongshu wants to go public in the United States? The latest response from the company is here

2021-03-19

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It can also be used by retail investors in the US stock market.You can get income while holding it. This strategy is very suitable for stocks that have long-term positions, but they have not moved but they are not in a bearish position recently or are in a bearish position recently. It can be a good strategy for mature investors to roll over when holding some targets for a long time. Income comparison Assume that investors hold 200 shares of Amazon from January 1 to December 17, 2021 If there is no operation during the holding period, the final total assets will be USD 675,484 If the covered call strategy is carried out, it will be operated once a week; if 100 shares are sold after the exercise, ano","listText":"Selling covered call options (sell covered call) is a strategy adopted by many large funds. It can also be used by retail investors in the US stock market.You can get income while holding it. This strategy is very suitable for stocks that have long-term positions, but they have not moved but they are not in a bearish position recently or are in a bearish position recently. It can be a good strategy for mature investors to roll over when holding some targets for a long time. Income comparison Assume that investors hold 200 shares of Amazon from January 1 to December 17, 2021 If there is no operation during the holding period, the final total assets will be USD 675,484 If the covered call strategy is carried out, it will be operated once a week; if 100 shares are sold after the exercise, ano","text":"Selling covered call options (sell covered call) is a strategy adopted by many large funds. It can also be used by retail investors in the US stock market.You can get income while holding it. This strategy is very suitable for stocks that have long-term positions, but they have not moved but they are not in a bearish position recently or are in a bearish position recently. It can be a good strategy for mature investors to roll over when holding some targets for a long time. 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How to lay out capital market investment in the second half of the year?","url":"https://stock-news.laohu8.com/highlight/detail?id=1176685593","media":"华尔街见闻","summary":"A股近期呈现震荡的走势，这对于投资人来说既是机遇也是挑战，关键在于投资策略的选择和机遇的把握。下半年，该如何布局资本市场投资？\n近日在第十届“富国论坛”上，由富国基金首席经济学家袁宜主持，邀请到了申万","content":"<p>A shares have shown a volatile trend recently, which is both an opportunity and a challenge for investors. The key lies in the choice of investment strategy and the grasp of opportunities. In the second half of the year, how to lay out capital market investment?</p><p>Recently, at the 10th \"Wealthy Countries Forum\", chaired by Yuan Yi, chief economist of Wells Fargo Fund, invited<a href=\"https://laohu8.com/S/000166\">Shen Wan Hongyuan</a>Wang Sheng, Deputy General Manager and Chief Strategist of Securities Research Institute, Vice Chairman of Soochow Hong Kong,<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>Chen Li, global chief strategy officer, Chen Guo, assistant general manager and chief strategist of Essence Securities Research Center, Zhang Yu, assistant director and chief macro analyst of Huachuang Securities Research Institute,<a href=\"https://laohu8.com/S/000776\">GF Securities</a>Guo Lei, managing director and chief economist of the Research and Development Center, had a lively discussion on investment in the capital market in the second half of the year.</p><p>The six \"chiefs\" gather together, and the views are naturally worth looking at.</p><p><b>Core assets are subject to change</b></p><p>As for how to treat the short-term, medium-and long-term performance of core assets, Chen Guo, Wang Sheng and Chen Li all talked about the key word of change. However, there are different perceptions of whether the core assets are industry leaders.</p><p><b>Chen Guo</b>First of all, in terms of vocabulary, core assets are difficult to grasp and change every year.<b>If core assets are used to guide the investment strategy of A-share market, it will not make much sense in the short term, it will have some sense in the medium term, and it will not make much sense in the long term.</b></p><p>In the short term, this investment strategy has been fully reacted by the market, even overreacted, and will return.</p><p>From the medium-term perspective, the profit is relatively certain, and there is still the leading advantage of white horse.</p><p>In the long run, he personally believes it doesn't make much sense. He mentioned that there is a book overseas called Evergreen, which selects the core assets at that time to track the long-term performance. Nine of these companies did not outperform the S&P 500 index and nine outperformed the S&P 500 index.</p><p>So he thinks it doesn't make much sense in the long run, because any industry is going to thrive and age, and they probably underestimate this change in the long run,<b>New technology, new management, new any policy may change, so it is less fixed and less central.</b></p><p><b>Wang Sheng</b>A word for investors,<b>There is no era of core assets, only the core assets of the times.</b></p><p>He turned to a report on core assets in 2004. At that time, the core assets mainly talked about the export industry chain. In 2006 and 2007, the core assets became the so-called \"coal flying color dance\". In 2010, major changes took place, and the stock market's expectations for real estate and cyclical industrial chain changed. Later, consumption became a very important core asset.</p><p>He also believes that in 2017, it seems that everyone thinks that the core asset is consumption, but in fact, it is not the leading stock in every industry. In 2017, he reported that regardless of whether it is consumption, technology or cycle, just buy all the leading stocks with your eyes closed. Looking back today, there really wasn't that much (difference).</p><p>After 2018, with the tremendous changes in the investor structure, white horse stocks gradually gained (recognition). The essence is that others don't grow, and it is scarce.</p><p>In the long run, good companies will eventually bring good returns, he agrees. However, at this stage, when the valuation is relatively high, and other things may start to pick up, its advantages are not so prominent.</p><p>In addition, Wang Sheng also believes that,<b>New economy and new growth points are brewing. He is willing to judge three directions for everyone, the first digital economy, the second artificial intelligence and the third new energy.</b>He believes that the emergence of these new directions makes many small companies brewing high growth and huge growth room in the future.</p><p>Under such a large pattern, he expects that the whole style of the market will be more balanced in the future, and this balancing process may last for many years in annual units.<b>The target with low valuation or relatively appropriate valuation will usher in many years (opportunities), and the style may gradually turn to value.</b></p><p><b>Chen Li</b>It is said that if core assets are understood as industries, they are changing. The economic cycle of each industry changes every two or three years, so there may be different tendencies when choosing an industry every two or three years. In the past, they may have preferred consumption, but now they prefer new consumption. They used to prefer traditional energy, but now they prefer new energy.</p><p>But on the other hand, as a good company in the industry, he personally thinks it is relatively lasting. A good company brings its own genes, and genes can't be copied in the short term.</p><p>Moreover, Chen Li especially emphasized that if a good company has a 1% competitive advantage over the industry, if given enough time, the competitive advantage will expand to a very large extent.</p><p>He believes that in the long run, a little progress of excellent enterprises in the medium and long term will have a great force, so in this sense,<b>The leader in the industry is still the most important strategy.</b></p><p><b>The economy is not bad</b></p><p>Regarding the economic situation in the next six months to one year, Guo Lei believes that there is no economic pressure throughout the year, while Zhang Yu believes that the economy is uneven.</p><p>Specifically,<b>Guo Lei</b>denotes,<b>First, the economy won't accelerate all the time;</b>Second, the economy will not be too bad in the second half of the year. He judged that there was no economic pressure throughout the year. It is mainly based on three factors that can provide support for the economy.</p><p>The first factor is exports. With the advancement of overseas vaccines, overseas consumption will bring an increase in orders. Therefore, exports are one of the most important driving factors of the whole economy this year.</p><p>The second is real estate. The third reason is that the overall finance presents a post-position characteristic.</p><p>If we talk about the highlights, Guo Lei prompted two aspects.</p><p>First, he believes that if the price slope of commodities goes down in the third quarter, the cost side of manufacturing will still be liberated to a large extent.</p><p>In addition, last year, China's export of a large number of products was relatively \"home\". This year, with the advancement of overseas vaccination, he felt that some demand for travel and social networking would gradually rise.</p><p><b>Zhang Yu</b>It is believed that this year's macro economy will be in an uneven state, with ups and downs. Throughout the second half of the year, she is optimistic about the following directions: One is that the manufacturing industry is upward, but its upward slope is very moderate; The second is the restoration of the service industry.</p><p><b>There are structural opportunities in the market</b></p><p>Chen Guo, Wang Sheng and Chen Li talked about their views on the A-share market in the next six months to one year.</p><p><b>Chen Guo</b>It is believed that at this point in time, A shares should not be a unilateral market in the next six months to one year.</p><p>In the future, he thinks that overseas factors will affect the fluctuation of A shares. But there is some endogenous support for A shares.<b>The A-share market may be slightly upward, but generally speaking, it is still fluctuating widely.</b></p><p>Chen Guo also said that there is not much systemic risk in domestic fundamentals, and even some factors are relatively favorable, that is, the whole policy mix is more rational.</p><p>In addition, he also said that the trend of residents' asset allocation still seems clear now, and the behavior of the whole people is more rational than before, which will not amplify the market fluctuation, which may be conducive to the stability of the market valuation center. Therefore, he believes that high volatility will still be inevitable in the next six months to a year, but the center of gravity will be slightly higher.</p><p><b>Wang Sheng</b>It is reminded that in the second half of this year, we should pay attention to the phased changes in the credit environment.</p><p><b>He believes that in the third quarter, there are some things with large gains in the early period. After the rebound, there may be another downward momentum</b>。</p><p>At the same time, their bond team believes that the bond adjustment is not over at such a low position of credit risk premium and such a high position of term spread, and on the basis that the time period and amplitude of the whole interest rate have not been completed.</p><p>So he thought<b>The rise in interest rates again is a structural issue worth paying attention to in the second half of the year.</b></p><p>The whole year he thinks is like 2010. The index has fluctuated subsequently, but the market has always had structural opportunities.</p><p><b>Chen Li</b>Added some information on external risks and internal positives.</p><p>External risks, of course, have macro factors, he said. But if you look at it microscopically, you will find that the enthusiasm, leverage and sentiment of individual investors in the US stock market are currently (very high).</p><p>Individual investors in the United States can't make new shares, so now there are many trusts to collect money to make new shares; Some stocks in the United States are very expensive, and there are cases where several people get together to buy them. For a while, half of his friends in the United States were trading various cryptocurrencies. The enthusiasm and leverage of this kind of individual investor involvement worries him a lot.</p><p>As for the internal positive factors, he feels that both fiscal and monetary factors are relatively positive, which is a positive signal for the stock market, including the economic recovery and the growth of corporate profits.</p><p>Third, he reiterated the question about manufacturing. He feels that the overall national development strategy has changed significantly in the past two years. Now it is noted that the growth, quality and development of the economy must be achieved through manufacturing, because after all, the fight against the epidemic last year mainly relied on the integrity of the industrial system.</p><p>He thinks,<b>The direction for the next 10 years will be in manufacturing. In the past five to seven years, the most passionate things have been retail, the Internet and business model innovation. In the next five years, what he wants to love may be hard technology.</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>The six \"chiefs\" come together! How to lay out capital market investment in the second half of the year?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe six \"chiefs\" come together! How to lay out capital market investment in the second half of the year?\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\">2021-05-30 09:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A shares have shown a volatile trend recently, which is both an opportunity and a challenge for investors. The key lies in the choice of investment strategy and the grasp of opportunities. In the second half of the year, how to lay out capital market investment?</p><p>Recently, at the 10th \"Wealthy Countries Forum\", chaired by Yuan Yi, chief economist of Wells Fargo Fund, invited<a href=\"https://laohu8.com/S/000166\">Shen Wan Hongyuan</a>Wang Sheng, Deputy General Manager and Chief Strategist of Securities Research Institute, Vice Chairman of Soochow Hong Kong,<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>Chen Li, global chief strategy officer, Chen Guo, assistant general manager and chief strategist of Essence Securities Research Center, Zhang Yu, assistant director and chief macro analyst of Huachuang Securities Research Institute,<a href=\"https://laohu8.com/S/000776\">GF Securities</a>Guo Lei, managing director and chief economist of the Research and Development Center, had a lively discussion on investment in the capital market in the second half of the year.</p><p>The six \"chiefs\" gather together, and the views are naturally worth looking at.</p><p><b>Core assets are subject to change</b></p><p>As for how to treat the short-term, medium-and long-term performance of core assets, Chen Guo, Wang Sheng and Chen Li all talked about the key word of change. However, there are different perceptions of whether the core assets are industry leaders.</p><p><b>Chen Guo</b>First of all, in terms of vocabulary, core assets are difficult to grasp and change every year.<b>If core assets are used to guide the investment strategy of A-share market, it will not make much sense in the short term, it will have some sense in the medium term, and it will not make much sense in the long term.</b></p><p>In the short term, this investment strategy has been fully reacted by the market, even overreacted, and will return.</p><p>From the medium-term perspective, the profit is relatively certain, and there is still the leading advantage of white horse.</p><p>In the long run, he personally believes it doesn't make much sense. He mentioned that there is a book overseas called Evergreen, which selects the core assets at that time to track the long-term performance. Nine of these companies did not outperform the S&P 500 index and nine outperformed the S&P 500 index.</p><p>So he thinks it doesn't make much sense in the long run, because any industry is going to thrive and age, and they probably underestimate this change in the long run,<b>New technology, new management, new any policy may change, so it is less fixed and less central.</b></p><p><b>Wang Sheng</b>A word for investors,<b>There is no era of core assets, only the core assets of the times.</b></p><p>He turned to a report on core assets in 2004. At that time, the core assets mainly talked about the export industry chain. In 2006 and 2007, the core assets became the so-called \"coal flying color dance\". In 2010, major changes took place, and the stock market's expectations for real estate and cyclical industrial chain changed. Later, consumption became a very important core asset.</p><p>He also believes that in 2017, it seems that everyone thinks that the core asset is consumption, but in fact, it is not the leading stock in every industry. In 2017, he reported that regardless of whether it is consumption, technology or cycle, just buy all the leading stocks with your eyes closed. Looking back today, there really wasn't that much (difference).</p><p>After 2018, with the tremendous changes in the investor structure, white horse stocks gradually gained (recognition). The essence is that others don't grow, and it is scarce.</p><p>In the long run, good companies will eventually bring good returns, he agrees. However, at this stage, when the valuation is relatively high, and other things may start to pick up, its advantages are not so prominent.</p><p>In addition, Wang Sheng also believes that,<b>New economy and new growth points are brewing. He is willing to judge three directions for everyone, the first digital economy, the second artificial intelligence and the third new energy.</b>He believes that the emergence of these new directions makes many small companies brewing high growth and huge growth room in the future.</p><p>Under such a large pattern, he expects that the whole style of the market will be more balanced in the future, and this balancing process may last for many years in annual units.<b>The target with low valuation or relatively appropriate valuation will usher in many years (opportunities), and the style may gradually turn to value.</b></p><p><b>Chen Li</b>It is said that if core assets are understood as industries, they are changing. The economic cycle of each industry changes every two or three years, so there may be different tendencies when choosing an industry every two or three years. In the past, they may have preferred consumption, but now they prefer new consumption. They used to prefer traditional energy, but now they prefer new energy.</p><p>But on the other hand, as a good company in the industry, he personally thinks it is relatively lasting. A good company brings its own genes, and genes can't be copied in the short term.</p><p>Moreover, Chen Li especially emphasized that if a good company has a 1% competitive advantage over the industry, if given enough time, the competitive advantage will expand to a very large extent.</p><p>He believes that in the long run, a little progress of excellent enterprises in the medium and long term will have a great force, so in this sense,<b>The leader in the industry is still the most important strategy.</b></p><p><b>The economy is not bad</b></p><p>Regarding the economic situation in the next six months to one year, Guo Lei believes that there is no economic pressure throughout the year, while Zhang Yu believes that the economy is uneven.</p><p>Specifically,<b>Guo Lei</b>denotes,<b>First, the economy won't accelerate all the time;</b>Second, the economy will not be too bad in the second half of the year. He judged that there was no economic pressure throughout the year. It is mainly based on three factors that can provide support for the economy.</p><p>The first factor is exports. With the advancement of overseas vaccines, overseas consumption will bring an increase in orders. Therefore, exports are one of the most important driving factors of the whole economy this year.</p><p>The second is real estate. The third reason is that the overall finance presents a post-position characteristic.</p><p>If we talk about the highlights, Guo Lei prompted two aspects.</p><p>First, he believes that if the price slope of commodities goes down in the third quarter, the cost side of manufacturing will still be liberated to a large extent.</p><p>In addition, last year, China's export of a large number of products was relatively \"home\". This year, with the advancement of overseas vaccination, he felt that some demand for travel and social networking would gradually rise.</p><p><b>Zhang Yu</b>It is believed that this year's macro economy will be in an uneven state, with ups and downs. Throughout the second half of the year, she is optimistic about the following directions: One is that the manufacturing industry is upward, but its upward slope is very moderate; The second is the restoration of the service industry.</p><p><b>There are structural opportunities in the market</b></p><p>Chen Guo, Wang Sheng and Chen Li talked about their views on the A-share market in the next six months to one year.</p><p><b>Chen Guo</b>It is believed that at this point in time, A shares should not be a unilateral market in the next six months to one year.</p><p>In the future, he thinks that overseas factors will affect the fluctuation of A shares. But there is some endogenous support for A shares.<b>The A-share market may be slightly upward, but generally speaking, it is still fluctuating widely.</b></p><p>Chen Guo also said that there is not much systemic risk in domestic fundamentals, and even some factors are relatively favorable, that is, the whole policy mix is more rational.</p><p>In addition, he also said that the trend of residents' asset allocation still seems clear now, and the behavior of the whole people is more rational than before, which will not amplify the market fluctuation, which may be conducive to the stability of the market valuation center. Therefore, he believes that high volatility will still be inevitable in the next six months to a year, but the center of gravity will be slightly higher.</p><p><b>Wang Sheng</b>It is reminded that in the second half of this year, we should pay attention to the phased changes in the credit environment.</p><p><b>He believes that in the third quarter, there are some things with large gains in the early period. After the rebound, there may be another downward momentum</b>。</p><p>At the same time, their bond team believes that the bond adjustment is not over at such a low position of credit risk premium and such a high position of term spread, and on the basis that the time period and amplitude of the whole interest rate have not been completed.</p><p>So he thought<b>The rise in interest rates again is a structural issue worth paying attention to in the second half of the year.</b></p><p>The whole year he thinks is like 2010. The index has fluctuated subsequently, but the market has always had structural opportunities.</p><p><b>Chen Li</b>Added some information on external risks and internal positives.</p><p>External risks, of course, have macro factors, he said. But if you look at it microscopically, you will find that the enthusiasm, leverage and sentiment of individual investors in the US stock market are currently (very high).</p><p>Individual investors in the United States can't make new shares, so now there are many trusts to collect money to make new shares; Some stocks in the United States are very expensive, and there are cases where several people get together to buy them. For a while, half of his friends in the United States were trading various cryptocurrencies. The enthusiasm and leverage of this kind of individual investor involvement worries him a lot.</p><p>As for the internal positive factors, he feels that both fiscal and monetary factors are relatively positive, which is a positive signal for the stock market, including the economic recovery and the growth of corporate profits.</p><p>Third, he reiterated the question about manufacturing. He feels that the overall national development strategy has changed significantly in the past two years. Now it is noted that the growth, quality and development of the economy must be achieved through manufacturing, because after all, the fight against the epidemic last year mainly relied on the integrity of the industrial system.</p><p>He thinks,<b>The direction for the next 10 years will be in manufacturing. In the past five to seven years, the most passionate things have been retail, the Internet and business model innovation. In the next five years, what he wants to love may be hard technology.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176685593","content_text":"A股近期呈现震荡的走势，这对于投资人来说既是机遇也是挑战，关键在于投资策略的选择和机遇的把握。下半年，该如何布局资本市场投资？\n近日在第十届“富国论坛”上，由富国基金首席经济学家袁宜主持，邀请到了申万宏源证券研究所副总经理、首席策略分析师王胜，东吴香港副董事长、东吴证券全球首席策略官陈李，安信证券研究中心总经理助理、首席策略师陈果，华创证券研究所所长助理、首席宏观分析师张瑜，广发证券研究发展中心董事总经理、首席经济学家郭磊就下半年资本市场的投资展开热烈讨论。\n六大“首席”汇聚一堂，观点自然值得一看。\n核心资产是会变化的\n对于如何看待核心资产短期和中长期的表现的问题，陈果、王胜、陈李都谈到了变化这一关键词。但是对于核心资产是否是行业龙头认知不同。\n陈果认为，首先从词汇来说，核心资产就是很难去把握，每年都在变。如果用核心资产来引导A股市场的投资策略，在短期没有太大的意义，在中期有一定的意义，在长期也没有太大的意义。\n短期来讲，这种投资策略已经被市场充分的反应，甚至反应过度，还要回归。\n站在中期的角度，盈利相对确定性，还是存在白马龙头优势的。\n长期来说，他个人相信没有太大的意义。他谈到，海外有一本书叫《基业常青》，选择了当时的核心资产去追踪长期的表现，这些公司有9家公司没有跑赢标普500指数，有9家公司跑赢了标普500指数。\n所以他认为从长期来看没有太大的意义，原因是任何行业都会面临兴盛衰老，它们很可能低估了长期的这种变化，新的技术、新的管理层、新的任何的政策都可能有变化，所以没有那么固定，也没有那么核心。\n王胜送给投资者一句话，没有核心资产的时代，只有时代的核心资产。\n他翻到过一篇2004年写核心资产的报告，那个时候的核心资产讲的主要是出口产业链。2006、2007年核心资产变成了所谓的“煤飞色舞”。在2010年的时候发生了重大变化，股票市场对房地产以及周期产业链的预期发生变化，后来消费就成为了非常重要的核心资产。\n他还认为，2017年看起来，好像大家以为核心资产是消费，其实不是，是每个行业的龙头股票。2017年他有报告说，不要管到底是消费、科技还是周期，只要闭着眼睛把龙头股全部买一遍就可以了。今天回过头来看，真的没有那么大的（差异）。\n2018年之后，随着投资者结构的巨大变化，白马股逐渐获得了（认可），本质是别人不增长，它很稀缺。\n长期来看，好公司最后一定能带来好的回报，他认同。但是在这个阶段估值比较高，而其他的东西可能开始回升的时候，它的优势就没有这么突出。\n此外王胜还认为，新经济、新的增长点正在酝酿，他愿意给大家判断三个方向，第一数字经济，第二人工智能，第三新能源。他认为，这些新的方向的出现，使得很多小公司正在酝酿着未来的高成长和巨大的成长空间。\n在这样大格局之下，他期待在未来市场的整个风格会更加的均衡，而且这种均衡的过程可能是以年度为单位会持续很多年，低估值或者说估值相对合适的标的将会迎来多年（机会），风格可能会逐渐的转向价值。\n陈李则谈到，如果把核心资产理解为行业，它是变化的。每两三年每行业的经济周期都会发生变化，所以可能每两三年在选择行业的时候会有不同的倾向性。以前他们可能比较偏爱消费，现在偏爱新消费，以前偏爱传统能源，现在偏爱新能源。\n但是另一层面来说，作为行业内的好公司，他个人认为是比较持久的。好公司它自带的基因，基因在短期内是无法被复制的。\n而且陈李特别强调的是，好公司如果对于行业有1%的竞争优势，给足够长的时间，竞争优势会扩到非常大。\n他认为，稍微看长一点，优秀的企业在中长期的一点点的进步都会发生非常大的力量，所以这个意义上来说，行业里的龙头还是最重要的策略。\n经济不差\n对于接下来半年到1年经济情况，郭磊认为全年没有经济压力，张瑜则认为经济参差不齐。\n具体来说，郭磊表示，首先，经济不会一直加速；第二，下半年经济也不会太差，他判断全年没有经济压力。主要是基于三个方面的因素能为经济提供支撑。\n第一个因素就是出口。随着海外疫苗的推进，海外的消费会带来订单的上升。所以出口是今年整个经济很重要的带动因素之一。\n第二个是房地产。第三个原因是财政整体呈现后置特征。\n如果说亮点，郭磊提示了两个方面。\n一是他认为如果三季度大宗商品的价格斜率下去，制造业的成本端在很大程度上还是会得到解放的。\n另外，去年中国的出口大量的产品是比较偏“宅”的，今年随着海外疫苗接种的推进，他觉得出行社交一些需求会逐渐上来。\n张瑜认为今年宏观经济会处在参差不齐，有上有下的状态。整个下半年，她看好以下方向：其中一是制造业向上，但是它向上的斜率非常缓和；二是服务业的修复。\n市场有结构性的机会\n对于未来半年到一年的A股市场，陈果、王胜、陈李谈到了自己的观点。\n陈果认为，站在这个时间点，未来半年到一年，A股应该不是单边市。\n未来他觉得海外因素会影响A股的波动。但A股内生有一些支持。A股市场可能会略微向上，但总体来说还是宽幅震荡。\n陈果还表示，国内基本面没有太大的系统性风险的问题，甚至有些因素还是比较有利的，就是整个政策组合更理性。\n另外他还表示，居民的资产配置的趋势现在看起来还是比较明确，整个基民的行为也比以前也理性，不会去放大市场的波动，可能有利于市场估值中枢的稳定。所以他相信未来的半年到一年依然还难免高波动，但是重心会略上。