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2021-04-04

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2021-05-08

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Why is Buffett, the "stock god", questioned by shareholders?

2021-04-10

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Ali's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants

2021-05-28

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

2021-05-30

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

2021-05-27

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

2021-04-12

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2022-03-17

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

2021-05-28

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

2022-02-19

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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. 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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":4523,"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":[],"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 revenue 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 revenue 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":3569,"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":[],"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":4493,"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":[],"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":{"QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊"},"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":{"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2499,"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":[],"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,"repost":{"id":"2133685773","kind":"news","pubTimestamp":1620469680,"share":"https://ttm.financial/m/news/2133685773?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:28","market":"us","language":"zh","title":"Why is Buffett, the \"stock god\", questioned by shareholders?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133685773","media":"新浪财经综合","summary":"巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。","content":"<p>Source: ESG Asia Report</p><p>The pandemic has aroused the world's attention to sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Represented by the world's top investment institutions, who are increasingly confident in the long-term returns of sustainability investments, adopt the approach of \"corporate engagement and shareholder action\" to oversee the ESG practices of invested companies with the help of shareholders' rights while incorporating ESG factors into their proactive investment strategies.</p><p>This time, they turned their attention to Buffett's \"stock god\"<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway Inc., questioning its ESG governance status.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders presented two proposals to the board on ESG disclosure: one related to a report on climate-related risks and opportunities, and the other related to a report on employee diversity and inclusion initiatives.</p><p>As a Berkshire investor, BlackRock endorsed both proposals based on its high recognition of the concept of sustainable development.</p><p>But Berkshire's board, which has a majority of votes, voted unanimously against it, and neither shareholder proposal was passed.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received increasing attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy pose systemic risks to global economic development. Many risks have come into play, affecting the value of companies in industries such as energy, transportation and chemicals.</p><p>Investors need to understand whether companies are prepared to deal with climate risks. Therefore, climate disclosure at the company level is essential.</p><p>The California Civil Service Retirement Fund (CalPERS), Hermes Investment Management, and Quebec Savings and Investment Group have jointly sponsored a proposal for a \"Climate-Related Risks and Opportunities Report\" amid concerns about insufficient climate-related disclosure in Berkshire.</p><p>Shareholders are asking Berkshire's board of directors to publish an annual report evaluating the company's climate-related risk management and clarifying physical and transformational risks and opportunities beginning in 2022.</p><p>Shareholders recommended that the report should include:</p><p>A summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the Board believes may be materially affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2℃ scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two rivals of Berkshire's BNSF Rail Transportation Company (<a href=\"https://laohu8.com/S/CSX\">CSX Transportation</a>Companies and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail Freight Company) excellent practice in setting scientific carbon targets.</p><p><b>Numerous studies show that a diverse workforce can bring benefits to a company</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform on gender diversity are 21% more profitable and 27% more likely to create exceptional value.</p><p>Foreign media research on the S&P 500 index found that between 2015 and 2019, the average annualized rate of return of stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the worst 20 companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge obstacles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, but many of Berkshire's subsidiaries have also been subjected to allegations of sexism and racism.</p><p>Berkshire shareholders seek quantitative, comparable data to understand the company's diversity, and the effectiveness of inclusion programs.</p><p>Handlery Hotels, through an agent, proposed to Berkshire that it issue annual reports assessing the company's diversity and inclusion progress, including:</p><p>The process by which the Board evaluates the effectiveness of diversity, equity and inclusion programs;</p><p>The Board's assessment of the implementation of inclusion programs, particularly metrics oversight regarding recruitment, promotion, and protection of special category employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Both Berkshire's board members voted against the two proposals, including Buffett, who has one-third of the votes.</p><p><b>Response to climate-related disclosure proposal</b></p><p>Berkshire's board of directors voted against it on the grounds that, while recognizing that managing climate-related risks in a responsible manner is essential to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and invested companies.</p><p>The Board has seen many subsidiaries make wise decisions related to climate change, such as its railway transport companies and energy companies that have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At the time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, because of a lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the planet, rather than \"certain\".</p><p>Buffett believes that it is foolish to demand 100% proof that the world is about to suffer a great catastrophe when it is uncertain, and the likelihood of swift action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on Earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in a clear sky?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically reframed annually (rather than a ten-or twenty-year fixed price), and that if more frequent or more costly climate events occur, the Berkshire insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett teases that as an individual citizen, you may understandably be up at night due to climate change — as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be among your concerns when you're merely a shareholder in a large insurer.</p><p><b>Response to Diversified Information Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board of directors said the company has built a workforce of diversity, equity and inclusion and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reasons are: Berkshire operates in different industries in multiple geographies around the world, and it is unreasonable to require uniform quantitative reporting on diversity, fairness and inclusion; Furthermore, as in response to proposals regarding climate-related risk reporting, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes that Berkshire's governance structure is risky</b></p><p>As a shareholder of Berkshire, BlackRock absolutely approves of the above two shareholder proposals based on its emphasis on sustainable investment.</p><p>BlackRock even noted that Berkshire also has risks in terms of its governance architecture.