\n王胜则提醒，今年下半年要关注信用环境阶段性的变化。\n他认为在三季度有一些前期涨幅比较大的东西，经过了反弹之后，可能还有再次下行的动力。\n同时，他们的债券团队认为在信用风险溢价这么低的位置上、期限利差这么高的位置上，在目前整个利率的时间周期以及幅度都没走完的基础上，债券调整仍未结束。\n所以他认为利率再次上行，是下半年值得关注的结构性问题。\n今年全年他认为像2010年。指数后续有波动，但是市场一直有结构性的机会。\n陈李补充了一些关于外部风险和内部正面因素的信息。\n他谈到，外部风险当然有宏观因素。但如果微观来观察，会发现美国股市目前个人投资者的参与热情，杠杆和情绪（非常高）。\n美国个人投资者是不能打新股的，现在所以有很多信托凑钱打新；美国一些股票是很贵的，存在几个人凑一块买的情况。有一段时间，他在美国的朋友，有一半的人都在交易各种加密货币。这种个人投资者的参与的热情和杠杆是很让他担心的。\n至于内部产生正面的因素，他觉得财政和货币都比较积极的，对股市是积极的信号，包括经济的回升和企业盈利的增长。\n第三，他重申一下关于制造业的问题。他觉得整体的国家发展战略在过去的两年有重大的转变。现在注意到必须通过制造业才能够实现经济的增长、质量和发展，因为毕竟去年抗击疫情主要依赖的就是工业体系的完整。\n他认为，未来10年方向都在制造业。过去5年到7年，最热爱的都是零售、互联网、商业模式创新。未来的5年，他想热爱的可能是硬科技。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134829509,"gmtCreate":1622216532501,"gmtModify":1704181772721,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"。。。","listText":"。。。","text":"。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134829509","repostId":"2138390100","repostType":4,"repost":{"id":"2138390100","kind":"news","pubTimestamp":1622209748,"share":"https://ttm.financial/m/news/2138390100?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:49","market":"hk","language":"zh","title":"Meituan: Excellent take-out vs explosive group buying, stick to it or run away?","url":"https://stock-news.laohu8.com/highlight/detail?id=2138390100","media":"海豚投研","summary":"美团5月28日港股盘后发布2021年一季度财报：收入370亿，超市场预期357亿，调整后净亏损39亿，市场预期40亿亏损——同款的“增收不增利”，只是在美团这里N倍放大。d. 而社区团购作为美团的增量市场生意，当季美团新增年活用户数多达到5900万，大超市场预期。可以看出，对于看准的市场，美团的投入异常大胆，而用户效果上也还不错，等市场覆盖完了之后，更加主要是用户心智的培养和单位经济模型的迭代。","content":"<p>On May 28th, Meituan released its financial report for the first quarter of 2021 after the Hong Kong stock market opened: the revenue was 37 billion, exceeding the market expectation of 35.7 billion, the adjusted net loss was 3.9 billion, and the market expected a loss of 4 billion-the same \"increase in revenue without increase in profit\" is only N times enlarged here in Meituan.</p><p>It's just that under the current situation of crazy investment in community group buying, it is necessary to analyze the business in detail to see the US Mission, while take-out, in-store hotel travel and new business are seen separately:</p><p><b>(1) Two traditions continue Meituan's consistent \"pacesetter\" performance on the Internet</b>A. Takeaway: The market share is obviously still pulling up. It seems that whether to sign exclusive with merchants or not does not affect the absolute monopoly position of Meituan Takeaway. Especially this quarter, the market share of Meituan Takeaway has increased rapidly, and the profit margin of a single takeaway continues to improve, so the market's belief in takeaway will only become stronger and stronger. b. In-store and hotel travel: Although the Chinese New Year on the spot has a small impact on the hotel, the in-store business, whether in-store catering or in-store comprehensive, has excellent recovery at both ends of income and profit, and the whole in-store sector is stable happiness.<b>(2) However, the new business is a different picture because it is in the early stage of community group buying</b>c. The sharp investment of community group purchase has driven the loss of new business to a new high in a single quarter, reaching 8 billion. In the past, when the loss of new business was large, it was about 1.5-2 billion. The loss of community group purchase in a single quarter has already been 6 billion, and it seems very likely that the loss of group purchase in the whole year will exceed 30 billion. d. As the incremental market business of Meituan, community group purchase added 59 million annual users in Meituan in the quarter, which greatly exceeded market expectations. It can be seen that for the targeted market, the investment of the US Mission is extremely bold, and the user effect is not bad. After the market is covered, it is more important to cultivate the user's mind and iterate the unit economic model. Some time ago, due to the market's concerns about social security for riders' distribution and anti-monopoly investigations, the performance of Meituan Capital Market continued to be sluggish. This time, the performance loss has soared again, which may scare off some funds in the market and let the stock price hover for a period of time.<b>However, if the division is disassembled, even according to the profit of a single dollar by 2025 (if there is an external macro accident, there is a high probability that it will be advanced), by then, the annual take-out profit will be 36.5 billion, and the PE will be 30 times, which is equivalent to the valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for a single take-out share. In addition, we conservatively estimate that a single share can contribute about 60-70 Hong Kong dollars to the hotel and travel, giving zero valuation to the new business. The total of the two items also means the safety marginal price between 220-240. I believe that a lot of funds are still due to the certainty of the first two businesses and the continuous payment of the management and execution of the US Mission.</b>Here are the details:</p><p><b>Strong and Steady Growth of Takeaway Transaction Volume at High Level</b></p><p>Meituan commented that the total transaction volume (GTV) of take-out business in this quarter was 142.7 billion yuan, which increased by 100% year-on-year due to the frozen epidemic last year. Excluding the year-on-year abnormality, the quarter-on-quarter seasonal performance basically continued the high and stable state in the fourth quarter.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213334381d173f98yq8zbmpo\" tg-width=\"1080\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research From the perspective of the growth drive of transaction volume, this quarter pays more attention to the growth of single volume: (1) The take-out order volume was 2.9 billion, a year-on-year increase of 110%, equivalent to 32.25 million take-out orders per day. Although there was an occasional local epidemic in the first quarter, this growth performance was very strong.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213343275d173kayxhiav6q0\" tg-width=\"1080\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research (2) takeaway customer unit price is 49.2 yuan, due to the large number of high customer unit price orders under the epidemic in the same period last year, resulting in a year-on-year decrease of 5.5% this year, but the absolute unit price is still at a high level.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213344663d1737wi8jt9a3ke\" tg-width=\"1080\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Takeaway realization rate rises beyond expectations</b></p><p>In this quarter, the takeaway business revenue was 20.6 billion. With GTV doubling, the takeaway revenue grew even higher year-on-year, reaching 117%. Takeaway revenue exceeded expectations, mainly due to the particularly high takeaway monetization rate this quarter: the commission rate has reached 14.4% when the advertising monetization rate is relatively stable. Although the US Mission has said that there is limited room for improvement of long-term commission rate, and the future revenue and profit release of take-out business will mainly rely on advertising for precision marketing and scale effect to release profits, it seems that after the exclusive contract with relatively low short-term commission rate gradually ends,<b>The realization rate seems to be continuously improving.</b></p><p><img src=\"https://mmbiz-qpic.wallstcn.com/mmbiz_png/bESZE2q7FNbSCYqCcQCYpEcDgncq9XKicicANJ2JlydciccgWfVzgT6m0e1gXpMGk4dibd3Vepy6gN22kscHiboEQHA/640?wx_fmt=png\" tg-width=\"1080\" tg-height=\"581\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, dolphin investment research At the same time, this quarter is hungry is \"seconds\" more serious! During the same period, the overall revenue of hungry + word-of-mouth (including catering, non-meal take-out and in-store business) was only 7.2 billion, while Meituan only counted 207 for take-out, and its relative market share further increased.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213405726d1731kcyqkbm5p9\" tg-width=\"1080\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Financial Report, Dolphin Investment Research</p><p><b>Single profit off-season is already close to forty cents!</b></p><p>The volume of orders continued to increase, and the realization rate increased beyond expectations, which together brought the rapid release of take-out profits. This quarter, the overall profit of take-out business reached 1.1 billion. From the point of view of unit economy, the profit of a single order has been 38 cents,<b>It seems likely to meet the 2025 profit guidance for a single dollar ahead of schedule. Dolphin Jun estimates that even if a single dollar profit is realized by 2025, the annual take-out profit will be 36.5 billion, and 30 times PE will be given, which is equivalent to a valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for take-out shares.</b>No matter how new business is invested, the rock-stable take-out and in-store business will bring deterministic valuation support to the volatile Meituan.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213407230d173s66indprb39\" tg-width=\"1080\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Although we celebrate the New Year in place, hotel travel continues to recover</b></p><p>In this quarter, the income of hotel and travel business in-store reached 6.6 billion yuan, a year-on-year increase of 113%. Among them, wine and travel: Although the in-place Chinese New Year has affected the performance of hotel business to a certain extent, the number of hotel nights in this quarter still passed the threshold of 100 million yuan, a year-on-year increase of 136%, a slight drop compared with the number of 120 million nights in the previous quarter. Looking at the compound growth of 13% in two years alone, it should be regarded as far surpassing its peers. In addition, the business contribution of the high-star market that Meituan needs to conquer has accounted for 16.7%.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213413153d17378jmlxze23v\" tg-width=\"593\" tg-height=\"335\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, Dolphin Investment Research's commission income (related to wine and travel business and in-store package transactions) soared by 172% in the overall income of 6.6 billion yuan in hotel and travel, except for the return of room and night. This quarter, the GMV performance in the store is also good, and the compound growth of catering in the store is 30% in two years, which shows that many people go to restaurants for dinner during the New Year on the spot, and the effect is obvious. At the same time, in-store advertising (in-store comprehensive, in-store catering, etc.) closely related to Dianping APP has increased by 76%, of which the compound growth of in-store revenue in the two years is also more than 30%.<b>On the whole, it can be seen that the local Chinese New Year mainly affects the inter-provincial flow. During the holidays, everyone did not restrain local life and entertainment. The performance of the US Mission in hotels and travels this quarter was remarkable.</b></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213414425d173jcxgrs0a4qf\" tg-width=\"580\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>The profit of this business segment is even more eye-catching!</b>The operating profit of in-store hotels is 2.75 billion yuan, which is basically the same as the 2.8 billion yuan in the peak season of the fourth quarter. The main reason is that the profit margin has risen again. The operating profit margin of in-store hotels has risen by two points compared with the previous quarter, reaching 42%. This seems to be because hotels, as a business with relatively low gross profit, celebrated the New Year in place in the first quarter, and fewer people stayed in hotels, and the user incentives of Meituan Investment were also fewer.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213425281d173lm3wfusgasl\" tg-width=\"613\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Users soared beyond expectations but the cost was equally heavy, and new business exploded 8 billion in a quarter</b></p><p>The revenue of the new business where the community group buys is located grew by 136% this quarter, reaching 9.9 billion yuan, and the revenue performance exceeded market expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213426538d173b8kxbjdys4e\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, before Dolphin Investment Research, Dolphin Jun said that the community group buying mode, which accounts for income by commission, is not split in detail in the new business at present, and the US Mission does not disclose GMV. However, considering that this piece is equivalent to new customer groups and new markets for the US Mission, it can be observed through the growth of the number of users. Surprisingly, this quarter, Meituan rarely added 59 million new users in a single quarter, driving the overall number of users to 570 million. If the sales expenses are used to calculate the customer acquisition cost except for new users, 123 yuan for a user is quite worth it. For this field, Dolphin Jun believes that what we should pay attention to in the future is the stickiness of subsidized users. Behind this is not only the question of how much money to post, but also considering that users of fresh food categories are more sensitive to quality, supply chain control is equally important. In other words, under the current group buying game of major platforms, warehouse leasing, overlapping group leaders and joining grid warehouses, what is really tested is the ability of the platform to efficiently organize social resources, and which platform team can fight better.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213427446d173neipdzceb74\" tg-width=\"1080\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, the loss of new business of Dolphin Investment Research this quarter has further expanded: it lost 6 billion in the last quarter, of which 3 billion was brought by group purchase, while the loss in this quarter has reached 8 billion. Previously, industry insiders estimated that the loss of group purchase in the first quarter of the United States Mission was 6 billion, which should be about the same. With this loss method, it seems that the US Mission has stabilized its posture and has a share of the future retail in the same city.<b>Perhaps the e-commerce pattern will change again in three years-with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Time of delivery, to purchase<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Price of goods. At present, community group purchases are all giants who are not bad in money, but what should be paid attention to is whether the prosperous model that has been verified in the normal market environment will become a difficult model to make money in case it becomes a long-term capital loss war? Similar to long videos, a player is a business model that can make money, but three or four rich giants have been consumed for a long time, and the players have not been cleared, so it has become a model that is difficult to make a profit?</b></p><p><b>Also on other important data:</b></p><p><b>1.</b>Meituan commented on its revenue of 37 billion yuan this quarter, a year-on-year increase of 121%, exceeding the original market expectation of 35.7 billion yuan, mainly due to the performance of take-out realization and the growth of new business exceeding expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213428623d173tjplfwye2p9\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>2.</b>The gross profit of this quarter was 7.2 billion yuan, and the gross profit margin was only 19.5%, which was significantly lower than the market expectation of 22.1%, mainly due to the relatively large investment cost of new business.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213430418d173sv0jnft2zlg\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>3.</b>New business subsidies are fierce and selling expenses soar. The overall sales expenses in this quarter were 7.2 billion, up 125% year-on-year; In the gross profit margin of 19.5%, the sales expense ratio alone is 19.5%, which directly consumes the gross profit margin. At the same time, Meituan's R&D and team are continuously investing, with R&D and administration increasing by 51% and 62% respectively year-on-year, with a total expense ratio of 14.1%. In the end, the operating loss of Meituan's main business this quarter reached 5.2 billion, with a loss rate of 14.1%, which significantly exceeded the already surprising last quarter. Obviously, in the next few quarters, community group buying will become bigger and bigger, and the losses will only increase. There is no need to look at the profits of the US Mission.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213437349d173d8af2un33fc\" tg-width=\"1080\" tg-height=\"505\" referrerpolicy=\"no-referrer\"><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213439636d173bcn6alejvne\" tg-width=\"1080\" tg-height=\"562\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, in the same period of Dolphin Investment Research, the operating loss was 4.8 billion, and the market expected 5 billion. Under the huge loss, it was more or less than 200 million, and there was no essential difference. Looking at the adjusted net profit, the net loss of Meituan this quarter was 3.9 billion, and the market expected 4 billion, which was basically consistent with the market expectation. However, considering that the revenue is beyond expectations, that is, the loss rate is still more serious than the market expectations.</p>","source":"lsy1607051923659","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>Meituan: Excellent take-out vs explosive group buying, stick to it or run away?</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\">\nMeituan: Excellent take-out vs explosive group buying, stick to it or run away?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">海豚投研</strong><span class=\"h-time small\">2021-05-28 21:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On May 28th, Meituan released its financial report for the first quarter of 2021 after the Hong Kong stock market opened: the revenue was 37 billion, exceeding the market expectation of 35.7 billion, the adjusted net loss was 3.9 billion, and the market expected a loss of 4 billion-the same \"increase in revenue without increase in profit\" is only N times enlarged here in Meituan.</p><p>It's just that under the current situation of crazy investment in community group buying, it is necessary to analyze the business in detail to see the US Mission, while take-out, in-store hotel travel and new business are seen separately:</p><p><b>(1) Two traditions continue Meituan's consistent \"pacesetter\" performance on the Internet</b>A. Takeaway: The market share is obviously still pulling up. It seems that whether to sign exclusive with merchants or not does not affect the absolute monopoly position of Meituan Takeaway. Especially this quarter, the market share of Meituan Takeaway has increased rapidly, and the profit margin of a single takeaway continues to improve, so the market's belief in takeaway will only become stronger and stronger. b. In-store and hotel travel: Although the Chinese New Year on the spot has a small impact on the hotel, the in-store business, whether in-store catering or in-store comprehensive, has excellent recovery at both ends of income and profit, and the whole in-store sector is stable happiness.<b>(2) However, the new business is a different picture because it is in the early stage of community group buying</b>c. The sharp investment of community group purchase has driven the loss of new business to a new high in a single quarter, reaching 8 billion. In the past, when the loss of new business was large, it was about 1.5-2 billion. The loss of community group purchase in a single quarter has already been 6 billion, and it seems very likely that the loss of group purchase in the whole year will exceed 30 billion. d. As the incremental market business of Meituan, community group purchase added 59 million annual users in Meituan in the quarter, which greatly exceeded market expectations. It can be seen that for the targeted market, the investment of the US Mission is extremely bold, and the user effect is not bad. After the market is covered, it is more important to cultivate the user's mind and iterate the unit economic model. Some time ago, due to the market's concerns about social security for riders' distribution and anti-monopoly investigations, the performance of Meituan Capital Market continued to be sluggish. This time, the performance loss has soared again, which may scare off some funds in the market and let the stock price hover for a period of time.<b>However, if the division is disassembled, even according to the profit of a single dollar by 2025 (if there is an external macro accident, there is a high probability that it will be advanced), by then, the annual take-out profit will be 36.5 billion, and the PE will be 30 times, which is equivalent to the valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for a single take-out share. In addition, we conservatively estimate that a single share can contribute about 60-70 Hong Kong dollars to the hotel and travel, giving zero valuation to the new business. The total of the two items also means the safety marginal price between 220-240. I believe that a lot of funds are still due to the certainty of the first two businesses and the continuous payment of the management and execution of the US Mission.</b>Here are the details:</p><p><b>Strong and Steady Growth of Takeaway Transaction Volume at High Level</b></p><p>Meituan commented that the total transaction volume (GTV) of take-out business in this quarter was 142.7 billion yuan, which increased by 100% year-on-year due to the frozen epidemic last year. Excluding the year-on-year abnormality, the quarter-on-quarter seasonal performance basically continued the high and stable state in the fourth quarter.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213334381d173f98yq8zbmpo\" tg-width=\"1080\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research From the perspective of the growth drive of transaction volume, this quarter pays more attention to the growth of single volume: (1) The take-out order volume was 2.9 billion, a year-on-year increase of 110%, equivalent to 32.25 million take-out orders per day. Although there was an occasional local epidemic in the first quarter, this growth performance was very strong.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213343275d173kayxhiav6q0\" tg-width=\"1080\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research (2) takeaway customer unit price is 49.2 yuan, due to the large number of high customer unit price orders under the epidemic in the same period last year, resulting in a year-on-year decrease of 5.5% this year, but the absolute unit price is still at a high level.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213344663d1737wi8jt9a3ke\" tg-width=\"1080\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Takeaway realization rate rises beyond expectations</b></p><p>In this quarter, the takeaway business revenue was 20.6 billion. With GTV doubling, the takeaway revenue grew even higher year-on-year, reaching 117%. Takeaway revenue exceeded expectations, mainly due to the particularly high takeaway monetization rate this quarter: the commission rate has reached 14.4% when the advertising monetization rate is relatively stable. Although the US Mission has said that there is limited room for improvement of long-term commission rate, and the future revenue and profit release of take-out business will mainly rely on advertising for precision marketing and scale effect to release profits, it seems that after the exclusive contract with relatively low short-term commission rate gradually ends,<b>The realization rate seems to be continuously improving.</b></p><p><img src=\"https://mmbiz-qpic.wallstcn.com/mmbiz_png/bESZE2q7FNbSCYqCcQCYpEcDgncq9XKicicANJ2JlydciccgWfVzgT6m0e1gXpMGk4dibd3Vepy6gN22kscHiboEQHA/640?wx_fmt=png\" tg-width=\"1080\" tg-height=\"581\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, dolphin investment research At the same time, this quarter is hungry is \"seconds\" more serious! During the same period, the overall revenue of hungry + word-of-mouth (including catering, non-meal take-out and in-store business) was only 7.2 billion, while Meituan only counted 207 for take-out, and its relative market share further increased.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213405726d1731kcyqkbm5p9\" tg-width=\"1080\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Financial Report, Dolphin Investment Research</p><p><b>Single profit off-season is already close to forty cents!</b></p><p>The volume of orders continued to increase, and the realization rate increased beyond expectations, which together brought the rapid release of take-out profits. This quarter, the overall profit of take-out business reached 1.1 billion. From the point of view of unit economy, the profit of a single order has been 38 cents,<b>It seems likely to meet the 2025 profit guidance for a single dollar ahead of schedule. Dolphin Jun estimates that even if a single dollar profit is realized by 2025, the annual take-out profit will be 36.5 billion, and 30 times PE will be given, which is equivalent to a valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for take-out shares.</b>No matter how new business is invested, the rock-stable take-out and in-store business will bring deterministic valuation support to the volatile Meituan.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213407230d173s66indprb39\" tg-width=\"1080\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Although we celebrate the New Year in place, hotel travel continues to recover</b></p><p>In this quarter, the income of hotel and travel business in-store reached 6.6 billion yuan, a year-on-year increase of 113%. Among them, wine and travel: Although the in-place Chinese New Year has affected the performance of hotel business to a certain extent, the number of hotel nights in this quarter still passed the threshold of 100 million yuan, a year-on-year increase of 136%, a slight drop compared with the number of 120 million nights in the previous quarter. Looking at the compound growth of 13% in two years alone, it should be regarded as far surpassing its peers. In addition, the business contribution of the high-star market that Meituan needs to conquer has accounted for 16.7%.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213413153d17378jmlxze23v\" tg-width=\"593\" tg-height=\"335\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, Dolphin Investment Research's commission income (related to wine and travel business and in-store package transactions) soared by 172% in the overall income of 6.6 billion yuan in hotel and travel, except for the return of room and night. This quarter, the GMV performance in the store is also good, and the compound growth of catering in the store is 30% in two years, which shows that many people go to restaurants for dinner during the New Year on the spot, and the effect is obvious. At the same time, in-store advertising (in-store comprehensive, in-store catering, etc.) closely related to Dianping APP has increased by 76%, of which the compound growth of in-store revenue in the two years is also more than 30%.<b>On the whole, it can be seen that the local Chinese New Year mainly affects the inter-provincial flow. During the holidays, everyone did not restrain local life and entertainment. The performance of the US Mission in hotels and travels this quarter was remarkable.</b></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213414425d173jcxgrs0a4qf\" tg-width=\"580\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>The profit of this business segment is even more eye-catching!</b>The operating profit of in-store hotels is 2.75 billion yuan, which is basically the same as the 2.8 billion yuan in the peak season of the fourth quarter. The main reason is that the profit margin has risen again. The operating profit margin of in-store hotels has risen by two points compared with the previous quarter, reaching 42%. This seems to be because hotels, as a business with relatively low gross profit, celebrated the New Year in place in the first quarter, and fewer people stayed in hotels, and the user incentives of Meituan Investment were also fewer.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213425281d173lm3wfusgasl\" tg-width=\"613\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Users soared beyond expectations but the cost was equally heavy, and new business exploded 8 billion in a quarter</b></p><p>The revenue of the new business where the community group buys is located grew by 136% this quarter, reaching 9.9 billion yuan, and the revenue performance exceeded market expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213426538d173b8kxbjdys4e\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, before Dolphin Investment Research, Dolphin Jun said that the community group buying mode, which accounts for income by commission, is not split in detail in the new business at present, and the US Mission does not disclose GMV. However, considering that this piece is equivalent to new customer groups and new markets for the US Mission, it can be observed through the growth of the number of users. Surprisingly, this quarter, Meituan rarely added 59 million new users in a single quarter, driving the overall number of users to 570 million. If the sales expenses are used to calculate the customer acquisition cost except for new users, 123 yuan for a user is quite worth it. For this field, Dolphin Jun believes that what we should pay attention to in the future is the stickiness of subsidized users. Behind this is not only the question of how much money to post, but also considering that users of fresh food categories are more sensitive to quality, supply chain control is equally important. In other words, under the current group buying game of major platforms, warehouse leasing, overlapping group leaders and joining grid warehouses, what is really tested is the ability of the platform to efficiently organize social resources, and which platform team can fight better.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213427446d173neipdzceb74\" tg-width=\"1080\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, the loss of new business of Dolphin Investment Research this quarter has further expanded: it lost 6 billion in the last quarter, of which 3 billion was brought by group purchase, while the loss in this quarter has reached 8 billion. Previously, industry insiders estimated that the loss of group purchase in the first quarter of the United States Mission was 6 billion, which should be about the same. With this loss method, it seems that the US Mission has stabilized its posture and has a share of the future retail in the same city.<b>Perhaps the e-commerce pattern will change again in three years-with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Time of delivery, to purchase<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Price of goods. At present, community group purchases are all giants who are not bad in money, but what should be paid attention to is whether the prosperous model that has been verified in the normal market environment will become a difficult model to make money in case it becomes a long-term capital loss war? Similar to long videos, a player is a business model that can make money, but three or four rich giants have been consumed for a long time, and the players have not been cleared, so it has become a model that is difficult to make a profit?</b></p><p><b>Also on other important data:</b></p><p><b>1.</b>Meituan commented on its revenue of 37 billion yuan this quarter, a year-on-year increase of 121%, exceeding the original market expectation of 35.7 billion yuan, mainly due to the performance of take-out realization and the growth of new business exceeding expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213428623d173tjplfwye2p9\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>2.</b>The gross profit of this quarter was 7.2 billion yuan, and the gross profit margin was only 19.5%, which was significantly lower than the market expectation of 22.1%, mainly due to the relatively large investment cost of new business.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213430418d173sv0jnft2zlg\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>3.</b>New business subsidies are fierce and selling expenses soar. The overall sales expenses in this quarter were 7.2 billion, up 125% year-on-year; In the gross profit margin of 19.5%, the sales expense ratio alone is 19.5%, which directly consumes the gross profit margin. At the same time, Meituan's R&D and team are continuously investing, with R&D and administration increasing by 51% and 62% respectively year-on-year, with a total expense ratio of 14.1%. In the end, the operating loss of Meituan's main business this quarter reached 5.2 billion, with a loss rate of 14.1%, which significantly exceeded the already surprising last quarter. Obviously, in the next few quarters, community group buying will become bigger and bigger, and the losses will only increase. There is no need to look at the profits of the US Mission.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213437349d173d8af2un33fc\" tg-width=\"1080\" tg-height=\"505\" referrerpolicy=\"no-referrer\"><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213439636d173bcn6alejvne\" tg-width=\"1080\" tg-height=\"562\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, in the same period of Dolphin Investment Research, the operating loss was 4.8 billion, and the market expected 5 billion. Under the huge loss, it was more or less than 200 million, and there was no essential difference. Looking at the adjusted net profit, the net loss of Meituan this quarter was 3.9 billion, and the market expected 4 billion, which was basically consistent with the market expectation. However, considering that the revenue is beyond expectations, that is, the loss rate is still more serious than the market expectations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3631575\">海豚投研</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4589810b25a8b6d34214e0147613ce0c","relate_stocks":{"03690":"美团-W"},"source_url":"https://wallstreetcn.com/articles/3631575","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138390100","content_text":"美团5月28日港股盘后发布2021年一季度财报：收入370亿，超市场预期357亿，调整后净亏损39亿，市场预期40亿亏损——同款的“增收不增利”，只是在美团这里N倍放大。只是当前社区团购疯狂投入的情况下，看美团一定要分业务精细分析，而外卖、到店酒旅和新业务这三块分开来看：（1）两块传统延续美团一贯互联网“标兵级”表现a. 外卖：市占率上明显还在往上拉，看起来跟商户签不签独家，并不影响美团外卖的绝对垄断地位，尤其是这个季度美团外卖的市占率又快速上升了，而且单笔外卖的利润率还在持续改善，市场对外卖的信仰只会越来越强。b. 到店与酒旅：就地过年虽然对酒店小有影响，但是到店业务，无论是到店餐饮还是到店综合，收入和利润两端的恢复情况均十分优异，整个到店板块就是稳稳的幸福。（2）但新业务由于在社区团购初期阶段则是另外一幅画面c. 社区团购猛投，带动新业务单季亏损再创新高，达到了80亿，以往新业务亏损多的时候也就是15-20亿上下，社区团购亏损单季度已经有60亿了，全年团购亏损超300亿似乎也很有可能。d. 而社区团购作为美团的增量市场生意，当季美团新增年活用户数多达到5900万，大超市场预期。可以看出，对于看准的市场，美团的投入异常大胆，而用户效果上也还不错，等市场覆盖完了之后，更加主要是用户心智的培养和单位经济模型的迭代。前段时间，由于市场对骑手配送社保的担忧、反垄断调查问题等，美团资本市场表现持续低迷。而这次业绩亏损再次飙涨，或许会吓退市场一部分资金，让股价持续徘徊一段时间。但分部拆解的话，即使是按照到2025年一单一块钱的利润（如外宏观意外，大概率会提前），届时一年外卖利润365亿，给予30倍的PE，折合到2021年的估值价值也有1300亿美金上下，等于外卖单股160-170港币。另外，到店酒旅我们保守估算单股也能贡献大约60-70港币，给予新业务零估值，两项合计也意味着220-240之间的安全边际价位，相信很多资金还是原因为前两项业务的确定性以及美团的管理执行力持续买单。以下是详细内容：外卖交易额高位增长强势稳健美团点评本季度外卖业务交易总额（GTV）为1427亿元，由于去年疫情冰封原因，同比增长100%，剔除同比的异常，环比季节性表现基本继续了四季度的高位稳健状态。数据来源：公司公告，海豚投研从交易额的增长驱动来看，这个季度更加看重的是单量增长情况：（1）外卖单量29亿，同比增长达到了110%，相当于每天外卖送单3225万，虽然说一季度偶发局部疫情，这个增长表现非常强劲了。数据来源：公司公告，海豚投研（2）外卖客单价49.2元，由于去年同期疫情下高客单价订单多，导致今年同比下跌5.5%，但绝对值上单价仍然在高位。数据来源：公司公告，海豚投研外卖变现率拉升超预期本季度，外卖业务收入206亿，在GTV翻番的情况下，外卖收入同比增长更高，达到了117%。外卖收入超出预期，主要是这个季度的外卖变现率尤其高：在广告变现率还算相对稳定的情况下，佣金率已经达到了14.4%。虽然美团已说长期佣金率提升空间有限，未来外卖业务的收入和利润释放主要靠广告来做精准营销，以及用规模效应来释放利润，但似乎短期佣金率相对低的独家合约逐步结束后，变现率似乎还在持续提升。数据来源：公司公告，海豚投研同时，这个季度饿了么被“秒”得更加严重了！同期，饿了么+口碑（含餐饮、非餐外卖以及到店业务）整体的收入只有72亿，美团只算外卖都207，相对市占率进一步拉升。数据来源：公司财报、海豚投研单笔利润淡季已经接近四毛钱了!订单体量继续加大，同时变现率拉升超预期，共同带来了外卖利润的快速释放，这个季度外卖业务整体利润达到11亿。从单位经济性的角度来看，一单的利润已经有三毛八，似乎很有可能提前实现2025年一单一块钱的利润指引。而海豚君估算，即使是到2025年实现一单一块钱的利润，届时一年外卖利润365亿，给予30倍的PE，折合到2021年的估值价值也有1300亿美金上下，等于外卖单股160-170港币。无论新业务如何投资，稳如磐石的外卖与到店业务会为波动中的美团带来确定性的估值支撑。数据来源：公司公告，海豚投研虽然原地过年，到店酒旅持续复苏中这个季度到店酒旅业务收入一共实现了66亿，同比增长113%，其中：酒旅：原地过年虽然一定程度上影响了酒店业务的发挥，但是这个季度酒店间夜量依然过了一亿的门槛，同比增长136%，相比上季度1.2亿的间夜量小有回落，单看两年的复合增长13%，应该算是远远跑超同行。另外，美团需要攻克的高星市场，业务贡献占比已经16.7%了。数据来源：公司公告，海豚投研在到店酒旅整体66亿的收入中，佣金收入（以酒旅业务与到店套餐交易相关）飙升了172%，除了间夜量的回归之外。这个季度到店的GMV表现也不错，到店餐饮两年复合增长30%，说明就地过年，很多人都下馆子聚餐，效果明显。同时，与大众点评APP密切相关的到店广告（到店综合、到店餐饮等）增长达到了76%，其中到综两年收入的复合增长同样有30%以上。整体上可以看到，就地过年主要影响的跨省流动，假期中间大家并未克制本地的生活和娱乐，美团这个季度到店酒旅表现可圈可点。数据来源：公司公告，海豚投研这个业务板块利润更加亮眼！到店酒旅经营利润27.5亿，竟然与四季度旺季的28亿基本无差，主要是利润率又上去了，到店酒店的经营利润率比上个季度又上了两个点，达到了42%。这似乎是因为酒店作为毛利相对低一些的业务，一季度原地过年，住酒店的少了一些，美团投的用户激励也少了。数据来源：公司公告，海豚投研用户超预期飙涨但代价同样惨重，新业务一季爆亏80亿社区团团购所在的新业务收入这个季度增速高达136%，达到了99亿，收入表现超出市场预期。数据来源：公司公告，海豚投研之前海豚君说过，以佣金来核算收入的社区团购模式，目前由于在新业务没有详细拆分，美团又不披露GMV，但考虑到这块对于美团的意义相当于新客群、新市场，可以通过用户数的增长来观察。令人异常意外的是，这个季度美团单季新增用户罕见飚了5900万，带动整体用户数拉到了5.7亿。如果用销售费用来除新增用户算获客成本的话，一个用户123块钱，还算挺值的。对于这个领域，海豚君认为后续要关注的还是补贴过来的用户使用粘性情况，这个背后不仅是贴多少钱的问题，考虑生鲜品类用户对质量的敏感度更高，供应链把控同样重要。或者说当前各大平台团购玩法下，仓库租赁、团长重叠，网格仓加盟的情况下，真正考验的是平台高效组织社会资源的能力，以及拼哪家平台的团队更能打仗。数据来源：公司公告，海豚投研这个季度新业务的亏损进一步拉大了：上个季度亏60亿，其中30亿是团购带来的，而这个季度亏损已经达到了80亿，此前行业人士有估算一季度美团团购亏损60亿，应该是大差不差了。这种亏损法，看起来美团就是扎稳了架势，对未来的同城零售要分一笔羹了，也许三年后电商格局再变——用京东的交付时效，来购买拼多多价格的商品。目前社区团购进入的都是不差钱的巨头，但是要关注的是万一变成长期资本损耗战后，在正常市场环境内已经验证的兴盛模式会不会变成一个很难赚钱的模式？类似长视频一样，一个玩家是可以赚钱的商业模式，但是三四家有钱的巨头长期耗着、玩家一直不出清，就变成了很难盈利的模式？另外在其他重要数据上：1.美团点评本季度营收370亿元，同比增长121%，超出了市场原本357亿的预期值，主要是外卖变现表现与新业务增长超预期。数据来源：公司公告，海豚投研2.本季度毛利润72亿元，毛利率只有19.5 %，明显低于市场预期的22.1%，主要是新业务投入成本比较大。数据来源：公司公告，海豚投研3.新业务补贴凶猛，销售费用飙涨。本季度销售费用整体72亿，同比飙涨125%；在19.5%的毛利率中，销售费用率一项就有19.5%，直接就把毛利率耗光了。同时，美团的研发和团队还在持续投入，研发和行政同比分别增长51%和62%，合计费用率14.1%。最终，美团这个季度主营业务的经营亏损达到了52亿，亏损率14.1%，严重程度显著超出了已经令人诧异的上个季度。显然后面几个季度社区团购越来越大，亏损只会越来越多，美团的利润也不用看了。数据来源：公司公告，海豚投研同期，经营亏损48亿，市场预期50亿，巨亏之下多或者少两个亿，没有本质区别。看经调整净利润的话，本季度美团净亏损39亿，市场预期40亿，基本与市场预期一致。但是考虑到收入是超预期的，也就是亏损率上还是比市场预期的更严重一些。","news_type":1,"symbols_score_info":{"48584":0.6,"48620":0.6,"48621":0.6,"48684":0.6,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":3794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134867271,"gmtCreate":1622216444793,"gmtModify":1704181770138,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134867271","repostId":"1139893263","repostType":4,"repost":{"id":"1139893263","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":1621926753,"share":"https://ttm.financial/m/news/1139893263?lang=en_US&edition=fundamental","pubTime":"2021-05-25 15:12","market":"us","language":"zh","title":"Reminder: U.S. stocks are closed for one day on May 31 due to Memorial Day","url":"https://stock-news.laohu8.com/highlight/detail?id=1139893263","media":"老虎资讯综合","summary":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景","content":"<p>It is reported that on May 31st (Monday), the U.S. stock market was closed for one day due to Memorial Day in the United States, and it will trade as usual from Tuesday.</p><p>On Monday, May 31st, the British stock market was closed for one day due to Bank Holiday, and trading as usual from Tuesday.</p><p>Hong Kong shares, A shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p>Memorial Day: A holiday commemorated by most states in the United States. It was originally May 30. After 1971, many states changed it to the last Monday of May to ensure that federal employees could enjoy this Day of rest.</p><p>In the American Civil War, countless soldiers were killed in battle. At the end of the war, many families in the south began to pay tribute to the soldiers killed in the war. Northerners were deeply moved by the fact that they offered flowers in the spring to the graves of the dead on both sides, regardless of north and south, and saw the gesture as a symbol of national unity. In 1868, May 30 was officially sanctioned as the day to lay flowers in honor of the soldiers who died heroically in defence of the motherland.</p><p>Every Memorial Day, American active-duty soldiers and veterans line up to the cemetery, shoot guns to pay tribute to the fallen soldiers, and blow the lights out in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" 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: U.S. stocks are closed for one day on May 31 due to Memorial Day</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: U.S. stocks are closed for one day on May 31 due to Memorial Day\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\">2021-05-25 15:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that on May 31st (Monday), the U.S. stock market was closed for one day due to Memorial Day in the United States, and it will trade as usual from Tuesday.</p><p>On Monday, May 31st, the British stock market was closed for one day due to Bank Holiday, and trading as usual from Tuesday.</p><p>Hong Kong shares, A shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p>Memorial Day: A holiday commemorated by most states in the United States. It was originally May 30. After 1971, many states changed it to the last Monday of May to ensure that federal employees could enjoy this Day of rest.</p><p>In the American Civil War, countless soldiers were killed in battle. At the end of the war, many families in the south began to pay tribute to the soldiers killed in the war. Northerners were deeply moved by the fact that they offered flowers in the spring to the graves of the dead on both sides, regardless of north and south, and saw the gesture as a symbol of national unity. In 1868, May 30 was officially sanctioned as the day to lay flowers in honor of the soldiers who died heroically in defence of the motherland.</p><p>Every Memorial Day, American active-duty soldiers and veterans line up to the cemetery, shoot guns to pay tribute to the fallen soldiers, and blow the lights out in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139893263","content_text":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景简介：阵亡将士纪念日（Memorial Day）：是美国大多数州都要纪念的节日，时间原为5月30日，1971年以后，为保证联邦雇员都能享有这一休息日，许多州将它改在5月的最后一个星期一。美国南北战争中，无数将士在战火中阵亡。战争结束，南部许多家庭开始祭奠战争中阵亡的将士。他们不分南北双方，在春天向双方死者的墓地都奉献鲜花，北方人为此深受感动，将这一举动视为民族团结的象征。1868年，5月30日这一天被正式批准为向为保卫祖国而英勇牺牲的士兵们敬献鲜花的日子。每逢阵亡将士纪念日，美国现役军人和老战士便排成长长的队伍前往墓地，鸣枪向阵亡将士致意，吹响军中熄灯号让死难将士安息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135333673,"gmtCreate":1622129986492,"gmtModify":1704180094910,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135333673","repostId":"2138173209","repostType":4,"repost":{"id":"2138173209","kind":"news","pubTimestamp":1622128986,"share":"https://ttm.financial/m/news/2138173209?lang=en_US&edition=fundamental","pubTime":"2021-05-27 23:23","market":"us","language":"zh","title":"Amazon can't escape antitrust punishment? Three more U.S. states join the survey","url":"https://stock-news.laohu8.com/highlight/detail?id=2138173209","media":"新浪科技","summary":"北京时间5月27日晚间消息，据报道，多位知情人士今日称，继加州、纽约州和华盛顿州之后，马萨诸塞州和宾夕法尼亚州的总检察长也加入到对亚马逊的反垄断调查中。\n如今，越来越多州的调查，包括华盛顿特区周二提起","content":"<p>On the evening of May 27th, Beijing time, it is reported that a number of people familiar with the matter said today that after California, New York and Washington, the attorneys general of Massachusetts and Pennsylvania also joined the antitrust investigation of Amazon.</p><p>Now, a growing number of state investigations, including a lawsuit filed Tuesday in Washington, D.C., suggest Amazon faces a series of legal battles in the coming months.</p><p>The attorneys general of Massachusetts and Pennsylvania are discussing how to divide labor with those of New York and California, people familiar with the matter said. The attorney general's office in Washington state, where Amazon is headquartered, already has some cooperation with California.</p><p>The ultimate goal of these states is to bring a viable antitrust case against Amazon. Connecticut's attorney general also recently began reviewing Amazon's business practices, one of the people said.</p><p>Amazon has long been accused of using its market dominance to suppress competitors and compete for business with third-party merchants on its platform. In addition, Amazon has also been accused of engaging in some other unfair competition practices.</p><p>In response, the attorneys general of Connecticut, Massachusetts and Pennsylvania declined to comment.</p><p>Amazon declined to comment on other states' approach to censoring the company, but referred to a previous statement saying \"the assumption that success can only be the result of anticompetitive behavior, is completely false.\"</p><p>It was reported last year that the attorneys general of New York and California were working with the Federal Trade Commission (FTC) to investigate Amazon's online marketplace. Typically, state and federal regulators work together, meaning that it is extremely feasible to file an antitrust lawsuit, as it was more than 20 years ago against<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the same case.</p><p>On Tuesday, Washington, D.C. Attorney General Karl Racine spearheaded an antitrust lawsuit against Amazon. He argues that Amazon's actions have pushed up commodity prices and stifled innovation.</p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon can't escape antitrust punishment? Three more U.S. states join the survey</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\">\nAmazon can't escape antitrust punishment? Three more U.S. states join the survey\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-05-27 23:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of May 27th, Beijing time, it is reported that a number of people familiar with the matter said today that after California, New York and Washington, the attorneys general of Massachusetts and Pennsylvania also joined the antitrust investigation of Amazon.</p><p>Now, a growing number of state investigations, including a lawsuit filed Tuesday in Washington, D.C., suggest Amazon faces a series of legal battles in the coming months.</p><p>The attorneys general of Massachusetts and Pennsylvania are discussing how to divide labor with those of New York and California, people familiar with the matter said. The attorney general's office in Washington state, where Amazon is headquartered, already has some cooperation with California.</p><p>The ultimate goal of these states is to bring a viable antitrust case against Amazon. Connecticut's attorney general also recently began reviewing Amazon's business practices, one of the people said.</p><p>Amazon has long been accused of using its market dominance to suppress competitors and compete for business with third-party merchants on its platform. In addition, Amazon has also been accused of engaging in some other unfair competition practices.</p><p>In response, the attorneys general of Connecticut, Massachusetts and Pennsylvania declined to comment.</p><p>Amazon declined to comment on other states' approach to censoring the company, but referred to a previous statement saying \"the assumption that success can only be the result of anticompetitive behavior, is completely false.\"</p><p>It was reported last year that the attorneys general of New York and California were working with the Federal Trade Commission (FTC) to investigate Amazon's online marketplace. Typically, state and federal regulators work together, meaning that it is extremely feasible to file an antitrust lawsuit, as it was more than 20 years ago against<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the same case.</p><p>On Tuesday, Washington, D.C. Attorney General Karl Racine spearheaded an antitrust lawsuit against Amazon. He argues that Amazon's actions have pushed up commodity prices and stifled innovation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-27/detail-ikmyaawc7920616.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/79f6876dccdb313e523003246718197c","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-27/detail-ikmyaawc7920616.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138173209","content_text":"北京时间5月27日晚间消息，据报道，多位知情人士今日称，继加州、纽约州和华盛顿州之后，马萨诸塞州和宾夕法尼亚州的总检察长也加入到对亚马逊的反垄断调查中。\n如今，越来越多州的调查，包括华盛顿特区周二提起的诉讼，表明亚马逊在未来几个月内将面临一系列法律大战。\n知情人士称，马萨诸塞州和宾夕法尼亚州的总检察长，正与纽约和加州的总检察长讨论如何分工的问题。亚马逊总部所在的华盛顿州的司法部长办公室，已经与加州进行了一些合作。\n这些州最终的目标是，针对亚马逊提起一个可行的反垄断案件。其中一位知情人士说，康涅狄格州总检察长最近也开始审查亚马逊的商业行为。\n长期以来，亚马逊被指控利用其市场主导地位打压竞争对手，并与其平台上的第三方商家争夺业务。此外，亚马逊还被指存在其他一些不正当竞争行为。\n对此，康涅狄格州、马萨诸塞州和宾夕法尼亚州的总检察长拒绝发表评论。\n亚马逊拒绝就其他州审查该公司的做法发表评论，但提到了之前的一份声明，称“认为成功只能是反竞争行为的结果的假设，是完全错误的。”\n去年曾有报道称，纽约州和加州总检察长正与美国联邦贸易委员会（FTC）合作，调查亚马逊的在线市场。通常，州和联邦监管机构合作，意味着提起反垄断诉讼的可行性极大，就像20多年前针对微软的案件一样。\n本周二，华盛顿特区总检察长卡尔·拉辛（Karl Racine）率先对亚马逊提起反垄断诉讼。他认为，亚马逊的行为推高了商品价格，扼杀了创新。","news_type":1,"symbols_score_info":{"AMZN":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":3002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107626470,"gmtCreate":1620483788890,"gmtModify":1704344278106,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107626470","repostId":"2133685773","repostType":4,"isVote":1,"tweetType":1,"viewCount":3264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342794238,"gmtCreate":1618240807624,"gmtModify":1704708064809,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342794238","repostId":"2126054043","repostType":4,"isVote":1,"tweetType":1,"viewCount":3719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346624871,"gmtCreate":1618033690293,"gmtModify":1704706213840,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/346624871","repostId":"1141772391","repostType":4,"isVote":1,"tweetType":1,"viewCount":4685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341593984,"gmtCreate":1617838719148,"gmtModify":1704703692692,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341593984","repostId":"2125072521","repostType":4,"isVote":1,"tweetType":1,"viewCount":3245,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349306243,"gmtCreate":1617534877582,"gmtModify":1704700284547,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/349306243","repostId":"2124752547","repostType":4,"repost":{"id":"2124752547","kind":"news","pubTimestamp":1617523616,"share":"https://ttm.financial/m/news/2124752547?lang=en_US&edition=fundamental","pubTime":"2021-04-04 16:06","market":"us","language":"zh","title":"The March report card of new car-building forces was announced, hiding these hidden worries","url":"https://stock-news.laohu8.com/highlight/detail?id=2124752547","media":"腾讯新闻","summary":"4月伊始，小鹏、理想以及蔚来三家造车新势力陆续公布了2021年3月以及一季度新车整体交付数据。从整体来看，三家车企的同比增速均超过了220%，其中小鹏、蔚来两家的增速甚至超过了370%。\n\n回顾202","content":"<p><img src=\"https://static.tigerbbs.com/ed20549d01d46d44bbb56598e8d9f401\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">At the beginning of April, XPeng, Ideal and<a href=\"https://laohu8.com/S/NIO\">Nio</a>The three new car manufacturers successively announced the overall delivery data of new cars in March and the first quarter of 2021. On the whole, the year-on-year growth rates of the three car companies all exceeded 220%, among which the growth rates of XPeng and Nio even exceeded 370%.</p><p><img src=\"https://static.tigerbbs.com/097668417318b016fb9468ca85d38995\" tg-width=\"480\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p>Looking back at the whole year of 2020, even though affected by the epidemic, Nio, Ideal and XPeng delivered 43,728, 32,624 and 27,041 vehicles respectively. At the same time, the gross profit margins of the three car companies all turned positive, which is very positive for new energy vehicle companies. In the first quarter of this year, Nio also reached the milestone of delivering more than 20,000 vehicles in a single quarter for the first time, and was the only one among the three new car-making forces to achieve this goal.</p><p>In addition, judging from the month-on-month trend of monthly delivery, the three car companies swept the haze of last month's \"Spring Festival Winter\" in March 1 and went out of the \"deep V\" rebound. Previously, the ideal of month-on-month data falling for two consecutive months finally returned to the monthly delivery level of nearly 5,000 vehicles, and Nio, as the \"leading big brother\", once again set its monthly delivery record in March.</p><p>The higher the price, the better the Nio</p><p>In March 2020, XPeng, Ideal and Nio gave delivery data of 1,055, 1,447 and 1,533 vehicles respectively. But who would have thought that this was also the closest delivery volume of the three car companies in a year. In the following year, Nio began its delivery surge mode.</p><p>Over the past year, Nio has led its other two rivals by nearly 1,000 vehicles in deliveries almost every month.</p><p>By the time vehicle sales were low in February this year, Nio took the attitude of \"minimum decline\", and the monthly delivery volume exceeded the sum of XPeng and Ideal.</p><p><img src=\"https://static.tigerbbs.com/5d76e5330ebbfab14e96ba1d83e1b60a\" tg-width=\"480\" tg-height=\"305\" referrerpolicy=\"no-referrer\"></p><p>If we regard XPeng, Ideal and Nio as \"a car company\", you will find that this \"car company\" is different from all other car companies. The most expensive models it sells are the best sellers.</p><p>Take the delivery volume in March this year as an example: XPeng delivered 5,102 vehicles. According to the standard selling price of the model, the average price of XPeng shipment is only 194,600 yuan, and the ideal is only a single model with an average price of 328,000 yuan. Weilai has the highest average price of bicycles among the three car companies, reaching 384,700 yuan.</p><p>What causes the phenomenon of \"high prices and high sales in Nio\"? This is not unrelated to the precise market positioning of Nio.</p><p>So far, Nio has mass-produced three models. The lowest-priced EC6 has a starting price of 368,000 yuan, and the highest ES8 signature version has a price of 558,000 yuan. Analyze this pricing range carefully and you will see that Nio is actually standing in a comparatively blank range for its competitors.</p><p>XPeng focuses on the electric vehicle market below 250,000 yuan. Ideally, because of the restrictions of vehicle models, it can only seize the EC6 market in some cities. While its biggest rival<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>There are 250,000-350,000 Model 3 and Y, 700,000-1 million S and X, and the only range of 400,000-700,000 is lacking.</p><p>At the same time, three new electric vehicle companies, XPeng Ideal and Nio, have emerged from the Internet. Their potential corresponding consumer groups are mainly users in first-and second-tier cities with higher Internet awareness. These users choose the electric vehicles of Ideal and Weilai, and perhaps the price is not the main factor they consider.