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are inadequate, with only two currently (for remuneration and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but there is no chief independent director, which is not conducive to the board of directors making independent decisions and judgments.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said independent directors are paid hundreds of thousands of dollars a year for just a few days of work; They are not interested in the future of the company and are often biased in favor of management, who will agree with anything management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles at Berkshire, which has not provided disclosures about how succession risks are addressed, such as regarding the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and that such succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of the company's audit committee.</p><p>So BlackRock voted no in a * vote for Berkshire's audit committee chair.</p><p>In a briefing on Berkshire's vote, BlackRock wrote: The company has not adapted to a world where ESG has become more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock has $9 trillion in funds under management.</p><p>In 2021, in a letter to all shareholders, BlackRock Chairman and CEO Laurence D. Fink once again emphasized the long-term value of sustainability investments and made a sustainability commitment for the new year.</p><p>BlackRock recently announced that it has joined the Net Zero Asset Manager Initiative (Net Zero Asset Managers Initiative). Therefore, \"urging investment oversight to encourage companies whose clients invest to consider the opportunities presented by the net-zero transition while mitigating climate risks\" became an important action in BlackRock's sustainable investment plan.</p><p>Berkshire, one of the world's largest investment companies, recently confirmed Buffett's successor. In an interview with American financial media on Monday, Buffett, 91, admitted that directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>","source":"tencent","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>Why is Buffett, the \"stock god\", questioned by shareholders?</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; 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}\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\">\nWhy is Buffett, the \"stock god\", questioned by shareholders?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-05-08 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Source: ESG Asia Report</p><p>The pandemic has aroused the world's attention to sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Represented by the world's top investment institutions, who are increasingly confident in the long-term returns of sustainability investments, adopt the approach of \"corporate engagement and shareholder action\" to oversee the ESG practices of invested companies with the help of shareholders' rights while incorporating ESG factors into their proactive investment strategies.</p><p>This time, they turned their attention to Buffett's \"stock god\"<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway Inc., questioning its ESG governance status.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders presented two proposals to the board on ESG disclosure: one related to a report on climate-related risks and opportunities, and the other related to a report on employee diversity and inclusion initiatives.</p><p>As a Berkshire investor, BlackRock endorsed both proposals based on its high recognition of the concept of sustainable development.</p><p>But Berkshire's board, which has a majority of votes, voted unanimously against it, and neither shareholder proposal was passed.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received increasing attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy pose systemic risks to global economic development. Many risks have come into play, affecting the value of companies in industries such as energy, transportation and chemicals.</p><p>Investors need to understand whether companies are prepared to deal with climate risks. Therefore, climate disclosure at the company level is essential.</p><p>The California Civil Service Retirement Fund (CalPERS), Hermes Investment Management, and Quebec Savings and Investment Group have jointly sponsored a proposal for a \"Climate-Related Risks and Opportunities Report\" amid concerns about insufficient climate-related disclosure in Berkshire.</p><p>Shareholders are asking Berkshire's board of directors to publish an annual report evaluating the company's climate-related risk management and clarifying physical and transformational risks and opportunities beginning in 2022.</p><p>Shareholders recommended that the report should include:</p><p>A summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the Board believes may be materially affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2℃ scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two rivals of Berkshire's BNSF Rail Transportation Company (<a href=\"https://laohu8.com/S/CSX\">CSX Transportation</a>Companies and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail Freight Company) excellent practice in setting scientific carbon targets.</p><p><b>Numerous studies show that a diverse workforce can bring benefits to a company</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform on gender diversity are 21% more profitable and 27% more likely to create exceptional value.</p><p>Foreign media research on the S&P 500 index found that between 2015 and 2019, the average annualized rate of return of stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the worst 20 companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge obstacles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, but many of Berkshire's subsidiaries have also been subjected to allegations of sexism and racism.</p><p>Berkshire shareholders seek quantitative, comparable data to understand the company's diversity, and the effectiveness of inclusion programs.</p><p>Handlery Hotels, through an agent, proposed to Berkshire that it issue annual reports assessing the company's diversity and inclusion progress, including:</p><p>The process by which the Board evaluates the effectiveness of diversity, equity and inclusion programs;</p><p>The Board's assessment of the implementation of inclusion programs, particularly metrics oversight regarding recruitment, promotion, and protection of special category employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Both Berkshire's board members voted against the two proposals, including Buffett, who has one-third of the votes.</p><p><b>Response to climate-related disclosure proposal</b></p><p>Berkshire's board of directors voted against it on the grounds that, while recognizing that managing climate-related risks in a responsible manner is essential to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and invested companies.</p><p>The Board has seen many subsidiaries make wise decisions related to climate change, such as its railway transport companies and energy companies that have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At the time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, because of a lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the planet, rather than \"certain\".</p><p>Buffett believes that it is foolish to demand 100% proof that the world is about to suffer a great catastrophe when it is uncertain, and the likelihood of swift action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on Earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in a clear sky?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically reframed annually (rather than a ten-or twenty-year fixed price), and that if more frequent or more costly climate events occur, the Berkshire insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett teases that as an individual citizen, you may understandably be up at night due to climate change — as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be among your concerns when you're merely a shareholder in a large insurer.</p><p><b>Response to Diversified Information Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board of directors said the company has built a workforce of diversity, equity and inclusion and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reasons are: Berkshire operates in different industries in multiple geographies around the world, and it is unreasonable to require uniform quantitative reporting on diversity, fairness and inclusion; Furthermore, as in response to proposals regarding climate-related risk reporting, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes that Berkshire's governance structure is risky</b></p><p>As a shareholder of Berkshire, BlackRock absolutely approves of the above two shareholder proposals based on its emphasis on sustainable investment.</p><p>BlackRock even noted that Berkshire also has risks in terms of its governance architecture.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are inadequate, with only two currently (for remuneration and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but there is no chief independent director, which is not conducive to the board of directors making independent decisions and judgments.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said independent directors are paid hundreds of thousands of dollars a year for just a few days of work; They are not interested in the future of the company and are often biased in favor of management, who will agree with anything management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles at Berkshire, which has not provided disclosures about how succession risks are addressed, such as regarding the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and that such succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of the company's audit committee.</p><p>So BlackRock voted no in a * vote for Berkshire's audit committee chair.</p><p>In a briefing on Berkshire's vote, BlackRock wrote: The company has not adapted to a world where ESG has become more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock has $9 trillion in funds under management.</p><p>In 2021, in a letter to all shareholders, BlackRock Chairman and CEO Laurence D. Fink once again emphasized the long-term value of sustainability investments and made a sustainability commitment for the new year.</p><p>BlackRock recently announced that it has joined the Net Zero Asset Manager Initiative (Net Zero Asset Managers Initiative). Therefore, \"urging investment oversight to encourage companies whose clients invest to consider the opportunities presented by the net-zero transition while mitigating climate risks\" became an important action in BlackRock's sustainable investment plan.</p><p>Berkshire, one of the world's largest investment companies, recently confirmed Buffett's successor. In an interview with American financial media on Monday, Buffett, 91, admitted that directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1b9fef028787bba142fa31212ae49d2","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133685773","content_text":"来源：ESG亚洲报告\n疫情唤起了世界对可持续发展领域的关注，ESG投资迎来了新一轮的发展机遇。\n以贝莱德为代表的世界顶级投资机构对可持续发展投资的长期回报信心不断增强，在将ESG因素纳入主动投资策略的同时，采用“企业参与及股东行动（corporate engagement and shareholder action）”的方式，借助股东权利督导所投公司的ESG实践。\n这次，他们将注意力转向了“股神”巴菲特麾下的伯克希尔哈撒韦公司，对其ESG治理现状提出质疑。\n在近日结束的2021年股东大会上，伯克希尔股东们向董事会递交了两项有关ESG信息披露的提案：一项与气候相关风险和机遇的报告有关，另一项与员工多元化和包容性举措的报告有关。\n作为伯克希尔的投资者，贝莱德基于自身对可持续发展理念的高度认可，对两项提案均表示赞同。\n但拥有多数投票权的伯克希尔董事会却投出了一致的反对票，最终两项股东提案均没有获得通过。\n世界上最大的资产管理公司与世界上最著名的投资机构就ESG事宜发生分歧。\n01、伯克希尔股东：气候相关与多元化信息披露不足\n气候变化和多元化议题在近年来受到越来越多的重视。\n应对气候变化已经在全球范围内达成共识\n市场普遍认为，气候事件和向低碳经济的过渡会给全球经济发展带来系统性风险。诸多风险已经开始发挥作用，能源、交通、化工等行业的公司价值受到影响。\n投资者需要了解公司是否已经做好了应对气候风险的准备。因此，公司层面的气候信息披露至关重要。\n因对伯克希尔气候相关信息披露不足的担忧，加州公务员退休基金（CalPERS）、爱马仕投资管理公司、魁北克储蓄投资集团共同发起了“气候相关风险和机遇报告”的提案。\n股东们要求伯克希尔董事会从2022年开始，每年发布一份评估公司气候相关风险管理方式，以及阐明物理与转型风险及机遇的报告。\n股东们建议该报告应包括：\n子公司和被投公司的气候风险和机遇摘要，以董事会认为可能受到气候变化重大影响或对气候变化有重大贡献的信息为主；\n董事会监督和管理气候相关风险和机遇的方法；\n检视公司基于2℃情境下的温室气体减排目标。\n为“刺激”伯克希尔，股东们在提案中还谈及伯克希尔旗下BNSF铁路运输公司的两家竞争对手（CSX运输公司和联合太平洋铁路货运公司）在设定科学碳目标方面的优秀实践。\n大量研究表明，多元化的员工队伍可以给公司带来收益\n麦肯锡在一篇研究报告中指出，性别多元化方面表现优异的前25%的公司在盈利能力方面高出21%，在创造卓越价值方面的可能性高出27%。\n外媒对标普500指数的研究发现，2015-2019年间，多元化表现最好的20家公司，其股票的平均年化收益率比最差的20家公司高出5.8%。\n尽管有这些优势，多元化和包容性的员工队伍建设在现实中存在巨大障碍。\n伯克希尔在多元性方面的表现也让股东担忧。\n不仅在多元化信息披露方面存在不足，伯克希尔许多子公司还遭到了有关性别歧视和种族主义的指控。\n伯克希尔股东寻求量化，可比的数据以了解公司多元化情况，以及包容性计划的有效性。\n汉得利酒店（Handlery Hotels）通过代理人向伯克希尔提议，要求其每年发布报告，评估公司的多元化和包容性进展，包括：\n董事会评估多元化、公平性和包容性计划是否有效的过程；\n董事会对包容性计划执行的评估，特别是在招聘、晋升和特殊类别员工保护方面的指标监督。\n02、巴菲特：这些提案违背公司的自治理念\n面对这两项顺应时代发展的提案，伯克希尔董事会成员均投出了反对票，其中也包括拥有三分之一投票权的巴菲特。\n对气候相关信息披露提案的回应\n伯克希尔董事会投出反对票的理由是，虽然认识到以负责任的方式管理与气候相关的风险对股东和经营业务至关重要，但不希望干预子公司及所投公司的气候相关风险管理工作。\n董事会看到诸多子公司做出了与气候变化相关的明智决定，如旗下的铁路运输公司和能源公司都已经在碳减排方面采取了有效行动。\n而在核心保险业务方面，巴菲特早在2015年年报中，亲自做出了对气候相关风险的理解。当时，伯克希尔也收到了相关股东提案。\n巴菲特在2015年年报中在写道：对于他而言，由于缺乏气候科学的专业背景，气候变化“很有可能（highly likely）”对地球构成重大威胁，而不是“一定（certain）”。\n巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的（foolish）。\n巴菲特质疑，如果地球发生重大灾难的可能性只有百分之一，而诺亚方舟对于生存至关重要，难道要在晴空万里的今天，就开始建造它么？\n巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。\n巴菲特认为，伯克希尔保单价格通常每年都会重新制定一次（而不是十年或二十年的固定价格），如果发生更频繁或损失更大的气候事件，伯克希尔保险业务反而会因保单价格提高而规模更大、利润更高。\n巴菲特调侃道，作为个人公民，您可能会因气候变化彻夜难眠，这是可以理解的——作为低洼地区的房主，您不妨考虑搬家；但是，当您仅仅作为一家大型保险公司的股东时，气候变化就不应列入您的担忧之列。\n对多元化信息披露提案的回应\n面对该提案，伯克希尔董事会表示公司已经建立了多元性、公平性和包容性的员工队伍，并将继续成为公司成功和长期可持续发展的重要因素。\n但最终，伯克希尔董事会还是对员工多元化报告提案投出了一致的反对票。\n其理由是：伯克希尔在全球多个地域经营着不同行业，要求统一的多元化，公平性和包容性定量报告是不合理的；此外，正如对有关气候相关风险报告提案的回应那样，伯克希尔以非集中的方式管理其经营的业务，很少参与这些业务的日常活动。\n03、贝莱德认为伯克希尔治理架构存在风险\n作为伯克希尔的股东，贝莱德基于自身对可持续发展投资的重视，对以上两项股东提案是持绝对赞成意见的。\n贝莱德甚至指出，伯克希尔在治理架构方面也存在风险。\n贝莱德认为，伯克希尔董事会下设的专门委员会是不足的，目前只有两个（分别负责薪酬和审计）。\n贝莱德还认为，伯克希尔由巴菲特兼任董事长和CEO，却没有首席独立董事，这不利于董事会做出独立的决策和判断。\n而巴菲特过去一直对独立董事会成员持批评态度。\n在2020年致股东信中，巴菲特表示，独立董事每年只需工作几天就能获得数十万美元的报酬；他们对公司的未来并不感兴趣，而且经常偏向于管理层，管理层想要什么他们都会同意。\n此外，贝莱德对伯克希尔关键领导角色的继任计划感到担忧，伯克希尔未提供有关如何解决继任风险的信息披露，如有关董事会对候选人的审查过程等。\n贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。\n而就伯克希尔在ESG治理方面的不足，贝莱德将其归咎于公司审计委员会的失职。\n因此，贝莱德在伯克希尔审计委员会主席的连任投票中投出了反对票。\n贝莱德在一份关于伯克希尔投票决定的简报中写道：该公司没有适应一个ESG对业绩变得更加重要的世界。\n可见，贝莱德对伯克希尔未来的可持续发展韧性充满担忧。\n作为全球最大的资产管理公司，贝莱德管理的资金规模达到9万亿美元。\n2021年，贝莱德董事长及首席执行官劳伦斯·芬克（Laurence D． Fink）在致全体股东的信中，再次强调了可持续发展投资的长期价值，并做出了新一年的可持续发展承诺。\n贝莱德在近期宣布加入净零排放资产管理人倡议（Net Zero Asset Managers Initiative）。因此，“敦促投资督导鼓励客户投资的公司在缓解气候风险的同时，考虑零净转型带来的机遇”成为贝莱德可持续投资计划中的重要行动。\n而作为世界最大投资公司之一的伯克希尔，在近期确定了巴菲特的接班人。本周一在接受美国财经媒体采访时，91岁的巴菲特承认，董事们一致同意，未来将由伯克希尔非保险业务副董事长格雷格·阿贝尔（Greg Abel）接任CEO。\n不知道阿贝尔上任后，是否会将伯克希尔的ESG管理职责收归到集团层面，以满足股东和投资者日益强烈的ESG治理与披露需求。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2911,"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":[],"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":3423,"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":[],"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,"repost":{"id":"1141772391","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":1618024854,"share":"https://ttm.financial/m/news/1141772391?lang=en_US&edition=fundamental","pubTime":"2021-04-10 11:20","market":"hk","language":"zh","title":"Ali's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants","url":"https://stock-news.laohu8.com/highlight/detail?id=1141772391","media":"老虎资讯综合","summary":"4月10日，市场监管总局依法对阿里巴巴集团作出行政处罚，处以182.28亿元罚款。阿里巴巴集团随后表示，接受、服从这一处罚决定，将依法经营，进一步强化合规体系建设，立足创新发展，更好履行社会责任。当天","content":"<p>On April 10, the State Administration for Market Regulation<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The Group imposed administrative penalties and imposed a fine of RMB18.228 billion. Alibaba Group subsequently stated that by accepting and obeying this punishment decision, it will operate in accordance with the law, further strengthen the construction of compliance system, base on innovation and development, and better fulfill its social responsibilities.</p><p>On the same day, Alibaba issued a \"Letter to Customers and the Public\", thanking merchants, consumers, partners and investors for their trust and tolerance, and expressing their thoughts and actions for the long-term and healthy development in the future.</p><p><b>The full text of a letter to customers and the public is as follows —</b></p><p>Dear Alibaba merchants, consumers, partners and investors:</p><p>Today, we received the administrative penalty decision of the State Administration for Market Regulation against Alibaba Group. We sincerely accept this punishment and firmly obey it. Taking this opportunity, Alibaba and all Ali Xiaoer give us trust and tolerance to businesses, consumers, partners and investors, express our gratitude, and frankly express our thoughts and actions for the long-term and healthy development in the future.  </p><p>In the past few months, we have fully cooperated with the investigation and earnestly studied the country's policies and requirements on the platform economy; While ensuring the smooth operation of the business, we conducted systematic self-examination, self-examination, improvement and upgrading. We realize that today's punishment is a warning and encouragement for us, a norm and care for the development of the industry, and an important measure for the state to maintain a fair competitive market environment and promote the high-quality development of the platform economy.  </p><p>Platform economy is a brand-new production relationship spawned by a new round of technological revolution. Over the past two decades, thanks to the development of the national economy, the progress of Internet technology, and the support and tolerance of innovation by the management department, Alibaba has had the opportunity to explore and create platform models such as Taobao and Tmall together with tens of millions of small and medium-sized businesses and hundreds of millions of consumers, which has reduced the operating and entrepreneurial costs, improved social efficiency and opened up the economic peripheral cycle. Today, the development of platform economy has entered a brand-new stage, which has penetrated into people's daily life and is related to all aspects of social economy. The times and society have put forward brand-new requirements for platform enterprises, and we deeply recognize the responsibility of platform enterprises in the national economic and social development. At the same time, we will keep in mind that the value of the platform is to integrate and share resources, achieve success by helping others succeed, and realize self-worth by constantly creating value for society.  </p><p>We know that only by never stopping to adapt to the times and national development, never stopping to listen, understand and serve thousands of businesses and consumers, and never stopping to pursue technological innovation, is the foundation of our survival. We will further strengthen customer value and focus on customer experience, and continue to introduce a series of measures to reduce the threshold and cost of platform operation, so as to create a more open, fair, efficient platform environment for all merchants and partners to share development results.  </p><p>Today is a crucial day in the development of Alibaba Group. We will take this as a new starting point to face problems head-on and make innovations. Government supervision and service, criticism, tolerance and support from all sectors of society are the keys to Alibaba's growth. For this, we are grateful and at the same time in awe. Customers first, to be a good company that constantly creates long-term value for the society is not only our original intention, but also the greatest significance of our existence and development. We are confident in this and will never waver.  </p><p>Alibaba Group</p><p>April 10, 2021</p><p><img src=\"https://static.tigerbbs.com/c3cdaf7e71f3ffc057a6cba130f402c4\" tg-width=\"880\" tg-height=\"3431\"></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>Ali's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants</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\">\nAli's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-10 11:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 10, the State Administration for Market Regulation<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The Group imposed administrative penalties and imposed a fine of RMB18.228 billion. Alibaba Group subsequently stated that by accepting and obeying this punishment decision, it will operate in accordance with the law, further strengthen the construction of compliance system, base on innovation and development, and better fulfill its social responsibilities.</p><p>On the same day, Alibaba issued a \"Letter to Customers and the Public\", thanking merchants, consumers, partners and investors for their trust and tolerance, and expressing their thoughts and actions for the long-term and healthy development in the future.</p><p><b>The full text of a letter to customers and the public is as follows —</b></p><p>Dear Alibaba merchants, consumers, partners and investors:</p><p>Today, we received the administrative penalty decision of the State Administration for Market Regulation against Alibaba Group. We sincerely accept this punishment and firmly obey it. Taking this opportunity, Alibaba and all Ali Xiaoer give us trust and tolerance to businesses, consumers, partners and investors, express our gratitude, and frankly express our thoughts and actions for the long-term and healthy development in the future.  </p><p>In the past few months, we have fully cooperated with the investigation and earnestly studied the country's policies and requirements on the platform economy; While ensuring the smooth operation of the business, we conducted systematic self-examination, self-examination, improvement and upgrading. We realize that today's punishment is a warning and encouragement for us, a norm and care for the development of the industry, and an important measure for the state to maintain a fair competitive market environment and promote the high-quality development of the platform economy.  </p><p>Platform economy is a brand-new production relationship spawned by a new round of technological revolution. Over the past two decades, thanks to the development of the national economy, the progress of Internet technology, and the support and tolerance of innovation by the management department, Alibaba has had the opportunity to explore and create platform models such as Taobao and Tmall together with tens of millions of small and medium-sized businesses and hundreds of millions of consumers, which has reduced the operating and entrepreneurial costs, improved social efficiency and opened up the economic peripheral cycle. Today, the development of platform economy has entered a brand-new stage, which has penetrated into people's daily life and is related to all aspects of social economy. The times and society have put forward brand-new requirements for platform enterprises, and we deeply recognize the responsibility of platform enterprises in the national economic and social development. At the same time, we will keep in mind that the value of the platform is to integrate and share resources, achieve success by helping others succeed, and realize self-worth by constantly creating value for society.  </p><p>We know that only by never stopping to adapt to the times and national development, never stopping to listen, understand and serve thousands of businesses and consumers, and never stopping to pursue technological innovation, is the foundation of our survival. We will further strengthen customer value and focus on customer experience, and continue to introduce a series of measures to reduce the threshold and cost of platform operation, so as to create a more open, fair, efficient platform environment for all merchants and partners to share development results.  </p><p>Today is a crucial day in the development of Alibaba Group. We will take this as a new starting point to face problems head-on and make innovations. Government supervision and service, criticism, tolerance and support from all sectors of society are the keys to Alibaba's growth. For this, we are grateful and at the same time in awe. Customers first, to be a good company that constantly creates long-term value for the society is not only our original intention, but also the greatest significance of our existence and development. We are confident in this and will never waver.  </p><p>Alibaba Group</p><p>April 10, 2021</p><p><img src=\"https://static.tigerbbs.com/c3cdaf7e71f3ffc057a6cba130f402c4\" tg-width=\"880\" tg-height=\"3431\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d752152b73947ff2f4b1c08ab9eecc39","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141772391","content_text":"4月10日，市场监管总局依法对阿里巴巴集团作出行政处罚，处以182.28亿元罚款。阿里巴巴集团随后表示，接受、服从这一处罚决定，将依法经营，进一步强化合规体系建设，立足创新发展，更好履行社会责任。当天，阿里巴巴发布《致客户和公众的一封信》，感谢商家、消费者、合作伙伴以及投资者的信任和包容，表达对未来长远健康发展的思考和行动。 《致客户和公众的一封信》全文如下—— 尊敬的阿里巴巴的商家、消费者、合作伙伴以及投资者们： 今天，我们收到国家市场监督管理总局对阿里巴巴集团的行政处罚决定。对此处罚，我们诚恳接受，坚决服从。借此机会，阿里巴巴及全体阿里小二，对商家、消费者、合作伙伴以及投资者给予我们的信任和包容，表达我们的感恩，也坦诚地表达我们对未来长远健康发展的思考和行动。 过去几个月，我们全力配合调查，认真学习国家对平台经济的政策和要求；在保证业务平稳运行的同时，进行系统的自审自查与完善升级。我们认识到，今天的处罚，是对我们的警醒和鞭策，是对行业发展的规范和呵护，是国家维护公平竞争市场环境、推动平台经济高质量发展的重要举措。 平台经济是新一轮技术革命催生的全新生产关系。过去二十多年，得益于国家经济的发展，得益于互联网技术的进步，得益于管理部门对创新的支持和包容，阿里巴巴有机会和千万中小商家、亿万消费者一起，探索创造出淘宝、天猫等平台模式，降低了经营和创业成本，提高了社会效率，打通了经济末梢循环。今天，平台经济发展进入全新阶段，深入到人们的日常生活，关系到社会经济的方方面面。时代和社会对平台企业提出了全新的要求，我们深刻认识到平台企业在国家经济社会发展中的责任。同时我们会牢记，平台的价值是整合、分享资源，是通过帮助他人成功而取得成功，是不断为社会创造价值而实现自我价值。 我们深知，只有永不停步地顺应时代和国家发展，永不停步地倾听、了解、服务好成千上万的商家和消费者，永不停步地追寻技术创新，才是我们的生存之本。我们将进一步强化客户价值、聚焦客户体验，并继续出台一系列降平台经营门槛、减平台经营成本的措施，为所有商家和合作伙伴创造更开放、更公平、更高效、共享发展成果的平台环境。 今天是阿里巴巴集团发展历程中至关重要的一天，我们将以此为新的起点，直面问题，锐意革新。政府的监管与服务，社会各界的批评、包容和支持，是阿里巴巴一路成长的关键。对此，我们心怀感恩，也同时心存敬畏。客户第一，做一家为社会不断创造长期价值的好公司，既是我们的初心，也是我们存在和发展的最大意义。我们对此充满信心，绝不动摇。 