</p><p>Ideal begins to fall behind in steady growth</p><p>In the sales trough in February this year, Ideal and XPeng went out of a \"deep V\" market line, which caused many people's worries about the market sales of these two car companies. But in March, all three car companies fought back with a big pull-up. However, behind the bright delivery data, we still see the trend of ideal \"falling behind\" in the overall competition.</p><p><img src=\"https://static.tigerbbs.com/0e6c3633783a331baa329e5f022145db\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>If we calculate the delivery growth data from January last year, the growth rates of the three car companies as of March this year are: XPeng 384%, Ideal 315% and Nio 354%.</p><p>In terms of growth rate, the ideal is behind.</p><p>The actual situation is also reflected in the delivery curve. As of July last year, the ideal was pressing XPeng, but after July, XPeng gradually tied and caught up with the ideal.</p><p>In the delivery data for the first quarter of 2021 released by the three car companies, XPeng surpassed Ideal's 12,579 vehicles with a data of 13,340 vehicles. Although the gap is not big, for Ideal, it is indeed the one with the fewest shipments among the three car companies.</p><p><img src=\"https://static.tigerbbs.com/e149241a0fbb29c80c2a2025e8e25651\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>Single models and hybrid vehicles cannot be regarded as new energy in some cities, etc., and they are gradually enlarged in the more mature electric vehicle sales market. At the same time, the market positioning and the pricing of a single Model also make it face direct competition with Tesla Model Y.</p><p>Obviously, Ideal is also aware of such a problem. At the performance conference call for the fourth quarter of 2020 in late February this year, CEO Li Xiang made it clear: starting from 2022,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>At least two new products will be released to the market every year, and pure electric series products will be delivered in 2023, and the price range will be expanded from the current 300,000-350,000 to 150,000-500,000.</p><p>\"Lack of core\" problem may affect the delivery of three car companies in the next quarter</p><p>Whether it is Nio, which sells well, or XPeng and Ideal, which are slightly inferior, there is another \"big mountain\" in front of their delivery volume-chip shortage.</p><p>Just a week before Nio announced the delivery data in March, Nio suddenly announced that it would temporarily suspend production for 5 working days due to \"core shortage\", and at the same time lowered the delivery expectation for the first quarter, from the previous 20,000 to 25,000 to 19,500.</p><p>Although the final delivery data announced exceeded 19,500 vehicles, it has only just crossed the line. It can be seen that the problem of \"lack of core\" still needs to be better solved. At present, XPeng and Ideal have not heard of the news of shutdown and production reduction due to \"core shortage\", but car companies are the hardest hit areas of this \"core shortage\" after all, so they can't be taken lightly.</p><p>Tesla remains a formidable rival to be reckoned with for three car companies</p><p>In addition, the three new car-making forces also need to face another strong opponent-Tesla. According to Tesla's delivery data for the first quarter of 2021 released recently, Tesla delivered a total of 184,800 vehicles worldwide, continuing to set a new quarterly delivery record.</p><p>And this delivery figure is basically comparable<a href=\"https://laohu8.com/S/002594\">BYD</a>In 2020, the total sales volume of all new energy vehicles (including pure electric and hybrid) was 189,700 units. Tesla's one-quarter delivery volume is almost as good as BYD's one-year busy delivery... No more than not knowing, no more than startling.</p><p><img src=\"https://static.tigerbbs.com/d27d331dd26c985a22a0450260d4d48c\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Even though Tesla officially did not announce its specific delivery figures in the Chinese market separately, we can take Tesla's domestic sales data released by China Passenger Car Association in February this year as a reference.</p><p>Tesla sold 18,318 vehicles in China in February, reaching 470% compared to the same period last year and up 15.47% from January this year. By itself, Tesla has won more than 20% of the domestic electric vehicle market, and this is still affected by the Spring Festival holiday in February.</p><p><img src=\"https://static.tigerbbs.com/a0f65a3757c25c55eacc4af41083d8e9\" tg-width=\"480\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>Compared with the overall domestic automobile market, the retail sales volume of the passenger vehicle market decreased by 45.5% month-on-month in February 2021, and the overall retail sales volume of new energy vehicles decreased by 37.9% month-on-month. Tesla has become one of the few domestic car companies whose sales volume has increased instead of falling.</p><p>In 2020, Tesla's global delivery volume was about 500,000 vehicles (only 450 vehicles). If it is calculated according to the delivery level in the first quarter of this year (about 185,000 vehicles), it will take less than three quarters for Tesla to reach the delivery target of 500,000 vehicles this year.</p><p>And Musk's ambitions don't stop there. A few days ago, some foreign media broke the news that Musk set this year's goal at 1 million on the company's internal conference call, directly doubling it.</p><p>Musk is very confident that he dares to say such \"big words\", and the Shanghai Gigafactory behind it plays an important role. According to the latest research report, the production capacity of Tesla's Shanghai factory is expected to exceed 500,000 vehicles in 2021, which is crucial to the achievement of Tesla's production target of one million new vehicles.</p><p>In addition, Tesla is continuing to expand its production capacity, and the construction of two new Gigafactories is also stepping up. The Texas factory in the United States may be completed and put into production in May this year, and the Berlin factory in Germany will start production as early as July this year, and delivery is expected to start before the end of the year.</p><p>Such a strong Tesla has become a \"fierce rival\" of new car companies. Under Tesla's fierce attack, it also forced China's new car-making forces to constantly cultivate their internal strength.</p>","source":"TXXW","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 March report card of new car-building forces was announced, hiding these hidden worries</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 March report card of new car-building forces was announced, hiding these hidden worries\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-04-04 16:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/ed20549d01d46d44bbb56598e8d9f401\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">At the beginning of April, XPeng, Ideal and<a href=\"https://laohu8.com/S/NIO\">Nio</a>The three new car manufacturers successively announced the overall delivery data of new cars in March and the first quarter of 2021. On the whole, the year-on-year growth rates of the three car companies all exceeded 220%, among which the growth rates of XPeng and Nio even exceeded 370%.</p><p><img src=\"https://static.tigerbbs.com/097668417318b016fb9468ca85d38995\" tg-width=\"480\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p>Looking back at the whole year of 2020, even though affected by the epidemic, Nio, Ideal and XPeng delivered 43,728, 32,624 and 27,041 vehicles respectively. At the same time, the gross profit margins of the three car companies all turned positive, which is very positive for new energy vehicle companies. In the first quarter of this year, Nio also reached the milestone of delivering more than 20,000 vehicles in a single quarter for the first time, and was the only one among the three new car-making forces to achieve this goal.</p><p>In addition, judging from the month-on-month trend of monthly delivery, the three car companies swept the haze of last month's \"Spring Festival Winter\" in March 1 and went out of the \"deep V\" rebound. Previously, the ideal of month-on-month data falling for two consecutive months finally returned to the monthly delivery level of nearly 5,000 vehicles, and Nio, as the \"leading big brother\", once again set its monthly delivery record in March.</p><p>The higher the price, the better the Nio</p><p>In March 2020, XPeng, Ideal and Nio gave delivery data of 1,055, 1,447 and 1,533 vehicles respectively. But who would have thought that this was also the closest delivery volume of the three car companies in a year. In the following year, Nio began its delivery surge mode.</p><p>Over the past year, Nio has led its other two rivals by nearly 1,000 vehicles in deliveries almost every month.</p><p>By the time vehicle sales were low in February this year, Nio took the attitude of \"minimum decline\", and the monthly delivery volume exceeded the sum of XPeng and Ideal.</p><p><img src=\"https://static.tigerbbs.com/5d76e5330ebbfab14e96ba1d83e1b60a\" tg-width=\"480\" tg-height=\"305\" referrerpolicy=\"no-referrer\"></p><p>If we regard XPeng, Ideal and Nio as \"a car company\", you will find that this \"car company\" is different from all other car companies. The most expensive models it sells are the best sellers.</p><p>Take the delivery volume in March this year as an example: XPeng delivered 5,102 vehicles. According to the standard selling price of the model, the average price of XPeng shipment is only 194,600 yuan, and the ideal is only a single model with an average price of 328,000 yuan. Weilai has the highest average price of bicycles among the three car companies, reaching 384,700 yuan.</p><p>What causes the phenomenon of \"high prices and high sales in Nio\"? This is not unrelated to the precise market positioning of Nio.</p><p>So far, Nio has mass-produced three models. The lowest-priced EC6 has a starting price of 368,000 yuan, and the highest ES8 signature version has a price of 558,000 yuan. Analyze this pricing range carefully and you will see that Nio is actually standing in a comparatively blank range for its competitors.</p><p>XPeng focuses on the electric vehicle market below 250,000 yuan. Ideally, because of the restrictions of vehicle models, it can only seize the EC6 market in some cities. While its biggest rival<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>There are 250,000-350,000 Model 3 and Y, 700,000-1 million S and X, and the only range of 400,000-700,000 is lacking.</p><p>At the same time, three new electric vehicle companies, XPeng Ideal and Nio, have emerged from the Internet. Their potential corresponding consumer groups are mainly users in first-and second-tier cities with higher Internet awareness. These users choose the electric vehicles of Ideal and Weilai, and perhaps the price is not the main factor they consider.</p><p>Ideal begins to fall behind in steady growth</p><p>In the sales trough in February this year, Ideal and XPeng went out of a \"deep V\" market line, which caused many people's worries about the market sales of these two car companies. But in March, all three car companies fought back with a big pull-up. However, behind the bright delivery data, we still see the trend of ideal \"falling behind\" in the overall competition.</p><p><img src=\"https://static.tigerbbs.com/0e6c3633783a331baa329e5f022145db\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>If we calculate the delivery growth data from January last year, the growth rates of the three car companies as of March this year are: XPeng 384%, Ideal 315% and Nio 354%.</p><p>In terms of growth rate, the ideal is behind.</p><p>The actual situation is also reflected in the delivery curve. As of July last year, the ideal was pressing XPeng, but after July, XPeng gradually tied and caught up with the ideal.</p><p>In the delivery data for the first quarter of 2021 released by the three car companies, XPeng surpassed Ideal's 12,579 vehicles with a data of 13,340 vehicles. Although the gap is not big, for Ideal, it is indeed the one with the fewest shipments among the three car companies.</p><p><img src=\"https://static.tigerbbs.com/e149241a0fbb29c80c2a2025e8e25651\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>Single models and hybrid vehicles cannot be regarded as new energy in some cities, etc., and they are gradually enlarged in the more mature electric vehicle sales market. At the same time, the market positioning and the pricing of a single Model also make it face direct competition with Tesla Model Y.</p><p>Obviously, Ideal is also aware of such a problem. At the performance conference call for the fourth quarter of 2020 in late February this year, CEO Li Xiang made it clear: starting from 2022,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>At least two new products will be released to the market every year, and pure electric series products will be delivered in 2023, and the price range will be expanded from the current 300,000-350,000 to 150,000-500,000.</p><p>\"Lack of core\" problem may affect the delivery of three car companies in the next quarter</p><p>Whether it is Nio, which sells well, or XPeng and Ideal, which are slightly inferior, there is another \"big mountain\" in front of their delivery volume-chip shortage.</p><p>Just a week before Nio announced the delivery data in March, Nio suddenly announced that it would temporarily suspend production for 5 working days due to \"core shortage\", and at the same time lowered the delivery expectation for the first quarter, from the previous 20,000 to 25,000 to 19,500.</p><p>Although the final delivery data announced exceeded 19,500 vehicles, it has only just crossed the line. It can be seen that the problem of \"lack of core\" still needs to be better solved. At present, XPeng and Ideal have not heard of the news of shutdown and production reduction due to \"core shortage\", but car companies are the hardest hit areas of this \"core shortage\" after all, so they can't be taken lightly.</p><p>Tesla remains a formidable rival to be reckoned with for three car companies</p><p>In addition, the three new car-making forces also need to face another strong opponent-Tesla. According to Tesla's delivery data for the first quarter of 2021 released recently, Tesla delivered a total of 184,800 vehicles worldwide, continuing to set a new quarterly delivery record.</p><p>And this delivery figure is basically comparable<a href=\"https://laohu8.com/S/002594\">BYD</a>In 2020, the total sales volume of all new energy vehicles (including pure electric and hybrid) was 189,700 units. Tesla's one-quarter delivery volume is almost as good as BYD's one-year busy delivery... No more than not knowing, no more than startling.</p><p><img src=\"https://static.tigerbbs.com/d27d331dd26c985a22a0450260d4d48c\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Even though Tesla officially did not announce its specific delivery figures in the Chinese market separately, we can take Tesla's domestic sales data released by China Passenger Car Association in February this year as a reference.</p><p>Tesla sold 18,318 vehicles in China in February, reaching 470% compared to the same period last year and up 15.47% from January this year. By itself, Tesla has won more than 20% of the domestic electric vehicle market, and this is still affected by the Spring Festival holiday in February.</p><p><img src=\"https://static.tigerbbs.com/a0f65a3757c25c55eacc4af41083d8e9\" tg-width=\"480\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>Compared with the overall domestic automobile market, the retail sales volume of the passenger vehicle market decreased by 45.5% month-on-month in February 2021, and the overall retail sales volume of new energy vehicles decreased by 37.9% month-on-month. Tesla has become one of the few domestic car companies whose sales volume has increased instead of falling.</p><p>In 2020, Tesla's global delivery volume was about 500,000 vehicles (only 450 vehicles). If it is calculated according to the delivery level in the first quarter of this year (about 185,000 vehicles), it will take less than three quarters for Tesla to reach the delivery target of 500,000 vehicles this year.</p><p>And Musk's ambitions don't stop there. A few days ago, some foreign media broke the news that Musk set this year's goal at 1 million on the company's internal conference call, directly doubling it.</p><p>Musk is very confident that he dares to say such \"big words\", and the Shanghai Gigafactory behind it plays an important role. According to the latest research report, the production capacity of Tesla's Shanghai factory is expected to exceed 500,000 vehicles in 2021, which is crucial to the achievement of Tesla's production target of one million new vehicles.</p><p>In addition, Tesla is continuing to expand its production capacity, and the construction of two new Gigafactories is also stepping up. The Texas factory in the United States may be completed and put into production in May this year, and the Berlin factory in Germany will start production as early as July this year, and delivery is expected to start before the end of the year.</p><p>Such a strong Tesla has become a \"fierce rival\" of new car companies. Under Tesla's fierce attack, it also forced China's new car-making forces to constantly cultivate their internal strength.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2021-04-04/doc-ikmyaawa6074206.shtml\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed20549d01d46d44bbb56598e8d9f401","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏集团"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2021-04-04/doc-ikmyaawa6074206.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2124752547","content_text":"4月伊始，小鹏、理想以及蔚来三家造车新势力陆续公布了2021年3月以及一季度新车整体交付数据。从整体来看，三家车企的同比增速均超过了220%，其中小鹏、蔚来两家的增速甚至超过了370%。\n\n回顾2020年全年，即便受到了疫情的影响，蔚来、理想和小鹏还分别交付了43728、32624和27041辆车，同时三家车企的毛利率全部转正，这对于新能源车企来说，都是非常正向的。今年一季度，蔚来还首次达成单季交付超2万辆的里程碑，也是三家造车新势力中唯一达成这一目标的。\n此外，从月交付环比走势来看，三家车企三月一扫上月\"春节寒冬\"的阴霾，走出“深V”反弹。此前环比数据连跌两个月的理想终于回到了近5000辆的月交付水平，而作为“带头大哥”的蔚来，在三月再次刷新了自己的月交付纪录。\n定价越高，卖的越好的蔚来\n2020年3月，小鹏、理想、蔚来三家分别给出了1055、1447和1533辆的交付数据。但谁曾想到，这也是一年之内，三家车企交付量最为接近的一次。在之后的一年，蔚来就开始了它的交付量激增模式。\n在过去的一年时间里，蔚来几乎在每个月的交付量上都领先其他两个竞争对手近1000辆车。\n到了今年2月整车销售低谷的时候，蔚来更是以“最小跌幅”的姿态，单月交付量超过了小鹏和理想的交付总和。\n\n如果我们将小鹏、理想和蔚来看做是“一家车企”的话，你会发现这个“车企”跟其他所有的车企都不一样，它卖的最贵的车型，反而是销量最好的。\n以今年三月交付量为例：小鹏交付了5102辆车，按照车型标准售价计算，小鹏出货的均价只有19.46万元，理想只有单车型，均价32.8万元，而蔚来是三家车企中单车均价最高的，达到了38.47万元。\n是什么导致了“蔚来车价高销量高”的现象？这和蔚来精准的市场定位不无关系。\n蔚来到目前为止量产三款车型，定价最低的EC6，起售价也要36.8万元，最高的ES8签名版，定价高达55.8万元。仔细分析这个定价区间，你会发现蔚来实际上站在了一个竞争对手相对空白的区间内。\n小鹏主攻25万以下的电动车市场，理想因为车型的限制，也仅能在部分城市抢占EC6的市场。而其最大的竞争对手特斯拉，下有25-35万的Model3和Y，上有70-100万的S和X，独缺40-70万这个区间档位。\n同时小鹏理想和蔚来三家新型电动车企崛起于互联网，他们的潜在对应消费群体主要以互联网认知程度更高的一二线城市用户为主，这些用户选择理想、蔚来们的电动车，或许价格并不是他们考虑的主要因素。\n理想在稳步增长中开始掉队\n今年2月的销售低谷中，理想和小鹏走出了一条“深V”行情线，引发不少人对于这两家车企市场销售的担忧。但在3月，三家车企都用一个大大的拉升回击质疑。但在亮眼交付量数据的背后，我们还是看到了理想在整体的竞争中“掉队”的趋势。\n\n如果我们从去年1月计算交付量增长数据的话，三家车企截至今年3月的增长率分别为：小鹏384%、理想315%、蔚来354%。\n从增长率来看，理想掉队了。\n实际的情况也反映在交付曲线上，截至去年7月之前，理想都是强压小鹏一头的，但在7月过后，小鹏逐渐追平并赶超了理想。\n在三家车企公布的2021年一季度交付数据中，小鹏以13340辆的数据，超越了理想的12579辆，尽管差距不大，但对于理想来说，它确实已经三家车企中出货量最少的一家了。\n\n单一车型、混动在部分城市无法算作新能源等问题，在越发成熟的电动车销售市场被逐渐放大。同时市场的定位和单车型的定价，也让它直接面临这和特斯拉Model Y的直接竞争。\n显然理想也意识到了这样的问题，在今年2月下旬2020年第四季度业绩电话会上，CEO李想明确表态：从2022年开始，理想汽车每年至少会发布2款新的产品交付市场，并且在2023年会交付纯电系列产品，价格区间也会由现在的30-35万向15-50万进行扩大覆盖。\n“缺芯”问题或影响三家车企下季度交付情况\n不管是卖得比较好的蔚来，还是稍逊色的小鹏、理想，摆在它们交付量面前的还有另一座“大山”——芯片短缺。\n就在蔚来公布3月交付数据的前一周，蔚来方面突发公告称，因“缺芯”暂时停产5个工作日，同时还下调了一季度交付预期，由之前的2~2.5万辆调整至1.95万辆。\n虽然最后公布的交付数据超过了1.95万辆，但也只是刚刚过线。由此可见，“缺芯”问题依然有待更好地解决。目前，小鹏和理想还没听说因“缺芯”停工减产的消息，但车企毕竟是此次“缺芯”的重灾区，不能掉以轻心。\n特斯拉仍是三家车企不可忽视的强劲对手\n此外，三家造车新势力还需要面对另一个强劲的对手——特斯拉。根据特斯拉日前公布的2021年一季度交付量数据显示，特斯拉在全球共交付184800辆，继续刷新季度交付纪录。\n而这一交付数字，基本上可以比肩比亚迪2020年所有新能源车（包括纯电和混动）的销量总和18.97万辆了。特斯拉一个季度的交付量快赶得上比亚迪忙活一年的......不比不知道一比吓一跳。\n\n即便特斯拉官方没有单独公布其在中国市场的具体交付数字，但我们可以拿今年2月中国乘联会公布的特斯拉国内销量数据稍作参考。\n特斯拉2月份在中国的销量为18318辆，与去年同期相比达到470%，较今年1月增长15.47%。仅凭一己之力，特斯拉就拿下了国内电动车市场超过2成的市场份额，而且这还是受到2月份春节假期影响的情况之下。\n\n与整个国内车市大盘相比，2021年2月乘用车市场零售量环比下降45.5%，新能源汽车零售量整体环比下降37.9%。特斯拉却成为国内少数环比销量不降反增的少数车企之一。\n2020年特斯拉的全球交付总量约为50万辆（只差450辆），如果按照今年一季度交付水平（约18.5万辆）来计算，特斯拉今年要达成50万辆的交付目标用不了三个季度。\n而马斯克的野心不止于此。前几天就有国外媒体爆料称，马斯克在公司内部电话会议上把今年的目标放在了100万，直接翻一番。\n敢说这样的“大话”，马斯克是非常有底气的，其背后的上海超级工厂就扮演了重要角色。据最新的研究报告显示，2021年特斯拉上海工厂的产能有望突破50万辆，这对特斯拉百万辆新车生产目标的实现至关重要。\n此外，特斯拉还在继续扩大产能，两座新的超级工厂也在加紧建设，美国本土的德州工厂或于今年5月建成投产，德国柏林工厂最早于今年7月开始投产，预计年底前开始交付。\n如此强势的特斯拉成为新造车企的“劲敌”。在特斯拉猛攻下，也倒逼中国造车新势力们要不断修炼内功。","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340362713,"gmtCreate":1617341700832,"gmtModify":1704699010102,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340362713","repostId":"1198654647","repostType":4,"repost":{"id":"1198654647","kind":"news","pubTimestamp":1617341440,"share":"https://ttm.financial/m/news/1198654647?lang=en_US&edition=fundamental","pubTime":"2021-04-02 13:30","market":"sh","language":"zh","title":"The mobile phone market has suffered a heavy setback. What will Huawei do next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198654647","media":"第一财经","summary":"3月31日，华为发布2020年年度业绩，其全年营收和利润分别微增长了3.8%和3.2%。其中运营商业务3026亿元，增长0.2%；消费者业务为4829亿元，增长了3.3%；企业业务营收为1003亿元，","content":"<p><div>On March 31, Huawei released its 2020 annual results, and its full-year revenue and profit increased slightly by 3.8% and 3.2%, respectively. Among them, the operator business was 302.6 billion yuan, an increase of 0.2%; Consumer business was 482.9 billion yuan, an increase of 3.3%; The revenue of enterprise business was 100.3 billion yuan, an increase of 23%. Affected by U.S. sanctions, Huawei has no longer been able to get high-end chips below 10nm from suppliers since September 2020, and the chip manufacturing process of Huawei's mobile phones is dominated by 7nm and 5nm, and its mate 40, released in October 2020, adopts Kirin 9000...</p><p><a href=\"https://www.yicai.com/news/101008568.html\">Web link</a></div></p>","source":"dyvj","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 mobile phone market has suffered a heavy setback. What will Huawei do next?</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 mobile phone market has suffered a heavy setback. What will Huawei do next?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-04-02 13:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On March 31, Huawei released its 2020 annual results, and its full-year revenue and profit increased slightly by 3.8% and 3.2%, respectively. Among them, the operator business was 302.6 billion yuan, an increase of 0.2%; Consumer business was 482.9 billion yuan, an increase of 3.3%; The revenue of enterprise business was 100.3 billion yuan, an increase of 23%. Affected by U.S. sanctions, Huawei has no longer been able to get high-end chips below 10nm from suppliers since September 2020, and the chip manufacturing process of Huawei's mobile phones is dominated by 7nm and 5nm, and its mate 40, released in October 2020, adopts Kirin 9000...</p><p><a href=\"https://www.yicai.com/news/101008568.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101008568.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e8776326a073f38b9df528ccba693d04","relate_stocks":{},"source_url":"https://www.yicai.com/news/101008568.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198654647","content_text":"3月31日，华为发布2020年年度业绩，其全年营收和利润分别微增长了3.8%和3.2%。其中运营商业务3026亿元，增长0.2%；消费者业务为4829亿元，增长了3.3%；企业业务营收为1003亿元，增长23%。\n受美国制裁影响，华为自2020年9月以来就不再能从供应商那里获得10纳米以下的高端芯片，华为手机的芯片制程以7纳米和5纳米为主，其2020年10月发布的mate 40，采用的麒麟9000芯片制程为5纳米。缺少芯片可能致使华为将原本在今年4月发布的P50系列推迟到6月发布。\nOPPO、Vivo、一加、小米以及荣耀都在3月发布了新款手机，以抢夺华为因无法量产新机而空出来的市场——2020年2季度，华为在中国手机市场的份额达到47%，这个数字对其他各大手机品牌意味着生意翻倍的机会。\n根据数据调研机构Counterpoint公布的2021年2月份全球智能手机调查报告，华为在全球手机市场的份额已下滑至4%，跌出前5名。这意味着在2020年为华为贡献了高达54.18%的消费者业务可能在接下来的2021年萎缩。\n在运营商业务相对稳定的状况下，华为的业务重点因此将从消费者业务被迫转移到企业业务。这部分业务以华为云与计算为核心，旗下包括数据存储与机器视觉，以及智能协作等业务团队，目标是推动企业数字化。\n企业业务是华为2020年增速最快的部门。根据市场研究机构Canalys的数据，2020年1季度，华为云以14.1%的份额排名第二，低于阿里云的44.5%，但超过腾讯云的13.9%。1月28日，华为消费者业务CEO余承东也被任命为华为云与计算BG（业务集团）的总裁。\n如果被迫完全退出消费者业务，鸿蒙操作系统也将可以被视为一种面向开发者的企业业务。\n3月31日的业绩发布会上，华为副董事长、轮值董事长胡厚崑表示，目前鸿蒙已吸引到“超过20家硬件厂商、280家应用厂商共同参与生态建设”，其下一步计划是在手机上推出鸿蒙操作系统。\n我们近期采访了华为云与计算智能协作部门协作平板总经理张巧明，他所在的团队于3月17日发布了华为云与计算部门的第二款硬件产品——协作平板，它集成了麦克风、喇叭、摄像头、屏幕、投影仪等，将办公室的会议系统变成可交互的大型pad，智能书写，扫码带走。\n这款硬件目前采用安卓操作系统，未来将更新为鸿蒙系统。并且，它被定义为华为进入B端市场的流量入口。在采访中，张巧明也谈到了华为的这款企业级硬件和鸿蒙操作系统及其生态的关系。\nYi=YiMagazine\nZ=张巧明\nYi：B端市场是否是华为过去没有特别覆盖到的一个领域？\nZ：我们2010年就开始服务企业市场，在政企领域应该算是国内大企业里面比较早的。早期是交换机、网络WiFi、数据中心，以及为企业配置的台式机，甚至桌面云、pad。只不过，除了向企业提供的这些面向个人的端，我们认为应该也要有面向集体协作的一个端，这个端就是智能协作（平板）。\nYi：未来，系统从安卓切换到鸿蒙，对于产品的功能会带来多大改变？\nZ：鸿蒙本质上是物联网操作系统，它的核心能力是在一个既定空间下面实现多个端之间的连接。系统级的连接会更紧密。举个例子，比如说全屋智能，空调、冰箱、电饭锅、智能音箱，它们跟手机之间可以通过底层的连接做到无感，不需要人去过多地介入操控。\nYi：安卓做不到吗？\nZ：安卓做不到。以前每个产品都有自己的标准，做冰箱的标准是冰箱的，做电视机的标准是电视机的……根本没有统一标准。家居与家居之间属于不同行业，它们没有考虑到跨行业之间的连接。鸿蒙是软总线的逻辑，具有分布式操作能力，可以跨越端与端之间的标准障碍，实现互联互通。\nYi：美的同你们有深度合作，他们在开发一些所谓智能电饭煲的时候，使用安卓来开发，同使用鸿蒙来开发，在开发成本以及需要的开发能力上有多大差别？\nZ：安卓是面向手机的操作系统，而物联网的要求是，第一，极小系统，否则你上来就装几个G的内存，存储要求太大了；第二，物联网要非常省电，功耗低；第三，连接要非常方便，安卓需要一个很强的带宽。这三个是物联网的连接跟手机端的连接、安卓定义的连接方式要求不同的地方。\n鸿蒙要干的事情，是尽量把底层的能力（PASS层）固化下来，然后让SAAS层的应用开发更简单。当前基于安卓的开发，开发者需要从系统层面去做开发，对于开发语言的要求、开发人员能力的要求都更高。\nYi：办公产品未来可以接入哪些智能终端？\nZ：目前我们看到的更多的是麦克风、音箱、音视频这些组件。加入鸿蒙实际上是我们整体融入了华为端的生态，比如说将来其他的音箱、麦克风、音视频厂家也加入了这个生态，调度就会更方便。\nYi：鸿蒙系统的手机才能实现这种调度吗？苹果可不可以？\nZ：要用特定的接口才有这种对接能力，鸿蒙是有这种能力的，安卓目前没看到。苹果假如加接口也可以，我们不排除任何厂家跟我们一起拥抱生态。\nYi：这里涉及到两个生态，一个是硬件生态，一个是软件生态，在软件方面，你们希望汇聚哪些类型的软件开发者？\nZ：华为的中国应用市场已经集成了上千个应用，我们是面向B端推出的专业设备，现在有上百家合作，同时我们也适配了一些像爱奇艺这种消费级应用，因为我们认为它除了办公之外，也有可能用于娱乐，比如领导在午休期间看一个电视，或者公司有一个小型party为员工庆生。\nYi：鸿蒙的应用市场和华为的应用市场目前有多大区别？\nZ：现在我们用的是华为的应用市场。原则上说，华为应用市场里的所有App我们都可以下载，但是需要做设备适配，涉及分辨率、屏幕清晰度，都要跟应用厂家做沟通跟协调，让他们适配出相应的屏幕更大的版本。\nYi：C端产品和B端产品的场景并不相同，行业级的应用会有哪些？\nZ：比如说乡村宝、教育宝，这些都是面向行业的专业级应用。除了开会，这个屏能干的事情还有很多。比如一个老师对多个学生讲课，或者几个学生一起分组研讨。\n刚才说到的都是在既定生产场景下的效率和提升，另外一种我们称之为驾驶舱。在经济史上，信息的丰富程度决定了决策的质量。比如生产过程中的可视化，以前是通过下属报告，但下属提供的信息往往会不充分。\n再比如生产线上，去检查一些标签的贴法是否正确、商品是否有脏污，或者一些器件的焊接点是否成功，用人眼去查看上千个焊接点很难，过去是用抽检解决，如果通过摄像头或者机器去解决，效率会更高。这些信息到了决策者那里，就可以通过我们的“驾驶舱”去判断。机器视觉解决的是机器之间的交互，我们解决的是人与人之间的交互。\nYi：你们团队和华为的机器视觉团队有哪些合作？\nZ：比如说国家应急指挥中心使用的调度平台，有一个具体场景，就是通过大屏调取某摄像头或者警察执法仪拍下的画面，实时了解交通车流量或者山体滑坡等信息。\nYi：普通屏幕做不到吗？\nZ：普通屏幕就要考验带宽和连接能力，你如何在低带宽、大延时的情况下保证连接有效性。所以屏幕只是第一层，背后的操作系统有更多层不同的东西。\nYi：更换为鸿蒙系统后，可以为鸿蒙带来什么价值？\nZ：作为一个B端产品，我们所开发的应用是面向行业的应用，比如教育，有的开发者擅长于做老师的课件；面向医疗行业，医院背后的一些开发者就要响应医院的需求，它们都是行业属性非常强的应用。\nYi：如果定制化这么强的话，自己开发自己用，这些新增应用对于整个大的鸿蒙的应用市场其实不会带来特别大的增量？\nZ：定制化不代表它不能上架，只要上到了应用市场，有需求的客户就会去选择。C端的特点是量大，放上去的时候很快就会有流量。医疗的应用不可能给教育用，但医疗行业有医疗行业的圈子。\nYi：对于华为云，你负责的这款产品是否承担着整个事业部切入B端市场的一个角色？\nZ：我们的使命就是成为B端入口。但是我们每一个产品也都是要有一个正向的商业循环。\nYi：会进入零售终端销售吗？\nZ：有计划，在我们的门店展示产品。\nYi：是否期待一个杀手级的应用，迅速打开市场？\nZ：我们任何时候都在找杀手级的应用或者杀手级的设备，比如3G的时候，我们认为视频通话是杀手级的应用，结果不是，而是乔布斯做了iPhone之后，3G网络一下火了。5G时代，我们致力于更多地连接企业，而不是某个应用，因为5G不是个人英雄主义，引爆市场的不会是单一应用，更多的是各行业本身的数字化转型。\nYi：系统几月份会换到鸿蒙？\nZ：我们计划在今年或者明年。取决于我们的开发进度。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352993668,"gmtCreate":1616849046554,"gmtModify":1704799588836,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"&nbsp;.","listText":"&nbsp;.","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/352993668","repostId":"1188459474","repostType":4,"repost":{"id":"1188459474","kind":"news","pubTimestamp":1616834047,"share":"https://ttm.financial/m/news/1188459474?lang=en_US&edition=fundamental","pubTime":"2021-03-27 16:34","market":"us","language":"zh","title":"Xiaohongshu wants to go public in the United States? The latest response from the company is here","url":"https://stock-news.laohu8.com/highlight/detail?id=1188459474","media":"证券时报网","summary":"最近，美国证券交易委员会（SEC）公告称，SEC已通过《外国公司问责法案》修正案，并征求公众意见。