阿里巴巴集团2021年4月10日","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":4079,"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":[],"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":2971,"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":[],"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,"isVote":1,"tweetType":1,"viewCount":1525,"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":[],"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,"isVote":1,"tweetType":1,"viewCount":999,"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":[],"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":1345,"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":[],"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":1179,"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":[],"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,"isVote":1,"tweetType":1,"viewCount":1525,"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":[],"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,"repost":{"id":"2133685773","kind":"news","pubTimestamp":1620469680,"share":"https://ttm.financial/m/news/2133685773?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:28","market":"us","language":"zh","title":"Why is Buffett, the \"stock god\", questioned by shareholders?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133685773","media":"新浪财经综合","summary":"巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。","content":"<p>Source: ESG Asia Report</p><p>The pandemic has aroused the world's attention to sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Represented by the world's top investment institutions, who are increasingly confident in the long-term returns of sustainability investments, adopt the approach of \"corporate engagement and shareholder action\" to oversee the ESG practices of invested companies with the help of shareholders' rights while incorporating ESG factors into their proactive investment strategies.</p><p>This time, they turned their attention to Buffett's \"stock god\"<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway Inc., questioning its ESG governance status.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders presented two proposals to the board on ESG disclosure: one related to a report on climate-related risks and opportunities, and the other related to a report on employee diversity and inclusion initiatives.</p><p>As a Berkshire investor, BlackRock endorsed both proposals based on its high recognition of the concept of sustainable development.</p><p>But Berkshire's board, which has a majority of votes, voted unanimously against it, and neither shareholder proposal was passed.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received increasing attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy pose systemic risks to global economic development. Many risks have come into play, affecting the value of companies in industries such as energy, transportation and chemicals.</p><p>Investors need to understand whether companies are prepared to deal with climate risks. Therefore, climate disclosure at the company level is essential.</p><p>The California Civil Service Retirement Fund (CalPERS), Hermes Investment Management, and Quebec Savings and Investment Group have jointly sponsored a proposal for a \"Climate-Related Risks and Opportunities Report\" amid concerns about insufficient climate-related disclosure in Berkshire.</p><p>Shareholders are asking Berkshire's board of directors to publish an annual report evaluating the company's climate-related risk management and clarifying physical and transformational risks and opportunities beginning in 2022.</p><p>Shareholders recommended that the report should include:</p><p>A summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the Board believes may be materially affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2℃ scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two rivals of Berkshire's BNSF Rail Transportation Company (<a href=\"https://laohu8.com/S/CSX\">CSX Transportation</a>Companies and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail Freight Company) excellent practice in setting scientific carbon targets.</p><p><b>Numerous studies show that a diverse workforce can bring benefits to a company</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform on gender diversity are 21% more profitable and 27% more likely to create exceptional value.</p><p>Foreign media research on the S&P 500 index found that between 2015 and 2019, the average annualized rate of return of stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the worst 20 companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge obstacles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, but many of Berkshire's subsidiaries have also been subjected to allegations of sexism and racism.</p><p>Berkshire shareholders seek quantitative, comparable data to understand the company's diversity, and the effectiveness of inclusion programs.</p><p>Handlery Hotels, through an agent, proposed to Berkshire that it issue annual reports assessing the company's diversity and inclusion progress, including:</p><p>The process by which the Board evaluates the effectiveness of diversity, equity and inclusion programs;</p><p>The Board's assessment of the implementation of inclusion programs, particularly metrics oversight regarding recruitment, promotion, and protection of special category employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Both Berkshire's board members voted against the two proposals, including Buffett, who has one-third of the votes.</p><p><b>Response to climate-related disclosure proposal</b></p><p>Berkshire's board of directors voted against it on the grounds that, while recognizing that managing climate-related risks in a responsible manner is essential to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and invested companies.</p><p>The Board has seen many subsidiaries make wise decisions related to climate change, such as its railway transport companies and energy companies that have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At the time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, because of a lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the planet, rather than \"certain\".</p><p>Buffett believes that it is foolish to demand 100% proof that the world is about to suffer a great catastrophe when it is uncertain, and the likelihood of swift action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on Earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in a clear sky?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically reframed annually (rather than a ten-or twenty-year fixed price), and that if more frequent or more costly climate events occur, the Berkshire insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett teases that as an individual citizen, you may understandably be up at night due to climate change — as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be among your concerns when you're merely a shareholder in a large insurer.</p><p><b>Response to Diversified Information Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board of directors said the company has built a workforce of diversity, equity and inclusion and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reasons are: Berkshire operates in different industries in multiple geographies around the world, and it is unreasonable to require uniform quantitative reporting on diversity, fairness and inclusion; Furthermore, as in response to proposals regarding climate-related risk reporting, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes that Berkshire's governance structure is risky</b></p><p>As a shareholder of Berkshire, BlackRock absolutely approves of the above two shareholder proposals based on its emphasis on sustainable investment.</p><p>BlackRock even noted that Berkshire also has risks in terms of its governance architecture.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are inadequate, with only two currently (for remuneration and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but there is no chief independent director, which is not conducive to the board of directors making independent decisions and judgments.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said independent directors are paid hundreds of thousands of dollars a year for just a few days of work; They are not interested in the future of the company and are often biased in favor of management, who will agree with anything management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles at Berkshire, which has not provided disclosures about how succession risks are addressed, such as regarding the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and that such succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of the company's audit committee.</p><p>So BlackRock voted no in a * vote for Berkshire's audit committee chair.