消息一出引发中概股市场再次出现剧烈震荡。不过，就在此时，许多国内企业依旧没有停止赴美上市的步伐，这一次","content":"<p><div>Recently, the Securities and Exchange Commission (SEC) announced that the SEC has passed amendments to the Foreign Companies Accountability Act and sought public comment. As soon as the news came out, the Chinese stock market experienced another violent shock. However, at this time, many domestic enterprises still haven't stopped going public in the United States. This time, the rumored target of the market is Xiaohongshu. Xiaohongshu has no IPO plans for now According to overseas media reports, Xiaohongshu, a domestic lifestyle community, could go public in the United States as early as this year, and the company recently hired Yang Ruo, the managing director of Citigroup in Hong Kong, as its chief financial officer, which is seen as a preparation for the listing...</p><p><a href=\"https://mp.weixin.qq.com/s/o9KtzoNRetocm5eSLxixEQ\">Web link</a></div></p>","source":"zqsbw","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiaohongshu wants to go public in the United States? The latest response from the company is here</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\">\nXiaohongshu wants to go public in the United States? The latest response from the company is here\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券时报网</strong><span class=\"h-time small\">2021-03-27 16:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Recently, the Securities and Exchange Commission (SEC) announced that the SEC has passed amendments to the Foreign Companies Accountability Act and sought public comment. As soon as the news came out, the Chinese stock market experienced another violent shock. However, at this time, many domestic enterprises still haven't stopped going public in the United States. This time, the rumored target of the market is Xiaohongshu. Xiaohongshu has no IPO plans for now According to overseas media reports, Xiaohongshu, a domestic lifestyle community, could go public in the United States as early as this year, and the company recently hired Yang Ruo, the managing director of Citigroup in Hong Kong, as its chief financial officer, which is seen as a preparation for the listing...</p><p><a href=\"https://mp.weixin.qq.com/s/o9KtzoNRetocm5eSLxixEQ\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/o9KtzoNRetocm5eSLxixEQ\">证券时报网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7b614ed106feb82f4b0be1b5564228f3","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/o9KtzoNRetocm5eSLxixEQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188459474","content_text":"最近，美国证券交易委员会（SEC）公告称，SEC已通过《外国公司问责法案》修正案，并征求公众意见。消息一出引发中概股市场再次出现剧烈震荡。不过，就在此时，许多国内企业依旧没有停止赴美上市的步伐，这一次市场的传闻对象是小红书。\n小红书暂无IPO计划\n据海外媒体报道，国内生活方式社区小红书最早可能于今年在美国上市，而该公司最近聘请了花旗集团驻香港的董事总经理杨若担任首席财务官一职，这被视作为上市做准备的行动。更有投资者表示，这次上市可能会使公司的估值超过100亿美元，明显高于最新60亿美元的私人融资投后估值。\n不过，证券时报记者向小红书方面求证，对于杨若将加入小红书担任公司首席财务官一职，小红书确认该消息，并表示杨若未来将负责公司财务战略的制定、财务管理及内控等工作，但公司暂无IPO计划。\n小红书成立于2013年， 内容已覆盖时尚、美妆、个护、美食、旅行等多个生活方式领域。截至2020年6月，小红书月活跃用户数已经过亿，其中90后用户占比70%，已成为年轻人不可替代的生活方式平台和消费决策入口，具有制造流行和热点的能力。经历了多轮融资之后，小红书股东方面众星云集，不仅包括阿里巴巴和腾讯这样的互联网巨头，而且金沙江创投和纪源资本目前也身在其中。\nSEC的阻力\n目前，被传出或将赴美上市的国内科技企业并不止小红书一家。市场消息指出，社交聊天软件Soul计划赴美上市，预期公司估值10亿美元或更多。目前Soul正在与潜在投资者交流，计划以超过10亿美元的估值募资2亿美元，投资者可能最多将Soul的估值看高至20亿美元。而作业帮更是走出了和小红书类似的步伐，市场消息指出作业帮宣布聘请欢聚时代的CFO，为可能的IPO做准备，但未得到确认。\n屡次被传上市的知乎终于揭开面纱，准备走向IPO。根据知乎更新后的招股书披露：将以每股ADS（美国存托证券）9.5至11.5美元的价格，公开发行5500万股，每股ADS对应0.5股A类普通股，并于3月26日正式挂牌交易。按照IPO发行价区间计算，知乎IPO后的总股本约为5.83亿ADS，IPO估值为55亿至67亿美元，最高融资额超10亿美元。\n最近，关于网约车巨头滴滴出行正在加快IPO计划的消息不断传出，先是指出其IPO计划最早或提前到下个季度进行，以抓住时机在业务强劲复苏的势头中上市，并可能在今年第二季度交表、三季度在港交所完成上市。紧接着，市场又传出滴滴正考虑在美国上市，其估值至少为1000亿美元。此外，滴滴还讨论了通过一家特殊收购公司（SPAC）上市的选择。\n近日，美国证券交易委员会发布公告称，《外国公司问责法案》已通过最终修正案，并征求公众意见。根据最新法案，外国发行人连续三年不能满足美国公众公司会计监督委员会（PCAOB）对会计师事务所检查要求的，其证券将被摘牌。新规将在30天后生效。市场人士普遍预期，SEC此举会增加中概股企业在美国退市的压力，并有可能选择赴港二次上市。不过，一家企业是否选择赴美上市，反映了企业长期、战略和商业化的考量，而不是因为完全规避上市及监管规则发生重大变化和剧烈波动的风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327778658,"gmtCreate":1616131192574,"gmtModify":1704791348311,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578950834362643","idStr":"3578950834362643"},"themes":[],"title":"","htmlText":"。","listText":"。","text":"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327778658","repostId":"1107046230","repostType":4,"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":349306243,"gmtCreate":1617534877582,"gmtModify":1704700284547,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/349306243","repostId":"2124752547","repostType":4,"repost":{"id":"2124752547","kind":"news","pubTimestamp":1617523616,"share":"https://ttm.financial/m/news/2124752547?lang=en_US&edition=fundamental","pubTime":"2021-04-04 16:06","market":"us","language":"zh","title":"The March report card of new car-building forces was announced, hiding these hidden worries","url":"https://stock-news.laohu8.com/highlight/detail?id=2124752547","media":"腾讯新闻","summary":"4月伊始，小鹏、理想以及蔚来三家造车新势力陆续公布了2021年3月以及一季度新车整体交付数据。从整体来看，三家车企的同比增速均超过了220%，其中小鹏、蔚来两家的增速甚至超过了370%。\n\n回顾202","content":"<p><img src=\"https://static.tigerbbs.com/ed20549d01d46d44bbb56598e8d9f401\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">At the beginning of April, XPeng, Ideal and<a href=\"https://laohu8.com/S/NIO\">Nio</a>The three new car manufacturers successively announced the overall delivery data of new cars in March and the first quarter of 2021. On the whole, the year-on-year growth rates of the three car companies all exceeded 220%, among which the growth rates of XPeng and Nio even exceeded 370%.</p><p><img src=\"https://static.tigerbbs.com/097668417318b016fb9468ca85d38995\" tg-width=\"480\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p>Looking back at the whole year of 2020, even though affected by the epidemic, Nio, Ideal and XPeng delivered 43,728, 32,624 and 27,041 vehicles respectively. At the same time, the gross profit margins of the three car companies all turned positive, which is very positive for new energy vehicle companies. In the first quarter of this year, Nio also reached the milestone of delivering more than 20,000 vehicles in a single quarter for the first time, and was the only one among the three new car-making forces to achieve this goal.</p><p>In addition, judging from the month-on-month trend of monthly delivery, the three car companies swept the haze of last month's \"Spring Festival Winter\" in March 1 and went out of the \"deep V\" rebound. Previously, the ideal of month-on-month data falling for two consecutive months finally returned to the monthly delivery level of nearly 5,000 vehicles, and Nio, as the \"leading big brother\", once again set its monthly delivery record in March.</p><p>The higher the price, the better the Nio</p><p>In March 2020, XPeng, Ideal and Nio gave delivery data of 1,055, 1,447 and 1,533 vehicles respectively. But who would have thought that this was also the closest delivery volume of the three car companies in a year. In the following year, Nio began its delivery surge mode.</p><p>Over the past year, Nio has led its other two rivals by nearly 1,000 vehicles in deliveries almost every month.</p><p>By the time vehicle sales were low in February this year, Nio took the attitude of \"minimum decline\", and the monthly delivery volume exceeded the sum of XPeng and Ideal.</p><p><img src=\"https://static.tigerbbs.com/5d76e5330ebbfab14e96ba1d83e1b60a\" tg-width=\"480\" tg-height=\"305\" referrerpolicy=\"no-referrer\"></p><p>If we regard XPeng, Ideal and Nio as \"a car company\", you will find that this \"car company\" is different from all other car companies. The most expensive models it sells are the best sellers.</p><p>Take the delivery volume in March this year as an example: XPeng delivered 5,102 vehicles. According to the standard selling price of the model, the average price of XPeng shipment is only 194,600 yuan, and the ideal is only a single model with an average price of 328,000 yuan. Weilai has the highest average price of bicycles among the three car companies, reaching 384,700 yuan.</p><p>What causes the phenomenon of \"high prices and high sales in Nio\"? This is not unrelated to the precise market positioning of Nio.</p><p>So far, Nio has mass-produced three models. The lowest-priced EC6 has a starting price of 368,000 yuan, and the highest ES8 signature version has a price of 558,000 yuan. Analyze this pricing range carefully and you will see that Nio is actually standing in a comparatively blank range for its competitors.</p><p>XPeng focuses on the electric vehicle market below 250,000 yuan. Ideally, because of the restrictions of vehicle models, it can only seize the EC6 market in some cities. While its biggest rival<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>There are 250,000-350,000 Model 3 and Y, 700,000-1 million S and X, and the only range of 400,000-700,000 is lacking.</p><p>At the same time, three new electric vehicle companies, XPeng Ideal and Nio, have emerged from the Internet. Their potential corresponding consumer groups are mainly users in first-and second-tier cities with higher Internet awareness. These users choose the electric vehicles of Ideal and Weilai, and perhaps the price is not the main factor they consider.</p><p>Ideal begins to fall behind in steady growth</p><p>In the sales trough in February this year, Ideal and XPeng went out of a \"deep V\" market line, which caused many people's worries about the market sales of these two car companies. But in March, all three car companies fought back with a big pull-up. However, behind the bright delivery data, we still see the trend of ideal \"falling behind\" in the overall competition.</p><p><img src=\"https://static.tigerbbs.com/0e6c3633783a331baa329e5f022145db\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>If we calculate the delivery growth data from January last year, the growth rates of the three car companies as of March this year are: XPeng 384%, Ideal 315% and Nio 354%.</p><p>In terms of growth rate, the ideal is behind.</p><p>The actual situation is also reflected in the delivery curve. As of July last year, the ideal was pressing XPeng, but after July, XPeng gradually tied and caught up with the ideal.</p><p>In the delivery data for the first quarter of 2021 released by the three car companies, XPeng surpassed Ideal's 12,579 vehicles with a data of 13,340 vehicles. Although the gap is not big, for Ideal, it is indeed the one with the fewest shipments among the three car companies.</p><p><img src=\"https://static.tigerbbs.com/e149241a0fbb29c80c2a2025e8e25651\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>Single models and hybrid vehicles cannot be regarded as new energy in some cities, etc., and they are gradually enlarged in the more mature electric vehicle sales market. At the same time, the market positioning and the pricing of a single Model also make it face direct competition with Tesla Model Y.</p><p>Obviously, Ideal is also aware of such a problem. At the performance conference call for the fourth quarter of 2020 in late February this year, CEO Li Xiang made it clear: starting from 2022,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>At least two new products will be released to the market every year, and pure electric series products will be delivered in 2023, and the price range will be expanded from the current 300,000-350,000 to 150,000-500,000.</p><p>\"Lack of core\" problem may affect the delivery of three car companies in the next quarter</p><p>Whether it is Nio, which sells well, or XPeng and Ideal, which are slightly inferior, there is another \"big mountain\" in front of their delivery volume-chip shortage.</p><p>Just a week before Nio announced the delivery data in March, Nio suddenly announced that it would temporarily suspend production for 5 working days due to \"core shortage\", and at the same time lowered the delivery expectation for the first quarter, from the previous 20,000 to 25,000 to 19,500.</p><p>Although the final delivery data announced exceeded 19,500 vehicles, it has only just crossed the line. It can be seen that the problem of \"lack of core\" still needs to be better solved. At present, XPeng and Ideal have not heard of the news of shutdown and production reduction due to \"core shortage\", but car companies are the hardest hit areas of this \"core shortage\" after all, so they can't be taken lightly.</p><p>Tesla remains a formidable rival to be reckoned with for three car companies</p><p>In addition, the three new car-making forces also need to face another strong opponent-Tesla. According to Tesla's delivery data for the first quarter of 2021 released recently, Tesla delivered a total of 184,800 vehicles worldwide, continuing to set a new quarterly delivery record.</p><p>And this delivery figure is basically comparable<a href=\"https://laohu8.com/S/002594\">BYD</a>In 2020, the total sales volume of all new energy vehicles (including pure electric and hybrid) was 189,700 units. Tesla's one-quarter delivery volume is almost as good as BYD's one-year busy delivery... No more than not knowing, no more than startling.</p><p><img src=\"https://static.tigerbbs.com/d27d331dd26c985a22a0450260d4d48c\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Even though Tesla officially did not announce its specific delivery figures in the Chinese market separately, we can take Tesla's domestic sales data released by China Passenger Car Association in February this year as a reference.</p><p>Tesla sold 18,318 vehicles in China in February, reaching 470% compared to the same period last year and up 15.47% from January this year. By itself, Tesla has won more than 20% of the domestic electric vehicle market, and this is still affected by the Spring Festival holiday in February.</p><p><img src=\"https://static.tigerbbs.com/a0f65a3757c25c55eacc4af41083d8e9\" tg-width=\"480\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>Compared with the overall domestic automobile market, the retail sales volume of the passenger vehicle market decreased by 45.5% month-on-month in February 2021, and the overall retail sales volume of new energy vehicles decreased by 37.9% month-on-month. Tesla has become one of the few domestic car companies whose sales volume has increased instead of falling.</p><p>In 2020, Tesla's global delivery volume was about 500,000 vehicles (only 450 vehicles). If it is calculated according to the delivery level in the first quarter of this year (about 185,000 vehicles), it will take less than three quarters for Tesla to reach the delivery target of 500,000 vehicles this year.</p><p>And Musk's ambitions don't stop there. A few days ago, some foreign media broke the news that Musk set this year's goal at 1 million on the company's internal conference call, directly doubling it.</p><p>Musk is very confident that he dares to say such \"big words\", and the Shanghai Gigafactory behind it plays an important role. According to the latest research report, the production capacity of Tesla's Shanghai factory is expected to exceed 500,000 vehicles in 2021, which is crucial to the achievement of Tesla's production target of one million new vehicles.</p><p>In addition, Tesla is continuing to expand its production capacity, and the construction of two new Gigafactories is also stepping up. The Texas factory in the United States may be completed and put into production in May this year, and the Berlin factory in Germany will start production as early as July this year, and delivery is expected to start before the end of the year.</p><p>Such a strong Tesla has become a \"fierce rival\" of new car companies. Under Tesla's fierce attack, it also forced China's new car-making forces to constantly cultivate their internal strength.</p>","source":"TXXW","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 March report card of new car-building forces was announced, hiding these hidden worries</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 March report card of new car-building forces was announced, hiding these hidden worries\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-04-04 16:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/ed20549d01d46d44bbb56598e8d9f401\" tg-width=\"480\" tg-height=\"320\" referrerpolicy=\"no-referrer\">At the beginning of April, XPeng, Ideal and<a href=\"https://laohu8.com/S/NIO\">Nio</a>The three new car manufacturers successively announced the overall delivery data of new cars in March and the first quarter of 2021. On the whole, the year-on-year growth rates of the three car companies all exceeded 220%, among which the growth rates of XPeng and Nio even exceeded 370%.</p><p><img src=\"https://static.tigerbbs.com/097668417318b016fb9468ca85d38995\" tg-width=\"480\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p>Looking back at the whole year of 2020, even though affected by the epidemic, Nio, Ideal and XPeng delivered 43,728, 32,624 and 27,041 vehicles respectively. At the same time, the gross profit margins of the three car companies all turned positive, which is very positive for new energy vehicle companies. In the first quarter of this year, Nio also reached the milestone of delivering more than 20,000 vehicles in a single quarter for the first time, and was the only one among the three new car-making forces to achieve this goal.</p><p>In addition, judging from the month-on-month trend of monthly delivery, the three car companies swept the haze of last month's \"Spring Festival Winter\" in March 1 and went out of the \"deep V\" rebound. Previously, the ideal of month-on-month data falling for two consecutive months finally returned to the monthly delivery level of nearly 5,000 vehicles, and Nio, as the \"leading big brother\", once again set its monthly delivery record in March.</p><p>The higher the price, the better the Nio</p><p>In March 2020, XPeng, Ideal and Nio gave delivery data of 1,055, 1,447 and 1,533 vehicles respectively. But who would have thought that this was also the closest delivery volume of the three car companies in a year. In the following year, Nio began its delivery surge mode.</p><p>Over the past year, Nio has led its other two rivals by nearly 1,000 vehicles in deliveries almost every month.</p><p>By the time vehicle sales were low in February this year, Nio took the attitude of \"minimum decline\", and the monthly delivery volume exceeded the sum of XPeng and Ideal.</p><p><img src=\"https://static.tigerbbs.com/5d76e5330ebbfab14e96ba1d83e1b60a\" tg-width=\"480\" tg-height=\"305\" referrerpolicy=\"no-referrer\"></p><p>If we regard XPeng, Ideal and Nio as \"a car company\", you will find that this \"car company\" is different from all other car companies. The most expensive models it sells are the best sellers.</p><p>Take the delivery volume in March this year as an example: XPeng delivered 5,102 vehicles. According to the standard selling price of the model, the average price of XPeng shipment is only 194,600 yuan, and the ideal is only a single model with an average price of 328,000 yuan. Weilai has the highest average price of bicycles among the three car companies, reaching 384,700 yuan.</p><p>What causes the phenomenon of \"high prices and high sales in Nio\"? This is not unrelated to the precise market positioning of Nio.</p><p>So far, Nio has mass-produced three models. The lowest-priced EC6 has a starting price of 368,000 yuan, and the highest ES8 signature version has a price of 558,000 yuan. Analyze this pricing range carefully and you will see that Nio is actually standing in a comparatively blank range for its competitors.</p><p>XPeng focuses on the electric vehicle market below 250,000 yuan. Ideally, because of the restrictions of vehicle models, it can only seize the EC6 market in some cities. While its biggest rival<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>There are 250,000-350,000 Model 3 and Y, 700,000-1 million S and X, and the only range of 400,000-700,000 is lacking.</p><p>At the same time, three new electric vehicle companies, XPeng Ideal and Nio, have emerged from the Internet. Their potential corresponding consumer groups are mainly users in first-and second-tier cities with higher Internet awareness. These users choose the electric vehicles of Ideal and Weilai, and perhaps the price is not the main factor they consider.</p><p>Ideal begins to fall behind in steady growth</p><p>In the sales trough in February this year, Ideal and XPeng went out of a \"deep V\" market line, which caused many people's worries about the market sales of these two car companies. But in March, all three car companies fought back with a big pull-up. However, behind the bright delivery data, we still see the trend of ideal \"falling behind\" in the overall competition.</p><p><img src=\"https://static.tigerbbs.com/0e6c3633783a331baa329e5f022145db\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>If we calculate the delivery growth data from January last year, the growth rates of the three car companies as of March this year are: XPeng 384%, Ideal 315% and Nio 354%.</p><p>In terms of growth rate, the ideal is behind.</p><p>The actual situation is also reflected in the delivery curve. As of July last year, the ideal was pressing XPeng, but after July, XPeng gradually tied and caught up with the ideal.</p><p>In the delivery data for the first quarter of 2021 released by the three car companies, XPeng surpassed Ideal's 12,579 vehicles with a data of 13,340 vehicles. Although the gap is not big, for Ideal, it is indeed the one with the fewest shipments among the three car companies.</p><p><img src=\"https://static.tigerbbs.com/e149241a0fbb29c80c2a2025e8e25651\" tg-width=\"480\" tg-height=\"411\" referrerpolicy=\"no-referrer\"></p><p>Single models and hybrid vehicles cannot be regarded as new energy in some cities, etc., and they are gradually enlarged in the more mature electric vehicle sales market. At the same time, the market positioning and the pricing of a single Model also make it face direct competition with Tesla Model Y.</p><p>Obviously, Ideal is also aware of such a problem. At the performance conference call for the fourth quarter of 2020 in late February this year, CEO Li Xiang made it clear: starting from 2022,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>At least two new products will be released to the market every year, and pure electric series products will be delivered in 2023, and the price range will be expanded from the current 300,000-350,000 to 150,000-500,000.</p><p>\"Lack of core\" problem may affect the delivery of three car companies in the next quarter</p><p>Whether it is Nio, which sells well, or XPeng and Ideal, which are slightly inferior, there is another \"big mountain\" in front of their delivery volume-chip shortage.</p><p>Just a week before Nio announced the delivery data in March, Nio suddenly announced that it would temporarily suspend production for 5 working days due to \"core shortage\", and at the same time lowered the delivery expectation for the first quarter, from the previous 20,000 to 25,000 to 19,500.</p><p>Although the final delivery data announced exceeded 19,500 vehicles, it has only just crossed the line. It can be seen that the problem of \"lack of core\" still needs to be better solved. At present, XPeng and Ideal have not heard of the news of shutdown and production reduction due to \"core shortage\", but car companies are the hardest hit areas of this \"core shortage\" after all, so they can't be taken lightly.</p><p>Tesla remains a formidable rival to be reckoned with for three car companies</p><p>In addition, the three new car-making forces also need to face another strong opponent-Tesla. According to Tesla's delivery data for the first quarter of 2021 released recently, Tesla delivered a total of 184,800 vehicles worldwide, continuing to set a new quarterly delivery record.</p><p>And this delivery figure is basically comparable<a href=\"https://laohu8.com/S/002594\">BYD</a>In 2020, the total sales volume of all new energy vehicles (including pure electric and hybrid) was 189,700 units. Tesla's one-quarter delivery volume is almost as good as BYD's one-year busy delivery... No more than not knowing, no more than startling.</p><p><img src=\"https://static.tigerbbs.com/d27d331dd26c985a22a0450260d4d48c\" tg-width=\"480\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Even though Tesla officially did not announce its specific delivery figures in the Chinese market separately, we can take Tesla's domestic sales data released by China Passenger Car Association in February this year as a reference.</p><p>Tesla sold 18,318 vehicles in China in February, reaching 470% compared to the same period last year and up 15.47% from January this year. By itself, Tesla has won more than 20% of the domestic electric vehicle market, and this is still affected by the Spring Festival holiday in February.</p><p><img src=\"https://static.tigerbbs.com/a0f65a3757c25c55eacc4af41083d8e9\" tg-width=\"480\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>Compared with the overall domestic automobile market, the retail sales volume of the passenger vehicle market decreased by 45.5% month-on-month in February 2021, and the overall retail sales volume of new energy vehicles decreased by 37.9% month-on-month. Tesla has become one of the few domestic car companies whose sales volume has increased instead of falling.</p><p>In 2020, Tesla's global delivery volume was about 500,000 vehicles (only 450 vehicles). If it is calculated according to the delivery level in the first quarter of this year (about 185,000 vehicles), it will take less than three quarters for Tesla to reach the delivery target of 500,000 vehicles this year.</p><p>And Musk's ambitions don't stop there. A few days ago, some foreign media broke the news that Musk set this year's goal at 1 million on the company's internal conference call, directly doubling it.</p><p>Musk is very confident that he dares to say such \"big words\", and the Shanghai Gigafactory behind it plays an important role. According to the latest research report, the production capacity of Tesla's Shanghai factory is expected to exceed 500,000 vehicles in 2021, which is crucial to the achievement of Tesla's production target of one million new vehicles.</p><p>In addition, Tesla is continuing to expand its production capacity, and the construction of two new Gigafactories is also stepping up. The Texas factory in the United States may be completed and put into production in May this year, and the Berlin factory in Germany will start production as early as July this year, and delivery is expected to start before the end of the year.</p><p>Such a strong Tesla has become a \"fierce rival\" of new car companies. Under Tesla's fierce attack, it also forced China's new car-making forces to constantly cultivate their internal strength.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2021-04-04/doc-ikmyaawa6074206.shtml\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed20549d01d46d44bbb56598e8d9f401","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏集团"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2021-04-04/doc-ikmyaawa6074206.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2124752547","content_text":"4月伊始，小鹏、理想以及蔚来三家造车新势力陆续公布了2021年3月以及一季度新车整体交付数据。从整体来看，三家车企的同比增速均超过了220%，其中小鹏、蔚来两家的增速甚至超过了370%。\n\n回顾2020年全年，即便受到了疫情的影响，蔚来、理想和小鹏还分别交付了43728、32624和27041辆车，同时三家车企的毛利率全部转正，这对于新能源车企来说，都是非常正向的。今年一季度，蔚来还首次达成单季交付超2万辆的里程碑，也是三家造车新势力中唯一达成这一目标的。\n此外，从月交付环比走势来看，三家车企三月一扫上月\"春节寒冬\"的阴霾，走出“深V”反弹。此前环比数据连跌两个月的理想终于回到了近5000辆的月交付水平，而作为“带头大哥”的蔚来，在三月再次刷新了自己的月交付纪录。\n定价越高，卖的越好的蔚来\n2020年3月，小鹏、理想、蔚来三家分别给出了1055、1447和1533辆的交付数据。但谁曾想到，这也是一年之内，三家车企交付量最为接近的一次。在之后的一年，蔚来就开始了它的交付量激增模式。\n在过去的一年时间里，蔚来几乎在每个月的交付量上都领先其他两个竞争对手近1000辆车。\n到了今年2月整车销售低谷的时候，蔚来更是以“最小跌幅”的姿态，单月交付量超过了小鹏和理想的交付总和。\n\n如果我们将小鹏、理想和蔚来看做是“一家车企”的话，你会发现这个“车企”跟其他所有的车企都不一样，它卖的最贵的车型，反而是销量最好的。\n以今年三月交付量为例：小鹏交付了5102辆车，按照车型标准售价计算，小鹏出货的均价只有19.46万元，理想只有单车型，均价32.8万元，而蔚来是三家车企中单车均价最高的，达到了38.47万元。\n是什么导致了“蔚来车价高销量高”的现象？这和蔚来精准的市场定位不无关系。\n蔚来到目前为止量产三款车型，定价最低的EC6，起售价也要36.8万元，最高的ES8签名版，定价高达55.8万元。仔细分析这个定价区间，你会发现蔚来实际上站在了一个竞争对手相对空白的区间内。\n小鹏主攻25万以下的电动车市场，理想因为车型的限制，也仅能在部分城市抢占EC6的市场。而其最大的竞争对手特斯拉，下有25-35万的Model3和Y，上有70-100万的S和X，独缺40-70万这个区间档位。\n同时小鹏理想和蔚来三家新型电动车企崛起于互联网，他们的潜在对应消费群体主要以互联网认知程度更高的一二线城市用户为主，这些用户选择理想、蔚来们的电动车，或许价格并不是他们考虑的主要因素。\n理想在稳步增长中开始掉队\n今年2月的销售低谷中，理想和小鹏走出了一条“深V”行情线，引发不少人对于这两家车企市场销售的担忧。但在3月，三家车企都用一个大大的拉升回击质疑。但在亮眼交付量数据的背后，我们还是看到了理想在整体的竞争中“掉队”的趋势。\n\n如果我们从去年1月计算交付量增长数据的话，三家车企截至今年3月的增长率分别为：小鹏384%、理想315%、蔚来354%。\n从增长率来看，理想掉队了。\n实际的情况也反映在交付曲线上，截至去年7月之前，理想都是强压小鹏一头的，但在7月过后，小鹏逐渐追平并赶超了理想。\n在三家车企公布的2021年一季度交付数据中，小鹏以13340辆的数据，超越了理想的12579辆，尽管差距不大，但对于理想来说，它确实已经三家车企中出货量最少的一家了。\n\n单一车型、混动在部分城市无法算作新能源等问题，在越发成熟的电动车销售市场被逐渐放大。同时市场的定位和单车型的定价，也让它直接面临这和特斯拉Model Y的直接竞争。\n显然理想也意识到了这样的问题，在今年2月下旬2020年第四季度业绩电话会上，CEO李想明确表态：从2022年开始，理想汽车每年至少会发布2款新的产品交付市场，并且在2023年会交付纯电系列产品，价格区间也会由现在的30-35万向15-50万进行扩大覆盖。\n“缺芯”问题或影响三家车企下季度交付情况\n不管是卖得比较好的蔚来，还是稍逊色的小鹏、理想，摆在它们交付量面前的还有另一座“大山”——芯片短缺。\n就在蔚来公布3月交付数据的前一周，蔚来方面突发公告称，因“缺芯”暂时停产5个工作日，同时还下调了一季度交付预期，由之前的2~2.5万辆调整至1.95万辆。\n虽然最后公布的交付数据超过了1.95万辆，但也只是刚刚过线。由此可见，“缺芯”问题依然有待更好地解决。目前，小鹏和理想还没听说因“缺芯”停工减产的消息，但车企毕竟是此次“缺芯”的重灾区，不能掉以轻心。\n特斯拉仍是三家车企不可忽视的强劲对手\n此外，三家造车新势力还需要面对另一个强劲的对手——特斯拉。根据特斯拉日前公布的2021年一季度交付量数据显示，特斯拉在全球共交付184800辆，继续刷新季度交付纪录。\n而这一交付数字，基本上可以比肩比亚迪2020年所有新能源车（包括纯电和混动）的销量总和18.97万辆了。特斯拉一个季度的交付量快赶得上比亚迪忙活一年的......不比不知道一比吓一跳。\n\n即便特斯拉官方没有单独公布其在中国市场的具体交付数字，但我们可以拿今年2月中国乘联会公布的特斯拉国内销量数据稍作参考。\n特斯拉2月份在中国的销量为18318辆，与去年同期相比达到470%，较今年1月增长15.47%。仅凭一己之力，特斯拉就拿下了国内电动车市场超过2成的市场份额，而且这还是受到2月份春节假期影响的情况之下。\n\n与整个国内车市大盘相比，2021年2月乘用车市场零售量环比下降45.5%，新能源汽车零售量整体环比下降37.9%。特斯拉却成为国内少数环比销量不降反增的少数车企之一。\n2020年特斯拉的全球交付总量约为50万辆（只差450辆），如果按照今年一季度交付水平（约18.5万辆）来计算，特斯拉今年要达成50万辆的交付目标用不了三个季度。\n而马斯克的野心不止于此。前几天就有国外媒体爆料称，马斯克在公司内部电话会议上把今年的目标放在了100万，直接翻一番。\n敢说这样的“大话”，马斯克是非常有底气的，其背后的上海超级工厂就扮演了重要角色。据最新的研究报告显示，2021年特斯拉上海工厂的产能有望突破50万辆，这对特斯拉百万辆新车生产目标的实现至关重要。\n此外，特斯拉还在继续扩大产能，两座新的超级工厂也在加紧建设，美国本土的德州工厂或于今年5月建成投产，德国柏林工厂最早于今年7月开始投产，预计年底前开始交付。\n如此强势的特斯拉成为新造车企的“劲敌”。在特斯拉猛攻下，也倒逼中国造车新势力们要不断修炼内功。","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107626470,"gmtCreate":1620483788890,"gmtModify":1704344278106,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107626470","repostId":"2133685773","repostType":4,"isVote":1,"tweetType":1,"viewCount":3264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346624871,"gmtCreate":1618033690293,"gmtModify":1704706213840,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/346624871","repostId":"1141772391","repostType":4,"isVote":1,"tweetType":1,"viewCount":4685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134867271,"gmtCreate":1622216444793,"gmtModify":1704181770138,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134867271","repostId":"1139893263","repostType":4,"repost":{"id":"1139893263","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":1621926753,"share":"https://ttm.financial/m/news/1139893263?lang=en_US&edition=fundamental","pubTime":"2021-05-25 15:12","market":"us","language":"zh","title":"Reminder: U.S. stocks are closed for one day on May 31 due to Memorial Day","url":"https://stock-news.laohu8.com/highlight/detail?id=1139893263","media":"老虎资讯综合","summary":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景","content":"<p>It is reported that on May 31st (Monday), the U.S. stock market was closed for one day due to Memorial Day in the United States, and it will trade as usual from Tuesday.</p><p>On Monday, May 31st, the British stock market was closed for one day due to Bank Holiday, and trading as usual from Tuesday.</p><p>Hong Kong shares, A shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p>Memorial Day: A holiday commemorated by most states in the United States. It was originally May 30. After 1971, many states changed it to the last Monday of May to ensure that federal employees could enjoy this Day of rest.</p><p>In the American Civil War, countless soldiers were killed in battle. At the end of the war, many families in the south began to pay tribute to the soldiers killed in the war. Northerners were deeply moved by the fact that they offered flowers in the spring to the graves of the dead on both sides, regardless of north and south, and saw the gesture as a symbol of national unity. In 1868, May 30 was officially sanctioned as the day to lay flowers in honor of the soldiers who died heroically in defence of the motherland.</p><p>Every Memorial Day, American active-duty soldiers and veterans line up to the cemetery, shoot guns to pay tribute to the fallen soldiers, and blow the lights out in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" 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: U.S. stocks are closed for one day on May 31 due to Memorial Day</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: U.S. stocks are closed for one day on May 31 due to Memorial Day\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\">2021-05-25 15:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that on May 31st (Monday), the U.S. stock market was closed for one day due to Memorial Day in the United States, and it will trade as usual from Tuesday.</p><p>On Monday, May 31st, the British stock market was closed for one day due to Bank Holiday, and trading as usual from Tuesday.</p><p>Hong Kong shares, A shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p>Memorial Day: A holiday commemorated by most states in the United States. It was originally May 30. After 1971, many states changed it to the last Monday of May to ensure that federal employees could enjoy this Day of rest.</p><p>In the American Civil War, countless soldiers were killed in battle. At the end of the war, many families in the south began to pay tribute to the soldiers killed in the war. Northerners were deeply moved by the fact that they offered flowers in the spring to the graves of the dead on both sides, regardless of north and south, and saw the gesture as a symbol of national unity. In 1868, May 30 was officially sanctioned as the day to lay flowers in honor of the soldiers who died heroically in defence of the motherland.</p><p>Every Memorial Day, American active-duty soldiers and veterans line up to the cemetery, shoot guns to pay tribute to the fallen soldiers, and blow the lights out in the army to let the dead soldiers rest in peace.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139893263","content_text":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景简介：阵亡将士纪念日（Memorial Day）：是美国大多数州都要纪念的节日，时间原为5月30日，1971年以后，为保证联邦雇员都能享有这一休息日，许多州将它改在5月的最后一个星期一。美国南北战争中，无数将士在战火中阵亡。战争结束，南部许多家庭开始祭奠战争中阵亡的将士。他们不分南北双方，在春天向双方死者的墓地都奉献鲜花，北方人为此深受感动，将这一举动视为民族团结的象征。1868年，5月30日这一天被正式批准为向为保卫祖国而英勇牺牲的士兵们敬献鲜花的日子。每逢阵亡将士纪念日，美国现役军人和老战士便排成长长的队伍前往墓地，鸣枪向阵亡将士致意，吹响军中熄灯号让死难将士安息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137790000,"gmtCreate":1622386710000,"gmtModify":1704183717088,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/137790000","repostId":"1176685593","repostType":4,"repost":{"id":"1176685593","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":1622337845,"share":"https://ttm.financial/m/news/1176685593?lang=en_US&edition=fundamental","pubTime":"2021-05-30 09:24","market":"sh","language":"zh","title":"The six \"chiefs\" come together! How to lay out capital market investment in the second half of the year?","url":"https://stock-news.laohu8.com/highlight/detail?id=1176685593","media":"华尔街见闻","summary":"A股近期呈现震荡的走势，这对于投资人来说既是机遇也是挑战，关键在于投资策略的选择和机遇的把握。下半年，该如何布局资本市场投资？\n近日在第十届“富国论坛”上，由富国基金首席经济学家袁宜主持，邀请到了申万","content":"<p>A shares have shown a volatile trend recently, which is both an opportunity and a challenge for investors. The key lies in the choice of investment strategy and the grasp of opportunities. In the second half of the year, how to lay out capital market investment?</p><p>Recently, at the 10th \"Wealthy Countries Forum\", chaired by Yuan Yi, chief economist of Wells Fargo Fund, invited<a href=\"https://laohu8.com/S/000166\">Shen Wan Hongyuan</a>Wang Sheng, Deputy General Manager and Chief Strategist of Securities Research Institute, Vice Chairman of Soochow Hong Kong,<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>Chen Li, global chief strategy officer, Chen Guo, assistant general manager and chief strategist of Essence Securities Research Center, Zhang Yu, assistant director and chief macro analyst of Huachuang Securities Research Institute,<a href=\"https://laohu8.com/S/000776\">GF Securities</a>Guo Lei, managing director and chief economist of the Research and Development Center, had a lively discussion on investment in the capital market in the second half of the year.</p><p>The six \"chiefs\" gather together, and the views are naturally worth looking at.</p><p><b>Core assets are subject to change</b></p><p>As for how to treat the short-term, medium-and long-term performance of core assets, Chen Guo, Wang Sheng and Chen Li all talked about the key word of change. However, there are different perceptions of whether the core assets are industry leaders.</p><p><b>Chen Guo</b>First of all, in terms of vocabulary, core assets are difficult to grasp and change every year.<b>If core assets are used to guide the investment strategy of A-share market, it will not make much sense in the short term, it will have some sense in the medium term, and it will not make much sense in the long term.</b></p><p>In the short term, this investment strategy has been fully reacted by the market, even overreacted, and will return.</p><p>From the medium-term perspective, the profit is relatively certain, and there is still the leading advantage of white horse.</p><p>In the long run, he personally believes it doesn't make much sense. He mentioned that there is a book overseas called Evergreen, which selects the core assets at that time to track the long-term performance. Nine of these companies did not outperform the S&P 500 index and nine outperformed the S&P 500 index.</p><p>So he thinks it doesn't make much sense in the long run, because any industry is going to thrive and age, and they probably underestimate this change in the long run,<b>New technology, new management, new any policy may change, so it is less fixed and less central.</b></p><p><b>Wang Sheng</b>A word for investors,<b>There is no era of core assets, only the core assets of the times.</b></p><p>He turned to a report on core assets in 2004. At that time, the core assets mainly talked about the export industry chain. In 2006 and 2007, the core assets became the so-called \"coal flying color dance\". In 2010, major changes took place, and the stock market's expectations for real estate and cyclical industrial chain changed. Later, consumption became a very important core asset.</p><p>He also believes that in 2017, it seems that everyone thinks that the core asset is consumption, but in fact, it is not the leading stock in every industry. In 2017, he reported that regardless of whether it is consumption, technology or cycle, just buy all the leading stocks with your eyes closed. Looking back today, there really wasn't that much (difference).</p><p>After 2018, with the tremendous changes in the investor structure, white horse stocks gradually gained (recognition). The essence is that others don't grow, and it is scarce.</p><p>In the long run, good companies will eventually bring good returns, he agrees. However, at this stage, when the valuation is relatively high, and other things may start to pick up, its advantages are not so prominent.</p><p>In addition, Wang Sheng also believes that,<b>New economy and new growth points are brewing. He is willing to judge three directions for everyone, the first digital economy, the second artificial intelligence and the third new energy.</b>He believes that the emergence of these new directions makes many small companies brewing high growth and huge growth room in the future.</p><p>Under such a large pattern, he expects that the whole style of the market will be more balanced in the future, and this balancing process may last for many years in annual units.<b>The target with low valuation or relatively appropriate valuation will usher in many years (opportunities), and the style may gradually turn to value.</b></p><p><b>Chen Li</b>It is said that if core assets are understood as industries, they are changing. The economic cycle of each industry changes every two or three years, so there may be different tendencies when choosing an industry every two or three years. In the past, they may have preferred consumption, but now they prefer new consumption. They used to prefer traditional energy, but now they prefer new energy.</p><p>But on the other hand, as a good company in the industry, he personally thinks it is relatively lasting. A good company brings its own genes, and genes can't be copied in the short term.</p><p>Moreover, Chen Li especially emphasized that if a good company has a 1% competitive advantage over the industry, if given enough time, the competitive advantage will expand to a very large extent.</p><p>He believes that in the long run, a little progress of excellent enterprises in the medium and long term will have a great force, so in this sense,<b>The leader in the industry is still the most important strategy.</b></p><p><b>The economy is not bad</b></p><p>Regarding the economic situation in the next six months to one year, Guo Lei believes that there is no economic pressure throughout the year, while Zhang Yu believes that the economy is uneven.</p><p>Specifically,<b>Guo Lei</b>denotes,<b>First, the economy won't accelerate all the time;</b>Second, the economy will not be too bad in the second half of the year. He judged that there was no economic pressure throughout the year. It is mainly based on three factors that can provide support for the economy.</p><p>The first factor is exports. With the advancement of overseas vaccines, overseas consumption will bring an increase in orders. Therefore, exports are one of the most important driving factors of the whole economy this year.</p><p>The second is real estate. The third reason is that the overall finance presents a post-position characteristic.</p><p>If we talk about the highlights, Guo Lei prompted two aspects.</p><p>First, he believes that if the price slope of commodities goes down in the third quarter, the cost side of manufacturing will still be liberated to a large extent.</p><p>In addition, last year, China's export of a large number of products was relatively \"home\". This year, with the advancement of overseas vaccination, he felt that some demand for travel and social networking would gradually rise.</p><p><b>Zhang Yu</b>It is believed that this year's macro economy will be in an uneven state, with ups and downs. Throughout the second half of the year, she is optimistic about the following directions: One is that the manufacturing industry is upward, but its upward slope is very moderate; The second is the restoration of the service industry.</p><p><b>There are structural opportunities in the market</b></p><p>Chen Guo, Wang Sheng and Chen Li talked about their views on the A-share market in the next six months to one year.</p><p><b>Chen Guo</b>It is believed that at this point in time, A shares should not be a unilateral market in the next six months to one year.</p><p>In the future, he thinks that overseas factors will affect the fluctuation of A shares. But there is some endogenous support for A shares.<b>The A-share market may be slightly upward, but generally speaking, it is still fluctuating widely.</b></p><p>Chen Guo also said that there is not much systemic risk in domestic fundamentals, and even some factors are relatively favorable, that is, the whole policy mix is more rational.</p><p>In addition, he also said that the trend of residents' asset allocation still seems clear now, and the behavior of the whole people is more rational than before, which will not amplify the market fluctuation, which may be conducive to the stability of the market valuation center. Therefore, he believes that high volatility will still be inevitable in the next six months to a year, but the center of gravity will be slightly higher.</p><p><b>Wang Sheng</b>It is reminded that in the second half of this year, we should pay attention to the phased changes in the credit environment.</p><p><b>He believes that in the third quarter, there are some things with large gains in the early period. After the rebound, there may be another downward momentum</b>。</p><p>At the same time, their bond team believes that the bond adjustment is not over at such a low position of credit risk premium and such a high position of term spread, and on the basis that the time period and amplitude of the whole interest rate have not been completed.</p><p>So he thought<b>The rise in interest rates again is a structural issue worth paying attention to in the second half of the year.</b></p><p>The whole year he thinks is like 2010. The index has fluctuated subsequently, but the market has always had structural opportunities.</p><p><b>Chen Li</b>Added some information on external risks and internal positives.</p><p>External risks, of course, have macro factors, he said. But if you look at it microscopically, you will find that the enthusiasm, leverage and sentiment of individual investors in the US stock market are currently (very high).</p><p>Individual investors in the United States can't make new shares, so now there are many trusts to collect money to make new shares; Some stocks in the United States are very expensive, and there are cases where several people get together to buy them. For a while, half of his friends in the United States were trading various cryptocurrencies. The enthusiasm and leverage of this kind of individual investor involvement worries him a lot.</p><p>As for the internal positive factors, he feels that both fiscal and monetary factors are relatively positive, which is a positive signal for the stock market, including the economic recovery and the growth of corporate profits.</p><p>Third, he reiterated the question about manufacturing. He feels that the overall national development strategy has changed significantly in the past two years. Now it is noted that the growth, quality and development of the economy must be achieved through manufacturing, because after all, the fight against the epidemic last year mainly relied on the integrity of the industrial system.</p><p>He thinks,<b>The direction for the next 10 years will be in manufacturing. In the past five to seven years, the most passionate things have been retail, the Internet and business model innovation. In the next five years, what he wants to love may be hard technology.</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>The six \"chiefs\" come together! How to lay out capital market investment in the second half of the year?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe six \"chiefs\" come together! How to lay out capital market investment in the second half of the year?\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\">2021-05-30 09:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A shares have shown a volatile trend recently, which is both an opportunity and a challenge for investors. The key lies in the choice of investment strategy and the grasp of opportunities. In the second half of the year, how to lay out capital market investment?</p><p>Recently, at the 10th \"Wealthy Countries Forum\", chaired by Yuan Yi, chief economist of Wells Fargo Fund, invited<a href=\"https://laohu8.com/S/000166\">Shen Wan Hongyuan</a>Wang Sheng, Deputy General Manager and Chief Strategist of Securities Research Institute, Vice Chairman of Soochow Hong Kong,<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>Chen Li, global chief strategy officer, Chen Guo, assistant general manager and chief strategist of Essence Securities Research Center, Zhang Yu, assistant director and chief macro analyst of Huachuang Securities Research Institute,<a href=\"https://laohu8.com/S/000776\">GF Securities</a>Guo Lei, managing director and chief economist of the Research and Development Center, had a lively discussion on investment in the capital market in the second half of the year.</p><p>The six \"chiefs\" gather together, and the views are naturally worth looking at.</p><p><b>Core assets are subject to change</b></p><p>As for how to treat the short-term, medium-and long-term performance of core assets, Chen Guo, Wang Sheng and Chen Li all talked about the key word of change. However, there are different perceptions of whether the core assets are industry leaders.</p><p><b>Chen Guo</b>First of all, in terms of vocabulary, core assets are difficult to grasp and change every year.<b>If core assets are used to guide the investment strategy of A-share market, it will not make much sense in the short term, it will have some sense in the medium term, and it will not make much sense in the long term.</b></p><p>In the short term, this investment strategy has been fully reacted by the market, even overreacted, and will return.</p><p>From the medium-term perspective, the profit is relatively certain, and there is still the leading advantage of white horse.</p><p>In the long run, he personally believes it doesn't make much sense. He mentioned that there is a book overseas called Evergreen, which selects the core assets at that time to track the long-term performance. Nine of these companies did not outperform the S&P 500 index and nine outperformed the S&P 500 index.</p><p>So he thinks it doesn't make much sense in the long run, because any industry is going to thrive and age, and they probably underestimate this change in the long run,<b>New technology, new management, new any policy may change, so it is less fixed and less central.</b></p><p><b>Wang Sheng</b>A word for investors,<b>There is no era of core assets, only the core assets of the times.</b></p><p>He turned to a report on core assets in 2004. At that time, the core assets mainly talked about the export industry chain. In 2006 and 2007, the core assets became the so-called \"coal flying color dance\". In 2010, major changes took place, and the stock market's expectations for real estate and cyclical industrial chain changed. Later, consumption became a very important core asset.</p><p>He also believes that in 2017, it seems that everyone thinks that the core asset is consumption, but in fact, it is not the leading stock in every industry. In 2017, he reported that regardless of whether it is consumption, technology or cycle, just buy all the leading stocks with your eyes closed. Looking back today, there really wasn't that much (difference).</p><p>After 2018, with the tremendous changes in the investor structure, white horse stocks gradually gained (recognition). The essence is that others don't grow, and it is scarce.</p><p>In the long run, good companies will eventually bring good returns, he agrees. However, at this stage, when the valuation is relatively high, and other things may start to pick up, its advantages are not so prominent.</p><p>In addition, Wang Sheng also believes that,<b>New economy and new growth points are brewing. He is willing to judge three directions for everyone, the first digital economy, the second artificial intelligence and the third new energy.</b>He believes that the emergence of these new directions makes many small companies brewing high growth and huge growth room in the future.</p><p>Under such a large pattern, he expects that the whole style of the market will be more balanced in the future, and this balancing process may last for many years in annual units.<b>The target with low valuation or relatively appropriate valuation will usher in many years (opportunities), and the style may gradually turn to value.</b></p><p><b>Chen Li</b>It is said that if core assets are understood as industries, they are changing. The economic cycle of each industry changes every two or three years, so there may be different tendencies when choosing an industry every two or three years. In the past, they may have preferred consumption, but now they prefer new consumption. They used to prefer traditional energy, but now they prefer new energy.</p><p>But on the other hand, as a good company in the industry, he personally thinks it is relatively lasting. A good company brings its own genes, and genes can't be copied in the short term.</p><p>Moreover, Chen Li especially emphasized that if a good company has a 1% competitive advantage over the industry, if given enough time, the competitive advantage will expand to a very large extent.</p><p>He believes that in the long run, a little progress of excellent enterprises in the medium and long term will have a great force, so in this sense,<b>The leader in the industry is still the most important strategy.</b></p><p><b>The economy is not bad</b></p><p>Regarding the economic situation in the next six months to one year, Guo Lei believes that there is no economic pressure throughout the year, while Zhang Yu believes that the economy is uneven.</p><p>Specifically,<b>Guo Lei</b>denotes,<b>First, the economy won't accelerate all the time;</b>Second, the economy will not be too bad in the second half of the year. He judged that there was no economic pressure throughout the year. It is mainly based on three factors that can provide support for the economy.</p><p>The first factor is exports. With the advancement of overseas vaccines, overseas consumption will bring an increase in orders. Therefore, exports are one of the most important driving factors of the whole economy this year.</p><p>The second is real estate. The third reason is that the overall finance presents a post-position characteristic.</p><p>If we talk about the highlights, Guo Lei prompted two aspects.</p><p>First, he believes that if the price slope of commodities goes down in the third quarter, the cost side of manufacturing will still be liberated to a large extent.</p><p>In addition, last year, China's export of a large number of products was relatively \"home\". This year, with the advancement of overseas vaccination, he felt that some demand for travel and social networking would gradually rise.</p><p><b>Zhang Yu</b>It is believed that this year's macro economy will be in an uneven state, with ups and downs. Throughout the second half of the year, she is optimistic about the following directions: One is that the manufacturing industry is upward, but its upward slope is very moderate; The second is the restoration of the service industry.</p><p><b>There are structural opportunities in the market</b></p><p>Chen Guo, Wang Sheng and Chen Li talked about their views on the A-share market in the next six months to one year.</p><p><b>Chen Guo</b>It is believed that at this point in time, A shares should not be a unilateral market in the next six months to one year.</p><p>In the future, he thinks that overseas factors will affect the fluctuation of A shares. But there is some endogenous support for A shares.