</p><p>In a briefing on Berkshire's vote, BlackRock wrote: The company has not adapted to a world where ESG has become more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock has $9 trillion in funds under management.</p><p>In 2021, in a letter to all shareholders, BlackRock Chairman and CEO Laurence D. Fink once again emphasized the long-term value of sustainability investments and made a sustainability commitment for the new year.</p><p>BlackRock recently announced that it has joined the Net Zero Asset Manager Initiative (Net Zero Asset Managers Initiative). Therefore, \"urging investment oversight to encourage companies whose clients invest to consider the opportunities presented by the net-zero transition while mitigating climate risks\" became an important action in BlackRock's sustainable investment plan.</p><p>Berkshire, one of the world's largest investment companies, recently confirmed Buffett's successor. In an interview with American financial media on Monday, Buffett, 91, admitted that directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>","source":"tencent","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>Why is Buffett, the \"stock god\", questioned by shareholders?</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; 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}\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\">\nWhy is Buffett, the \"stock god\", questioned by shareholders?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-05-08 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Source: ESG Asia Report</p><p>The pandemic has aroused the world's attention to sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Represented by the world's top investment institutions, who are increasingly confident in the long-term returns of sustainability investments, adopt the approach of \"corporate engagement and shareholder action\" to oversee the ESG practices of invested companies with the help of shareholders' rights while incorporating ESG factors into their proactive investment strategies.</p><p>This time, they turned their attention to Buffett's \"stock god\"<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway Inc., questioning its ESG governance status.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders presented two proposals to the board on ESG disclosure: one related to a report on climate-related risks and opportunities, and the other related to a report on employee diversity and inclusion initiatives.</p><p>As a Berkshire investor, BlackRock endorsed both proposals based on its high recognition of the concept of sustainable development.</p><p>But Berkshire's board, which has a majority of votes, voted unanimously against it, and neither shareholder proposal was passed.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received increasing attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy pose systemic risks to global economic development. Many risks have come into play, affecting the value of companies in industries such as energy, transportation and chemicals.</p><p>Investors need to understand whether companies are prepared to deal with climate risks. Therefore, climate disclosure at the company level is essential.</p><p>The California Civil Service Retirement Fund (CalPERS), Hermes Investment Management, and Quebec Savings and Investment Group have jointly sponsored a proposal for a \"Climate-Related Risks and Opportunities Report\" amid concerns about insufficient climate-related disclosure in Berkshire.</p><p>Shareholders are asking Berkshire's board of directors to publish an annual report evaluating the company's climate-related risk management and clarifying physical and transformational risks and opportunities beginning in 2022.</p><p>Shareholders recommended that the report should include:</p><p>A summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the Board believes may be materially affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2℃ scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two rivals of Berkshire's BNSF Rail Transportation Company (<a href=\"https://laohu8.com/S/CSX\">CSX Transportation</a>Companies and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail Freight Company) excellent practice in setting scientific carbon targets.</p><p><b>Numerous studies show that a diverse workforce can bring benefits to a company</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform on gender diversity are 21% more profitable and 27% more likely to create exceptional value.</p><p>Foreign media research on the S&P 500 index found that between 2015 and 2019, the average annualized rate of return of stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the worst 20 companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge obstacles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, but many of Berkshire's subsidiaries have also been subjected to allegations of sexism and racism.</p><p>Berkshire shareholders seek quantitative, comparable data to understand the company's diversity, and the effectiveness of inclusion programs.</p><p>Handlery Hotels, through an agent, proposed to Berkshire that it issue annual reports assessing the company's diversity and inclusion progress, including:</p><p>The process by which the Board evaluates the effectiveness of diversity, equity and inclusion programs;</p><p>The Board's assessment of the implementation of inclusion programs, particularly metrics oversight regarding recruitment, promotion, and protection of special category employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Both Berkshire's board members voted against the two proposals, including Buffett, who has one-third of the votes.</p><p><b>Response to climate-related disclosure proposal</b></p><p>Berkshire's board of directors voted against it on the grounds that, while recognizing that managing climate-related risks in a responsible manner is essential to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and invested companies.</p><p>The Board has seen many subsidiaries make wise decisions related to climate change, such as its railway transport companies and energy companies that have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At the time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, because of a lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the planet, rather than \"certain\".</p><p>Buffett believes that it is foolish to demand 100% proof that the world is about to suffer a great catastrophe when it is uncertain, and the likelihood of swift action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on Earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in a clear sky?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically reframed annually (rather than a ten-or twenty-year fixed price), and that if more frequent or more costly climate events occur, the Berkshire insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett teases that as an individual citizen, you may understandably be up at night due to climate change — as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be among your concerns when you're merely a shareholder in a large insurer.</p><p><b>Response to Diversified Information Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board of directors said the company has built a workforce of diversity, equity and inclusion and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reasons are: Berkshire operates in different industries in multiple geographies around the world, and it is unreasonable to require uniform quantitative reporting on diversity, fairness and inclusion; Furthermore, as in response to proposals regarding climate-related risk reporting, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes that Berkshire's governance structure is risky</b></p><p>As a shareholder of Berkshire, BlackRock absolutely approves of the above two shareholder proposals based on its emphasis on sustainable investment.</p><p>BlackRock even noted that Berkshire also has risks in terms of its governance architecture.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are inadequate, with only two currently (for remuneration and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but there is no chief independent director, which is not conducive to the board of directors making independent decisions and judgments.