<b>The A-share market may be slightly upward, but generally speaking, it is still fluctuating widely.</b></p><p>Chen Guo also said that there is not much systemic risk in domestic fundamentals, and even some factors are relatively favorable, that is, the whole policy mix is more rational.</p><p>In addition, he also said that the trend of residents' asset allocation still seems clear now, and the behavior of the whole people is more rational than before, which will not amplify the market fluctuation, which may be conducive to the stability of the market valuation center. Therefore, he believes that high volatility will still be inevitable in the next six months to a year, but the center of gravity will be slightly higher.</p><p><b>Wang Sheng</b>It is reminded that in the second half of this year, we should pay attention to the phased changes in the credit environment.</p><p><b>He believes that in the third quarter, there are some things with large gains in the early period. After the rebound, there may be another downward momentum</b>。</p><p>At the same time, their bond team believes that the bond adjustment is not over at such a low position of credit risk premium and such a high position of term spread, and on the basis that the time period and amplitude of the whole interest rate have not been completed.</p><p>So he thought<b>The rise in interest rates again is a structural issue worth paying attention to in the second half of the year.</b></p><p>The whole year he thinks is like 2010. The index has fluctuated subsequently, but the market has always had structural opportunities.</p><p><b>Chen Li</b>Added some information on external risks and internal positives.</p><p>External risks, of course, have macro factors, he said. But if you look at it microscopically, you will find that the enthusiasm, leverage and sentiment of individual investors in the US stock market are currently (very high).</p><p>Individual investors in the United States can't make new shares, so now there are many trusts to collect money to make new shares; Some stocks in the United States are very expensive, and there are cases where several people get together to buy them. For a while, half of his friends in the United States were trading various cryptocurrencies. The enthusiasm and leverage of this kind of individual investor involvement worries him a lot.</p><p>As for the internal positive factors, he feels that both fiscal and monetary factors are relatively positive, which is a positive signal for the stock market, including the economic recovery and the growth of corporate profits.</p><p>Third, he reiterated the question about manufacturing. He feels that the overall national development strategy has changed significantly in the past two years. Now it is noted that the growth, quality and development of the economy must be achieved through manufacturing, because after all, the fight against the epidemic last year mainly relied on the integrity of the industrial system.</p><p>He thinks,<b>The direction for the next 10 years will be in manufacturing. In the past five to seven years, the most passionate things have been retail, the Internet and business model innovation. In the next five years, what he wants to love may be hard technology.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176685593","content_text":"A股近期呈现震荡的走势，这对于投资人来说既是机遇也是挑战，关键在于投资策略的选择和机遇的把握。下半年，该如何布局资本市场投资？\n近日在第十届“富国论坛”上，由富国基金首席经济学家袁宜主持，邀请到了申万宏源证券研究所副总经理、首席策略分析师王胜，东吴香港副董事长、东吴证券全球首席策略官陈李，安信证券研究中心总经理助理、首席策略师陈果，华创证券研究所所长助理、首席宏观分析师张瑜，广发证券研究发展中心董事总经理、首席经济学家郭磊就下半年资本市场的投资展开热烈讨论。\n六大“首席”汇聚一堂，观点自然值得一看。\n核心资产是会变化的\n对于如何看待核心资产短期和中长期的表现的问题，陈果、王胜、陈李都谈到了变化这一关键词。但是对于核心资产是否是行业龙头认知不同。\n陈果认为，首先从词汇来说，核心资产就是很难去把握，每年都在变。如果用核心资产来引导A股市场的投资策略，在短期没有太大的意义，在中期有一定的意义，在长期也没有太大的意义。\n短期来讲，这种投资策略已经被市场充分的反应，甚至反应过度，还要回归。\n站在中期的角度，盈利相对确定性，还是存在白马龙头优势的。\n长期来说，他个人相信没有太大的意义。他谈到，海外有一本书叫《基业常青》，选择了当时的核心资产去追踪长期的表现，这些公司有9家公司没有跑赢标普500指数，有9家公司跑赢了标普500指数。\n所以他认为从长期来看没有太大的意义，原因是任何行业都会面临兴盛衰老，它们很可能低估了长期的这种变化，新的技术、新的管理层、新的任何的政策都可能有变化，所以没有那么固定，也没有那么核心。\n王胜送给投资者一句话，没有核心资产的时代，只有时代的核心资产。\n他翻到过一篇2004年写核心资产的报告，那个时候的核心资产讲的主要是出口产业链。2006、2007年核心资产变成了所谓的“煤飞色舞”。在2010年的时候发生了重大变化，股票市场对房地产以及周期产业链的预期发生变化，后来消费就成为了非常重要的核心资产。\n他还认为，2017年看起来，好像大家以为核心资产是消费，其实不是，是每个行业的龙头股票。2017年他有报告说，不要管到底是消费、科技还是周期，只要闭着眼睛把龙头股全部买一遍就可以了。今天回过头来看，真的没有那么大的（差异）。\n2018年之后，随着投资者结构的巨大变化，白马股逐渐获得了（认可），本质是别人不增长，它很稀缺。\n长期来看，好公司最后一定能带来好的回报，他认同。但是在这个阶段估值比较高，而其他的东西可能开始回升的时候，它的优势就没有这么突出。\n此外王胜还认为，新经济、新的增长点正在酝酿，他愿意给大家判断三个方向，第一数字经济，第二人工智能，第三新能源。他认为，这些新的方向的出现，使得很多小公司正在酝酿着未来的高成长和巨大的成长空间。\n在这样大格局之下，他期待在未来市场的整个风格会更加的均衡，而且这种均衡的过程可能是以年度为单位会持续很多年，低估值或者说估值相对合适的标的将会迎来多年（机会），风格可能会逐渐的转向价值。\n陈李则谈到，如果把核心资产理解为行业，它是变化的。每两三年每行业的经济周期都会发生变化，所以可能每两三年在选择行业的时候会有不同的倾向性。以前他们可能比较偏爱消费，现在偏爱新消费，以前偏爱传统能源，现在偏爱新能源。\n但是另一层面来说，作为行业内的好公司，他个人认为是比较持久的。好公司它自带的基因，基因在短期内是无法被复制的。\n而且陈李特别强调的是，好公司如果对于行业有1%的竞争优势，给足够长的时间，竞争优势会扩到非常大。\n他认为，稍微看长一点，优秀的企业在中长期的一点点的进步都会发生非常大的力量，所以这个意义上来说，行业里的龙头还是最重要的策略。\n经济不差\n对于接下来半年到1年经济情况，郭磊认为全年没有经济压力，张瑜则认为经济参差不齐。\n具体来说，郭磊表示，首先，经济不会一直加速；第二，下半年经济也不会太差，他判断全年没有经济压力。主要是基于三个方面的因素能为经济提供支撑。\n第一个因素就是出口。随着海外疫苗的推进，海外的消费会带来订单的上升。所以出口是今年整个经济很重要的带动因素之一。\n第二个是房地产。第三个原因是财政整体呈现后置特征。\n如果说亮点，郭磊提示了两个方面。\n一是他认为如果三季度大宗商品的价格斜率下去，制造业的成本端在很大程度上还是会得到解放的。\n另外，去年中国的出口大量的产品是比较偏“宅”的，今年随着海外疫苗接种的推进，他觉得出行社交一些需求会逐渐上来。\n张瑜认为今年宏观经济会处在参差不齐，有上有下的状态。整个下半年，她看好以下方向：其中一是制造业向上，但是它向上的斜率非常缓和；二是服务业的修复。\n市场有结构性的机会\n对于未来半年到一年的A股市场，陈果、王胜、陈李谈到了自己的观点。\n陈果认为，站在这个时间点，未来半年到一年，A股应该不是单边市。\n未来他觉得海外因素会影响A股的波动。但A股内生有一些支持。A股市场可能会略微向上，但总体来说还是宽幅震荡。\n陈果还表示，国内基本面没有太大的系统性风险的问题，甚至有些因素还是比较有利的，就是整个政策组合更理性。\n另外他还表示，居民的资产配置的趋势现在看起来还是比较明确，整个基民的行为也比以前也理性，不会去放大市场的波动，可能有利于市场估值中枢的稳定。所以他相信未来的半年到一年依然还难免高波动，但是重心会略上。\n王胜则提醒，今年下半年要关注信用环境阶段性的变化。\n他认为在三季度有一些前期涨幅比较大的东西，经过了反弹之后，可能还有再次下行的动力。\n同时，他们的债券团队认为在信用风险溢价这么低的位置上、期限利差这么高的位置上，在目前整个利率的时间周期以及幅度都没走完的基础上，债券调整仍未结束。\n所以他认为利率再次上行，是下半年值得关注的结构性问题。\n今年全年他认为像2010年。指数后续有波动，但是市场一直有结构性的机会。\n陈李补充了一些关于外部风险和内部正面因素的信息。\n他谈到，外部风险当然有宏观因素。但如果微观来观察，会发现美国股市目前个人投资者的参与热情，杠杆和情绪（非常高）。\n美国个人投资者是不能打新股的，现在所以有很多信托凑钱打新；美国一些股票是很贵的，存在几个人凑一块买的情况。有一段时间，他在美国的朋友，有一半的人都在交易各种加密货币。这种个人投资者的参与的热情和杠杆是很让他担心的。\n至于内部产生正面的因素，他觉得财政和货币都比较积极的，对股市是积极的信号，包括经济的回升和企业盈利的增长。\n第三，他重申一下关于制造业的问题。他觉得整体的国家发展战略在过去的两年有重大的转变。现在注意到必须通过制造业才能够实现经济的增长、质量和发展，因为毕竟去年抗击疫情主要依赖的就是工业体系的完整。\n他认为，未来10年方向都在制造业。过去5年到7年，最热爱的都是零售、互联网、商业模式创新。未来的5年，他想热爱的可能是硬科技。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135333673,"gmtCreate":1622129986492,"gmtModify":1704180094910,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135333673","repostId":"2138173209","repostType":4,"repost":{"id":"2138173209","kind":"news","pubTimestamp":1622128986,"share":"https://ttm.financial/m/news/2138173209?lang=en_US&edition=fundamental","pubTime":"2021-05-27 23:23","market":"us","language":"zh","title":"Amazon can't escape antitrust punishment? Three more U.S. states join the survey","url":"https://stock-news.laohu8.com/highlight/detail?id=2138173209","media":"新浪科技","summary":"北京时间5月27日晚间消息，据报道，多位知情人士今日称，继加州、纽约州和华盛顿州之后，马萨诸塞州和宾夕法尼亚州的总检察长也加入到对亚马逊的反垄断调查中。\n如今，越来越多州的调查，包括华盛顿特区周二提起","content":"<p>On the evening of May 27th, Beijing time, it is reported that a number of people familiar with the matter said today that after California, New York and Washington, the attorneys general of Massachusetts and Pennsylvania also joined the antitrust investigation of Amazon.</p><p>Now, a growing number of state investigations, including a lawsuit filed Tuesday in Washington, D.C., suggest Amazon faces a series of legal battles in the coming months.</p><p>The attorneys general of Massachusetts and Pennsylvania are discussing how to divide labor with those of New York and California, people familiar with the matter said. The attorney general's office in Washington state, where Amazon is headquartered, already has some cooperation with California.</p><p>The ultimate goal of these states is to bring a viable antitrust case against Amazon. Connecticut's attorney general also recently began reviewing Amazon's business practices, one of the people said.</p><p>Amazon has long been accused of using its market dominance to suppress competitors and compete for business with third-party merchants on its platform. In addition, Amazon has also been accused of engaging in some other unfair competition practices.</p><p>In response, the attorneys general of Connecticut, Massachusetts and Pennsylvania declined to comment.</p><p>Amazon declined to comment on other states' approach to censoring the company, but referred to a previous statement saying \"the assumption that success can only be the result of anticompetitive behavior, is completely false.\"</p><p>It was reported last year that the attorneys general of New York and California were working with the Federal Trade Commission (FTC) to investigate Amazon's online marketplace. Typically, state and federal regulators work together, meaning that it is extremely feasible to file an antitrust lawsuit, as it was more than 20 years ago against<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the same case.</p><p>On Tuesday, Washington, D.C. Attorney General Karl Racine spearheaded an antitrust lawsuit against Amazon. He argues that Amazon's actions have pushed up commodity prices and stifled innovation.</p>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon can't escape antitrust punishment? Three more U.S. states join the survey</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\">\nAmazon can't escape antitrust punishment? Three more U.S. states join the survey\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-05-27 23:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of May 27th, Beijing time, it is reported that a number of people familiar with the matter said today that after California, New York and Washington, the attorneys general of Massachusetts and Pennsylvania also joined the antitrust investigation of Amazon.</p><p>Now, a growing number of state investigations, including a lawsuit filed Tuesday in Washington, D.C., suggest Amazon faces a series of legal battles in the coming months.</p><p>The attorneys general of Massachusetts and Pennsylvania are discussing how to divide labor with those of New York and California, people familiar with the matter said. The attorney general's office in Washington state, where Amazon is headquartered, already has some cooperation with California.</p><p>The ultimate goal of these states is to bring a viable antitrust case against Amazon. Connecticut's attorney general also recently began reviewing Amazon's business practices, one of the people said.</p><p>Amazon has long been accused of using its market dominance to suppress competitors and compete for business with third-party merchants on its platform. In addition, Amazon has also been accused of engaging in some other unfair competition practices.</p><p>In response, the attorneys general of Connecticut, Massachusetts and Pennsylvania declined to comment.</p><p>Amazon declined to comment on other states' approach to censoring the company, but referred to a previous statement saying \"the assumption that success can only be the result of anticompetitive behavior, is completely false.\"</p><p>It was reported last year that the attorneys general of New York and California were working with the Federal Trade Commission (FTC) to investigate Amazon's online marketplace. Typically, state and federal regulators work together, meaning that it is extremely feasible to file an antitrust lawsuit, as it was more than 20 years ago against<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the same case.</p><p>On Tuesday, Washington, D.C. Attorney General Karl Racine spearheaded an antitrust lawsuit against Amazon. He argues that Amazon's actions have pushed up commodity prices and stifled innovation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-27/detail-ikmyaawc7920616.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/79f6876dccdb313e523003246718197c","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-27/detail-ikmyaawc7920616.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138173209","content_text":"北京时间5月27日晚间消息，据报道，多位知情人士今日称，继加州、纽约州和华盛顿州之后，马萨诸塞州和宾夕法尼亚州的总检察长也加入到对亚马逊的反垄断调查中。\n如今，越来越多州的调查，包括华盛顿特区周二提起的诉讼，表明亚马逊在未来几个月内将面临一系列法律大战。\n知情人士称，马萨诸塞州和宾夕法尼亚州的总检察长，正与纽约和加州的总检察长讨论如何分工的问题。亚马逊总部所在的华盛顿州的司法部长办公室，已经与加州进行了一些合作。\n这些州最终的目标是，针对亚马逊提起一个可行的反垄断案件。其中一位知情人士说，康涅狄格州总检察长最近也开始审查亚马逊的商业行为。\n长期以来，亚马逊被指控利用其市场主导地位打压竞争对手，并与其平台上的第三方商家争夺业务。此外，亚马逊还被指存在其他一些不正当竞争行为。\n对此，康涅狄格州、马萨诸塞州和宾夕法尼亚州的总检察长拒绝发表评论。\n亚马逊拒绝就其他州审查该公司的做法发表评论，但提到了之前的一份声明，称“认为成功只能是反竞争行为的结果的假设，是完全错误的。”\n去年曾有报道称，纽约州和加州总检察长正与美国联邦贸易委员会（FTC）合作，调查亚马逊的在线市场。通常，州和联邦监管机构合作，意味着提起反垄断诉讼的可行性极大，就像20多年前针对微软的案件一样。\n本周二，华盛顿特区总检察长卡尔·拉辛（Karl Racine）率先对亚马逊提起反垄断诉讼。他认为，亚马逊的行为推高了商品价格，扼杀了创新。","news_type":1,"symbols_score_info":{"AMZN":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":3002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342794238,"gmtCreate":1618240807624,"gmtModify":1704708064809,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342794238","repostId":"2126054043","repostType":4,"isVote":1,"tweetType":1,"viewCount":3719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035110012,"gmtCreate":1647532060636,"gmtModify":1676534241557,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"👋🏻","listText":"👋🏻","text":"👋🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035110012","repostId":"9035385599","repostType":1,"repost":{"id":9035385599,"gmtCreate":1647514811000,"gmtModify":1676534239251,"author":{"id":"3527667592269412","authorId":"3527667592269412","name":"OptionsTracker","avatar":"https://static.tigerbbs.com/e3f1f839aad7a15f602f3f42eaad51af","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667592269412","authorIdStr":"3527667592269412"},"themes":[],"title":"Hot stocks covered call  reference [March 17]","htmlText":"Selling covered call options (sell covered call) is a strategy adopted by many large funds. It can also be used by retail investors in the US stock market.You can get income while holding it. This strategy is very suitable for stocks that have long-term positions, but they have not moved but they are not in a bearish position recently or are in a bearish position recently. It can be a good strategy for mature investors to roll over when holding some targets for a long time. Income comparison Assume that investors hold 200 shares of Amazon from January 1 to December 17, 2021 If there is no operation during the holding period, the final total assets will be USD 675,484 If the covered call strategy is carried out, it will be operated once a week; if 100 shares are sold after the exercise, ano","listText":"Selling covered call options (sell covered call) is a strategy adopted by many large funds. It can also be used by retail investors in the US stock market.You can get income while holding it. This strategy is very suitable for stocks that have long-term positions, but they have not moved but they are not in a bearish position recently or are in a bearish position recently. It can be a good strategy for mature investors to roll over when holding some targets for a long time. Income comparison Assume that investors hold 200 shares of Amazon from January 1 to December 17, 2021 If there is no operation during the holding period, the final total assets will be USD 675,484 If the covered call strategy is carried out, it will be operated once a week; if 100 shares are sold after the exercise, ano","text":"Selling covered call options (sell covered call) is a strategy adopted by many large funds. It can also be used by retail investors in the US stock market.You can get income while holding it. This strategy is very suitable for stocks that have long-term positions, but they have not moved but they are not in a bearish position recently or are in a bearish position recently. It can be a good strategy for mature investors to roll over when holding some targets for a long time. Income comparison Assume that investors hold 200 shares of Amazon from January 1 to December 17, 2021 If there is no operation during the holding period, the final total assets will be USD 675,484 If the covered call strategy is carried out, it will be operated once a week; if 100 shares are sold after the exercise, ano","images":[{"img":"https://static.tigerbbs.com/1be4ad594d709020d91c8496e1f9e7c9"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035385599","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134829509,"gmtCreate":1622216532501,"gmtModify":1704181772721,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"。。。","listText":"。。。","text":"。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134829509","repostId":"2138390100","repostType":4,"repost":{"id":"2138390100","kind":"news","pubTimestamp":1622209748,"share":"https://ttm.financial/m/news/2138390100?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:49","market":"hk","language":"zh","title":"Meituan: Excellent take-out vs explosive group buying, stick to it or run away?","url":"https://stock-news.laohu8.com/highlight/detail?id=2138390100","media":"海豚投研","summary":"美团5月28日港股盘后发布2021年一季度财报：收入370亿，超市场预期357亿，调整后净亏损39亿，市场预期40亿亏损——同款的“增收不增利”，只是在美团这里N倍放大。d. 而社区团购作为美团的增量市场生意，当季美团新增年活用户数多达到5900万，大超市场预期。可以看出，对于看准的市场，美团的投入异常大胆，而用户效果上也还不错，等市场覆盖完了之后，更加主要是用户心智的培养和单位经济模型的迭代。","content":"<p>On May 28th, Meituan released its financial report for the first quarter of 2021 after the Hong Kong stock market opened: the revenue was 37 billion, exceeding the market expectation of 35.7 billion, the adjusted net loss was 3.9 billion, and the market expected a loss of 4 billion-the same \"increase in revenue without increase in profit\" is only N times enlarged here in Meituan.</p><p>It's just that under the current situation of crazy investment in community group buying, it is necessary to analyze the business in detail to see the US Mission, while take-out, in-store hotel travel and new business are seen separately:</p><p><b>(1) Two traditions continue Meituan's consistent \"pacesetter\" performance on the Internet</b>A. Takeaway: The market share is obviously still pulling up. It seems that whether to sign exclusive with merchants or not does not affect the absolute monopoly position of Meituan Takeaway. Especially this quarter, the market share of Meituan Takeaway has increased rapidly, and the profit margin of a single takeaway continues to improve, so the market's belief in takeaway will only become stronger and stronger. b. In-store and hotel travel: Although the Chinese New Year on the spot has a small impact on the hotel, the in-store business, whether in-store catering or in-store comprehensive, has excellent recovery at both ends of income and profit, and the whole in-store sector is stable happiness.<b>(2) However, the new business is a different picture because it is in the early stage of community group buying</b>c. The sharp investment of community group purchase has driven the loss of new business to a new high in a single quarter, reaching 8 billion. In the past, when the loss of new business was large, it was about 1.5-2 billion. The loss of community group purchase in a single quarter has already been 6 billion, and it seems very likely that the loss of group purchase in the whole year will exceed 30 billion. d. As the incremental market business of Meituan, community group purchase added 59 million annual users in Meituan in the quarter, which greatly exceeded market expectations. It can be seen that for the targeted market, the investment of the US Mission is extremely bold, and the user effect is not bad. After the market is covered, it is more important to cultivate the user's mind and iterate the unit economic model. Some time ago, due to the market's concerns about social security for riders' distribution and anti-monopoly investigations, the performance of Meituan Capital Market continued to be sluggish. This time, the performance loss has soared again, which may scare off some funds in the market and let the stock price hover for a period of time.<b>However, if the division is disassembled, even according to the profit of a single dollar by 2025 (if there is an external macro accident, there is a high probability that it will be advanced), by then, the annual take-out profit will be 36.5 billion, and the PE will be 30 times, which is equivalent to the valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for a single take-out share. In addition, we conservatively estimate that a single share can contribute about 60-70 Hong Kong dollars to the hotel and travel, giving zero valuation to the new business. The total of the two items also means the safety marginal price between 220-240. I believe that a lot of funds are still due to the certainty of the first two businesses and the continuous payment of the management and execution of the US Mission.</b>Here are the details:</p><p><b>Strong and Steady Growth of Takeaway Transaction Volume at High Level</b></p><p>Meituan commented that the total transaction volume (GTV) of take-out business in this quarter was 142.7 billion yuan, which increased by 100% year-on-year due to the frozen epidemic last year. Excluding the year-on-year abnormality, the quarter-on-quarter seasonal performance basically continued the high and stable state in the fourth quarter.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213334381d173f98yq8zbmpo\" tg-width=\"1080\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research From the perspective of the growth drive of transaction volume, this quarter pays more attention to the growth of single volume: (1) The take-out order volume was 2.9 billion, a year-on-year increase of 110%, equivalent to 32.25 million take-out orders per day. Although there was an occasional local epidemic in the first quarter, this growth performance was very strong.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213343275d173kayxhiav6q0\" tg-width=\"1080\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research (2) takeaway customer unit price is 49.2 yuan, due to the large number of high customer unit price orders under the epidemic in the same period last year, resulting in a year-on-year decrease of 5.5% this year, but the absolute unit price is still at a high level.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213344663d1737wi8jt9a3ke\" tg-width=\"1080\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Takeaway realization rate rises beyond expectations</b></p><p>In this quarter, the takeaway business revenue was 20.6 billion. With GTV doubling, the takeaway revenue grew even higher year-on-year, reaching 117%. Takeaway revenue exceeded expectations, mainly due to the particularly high takeaway monetization rate this quarter: the commission rate has reached 14.4% when the advertising monetization rate is relatively stable. Although the US Mission has said that there is limited room for improvement of long-term commission rate, and the future revenue and profit release of take-out business will mainly rely on advertising for precision marketing and scale effect to release profits, it seems that after the exclusive contract with relatively low short-term commission rate gradually ends,<b>The realization rate seems to be continuously improving.</b></p><p><img src=\"https://mmbiz-qpic.wallstcn.com/mmbiz_png/bESZE2q7FNbSCYqCcQCYpEcDgncq9XKicicANJ2JlydciccgWfVzgT6m0e1gXpMGk4dibd3Vepy6gN22kscHiboEQHA/640?wx_fmt=png\" tg-width=\"1080\" tg-height=\"581\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, dolphin investment research At the same time, this quarter is hungry is \"seconds\" more serious! During the same period, the overall revenue of hungry + word-of-mouth (including catering, non-meal take-out and in-store business) was only 7.2 billion, while Meituan only counted 207 for take-out, and its relative market share further increased.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213405726d1731kcyqkbm5p9\" tg-width=\"1080\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Financial Report, Dolphin Investment Research</p><p><b>Single profit off-season is already close to forty cents!</b></p><p>The volume of orders continued to increase, and the realization rate increased beyond expectations, which together brought the rapid release of take-out profits. This quarter, the overall profit of take-out business reached 1.1 billion. From the point of view of unit economy, the profit of a single order has been 38 cents,<b>It seems likely to meet the 2025 profit guidance for a single dollar ahead of schedule. Dolphin Jun estimates that even if a single dollar profit is realized by 2025, the annual take-out profit will be 36.5 billion, and 30 times PE will be given, which is equivalent to a valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for take-out shares.</b>No matter how new business is invested, the rock-stable take-out and in-store business will bring deterministic valuation support to the volatile Meituan.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213407230d173s66indprb39\" tg-width=\"1080\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Although we celebrate the New Year in place, hotel travel continues to recover</b></p><p>In this quarter, the income of hotel and travel business in-store reached 6.6 billion yuan, a year-on-year increase of 113%. Among them, wine and travel: Although the in-place Chinese New Year has affected the performance of hotel business to a certain extent, the number of hotel nights in this quarter still passed the threshold of 100 million yuan, a year-on-year increase of 136%, a slight drop compared with the number of 120 million nights in the previous quarter. Looking at the compound growth of 13% in two years alone, it should be regarded as far surpassing its peers. In addition, the business contribution of the high-star market that Meituan needs to conquer has accounted for 16.7%.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213413153d17378jmlxze23v\" tg-width=\"593\" tg-height=\"335\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, Dolphin Investment Research's commission income (related to wine and travel business and in-store package transactions) soared by 172% in the overall income of 6.6 billion yuan in hotel and travel, except for the return of room and night. This quarter, the GMV performance in the store is also good, and the compound growth of catering in the store is 30% in two years, which shows that many people go to restaurants for dinner during the New Year on the spot, and the effect is obvious. At the same time, in-store advertising (in-store comprehensive, in-store catering, etc.) closely related to Dianping APP has increased by 76%, of which the compound growth of in-store revenue in the two years is also more than 30%.<b>On the whole, it can be seen that the local Chinese New Year mainly affects the inter-provincial flow. During the holidays, everyone did not restrain local life and entertainment. The performance of the US Mission in hotels and travels this quarter was remarkable.</b></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213414425d173jcxgrs0a4qf\" tg-width=\"580\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>The profit of this business segment is even more eye-catching!</b>The operating profit of in-store hotels is 2.75 billion yuan, which is basically the same as the 2.8 billion yuan in the peak season of the fourth quarter. The main reason is that the profit margin has risen again. The operating profit margin of in-store hotels has risen by two points compared with the previous quarter, reaching 42%. This seems to be because hotels, as a business with relatively low gross profit, celebrated the New Year in place in the first quarter, and fewer people stayed in hotels, and the user incentives of Meituan Investment were also fewer.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213425281d173lm3wfusgasl\" tg-width=\"613\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Users soared beyond expectations but the cost was equally heavy, and new business exploded 8 billion in a quarter</b></p><p>The revenue of the new business where the community group buys is located grew by 136% this quarter, reaching 9.9 billion yuan, and the revenue performance exceeded market expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213426538d173b8kxbjdys4e\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, before Dolphin Investment Research, Dolphin Jun said that the community group buying mode, which accounts for income by commission, is not split in detail in the new business at present, and the US Mission does not disclose GMV. However, considering that this piece is equivalent to new customer groups and new markets for the US Mission, it can be observed through the growth of the number of users. Surprisingly, this quarter, Meituan rarely added 59 million new users in a single quarter, driving the overall number of users to 570 million. If the sales expenses are used to calculate the customer acquisition cost except for new users, 123 yuan for a user is quite worth it. For this field, Dolphin Jun believes that what we should pay attention to in the future is the stickiness of subsidized users. Behind this is not only the question of how much money to post, but also considering that users of fresh food categories are more sensitive to quality, supply chain control is equally important. In other words, under the current group buying game of major platforms, warehouse leasing, overlapping group leaders and joining grid warehouses, what is really tested is the ability of the platform to efficiently organize social resources, and which platform team can fight better.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213427446d173neipdzceb74\" tg-width=\"1080\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, the loss of new business of Dolphin Investment Research this quarter has further expanded: it lost 6 billion in the last quarter, of which 3 billion was brought by group purchase, while the loss in this quarter has reached 8 billion. Previously, industry insiders estimated that the loss of group purchase in the first quarter of the United States Mission was 6 billion, which should be about the same. With this loss method, it seems that the US Mission has stabilized its posture and has a share of the future retail in the same city.<b>Perhaps the e-commerce pattern will change again in three years-with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Time of delivery, to purchase<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Price of goods. At present, community group purchases are all giants who are not bad in money, but what should be paid attention to is whether the prosperous model that has been verified in the normal market environment will become a difficult model to make money in case it becomes a long-term capital loss war? Similar to long videos, a player is a business model that can make money, but three or four rich giants have been consumed for a long time, and the players have not been cleared, so it has become a model that is difficult to make a profit?</b></p><p><b>Also on other important data:</b></p><p><b>1.</b>Meituan commented on its revenue of 37 billion yuan this quarter, a year-on-year increase of 121%, exceeding the original market expectation of 35.7 billion yuan, mainly due to the performance of take-out realization and the growth of new business exceeding expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213428623d173tjplfwye2p9\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>2.</b>The gross profit of this quarter was 7.2 billion yuan, and the gross profit margin was only 19.5%, which was significantly lower than the market expectation of 22.1%, mainly due to the relatively large investment cost of new business.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213430418d173sv0jnft2zlg\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>3.</b>New business subsidies are fierce and selling expenses soar. The overall sales expenses in this quarter were 7.2 billion, up 125% year-on-year; In the gross profit margin of 19.5%, the sales expense ratio alone is 19.5%, which directly consumes the gross profit margin. At the same time, Meituan's R&D and team are continuously investing, with R&D and administration increasing by 51% and 62% respectively year-on-year, with a total expense ratio of 14.1%. In the end, the operating loss of Meituan's main business this quarter reached 5.2 billion, with a loss rate of 14.1%, which significantly exceeded the already surprising last quarter. Obviously, in the next few quarters, community group buying will become bigger and bigger, and the losses will only increase. There is no need to look at the profits of the US Mission.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213437349d173d8af2un33fc\" tg-width=\"1080\" tg-height=\"505\" referrerpolicy=\"no-referrer\"><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213439636d173bcn6alejvne\" tg-width=\"1080\" tg-height=\"562\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, in the same period of Dolphin Investment Research, the operating loss was 4.8 billion, and the market expected 5 billion. Under the huge loss, it was more or less than 200 million, and there was no essential difference. Looking at the adjusted net profit, the net loss of Meituan this quarter was 3.9 billion, and the market expected 4 billion, which was basically consistent with the market expectation. However, considering that the revenue is beyond expectations, that is, the loss rate is still more serious than the market expectations.</p>","source":"lsy1607051923659","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>Meituan: Excellent take-out vs explosive group buying, stick to it or run away?</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\">\nMeituan: Excellent take-out vs explosive group buying, stick to it or run away?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">海豚投研</strong><span class=\"h-time small\">2021-05-28 21:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On May 28th, Meituan released its financial report for the first quarter of 2021 after the Hong Kong stock market opened: the revenue was 37 billion, exceeding the market expectation of 35.7 billion, the adjusted net loss was 3.9 billion, and the market expected a loss of 4 billion-the same \"increase in revenue without increase in profit\" is only N times enlarged here in Meituan.</p><p>It's just that under the current situation of crazy investment in community group buying, it is necessary to analyze the business in detail to see the US Mission, while take-out, in-store hotel travel and new business are seen separately:</p><p><b>(1) Two traditions continue Meituan's consistent \"pacesetter\" performance on the Internet</b>A. Takeaway: The market share is obviously still pulling up. It seems that whether to sign exclusive with merchants or not does not affect the absolute monopoly position of Meituan Takeaway. Especially this quarter, the market share of Meituan Takeaway has increased rapidly, and the profit margin of a single takeaway continues to improve, so the market's belief in takeaway will only become stronger and stronger. b. In-store and hotel travel: Although the Chinese New Year on the spot has a small impact on the hotel, the in-store business, whether in-store catering or in-store comprehensive, has excellent recovery at both ends of income and profit, and the whole in-store sector is stable happiness.<b>(2) However, the new business is a different picture because it is in the early stage of community group buying</b>c. The sharp investment of community group purchase has driven the loss of new business to a new high in a single quarter, reaching 8 billion. In the past, when the loss of new business was large, it was about 1.5-2 billion. The loss of community group purchase in a single quarter has already been 6 billion, and it seems very likely that the loss of group purchase in the whole year will exceed 30 billion. d. As the incremental market business of Meituan, community group purchase added 59 million annual users in Meituan in the quarter, which greatly exceeded market expectations. It can be seen that for the targeted market, the investment of the US Mission is extremely bold, and the user effect is not bad. After the market is covered, it is more important to cultivate the user's mind and iterate the unit economic model. Some time ago, due to the market's concerns about social security for riders' distribution and anti-monopoly investigations, the performance of Meituan Capital Market continued to be sluggish. This time, the performance loss has soared again, which may scare off some funds in the market and let the stock price hover for a period of time.<b>However, if the division is disassembled, even according to the profit of a single dollar by 2025 (if there is an external macro accident, there is a high probability that it will be advanced), by then, the annual take-out profit will be 36.5 billion, and the PE will be 30 times, which is equivalent to the valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for a single take-out share. In addition, we conservatively estimate that a single share can contribute about 60-70 Hong Kong dollars to the hotel and travel, giving zero valuation to the new business. The total of the two items also means the safety marginal price between 220-240. I believe that a lot of funds are still due to the certainty of the first two businesses and the continuous payment of the management and execution of the US Mission.</b>Here are the details:</p><p><b>Strong and Steady Growth of Takeaway Transaction Volume at High Level</b></p><p>Meituan commented that the total transaction volume (GTV) of take-out business in this quarter was 142.7 billion yuan, which increased by 100% year-on-year due to the frozen epidemic last year. Excluding the year-on-year abnormality, the quarter-on-quarter seasonal performance basically continued the high and stable state in the fourth quarter.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213334381d173f98yq8zbmpo\" tg-width=\"1080\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research From the perspective of the growth drive of transaction volume, this quarter pays more attention to the growth of single volume: (1) The take-out order volume was 2.9 billion, a year-on-year increase of 110%, equivalent to 32.25 million take-out orders per day. Although there was an occasional local epidemic in the first quarter, this growth performance was very strong.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213343275d173kayxhiav6q0\" tg-width=\"1080\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, Dolphin Investment Research (2) takeaway customer unit price is 49.2 yuan, due to the large number of high customer unit price orders under the epidemic in the same period last year, resulting in a year-on-year decrease of 5.5% this year, but the absolute unit price is still at a high level.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213344663d1737wi8jt9a3ke\" tg-width=\"1080\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Takeaway realization rate rises beyond expectations</b></p><p>In this quarter, the takeaway business revenue was 20.6 billion. With GTV doubling, the takeaway revenue grew even higher year-on-year, reaching 117%. Takeaway revenue exceeded expectations, mainly due to the particularly high takeaway monetization rate this quarter: the commission rate has reached 14.4% when the advertising monetization rate is relatively stable. Although the US Mission has said that there is limited room for improvement of long-term commission rate, and the future revenue and profit release of take-out business will mainly rely on advertising for precision marketing and scale effect to release profits, it seems that after the exclusive contract with relatively low short-term commission rate gradually ends,<b>The realization rate seems to be continuously improving.</b></p><p><img src=\"https://mmbiz-qpic.wallstcn.com/mmbiz_png/bESZE2q7FNbSCYqCcQCYpEcDgncq9XKicicANJ2JlydciccgWfVzgT6m0e1gXpMGk4dibd3Vepy6gN22kscHiboEQHA/640?wx_fmt=png\" tg-width=\"1080\" tg-height=\"581\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, dolphin investment research At the same time, this quarter is hungry is \"seconds\" more serious! During the same period, the overall revenue of hungry + word-of-mouth (including catering, non-meal take-out and in-store business) was only 7.2 billion, while Meituan only counted 207 for take-out, and its relative market share further increased.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213405726d1731kcyqkbm5p9\" tg-width=\"1080\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Financial Report, Dolphin Investment Research</p><p><b>Single profit off-season is already close to forty cents!</b></p><p>The volume of orders continued to increase, and the realization rate increased beyond expectations, which together brought the rapid release of take-out profits. This quarter, the overall profit of take-out business reached 1.1 billion. From the point of view of unit economy, the profit of a single order has been 38 cents,<b>It seems likely to meet the 2025 profit guidance for a single dollar ahead of schedule. Dolphin Jun estimates that even if a single dollar profit is realized by 2025, the annual take-out profit will be 36.5 billion, and 30 times PE will be given, which is equivalent to a valuation value of 130 billion US dollars in 2021, which is equivalent to 160-170 Hong Kong dollars for take-out shares.</b>No matter how new business is invested, the rock-stable take-out and in-store business will bring deterministic valuation support to the volatile Meituan.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213407230d173s66indprb39\" tg-width=\"1080\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Although we celebrate the New Year in place, hotel travel continues to recover</b></p><p>In this quarter, the income of hotel and travel business in-store reached 6.6 billion yuan, a year-on-year increase of 113%. Among them, wine and travel: Although the in-place Chinese New Year has affected the performance of hotel business to a certain extent, the number of hotel nights in this quarter still passed the threshold of 100 million yuan, a year-on-year increase of 136%, a slight drop compared with the number of 120 million nights in the previous quarter. Looking at the compound growth of 13% in two years alone, it should be regarded as far surpassing its peers. In addition, the business contribution of the high-star market that Meituan needs to conquer has accounted for 16.7%.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213413153d17378jmlxze23v\" tg-width=\"593\" tg-height=\"335\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, Dolphin Investment Research's commission income (related to wine and travel business and in-store package transactions) soared by 172% in the overall income of 6.6 billion yuan in hotel and travel, except for the return of room and night. This quarter, the GMV performance in the store is also good, and the compound growth of catering in the store is 30% in two years, which shows that many people go to restaurants for dinner during the New Year on the spot, and the effect is obvious. At the same time, in-store advertising (in-store comprehensive, in-store catering, etc.) closely related to Dianping APP has increased by 76%, of which the compound growth of in-store revenue in the two years is also more than 30%.<b>On the whole, it can be seen that the local Chinese New Year mainly affects the inter-provincial flow. During the holidays, everyone did not restrain local life and entertainment. The performance of the US Mission in hotels and travels this quarter was remarkable.</b></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213414425d173jcxgrs0a4qf\" tg-width=\"580\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>The profit of this business segment is even more eye-catching!</b>The operating profit of in-store hotels is 2.75 billion yuan, which is basically the same as the 2.8 billion yuan in the peak season of the fourth quarter. The main reason is that the profit margin has risen again. The operating profit margin of in-store hotels has risen by two points compared with the previous quarter, reaching 42%. This seems to be because hotels, as a business with relatively low gross profit, celebrated the New Year in place in the first quarter, and fewer people stayed in hotels, and the user incentives of Meituan Investment were also fewer.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213425281d173lm3wfusgasl\" tg-width=\"613\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research</p><p><b>Users soared beyond expectations but the cost was equally heavy, and new business exploded 8 billion in a quarter</b></p><p>The revenue of the new business where the community group buys is located grew by 136% this quarter, reaching 9.9 billion yuan, and the revenue performance exceeded market expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213426538d173b8kxbjdys4e\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, before Dolphin Investment Research, Dolphin Jun said that the community group buying mode, which accounts for income by commission, is not split in detail in the new business at present, and the US Mission does not disclose GMV. However, considering that this piece is equivalent to new customer groups and new markets for the US Mission, it can be observed through the growth of the number of users. Surprisingly, this quarter, Meituan rarely added 59 million new users in a single quarter, driving the overall number of users to 570 million. If the sales expenses are used to calculate the customer acquisition cost except for new users, 123 yuan for a user is quite worth it. For this field, Dolphin Jun believes that what we should pay attention to in the future is the stickiness of subsidized users. Behind this is not only the question of how much money to post, but also considering that users of fresh food categories are more sensitive to quality, supply chain control is equally important. In other words, under the current group buying game of major platforms, warehouse leasing, overlapping group leaders and joining grid warehouses, what is really tested is the ability of the platform to efficiently organize social resources, and which platform team can fight better.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213427446d173neipdzceb74\" tg-width=\"1080\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Source: According to the company's announcement, the loss of new business of Dolphin Investment Research this quarter has further expanded: it lost 6 billion in the last quarter, of which 3 billion was brought by group purchase, while the loss in this quarter has reached 8 billion. Previously, industry insiders estimated that the loss of group purchase in the first quarter of the United States Mission was 6 billion, which should be about the same. With this loss method, it seems that the US Mission has stabilized its posture and has a share of the future retail in the same city.<b>Perhaps the e-commerce pattern will change again in three years-with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Time of delivery, to purchase<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Price of goods. At present, community group purchases are all giants who are not bad in money, but what should be paid attention to is whether the prosperous model that has been verified in the normal market environment will become a difficult model to make money in case it becomes a long-term capital loss war? Similar to long videos, a player is a business model that can make money, but three or four rich giants have been consumed for a long time, and the players have not been cleared, so it has become a model that is difficult to make a profit?</b></p><p><b>Also on other important data:</b></p><p><b>1.</b>Meituan commented on its revenue of 37 billion yuan this quarter, a year-on-year increase of 121%, exceeding the original market expectation of 35.7 billion yuan, mainly due to the performance of take-out realization and the growth of new business exceeding expectations.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213428623d173tjplfwye2p9\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>2.</b>The gross profit of this quarter was 7.2 billion yuan, and the gross profit margin was only 19.5%, which was significantly lower than the market expectation of 22.1%, mainly due to the relatively large investment cost of new business.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213430418d173sv0jnft2zlg\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\"></p><p>Source: Company Announcement, Dolphin Investment Research<b>3.</b>New business subsidies are fierce and selling expenses soar. The overall sales expenses in this quarter were 7.2 billion, up 125% year-on-year; In the gross profit margin of 19.5%, the sales expense ratio alone is 19.5%, which directly consumes the gross profit margin. At the same time, Meituan's R&D and team are continuously investing, with R&D and administration increasing by 51% and 62% respectively year-on-year, with a total expense ratio of 14.1%. In the end, the operating loss of Meituan's main business this quarter reached 5.2 billion, with a loss rate of 14.1%, which significantly exceeded the already surprising last quarter. Obviously, in the next few quarters, community group buying will become bigger and bigger, and the losses will only increase. There is no need to look at the profits of the US Mission.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213437349d173d8af2un33fc\" tg-width=\"1080\" tg-height=\"505\" referrerpolicy=\"no-referrer\"><img src=\"https://fid-75186.picgzc.qpic.cn/20210528213439636d173bcn6alejvne\" tg-width=\"1080\" tg-height=\"562\" referrerpolicy=\"no-referrer\"></p><p>Source: Company announcement, in the same period of Dolphin Investment Research, the operating loss was 4.8 billion, and the market expected 5 billion. Under the huge loss, it was more or less than 200 million, and there was no essential difference. Looking at the adjusted net profit, the net loss of Meituan this quarter was 3.9 billion, and the market expected 4 billion, which was basically consistent with the market expectation. However, considering that the revenue is beyond expectations, that is, the loss rate is still more serious than the market expectations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3631575\">海豚投研</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4589810b25a8b6d34214e0147613ce0c","relate_stocks":{"03690":"美团-W"},"source_url":"https://wallstreetcn.com/articles/3631575","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138390100","content_text":"美团5月28日港股盘后发布2021年一季度财报：收入370亿，超市场预期357亿，调整后净亏损39亿，市场预期40亿亏损——同款的“增收不增利”，只是在美团这里N倍放大。只是当前社区团购疯狂投入的情况下，看美团一定要分业务精细分析，而外卖、到店酒旅和新业务这三块分开来看：（1）两块传统延续美团一贯互联网“标兵级”表现a. 外卖：市占率上明显还在往上拉，看起来跟商户签不签独家，并不影响美团外卖的绝对垄断地位，尤其是这个季度美团外卖的市占率又快速上升了，而且单笔外卖的利润率还在持续改善，市场对外卖的信仰只会越来越强。b. 到店与酒旅：就地过年虽然对酒店小有影响，但是到店业务，无论是到店餐饮还是到店综合，收入和利润两端的恢复情况均十分优异，整个到店板块就是稳稳的幸福。（2）但新业务由于在社区团购初期阶段则是另外一幅画面c. 社区团购猛投，带动新业务单季亏损再创新高，达到了80亿，以往新业务亏损多的时候也就是15-20亿上下，社区团购亏损单季度已经有60亿了，全年团购亏损超300亿似乎也很有可能。d. 而社区团购作为美团的增量市场生意，当季美团新增年活用户数多达到5900万，大超市场预期。可以看出，对于看准的市场，美团的投入异常大胆，而用户效果上也还不错，等市场覆盖完了之后，更加主要是用户心智的培养和单位经济模型的迭代。前段时间，由于市场对骑手配送社保的担忧、反垄断调查问题等，美团资本市场表现持续低迷。而这次业绩亏损再次飙涨，或许会吓退市场一部分资金，让股价持续徘徊一段时间。但分部拆解的话，即使是按照到2025年一单一块钱的利润（如外宏观意外，大概率会提前），届时一年外卖利润365亿，给予30倍的PE，折合到2021年的估值价值也有1300亿美金上下，等于外卖单股160-170港币。另外，到店酒旅我们保守估算单股也能贡献大约60-70港币，给予新业务零估值，两项合计也意味着220-240之间的安全边际价位，相信很多资金还是原因为前两项业务的确定性以及美团的管理执行力持续买单。以下是详细内容：外卖交易额高位增长强势稳健美团点评本季度外卖业务交易总额（GTV）为1427亿元，由于去年疫情冰封原因，同比增长100%，剔除同比的异常，环比季节性表现基本继续了四季度的高位稳健状态。数据来源：公司公告，海豚投研从交易额的增长驱动来看，这个季度更加看重的是单量增长情况：（1）外卖单量29亿，同比增长达到了110%，相当于每天外卖送单3225万，虽然说一季度偶发局部疫情，这个增长表现非常强劲了。数据来源：公司公告，海豚投研（2）外卖客单价49.2元，由于去年同期疫情下高客单价订单多，导致今年同比下跌5.5%，但绝对值上单价仍然在高位。数据来源：公司公告，海豚投研外卖变现率拉升超预期本季度，外卖业务收入206亿，在GTV翻番的情况下，外卖收入同比增长更高，达到了117%。外卖收入超出预期，主要是这个季度的外卖变现率尤其高：在广告变现率还算相对稳定的情况下，佣金率已经达到了14.4%。虽然美团已说长期佣金率提升空间有限，未来外卖业务的收入和利润释放主要靠广告来做精准营销，以及用规模效应来释放利润，但似乎短期佣金率相对低的独家合约逐步结束后，变现率似乎还在持续提升。数据来源：公司公告，海豚投研同时，这个季度饿了么被“秒”得更加严重了！同期，饿了么+口碑（含餐饮、非餐外卖以及到店业务）整体的收入只有72亿，美团只算外卖都207，相对市占率进一步拉升。数据来源：公司财报、海豚投研单笔利润淡季已经接近四毛钱了!订单体量继续加大，同时变现率拉升超预期，共同带来了外卖利润的快速释放，这个季度外卖业务整体利润达到11亿。从单位经济性的角度来看，一单的利润已经有三毛八，似乎很有可能提前实现2025年一单一块钱的利润指引。而海豚君估算，即使是到2025年实现一单一块钱的利润，届时一年外卖利润365亿，给予30倍的PE，折合到2021年的估值价值也有1300亿美金上下，等于外卖单股160-170港币。无论新业务如何投资，稳如磐石的外卖与到店业务会为波动中的美团带来确定性的估值支撑。数据来源：公司公告，海豚投研虽然原地过年，到店酒旅持续复苏中这个季度到店酒旅业务收入一共实现了66亿，同比增长113%，其中：酒旅：原地过年虽然一定程度上影响了酒店业务的发挥，但是这个季度酒店间夜量依然过了一亿的门槛，同比增长136%，相比上季度1.2亿的间夜量小有回落，单看两年的复合增长13%，应该算是远远跑超同行。另外，美团需要攻克的高星市场，业务贡献占比已经16.7%了。数据来源：公司公告，海豚投研在到店酒旅整体66亿的收入中，佣金收入（以酒旅业务与到店套餐交易相关）飙升了172%，除了间夜量的回归之外。这个季度到店的GMV表现也不错，到店餐饮两年复合增长30%，说明就地过年，很多人都下馆子聚餐，效果明显。同时，与大众点评APP密切相关的到店广告（到店综合、到店餐饮等）增长达到了76%，其中到综两年收入的复合增长同样有30%以上。整体上可以看到，就地过年主要影响的跨省流动，假期中间大家并未克制本地的生活和娱乐，美团这个季度到店酒旅表现可圈可点。数据来源：公司公告，海豚投研这个业务板块利润更加亮眼！到店酒旅经营利润27.5亿，竟然与四季度旺季的28亿基本无差，主要是利润率又上去了，到店酒店的经营利润率比上个季度又上了两个点，达到了42%。这似乎是因为酒店作为毛利相对低一些的业务，一季度原地过年，住酒店的少了一些，美团投的用户激励也少了。数据来源：公司公告，海豚投研用户超预期飙涨但代价同样惨重，新业务一季爆亏80亿社区团团购所在的新业务收入这个季度增速高达136%，达到了99亿，收入表现超出市场预期。数据来源：公司公告，海豚投研之前海豚君说过，以佣金来核算收入的社区团购模式，目前由于在新业务没有详细拆分，美团又不披露GMV，但考虑到这块对于美团的意义相当于新客群、新市场，可以通过用户数的增长来观察。令人异常意外的是，这个季度美团单季新增用户罕见飚了5900万，带动整体用户数拉到了5.7亿。如果用销售费用来除新增用户算获客成本的话，一个用户123块钱，还算挺值的。对于这个领域，海豚君认为后续要关注的还是补贴过来的用户使用粘性情况，这个背后不仅是贴多少钱的问题，考虑生鲜品类用户对质量的敏感度更高，供应链把控同样重要。或者说当前各大平台团购玩法下，仓库租赁、团长重叠，网格仓加盟的情况下，真正考验的是平台高效组织社会资源的能力，以及拼哪家平台的团队更能打仗。数据来源：公司公告，海豚投研这个季度新业务的亏损进一步拉大了：上个季度亏60亿，其中30亿是团购带来的，而这个季度亏损已经达到了80亿，此前行业人士有估算一季度美团团购亏损60亿，应该是大差不差了。这种亏损法，看起来美团就是扎稳了架势，对未来的同城零售要分一笔羹了，也许三年后电商格局再变——用京东的交付时效，来购买拼多多价格的商品。目前社区团购进入的都是不差钱的巨头，但是要关注的是万一变成长期资本损耗战后，在正常市场环境内已经验证的兴盛模式会不会变成一个很难赚钱的模式？类似长视频一样，一个玩家是可以赚钱的商业模式，但是三四家有钱的巨头长期耗着、玩家一直不出清，就变成了很难盈利的模式？另外在其他重要数据上：1.美团点评本季度营收370亿元，同比增长121%，超出了市场原本357亿的预期值，主要是外卖变现表现与新业务增长超预期。数据来源：公司公告，海豚投研2.本季度毛利润72亿元，毛利率只有19.5 %，明显低于市场预期的22.1%，主要是新业务投入成本比较大。数据来源：公司公告，海豚投研3.新业务补贴凶猛，销售费用飙涨。本季度销售费用整体72亿，同比飙涨125%；在19.5%的毛利率中，销售费用率一项就有19.5%，直接就把毛利率耗光了。同时，美团的研发和团队还在持续投入，研发和行政同比分别增长51%和62%，合计费用率14.1%。最终，美团这个季度主营业务的经营亏损达到了52亿，亏损率14.1%，严重程度显著超出了已经令人诧异的上个季度。显然后面几个季度社区团购越来越大，亏损只会越来越多，美团的利润也不用看了。数据来源：公司公告，海豚投研同期，经营亏损48亿，市场预期50亿，巨亏之下多或者少两个亿，没有本质区别。看经调整净利润的话，本季度美团净亏损39亿，市场预期40亿，基本与市场预期一致。但是考虑到收入是超预期的，也就是亏损率上还是比市场预期的更严重一些。","news_type":1,"symbols_score_info":{"48584":0.6,"48620":0.6,"48621":0.6,"48684":0.6,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":3794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097072369,"gmtCreate":1645286179897,"gmtModify":1676534016008,"author":{"id":"3578950834362643","authorId":"3578950834362643","name":"JINGYI0001","avatar":"https://static.tigerbbs.com/ac9ee597dfd0819819a1580c9f372181","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578950834362643","authorIdStr":"3578950834362643"},"themes":[],"title":"","htmlText":"🤔","listText":"🤔","text":"🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097072369","repostId":"2212315674","repostType":2,"isVote":1,"tweetType":1,"viewCount":3554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}