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said independent directors are paid hundreds of thousands of dollars a year for just a few days of work; They are not interested in the future of the company and are often biased in favor of management, who will agree with anything management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles at Berkshire, which has not provided disclosures about how succession risks are addressed, such as regarding the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and that such succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of the company's audit committee.</p><p>So BlackRock voted no in a * vote for Berkshire's audit committee chair.</p><p>In a briefing on Berkshire's vote, BlackRock wrote: The company has not adapted to a world where ESG has become more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock has $9 trillion in funds under management.</p><p>In 2021, in a letter to all shareholders, BlackRock Chairman and CEO Laurence D. Fink once again emphasized the long-term value of sustainability investments and made a sustainability commitment for the new year.</p><p>BlackRock recently announced that it has joined the Net Zero Asset Manager Initiative (Net Zero Asset Managers Initiative). Therefore, \"urging investment oversight to encourage companies whose clients invest to consider the opportunities presented by the net-zero transition while mitigating climate risks\" became an important action in BlackRock's sustainable investment plan.</p><p>Berkshire, one of the world's largest investment companies, recently confirmed Buffett's successor. In an interview with American financial media on Monday, Buffett, 91, admitted that directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1b9fef028787bba142fa31212ae49d2","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133685773","content_text":"来源：ESG亚洲报告\n疫情唤起了世界对可持续发展领域的关注，ESG投资迎来了新一轮的发展机遇。\n以贝莱德为代表的世界顶级投资机构对可持续发展投资的长期回报信心不断增强，在将ESG因素纳入主动投资策略的同时，采用“企业参与及股东行动（corporate engagement and shareholder action）”的方式，借助股东权利督导所投公司的ESG实践。\n这次，他们将注意力转向了“股神”巴菲特麾下的伯克希尔哈撒韦公司，对其ESG治理现状提出质疑。\n在近日结束的2021年股东大会上，伯克希尔股东们向董事会递交了两项有关ESG信息披露的提案：一项与气候相关风险和机遇的报告有关，另一项与员工多元化和包容性举措的报告有关。\n作为伯克希尔的投资者，贝莱德基于自身对可持续发展理念的高度认可，对两项提案均表示赞同。\n但拥有多数投票权的伯克希尔董事会却投出了一致的反对票，最终两项股东提案均没有获得通过。\n世界上最大的资产管理公司与世界上最著名的投资机构就ESG事宜发生分歧。\n01、伯克希尔股东：气候相关与多元化信息披露不足\n气候变化和多元化议题在近年来受到越来越多的重视。\n应对气候变化已经在全球范围内达成共识\n市场普遍认为，气候事件和向低碳经济的过渡会给全球经济发展带来系统性风险。诸多风险已经开始发挥作用，能源、交通、化工等行业的公司价值受到影响。\n投资者需要了解公司是否已经做好了应对气候风险的准备。因此，公司层面的气候信息披露至关重要。\n因对伯克希尔气候相关信息披露不足的担忧，加州公务员退休基金（CalPERS）、爱马仕投资管理公司、魁北克储蓄投资集团共同发起了“气候相关风险和机遇报告”的提案。\n股东们要求伯克希尔董事会从2022年开始，每年发布一份评估公司气候相关风险管理方式，以及阐明物理与转型风险及机遇的报告。\n股东们建议该报告应包括：\n子公司和被投公司的气候风险和机遇摘要，以董事会认为可能受到气候变化重大影响或对气候变化有重大贡献的信息为主；\n董事会监督和管理气候相关风险和机遇的方法；\n检视公司基于2℃情境下的温室气体减排目标。\n为“刺激”伯克希尔，股东们在提案中还谈及伯克希尔旗下BNSF铁路运输公司的两家竞争对手（CSX运输公司和联合太平洋铁路货运公司）在设定科学碳目标方面的优秀实践。\n大量研究表明，多元化的员工队伍可以给公司带来收益\n麦肯锡在一篇研究报告中指出，性别多元化方面表现优异的前25%的公司在盈利能力方面高出21%，在创造卓越价值方面的可能性高出27%。\n外媒对标普500指数的研究发现，2015-2019年间，多元化表现最好的20家公司，其股票的平均年化收益率比最差的20家公司高出5.8%。\n尽管有这些优势，多元化和包容性的员工队伍建设在现实中存在巨大障碍。\n伯克希尔在多元性方面的表现也让股东担忧。\n不仅在多元化信息披露方面存在不足，伯克希尔许多子公司还遭到了有关性别歧视和种族主义的指控。\n伯克希尔股东寻求量化，可比的数据以了解公司多元化情况，以及包容性计划的有效性。\n汉得利酒店（Handlery Hotels）通过代理人向伯克希尔提议，要求其每年发布报告，评估公司的多元化和包容性进展，包括：\n董事会评估多元化、公平性和包容性计划是否有效的过程；\n董事会对包容性计划执行的评估，特别是在招聘、晋升和特殊类别员工保护方面的指标监督。\n02、巴菲特：这些提案违背公司的自治理念\n面对这两项顺应时代发展的提案，伯克希尔董事会成员均投出了反对票，其中也包括拥有三分之一投票权的巴菲特。\n对气候相关信息披露提案的回应\n伯克希尔董事会投出反对票的理由是，虽然认识到以负责任的方式管理与气候相关的风险对股东和经营业务至关重要，但不希望干预子公司及所投公司的气候相关风险管理工作。\n董事会看到诸多子公司做出了与气候变化相关的明智决定，如旗下的铁路运输公司和能源公司都已经在碳减排方面采取了有效行动。\n而在核心保险业务方面，巴菲特早在2015年年报中，亲自做出了对气候相关风险的理解。当时，伯克希尔也收到了相关股东提案。\n巴菲特在2015年年报中在写道：对于他而言，由于缺乏气候科学的专业背景，气候变化“很有可能（highly likely）”对地球构成重大威胁，而不是“一定（certain）”。\n巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的（foolish）。\n巴菲特质疑，如果地球发生重大灾难的可能性只有百分之一，而诺亚方舟对于生存至关重要，难道要在晴空万里的今天，就开始建造它么？\n巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。\n巴菲特认为，伯克希尔保单价格通常每年都会重新制定一次（而不是十年或二十年的固定价格），如果发生更频繁或损失更大的气候事件，伯克希尔保险业务反而会因保单价格提高而规模更大、利润更高。\n巴菲特调侃道，作为个人公民，您可能会因气候变化彻夜难眠，这是可以理解的——作为低洼地区的房主，您不妨考虑搬家；但是，当您仅仅作为一家大型保险公司的股东时，气候变化就不应列入您的担忧之列。\n对多元化信息披露提案的回应\n面对该提案，伯克希尔董事会表示公司已经建立了多元性、公平性和包容性的员工队伍，并将继续成为公司成功和长期可持续发展的重要因素。\n但最终，伯克希尔董事会还是对员工多元化报告提案投出了一致的反对票。\n其理由是：伯克希尔在全球多个地域经营着不同行业，要求统一的多元化，公平性和包容性定量报告是不合理的；此外，正如对有关气候相关风险报告提案的回应那样，伯克希尔以非集中的方式管理其经营的业务，很少参与这些业务的日常活动。\n03、贝莱德认为伯克希尔治理架构存在风险\n作为伯克希尔的股东，贝莱德基于自身对可持续发展投资的重视，对以上两项股东提案是持绝对赞成意见的。\n贝莱德甚至指出，伯克希尔在治理架构方面也存在风险。\n贝莱德认为，伯克希尔董事会下设的专门委员会是不足的，目前只有两个（分别负责薪酬和审计）。\n贝莱德还认为，伯克希尔由巴菲特兼任董事长和CEO，却没有首席独立董事，这不利于董事会做出独立的决策和判断。\n而巴菲特过去一直对独立董事会成员持批评态度。\n在2020年致股东信中，巴菲特表示，独立董事每年只需工作几天就能获得数十万美元的报酬；他们对公司的未来并不感兴趣，而且经常偏向于管理层，管理层想要什么他们都会同意。\n此外，贝莱德对伯克希尔关键领导角色的继任计划感到担忧，伯克希尔未提供有关如何解决继任风险的信息披露，如有关董事会对候选人的审查过程等。\n贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。\n而就伯克希尔在ESG治理方面的不足，贝莱德将其归咎于公司审计委员会的失职。\n因此，贝莱德在伯克希尔审计委员会主席的连任投票中投出了反对票。\n贝莱德在一份关于伯克希尔投票决定的简报中写道：该公司没有适应一个ESG对业绩变得更加重要的世界。\n可见，贝莱德对伯克希尔未来的可持续发展韧性充满担忧。\n作为全球最大的资产管理公司，贝莱德管理的资金规模达到9万亿美元。\n2021年，贝莱德董事长及首席执行官劳伦斯·芬克（Laurence D． Fink）在致全体股东的信中，再次强调了可持续发展投资的长期价值，并做出了新一年的可持续发展承诺。\n贝莱德在近期宣布加入净零排放资产管理人倡议（Net Zero Asset Managers Initiative）。因此，“敦促投资督导鼓励客户投资的公司在缓解气候风险的同时，考虑零净转型带来的机遇”成为贝莱德可持续投资计划中的重要行动。\n而作为世界最大投资公司之一的伯克希尔，在近期确定了巴菲特的接班人。本周一在接受美国财经媒体采访时，91岁的巴菲特承认，董事们一致同意，未来将由伯克希尔非保险业务副董事长格雷格·阿贝尔（Greg Abel）接任CEO。\n不知道阿贝尔上任后，是否会将伯克希尔的ESG管理职责收归到集团层面，以满足股东和投资者日益强烈的ESG治理与披露需求。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2911,"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":[],"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,"repost":{"id":"1141772391","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":1618024854,"share":"https://ttm.financial/m/news/1141772391?lang=en_US&edition=fundamental","pubTime":"2021-04-10 11:20","market":"hk","language":"zh","title":"Ali's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants","url":"https://stock-news.laohu8.com/highlight/detail?id=1141772391","media":"老虎资讯综合","summary":"4月10日，市场监管总局依法对阿里巴巴集团作出行政处罚，处以182.28亿元罚款。阿里巴巴集团随后表示，接受、服从这一处罚决定，将依法经营，进一步强化合规体系建设，立足创新发展，更好履行社会责任。当天","content":"<p>On April 10, the State Administration for Market Regulation<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The Group imposed administrative penalties and imposed a fine of RMB18.228 billion. Alibaba Group subsequently stated that by accepting and obeying this punishment decision, it will operate in accordance with the law, further strengthen the construction of compliance system, base on innovation and development, and better fulfill its social responsibilities.</p><p>On the same day, Alibaba issued a \"Letter to Customers and the Public\", thanking merchants, consumers, partners and investors for their trust and tolerance, and expressing their thoughts and actions for the long-term and healthy development in the future.</p><p><b>The full text of a letter to customers and the public is as follows —</b></p><p>Dear Alibaba merchants, consumers, partners and investors:</p><p>Today, we received the administrative penalty decision of the State Administration for Market Regulation against Alibaba Group. We sincerely accept this punishment and firmly obey it. Taking this opportunity, Alibaba and all Ali Xiaoer give us trust and tolerance to businesses, consumers, partners and investors, express our gratitude, and frankly express our thoughts and actions for the long-term and healthy development in the future.  </p><p>In the past few months, we have fully cooperated with the investigation and earnestly studied the country's policies and requirements on the platform economy; While ensuring the smooth operation of the business, we conducted systematic self-examination, self-examination, improvement and upgrading. We realize that today's punishment is a warning and encouragement for us, a norm and care for the development of the industry, and an important measure for the state to maintain a fair competitive market environment and promote the high-quality development of the platform economy.  </p><p>Platform economy is a brand-new production relationship spawned by a new round of technological revolution. Over the past two decades, thanks to the development of the national economy, the progress of Internet technology, and the support and tolerance of innovation by the management department, Alibaba has had the opportunity to explore and create platform models such as Taobao and Tmall together with tens of millions of small and medium-sized businesses and hundreds of millions of consumers, which has reduced the operating and entrepreneurial costs, improved social efficiency and opened up the economic peripheral cycle. Today, the development of platform economy has entered a brand-new stage, which has penetrated into people's daily life and is related to all aspects of social economy. The times and society have put forward brand-new requirements for platform enterprises, and we deeply recognize the responsibility of platform enterprises in the national economic and social development. At the same time, we will keep in mind that the value of the platform is to integrate and share resources, achieve success by helping others succeed, and realize self-worth by constantly creating value for society.  </p><p>We know that only by never stopping to adapt to the times and national development, never stopping to listen, understand and serve thousands of businesses and consumers, and never stopping to pursue technological innovation, is the foundation of our survival. We will further strengthen customer value and focus on customer experience, and continue to introduce a series of measures to reduce the threshold and cost of platform operation, so as to create a more open, fair, efficient platform environment for all merchants and partners to share development results.  </p><p>Today is a crucial day in the development of Alibaba Group. We will take this as a new starting point to face problems head-on and make innovations. Government supervision and service, criticism, tolerance and support from all sectors of society are the keys to Alibaba's growth. For this, we are grateful and at the same time in awe. Customers first, to be a good company that constantly creates long-term value for the society is not only our original intention, but also the greatest significance of our existence and development. We are confident in this and will never waver.  </p><p>Alibaba Group</p><p>April 10, 2021</p><p><img src=\"https://static.tigerbbs.com/c3cdaf7e71f3ffc057a6cba130f402c4\" tg-width=\"880\" tg-height=\"3431\"></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>Ali's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants</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\">\nAli's Letter to the Public: Creating a More Open and Fair Platform Environment for Merchants\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-10 11:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 10, the State Administration for Market Regulation<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The Group imposed administrative penalties and imposed a fine of RMB18.228 billion. Alibaba Group subsequently stated that by accepting and obeying this punishment decision, it will operate in accordance with the law, further strengthen the construction of compliance system, base on innovation and development, and better fulfill its social responsibilities.</p><p>On the same day, Alibaba issued a \"Letter to Customers and the Public\", thanking merchants, consumers, partners and investors for their trust and tolerance, and expressing their thoughts and actions for the long-term and healthy development in the future.</p><p><b>The full text of a letter to customers and the public is as follows —</b></p><p>Dear Alibaba merchants, consumers, partners and investors:</p><p>Today, we received the administrative penalty decision of the State Administration for Market Regulation against Alibaba Group. We sincerely accept this punishment and firmly obey it. Taking this opportunity, Alibaba and all Ali Xiaoer give us trust and tolerance to businesses, consumers, partners and investors, express our gratitude, and frankly express our thoughts and actions for the long-term and healthy development in the future.  </p><p>In the past few months, we have fully cooperated with the investigation and earnestly studied the country's policies and requirements on the platform economy; While ensuring the smooth operation of the business, we conducted systematic self-examination, self-examination, improvement and upgrading. We realize that today's punishment is a warning and encouragement for us, a norm and care for the development of the industry, and an important measure for the state to maintain a fair competitive market environment and promote the high-quality development of the platform economy.  </p><p>Platform economy is a brand-new production relationship spawned by a new round of technological revolution. Over the past two decades, thanks to the development of the national economy, the progress of Internet technology, and the support and tolerance of innovation by the management department, Alibaba has had the opportunity to explore and create platform models such as Taobao and Tmall together with tens of millions of small and medium-sized businesses and hundreds of millions of consumers, which has reduced the operating and entrepreneurial costs, improved social efficiency and opened up the economic peripheral cycle. Today, the development of platform economy has entered a brand-new stage, which has penetrated into people's daily life and is related to all aspects of social economy. The times and society have put forward brand-new requirements for platform enterprises, and we deeply recognize the responsibility of platform enterprises in the national economic and social development. At the same time, we will keep in mind that the value of the platform is to integrate and share resources, achieve success by helping others succeed, and realize self-worth by constantly creating value for society.  </p><p>We know that only by never stopping to adapt to the times and national development, never stopping to listen, understand and serve thousands of businesses and consumers, and never stopping to pursue technological innovation, is the foundation of our survival. We will further strengthen customer value and focus on customer experience, and continue to introduce a series of measures to reduce the threshold and cost of platform operation, so as to create a more open, fair, efficient platform environment for all merchants and partners to share development results.  </p><p>Today is a crucial day in the development of Alibaba Group. We will take this as a new starting point to face problems head-on and make innovations. Government supervision and service, criticism, tolerance and support from all sectors of society are the keys to Alibaba's growth. For this, we are grateful and at the same time in awe. Customers first, to be a good company that constantly creates long-term value for the society is not only our original intention, but also the greatest significance of our existence and development. We are confident in this and will never waver.  </p><p>Alibaba Group</p><p>April 10, 2021</p><p><img src=\"https://static.tigerbbs.com/c3cdaf7e71f3ffc057a6cba130f402c4\" tg-width=\"880\" tg-height=\"3431\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d752152b73947ff2f4b1c08ab9eecc39","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141772391","content_text":"4月10日，市场监管总局依法对阿里巴巴集团作出行政处罚，处以182.28亿元罚款。阿里巴巴集团随后表示，接受、服从这一处罚决定，将依法经营，进一步强化合规体系建设，立足创新发展，更好履行社会责任。当天，阿里巴巴发布《致客户和公众的一封信》，感谢商家、消费者、合作伙伴以及投资者的信任和包容，表达对未来长远健康发展的思考和行动。 《致客户和公众的一封信》全文如下—— 尊敬的阿里巴巴的商家、消费者、合作伙伴以及投资者们： 今天，我们收到国家市场监督管理总局对阿里巴巴集团的行政处罚决定。对此处罚，我们诚恳接受，坚决服从。借此机会，阿里巴巴及全体阿里小二，对商家、消费者、合作伙伴以及投资者给予我们的信任和包容，表达我们的感恩，也坦诚地表达我们对未来长远健康发展的思考和行动。 过去几个月，我们全力配合调查，认真学习国家对平台经济的政策和要求；在保证业务平稳运行的同时，进行系统的自审自查与完善升级。我们认识到，今天的处罚，是对我们的警醒和鞭策，是对行业发展的规范和呵护，是国家维护公平竞争市场环境、推动平台经济高质量发展的重要举措。 平台经济是新一轮技术革命催生的全新生产关系。过去二十多年，得益于国家经济的发展，得益于互联网技术的进步，得益于管理部门对创新的支持和包容，阿里巴巴有机会和千万中小商家、亿万消费者一起，探索创造出淘宝、天猫等平台模式，降低了经营和创业成本，提高了社会效率，打通了经济末梢循环。今天，平台经济发展进入全新阶段，深入到人们的日常生活，关系到社会经济的方方面面。时代和社会对平台企业提出了全新的要求，我们深刻认识到平台企业在国家经济社会发展中的责任。同时我们会牢记，平台的价值是整合、分享资源，是通过帮助他人成功而取得成功，是不断为社会创造价值而实现自我价值。 我们深知，只有永不停步地顺应时代和国家发展，永不停步地倾听、了解、服务好成千上万的商家和消费者，永不停步地追寻技术创新，才是我们的生存之本。我们将进一步强化客户价值、聚焦客户体验，并继续出台一系列降平台经营门槛、减平台经营成本的措施，为所有商家和合作伙伴创造更开放、更公平、更高效、共享发展成果的平台环境。 今天是阿里巴巴集团发展历程中至关重要的一天，我们将以此为新的起点，直面问题，锐意革新。政府的监管与服务，社会各界的批评、包容和支持，是阿里巴巴一路成长的关键。对此，我们心怀感恩，也同时心存敬畏。客户第一，做一家为社会不断创造长期价值的好公司，既是我们的初心，也是我们存在和发展的最大意义。我们对此充满信心，绝不动摇。 阿里巴巴集团2021年4月10日","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":4079,"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":[],"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":4493,"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":[],"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":4523,"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":[],"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":{"QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊"},"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":{"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2499,"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":[],"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":3423,"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":[],"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":2763,"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":[],"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 revenue 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 revenue 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":3569,"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":[],"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":3211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}